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 FACT SHEET
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 Capital Management does not have prior experience using the methodology, a proprietary methodology co-developed by Janus Capital Management and 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.

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