SOR Source Capital Inc

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS

As of March 31, 2024 (Unaudited)

 

Principal
Amount						Value
				BONDS & DEBENTURES — 31.9%
				ASSET-BACKED SECURITIES — 13.6%
				COLLATERALIZED LOAN OBLIGATION — 7.7%
				ABPCI Direct Lending Fund CLO I LLC
$	2,056,000			Series 2016-1A, Class E2, 14.309% (3-Month Term SOFR+899.161 basis points), 7/20/2033(a),(b)		$	2,055,819
				ABPCI Direct Lending Fund CLO II LLC
	2,942,000			Series 2017-1A, Class ER, 13.179% (3-Month Term SOFR+786.161 basis points), 4/20/2032(a),(b)			2,851,198
				Barings Middle Market CLO Ltd.
	1,040,000			Series 2021-IA, Class D, 14.229% (3-Month Term SOFR+891.161 basis points), 7/20/2033(a),(b)			1,039,853
				BlackRock Maroon Bells CLO XI LLC
	3,287,000			Series 2022-1A, Class E, 14.814% (3-Month Term SOFR+950 basis points), 10/15/2034(a),(b)			3,303,422
				Fortress Credit Opportunities IX CLO Ltd.
	5,186,000			Series 2017-9A, Class ER, 13.636% (3-Month Term SOFR+832.161 basis points), 10/15/2033(a),(b)			5,087,886
				Ivy Hill Middle Market Credit Fund XII Ltd.
	814,000			Series 12A, Class DR, 13.749% (3-Month Term SOFR+843.161 basis points), 7/20/2033(a),(b)			802,185
				Ivy Hill Middle Market Credit Fund XVIII Ltd.
	3,464,000			Series 18A, Class E, 13.329% (3-Month Term SOFR+801.161 basis points), 4/22/2033(a),(b)			3,363,069
				Ivy Hill Middle Market Credit Fund XX Ltd.
	2,380,000			Series 20A, Class E, 15.318% (3-Month Term SOFR+1,000 basis points), 4/20/2035(a),(b)			2,408,769
				Parliament CLO II Ltd.
	1,854,000			Series 2021-2A, Class D, 9.281% (3-Month Term SOFR+396.161 basis points), 8/20/2032(a),(b)			1,782,080
				TCP Waterman CLO LLC
	1,571,000			Series 2017-1A, Class ER, 13.741% (3-Month Term SOFR+842.161 basis  points), 8/20/2033(a),(b)			1,547,534
				VCP CLO II Ltd.
	4,421,000			Series 2021-2A, Class E, 13.986% (3-Month Term SOFR+867.161 basis  points), 4/15/2031(a),(b)			4,421,385
							28,663,200
				EQUIPMENT — 0.8%
				Coinstar Funding LLC
	2,857,180			Series 2017-1A, Class A2, 5.216%, 4/25/2047(a)			2,532,523
				Prop 2017-1A
	350,900			5.300%, 3/15/2042(c),(d)			302,652
							2,835,175

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

Principal
Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				OTHER — 5.1%
				ABPCI Direct Lending Fund ABS I Ltd.
$	3,077,121			Series 2020-1A, Class B, 4.935%, 12/20/2030(a)		$	2,901,528
				ABPCI Direct Lending Fund ABS II LLC
	3,387,000			Series 2022-2A, Class C, 8.236%, 3/1/2032(a)			3,146,371
				ABPCI Direct Lending Fund LP
	304,579			Series 2020-1A, Class A, 3.199%, 12/20/2030(a)			290,826
				Cologix Data Centers US Issuer LLC
	1,765,000			Series 2021-1A, Class C, 5.990%, 12/26/2051(a)			1,570,849
				Diamond Infrastructure Funding LLC
	384,000			Series 2021-1A, Class C, 3.475%, 4/15/2049(a)			343,668
				Diamond Issuer
	1,000,000			Series 2021-1A, Class C, 3.787%, 11/20/2051(a)			839,877
				Elm Trust
	44,331			Series 2020-3A, Class A2, 2.954%, 8/20/2029(a)			42,396
	127,309			Series 2020-3A, Class B, 4.481%, 8/20/2029(a)			119,387
	721,852			Series 2020-4A, Class B, 3.866%, 10/20/2029(a)			672,194
				Golub Capital Partners ABS Funding Ltd.
	1,002,432			Series 2020-1A, Class B, 4.496%, 1/22/2029(a)			945,401
	1,401,179			Series 2021-1A, Class B, 3.816%, 4/20/2029(a)			1,312,234
	3,377,000			Series 2021-2A, Class B, 3.994%, 10/19/2029(a)			2,904,169
				Hotwire Funding LLC
	750,000			Series 2021-1, Class C, 4.459%, 11/20/2051(a)			674,134
				Monroe Capital ABS Funding Ltd.
	851,677			Series 2021-1A, Class B, 3.908%, 4/22/2031(a)			830,420
				TVEST LLC
	13,051			Series 2020-A, Class A, 4.500%, 7/15/2032(a)			13,004
				VCP RRL ABS I Ltd.
	898,752			Series 2021-1A, Class B, 2.848%, 10/20/2031(a)			827,603
	1,893,186			Series 2021-1A, Class C, 5.425%, 10/20/2031(a)			1,703,920
							19,137,981
				TOTAL ASSET-BACKED SECURITIES
				(Cost $52,508,649)			50,636,356
				COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%
				AGENCY — 0.1%
				Eleven Madison Mortgage Trust
	344,000			Series 2015-11MD, Class A, 3.555%, 9/10/2035(a),(b)			323,433

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

Principal
Amount						Value
				COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
				NON-AGENCY — 0.3%
				BX Commercial Mortgage Trust
$	1,311,000			Series 2021-VOLT, Class F, 7.840% (1-Month Term SOFR+251.448 basis points), 9/15/2036(a),(b)		$	1,320,011
				TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
				(Cost $1,617,360)			1,643,444
				CONVERTIBLE BONDS — 2.5%
				Delivery Hero AG
	3,500,000			1.000%, 4/30/2026			3,352,659
	500,000			1.000%, 1/23/2027			451,601
	100,000			1.500%, 1/15/2028			84,607
				Wayfair, Inc.
	5,078,000			0.625%, 10/1/2025			4,703,752
	122,000			1.000%, 8/15/2026			112,618
				Zillow Group, Inc.
	48,000			2.750%, 5/15/2025			50,700
	350,000			1.375%, 9/1/2026			431,157
				TOTAL CONVERTIBLE BONDS
				(Cost $8,586,375)			9,187,094
				CORPORATE BANK DEBT — 5.1%
				Axiom Global, Inc.
	1,713,263			10.179% (1-Month Term SOFR+485 basis points), 10/1/2026(b),(d),(e)			1,657,582
				Azalea Topco, Inc.
	1,141,140			8.942% (3-Month Term SOFR+361.4 basis points), 7/25/2026(b),(d),(e)			1,131,874
				Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan
	149,058			10.180% (1-Month Term SOFR+485 basis points), 11/12/2027(b),(c),(d),(e),(f)			142,693
				Capstone Acquisition Holdings, Inc. 2020 Term Loan
	2,153,655			10.180% (1-Month Term SOFR+485 basis points), 11/12/2027(b),(c),(d),(e)			2,061,690
				CB&I STS Delaware LLC
	2,135,177			13.086% (3-Month Term SOFR+776.2 basis points), 12/31/2026(b),(c),(d),(e),(g)			2,092,473
				Cornerstone OnDemand, Inc.
	72,884			9.195% (1-Month Term SOFR+386.4 basis points), 10/16/2028(b),(d),(e)			71,427
				Element Commercial Funding LP
	2,360,000			10.731% (1-Month Term SOFR+575 basis points), 9/15/2024(b),(c),(d),(e),(f)			2,341,741
				Farfetch U.S. Holdings, Inc.
	3,199,221			11.666% (3-Month Term SOFR+625 basis points), 10/20/2027(b),(d),(e)			2,943,284
				Frontier Communications Holdings LLC
	1,230,930			9.195% (1-Month Term SOFR+386.4 basis points), 10/8/2027(b),(d),(e)			1,222,720
				JC Penney Corp., Inc.
	462,319			9.500% (1-Month USD Libor+425 basis points), 6/23/2025*,(b),(d),(e),(h)			46
				Lealand Finance Company B.V. Senior Exit LC
	1,698,187			3.500%, 6/30/2027(b),(c),(d),(e)			(816,751	)
	4,666,312			5.250%, 6/30/2027(b),(c),(d),(e),(f),(i)			(1,679,872	)

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

Principal
Amount						Value
				CORPORATE BANK DEBT (Continued)
				Light Commercial Funding LP
$	1,332,000			11.153% (1-Month Term SOFR+600 basis points), 10/31/2026(b),(c),(d),(e),(f)		$	1,298,760
				McDermott LC
	991,164			9.592%, 6/30/2027(b),(c),(d),(e),(f)			495,582
				McDermott Tanks Escrow LC
	228,693			9.592%, 12/31/2026(b),(c),(d),(e)			114,346
				McDermott Tanks Secured LC
	2,513,909			10.250%, 12/31/2026(b),(c),(d),(e),(f),(i)			(402,225	)
				McDermott Technology Americas, Inc.
	141,927			8.442% (1-Month Term SOFR+311.4 basis points), 6/30/2027(b),(d),(e)			70,963
	1,532,125			6.443% (1-Month Term SOFR+111.4 basis points), 12/31/2027(b),(d),(e),(g)			597,528
				Polaris Newco, LLC Term Loan B
	1,136,850			9.313% (3-Month Term SOFR+400 basis points), 6/5/2028(b),(d),(e)			1,124,299
				Project Myrtle
	3,000,000			7.500% (1-Month Term SOFR+317.9 basis points), 6/15/2025(b),(c),(d),(e),(f),(i)			1,221,259
				QBS Parent, Inc.
	1,918,987			9.709% (3-Month Term SOFR+425 basis points), 9/21/2025(b),(d),(e)			1,858,213
				Vision Solutions, Inc.
	73,066			9.586% (3-Month Term SOFR+426.2 basis points), 5/28/2028(b),(d),(e)			73,066
				WH Borrower LLC, Term Loan B
	1,149,495			10.903% (3-Month Term SOFR+550 basis points), 2/15/2027(b),(d),(e)			1,145,184
				Windstream Services LLC
	251,087			11.680% (1-Month Term SOFR+635 basis points), 9/21/2027(b),(d),(e)			244,391
				TOTAL CORPORATE BANK DEBT
				(Cost $22,898,961)			19,010,273
				CORPORATE BONDS — 10.3%
				COMMUNICATIONS — 1.0%
				Consolidated Communications, Inc.
	1,272,000			6.500%, 10/1/2028(a)			1,109,820
				Frontier Communications Holdings LLC
	453,000			5.875%, 10/15/2027(a)			437,287
				Upwork, Inc.
	2,500,000			0.250%, 8/15/2026			2,179,750
							3,726,857
				CONSUMER DISCRETIONARY — 0.7%
				Air Canada Pass Through Trust
	1,500,000			Series 2020-1, Class C, 10.500%, 7/15/2026(a)			1,635,000
				Cimpress PLC
	381,000			7.000%, 6/15/2026			381,305
				VT Topco, Inc.
	421,000			8.500%, 8/15/2030(a)			443,102
							2,459,407

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

Principal
Amount						Value
				CORPORATE BONDS (Continued)
				ENERGY — 3.5%
				Gulfport Energy Corp.
$	11,736			8.000%, 5/17/2026		$	11,912
				Tidewater, Inc.
	9,600,000			8.500%, 11/16/2026			9,978,000
	3,000,000			10.375%, 7/3/2028(a)			3,195,000
							13,184,912
				FINANCIALS — 3.6%
				Apollo Debt Solutions BDC Senior Notes
	2,333,000			8.620%, 9/28/2028(c),(d)			2,333,000
				Blue Owl Credit Income Corp.
	1,167,000			4.700%, 2/8/2027			1,105,786
	2,243,000			7.750%, 9/16/2027			2,294,939
				Charles Schwab Corp.
	549,000			4.000% (USD 5 Year Tsy+316.8 basis points)(b),(j)			510,284
	75,000			5.000% (3-Month USD Libor+257.5 basis points)(b),(j)			67,781
				HPS Corporate Lending Fund
	520,000			6.750%, 1/30/2029(a)			518,480
				Midcap Financial Issuer Trust
	3,466,000			6.500%, 5/1/2028(a)			3,186,536
				Oaktree Strategic Credit Fund
	1,615,000			8.400%, 11/14/2028(a)			1,711,343
				OCREDIT BDC Senior Notes
	552,000			7.770%, 3/7/2029(c),(d)			552,000
				Vornado Realty LP
	1,000,000			3.500%, 1/15/2025			968,750
	250,000			2.150%, 6/1/2026			226,040
							13,474,939
				HEALTH CARE — 0.5%
				Heartland Dental LLC/Heartland Dental Finance Corp.
	1,796,000			10.331% (1-Month Term SOFR+500 basis points), 4/30/2028(a),(d)			1,903,760
				TECHNOLOGY — 1.0%
				Hlend Senior Notes
	3,500,000			8.170%, 3/15/2028(c),(d)			3,500,000
				TOTAL CORPORATE BONDS
				(Cost $37,479,636)			38,249,875
				TOTAL BONDS & DEBENTURES
				(Cost $123,090,981)			118,727,042

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

Number
of Shares						Value
				CLOSED-END FUNDS — 0.1%
	142,220			Altegrity, Inc.(c),(d)		$	331,372
				TOTAL CLOSED-END FUNDS
				(Cost $0)			331,372
				COMMON STOCKS — 40.5%
				AEROSPACE & DEFENSE — 1.9%
	33,600			Howmet Aerospace, Inc.			2,299,248
	21,785			Safran SA			4,936,821
							7,236,069
				APPAREL & TEXTILE PRODUCTS — 0.8%
	18,617			Cie Financiere Richemont SA Class A			2,838,272
				ASSET MANAGEMENT — 0.3%
	14,295			Groupe Bruxelles Lambert NV			1,080,492
	14,610			Pershing Square Tontine Holdings Ltd.(c),(d)			—
	3,497			PowerUp Acquisition Corp*			38,572
							1,119,064
				BANKING — 3.9%
	134,615			Citigroup, Inc.			8,513,052
	105,255			Wells Fargo & Co.			6,100,580
							14,613,632
				BEVERAGES — 2.3%
	64,215			Heineken Holding NV			5,182,093
	130,940			JDE Peet's NV			2,749,048
	62,216			Swire Pacific Ltd. Class A			511,915
							8,443,056
				CABLE & SATELLITE — 3.0%
	5,983			Charter Communications, Inc. Class A*			1,738,839
	215,600			Comcast Corp. Class A			9,346,260
							11,085,099
				CHEMICALS — 1.8%
	77,685			International Flavors & Fragrances, Inc.			6,680,133
				CONSTRUCTION MATERIALS — 2.8%
	115,552			Holcim AG*			10,462,331
				E-COMMERCE DISCRETIONARY — 0.8%
	28,187			Alibaba Group Holding Ltd.			252,991
	15,969			Amazon.com, Inc.*			2,880,489
							3,133,480
				ELECTRIC UTILITIES — 0.7%
	68,180			FirstEnergy Corp.			2,633,111
	9,047			PG&E Corp.			151,628
							2,784,739

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

Number
of Shares						Value
				COMMON STOCKS (Continued)
				ELECTRICAL EQUIPMENT — 2.2%
	57,280			TE Connectivity Ltd.		$	8,319,347
				ENGINEERING & CONSTRUCTION — 0.8%
	2,135,146			McDermott International, Ltd.*,(c),(d)			427,029
	21,370			Samsung C&T Corp.			2,541,383
							2,968,412
				ENTERTAINMENT CONTENT — 0.7%
	4,347			Epic Games, Inc.(c),(d)			1,156,302
	81,739			Nexon Co. Ltd.			1,355,297
							2,511,599
				HEALTH CARE FACILITIES & SVCS — 0.3%
	3,606			ICON PLC*			1,211,436
				INDUSTRIAL SUPPORT SERVICES — 1.3%
	21,507			Ferguson PLC			4,697,774
				INSURANCE — 1.5%
	16,270			Aon PLC Class A			5,429,624
				INTERNET MEDIA & SERVICES — 4.7%
	31,853			Alphabet, Inc. Class A*			4,807,573
	19,721			Alphabet, Inc. Class C*			3,002,720
	8,390			Delivery Hero SE*,(a)			240,005
	9,669			Just Eat Takeaway.com NV*,(a)			143,309
	10,387			Meta Platforms, Inc. Class A			5,043,720
	1,004			Netflix, Inc.*			609,759
	86,481			Prosus N.V.*			2,712,736
	14,078			Uber Technologies, Inc.*			1,083,865
							17,643,687
				LEISURE FACILITIES & SERVICES — 1.0%
	48,095			Entain PLC			484,046
	12,342			Marriott International, Inc. Class A			3,114,010
							3,598,056
				METALS & MINING — 1.2%
	788,595			Glencore PLC*			4,332,644
				OIL & GAS PRODUCERS — 1.1%
	7,174			Gulfport Energy Corp.*			1,148,701
	160,090			Kinder Morgan, Inc.			2,936,051
							4,084,752
				OTHER COMMON STOCK — 0.0%
	—			Other Common Stock(k)			3,251
				REAL ESTATE SERVICES — 0.0%
	16,058			Copper Property CTL Pass Through Trust(d)			158,171

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

Number
of Shares						Value
				COMMON STOCKS (Continued)
				RETAIL - DISCRETIONARY — 0.5%
	23,348			CarMax, Inc.*		$	2,033,844
				SEMICONDUCTORS — 4.3%
	42,594			Analog Devices, Inc.			8,424,667
	2,797			Broadcom, Inc.			3,707,172
	16,423			NXP Semiconductors NV			4,069,127
							16,200,966
				SOFTWARE — 0.0%
	10,312			Windstream Holdings, Inc.*,(c)			97,964
				TECHNOLOGY HARDWARE — 0.7%
	49,244			Nintendo Co. Ltd.			2,686,657
				TECHNOLOGY SERVICES — 0.8%
	44,825			LG Corp.			2,916,747
				TRANSPORTATION & LOGISTICS — 0.5%
	84,452			PHI Group, Inc.*,(c),(d)			1,689,040
				TRANSPORTATION EQUIPMENT — 0.6%
	14,298			Westinghouse Air Brake Technologies Corp.			2,082,933
				TOTAL COMMON STOCKS
				(Cost $97,718,505)			151,062,779
				LIMITED PARTNERSHIPS — 11.2%
	55,000			Blue Torch Credit Opportunities Fund II LP(d),(l)			4,135,218
	60,000			Clover Private Credit Opportunities Fund LP(d),(l)			4,415,103
	55,000			HIG WhiteHorse Direct Lending 2020 LP(d),(l)			3,786,818
	80,000			Metro Partners Fund VII LP(d),(l)			8,467,701
	80,000			MSD Private Credit Opportunities Fund II LP(d),(l)			2,961,594
	30,000			MSD Real Estate Credit Opportunities Fund(d),(l)			1,392,050
	55,000			Nebari Natural Resources Credit Fund I LP(d),(l)			5,122,342
	30,000			Piney Lake Opportunities Fund LP(d),(l)			3,073,967
	18,000			Post Road Special Opportunity Fund II LP(d),(l)			1,615,708
	34,745			Silverpeak Credit Opportunities LP(d),(l)			1,735,764
	48,500			Silverpeak Special Situations(d),(l)			4,868,623
				TOTAL LIMITED PARTNERSHIPS
				(Cost $36,520,673)			41,574,888
				PREFERRED STOCKS — 0.0%
				ENERGY — 0.0%
	47			Gulfport Energy Corp., 10.000%, (c)			45,659
				INDUSTRIALS — 0.0%
	908			McDermott International, Ltd., 8.000%, (c),(d)			103,239
				TOTAL PREFERRED STOCKS
				(Cost $83,400)			148,898

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

Number
of Shares						Value
				WARRANTS (SPAC) — 0.1%
	1,374			American Oncology Network, Inc., Expiration Date: March 31, 2028*		$	467
	11,954			Atlantic Coastal Acquisition Corp. II, Expiration Date: June 2, 2028*			643
	20,278			BigBear.ai Holdings, Inc., Expiration Date: December 31, 2028*			6,797
	13,186			Brand Engagement Network, Inc., Expiration Date: December 31, 2027*			1,584
	94,574			BurTech Acquisition Corp., Expiration Date: December 18, 2026*			17,014
	9,384			Churchill Capital Corp. VII, Expiration Date: February 29, 2028*			3,003
	26,146			Disruptive Acquisition Corp. I A Shares, Expiration Date: March 6, 2026*,(c)			—
	12,721			ECARX Holdings, Inc., Expiration Date: December 21, 2027*			382
	31,567			Electriq Power Holdings, Inc., Expiration Date: January 25, 2028*			35
	4,908			Global Partner Acquisition Corp. II, Expiration Date: December 30, 2027*,(c)			—
	26,146			Golden Arrow Merger Corp., Expiration Date: July 31, 2027*			4,973
	7,538			Heliogen, Inc., Expiration Date: March 31, 2028*			75
	24,015			MariaDB PLC, Expiration Date: December 16, 2027*			2,161
	13,756			Metals Acquisition Ltd., Expiration Date: June 16, 2028*			28,062
	16,476			NioCorp Developments Ltd., Expiration Date: March 17, 2028*			6,426
	6,999			Northern Star Investment Corp. III, Expiration Date: February 24, 2028*,(c)			7
	5,407			Northern Star Investment Corp. IV, Expiration Date: December 31, 2027*,(c)			1
	14,795			Plum Acquisition Corp. I, Expiration Date: December 31, 2028*			5,770
	1,029			Plum Acquisition Corp. III, Expiration Date: March 31, 2028*			139
	1,748			PowerUp Acquisition Corp., Expiration Date: February 18, 2027*			53
	815			Prenetics Global Ltd., Expiration Date: December 31, 2026*			8
	5,878			Ross Acquisition Corp. II, Expiration Date: February 12, 2026*,(c)			530
	39,217			Sable Offshore Corp., Expiration Date: December 31, 2028*			101,180
	13,618			Slam Corp., Expiration Date: December 31, 2027*			2,451
	2,126			Swvl Holdings Corp., Expiration Date: March 31, 2027*			36
	25,079			Twelve Seas Investment Co. II, Expiration Date: March 2, 2028*			2,357
				TOTAL WARRANTS (SPAC)
				(Cost $117,788)			184,154
				SHORT-TERM INVESTMENTS — 15.3%
				MONEY MARKET INVESTMENTS — 15.3%
	57,143,474			Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.08%(m)			57,143,474
				TOTAL SHORT-TERM INVESTMENTS
				(Cost $57,143,474)			57,143,474
				TOTAL INVESTMENTS — 99.1%
				(Cost $314,674,821)			369,172,607
				Other Assets in Excess of Liabilities — 0.9%			3,397,991
				TOTAL NET ASSETS — 100.0%		$	372,570,598

 

BDC – Business Development Company

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

US – United States

 

*

Non-income producing security.

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $66,500,790, which represents 17.85% of Net Assets.

(b)

Variable or floating rate security.

(c)

Level 3 securities fair valued under procedures established by the Board of Directors, represents 4.67% of Net Assets. The total value of these securities is $17,408,491.

(d)

Restricted securities. These restricted securities constituted 19.60% of total net assets at March 31, 2024, most of which are considered liquid by the Adviser. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Directors.

(e)

Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

(f)

As of March 31, 2024, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied.

(g)

Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.

(h)

Security is in default.

(i)

All or a portion of the loan is unfunded.

(j)

Perpetual security. Maturity date is not applicable.

(k)

As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed.

(l)

Investment valued using net asset value per share (or its equivalent) as a practical expedient.

(m)

The rate is the annualized seven-day yield at period end.

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2024 (Unaudited)

 

Restricted Security		Initial Acquisition Date		Cost				Fair Value				Fair Value as a % of Net Assets
Altegrity, Inc.		9/1/2021		$	-			$	331,372				0.09	%
Apollo Debt Solutions BDC Senior Notes, 8.620%, 9/28/2028		8/10/2023			2,333,000				2,333,000				0.63	%
Axiom Global, Inc., 10.179% (1-Month Term SOFR+485basis points), 10/1/2026		11/18/2021			1,701,575				1,657,582				0.44	%
Azalea Topco, Inc., 8.942% (3-Month Term SOFR+361.4basis points), 7/25/2026		9/20/2021			1,136,139				1,131,874				0.30	%
Blue Torch Credit Opportunities Fund II LP		2/16/2021			3,816,396				4,135,218				1.11	%
Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 10.180% (1-Month Term SOFR+485basis points), 11/12/2027		11/12/2020			148,596				142,693				0.04	%
Capstone Acquisition Holdings, Inc. 2020 Term Loan, 10.180% (1-Month Term SOFR+485basis points), 11/12/2027		11/12/2020			2,140,292				2,061,690				0.55	%
CB&I STS Delaware LLC, 13.086% (3-Month Term SOFR+776.2basis points), 12/31/2026		9/5/2023			2,135,177				2,092,473				0.56	%
Clover Private Credit Opportunities Fund LP		12/13/2021			4,056,233				4,415,103				1.19	%
Copper Property CTL Pass Through Trust		10/5/2017			528,672				158,171				0.04	%
Cornerstone OnDemand, Inc., 9.195% (1-Month Term SOFR+386.4basis points), 10/16/2028		12/7/2022			67,573				71,427				0.02	%
Element Commercial Funding LP, 10.731% (1-Month Term SOFR+575basis points), 9/15/2024		4/14/2023			2,330,500				2,341,741				0.63	%
Epic Games, Inc.		6/25/2020			2,499,525				1,156,302				0.31	%
Farfetch U.S. Holdings, Inc., 11.666% (3-Month Term SOFR+625basis points), 10/20/2027		9/28/2022			3,022,190				2,943,284				0.79	%
Frontier Communications Holdings LLC, 9.195% (1-Month Term SOFR+386.4basis points), 10/8/2027		4/9/2021			1,222,370				1,222,720				0.33	%
Heartland Dental LLC/Heartland Dental Finance Corp., 10.331% (1-Month Term SOFR+500basis points), 4/30/2028		5/5/2023			1,779,035				1,903,760				0.51	%
HIG WhiteHorse Direct Lending 2020 LP		7/30/2021			3,986,799				3,786,818				1.02	%
Hlend Senior Notes, 8.170%, 3/15/2028		2/16/2023			3,500,000				3,500,000				0.94	%
JC Penney Corp., Inc., 9.500% (1-Month USD Libor+425basis points), 6/23/2025		2/3/2021			-				46				0.00	%
Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027		2/28/2020			(959,082	)			(816,751	)			-0.22	%
Lealand Finance Company B.V. Senior Exit LC, 5.250%, 6/30/2027		11/12/2019			(10,598	)			(1,679,872	)			-0.45	%
Light Commercial Funding LP, 11.153% (1-Month Term SOFR+600basis points), 10/31/2026		2/28/2023			1,295,370				1,298,760				0.35	%
McDermott International, Ltd.		7/1/2020			2,014,777				427,029				0.11	%
McDermott International, Ltd., 8.000%		12/31/2020			64,152				103,239				0.03	%
McDermott LC, 9.592%, 6/30/2027		7/1/2020			991,165				495,582				0.13	%
McDermott Tanks Escrow LC, 9.592%, 12/31/2026		2/28/2020			228,691				114,346				0.03	%
McDermott Tanks Secured LC, 10.250%, 12/31/2026		12/31/2020			(5,477	)			(402,225	)			-0.11	%
McDermott Technology Americas, Inc., 8.442% (1-Month Term SOFR+311.4basis points), 6/30/2027		7/1/2020			141,925				70,963				0.02	%
McDermott Technology Americas, Inc., 6.443% (1-Month Term SOFR+111.4basis points), 12/31/2027		7/1/2020			1,810,791				597,528				0.16	%
Metro Partners Fund VII LP		5/13/2021			7,180,327				8,467,701				2.27	%
MSD Private Credit Opportunities Fund II LP		3/8/2021			2,077,336				2,961,594				0.79	%
MSD Real Estate Credit Opportunities Fund		6/11/2020			897,640				1,392,050				0.37	%
Nebari Natural Resources Credit Fund I LP		8/18/2020			5,363,250				5,122,342				1.37	%
OCREDIT BDC Senior Notes, 7.770%, 3/7/2029		2/22/2024			552,000				552,000				0.15	%
Pershing Square Tontine Holdings Ltd.		7/26/2022			-				-				0.00	%
PHI Group, Inc.		8/19/2019			690,707				1,689,040				0.45	%
Piney Lake Opportunities Fund LP		6/30/2021			2,269,972				3,073,967				0.83	%
Polaris Newco, LLC Term Loan B, 9.313% (3-Month Term SOFR+400basis points), 6/5/2028		6/3/2021			1,134,222				1,124,299				0.30	%
Post Road Special Opportunity Fund II LP		1/26/2021			1,403,902				1,615,708				0.43	%
Project Myrtle, 7.500% (1-Month Term SOFR+317.9basis points), 6/15/2025		12/21/2022			1,206,553				1,221,259				0.33	%
Prop 2017-1A, 5.300%, 3/15/2042		2/9/2017			350,724				302,652				0.08	%
QBS Parent, Inc., 9.709% (3-Month Term SOFR+425basis points), 9/21/2025		4/13/2020			1,798,549				1,858,213				0.50	%
Silverpeak Credit Opportunities LP		11/18/2019			1,164,440				1,735,764				0.47	%
Silverpeak Special Situations		9/25/2020			4,304,378				4,868,623				1.31	%
Vision Solutions, Inc., 9.586% (3-Month Term SOFR+426.2basis points), 5/28/2028		12/7/2022			62,507				73,066				0.02	%
WH Borrower LLC, Term Loan B, 10.903% (3-Month Term SOFR+550basis points), 2/15/2027		2/9/2022			1,072,880				1,145,184				0.31	%
Windstream Services LLC, 11.680% (1-Month Term SOFR+635basis points), 9/21/2027		8/11/2020			227,053				244,391				0.07	%
				$	73,732,226			$	73,041,726				19.60	%

 

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