Clayton Street Trust
08/27/2026 | Press release | Distributed by Public on 08/27/2026 10:06
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08179
Clayton Street Trust
(Exact name of registrant as specified in charter)
151 Detroit Street, Denver, Colorado 80206
(Address of principal executive offices) (Zip code)
Cara Owen, 151 Detroit Street, Denver, Colorado 80206
(Name and Address of Agent for Service)
Registrant's telephone number, including area code: 303-333-3863
Date of fiscal year end: 12/31
Date of reporting period: 06/30/26
Item 1. Report to Stockholders.
(a) The Registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Protective Life Dynamic Allocation Series - Conservative Portfolio
Semi-Annual Shareholder Report
June 30, 2026
This semi-annual shareholder report contains important information about the Protective Life Dynamic Allocation Series - Conservative Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at https://janushenderson.com/clayton-street-trust. You can also request this information by contacting us at
What were the costs for the last six months?
(Based on a hypothetical $10,000 investment)
Table Summary
|
Portfolio
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Protective Life Dynamic Allocation Series - Conservative Portfolio
|
$43
|
0.85%Footnote Reference*
|
| Footnote | Description |
|
Footnote*
|
Annualized for periods of less than one full year. |
Key Portfolio Statistics
Table Summary
|
Net assets (Millions)
|
$40
|
|
Number of portfolio holdings
|
10
|
|
Portfolio turnover rate
|
34%
|
What did the Portfolio invest in?
Asset Allocation (% of net assets)
Table Summary
|
Investment Companies
|
100.2
|
|
Investments Purchased with Cash Collateral from Securities Lending
|
1.3
|
|
Other
|
(1.5)
|
Where can I find more information?
At https://janushenderson.com/clayton-street-trust, you can find additional information about the Portfolio, including the Portfolio's:
-
Prospectus
-
Financial information
-
Portfolio holding
You can also request this information by contacting us at 1-877-335-2687.
109-70-71214P 08-26
Clayton Street Trust
1
Protective Life Dynamic Allocation Series - Growth Portfolio
Semi-Annual Shareholder Report
June 30, 2026
This semi-annual shareholder report contains important information about the Protective Life Dynamic Allocation Series - Growth Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at https://janushenderson.com/clayton-street-trust. You can also request this information by contacting us at
What were the costs for the last six months?
(Based on a hypothetical $10,000 investment)
Table Summary
|
Portfolio
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Protective Life Dynamic Allocation Series - Growth Portfolio
|
$43
|
0.83%Footnote Reference*
|
| Footnote | Description |
|
Footnote*
|
Annualized for periods of less than one full year. |
Key Portfolio Statistics
Table Summary
|
Net assets (Millions)
|
$34
|
|
Number of portfolio holdings
|
9
|
|
Portfolio turnover rate
|
57%
|
What did the Portfolio invest in?
Asset Allocation (% of net assets)
Table Summary
|
Investment Companies
|
100.3
|
|
Investments Purchased with Cash Collateral from Securities Lending
|
0.1
|
|
Other
|
(0.4)
|
Where can I find more information?
At https://janushenderson.com/clayton-street-trust, you can find additional information about the Portfolio, including the Portfolio's:
-
Prospectus
-
Financial information
-
Portfolio holding
You can also request this information by contacting us at 1-877-335-2687.
109-70-71215P 08-26
Clayton Street Trust
1
Protective Life Dynamic Allocation Series - Moderate Portfolio
Semi-Annual Shareholder Report
June 30, 2026
This semi-annual shareholder report contains important information about the Protective Life Dynamic Allocation Series - Moderate Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at https://janushenderson.com/clayton-street-trust. You can also request this information by contacting us at
What were the costs for the last six months?
(Based on a hypothetical $10,000 investment)
Table Summary
|
Portfolio
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Protective Life Dynamic Allocation Series - Moderate Portfolio
|
$42
|
0.82%Footnote Reference*
|
| Footnote | Description |
|
Footnote*
|
Annualized for periods of less than one full year. |
Key Portfolio Statistics
Table Summary
|
Net assets (Millions)
|
$725
|
|
Number of portfolio holdings
|
10
|
|
Portfolio turnover rate
|
38%
|
What did the Portfolio invest in?
Asset Allocation (% of net assets)
Table Summary
|
Investment Companies
|
100.2
|
|
Investments Purchased with Cash Collateral from Securities Lending
|
1.0
|
|
Other
|
(1.2)
|
Where can I find more information?
At https://janushenderson.com/clayton-street-trust, you can find additional information about the Portfolio, including the Portfolio's:
-
Prospectus
-
Financial information
-
Portfolio holding
You can also request this information by contacting us at 1-877-335-2687.
109-70-71216P 08-26
Clayton Street Trust
1
(b) Not applicable.
Item 2. Code of Ethics
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) The Registrant's Schedule of Investments is contained in the Reports to Shareholders included under Item 7(a) of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) Copy of the most recent financial statements.
(b) Included as part of the financial statements filed under Item 7(a) of this Form.
SEMI-ANNUAL
FINANCIAL
STATEMENTS
June
30,
2026
Clayton
Street
Trust
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Table
of
Contents
Item
7.
Financial
Statements
and
Financial
Highlights
for
Open-
End
Management
Investment
Companies
Schedule
of
Investments
3
Statements
of
Assets
and
Liabilities
12
Statements
of
Operations
13
Statements
of
Changes
in
Net
Assets
14
Financial
Highlights
16
Notes
to
Financial
Statements
19
Items
8-11
-
Additional
Information
27
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Schedule
of
Investments
(unaudited)
June
30,
2026
Clayton
Street
Trust
3
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares
or
Principal
Amounts
Value
Investment
Companies
-
100
.2
%
Exchange-Traded
Funds
-
100
.2
%
Franklin
FTSE
Japan
ETF
25,877
$
1,028,611
Franklin
FTSE
United
Kingdom
ETF
54,372
1,918,788
Invesco
Nasdaq
100
ETF
11,716
3,549,596
iShares
Core
U.S.
Aggregate
Bond
ETF
192,317
19,035,537
JPMorgan
BetaBuilders
Developed
Asia
Pacific-ex
Japan
ETF
#
19,072
1,141,841
Vanguard
FTSE
Europe
ETF
22,397
1,983,030
Vanguard
S&P
500
ETF
12,337
8,473,175
Vanguard
Small-Cap
ETF
11,030
3,343,413
Total
Investment
Companies
(cost
$37,770,147)
40,473,991
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
1
.3
%
Investment
Companies
-
1
.0
%
Janus
Henderson
Cash
Collateral
Fund
LLC,
3.5573%
£,∞
411,894
411,894
Time
Deposits
-
0
.3
%
Royal
Bank
of
Canada,
3.6300%,
7/1/26
$
102,973
102,973
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$514,867)
514,867
Total
Investments
(total
cost
$
38,285,014
)
-
101
.5
%
40,988,858
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(1.5%)
(610,632)
Net
Assets
-
100.0%
$40,378,226
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Schedule
of
Investments
(unaudited)
June
30,
2026
4
June
30,
2026
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Affiliate
Affiliated
Investments,
at
Value
at
12/31/25
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Affiliated
Investments,
at
Value
at
6/30/26
.............
Shares
Held
at
6/30/26
Dividend
Income
Investment
Companies
-
N/A
Money
Market
Funds
-
N/A
Janus
Henderson
Cash
Liquidity
Fund
LLC,
3.6430%
∞
$
77,515
$
12,686,876
$
(
12,763,844
)
$
(
547
)
$
-
$
-
-
$
24,400
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
1.0%
Investment
Companies
-
1.0%
Janus
Henderson
Cash
Collateral
Fund
LLC,
3.5573%
∞
1,559,711
17,256,838
(
18,404,655
)
-
-
411,894
411,894
6,776
Δ
Total
Affiliated
Investments
-
1.0%
$1,637,226
$29,943,714
$(31,168,499)
$(547)
$-
$411,894
411,894
$31,176
Offsetting
of
Financial
Assets
and
Derivative
Assets
Counterparty
Gross
Amounts
of
Recognized
Assets
Offsetting
Asset
or
Liability
(a)
Collateral
Pledged
(b)
Net
Amount
JPMorgan
Chase
Bank
NA
$
503,267
$
-
$
(503,267
)
$
-
(a)
Represents
the
amount
of
assets
or
liabilities
that
could
be
offset
with
the
same
counterparty
under
master
netting
or
similar
agreements
that
management
elects
not
to
offset
on
the
Statement
of
Assets
and
Liabilities.
(b)
Collateral
pledged
is
limited
to
the
net
outstanding
amount
due
to/from
an
individual
counterparty.
The
actual
collateral
amounts
pledged
may
exceed
these
amounts
and
may
fluctuate
in
value.
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
June
30,
2026
Clayton
Street
Trust
5
ETF
Exchange
Traded
Fund
LLC
Limited
Liability
Company
#
Loaned
security;
a
portion
of
the
security
is
on
loan
at
June
30,
2026.
As
of
June
30,
2026,
securities
lending
transactions
accounted
for
as
secured
borrowings
with
an
overnight
and
continuous
contractual
maturity
are
$503,267.
Gross
amounts
of
recognized
liabilities
for
securities
lending
(collateral
received)
is
$514,867,
resulting
in
the
net
amount
due
the
counterparty
of
$11,600.
.
£
The
Portfolio
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Portfolio
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
∞
Rate
shown
is
the
7-day
yield
as
of
June
30,
2026.
Δ
Net
of
income
paid
to
the
securities
lending
agent
and
rebates
paid
to
the
borrowing
counterparties.
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Portfolio
's
investments
in
securities
and
other
financial
instruments
as
of
June
30,
2026
.
See
Notes
to
Financial
Statements
for
more
information.
Valuation
Inputs
Summary
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Assets
Investments
in
Securities:
Investment
Companies
Exchange-Traded
Funds
$
40,473,991
$
-
$
-
$
40,473,991
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
Investment
Companies
-
411,894
-
411,894
Time
Deposits
-
102,973
-
102,973
Total
Assets
$
40,473,991
$
514,867
$
-
$
40,988,858
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Schedule
of
Investments
(unaudited)
June
30,
2026
6
June
30,
2026
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares
or
Principal
Amounts
Value
Investment
Companies
-
100
.3
%
Exchange-Traded
Funds
-
100
.3
%
Franklin
FTSE
Japan
ETF
40,970
$
1,628,557
Franklin
FTSE
United
Kingdom
ETF
86,086
3,037,975
Invesco
Nasdaq
100
ETF
18,550
5,620,094
JPMorgan
BetaBuilders
Developed
Asia
Pacific-ex
Japan
ETF
#
30,197
1,807,894
Vanguard
FTSE
Europe
ETF
35,461
3,139,717
Vanguard
S&P
500
ETF
19,533
13,415,460
Vanguard
Small-Cap
ETF
17,464
5,293,688
Total
Investment
Companies
(cost
$27,729,063)
33,943,385
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0
.1
%
Investment
Companies
-
0
.1
%
Janus
Henderson
Cash
Collateral
Fund
LLC,
3.5573%
£,∞
16,513
16,513
Time
Deposits
-
0.0
%
Royal
Bank
of
Canada,
3.6300%,
7/1/26
$
4,128
4,128
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$20,641)
20,641
Total
Investments
(total
cost
$
27,749,704
)
-
100
.4
%
33,964,026
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(0.4%)
(139,130)
Net
Assets
-
100.0%
$33,824,896
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Schedule
of
Investments
(unaudited)
June
30,
2026
Clayton
Street
Trust
7
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Affiliate
Affiliated
Investments,
at
Value
at
12/31/25
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Affiliated
Investments,
at
Value
at
6/30/26
.............
Shares
Held
at
6/30/26
Dividend
Income
Investment
Companies
-
N/A
Money
Market
Funds
-
N/A
Janus
Henderson
Cash
Liquidity
Fund
LLC,
3.6430%
∞
$
-
$
17,312,555
$
(
17,311,601
)
$
(
954
)
$
-
$
-
-
$
39,438
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0.1%
Investment
Companies
-
0.1%
Janus
Henderson
Cash
Collateral
Fund
LLC,
3.5573%
∞
703,146
28,424,752
(
29,111,385
)
-
-
16,513
16,513
10,819
Δ
Total
Affiliated
Investments
-
0.1%
$703,146
$45,737,307
$(46,422,986)
$(954)
$-
$16,513
16,513
$50,257
Offsetting
of
Financial
Assets
and
Derivative
Assets
Counterparty
Gross
Amounts
of
Recognized
Assets
Offsetting
Asset
or
Liability
(a)
Collateral
Pledged
(b)
Net
Amount
JPMorgan
Chase
Bank
NA
$
20,176
$
-
$
(20,176
)
$
-
(a)
Represents
the
amount
of
assets
or
liabilities
that
could
be
offset
with
the
same
counterparty
under
master
netting
or
similar
agreements
that
management
elects
not
to
offset
on
the
Statement
of
Assets
and
Liabilities.
(b)
Collateral
pledged
is
limited
to
the
net
outstanding
amount
due
to/from
an
individual
counterparty.
The
actual
collateral
amounts
pledged
may
exceed
these
amounts
and
may
fluctuate
in
value.
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
June
30,
2026
8
June
30,
2026
ETF
Exchange
Traded
Fund
LLC
Limited
Liability
Company
#
Loaned
security;
a
portion
of
the
security
is
on
loan
at
June
30,
2026.
As
of
June
30,
2026,
securities
lending
transactions
accounted
for
as
secured
borrowings
with
an
overnight
and
continuous
contractual
maturity
are
$20,176.
Gross
amounts
of
recognized
liabilities
for
securities
lending
(collateral
received)
is
$20,641,
resulting
in
the
net
amount
due
the
counterparty
of
$465.
.
£
The
Portfolio
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Portfolio
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
∞
Rate
shown
is
the
7-day
yield
as
of
June
30,
2026.
Δ
Net
of
income
paid
to
the
securities
lending
agent
and
rebates
paid
to
the
borrowing
counterparties.
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Portfolio
's
investments
in
securities
and
other
financial
instruments
as
of
June
30,
2026
.
See
Notes
to
Financial
Statements
for
more
information.
Valuation
Inputs
Summary
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Assets
Investments
in
Securities:
Investment
Companies
Exchange-Traded
Funds
$
33,943,385
$
-
$
-
$
33,943,385
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
Investment
Companies
-
16,513
-
16,513
Time
Deposits
-
4,128
-
4,128
Total
Assets
$
33,943,385
$
20,641
$
-
$
33,964,026
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Schedule
of
Investments
(unaudited)
June
30,
2026
Clayton
Street
Trust
9
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Shares
or
Principal
Amounts
Value
Investment
Companies
-
100
.2
%
Exchange-Traded
Funds
-
100
.2
%
Franklin
FTSE
Japan
ETF
#
593,502
$
23,591,704
Franklin
FTSE
United
Kingdom
ETF
£
1,247,028
44,007,618
Invesco
Nasdaq
100
ETF
268,715
81,412,584
iShares
Core
U.S.
Aggregate
Bond
ETF
2,375,039
235,081,360
JPMorgan
BetaBuilders
Developed
Asia
Pacific-ex
Japan
ETF
#
437,436
26,189,293
Vanguard
FTSE
Europe
ETF
#
513,692
45,482,290
Vanguard
S&P
500
ETF
282,963
194,341,818
Vanguard
Small-Cap
ETF
252,988
76,685,723
Total
Investment
Companies
(cost
$651,694,601)
726,792,390
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
1
.0
%
Investment
Companies
-
0
.8
%
Janus
Henderson
Cash
Collateral
Fund
LLC,
3.5573%
£,∞
5,882,501
5,882,501
Time
Deposits
-
0
.2
%
Royal
Bank
of
Canada,
3.6300%,
7/1/26
$
1,574,750
1,574,750
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$7,457,251)
7,457,251
Total
Investments
(total
cost
$
659,151,852
)
-
101
.2
%
734,249,641
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(1.2%)
(8,835,012)
Net
Assets
-
100.0%
$725,414,629
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Schedule
of
Investments
(unaudited)
June
30,
2026
10
June
30,
2026
See
Notes
to
Schedule
of
Investments
and
Other
Information
and
Notes
to
Financial
Statements.
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Affiliate
Affiliated
Investments,
at
Value
at
12/31/25
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Affiliated
Investments,
at
Value
at
6/30/26
.............
Shares
Held
at
6/30/26
Dividend
Income
Investment
Companies
-
6
.1
%
Exchange-Traded
Funds
-
6.1%
Franklin
FTSE
United
Kingdom
ETF
$
48,592,879
$
4,217,077
$
(
10,949,985
)
$
1,555,035
$
592,612
$
44,007,618
1,247,028
$
576,672
Money
Market
Funds
-
N/A
Janus
Henderson
Cash
Liquidity
Fund
LLC,
3.6430%
∞
408,864
219,937,964
(
220,333,097
)
(
13,731
)
-
-
-
547,264
Total
Investment
Companies
-
6
.1
%
$49,001,743
$224,155,041
$(231,283,082)
$1,541,304
592,612
$44,007,618
1,247,028
$1,123,936
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0.8%
Investment
Companies
-
0.8%
Janus
Henderson
Cash
Collateral
Fund
LLC,
3.5573%
∞
11,226,655
301,956,341
(
307,300,495
)
-
-
5,882,501
5,882,501
141,261
Δ
Total
Affiliated
Investments
-
6.9%
$60,228,398
$526,111,382
$(538,583,577)
$1,541,304
$592,612
$49,890,119
7,129,529
$1,265,197
Offsetting
of
Financial
Assets
and
Derivative
Assets
Counterparty
Gross
Amounts
of
Recognized
Assets
Offsetting
Asset
or
Liability
(a)
Collateral
Pledged
(b)
Net
Amount
JPMorgan
Chase
Bank
NA
$
7,319,972
$
-
$
(7,319,972
)
$
-
(a)
Represents
the
amount
of
assets
or
liabilities
that
could
be
offset
with
the
same
counterparty
under
master
netting
or
similar
agreements
that
management
elects
not
to
offset
on
the
Statement
of
Assets
and
Liabilities.
(b)
Collateral
pledged
is
limited
to
the
net
outstanding
amount
due
to/from
an
individual
counterparty.
The
actual
collateral
amounts
pledged
may
exceed
these
amounts
and
may
fluctuate
in
value.
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
June
30,
2026
Clayton
Street
Trust
11
ETF
Exchange
Traded
Fund
LLC
Limited
Liability
Company
#
Loaned
security;
a
portion
of
the
security
is
on
loan
at
June
30,
2026.
As
of
June
30,
2026,
securities
lending
transactions
accounted
for
as
secured
borrowings
with
an
overnight
and
continuous
contractual
maturity
are
$7,319,972.
Gross
amounts
of
recognized
liabilities
for
securities
lending
(collateral
received)
is
$7,457,251,
resulting
in
the
net
amount
due
the
counterparty
of
$137,279.
.
£
The
Portfolio
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Portfolio
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
∞
Rate
shown
is
the
7-day
yield
as
of
June
30,
2026.
Δ
Net
of
income
paid
to
the
securities
lending
agent
and
rebates
paid
to
the
borrowing
counterparties.
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Portfolio
's
investments
in
securities
and
other
financial
instruments
as
of
June
30,
2026
.
See
Notes
to
Financial
Statements
for
more
information.
Valuation
Inputs
Summary
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Assets
Investments
in
Securities:
Investment
Companies
Exchange-Traded
Funds
$
726,792,390
$
-
$
-
$
726,792,390
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
Investment
Companies
-
5,882,501
-
5,882,501
Time
Deposits
-
1,574,750
-
1,574,750
Total
Assets
$
726,792,390
$
7,457,251
$
-
$
734,249,641
Clayton
Street
Trust
Statements
of
Assets
and
Liabilities
(unaudited)
June
30,
2026
12
June
30,
2026
See
Notes
to
Financial
Statements.
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Assets:
Affiliated
investments,
at
value
$
411,894
$
16,513
$
49,890,119
Unaffiliated
investments,
at
value
(1)
40,576,964
33,947,513
684,359,522
Due
from
adviser
5,126
5,987
-
Receivables:
Dividends
and
interest
29,403
46,348
677,767
Affiliated
securities
lending
income,
net
1,149
989
15,962
Other
assets
47
46
1,113
Total
Assets
41,024,583
34,017,396
734,944,483
Liabilities:
Due
to
custodian
56,120
78,727
1,240,883
Collateral
for
securities
loaned
(Note
2)
514,867
20,641
7,457,251
Payables:
Portfolio
shares
repurchased
5,293
28,313
321,095
Advisory
fees
13,196
11,058
237,303
12b-1
Distribution
and
shareholder
servicing
fees
8,248
6,911
148,315
Transfer
agent
fees
and
expenses
4,857
4,314
61,832
Professional
fees
18,938
18,801
32,530
Affiliated
portfolio
administration
fees
payable
206
175
3,734
Custodian
fees
628
727
2,058
Accrued
expenses
and
other
payables
24,004
22,833
24,853
Total
Liabilities
646,357
192,500
9,529,854
Commitments
and
contingent
liabilities
(Note
4)
Net
Assets
$
40,378,226
$
33,824,896
$
725,414,629
(1)
Includes
value
of
securities
on
loan
(Note
2)
$
503,267
$
20,176
$
7,319,972
Affiliated
investments,
at
cost
411,894
16,513
40,183,284
Unaffiliated
investments,
at
cost
37,873,120
27,733,191
618,968,568
Net
Assets
Consists
of:
Capital
(par
value
and
paid-in
surplus)
$
37,607,507
$
25,500,287
$
631,143,963
Total
distributable
earnings
(loss)
2,770,719
8,324,609
94,270,666
Total
Net
Assets
$
40,378,226
$
33,824,896
$
725,414,629
Net
Assets
$
40,378,226
$
33,824,894
$
725,414,629
Shares
outstanding,
$0.001
Par
Value
(unlimited
shares
authorized)
3,429,942
2,545,473
52,554,918
Net
Asset
Value
Per
Share
$
11
.77
$
13
.29
$
13
.80
Clayton
Street
Trust
Statements
of
Operations
(unaudited)
For
the
period
ended
June
2026
Clayton
Street
Trust
13
See
Notes
to
Financial
Statements.
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Investment
Income:
Dividends
$
449,994
$
202,754
$
6,433,783
Dividends
from
affiliates
24,400
39,438
1,123,936
Affiliated
securities
lending
income,
net
6,776
10,819
141,261
Unaffiliated
securities
lending
income,
net
2,837
4,989
52,688
Total
Investment
Income
484,007
258,000
7,751,668
Expenses:
Advisory
fees
78,759
66,603
1,422,788
12b-1
Distribution
and
shareholder
servicing
fees
49,191
41,539
888,751
Transfer
agent
administrative
fees
and
expenses
19,690
16,651
355,697
Other
transfer
agent
fees
and
expenses
518
507
1,691
Non-affiliated
portfolio
administration
fees
18,012
18,417
28,889
Professional
fees
21,823
21,810
60,981
Affiliated
portfolio
administration
fees
1,226
1,088
22,093
Custodian
fees
1,923
1,827
8,501
Trustees'
fees
and
expenses
5,909
4,770
107,211
Shareholder
reports
expense
157
45
45
Other
expenses
4,961
4,312
42,022
Total
Expenses
202,169
177,569
2,938,669
Less:
Excess
Expense
Reimbursement
and
Waivers
(
34,577
)
(
38,738
)
-
Net
Expenses
167,592
138,831
2,938,669
Net
Investment
Income/(Loss)
316,415
119,169
4,812,999
Net
Realized
Gain/(Loss)
on
Investments:
Investments
$
1,108,934
$
2,286,301
$
24,519,243
Investments
in
affiliates
(
547
)
(
954
)
1,541,304
Total
Net
Realized
Gain/(Loss)
on
Investments
$
1,108,387
$
2,285,347
$
26,060,547
Change
in
Unrealized
Net
Appreciation/Depreciation:
Investments
$
566,614
$
739,539
$
13,363,478
Investments
in
affiliates
-
-
592,612
Total
Change
in
Unrealized
Net
Appreciation/Depreciation
$
566,614
$
739,539
$
13,956,090
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
$
1,991,416
$
3,144,055
$
44,829,636
Clayton
Street
Trust
Statements
of
Changes
in
Net
Assets
14
June
30,
2026
See
Notes
to
Financial
Statements.
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Period
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Period
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Operations:
Net
investment
income/(loss)
$
316,415
$
909,078
$
119,169
$
547,537
Net
realized
gain/(loss)
on
investments
1,108,387
1,603,821
2,285,347
4,295,364
Change
in
unrealized
net
appreciation/depreciation
566,614
1,762,224
739,539
630,729
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
1,991,416
4,275,123
3,144,055
5,473,630
Dividends
and
Distributions
to
Shareholders:
Dividends
and
Distributions
to
Shareholders
(
2,097,666
)
(
3,192,071
)
(
4,339,988
)
(
6,438,051
)
Net
Decrease
from
Dividends
and
Distributions
to
Shareholders
(
2,097,666
)
(
3,192,071
)
(
4,339,988
)
(
6,438,051
)
Capital
Share
Transactions
294,194
(
1,351,511
)
554,782
(
6,166,595
)
Net
Increase/(Decrease)
in
Net
Assets
187,944
(
268,459
)
(
641,151
)
(
7,131,016
)
Net
Assets:
0
0
0
0
Beginning
of
Period
40,190,282
40,458,741
34,466,047
41,597,063
End
of
Period
$
40,378,226
$
40,190,282
$
33,824,896
$
34,466,047
Clayton
Street
Trust
Statements
of
Changes
in
Net
Assets
Clayton
Street
Trust
15
See
Notes
to
Financial
Statements.
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Period
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Operations:
Net
investment
income/(loss)
$
4,812,999
$
14,528,744
Net
realized
gain/(loss)
on
investments
26,060,547
35,640,442
Change
in
unrealized
net
appreciation/depreciation
13,956,090
34,141,888
Net
Increase/(Decrease)
in
Net
Assets
Resulting
from
Operations
44,829,636
84,311,074
Dividends
and
Distributions
to
Shareholders:
Dividends
and
Distributions
to
Shareholders
(
43,075,577
)
(
66,755,313
)
Net
Decrease
from
Dividends
and
Distributions
to
Shareholders
(
43,075,577
)
(
66,755,313
)
Capital
Share
Transactions
959,077
1,149,629
Net
Increase/(Decrease)
in
Net
Assets
2,713,136
18,705,390
Net
Assets:
0
0
Beginning
of
Period
722,701,493
703,996,103
End
of
Period
$
725,414,629
$
722,701,493
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Financial
Highlights
16
June
30,
2026
See
Notes
to
Financial
Statements.
For
a
share
outstanding
during
the
period
ended
June
30,
2026
(unaudited)
and
the
year
ended
December,
31
2026
2025
2024
2023
2022
2021
Net
Asset
Value,
Beginning
of
Period
$11.82
$11.55
$11.08
$10.34
$12.88
$11.95
Income/(Loss)
from
Investment
Operations:
-
-
-
-
-
-
Net
investment
income/(loss)
(1)
0.10
0.26
0.24
0.23
0.14
0.12
Net
realized
and
unrealized
gain/(loss)
0.50
0.97
0.55
0.94
(2.27)
0.92
Total
from
Investment
Operations
0.60
1.23
0.79
1.17
(2.13)
1.04
Less
Dividends
and
Distributions:
-
-
-
-
-
-
Dividends
(from
net
investment
income)
(0.15)
(0.27)
(0.23)
(0.21)
(0.13)
(0.11)
Distributions
(from
capital
gains)
(0.50)
(0.69)
(0.09)
(0.22)
(0.28)
-
Total
Dividends
and
Distributions
(0.65)
(0.96)
(0.32)
(0.43)
(0.41)
(0.11)
Net
Asset
Value,
End
of
Period
$11.77
$11.82
$11.55
$11.08
$10.34
$12.88
Total
Return
*
5.04%
11.17%
7.20%
11.44%
(16.70)%
8.72%
Net
assets,
End
of
Period
(in
thousands)
$40,378
$40,190
$40,459
$44,307
$43,245
$49,095
Ratios
to
Average
Net
Assets
**
:
Ratio
of
Gross
Expenses
(2)
1.02%
1.10%
1.04%
1.07%
1.00%
1.03%
Ratio
of
Net
Expenses
(After
Waivers
and
Expense
Offsets)
(2)
0.85%
0.85%
0.85%
0.85%
0.85%
0.84%
Ratio
of
Net
Investment
Income/(Loss)
(2)
1.60%
2.26%
2.08%
2.10%
1.30%
0.95%
Portfolio
Turnover
Rate
34%
86%
54%
106%
207%
49%
*
Total
return
includes
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
the
year
or
period
end
and
are
not
annualized
for
periods
of
less
than
one
full
year.
Total
return
does
not
include
fees,
charges,
or
expenses
imposed
by
the
variable
annuity
contracts
for
which
Clayton
Street
Trust
serves
as
an
underlying
investment
vehicle.
**
Annualized
for
periods
of
less
than
one
full
year.
(1)
Per
share
amounts
are
calculated
based
on
average
shares
outstanding
during
the
year
or
period.
(2)
Ratios
do
not
include
indirect
expenses
of
the
underlying
funds
and/or
investment
companies
in
which
the
Portfolio
invests.
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Financial
Highlights
Clayton
Street
Trust
17
See
Notes
to
Financial
Statements.
For
a
share
outstanding
during
the
period
ended
June
30,
2026
(unaudited)
and
the
year
ended
December,
31
2026
2025
2024
2023
2022
2021
Net
Asset
Value,
Beginning
of
Period
$13.90
$14.43
$13.15
$12.15
$15.29
$12.77
Income/(Loss)
from
Investment
Operations:
-
-
-
-
-
-
Net
investment
income/(loss)
(1)
0.05
0.20
0.19
0.23
0.16
0.14
Net
realized
and
unrealized
gain/(loss)
1.28
1.82
1.65
1.93
(3.14)
2.51
Total
from
Investment
Operations
1.33
2.02
1.84
2.16
(2.98)
2.65
Less
Dividends
and
Distributions:
-
-
-
-
-
-
Dividends
(from
net
investment
income)
(0.13)
(0.22)
(0.22)
(0.23)
(0.16)
(0.13)
Distributions
(from
capital
gains)
(1.81)
(2.33)
(0.34)
(0.93)
-
-
Total
Dividends
and
Distributions
(1.94)
(2.55)
(0.56)
(1.16)
(0.16)
(0.13)
Net
Asset
Value,
End
of
Period
$13.29
$13.90
$14.43
$13.15
$12.15
$15.29
Total
Return
*
9.61%
16.01%
14.15%
18.34%
(19.57)%
20.79%
Net
assets,
End
of
Period
(in
thousands)
$33,825
$34,466
$41,597
$46,668
$48,769
$65,595
Ratios
to
Average
Net
Assets
**
:
Ratio
of
Gross
Expenses
(2)
1.06%
1.11%
1.01%
1.03%
0.96%
0.98%
Ratio
of
Net
Expenses
(After
Waivers
and
Expense
Offsets)
(2)
0.83%
0.83%
0.83%
0.84%
0.82%
0.82%
Ratio
of
Net
Investment
Income/(Loss)
(2)
0.71%
1.45%
1.34%
1.81%
1.17%
0.95%
Portfolio
Turnover
Rate
57%
164%
92%
204%
415%
57%
*
Total
return
includes
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
the
year
or
period
end
and
are
not
annualized
for
periods
of
less
than
one
full
year.
Total
return
does
not
include
fees,
charges,
or
expenses
imposed
by
the
variable
annuity
contracts
for
which
Clayton
Street
Trust
serves
as
an
underlying
investment
vehicle.
**
Annualized
for
periods
of
less
than
one
full
year.
(1)
Per
share
amounts
are
calculated
based
on
average
shares
outstanding
during
the
year
or
period.
(2)
Ratios
do
not
include
indirect
expenses
of
the
underlying
funds
and/or
investment
companies
in
which
the
Portfolio
invests.
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Financial
Highlights
18
June
30,
2026
See
Notes
to
Financial
Statements.
For
a
share
outstanding
during
the
period
ended
June
30,
2026
(unaudited)
and
the
year
ended
December,
31
2026
2025
2024
2023
2022
2021
Net
Asset
Value,
Beginning
of
Period
$13.79
$13.51
$12.60
$11.29
$13.99
$12.54
Income/(Loss)
from
Investment
Operations:
-
-
-
-
-
-
Net
investment
income/(loss)
(1)
0.09
0.28
0.25
0.24
0.16
0.14
Net
realized
and
unrealized
gain/(loss)
0.79
1.32
0.91
1.28
(2.61)
1.40
Total
from
Investment
Operations
0.88
1.60
1.16
1.52
(2.45)
1.54
Less
Dividends
and
Distributions:
-
-
-
-
-
-
Dividends
(from
net
investment
income)
(0.15)
(0.27)
(0.25)
(0.21)
(0.12)
(0.09)
Distributions
(from
capital
gains)
(0.72)
(1.05)
-
-
(0.13)
-
Total
Dividends
and
Distributions
(0.87)
(1.32)
(0.25)
(0.21)
(0.25)
(0.09)
Net
Asset
Value,
End
of
Period
$13.80
$13.79
$13.51
$12.60
$11.29
$13.99
Total
Return
*
6.37%
12.70%
9.20%
13.52%
(17.60)%
12.32%
Net
assets,
End
of
Period
(in
thousands)
$725,415
$722,701
$703,996
$696,047
$590,267
$530,876
Ratios
to
Average
Net
Assets
**
:
Ratio
of
Gross
Expenses
(2)
0.82%
0.83%
0.82%
0.82%
0.83%
0.85%
Ratio
of
Net
Expenses
(After
Waivers
and
Expense
Offsets)
(2)
0.82%
0.83%
0.82%
0.82%
0.81%
0.84%
Ratio
of
Net
Investment
Income/(Loss)
(2)
1.35%
2.06%
1.89%
2.04%
1.38%
1.01%
Portfolio
Turnover
Rate
38%
105%
63%
122%
260%
35%
*
Total
return
includes
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
the
year
or
period
end
and
are
not
annualized
for
periods
of
less
than
one
full
year.
Total
return
does
not
include
fees,
charges,
or
expenses
imposed
by
the
variable
annuity
contracts
for
which
Clayton
Street
Trust
serves
as
an
underlying
investment
vehicle.
**
Annualized
for
periods
of
less
than
one
full
year.
(1)
Per
share
amounts
are
calculated
based
on
average
shares
outstanding
during
the
year
or
period.
(2)
Ratios
do
not
include
indirect
expenses
of
the
underlying
funds
and/or
investment
companies
in
which
the
Portfolio
invests.
Clayton
Street
Trust
Notes
to
Financial
Statements
(unaudited)
Clayton
Street
Trust
19
1.
Organization
and
Significant
Accounting
Policies
Protective
Life
Dynamic
Allocation
Series
Portfolios
(individually
referred
to
as
a
"Portfolio",
collectively
as
the
"Portfolios")
are
a
series
of
Clayton
Street
Trust
(the
"Trust"),
which
is
organized
as
a
Delaware
statutory
trust
and
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
an
open-end
management
investment
company,
and
therefore
has
applied
the
specialized
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
("FASB")
Accounting
Standards
Codification
("ASC")
Topic
946.
Each
Portfolio
operates
as
a
"fund
of
funds,"
meaning
substantially
all
of
the
Portfolio's
assets
may
be
invested
in
exchange-traded
funds
(the
"underlying
funds").
The
Trust
offers
three
portfolios
with
differing
investment
objectives
and
policies.
The
Portfolios
are
classified
as
diversified,
as
defined
in
the
1940
Act.
Janus
Henderson
Investors
US
LLC
is
the
investment
adviser
(the
"Adviser")
to
the
Portfolios.
Investment
objectives
of
each
Portfolio
are
as
follows:
Each Portfolio
currently
offers
one
class
of
shares.
The
shares
are
offered
in
connection
with
investment
in
and
payments
under
variable
annuity
contracts
issued
exclusively
by
Protective
Life
Insurance
Company
and
its
affiliates
("Protective
Life").
Shareholders,
including
participating
insurance
companies,
as
well
as
accounts,
may
from
time
to
time
own
(beneficially
or
of
record)
a
significant
percentage
of
the
Portfolio's
shares
and
can
be
considered
to
"control"
the
Portfolio
when
that
ownership
exceeds
25%
of
the
Portfolio's
assets
(and
which
may
differ
from
control
as
determined
in
accordance
with
United
States
of
America
generally
accepted
accounting
principles
("US
GAAP")).
The
Chief
Financial
Officer
of
the
Portfolios are
designated
as
the
Chief
Operating
Decision
Maker
("CODM")
as
it
relates
to
ASC
Topic
280,
Segment
Reporting
.
The
CODM
has
concluded
that
the
Portfolios
operated
as
a
single
segment
entity
for
the
period ended June
30,
2026.
The
key
indicator
of
performance
of
a
Portfolio
is
net
investment
income
as
reported
on
the
Statements
of
Operations.
The
following
accounting
policies
have
been
followed
by
the
Portfolios
and
are
in
conformity
with
US
GAAP.
Underlying
Funds
During
the
period, each
Portfolio
may
have invested
in
a
dynamic
portfolio
of
exchange-traded
funds
across
seven
different
equity
asset
classes,
as
well
as
fixed-income
investments,
and
a
short
duration
allocation
that
may
be
comprised
of
cash,
money
market
instruments
and
short
duration
exchange-traded
funds.
The
equity
asset
classes
are
adjusted
weekly
based
on
market
conditions
pursuant
to
a
proprietary,
quantitative-based
allocation
program.
Over
the
long
term,
and
when
fully
invested,
the
Portfolios
seek
to
maintain
an
asset
allocation
of
approximately
the
following:
Additional
details
and
descriptions
of
the
investment
objectives
of
each
of
the
potential
underlying
funds
are
available
in
the
Portfolios'
prospectus.
Portfolio
Objective
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Seeks
total
return
through
income
and
growth
of
capital,
balanced
by
capital
preservation
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Seeks
total
return
through
growth
of
capital,
balanced
by
capital
preservation
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Seeks
total
return
through
growth
of
capital
and
income,
balanced
by
capital
preservation
Portfolio
Fixed
Income
Investments
(%)
Global
Equity
Investments
(%)
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
50
50
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
0
100
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
35
65
Clayton
Street
Trust
Notes
to
Financial
Statements
(unaudited)
20
June
30,
2026
Investment
Valuation
Portfolio holdings
are
valued
in
accordance
with
policies
and
procedures
established
by
the
Adviser
pursuant
to
Rule
2a-5
under
the
1940
Act
and
approved
by
and
subject
to
the
oversight
of
the
Trustees
(the
"Valuation
Procedures").
Equity
securities
traded
on
a
domestic
securities
exchange
are
generally
valued
at
readily
available
market
quotations,
which
are
(i)
the
official
close
prices
or
(ii)
last
sale
prices
on
the
primary
market
or
exchange
in
which
the
securities
trade.
If
such
price
is
lacking
for
the
trading
period
immediately
preceding
the
time
of
determination,
such
securities
are
generally
valued
at
their
current
bid
price.
Equity
securities
that
are
traded
on
a
foreign
exchange
are
generally
valued
at
the
closing
prices
on
such
markets.
In
the
event
that
there
is
no
current
trading
volume
on
a
particular
security
in
such
foreign
exchange,
the
bid
price
from
the
primary
exchange
is
generally
used
to
value
the
security.
Foreign
securities
and
currencies
are
converted
to
U.S.
dollars
using
the
current
spot
USD
dollar
exchange
rate
in
effect
at
the
close
of
the
New
York
Stock
Exchange
("NYSE").
The
Adviser
will
determine
the
market
value
of
individual
securities
held
by a
Portfolio by
using
prices
provided
by
one
or
more
Adviser-approved
professional
pricing
services
or,
as
needed,
by
obtaining
market
quotations
from
independent
broker-dealers.
Most
debt
securities
are
valued
in
accordance
with
the
evaluated
bid
price
supplied
by
the
pricing
service
that
is
intended
to
reflect
market
value.
The
evaluated
bid
price
supplied
by
the
pricing
service
is
an
evaluation
that
may
consider
factors
such
as
security
prices,
yields,
maturities,
and
ratings.
Certain
short-
term
securities
maturing
within
60
days
or
less
may
be
evaluated
and
valued
on
an
amortized
cost
basis
provided
that
the
amortized
cost
determined
approximates
market
value.
Securities
for
which
market
quotations
or
evaluated
prices
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
determined
in
good
faith
by
the
Adviser
pursuant
to
the
Valuation
Procedures.
Circumstances
in
which
fair
valuation
may
be
utilized
include,
but
are
not
limited
to:
(i)
a
significant
event
that
may
affect
the
securities
of
a
single
issuer,
such
as
a
merger,
bankruptcy,
or
significant
issuer-
specific
development;
(ii)
an
event
that
may
affect
an
entire
market,
such
as
a
natural
disaster
or
significant
governmental
action;
(iii)
a
nonsignificant
event
such
as
a
market
closing
early
or
not
opening,
or
a
security
trading
halt;
and
(iv)
pricing
of
a
non-valued
security
and
a
restricted
or
nonpublic
security.
Special
valuation
considerations
may
apply
with
respect
to
"odd-lot"
fixed-income
transactions
which,
due
to
their
small
size,
may
receive
evaluated
prices
by
pricing
services
which
reflect
a
large
block
trade
and
not
what
actually
could
be
obtained
for
the
odd-lot
position.
The
value
of
the
securities
of
other
mutual
funds
held
by
a
Portfolio,
if
any,
will
be
calculated
using
the
NAV
of
such
mutual
funds,
and
the
prospectuses
for
such
mutual
funds
explain
the
circumstances
under
which
they
use
fair
valuation
and
the
effects
of
using
fair
valuation.
The
value
of
the
securities
of
any
cash
management
pooled
investment
vehicles
that
operate
as
money
market
funds
held
by
a
Portfolio,
if
any,
will
be
calculated
using
the
NAV
of
such
funds.
Valuation
Inputs
Summary
FASB
ASC
820,
Fair
Value
Measurements
and
Disclosures
("ASC
820"),
defines
fair
value,
establishes
a
framework
for
measuring
fair
value,
and
expands
disclosure
requirements
regarding
fair
value
measurements.
This
standard
emphasizes
that
fair
value
is
a
market-based
measurement
that
should
be
determined
based
on
the
assumptions
that
market
participants
would
use
in
pricing
an
asset
or
liability
and
establishes
a
hierarchy
that
prioritizes
inputs
to
valuation
techniques
used
to
measure
fair
value.
These
inputs
are
summarized
into
three
broad
levels:
Level
1
-
Unadjusted
quoted
prices
in
active
markets
a
Portfolio
has
the
ability
to
access
for
identical
assets
or
liabilities.
Level
2
-
Observable
inputs
other
than
unadjusted
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
or
liability
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates
and
similar
data.
Assets
or
liabilities
categorized
as
Level
2
in
the
hierarchy
generally
include:
debt
securities
fair
valued
in
accordance
with
the
evaluated
bid
or
ask
prices
supplied
by
a
pricing
service;
securities
traded
on
OTC
markets
and
listed
securities
for
which
no
sales
are
reported
that
are
fair
valued
at
the
latest
bid
price
(or
yield
equivalent
thereof)
obtained
from
one
or
more
dealers
transacting
in
a
market
for
such
securities
or
by
a
pricing
service
approved
by
the
Portfolio's
Trustees;
certain
short-term
debt
securities
with
maturities
of
60
days
or
less
that
are
fair
valued
at
amortized
cost;
and
equity
securities
of
foreign
issuers
whose
fair
value
is
determined
by
using
systematic
fair
valuation
models
provided
by
independent
third
parties
in
order
to
adjust
for
stale
pricing
which
may
occur
between
Clayton
Street
Trust
Notes
to
Financial
Statements
(unaudited)
Clayton
Street
Trust
21
the
close
of
certain
foreign
exchanges
and
the
close
of
the
NYSE.
Other
securities
that
may
be
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
preferred
stocks,
bank
loans,
swaps,
investments
in
unregistered
investment
companies,
options,
and
forward
contracts.
Level
3
-
Unobservable
inputs
for
the
asset
or
liability
to
the
extent
that
relevant
observable
inputs
are
not
available,
representing
a
Portfolio's
own
assumptions
about
the
assumptions
that
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
that
would
be
based
on
the
best
information
available.
The
Portfolios
classify
each
of their
investments
in
underlying
funds
as
Level
1,
without
consideration
as
to
the
classification
level
of
the
specific
investments
held
by
the
underlying
funds.
There
have
been
no
significant
changes
in
valuation
techniques
used
in
valuing
any
such
positions
held
by
the
Portfolios
since
the
beginning
of
the
fiscal
year.
The
inputs
or
methodology
used
for
fair
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
summary
of
inputs
used
as
of
June
30,
2026 to
fair
value
the
Portfolios'
investments
in
securities
and
other
financial
instruments
is
included
in
the
"Valuation
Inputs
Summary"
in
each
Portfolio's
Notes
to
Schedule
of
Investments
and
Other
Information.
Investment
Transactions
and
Investment
Income
Investment
transactions
are
accounted
for
as
of
the
date
purchased
or
sold
(trade
date).
Dividend
income
is
recorded
on
the
ex-dividend
date.
Certain
dividends
from
foreign
securities
held
by
the
underlying
funds
will
be
recorded
as
soon
as the
Portfolios are
informed
of
the
dividend,
if
such
information
is
obtained
subsequent
to
the
ex-dividend
date.
Dividends
from
foreign
securities
may
be
subject
to
withholding
taxes
in
foreign
jurisdictions.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Any
distributions
from
the
underlying
funds
are
recorded
in
accordance
with
the
character
of
the
distributions
as
designated
by
the
underlying
funds.
Interest
income
is
recorded
daily
on
an
accrual
basis
and
includes
amortization
of
premiums
and
accretion
of
discounts.
The Portfolios
classify
gains
and
losses
on
prepayments
received
as
an
adjustment
to
interest
income.
Debt
securities
may
be
placed
in
non-accrual
status
and
related
interest
income
may
be
reduced
by
stopping
current
accruals
and
writing
off
interest
receivables
when
collection
of
all
or
a
portion
of
interest
has
become
doubtful.
Gains
and
losses
are
determined
on
the
identified
cost
basis,
which
is
the
same
basis
used
for
federal
income
tax
purposes.
Expenses
Each Portfolio bears
expenses
incurred
specifically
on
its
behalf.
Additionally,
a
Portfolio,
as
a
shareholder
in
the
underlying
funds,
will
also
indirectly
bear
its
pro
rata
share
of
the
expenses
incurred
by
the
underlying
funds.
Estimates
The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amount
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Indemnifications
In
the
normal
course
of
business,
the Portfolios
may
enter
into
contracts
that
contain
provisions
for
indemnification
of
other
parties
against
certain
potential
liabilities.
The
Portfolios'
maximum
exposure
under
these
arrangements
is
unknown
and
would
involve
future
claims
that
may
be
made
against
the Portfolios
that
have
not
yet
occurred.
Currently,
the
risk
of
material
loss
from
such
claims
is
considered
remote.
Dividends
and
Distributions
Each
Portfolio
may
make
semiannual
distributions
of
substantially
all
of
its
investment
income
and
an
annual
distribution
of
its
net
realized
capital
gains
(if
any).
Income
Taxes
Each Portfolio
intends
to
continue
to
qualify
as
a
regulated
investment
company
and
distribute
all
of
its
taxable
income
in
accordance
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code.
Management
has
analyzed each
Portfolio's
tax
positions
taken
for
all
open
federal
income
tax
years,
generally
a
three-year
period,
and
has
concluded
that
no
provision
for
federal
income
tax
is
required
in
the Portfolios'
financial
statements.
The
Portfolios
are not
aware
of
Clayton
Street
Trust
Notes
to
Financial
Statements
(unaudited)
22
June
30,
2026
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
twelve
months.
2.
Other
Investments
and
Strategies
Market Risk
The
value
of
the
Portfolios
portfolio
may
decrease
if
the
value
of
one
or
more
issuers
in
the
Portfolio's
portfolio
decreases.
Further,
regardless
of
how
well
individual
companies
or
securities
perform,
the
value
of
the
Portfolios
portfolio
could
also
decrease
if
there
are
deteriorating
economic
or
market
conditions,
including,
but
not
limited
to,
a
general
decline
in
prices
on
the
stock
markets,
a
general
decline
in
real
estate
markets,
a
decline
in
commodities
prices,
or
if
the
market
favors
different
types
of
securities
than
the
types
of
securities
in
which
the Portfolio
invests.
If
the
value
of
the
Portfolio's
portfolio
decreases,
the
Portfolio's
NAV
will
also
decrease,
which
means
if
you
sell
your
shares
in
the Portfolio
you
may
lose
money.
Market
risk
may
affect
a
single
issuer,
industry,
economic
sector,
or
the
market
as
a
whole.
The
increasing
interconnectivity
between
global
economies
and
financial
markets
increases
the
likelihood
that
events
or
conditions
in
one
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
Social,
political,
economic
and
other
conditions
and
events,
such
as
natural
disasters,
health
emergencies
(e.g.,
epidemics
and
pandemics),
terrorism,
conflicts,
including
related
sanctions,
social
unrest,
tariffs,
financial
institution
failures,
and
economic
recessions could
reduce
consumer
demand
or
economic
output,
result
in
market
closures,
travel
restrictions
and/or
quarantines,
and
generally
have
a
significant
impact
on
the
global
economies
and
financial
markets.
Armed
Conflict
.
Armed
conflicts
between
countries
or
in
a
geographic
region,
such
as
the
ongoing
armed
conflicts
in
Europe
and
the
Middle
East,
have
the
potential
to
adversely
impact
a
Portfolio.
The
extent
and
duration
of
each
conflict,
resulting
sanctions
and
resulting
future
market
disruptions
in
each
region
are
impossible
to
predict,
but
could
be
significant
and
have
a
severe
adverse
effect,
including
significant
negative
impacts
on
the
U.S.
and
broader
global
economic
environment
and
the
markets
for
certain
securities
and
commodities.
Exchange-Traded
Funds
ETFs
are
typically
open-end
investment
companies,
which
may
be
actively
managed
or
passively
managed.
Passively
managed
ETFs
generally
seek
to
track
the
performance
of
a
specific
index.
ETFs
are
traded
on
a
national
securities
exchange
at
market
prices
that
may
vary
from
the
net
asset
value
per
share
("NAV")
of
their
underlying
investments.
Accordingly,
there
may
be
times
when
an
ETF
trades
at
a
premium
or
discount
to
its
NAV.
As
a
result,
a
Portfolio
may
pay
more
or
less
than
NAV
when
it
buys
ETF
shares,
and
may
receive
more
or
less
than
NAV
when
it
sells
those
shares.
ETFs
also
involve
the
risk
that
an
active
trading
market
for
an
ETF's
shares
may
not
develop
or
be
maintained.
Similarly,
because
the
value
of
ETF
shares
depends
on
the
demand
in
the
market,
a
Portfolio
may
not
be
able
to
purchase
or
sell
an
ETF
at
the
most
optimal
time,
which
could
adversely
affect
the
Portfolio's
performance.
In
addition,
ETFs
that
track
particular
indices
may
be
unable
to
match
the
performance
of
such
underlying
indices
due
to
the
temporary
unavailability
of
certain
index
securities
in
the
secondary
market
or
other
factors,
such
as
discrepancies
with
respect
to
the
weighting
of
securities.
Counterparties
Portfolio
transactions
involving
a
counterparty
are
subject
to
the
risk
that
the
counterparty
or
a
third
party
will
not
fulfill
its
obligation
to
a
Portfolio
("counterparty
risk").
Counterparty
risk
may
arise
because
of
the
counterparty's
financial
condition
(i.e.,
financial
difficulties,
bankruptcy,
or
insolvency),
market
activities
and
developments,
or
other
reasons,
whether
foreseen
or
not.
A
counterparty's
inability
to
fulfill
its
obligation
may
result
in
significant
financial
loss
to a
Portfolio. The
Portfolio
may
be
unable
to
recover
its
investment
from
the
counterparty
or
may
obtain
a
limited
recovery,
and/or
recovery
may
be
delayed.
The
extent
of
a
Portfolio's
exposure
to
counterparty
risk
with
respect
to
financial
assets
and
liabilities
approximates
its
carrying
value.
See
the
"Offsetting
Assets
and
Liabilities"
section
of
this
Note
for
further
details.
A
Portfolio
may
be
exposed
to
counterparty
risk
through
its
investments
in
certain
securities,
including,
but
not
limited
to,
repurchase
agreements
and
debt
securities.
The
Portfolios
intend
to
enter
into
financial
transactions
with
counterparties
that
the
Adviser
believes
to
be
creditworthy
at
the
time
of
the
transaction.
There
is
always
the
risk
that
the
Adviser's
analysis
of
a
counterparty's
creditworthiness
is
incorrect
or
may
change
due
to
market
conditions.
To
the
extent
that
a
Portfolio
focuses its
transactions
with
a
limited
number
of
counterparties, it
will
have
greater
exposure
to
the
risks
associated
with
one
or
more
counterparties.
Clayton
Street
Trust
Notes
to
Financial
Statements
(unaudited)
Clayton
Street
Trust
23
Securities
Lending
Under
procedures
adopted
by
the
Trustees,
each
Portfolio
may
seek
to
earn
additional
income
by
lending
securities
to
certain
qualified
broker-dealers
and
institutions.
JPMorgan
Chase
Bank,
National
Association
acts
as
securities
lending
agent
and
a
limited
purpose
custodian
or
subcustodian
to
receive
and
disburse
cash
balances
and
cash
collateral,
hold
short-term
investments,
hold
collateral,
and
perform
other
custodial
functions
in
accordance
with
the
Non
Custodial
Securities
Lending
Agreement.
For
financial
reporting
purposes,
the
Portfolios
do
not
offset
financial
instruments'
payables
and
receivables
and
related
collateral
on
the
Statements
of
Assets
and
Liabilities. A
Portfolio
may
lend
portfolio
securities
in
an
amount
equal
to
up
to
1/3
of
its
total
assets
as
determined
at
the
time
of
the
loan
origination.
There
is
the
risk
of
delay
in
recovering
a
loaned
security
or
the
risk
of
loss
in
collateral
rights
if
the
borrower
fails
financially.
In
addition,
the
Adviser
makes
efforts
to
balance
the
benefits
and
risks
from
granting
such
loans.
All
loans
will
be
continuously
secured
by
collateral
which
may
consist
of
cash,
U.S.
Government
securities,
domestic
and
foreign
short-term
debt
instruments,
letters
of
credit,
time
deposits,
repurchase
agreements,
money
market
mutual
funds
or
other
money
market
accounts,
or
such
other
collateral
as
permitted
by
the
Securities
and
Exchange
Commission
(the
"SEC").
If
a
Portfolio
is
unable
to
recover
a
security
on
loan,
the
Portfolio
may
use
the
collateral
to
purchase
replacement
securities
in
the
market.
There
is
a
risk
that
the
value
of
the
collateral
could
decrease
below
the
cost
of
the
replacement
security
by
the
time
the
replacement
investment
is
made,
resulting
in
a
loss
to
the
Portfolio.
In
certain
circumstances
individual
loan
transactions
could
yield
negative
returns.
Upon
receipt
of
cash
collateral,
the
Adviser
may
invest
it
in
affiliated
or
non-affiliated
cash
management
vehicles,
whether
registered
or
unregistered
entities,
as
permitted
by
the
1940
Act
and
rules
promulgated
thereunder.
The
Adviser
currently
intends
to
primarily
invest
the
cash
collateral
in
a
cash
management
vehicle
for
which
the
Adviser
serves
as
investment
adviser,
Janus
Henderson
Cash
Collateral
Fund
LLC,
or
in
time
deposits.
An
investment
in
Janus
Henderson
Cash
Collateral
Fund
LLC
is
generally
subject
to
the
same
risks
that
shareholders
experience
when
investing
in
similarly
structured
vehicles,
such
as
the
potential
for
significant
fluctuations
in
assets
as
a
result
of
the
purchase
and
redemption
activity
of
the
securities
lending
program,
a
decline
in
the
value
of
the
collateral,
and
possible
liquidity
issues.
Such
risks
may
delay
the
return
of
the
cash
collateral
and
cause a
Portfolio
to
violate
its
agreement
to
return
the
cash
collateral
to
a
borrower
in
a
timely
manner.
As
adviser
to
the
Portfolios
and
Janus
Henderson
Cash
Collateral
Fund
LLC,
the
Adviser
has
an
inherent
conflict
of
interest
as
a
result
of
its
fiduciary
duties
to
both
the
Portfolios
and
Janus
Henderson
Cash
Collateral
Fund
LLC.
Additionally,
the
Adviser
receives
an
investment
advisory
fee
of
0.05%
for
managing
Janus
Henderson
Cash
Collateral
Fund
LLC
and
therefore
may
have
an
incentive
to
allocate
collateral
to
the
Janus
Henderson
Cash
Collateral
Fund
LLC
rather
than
to
other
collateral
management
options
for
which
the
Adviser
does
not
receive
compensation.
The
value
of
the
collateral
must
be
at
least
102%
of
the
market
value
of
the
loaned
securities
that
are
denominated
in
U.S.
dollars
and
105%
of
the
market
value
of
the
loaned
securities
that
are
not
denominated
in
U.S.
dollars.
Loaned
securities
and
related
collateral
are
marked-to-market
each
business
day
based
upon
the
market
value
of
the
loaned
securities
at
the
close
of
business,
employing
the
most
recent
available
pricing
information.
Collateral
levels
are
then
adjusted
based
on
this
mark-to-market
evaluation.
Additional
required
collateral,
or
excess
collateral
returned,
is
delivered
on
the
next
business
day.
Therefore,
the
value
of
the
collateral
held
may
be
temporarily
less
than
102%
or
105%
value
of
the
securities
on
loan.
The
cash
collateral
invested
by
the
Adviser
is
disclosed
in
the
Schedule
of
Investments
(if
applicable).
Income
earned
from
the
investment
of
cash
collateral,
net
of
rebates
paid
to,
or
fees
paid
by,
borrowers
and
less
the
fees
paid
to
the
lending
agent
are
included
as
"Affiliated
securities
lending
income,
net"
and
"Unaffiliated
securities
lending
income,
net"
on
the
Statements
of
Operations.
As
of
June
30,
2026,
securities
lending
transactions
accounted
for
as
secured
borrowings
with
an
overnight
and
continuous
contractual
maturity,
gross
amounts
of
recognized
liabilities
for
securities
lending
(collateral
received),
and resulting
net
amount
due
to
the
counterparty
is
disclosed in
the
Schedule
of
Investments
(if
applicable).
Offsetting
Assets
and
Liabilities
The
Portfolios
present
gross
and
net
information
about
transactions
that
are
either
offset
in
the
financial
statements
or
subject
to
an
enforceable
master
netting
arrangement
or
similar
agreement
with
a
designated
counterparty,
regardless
of
whether
the
transactions
are
actually
offset
in
the
Statements
of
Assets
and
Liabilities.
Clayton
Street
Trust
Notes
to
Financial
Statements
(unaudited)
24
June
30,
2026
The
Offsetting
Assets
and
Liabilities
tables
located
in
the
Schedules of
Investments
present
gross
amounts
of
recognized
assets
and/or
liabilities
and
the
net
amounts
after deducting
collateral
that
has
been
pledged
by
counterparties
or
has
been
pledged
to
counterparties
(if
applicable).
For
corresponding
information
grouped
by
type
of
instrument,
see each
Portfolio's
Schedule
of
Investments.
3.
Investment
Advisory
Agreements
and
Other
Transactions
with
Affiliates
Each Portfolio
pays
the
Adviser
an
investment
advisory
fee
which
is
calculated
daily
and
paid
monthly.
Each
Portfolio's
contractual
investment
advisory
fee
rate
(expressed
as
an
annual
rate)
is
0.40%
of
the
average
daily
net
assets
of
the
each
Portfolio.
The
Adviser
has
contractually
agreed
to
waive
the
advisory
fee
and/or
reimburse
operating
expenses
to
the
extent
that each
Portfolio's
normal
operating
expenses,
including
the
investment
advisory
fee,
but
excluding
the
12b-1
distribution
and
shareholder
servicing
fees,
administrative
services
fees
payable
pursuant
to
the
Transfer
Agency
Agreement,
brokerage
commissions,
interest,
dividends,
taxes
and
extraordinary
expenses,
exceed
the
annual
rate
of
0.55%.
The
Adviser
has
agreed
to
continue
the
waivers
until
May
1,
2027.
If
applicable,
amounts
reimbursed
to
the
Portfolios
by
the
Adviser
are
disclosed
as
"Excess
Expense
Reimbursement
and
Waivers"
on
the
Statements
of
Operations.
The
Adviser
has
also
contractually
agreed
to
waive
and/or
reimburse
a
portion
of
each
Portfolio's
management
fee
in
an
amount
equal
to
the
management
fee
it
earns
as
an
investment
adviser
to
any
affiliated
exchange
traded
funds
("ETFs")
in
which
the
Portfolio
invests.
The
Adviser
has
agreed
to
continue
the
waivers until May
1,
2027.
If
applicable,
amounts
waived
and/or
reimbursed
to
the
Portfolios
by
the
Adviser
are
disclosed
as
"Excess
Expense
Reimbursement
and
Waivers"
on
the
Statements
of
Operations.
The
Adviser
serves
as
administrator
to
the
Portfolios
pursuant
to
an
administration
agreement
between
the
Adviser
and
the
Trust.
Under
the
administration
agreement,
the
Adviser
is
authorized
to
perform,
or
cause
others
to
perform
certain
administration,
compliance,
and
accounting
services
to
the
Portfolios,
including
providing
office
space
for
the
Portfolios,
and
is
reimbursed
by
the
Portfolios
for
certain
of their
costs
in
providing
these
services
(to
the
extent
the
Adviser
seeks
reimbursement
and
such
costs
are
not
otherwise
waived).
In
addition,
employees
of
the
Adviser
and/or
its
affiliates
may
serve
as
officers
of
the
Trust.
The
Portfolios
pay
for
some
or
all
of
the
cost
incurred
for
salaries,
fees,
and
expenses
of
the
Adviser
employees
with
respect
to
certain
specified
administration
functions
they
perform
on
behalf
of
the
Portfolios.
The
Portfolios
pay
these
costs
based
on
out-of-pocket
expenses
incurred
by
the
Adviser,
and
these
costs
are
separate
and
apart
from
advisory
fees
and
other
expenses
paid
in
connection
with
the
investment
advisory
services
the
Adviser
provides
to
the
Portfolios.
These
amounts
are
disclosed
as
"Affiliated
Portfolio
administration
fees"
on
the
Statements
of
Operations.
In
addition,
some
expenses
related
to
compensation
payable
to
the
Portfolios'
Chief
Compliance
Officer
and
certain
compliance
staff,
all
of
whom
are
employees
of
the
Adviser
and/or
its
affiliates
are
shared
with
the
Portfolios.
Total
allocated
expenses
for
the
Chief
Compliance
Officer
and
certain
compliance
staff
was
paid
by
the
Trust
during
the
period ended June
30,
2026 are
as
follows:
Janus
Henderson
Services
US
LLC
(the
"Transfer
Agent"),
a
wholly-owned
subsidiary
of
the
Adviser,
is
the
Portfolios'
transfer
agent.
The
Transfer
Agent
provides
or
arranges
for
the
provision
of
shareholder
services
including,
but
not
limited
to,
recordkeeping,
subaccounting,
answering
inquiries
regarding
accounts,
order
processing,
transaction
confirmations,
the
mailing
of
prospectuses
and
shareholder
reports,
and
other
shareholder
services
provided
to
or
on
behalf
of
shareholders.
These
amounts
are
disclosed
as
"Transfer
agent
administrative
fees
and
expenses"
on
the
Statements
of
Operations.
The
Transfer
Agent
receives
an
administrative
services
fee
at
an
annual
rate
of
0.10%
of each
Portfolio's
average
daily
net
assets
for
providing,
or
arranging
for
the
provision
by
Protective
Life
of
administrative
services.
The
Transfer
Agent
expects
to
use
this
entire
fee
to
compensate
Protective
Life
for
providing
these
services
to
its
customers
who
invest
in
Portfolio
Chief
Compliance
Officer
Compensation
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
$
1,615
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
1,368
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
29,207
Clayton
Street
Trust
Notes
to
Financial
Statements
(unaudited)
Clayton
Street
Trust
25
the
Portfolio.
These
amounts
are
disclosed
as
"Transfer
agent
administrative
fees
and
expenses"
on
the
Statements
of
Operations.
Shareholder
Services
provided
by
Protective
Life
may
include,
but
are
not
limited
to,
recordkeeping,
subaccounting,
order
processing,
providing
order
confirmations,
periodic
statements,
forwarding
prospectuses,
shareholder
reports,
and
other
materials
to
existing
contract
holders,
answering
inquiries
regarding
accounts,
and
other
administrative
services.
Order
processing
includes
the
submission
of
transactions
through
the
National
Securities
Clearing
Corporation
("NSCC")
or
similar
systems,
or
those
processed
on
a
manual
basis
with
the
Adviser.
Under
a
distribution
and
shareholder
servicing
plan
(the
"Plan")
adopted
in
accordance
with
Rule
12b-1
under
the
1940
Act, each
Portfolio
may
pay
the
Trust's
distributor,
Janus
Henderson
Distributors
US
LLC
(the
"Distributor"),
a
wholly
owned
subsidiary
of
the
Adviser,
a
fee
at
an
annual
rate
of
up
to
0.25%
of
the
average
daily
net
assets
of
the
Portfolio.
Under
the
terms
of
the
Plan,
the
Trust
is
authorized
to
make
payments
to
the
Distributor
for
remittance
to
Protective
Life
or
other
intermediaries
as
compensation
for
distribution
and/or
shareholder
services
performed
by
Protective
Life
or
its
agents,
or
by
such
intermediary.
Amounts
that
have
been
paid
are
disclosed
as
"12b-1
Distribution
and
shareholder
servicing
fees"
on
the
Statements
of
Operations.
Pursuant
to
the
provisions
of
the
1940
Act
and
related
rules, each Portfolio
may
participate
in
an
affiliated
or
nonaffiliated
cash
sweep
program.
In
the
cash
sweep
program,
uninvested
cash
balances
of
the Portfolio
may
be
used
to
purchase
shares
of
affiliated
or
non-affiliated
money
market
funds
or
cash
management
pooled
investment
vehicles
that
operate
as
money
market
funds. Each Portfolio
is
eligible
to
participate
in
the
cash
sweep
program
(the
"Investing
Funds").
The
Adviser
has
an
inherent
conflict
of
interest
because
of
its
fiduciary
duties
to
the
affiliated
money
market
funds
or
cash
management
pooled
investment
vehicles
and
the
Investing
Funds.
Janus
Henderson
Cash
Liquidity
Fund
LLC
(the
"Sweep
Vehicle")
is
an
affiliated
unregistered
cash
management
pooled
investment
vehicle
that
invests
at
least
80%
of
its
net
assets
(plus
any
borrowings
for
investment
purposes)
in
U.S.
Government
securities
and
repurchase
agreements
that
are
collateralized
by
U.S.
Government
securities.
The
Sweep
Vehicle
operates
pursuant
to
the
provisions
of
the
1940
Act
that
govern
the
operation
of
money
market
funds
and
prices
its
shares
at
an
amortized
cost
NAV.
There
are
no
restrictions
on
a
Portfolio's
ability
to
withdraw
investments
from
the
Sweep
Vehicle
at
will,
and
there
are
no
unfunded
capital
commitments
due
from
the
Portfolios
to
the
Sweep
Vehicle.
The
Sweep
Vehicle
does
not
charge
any
management
fee,
sales
charge
or
service
fee.
Any
purchases
and
sales,
realized
gains/losses
and
recorded
dividends
from
affiliated
investments
during
the period
ended
June
30,
2026 can
be
found
in
a
table
located
in
the
Schedule
of
Investments.
4.
Federal
Income
Tax
Income
and
capital
gains
distributions
are
determined
in
accordance
with
income
tax
regulations
that
may
differ
from
US
GAAP.
These
differences
are
due
to
differing
treatments
for
items
such
as
net
short-term
gains,
deferral
of
wash
sale
losses,
foreign
currency
transactions,
net
investment
losses,
and
capital
loss
carryovers.
The
aggregate
cost
of
investments
and
the
composition
of
unrealized
appreciation
and
depreciation
of
investment
securities
for
federal
income
tax
purposes
as
of
June
30,
2026
are
noted
below.
The
primary
differences
between
book
and
tax
appreciation
or
depreciation
of
investments
are
wash
sale
loss
deferrals
and
investments
in
partnerships.
Portfolio
Federal
Tax
Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Tax
Appreciation/
(Depreciation)
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
$39,575,642
$2,515,508
$(1,102,292)
$1,413,216
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
28,076,390
5,887,636
-
5,887,636
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
670,330,350
77,055,964
(13,136,673)
63,919,291
Clayton
Street
Trust
Notes
to
Financial
Statements
(unaudited)
26
June
30,
2026
5.
Capital
Share
Transactions
6.
Purchases
and
Sales
of
Investment
Securities
For
the
period ended
June
30,
2026,
the
aggregate
cost
of
purchases
and
proceeds
from
sales
of
investment
securities
(excluding
any
short-term
securities,
short-term
options
contracts,
TBAs,
and
in-kind
transactions,
as
applicable)
was
as
follows:
7.
Subsequent
Events
Management
has
evaluated
whether
any
events
or
transactions
occurred
subsequent
to June
30,
2026
and
through
the
date
of
the
issuance
of
the
Portfolios'
financial
statements
and
determined
that
there
were
no
material
events
or
transactions
that
would
require
recognition
or
disclosure
in
the
Portfolios'
financial
statements.
Period
Ended
June
30,
2026
Year
Ended
December
31,
2025
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Shares
Amount
Shares
Amount
Shares
sold
236,510
$
2,816,141
343,244
$
3,986,809
Reinvested
dividends
and
distributions
178,373
2,097,666
285,131
3,192,071
Shares
repurchased
(383,865)
(4,619,613)
(732,982)
(8,530,391)
Net
Increase/(Decrease)
31,018
$
294,194
(104,607)
$
(1,351,511)
Period
Ended
June
30,
2026
Year
Ended
December
31,
2025
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Shares
Amount
Shares
Amount
Shares
sold
62,147
$
842,845
99,561
$
1,380,164
Reinvested
dividends
and
distributions
327,299
4,339,988
513,173
6,438,051
Shares
repurchased
(323,078)
(4,628,051)
(1,016,195)
(13,984,810)
Net
Increase/(Decrease)
66,368
$
554,782
(403,461)
$
(6,166,595)
Period
Ended
June
30,
2026
Year
Ended
December
31,
2025
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
Shares
Amount
Shares
Amount
Shares
sold
102,480
$
1,429,829
411,463
$
5,585,713
Reinvested
dividends
and
distributions
3,123,682
43,075,577
5,188,373
66,755,313
Shares
repurchased
(3,081,635)
(43,546,329)
(5,280,914)
(71,191,397)
Net
Increase/(Decrease)
144,527
$
959,077
318,922
$
1,149,629
Purchases
of
Securities
Proceeds
from
Sales
of
Securities
Purchases
of
Long-
Term
U.S.
Government
Obligations
Proceeds
from
Sales
of
Long-Term
U.S.
Government
Obligations
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
$13,156,923
$14,551,499
$-
$-
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
18,245,928
21,786,133
-
-
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
265,085,562
302,282,221
-
-
Clayton
Street
Trust
Additional
Information
(unaudited)
Clayton
Street
Trust
27
Item
8.
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies.
Not
applicable.
Item
9.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies.
A
special
meeting
of
Clayton
Street
Trust
("CST")
shareholders
was
held
on
May
18,
2026
(the
"meeting").
At
the
meeting,
the
following
matter
was
voted
on
and
approved
by
shareholders.
Each
vote
reported
represents
one
dollar
of
net
asset
value
held
on
the
record
date
for
the
meeting.
The
results
of
the
meeting
are
noted
below.
Proposals
1.
For
all
CST
Portfolios,
to
approve
a
new
investment
advisory
agreement
between
the
Trust,
on
behalf
of
the
Portfolio,
and
Janus
Henderson
Investors
US
LLC
("Janus
Henderson
Investors"
or
the
"Adviser").
Protective
Life
Dynamic
Allocation
Series
-
Conservative
Portfolio
Protective
Life
Dynamic
Allocation
Series
-
Growth
Portfolio
Protective
Life
Dynamic
Allocation
Series
-
Moderate
Portfolio
A
Number
of
Votes
($)
A
Record
Date
of
Votes
($)
Affirmative
Against
Abstain
BNV
Total
39,757,046.809
30,808,830.914
4,358,843.655
1,611,926.972
0.000
36,779,601.540
Percentage
of
Total
Outstanding
Votes
(%)
Percentage
Voted
(%)
Affirmative
Against
Abstain
BNV
Total
Affirmative
Against
Abstain
BNV
Total
77.493
10.964
4.054
0.000
92.511
83.766
11.851
4.383
0.000
100.000
A
Number
of
Votes
($)
A
Record
Date
of
Votes
($)
Affirmative
Against
Abstain
BNV
Total
34,453,426.633
30,030,514.460
2,834,485.420
1,347,801.435
0.000
34,212,801.315
Percentage
of
Total
Outstanding
Votes
(%)
Percentage
Voted
(%)
Affirmative
Against
Abstain
BNV
Total
Affirmative
Against
Abstain
BNV
Total
87.163
8.227
3.912
0.000
99.302
87.776
8.285
3.939
0.000
100.000
A
Number
of
Votes
($)
A
Record
Date
of
Votes
($)
Affirmative
Against
Abstain
BNV
Total
731,098,802.811
668,963,796.371
32,726,641.583
27,792,238.248
0.000
729,482,676.202
Percentage
of
Total
Outstanding
Votes
(%)
Percentage
Voted
(%)
Affirmative
Against
Abstain
BNV
Total
Affirmative
Against
Abstain
BNV
Total
91.501
4.476
3.801
0.000
99.779
91.704
4.486
3.810
0.000
100.000
Clayton
Street
Trust
Additional
Information
(unaudited)
28
June
30,
2026
Item
10.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies.
Each
board
member
also
serves
as
a
board
member
of
other
portfolios
in
the
Clayton
Street
Trust.
Annual
retainer
fees
and
attendance
fees
are
allocated
to
each
portfolio
based
on
net
assets.
Trustees
fees
paid
by
the
portfolio
are
within
Item
7.
Statement
of
Operations
as
Trustees'
fees
and
expenses.
Item
11.
APPROVAL
OF
ADVISORY
AGREEMENTS
DURING
THE
PERIOD
On
December
22,
2025,
Janus
Henderson
announced
that
it
had
entered
into
a
definitive
Agreement
with
Jupiter
Company
Limited,
an
entity
formed
by
funds
associated
with
Trian
and
General
Catalyst,
under
which
Janus
Henderson
will
be
acquired
by
Jupiter
Company
Limited
in
an
all-cash
transaction.
The
Board
was
advised
that,
subject
to
certain
conditions,
the
Transaction
is
expected
to
close
in
mid-2026.
As
part
of
its
due
diligence,
the
Board
met
with
the
management
of
Janus
Henderson
at
a
meeting
of
the
Board
on
January
22,
2026,
to
discuss,
among
other
matters,
the
impact
of
the
Transaction
on
the
nature,
extent
and
quality
of
services
the
Adviser
is
expected
to
provide
to
the
Portfolios
following
the
Transaction,
the
personnel
expected
to
provide
such
services,
and
the
resources
available
to
do
so.
In
addition,
the
Board
developed
and
submitted
to
the
Adviser
a
list
of
questions
related
to
the
proposed
Transaction.
At
a
special
Board
meeting
held
on
February
5,
2026,
the
Board
discussed
and
considered
the
Adviser's
responses
to
the
Board's
information
request
and
additional
information
furnished
by
the
Adviser.
After
its
February
5,
2026
meeting,
the
Board
developed
a
supplemental
request
for
additional
information
for
the
Adviser
relating
to
the
Transaction.
At
a
subsequent
Board
meeting
held
on
February
11,
2026,
the
Board
considered
the
Adviser's
response
to
the
supplemental
information
request
and
again
met
with
various
officers
of
the
Portfolios
and
of
the
Adviser
to
further
discuss
the
impact
of
the
Transaction
on
the
nature,
extent
and
quality
of
services
the
Adviser
is
expected
to
provide
to
the
Portfolios
following
the
Transaction.
At
that
meeting,
management
representatives
also
addressed
the
follow-up
questions
from
the
Trustees
following
their
meetings
on
January
22,
2026
and
February
5,
2026.
Also
at
that
special
Board
meeting,
the
Board
considered
the
proposed
New
Advisory
Agreement
for
the
Portfolios.
During
each
of
these
meetings,
the
Board
sought
additional
and
clarifying
information
as
it
deemed
necessary
or
appropriate.
Throughout
the
process,
the
Independent
Trustees
had
the
assistance
of
their
independent
legal
counsel,
who
advised
them
on,
among
other
things,
the
Board's
duties
and
obligations,
and
had
the
opportunity
to
review
and
discuss
all
information
with
their
independent
legal
counsel
outside
the
presence
of
management.
In
connection
with
the
Board's
review,
the
Adviser
provided,
and
the
Board
obtained,
substantial
information
regarding
the
following
matters:
the
management,
financial
position
and
business
of
Trian
and
General
Catalyst;
the
history
of
Trian
and
General
Catalysts'
businesses
and
operations;
the
proposed
structure,
operations
and
investment
processes
of
the
investment
management
organization
after
the
Transaction
and
the
strategy
for
operating
and
growing
the
business
following
the
Transaction;
the
future
plans
of
Janus
Henderson
with
respect
to
the
Portfolios
and
any
proposed
changes
to
the
operations
or
structure
of
the
Portfolios;
and
the
future
plans
of
Janus
Henderson
with
respect
to
the
provision
of
services
to
the
Portfolios,
and
the
entities
providing
such
services,
including
those
affiliated
with
Janus
Henderson.
The
Board
also
received
information
regarding
the
terms
of
the
Transaction,
and
the
anticipated
management
of
Janus
Henderson
following
the
Closing.
In
connection
with
the
Board's
approval
of
the
New
Advisory
Agreement,
the
Board
also
considered
at
its
February
5,
2026
and
February
11,
2026
meetings
information
received
in
connection
with
the
annual
process
to
determine
whether
to
continue
the
Current
Advisory
Agreements.
The
Board
noted
that
in
this
process,
it
had
received
and
reviewed
information
provided
by
Janus
Henderson
in
response
to
requests
of
the
Board
and
its
independent
legal
counsel.
The
Board
noted
that
as
part
of
this
annual
process,
the
Board
had
considered
and
was
in
the
process
of
considering,
numerous
factors,
including
the
nature
and
quality
of
services
provided
by
the
Adviser;
investment
performance,
on
an
absolute
basis
and
relative
to
appropriate
peer
groups
and
one
or
a
combination
of
market
indices;
investment
Clayton
Street
Trust
Additional
Information
(unaudited)
Clayton
Street
Trust
29
management
fees,
expense
ratios
and
asset
sizes
of
the
Portfolios
and
peer
groups;
the
Adviser's
profitability
from
managing
the
Portfolios;
fall-out
benefits
to
the
Adviser
from
its
relationship
to
the
Portfolios,
including
revenues
derived
from
services
provided
to
the
Portfolios
by
affiliates
of
the
Adviser.
In
determining
whether
to
approve
the
New
Advisory
Agreement
for
each
Portfolio
in
connection
with
the
Transaction,
and
whether
to
recommend
approval
to
shareholders
of
each
Portfolio,
the
Board
received
information
and
made
inquiries
into
all
matters
as
it
deemed
appropriate
and
evaluated
all
information
available
to
them.
In
their
deliberations,
the
Board
of
Trustees
did
not
identify
any
particular
information
that
was
controlling
or
dispositive,
and
each
Trustee
may
have
attributed
different
weights
to
the
various
differing
factors.
A
summary
of
such
factors
is
set
forth
below.
The
nature,
extent,
and
quality
of
services
proposed
to
be
provided
by
the
Adviser.
In
deciding
to
approve
the
New
Advisory
Agreement,
the
Board
considered
that
the
same
portfolio
managers
who
currently
manage
the
Portfolios
were
expected
to
remain
the
portfolio
managers
of
the
Portfolios
after
the
Transaction,
and
that
such
portfolio
managers
were
expected
to
continue
to
manage
the
Portfolios
in
the
identical
fashion
going
forward.
The
Board
also
considered
the
Adviser's
plans
for
the
operation
of
the
Portfolios,
including
its
plans
for
the
continued
provision
of
all
services
currently
provided
to
the
Portfolios
by
the
Adviser
and
its
affiliates,
including,
among
others,
investment
advisory
services,
portfolio
trading
services,
and
Portfolio
administrative
and
accounting
services,
and
the
personnel
and
resources
proposed
to
support
the
provision
of
such
services
after
the
Transaction.
The
Board
considered
the
Adviser's
assertion
that
such
services
were
not
expected
to
change
following
the
Transaction.
In
reviewing
the
other
various
matters
listed
above,
the
Board
concluded
that
the
Adviser
is
a
recognized
firm
capable
of
competently
managing
the
Portfolios;
that
the
nature,
extent,
and
quality
of
services
that
the
Adviser
proposed
to
provide
to
the
Portfolios
following
the
completion
of
the
Transaction
are
expected
to
be
at
a
level
at
least
equal
to
the
services
that
it
currently
provides;
that
the
services
contemplated
by
the
New
Advisory
Agreement
for
each
Portfolio
are
substantially
identical
to
those
provided
under
the
corresponding
Current
Advisory
Agreements;
and
that
the
contractual
fee
rate
will
not
change.
The
costs
of
services
to
be
provided
and
profits
to
be
realized
by
the
Adviser
from
its
relationship
with
the
Portfolios.
The
Board
considered
the
estimated
profitability
to
the
Adviser
from
managing
the
Portfolios
after
the
Transaction,
including
potential
economies
of
scale
and
fall
out
benefits
to
the
Adviser
from
its
relationship
to
the
Portfolios,
including
revenues
derived
from
services
provided
to
the
Portfolios
by
affiliates
of
the
Adviser,
and
the
potential
benefits
to
the
Adviser.
The
Board
also
noted
that
under
the
New
Advisory
Agreement
for
each
Portfolio,
the
Adviser
would
charge
the
Portfolio
the
same
fee
as
is
charged
under
the
corresponding
Current
Advisory
Agreement.
Based
upon
its
review,
the
Board
concluded
that
the
fees
proposed
to
be
paid
to
the
Adviser
were
reasonable.
The
extent
to
which
economies
of
scale
would
be
realized
as
the
Portfolios
grow,
and
whether
fee
levels
reflect
these
economies
of
scale.
In
addition
to
the
economies
of
scale
and
fall
out
benefits
considered
above,
the
Board
also
noted
that
the
fee
schedules
in
the
New
Advisory
Agreement
for
each
Portfolio
are
identical
to
those
in
the
Current
Advisory
Agreement
for
each
Portfolio.
Based
on
the
foregoing,
the
Board
of
Trustees
unanimously
concluded
that
approving
the
New
Advisory
Agreement
for
each
Portfolio
was
in
the
best
interest
of
the
Portfolios
and
their
beneficial
shareholders.
Clayton
Street
Trust
Additional
Information
(unaudited)
30
June
30,
2026
In
connection
with
its
deliberations,
the
Board
received
assurances
from
Janus
Henderson,
on
behalf
of
itself
and
its
affiliates
including
the
following:
Janus
Henderson
has
provided
to
the
Board
such
information
as
it
believes
is
reasonably
necessary
to
evaluate
the
New
Advisory
Agreement.
Janus
Henderson
is
committed
to
the
continuance,
without
interruption,
of
services
to
the
Portfolios
of
at
least
the
type
and
quality
currently
provided
by
the
Adviser
and
its
affiliates,
or
superior
thereto.
The
Transaction
is
not
expected
to
affect
negatively
the
nature,
extent,
or
quality
of
the
investment
advisory
services
provided
by
the
Adviser
to
the
Portfolios
following
the
Transaction,
and
the
investment
advisory
services
are
expected
to
be
at
least
comparable
to
the
services
being
provided
under
the
Current
Advisory
Agreements.
In
this
regard,
the
Board
noted
specific
representations
that
Janus
Henderson
does
not
intend
for
the
nature,
extent,
or
quality
of
investment
advisory
and
other
services
to
be
provided
to
the
Portfolios
following
the
Transaction
to
change,
and
should
the
nature,
extent,
or
quality
of
such
services
decline,
Janus
Henderson
would
commit
the
resources
needed
to
return
such
services
to
pre-Transaction
levels.
The
Portfolios'
current
operations
were
expected
to
remain
largely
unchanged.
Janus
Henderson
does
not
intend
to
make
changes
to
the
portfolio
managers
providing
services
to
the
Portfolios.
The
intent
of
the
Adviser
to
take
the
necessary
and
appropriate
steps
to
retain
its
key
investment
advisory
personnel,
and
its
key
compliance,
financial,
fund
accounting,
and
administrative
personnel
supporting
the
management
and
oversight
of
the
Portfolios.
Janus
Henderson
assured
the
Board
that
it
intended
to
comply
with
Section
15(f)
of
the
1940
Act.
The
Board
has
been
advised
that
the
parties
to
the
Agreement
have
structured
the
Transaction
in
reliance
upon
Section
15(f)
of
the
1940
Act.
Section
15(f)
provides
in
substance
that
when
a
sale
of
a
controlling
interest
in
an
investment
adviser
occurs,
the
investment
adviser
or
any
of
its
affiliated
persons
may
receive
any
amount
or
benefit
in
connection
with
the
sale
so
long
as
two
conditions
are
satisfied.
The
first
condition
of
Section
15(f)
is
that,
during
the
three-year
period
following
the
consummation
of
a
transaction,
at
least
75%
of
the
investment
company's
board
of
directors
must
not
be
"interested
persons"
(as
defined
in
the
1940
Act)
of
the
investment
adviser
or
predecessor
adviser.
The
composition
of
the
Board
of
the
Trust
currently
meets
this
test.
Second,
an
"unfair
burden"
(as
defined
in
the
1940
Act,
including
any
interpretations
or
no-action
letters
of
the
Securities
and
Exchange
Commission
(the
"SEC")
or
the
staff
of
the
SEC)
must
not
be
imposed
on
the
investment
company
as
a
result
of
the
transaction
relating
to
the
sale
of
such
interest,
or
any
express
or
implied
terms,
conditions
or
understandings
applicable
thereto.
The
term
"unfair
burden"
(as
defined
in
the
1940
Act)
includes
any
arrangement,
during
the
two-year
period
after
the
transaction,
whereby
the
investment
adviser
(or
predecessor
or
successor
adviser),
or
any
"interested
person"
(as
defined
in
the
1940
Act)
of
such
an
adviser,
receives
or
is
entitled
to
receive
any
compensation,
directly
or
indirectly,
from
the
investment
company
or
its
security
holders
(other
than
fees
for
bona
fide
investment
advisory
or
other
services)
or
from
any
person
in
connection
with
the
purchase
or
sale
of
securities
or
other
property
to,
from
or
on
behalf
of
the
investment
company
(other
than
bona
fide
ordinary
compensation
as
principal
underwriter
for
the
investment
company).
Under
the
Agreement,
Trian
and
General
Catalyst,
acting
through
Parent,
have
acknowledged
Janus
Henderson's
reliance
upon
the
benefits
and
protections
provided
by
Section
15(f)
and
have
agreed
to
use
reasonable
best
efforts
after
the
Closing
to
conduct
its
business
to
cause
the
requirements
of
Section
15(f)
to
be
met
in
respect
of
the
Transaction.
Janus
Henderson
is
not
aware
of
any
express
or
implied
term,
condition,
arrangement
or
understanding
that
would
impose
in
its
best
judgement
an
"unfair
burden"
on
any
Portfolio
as
a
result
of
the
Transaction,
as
defined
in
Section
15(f)
of
the
1940
Act,
and
that
Janus
Henderson
will
take
no
action
that
would
have
the
effect
of
imposing
such
an
"unfair
burden"
on
any
Portfolio
in
connection
with
the
Transaction.
In
furtherance
thereof,
Janus
Henderson
has
undertaken
to
Clayton
Street
Trust
Additional
Information
(unaudited)
Clayton
Street
Trust
31
pay
the
costs
of
preparing
and
distributing
proxy
materials
to,
and
of
holding
the
Meetings
of,
the
Portfolios'
shareholders,
as
well
as
other
fees
and
expenses
in
connection
with
the
Transaction,
including
the
reasonable
fees
and
expenses
of
legal
counsel
and
consultants
to
the
Portfolios
and
the
Trustees.
As
a
result
of
its
review
and
consideration
of
the
New
Investment
Advisory
Agreements
in
connection
with
the
Transaction,
at
a
meeting
on
February
11,
2026,
the
Board
voted
unanimously
to
approve
a
New
Investment
Advisory
Agreement
for
each
Portfolio
and
to
recommend
such
agreement
to
the
Portfolios'
shareholders
for
their
approval.
109-24-93111
08-26
This
report
is
submitted
for
the
general
information
of
shareholders
of
the
Fund.
It
is
not
an
offer
or
solicitation
for
the
Fund
and
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus.
Janus
Henderson
is
a
trademark
of
Janus
Henderson
Group
ltd
or
one
of
its
subsidiaries.
©
Janus
Henderson
Group
ltd.
Mutual
funds
distributed
by
Janus
Henderson
Distributors
US
LLC
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.
Item 16. Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date.
(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
(a) Not applicable.
(b) Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits
(a)(1) Not applicable because the Registrant has posted its code of ethics (as defined in Item 2(b) of Form N-CSR) on its website pursuant to paragraph (f)(2) of Item 2 of Form N-CSR.
(a)(2) Not applicable.
(a)(3) Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as EX99CERT.
(b) A certification for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Clayton Street Trust
By: /s/Michelle Dunstan
Michelle Dunstan
President and Principal Executive Officer
August 27, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Michelle Dunstan
Michelle Dunstan
President and Principal Executive Officer
August 27, 2026
By:
/s/ Jesper Nergaard
Jesper Nergaard
Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer
August 27, 2026
Clayton Street Trust published this content on August 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 27, 2026 at 16:07 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]