# EDGAR Filing Document

**Accession Number:** 0001660765
**File Stem:** 0001398344-25-022835
**Filing Date:** 2025-12
**Character Count:** 4570
**Document Hash:** ebe65b04a403d8445087912822c37277
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-022835.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001398344-25-022835

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clayton Street Trust
- **CENTRAL INDEX KEY:** 0001660765

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-208542
- **FILM NUMBER:** 251594432

**BUSINESS ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 303-333-3863

**MAIL ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

## Series and Classes Contracts Data

### Protective Life Dynamic Allocation Series - Conservative Portfolio (Series ID: S000052998)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                         | Ticker Symbol | Class ID   |
| Protective Life Dynamic Allocation Series - Conservative Portfolio | n/a           | C000166588 |

---

### Protective Life Dynamic Allocation Series - Moderate Portfolio (Series ID: S000052999)

---

|  |  |
|:---|:---|
| Class Name                                                     | Class ID   |
| Protective Life Dynamic Allocation Series - Moderate Portfolio | C000166589 |

---

### Protective Life Dynamic Allocation Series - Growth Portfolio (Series ID: S000053000)

---

|  |  |
|:---|:---|
| Class Name                                                   | Class ID   |
| Protective Life Dynamic Allocation Series - Growth Portfolio | C000166590 |

---

## Series and Classes Contracts Data

### Protective Life Dynamic Allocation Series - Conservative Portfolio (Series ID: S000052998)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000166588 | Protective Life Dynamic Allocation Series - Conservative Portfolio | n/a             |

### Protective Life Dynamic Allocation Series - Moderate Portfolio (Series ID: S000052999)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000166589 | Protective Life Dynamic Allocation Series - Moderate Portfolio |  |

### Protective Life Dynamic Allocation Series - Growth Portfolio (Series ID: S000053000)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000166590 | Protective Life Dynamic Allocation Series - Growth Portfolio |  |

**Clayton Street Trust** 

Protective Life Dynamic Allocation Series – Conservative Portfolio <br> Protective Life Dynamic Allocation Series – Moderate Portfolio <br> Protective Life Dynamic Allocation Series – Growth Portfolio

**(collectively, the "Portfolios")**

**Supplement dated December 23, 2025** 

**to Currently Effective Prospectuses**

On December 22, 2025, Janus Henderson Group plc ("Janus Henderson"), the parent company of the Portfolios' investment adviser, Trian Fund Management, L.P. and its affiliated funds ("Trian"), and General Catalyst Group Management, LLC and its affiliated funds ("General Catalyst") announced that they have entered into a definitive agreement under which Janus Henderson will be acquired by Trian and General Catalyst (the "Transaction"). The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and approval by Janus Henderson's shareholders.

The closing of the Transaction will be deemed to be an "assignment" (as defined in the Investment Company Act of 1940, as amended) of the advisory agreements between each Portfolio and Janus Henderson Investors US LLC (the "Adviser"). As a result, the closing of the Transaction will cause such advisory agreements to terminate automatically in accordance with their respective terms. It is anticipated that the Board of Trustees of the Portfolios (the "Trustees") will consider new advisory agreements with the Adviser. If approved by the Trustees, the new agreements will be presented to the Portfolios' shareholders for approval, and, if so approved by shareholders, will take effect upon the closing of the Transaction or such later time as shareholder approval is obtained.

**Please retain this Supplement with your records.**