Equity

QLMSTX ClearBridge Variable Small Cap Growth Portfolio

Overview

See the risks and other important information.

Fund Facts

Fund description

Seeks to invest primarily in growth-oriented small cap U.S. companies. Seeks long-term capital growth using a bottom-up investment process and a team of sector analysts. Emphasizes companies with strong management teams, good multi-year growth prospects, growing demand, dominant positions and strong or improving financial profiles.

Benchmark: Russell 2000 Growth Index
Fund Inception Date: 11/08/1999
Share Class Inception Date: 02/02/2007

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio²: 1.05%
Net Expense Ratio^2,3: 1.05%
12b-1 Fee: 0.25%

Identifiers

Ticker: QLMSTX
Fund Number: 7935
CUSIP Code: 52467M819
Bloomberg Code: QLMSTX US

Top Sectors

View portfolio section for additional info

As of 11/30/2025 Equity as a % of Total (Updated Monthly)

Top Sectors
Industrials24.87%
Health Care22.28%
Information Technology20.02%
Financials9.17%
Consumer Staples7.10%

Additional Fund Info

Asset Class: Equity
Morningstar Category⁴: Small Growth
Lipper Classification: Small-Cap Growth Funds
Investment Style: Growth

Manager and Commentary

About the Team

ClearBridge Investments

ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 60 years of experience building portfolios for clients seeking income solutions, high active share or low-volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure.

Managed Fund Since

Managed Fund Since 2023

Latest ClearBridge Insights

December 12, 2025

US equity outlook: Resilience to keep bull market intact

December 9, 2025

Infrastructure outlook: AI, decarbonization and policy tailwinds in 2026

December 8, 2025

Under the Radar: Why now is the time for emerging markets

December 5, 2025

AOR Update: Is AI a clear and present danger?

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $417.21 Million

Positions

As of 11/30/2025 (Updated Monthly)

Number of Holdings

Fund: 87
Benchmark: 1,092

Sector Allocation

As of 11/30/2025 Equity as a % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total	Benchmark
Industrials	24.87%	22.10%
Health Care	22.28%	25.56%
Information Technology	20.02%	21.37%
Financials	9.17%	9.70%
Consumer Staples	7.10%	2.06%
Consumer Discretionary	6.70%	8.00%
Other	3.10%	—
Materials	2.91%	3.31%
Energy	2.56%	2.79%
Communication Services	—	2.40%
Real Estate	—	2.14%
Utilities	—	0.56%

Holdings
As of 11/30/2025 (Updated Monthly)

Bloom Energy Corp

RBC Bearings Incorporated

Casey's General Stores, Inc.

Penumbra Inc.

Lattice Semiconductor Corp.

Insmed Inc

BWX Technologies Inc

Fabrinet

XPO Logistics Inc.

MIRUM PHARMACEUTICALS INC

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: AnnuallyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2025 distribution dates for some Franklin Templeton Specialist Investment Managers (excluding ETFs).

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/04/2025

06/10/2025

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Financial Statements and Other Information - ClearBridge Variable Small Cap Growth PortfolioMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - ClearBridge Variable Small Cap Growth Portfolio - Class II	Download Document
Checkbox	Semi-Annual Report - ClearBridge Variable Small Cap Growth Portfolio - Class II	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - ClearBridge Variable Small Cap Growth PortfolioMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - ClearBridge Variable Small Cap Growth Portfolio	Download Document
Checkbox	Summary Prospectus - ClearBridge Variable Small Cap Growth Portfolio	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Variable Equity Trust Book 33Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - ClearBridge Variable Small Cap Growth PortfolioMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - ClearBridge Variable Small Cap Growth PortfolioMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The investment style may become out of favor, which may have a negative impact on performance. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

Past performance is no guarantee of future results. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty charge and/or surrender charges. Investments in a variable annuity are subject to market risks, including loss of principal. Guarantees are based on the claims-paying ability of the insurer.

VARIABLE ANNUITIES ARE SOLD BY PROSPECTUS ONLY. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO CAREFULLY BEFORE INVESTING. THE PROSPECTUSES CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO. FOR A FREE PROSPECTUS ON THE UNDERLYING PORTFOLIO, PLEASE CLICK ON THE PROSPECTUS LINK. AN INVESTOR SHOULD READ THE PROSPECTUSES CAREFULLY BEFORE INVESTING.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe.
Source: FTSE.

Franklin Distributors, LLC. Member FINRA/SIPC. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.

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