Summary Prospectus by Investment Company (Form 497K)

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The average credit quality rating for the Fund's portfolio will be greater than or equal to "A" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund invests primarily in investment grade securities but may invest up to 15% of its assets in below-investment grade securities (i.e., high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

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The average credit quality rating for the Fund's portfolio will be greater than or equal to "Baa" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund invests primarily in investment grade securities but may invest up to 15% of its assets in below-investment grade securities (i.e., high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

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The average credit quality for the Fund's portfolio will be greater than or equal to "Ba" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund may invest up to 30% of its assets in U.S. and non-U.S. (including emerging markets) below-investment grade securities (i.e., high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be the same quality). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

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The average credit quality rating for the Fund's portfolio will be greater than or equal to "A" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund invests primarily in investment grade securities but may invest up to 5% of its assets in below-investment grade securities (i.e., high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

(1)

The management fee has been restated to reflect the estimated fee for the current fiscal year.

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The principal strategies, and the range of assets that will generally be allocated to each, are as follows: 

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The Hedged Equity Strategy typically combines long equity investments with complementary hedging positions to participate in stock market gains while mitigating downside risk and volatility. The strategy's core long component invests in equity securities and related instruments to seek capital appreciation and income, while a defensive hedging component employs short positions and derivative instruments such as options, futures or swaps to offset potential losses during market downturns and help offset the cost of the underlying hedges. By maintaining these concurrent long and hedged exposures, the strategy strives to reduce volatility and limit drawdowns relative to a traditional long-only equity approach. Overall, the strategy emphasizes prudent risk control and downside protection, aiming for a more stable return profile compared to an unhedged equity portfolio.

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The Options Equity Strategy seeks to deliver equity-like returns with lower volatility than the broader U.S. equity markets by combining long-dated call options and short-term put writing on equity indexes such as the S&P 500® Index. The strategy involves purchasing long-dated, cash-settled call options to capture upside market participation, while writing short-term, cash-settled put options to generate premium income. All written options are fully collateralized with a portfolio of U.S. Treasury Bills, Notes or other government securities, ensuring no leverage is employed. When the Fund writes a put option, it receives a premium and agrees to pay the option holder the difference between the strike price and the index level if the index falls below the strike. When the Fund purchases a call option, it gains the right to benefit from index appreciation above the strike price, with losses limited to the premium paid. Options are considered "out of the money" when the strike price is less favorable than the current index level, and such options typically expire without being exercised. The Fund seeks to profit from selling these out-of-the-money options based on market-implied probabilities of expiration. By combining these strategies, the Fund aims to construct a convex return profile that participates in rising markets while mitigating downside risk.