Expense Limitation Agreement (Affiliated Funds) 

[Janus Capital Management LLC Letterhead] 

January 21, 2020 

Clayton Street Trust 

151 Detroit Street 

Denver, Colorado 80206 

Ladies and Gentlemen: 

As you know, Section 5 of our Investment Advisory Agreement provides for compensation payable to Janus Capital Management LLC (“JCM”) with respect to Protective Life Dynamic Allocation Series - Conservative Portfolio, Moderate Portfolio and Growth Portfolio (each a “Fund”).  This letter is to inform you that JCM will waive and/or reimburse to the Fund a portion of its management fee in an amount equal to the amount of management fee it earns as an investment adviser to affiliated registered mutual funds (including exchange traded funds) in which a Fund invests (if any), for the period from May 1, 2020 until May 1, 2021.  With respect to each investment by a Fund in an affiliated registered mutual fund, the waiver/reimbursement amount shall be equal to the amount of Fund assets invested in the affiliated registered mutual fund, multiplied by the management fees of the affiliated registered mutual fund.   

For the avoidance of doubt, JCM may not recover from the Fund amounts previously waived pursuant to this Agreement.  

This waiver/reimbursement will continue in effect until May 1, 2021, unless otherwise terminated, revised or extended by the Board of Trustees.  This waiver/reimbursement may be terminated at any time by the Trustees of the Trust, and may be amended only if such amendment is approved by the Trustees of the Trust. 

JANUS CAPITAL MANAGEMENT LLC CLAYTON STREET TRUST 

By:	/s/Brennan Hughes	By: /s/Jesper Nergaard
	Brennan Hughes  Senior Vice President	Jesper Nergaard  Vice President, Chief Financial  Officer and Secretary

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