Hi,
If you select 500 or fewer clients during the Symantec Endpoint Protection Manager installation, then by default Symantec Endpoint Protection Manager stores three LiveUpdate content revisions for each content type. If you select 500 to 1,000 clients, Symantec Endpoint Protection Manager stores 10 revisions by default. If you select more than 1,000 clients, then Symantec Endpoint Protection Manager stores 30 revisions by default. For example, if you select 500 or fewer clients, the Symantec Endpoint Protection Manager stores three revisions.
To reduce disk space and database size, you can reduce the number of content revisions that are kept on the server. You should be aware, however, that reducing the number of content revisions also affects a server's ability to make deltas between content updates. A delta is an update that contains only the incremental changes since the last full content revision. Delta files are typically much smaller than full update files.
The more content revisions that you keep, the greater the ability of the server to create deltas between content revisions. The number of content revisions that you keep is particularly important if you have some client computers that are offline for days at a time. Symantec typically releases 3 to 4 virus and spyware content revisions per day. Keeping at least 10 revisions ensures that the computers that disconnected on a Friday can use a delta to update on Monday morning. Delta updates take less time and bandwidth than downloading a full content revision
Go through the related articles as well: Maintaining the database
http://www.symantec.com/docs/HOWTO55337
Configuring the disk space that is used for LiveUpdate downloads
http://www.symantec.com/docs/HOWTO55224
But if possible upgrade to the latest verison of SEPM becuase SEP 12.1 RU5 has content storage optimization feature & it will decrease disk space usage drastically.
Content Storage Optimization feature:
As part of the upgrade to SEPM 12.1 RU5, the SEPM converts all of the content from full definitions to delta definitions. This process is resource intensive and may take an extended period of time. After this process is completed, the SEPM will use significantly less disk space.
In a typical enterprise setup where 30 content revisions stored, the SEPM upgrade process must reduce 55GB of full content to under 2GB of delta content. This process requires significant resources to complete and is impacted by the performance of any available CPUs, CPU cores (physical/logical/hyperthreading), memory, and disks (I/O). On a server that performs multiple roles, stores larger numbers of content, or is otherwise resource constrained, this process may take a longer duration to complete.
Refer this article to find more info: The LiveUpdate content optimization and content storage space optimization steps take a long time to complete when upgrading to Symantec Endpoint Protection Manager 12.1 RU5
http://www.symantec.com/docs/TECH224055