Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
October 28 2024 - 10:40AM
Edgar (US Regulatory)
Schedule of Investments (unaudited)
August 31, 2024
LMP Capital and Income Fund Inc.
(Percentages shown based on Fund net assets)
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Communication Services — 5.8%
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Interactive Media & Services — 2.3%
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Alphabet Inc., Class A Shares
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Meta Platforms Inc., Class A Shares
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Total Interactive Media & Services
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Comcast Corp., Class A Shares
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Wireless Telecommunication Services — 1.6%
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Total Communication Services
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Consumer Discretionary — 1.7%
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Household Durables — 1.7%
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Lennar Corp., Class A Shares
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Consumer Staples Distribution & Retail — 0.8%
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McCormick & Co. Inc., Non Voting Shares
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Household Products — 2.2%
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Oil, Gas & Consumable Fuels — 5.6%
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Intercontinental Exchange Inc.
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See Notes to Schedule of Investments.
LMP Capital and Income Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
LMP Capital and Income Fund Inc.
(Percentages shown based on Fund net assets)
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Health Care Providers & Services — 0.7%
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Aerospace & Defense — 4.4%
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L3Harris Technologies Inc.
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Total Aerospace & Defense
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Electrical Equipment — 0.7%
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Ground Transportation — 2.2%
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Professional Services — 0.2%
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Information Technology — 18.5%
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Semiconductors & Semiconductor Equipment — 8.2%
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Total Semiconductors & Semiconductor Equipment
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Technology Hardware, Storage & Peripherals — 3.7%
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Total Information Technology
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See Notes to Schedule of Investments.
LMP Capital and Income Fund Inc. 2024 Quarterly Report
LMP Capital and Income Fund Inc.
(Percentages shown based on Fund net assets)
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Alexandria Real Estate Equities Inc.
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American Homes 4 Rent, Class A Shares
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Equity LifeStyle Properties Inc.
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Digital Realty Trust Inc.
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Gaming and Leisure Properties Inc.
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Electric Utilities — 3.4%
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Public Service Enterprise Group Inc.
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Total Common Stocks (Cost — $179,535,910)
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Master Limited Partnerships — 19.7%
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Diversified Energy Infrastructure — 13.0%
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Enterprise Products Partners LP
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Plains GP Holdings LP, Class A Shares
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Total Diversified Energy Infrastructure
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Oil/Refined Products — 4.9%
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Total Oil/Refined Products
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See Notes to Schedule of Investments.
LMP Capital and Income Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
LMP Capital and Income Fund Inc.
(Percentages shown based on Fund net assets)
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Westlake Chemical Partners LP
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Total Master Limited Partnerships (Cost — $16,053,572)
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Convertible Preferred Stocks — 6.4%
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Financial Services — 3.0%
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Apollo Global Management Inc.
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Electric Utilities — 3.4%
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Total Convertible Preferred Stocks (Cost — $15,688,783)
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Corporate Bonds & Notes — 5.3%
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Communication Services — 0.9%
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Netflix Inc., Senior Notes
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Walt Disney Co., Senior Notes
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Interactive Media & Services — 0.1%
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Match Group Holdings II LLC, Senior Notes
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Comcast Corp., Senior Notes
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Wireless Telecommunication Services — 0.2%
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T-Mobile USA Inc., Senior Notes
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Total Communication Services
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Consumer Discretionary — 0.8%
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Ford Motor Co., Senior Notes
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General Motors Financial Co. Inc., Senior Notes
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Amazon.com Inc., Senior Notes
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Hotels, Restaurants & Leisure — 0.3%
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Hilton Domestic Operating Co. Inc., Senior Notes
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Royal Caribbean Cruises Ltd., Senior Notes
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Total Hotels, Restaurants & Leisure
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Home Depot Inc., Senior Notes
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Total Consumer Discretionary
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See Notes to Schedule of Investments.
LMP Capital and Income Fund Inc. 2024 Quarterly Report
LMP Capital and Income Fund Inc.
(Percentages shown based on Fund net assets)
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Lamb Weston Holdings Inc., Senior Notes
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Personal Care Products — 0.1%
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Kenvue Inc., Senior Notes
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Bank of America Corp., Senior Notes (5.015% to 7/22/32 then SOFR + 2.160%)
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Citigroup Inc., Subordinated Notes (6.174% to 5/25/33 then SOFR + 2.661%)
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JPMorgan Chase & Co., Subordinated Notes (5.717% to 9/14/32 then SOFR +
2.580%)
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Truist Financial Corp., Senior Notes (5.711% to 1/24/34 then SOFR + 1.922%)
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Wells Fargo & Co., Senior Notes (4.897% to 7/25/32 then SOFR + 2.100%)
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Daimler Truck Finance North America LLC, Senior Notes
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American Express Co., Senior Notes (5.043% to 5/1/33 then SOFR + 1.835%)
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Financial Services — 0.1%
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Boost Newco Borrower LLC, Senior Secured Notes
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Health Care Providers & Services — 0.8%
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Centene Corp., Senior Notes
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Cigna Group, Senior Notes
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CVS Health Corp., Senior Notes
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UnitedHealth Group Inc., Senior Notes
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Total Health Care Providers & Services
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Pfizer Investment Enterprises Pte Ltd., Senior Notes
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Aerospace & Defense — 0.2%
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Northrop Grumman Corp., Senior Notes
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Ground Transportation — 0.1%
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XPO Inc., Senior Secured Notes
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Trading Companies & Distributors — 0.1%
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United Rentals North America Inc., Senior Notes
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See Notes to Schedule of Investments.
LMP Capital and Income Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
LMP Capital and Income Fund Inc.
(Percentages shown based on Fund net assets)
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Information Technology — 0.1%
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Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes
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Containers & Packaging — 0.1%
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Freeport-McMoRan Inc., Senior Notes
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Independent Power and Renewable Electricity Producers — 0.0%††
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Lightning Power LLC, Senior Secured Notes
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Total Corporate Bonds & Notes (Cost — $15,299,104)
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Investments in Underlying Funds — 2.0%
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Ares Capital Corp. (Cost — $5,260,817)
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Total Investments before Short-Term Investments (Cost — $231,838,186)
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Short-Term Investments — 0.8%
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U.S. Treasury Bills — 0.1%
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U.S. Treasury Bills (Cost — $249,927)
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Money Market Funds — 0.7%
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Dreyfus Government Cash Management, Institutional Shares
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JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class
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Total Money Market Funds (Cost — $2,155,979)
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Total Short-Term Investments (Cost — $2,405,906)
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Total Investments — 123.0% (Cost — $234,244,092)
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Liabilities in Excess of Other Assets — (23.0)%
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Total Net Assets — 100.0%
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Represents less than 0.1%.
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Non-income producing security.
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All or a portion of this security is pledged as collateral pursuant to the loan agreement.
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Security is exempt from registration under Rule 144A of the Securities Act of 1933.
This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed
liquid pursuant to guidelines approved by the Board of Directors.
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Variable rate security. Interest rate disclosed is as of the most recent information
available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based
on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
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Security is a business development company.
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Rate shown represents yield-to-maturity.
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Rate shown is one-day yield as of the end of the reporting period.
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See Notes to Schedule of Investments.
LMP Capital and Income Fund Inc. 2024 Quarterly Report
LMP Capital and Income Fund Inc.
Abbreviation(s) used in this schedule:
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American Depositary Receipts
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Real Estate Investment Trust
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Secured Overnight Financing Rate
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This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
LMP Capital and Income Fund Inc. 2024 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
LMP Capital and Income Fund Inc. (the “Fund”) was incorporated in Maryland on November 12, 2003, and is registered as a non-diversified, closed-end management investment company under the Investment Company
Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s investment objective is total return with an emphasis on income.
Under normal market conditions, the Fund seeks to maximize total return by investing
at least 80% of its Managed Assets in a broad range of equity and fixed income securities of both U.S. and foreign issuers.
The Fund will vary its allocation between equity and fixed income securities depending on ClearBridge’s view of economic, market or political conditions, fiscal and monetary policy and security valuation.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards
Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S.
generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. Equity securities for which market quotations are available are valued at the last
reported sales price or official closing price on the primary market or exchange on which they trade.
The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal,
mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments
are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer
quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically
use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads,
default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset
value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated
in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent
third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed
by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers
or at the transaction price if the security has recently been purchased and no value has yet been obtained from
a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has
been significantly affected by events after the close of the exchange or market on which the security is principally traded,
but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.
Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Directors. When determining the reliability of third party pricing information for investments
owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors,
monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and
appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to,
multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or
a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation
Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of
possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect
to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public
trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted
by the Board of Directors, the fair value price is compared against the last available and next available market quotations.
The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to
the Board of Directors quarterly.
LMP Capital and Income Fund Inc. 2024 Quarterly Report
The Fund uses valuation techniques to measure fair value that are consistent with
the market approach and/or income approach, depending on the type of security and the particular circumstance. The market
approach uses prices and other relevant information generated by market transactions involving identical or comparable
securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques
used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels
listed below:
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Level 1 — unadjusted quoted prices in active markets for identical investments
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Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
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Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication
of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
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Other Significant
Observable Inputs
(Level 2)
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Significant
Unobservable
Inputs
(Level 3)
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Master Limited Partnerships
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Convertible Preferred Stocks
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Investments in Underlying Funds
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Total Long-Term Investments
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Total Short-Term Investments
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See Schedule of Investments for additional detailed categorizations.
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LMP Capital and Income Fund Inc. 2024 Quarterly Report
LMP Capital and Income (NYSE:SCD)
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From Oct 2024 to Nov 2024
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From Nov 2023 to Nov 2024
