SOURCE CAPITAL INC /DE/
NSAR-A, 1998-08-25
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<PAGE>      PAGE  1
000 A000000 06/30/98
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
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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.
<PAGE>      PAGE  2
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
015 C010001 BOSTON
015 C020001 MA
015 C030001 02105
015 E010001 X
018  000000 Y
019 A000000 N
019 B000000    0
020 A000001 GOLDMAN, SACHS & CO.
020 B000001 13-5108880
020 C000001     23
020 A000002 WEEDEN & CO, L.P.
020 B000002 13-3364318
020 C000002     11
020 A000003 SCHROEDER & CO. INC.
020 B000003 13-2697272
020 C000003      9
020 A000004 LIPPER ANALYTICAL SECURITIES COPRORATION
020 B000004 13-2792478
020 C000004      6
020 A000005 RUSSELL (FRANK) SECURITIES, INCORPORATED
020 B000005 91-0604934
020 C000005      5
020 A000006 STANDARD & POOR'S SECURITIES INC
020 B000006 13-2671951
020 C000006      5
020 A000007 CIBC OPPENHEIMER CORP.
020 B000007 13-2798343
020 C000007      4
020 A000008 SBC WARBURG DILLION READ INC.
020 B000008 13-3340045
020 C000008      4
020 A000009 BAIRD (ROBERT W.) & CO., INCORPORATED
020 B000009 39-6037917
020 C000009      4
020 A000010 MCDONALD & COMPANY SECURITIES, INC
020 B000010 34-0642435
020 C000010      3
021  000000       87
022 A000001 MERRILL LYNCH PIERCE, FENNER AND SMITH, INC.
022 B000001 13-5674085
022 C000001    127596
<PAGE>      PAGE  3
022 D000001      9460
022 A000002 STATE STREET BANK & TRUST COMPANY, N.A.
022 B000002 04-1867445
022 C000002     98278
022 D000002         0
022 A000003 GE INVESTMENT SERVICES INC
022 B000003 06-1362678
022 C000003     12427
022 D000003         0
022 A000004 GOLDMAN, SACHS & CO., INC
022 B000004 13-5108880
022 C000004      9259
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022 A000005 CLEARY, GULL REILAND & MCDEVITT INC
022 B000005 39-1567700
022 C000005      6612
022 D000005         0
022 A000006 GENERAL MOTORS ACCEPTANCE CORPORATION
022 B000006 38-0572512
022 C000006      6365
022 D000006         0
022 A000007 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
022 B000007 13-2741729
022 C000007      2909
022 D000007      1389
022 A000008 JEFFERIES & COMPANY, INC
022 B000008 95-2622900
022 C000008      2335
022 D000008       677
022 A000009 CANTOR FITZGERALD & CO.
022 B000009 13-3680184
022 C000009      2583
022 D000009       206
022 A000010 BANCAMERICA, ROBERTSON STEPHENS
022 B000010 94-2524501
022 C000010      2224
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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SIGNATURE   CHRIS THOMAS                                 
TITLE       ASST TREASURER      
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                        326502314
<INVESTMENTS-AT-VALUE>                       443503854
<RECEIVABLES>                                  3039494
<ASSETS-OTHER>                                     126
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               446543474
<PAYABLE-FOR-SECURITIES>                       3135139
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       497570
<TOTAL-LIABILITIES>                            3632709
<SENIOR-EQUITY>                               54153330
<PAID-IN-CAPITAL-COMMON>                     259505441
<SHARES-COMMON-STOCK>                          7455649
<SHARES-COMMON-PRIOR>                          7397259
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       12250454
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     117001540
<NET-ASSETS>                                 442910765
<DIVIDEND-INCOME>                              2263227
<INTEREST-INCOME>                              3409572
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 1957410
<NET-INVESTMENT-INCOME>                        3715389
<REALIZED-GAINS-CURRENT>                      16699912
<APPREC-INCREASE-CURRENT>                     11528230
<NET-CHANGE-FROM-OPS>                         31943531
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      7940096
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                          9616464
<NUMBER-OF-SHARES-SOLD>                              0
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<PER-SHARE-NAV-BEGIN>                            50.20
<PER-SHARE-NII>                                   0.50
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<EXPENSE-RATIO>                                   0.88
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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