SOURCE CAPITAL /DE/

This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees (the “Board,” and each member of the Board, a “Trustee”) of Source Capital (the “Trust”) for voting at the Annual Meeting of Shareholders (the “Meeting”) of the Trust to be held at 10:00 a.m. (Pacific Time) on May 29, 2026, at the offices of Mutual Fund Administration LLC, 2220 East Route 66, Suite 226, Glendora, California 91740, and at any and all adjournments or postponements thereof. The Meeting will be held for the purposes set forth in the accompanying Notice of Annual Meeting of Shareholders. This Proxy Statement is being mailed to shareholders on or about April 10, 2026.

At the Meeting, shareholders of the Trust will be asked to vote on the following proposal:

(1) The election of four (4) nominees (the “Nominees”) to the Board of the Trust (the “Proposal”).

The Board knows of no business, other than that specifically mentioned in the Notice, which will be presented for consideration at the Meeting. If other business should properly come before the Meeting, the persons named on the Proxy Card enclosed will vote thereon in accordance with their best judgment.