<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>FPASourceCapAuditLetter.txt
<DESCRIPTION>AUDIT LETTER
<TEXT>
Report of Independent Registered Public Accounting
Firm
To the Shareholders and Board of Directors of
Source Capital, Inc.
Los Angeles, California

In planning and performing our audit of the financial
statements of Source Capital, Inc. (the "Fund") as of and for
the year ended December 31, 2015, in accordance with the
standards of the Public Company Accounting Oversight
Board (United States), we considered the Fund's internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control
over financial reporting. Accordingly, we express no such
opinion.
The management of the Fund is responsible for establishing
and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls. A fund's
internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial
statements for external purposes in accordance with
accounting principles generally accepted in the in the United
States of America. A fund's internal control over financial
reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide reasonable
assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with
accounting principles generally accepted in the United States
of America, and that receipts and expenditures of the fund
are being made only in accordance with authorizations of
management and directors of the fund; and (3) provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of a
funds' assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions or that the
degree of compliance with the policies or procedures may
deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
fund's annual or interim financial statements will not be
prevented or detected on a timely basis.
Our consideration of the Fund's internal control over
financial reporting was for the limited purpose described in
the first paragraph and would not necessarily disclose all
deficiencies in internal control that might be material
weaknesses under standards established by the Public
Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Fund's internal
control over financial reporting and its operation, including
controls for safeguarding securities, that we consider to be a
material weakness, as defined above, as of December 31,
2015.
This report is intended solely for the information and use of
management and the Board of Directors of Source Capital,
Inc. and the Securities and Exchange Commission and is not
intended to be, and should not be, used by anyone other than
these specified parties.


/s/ Deloitte & Touche LLP
Los Angeles, California
February 18, 2016

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</DOCUMENT>
