<SEC-DOCUMENT>0001410368-17-000362.txt : 20170301
<SEC-HEADER>0001410368-17-000362.hdr.sgml : 20170301
<ACCEPTANCE-DATETIME>20170228192834
ACCESSION NUMBER:		0001410368-17-000362
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170301
DATE AS OF CHANGE:		20170228
EFFECTIVENESS DATE:		20170301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOURCE CAPITAL INC /DE/
		CENTRAL INDEX KEY:			0000091847
		IRS NUMBER:				941679410
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-01731
		FILM NUMBER:		17650717

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-473-0225

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMC INVESTMENT CORP
		DATE OF NAME CHANGE:	19721123
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
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<DESCRIPTION>ANSWER FILE
<TEXT>
<PAGE>      PAGE  1
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001 A000000 SOURCE CAPITAL, INC.
001 B000000 811-1731
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SIGNATURE   J. RICHARD ATWOOD
TITLE       PRESIDENT

</TEXT>
</DOCUMENT>
<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, 2016, 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 generally accepted
accounting principles. 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
generally accepted accounting principles,
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, 2016.
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 21, 2017

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
