QLMSTX Fees and Costs — ClearBridge Variable Small Cap Growth Portfolio, Class II
Data updated: 2026-08-26
The net expense ratio is 1.06%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.05% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $147K in broker commissions, 0.0363% of average net assets, and portfolio turnover was 37%.
QLMSTX Fees and Expenses
Annual operating expenses and sales charges of QLMSTX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.05% |
| Gross expense ratio | 1.06% |
| Fee waiver | — |
| Net expense ratio | 1.06% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
QLMSTX Costs Over Time
On $10,000 invested in QLMSTX, assuming 5% a year before costs, total costs come to $684 over 5 years, cutting the return by 1.15% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.06%) | $111 | $347 | $601 |
| Trading costs (broker commissions) | $4 | $12 | $21 |
| Lost growth on money paid in costs | $0 | $18 | $63 |
| Total costs | $115 | $377 | $684 |
| Value after costs | $10,385 | $11,200 | $12,078 |
| Impact on return, per year | 1.15% | 1.15% | 1.15% |
QLMSTX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0363%
- Total broker commissions: $147K
- Bought from dealers (principal trades, not a cost): $6.8M
- Portfolio turnover (prospectus): 37%
- Securities lending: none during the year
QLMSTX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $24K | 21.30% |
| BARCLAYS CAPITAL, INC. | $16K | 14.22% |
| GOLDMAN SACHS & CO. LLC | $12K | 11.19% |
| JEFFERIES LLC | $12K | 11.01% |
| JONESTRADING | $9K | 8.06% |
| ROBERT W. BAIRD & CO. INC. | $8K | 7.37% |
| Stifel, Nicolaus & Co., Inc. | $8K | 7.27% |
| INSTINET, LLC | $8K | 7.06% |
| Pershing LLC | $7K | 6.70% |
| MORGAN STANLEY & CO. LLC | $6K | 5.82% |
QLMSTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $2.7M | 39.25% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $2.0M | 29.87% |
| MORGAN STANLEY & CO. LLC | $1.0M | 15.21% |
| J.P. Morgan Securities LLC | $753K | 11.09% |
| CitiGroup Global Markets Inc. | $311K | 4.57% |
ClearBridge Variable Small Cap Growth Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QLMSIX | Class I | 0.81% | — |
| QLMSTX | Class II | 1.06% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.