LMP Capital & Income Fund (SCD) updates manager lineup; Kilpatrick removed Sept 30, 2026

Rhea-AI Filing Summary

LMP Capital and Income Fund, Inc. filed a prospectus/SAI supplement updating its portfolio management disclosures. Effective May 1, 2026, the Prospectus replaces the "Investment Management Team" section to list ClearBridge and Western Asset portfolio managers and their roles. The SAI updates account counts and assets managed as of November 30, 2025. A second update, effective September 30, 2026, deletes the information relating to Christopher Kilpatrick from both the Prospectus and the SAI.

Insights

Fund Governance Analyst

Prospectus and SAI updated to reflect portfolio manager lineup and outside-account disclosures.

The supplement formalizes the day-to-day portfolio management team, naming ClearBridge and Western Asset professionals and their specific responsibilities effective May 1, 2026. The SAI table provides counts and assets for other accounts managed by each portfolio manager as of November 30, 2025.

These disclosures increase transparency about manager responsibilities and external account relationships; timing and cash‑flow treatment are not applicable. Subsequent filings will reflect the deletion of Christopher Kilpatrick effective September 30, 2026.

Compliance & Disclosure Specialist

Updates align prospectus and SAI with named managers and ownership ranges.

The document replaces the Prospectus"Investment Management Team" text and refreshes SAI tables showing number of accounts and assets managed, plus portfolio manager ownership dollar ranges as of November 30, 2025. The supplement also removes one manager's profile effective September 30, 2026.

These are disclosure amendments; no offering amounts, proceeds, or material financial results are included in the excerpt.

Key Figures

Prospectus effective date: May 1, 2026 Removal effective date: September 30, 2026 Accounts managed by Peter Vanderlee: 1,424 accounts +4 more

7 metrics

Prospectus effective date May 1, 2026 Prospectus and SAI updates take effect

Removal effective date September 30, 2026 Deletion of Christopher Kilpatrick from Prospectus and SAI

Accounts managed by Peter Vanderlee 1,424 accounts Other accounts as of November 30, 2025

Assets in Vanderlee's other accounts $500 million Total assets in other accounts as of November 30, 2025

Michael C. Buchanan other registered funds assets $81.65 billion Other registered investment companies assets as of November 30, 2025

Ryan Brist other accounts assets $31.37 billion Other accounts as of November 30, 2025

SAI as‑of date for account data November 30, 2025 Date for the account counts and assets reported in the SAI

Key Terms

Statement of Additional Information (SAI), Dollar Range ownership, Performance‑based advisory fee, Prospectus supplement

4 terms

Statement of Additional Information (SAI) regulatory

"The information contained in the table in the "Portfolio Managers" section of the SAI"

Dollar Range ownership financial

"The portfolio managers held the following amounts of securities of the Fund as of November 30, 2025"

Performance‑based advisory fee financial

"Number of Accounts Managed for which Advisory Fee is Performance Based"

Prospectus supplement regulatory

"SUPPLEMENT DATED APRIL 23, 2026 TO THE PROSPECTUS"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/23/2026 - 05:08 PM Learn about SEC filing dates

FAQ

What changes does LMP (SCD) make to its Prospectus effective May 1, 2026?

The Prospectus replaces the "Investment Management Team" section with a new list of ClearBridge and Western Asset portfolio managers effective May 1, 2026. It specifies each manager's role and responsibilities for day-to-day oversight of the Fund.

What portfolio manager account information is shown in the SAI for SCD?

The SAI lists the number of other accounts and total assets managed by each portfolio manager as of November 30, 2025, broken into registered funds, pooled vehicles, and other accounts, with performance‑based fee counts where applicable.

Which portfolio managers and roles are named in the supplement?

Named managers include Peter Vanderlee and Patrick McElroy (ClearBridge) and Michael C. Buchanan, Ryan Brist, Christopher Kilpatrick, Mark Lindbloom, and Walter Kilcullen (Western Asset), with role descriptions for equity and fixed‑income management duties.

What ownership of Fund securities do the portfolio managers hold?

The supplement reports dollar‑range holdings as of November 30, 2025: Peter Vanderlee in range E ($100,001–$500,000) and the other named managers in range A (none).

Why is Christopher Kilpatrick removed and when does that change take effect?

The supplement deletes Christopher Kilpatrick's information from the Prospectus and SAI; the removal is effective September 30, 2026. The excerpt provides the removal instruction but does not state a reason.

Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-284227

LMP CAPITAL AND INCOME FUND INC.

SUPPLEMENT DATED APRIL 23, 2026 TO THE

PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 14, 2025

Portfolio Manager Updates Effective May 1, 2026

Effective as of May 1, 2026, the following supplements and, to the extent inconsistent with, supersedes the section entitled “Management of the Fund” in the Fund’s Prospectus (“Prospectus”) and the section entitled “Portfolio Managers” in the Fund’s Statement of Additional Information (“SAI”):

Prospectus

The information contained in “Investment Management Team” in the “Management of the Fund” section of the Prospectus is removed entirely and replaced as follows:

Investment Management Team

Set forth below is information regarding the team of professionals at ClearBridge and Western Asset responsible for overseeing the day-to-day operations of the Fund.

Name, Address and Title		Principal Occupation(s) During Past 5 Years
Peter Vanderlee ClearBridge 300 S.E. 2nd Street Fort Lauderdale, FL 33301		Portfolio manager of the Fund and responsible for overseeing the Fund’s allocation between equity and fixed income securities, as well as the Fund’s equity investments in general; Managing Director and Portfolio Manager with ClearBridge Investments. Mr. Vanderlee has 23 years of investment management experience and thirteen years of related investment experience.
Patrick McElroy ClearBridge 1 Madison Avenue, 17th Floor New York, NY 10010		Portfolio manager of the Fund; Mr. McElroy is a Director and a Portfolio Manager of ClearBridge. Mr. McElroy joined the subadviser in 2007 and was previously a Convertible Securities Research Analyst for Palisade Capital Management, a Convertible Securities and Equities Research Analyst at Jefferies & Co., a Research Associate for Fixed Income at Standard & Poor’s and prior to that, worked in Fixed Income Division Sales at Donaldson, Lufkin and Jenrette Securities. He has 31 years of investment industry experience.
Michael C. Buchanan Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years; Managing Director and head of U.S. Credit Products from 2003-2005 at Credit Suisse Asset Management.
Ryan Brist Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Responsible for the day-to-day management with other members of Western Asset’s portfolio management team of the fixed income portion of the Fund; Head of U.S. Investment Grade Credit of Western Asset since 2009; Chief Investment Officer and Portfolio Manager at Logan Circle Partners, L.P. from 2007-2009; Co-Chief Investment Officer and Senior Portfolio Manager at Delaware Investment Advisors from 2000-2007.
Christopher F. Kilpatrick Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years.

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Name, Address and Title		Principal Occupation(s) During Past 5 Years
Mark Lindbloom Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Co-portfolio manager of the fixed income portion of the Fund; Portfolio Manager with Western Asset since 2006. Formerly, a Managing Director of Citigroup Asset Management and its predecessors from 1986-2006.
Walter Kilcullen Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional since 2002.

Additional information about the portfolio managers’ compensation, other accounts managed by them and other information is provided in the SAI.

SAI

The information contained in the table in the “Portfolio Managers” section of the SAI is removed entirely and replaced as follows:

Unless otherwise indicated, the information below is provided as of the date of this SAI.

The table below identifies the number of accounts (other than the Fund) for which the Fund’s portfolio managers have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories, as of November 30, 2025: registered investment companies, other pooled investment vehicles and other accounts. For each category, the number of accounts and total assets in the accounts where fees are based on performance is also indicated.

Name of PM		Type of Account		Number of Accounts Managed		Total Assets Managed		Number of Accounts Managed for which Advisory Fee is Performance Based		Assets Managed for which Advisory Fee is Performance- Based
Peter Vanderlee		Other Registered Investment Companies		2		$1.56 billion		None		None
		Other Pooled Vehicles		3		$1.60 billion		None		None
		Other Accounts		1,424		$500 million		None		None
Patrick McElroy		Other Registered Investment Companies		2		$1.56 billion		None		None
		Other Pooled Vehicles		3		$1.60 billion		None		None
		Other Accounts		1,509		$550 million		None		None
Michael C. Buchanan‡		Other Registered Investment Companies		58		$81.65 billion		None		None
		Other Pooled Vehicles		192		$45.81 billion		16		$2.99 billion
		Other Accounts		274		$80.14 billion		12		$6.66 billion
Ryan Brist‡		Other Registered Investment Companies		26		$10.13 billion		None		None
		Other Pooled Vehicles		15		$13.35 billion		None		None
		Other Accounts		73		$31.37 billion		4		$1.44 billion

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Name of PM		Type of Account		Number of Accounts Managed		Total Assets Managed		Number of Accounts Managed for which Advisory Fee is Performance Based		Assets Managed for which Advisory Fee is Performance- Based
Christoper Kilpatrick‡		Other Registered Investment Companies		11		$4.76 billion		None		None
		Other Pooled Vehicles		7		$543 million		3		$383 million
		Other Accounts		13		$761 million		None		None
Mark Lindbloom‡		Other Registered Investment Companies		12		$10.35 billion		None		None
		Other Pooled Vehicles		12		$2.76 billion		None		None
		Other Accounts		56		$20.45 billion		None		None
Walter Kilcullen‡*		Other Registered Investment Companies		10		$3.26 billion		None		None
		Other Pooled Vehicles		13		$5.97 billion		3		$0.38 billion
		Other Accounts		11		$1.56 billion		None		None

‡ The numbers above reflect the overall number of portfolios managed by employees of Western Asset.

* The information for Mr. Kilcullen is as of March 31, 2026.

The information contained in “Portfolio Manager Securities Ownership” in the “Portfolio Managers” section of the SAI is removed entirely and replaced as follows:

Portfolio Manager Securities Ownership

The portfolio managers held the following amounts of securities of the Fund as of November 30, 2025.

Portfolio Manager		Dollar Range of Securities Beneficially Owned ($)
Peter Vanderlee		E
Patrick McElroy		A
Michael C. Buchanan		A
Ryan Brist		A
Christopher Kilpatrick		A
Mark Lindbloom		A
Walter Kilcullen*		A

* The information for Mr. Kilcullen is as of March 31, 2026.

Dollar Range ownership is as follows:

A: none

B: $1 - $10,000

C: 10,001 - $50,000

D: $50,001 - $100,000

E: $100,001 - $500,000

F: $500,001 - $1 million

G: over $1 million

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Portfolio Manager Updates Effective September 30, 2026

Effective as of September 30, 2026, the following supplements and, to the extent inconsistent with, supersedes the section entitled “Management of the Fund” in the Prospectus and the section entitled “Portfolio Managers” in the SAI:

Prospectus

The information relating to Christopher Kilpatrick is deleted in its entirety from the “Management of the Fund” section of the Prospectus

SAI

The information relating to Christopher Kilpatrick is deleted in its entirety from the “Portfolio Managers” section of the SAI.

Capitalized terms not defined herein have the meanings assigned to them in the Prospectus.

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