SOURCE CAPITAL /DE/

Currently, the Board of the Trustis comprised of the following individuals: Sandra Brown, Robert F. Goldrich, John Zader, J. Richard Atwood and Maureen Quill. Each of the existing Trustees, with the exception of Mr. Atwood and Ms. Quill, are not “interested person(s)” of the Trust as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (collectively, the “Independent Trustees”). On January 20, 2026, the Board determined to nominate the following Trustees of the Trust for election by shareholders at the Meeting: Sandra Brown, Robert F. Goldrich, John Zader, and Maureen Quill. Mr. Atwood intends to resign as a Trustee of the Trust by April 30, 2026, and will not stand for re-election as a Trustee at the Meeting. Following Mr. Atwood’s resignation, the Board of the Trust will continue to be comprised of a majority of Independent Trustees. Sandra Brown, Robert F. Goldrich, John Zader, and Maureen Quill are each referred to herein as a “Nominee” and collectively, as the “Nominees.” All of the Nominees have consented to serving as Trustees of the Trust if elected. If any Nominee is unable to serve due to an event not now anticipated, the persons named as proxies will vote for such other nominee as may be proposed by the Nominating and Governance Committee of the Board. Each Nominee, if elected, will hold office until their successors are duly elected and qualified.