Protective Life Dynamic Allocation Series – Conservative Portfolio Allocation Risk Investment Process Risk Fund of Funds Structure Risk Exchange-Traded Funds Risk Affiliated Underlying Fund Risk Risks Securities Lending Risk Portfolio Turnover Risk Market Risk Equity Securities Risk Passive Investment Risk Fixed-Income Securities Risk High-Yield Bonds Risk Derivatives Risk Sovereign Debt Risk Foreign Exposure Risk Risk of Investing in Europe Risk of Investing in Japan Risk of Investing in Asia Industry and Sector Risk. Large-Capitalization Companies Risk Small- and Mid-Sized Companies Risk Mortgage- and Asset-Backed Securities Risk Illiquid Investments Risk Protective Life Dynamic Allocation Series - Moderate Portfolio Protective Life Dynamic Allocation Series - Growth Portfolio Protective Life Dynamic Allocation Series - Conservative Portfolio Shares Protective Life Dynamic Allocation Series - Moderate Portfolio Shares Protective Life Dynamic Allocation Series - Growth Portfolio Shares MSCI All Country World IndexSM (reflects no deduction for expenses, fees or taxes, except foreign withholding taxes) Protective Life Conservative Allocation Index (reflects no deduction for expenses, fees or taxes) MSCI All Country World IndexSM (reflects no deduction for expenses, fees or taxes, except foreign withholding taxes) Protective Life Moderate Allocation Index (reflects no deduction for expenses, fees or taxes) MSCI All Country World IndexSM (reflects no deduction for expenses, fees or taxes, except foreign withholding taxes) MSCI All Country World IndexSM (reflects no deduction for expenses, fees or taxes, except foreign withholding taxes), Protective Life Dynamic Allocation Series - Moderate Portfolio MSCI All Country World IndexSM (reflects no deduction for expenses, fees or taxes, except foreign withholding taxes), Protective Life Dynamic Allocation Series - Growth Portfolio