Clayton Street Trust

Shares of the Portfolios are available only through Protective Life Insurance Company variable annuity contracts.

FUND INFORMATION

FUND PROSPECTUS ANNUAL REPORT SEMI ANNUAL REPORT SAI FINANCIAL STATEMENTS AND OTHER INFORMATION FACT SHEET
ANNUAL SEMI-ANNUAL
Protective Life Dynamic Allocation Series - Conservative Portfolio
Protective Life Dynamic Allocation Series - Moderate Portfolio
Protective Life Dynamic Allocation Series - Growth Portfolio

Investing involves risk, including the possible loss of principal and fluctuation of value.

No assurance can be given that the investment strategy will be successful under all or any market conditions. Janus Henderson Investors US LLC has limited prior experience using the proprietary methodology co-developed with Protective Life Insurance Company. Although it is designed to achieve the Portfolios’ investment objectives, there is no guarantee that it will achieve the desired results. Because Janus Henderson is the adviser to the Portfolio and to certain affiliated funds that may be held within the Portfolio, it is subject to certain potential conflicts of interest.

Janus Henderson Distributors US LLC

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