UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
|
Investment Company Act file number |
811-1731 |
|
||||
|
|
||||||
|
Source Capital, Inc |
||||||
|
(Exact name of registrant as specified in charter) |
||||||
|
|
||||||
|
11400 West Olympic Boulevard, Suite 1200, Los Angeles, California |
|
90064 |
||||
|
(Address of principal executive offices) |
|
(Zip code) |
||||
|
|
||||||
|
J. Richard Atwood, Treasurer, Source Capital, Inc., |
||||||
|
(Name and address of agent for service) |
||||||
|
|
||||||
|
Registrant's telephone number, including area code: |
(310) 473-0225 |
|
||||
|
|
||||||
|
Date of fiscal year end: |
December 31 |
|
||||
|
|
|
|
||||
|
Date of reporting period: |
March 31, 2007 |
|
||||
ITEM 1. Schedule of Investments.
Source Capital, Inc.
Portfolio of Investments
March 31, 2007 (unaudited)
|
|
|
Shares or |
|
|
|
||
|
|
|
Principal |
|
|
|
||
|
COMMON STOCKS |
|
Amount |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
BUSINESS SERVICES & SUPPLIES — 22.9% |
|
|
|
|
|
||
|
Brady Corporation |
|
510,400 |
|
$ |
15,924,480 |
|
|
|
CDW Corporation |
|
353,900 |
|
21,740,077 |
|
||
|
Charles River Laboratories International, Inc.* |
|
455,000 |
|
21,048,300 |
|
||
|
CLARCOR Inc. |
|
335,000 |
|
10,653,000 |
|
||
|
Copart, Inc.* |
|
265,000 |
|
7,422,650 |
|
||
|
Invitrogen Corporation* |
|
270,000 |
|
17,185,500 |
|
||
|
Manpower Inc. |
|
300,000 |
|
22,131,000 |
|
||
|
ScanSource, Inc.* |
|
850,000 |
|
22,814,000 |
|
||
|
|
|
|
|
$ |
138,919,007 |
|
|
|
PRODUCER DURABLE GOODS — 14.4% |
|
|
|
|
|
||
|
Franklin Electric Co., Inc. |
|
180,000 |
|
$ |
8,370,000 |
|
|
|
Graco Inc. |
|
495,000 |
|
19,384,200 |
|
||
|
HNI Corporation |
|
352,300 |
|
16,181,139 |
|
||
|
IDEX Corporation |
|
495,000 |
|
25,185,600 |
|
||
|
Zebra Technologies Corporation (Class A)* |
|
465,000 |
|
17,953,650 |
|
||
|
|
|
|
|
$ |
87,074,589 |
|
|
|
ENERGY — 11.9% |
|
|
|
|
|
||
|
Helix Energy Solutions Group, Inc.* |
|
695,000 |
|
$ |
25,916,550 |
|
|
|
Noble Corporation |
|
460,000 |
|
36,192,800 |
|
||
|
Tidewater Inc. |
|
165,000 |
|
9,665,700 |
|
||
|
|
|
|
|
$ |
71,775,050 |
|
|
|
TECHNOLOGY — 9.9% |
|
|
|
|
|
||
|
Cognex Corporation |
|
720,000 |
|
$ |
15,602,400 |
|
|
|
Maxim Integrated Products, Inc. |
|
180,000 |
|
5,292,000 |
|
||
|
Microchip Technology Incorporated |
|
340,000 |
|
12,080,200 |
|
||
|
Plantronics, Inc. |
|
751,100 |
|
17,740,982 |
|
||
|
SanDisk Corporation* |
|
215,000 |
|
9,417,000 |
|
||
|
|
|
|
|
$ |
60,132,582 |
|
|
|
RETAILING — 9.8% |
|
|
|
|
|
||
|
CarMax, Inc.* |
|
1,070,012 |
|
$ |
26,258,095 |
|
|
|
O’Reilly Automotive, Inc.* |
|
1,000,000 |
|
33,100,000 |
|
||
|
|
|
|
|
$ |
59,358,095 |
|
|
|
HEALTH CARE — 6.8% |
|
|
|
|
|
||
|
AmSurg Corporation* |
|
340,000 |
|
$ |
8,326,600 |
|
|
|
Bio-Rad Laboratories, Inc.* |
|
200,300 |
|
13,988,952 |
|
||
|
Lincare Holdings Inc.* |
|
510,000 |
|
18,691,500 |
|
||
|
|
|
|
|
$ |
41,007,052 |
|
|
|
TRANSPORTATION — 4.9% |
|
|
|
|
|
||
|
Heartland Express, Inc. |
|
1,050,000 |
|
$ |
16,674,000 |
|
|
|
Knight Transporation, Inc. |
|
720,000 |
|
12,830,400 |
|
||
|
|
|
|
|
$ |
29,504,400 |
|
|
|
FINANCIAL — 4.6% |
|
|
|
|
|
||
|
Brown & Brown, Inc. |
|
580,000 |
|
$ |
15,689,000 |
|
|
|
First American Corporation |
|
235,000 |
|
11,919,200 |
|
||
|
|
|
|
|
$ |
27,608,200 |
|
|
|
ENTERTAINMENT — 4.1% |
|
|
|
|
|
||
|
Carnival Corporation |
|
536,600 |
|
$ |
25,145,076 |
|
|
|
CONSUMER DURABLE GOODS — 1.4% |
|
|
|
|
|
||
|
Polaris Industries Inc. |
|
180,000 |
|
$ |
8,636,400 |
|
|
|
|
|
|
|
|
|
||
|
TOTAL COMMON STOCKS — 90.7% (Cost $330,897,343) |
|
|
|
|
$ |
549,160,451 |
|
|
PREFERRED STOCKS |
|
|
|
|
|
||
|
REAL ESTATE INVESTMENT TRUST |
|
|
|
|
|
||
|
CBL & Associates Properties, Inc. |
|
100,000 |
|
$ |
2,554,000 |
|
|
|
Duke-Weeks Realty Corp. (Series B) |
|
40,000 |
|
2,016,000 |
|
||
|
Pennsylvania Real Estate Investment Trust (Series A) |
|
59,000 |
|
3,127,000 |
|
||
|
ProLogis (Series G) |
|
120,000 |
|
3,044,400 |
|
||
|
TOTAL PREFERRED STOCKS — 1.8% (Cost $10,179,446) |
|
|
|
|
$ |
10,741,400 |
|
|
|
|
|
|
|
|
||
|
CONVERTIBLE DEBENTURE — 0.3% Cost ($1,970,000) |
|
|
|
|
|
||
|
TECHNOLOGY |
|
|
|
|
|
||
|
International Rectifier Corp. — 4.25% 2007 |
|
$ |
2,000,000 |
|
$ |
1,986,250 |
|
|
|
|
|
|
|
|
||
|
NON-CONVERTIBLE BONDS AND DEBENTURES |
|
|
|
|
|
||
|
CORPORATE — 1.8% |
|
|
|
|
|
||
|
Central Garden & Pet Company — 9.125% 2013 |
|
$ |
3,000,000 |
|
$ |
3,120,000 |
|
|
JLG Industries, Inc. — 8.25% 2008 |
|
2,000,000 |
|
2,015,000 |
|
||
|
Manitowoc Company, Inc., The — 10.5% 2012 |
|
1,300,000 |
|
1,386,125 |
|
||
|
PolyOne Corporation — 10.625% 2010 |
|
950,000 |
|
1,008,235 |
|
||
|
Realty Income Corporation — 8.25% 2008 |
|
2,000,000 |
|
2,089,600 |
|
||
|
Unisys Corporation — 7.875% 2008 |
|
1,500,000 |
|
1,507,500 |
|
||
|
|
|
|
|
$ |
11,126,460 |
|
|
|
U.S. GOVERNMENT AND AGENCIES — 0.0% |
|
|
|
|
|
||
|
Federal Home Loan Mortgage Corporation — 6.5% 2023 (Interest Only) |
|
$ |
19,707 |
|
$ |
443 |
|
|
Government National Mortgage Association (Mobile Home) — 9.75% 2010 |
|
140,013 |
|
147,233 |
|
||
|
|
|
|
|
$ |
147,676 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NON-CONVERTIBLE BONDS AND DEBENTURES — 1.8% (Cost $10,976,076) |
|
|
|
$ |
11,274,136 |
|
|
|
|
|
|
|
|
|
||
|
TOTAL INVESTMENT SECURITIES — 94.6% (Cost $354,022,865) |
|
|
|
|
$ |
573,162,237 |
|
|
|
|
|
|
|
|
||
|
SHORT-TERM INVESTMENTS |
|
|
|
|
|
||
|
Short-term Corporate Notes: |
|
|
|
|
|
||
|
Rabobank USA Financial Corporation — 5.395% 4/2/07 |
|
$ |
9,547,000 |
|
$ |
9,545,569 |
|
|
International Lease Finance Corporation — 5.235% 4/5/07 |
|
23,000,000 |
|
22,986,622 |
|
||
|
TOTAL SHORT-TERM INVESTMENTS — 5.4% (Cost $32,532,191) |
|
|
|
|
$ |
32,532,191 |
|
|
TOTAL INVESTMENTS — 100.0% (Cost $386,555,056)(A) |
|
|
|
|
$ |
605,694,428 |
|
|
Other assets and liabilities, net — 0.0% |
|
|
|
(206,944) |
|
||
|
TOTAL NET ASSETS — 100.0% |
|
|
|
|
$ |
605,487,484 |
|
|
*Non-income producing security |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
(A) |
The cost stated also approximates the aggregate cost for Federal income tax purposes. Net unrealized appreciation consists of: |
|
|
|
|
|
|
|
|
Gross unrealized appreciation: |
|
|
|
$ |
220,481,208 |
|
|
|
Gross unrealized depreciation: |
|
|
|
(1,341,836 |
) |
|
|
|
Net unrealized appreciation: |
|
|
|
$ |
219,139,372 |
|
ITEM 2. CONTROLS AND PROCEDURES.
(a) The principal executive officer and principal financial officer of the registrant have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.
(b) There have been no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
ITEM 3. EXHIBITS.
(a) Separate certification for the registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940. Attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
SOURCE CAPITAL, INC. |
|
||||
|
|
|
||||
|
|
|||||
|
By: |
/s/ ERIC S. ENDE |
|
|||
|
|
Eric S. Ende, President |
||||
|
|
(Principal Executive Officer) |
||||
|
|
|||||
|
Date: |
May 25, 2007 |
||||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
SOURCE CAPITAL, INC. |
|
||||
|
|
|
||||
|
|
|||||
|
By: |
/s/ ERIC S. ENDE |
|
|||
|
|
Eric S. Ende, President |
||||
|
|
(Principal Executive Officer) |
||||
|
|
|||||
|
Date: |
May 25, 2007 |
||||
|
|
|||||
|
|
|||||
|
By: |
/s/ J. RICHARD ATWOOD |
|
|||
|
|
J. Richard Atwood, Treasurer |
||||
|
|
(Principal Financial Officer) |
||||
|
|
|||||
|
Date: |
May 25, 2007 |
||||