<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000091847
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SOURCE CAPITAL, INC
001 B000000 811-1731
001 C000000 3109965429
002 A000000 11400 WEST OLYMPIC BOULEVARD, SUITE 1200
002 B000000 LOS ANGELES
002 C000000 CA
002 D010000 90064
002 D020000 1507
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FIRST PACIFIC ADVISORS, INC
008 B000001 A
008 C000001 801-39512
008 D010001 LOS ANGELES
008 D020001 CA
008 D030001 90064
008 D040001 1507
012 A000001 CHASEMELLON SHAREHOLDER SERVICES L.L.C.
012 B000001 85-0005005
012 C010001 RIDGEFIELD PARK
012 C020001 NJ
012 C030001 07660
013 A000001 ERNST & YOUNG LLP
013 B010001 LOS ANGELES
013 B020001 CA
013 B030001 90071
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
<PAGE> PAGE 2
015 C010001 BOSTON
015 C020001 MA
015 C030001 02105
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 RUSSELL (FRANK) SECURITIES, INCORPORATED
020 B000001 91-0604934
020 C000001 25
020 A000002 DEAN WITTER REYNOLDS INC.
020 B000002 94-1671384
020 C000002 21
020 A000003 DONALDSON LUFKIN & JENRETTE SECURITIES
020 B000003 13-2741729
020 C000003 18
020 A000004 JEFFRIES & COMPANY, INC.
020 B000004 95-2622900
020 C000004 16
020 A000005 BLAIR (WILLIAM) & COMPANY
020 B000005 36-2214610
020 C000005 13
020 A000006 BRANDT (ROBERT) & CO.
020 B000006 95-2650507
020 C000006 9
020 A000007 LIPPER ANALYTICAL SECURITIES CORPORATION
020 B000007 13-2792478
020 C000007 9
020 A000008 BEAR, STEARNS SECURITIES CORP.
020 B000008 13-3299429
020 C000008 8
020 A000009 MCDONALD & COMPANY SECURITIES, INC.
020 B000009 34-0642435
020 C000009 8
020 A000010 INSTINET CORPORATION
020 B000010 13-3443395
020 C000010 8
021 000000 334
022 A000001 STATE STREET BANK & TRUST COMPANY, N.A.
022 B000001 04-1867445
022 C000001 402857
022 D000001 0
022 A000002 GOLDMAN SACHS & CO., INC.
022 B000002 13-5108880
022 C000002 232391
022 D000002 11263
022 A000003 MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC.
022 B000003 13-5674085
022 C000003 209403
022 D000003 7870
022 A000004 JEFFRIES & COMPANY, INC.
<PAGE> PAGE 3
022 B000004 95-2622900
022 C000004 6637
022 D000004 7691
022 A000005 RAGEN MACKENZIE INC.
022 B000005 91-1374280
022 C000005 0
022 D000005 9489
022 A000006 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006 9066
022 D000006 0
022 A000007 FORUM CAPITAL MARKETS, L.P.
022 B000007 06-1351111
022 C000007 4406
022 D000007 4177
022 A000008 ROBERTSON, STEPHENS & COMPANY, L.P.
022 B000008 94-2524501
022 C000008 4073
022 D000008 2996
022 A000009 LAZARD FRERES & CO., L.L.C.
022 B000009 13-5545100
022 C000009 3564
022 D000009 2125
022 A000010 LEHMAN BROTHERS INC.
022 B000010 13-2518466
022 C000010 4547
022 D000010 0
023 C000000 887445
023 D000000 53406
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
<PAGE> PAGE 4
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
<PAGE> PAGE 5
048 A020000 0.725
048 B010000 100000
048 B020000 0.700
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 200000
048 K020000 0.675
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
<PAGE> PAGE 6
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
<PAGE> PAGE 7
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 136692
071 B000000 180180
071 C000000 333053
071 D000000 41
072 A000000 12
072 B000000 8242
072 C000000 4520
072 D000000 0
072 E000000 0
072 F000000 2602
072 G000000 0
072 H000000 0
072 I000000 246
072 J000000 51
072 K000000 0
072 L000000 162
072 M000000 82
072 N000000 20
072 O000000 66
072 P000000 0
072 Q000000 0
072 R000000 34
072 S000000 19
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 31
072 X000000 3313
072 Y000000 0
072 Z000000 9449
072AA000000 46983
072BB000000 2006
072CC010000 14693
072CC020000 0
<PAGE> PAGE 8
072DD010000 3719
072DD020000 0
072EE000000 40614
073 A010000 0.5100
073 A020000 0.0000
073 B000000 5.6200
073 C000000 0.0000
074 A000000 0
074 B000000 1861
074 C000000 24903
074 D000000 72489
074 E000000 1875
074 F000000 279580
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 287
074 K000000 0
074 L000000 1935
074 M000000 0
074 N000000 382930
074 O000000 292
074 P000000 221
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 271
074 S000000 54153
074 T000000 327993
074 U010000 7232
074 U020000 0
074 V010000 45.35
074 V020000 0.00
074 W000000 0.0000
074 X000000 22155
074 Y000000 0
075 A000000 0
075 B000000 374226
076 000000 45.50
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 5000
081 A000000 Y
081 B000000 6
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
<PAGE> PAGE 9
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 836144-10
087 A030000 SOR
087 B010000 $2.40 CUMULATIVE PREFERRED STOCK
087 B020000 836144-20
087 B030000 SOR+
088 D000000 Y
SIGNATURE CHRIS THOMAS
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 309013019
<INVESTMENTS-AT-VALUE> 380708476
<RECEIVABLES> 2220955
<ASSETS-OTHER> 294
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 382929725
<PAYABLE-FOR-SECURITIES> 292188
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 491110
<TOTAL-LIABILITIES> 783298
<SENIOR-EQUITY> 5907636
<PAID-IN-CAPITAL-COMMON> 296859025
<SHARES-COMMON-STOCK> 7232110
<SHARES-COMMON-PRIOR> 7232110
<ACCUMULATED-NII-CURRENT> 3321891
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4362418
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71695457
<NET-ASSETS> 382146427
<DIVIDEND-INCOME> 4519900
<INTEREST-INCOME> 8241608
<OTHER-INCOME> 0
<EXPENSES-NET> 3312403
<NET-INVESTMENT-INCOME> 9449105
<REALIZED-GAINS-CURRENT> 44976665
<APPREC-INCREASE-CURRENT> 14692796
<NET-CHANGE-FROM-OPS> 69118566
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8444696
<DISTRIBUTIONS-OF-GAINS> 40614247
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 20059623
<ACCUMULATED-NII-PRIOR> 2317482
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2602494
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3312403
<AVERAGE-NET-ASSETS> 374226418
<PER-SHARE-NAV-BEGIN> 42.58
<PER-SHARE-NII> 1.3
<PER-SHARE-GAIN-APPREC> 8.25
<PER-SHARE-DIVIDEND> 1.16
<PER-SHARE-DISTRIBUTIONS> 5.62
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 45.35
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
