# EDGAR Filing Document

**Accession Number:** 0001406305
**File Stem:** 0001193125-23-055488
**Filing Date:** 2023-3
**Character Count:** 417350
**Document Hash:** f7045799a964f12e6c97c7a4ac15f30a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-055488.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-055488

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gateway Trust
- **CENTRAL INDEX KEY:** 0001406305
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22099
- **FILM NUMBER:** 23690678

**BUSINESS ADDRESS:**
- **STREET 1:** 888 BOYLSTON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-449-2810

**MAIL ADDRESS:**
- **STREET 1:** 888 BOYLSTON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

## Series and Classes Contracts Data

### Gateway Fund (Series ID: S000019169)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000052969 | Class A Shares | GATEX           |
| C000052970 | Class C Shares | GTECX           |
| C000052971 | Class Y Shares | GTEYX           |
| C000190730 | Class N        | GTENX           |

### Gateway Equity Call Premium Fund (Series ID: S000046840)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146363 | Class A      | GCPAX           |
| C000146364 | Class C      | GCPCX           |
| C000146365 | Class Y      | GCPYX           |
| C000190731 | Class N      | GCPNX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-22099** 

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## Gateway Trust
**(Exact name of Registrant as specified in charter)** 

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**888 Boylston Street, Suite 800 Boston, Massachusetts 02199-8197** 

**(Address of principal executive offices) (Zip code)** 

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**Susan McWhan Tobin, Esq.** 

**Natixis Distribution, LLC** 

**888 Boylston Street, Suite 800** 

**Boston, Massachusetts 02199-8197** 

**(Name and address of agent for service)** 

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**Registrant's telephone number, including area code: (617) 449-2139** 

**Date of fiscal year end: December 31** 

**Date of reporting period: December 31, 2022** 

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**Item 1. Reports 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:

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![LOGO](g462779g93h10.jpg)

![LOGO](g462779g44v19.jpg)

## Annual Report
December 31, 2022

Gateway Fund

Gateway Equity Call Premium Fund

Mirova Global Green Bond Fund

Mirova Global Sustainable Equity Fund

Mirova International Sustainable Equity Fund

Mirova U.S. Sustainable Equity Fund

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio Review](#wrpcov462779_1) | 1 |
| [Portfolio of Investments](#wrpcov462779_2) | 29 |
| [Financial Statements](#wrpcov462779_3) | 45 |
| [Notes to Financial Statements](#wrpcov462779_4) | 74 |

---

![LOGO](g462779g30s39.jpg)

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GATEWAY FUND

---

| | |
|:---|:---|
| Managers | Symbols |
| Daniel M. Ashcraft, CFA<sup>®</sup> | Class A GATEX |
| Michael T. Buckius, CFA<sup>®</sup> | Class C GTECX |
| Paul R. Stewart, CFA<sup>®</sup>\* | Class N GTENX |
| Kenneth H. Toft, CFA<sup>®</sup> | Class Y GTEYX |
| Mitchell J. Trotta, CFA<sup>®</sup> |  |
| *Gateway Investment Advisers, LLC* | *Gateway Investment Advisers, LLC* |

---

\* Effective July 1, 2022, Mr. Stewart no longer serves as a portfolio manager of the Fund.

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Investment Goal

The Fund seeks to capture the majority of returns associated with equity market investments, while exposing investors to less risk than other equity investments.

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Market Conditions

Inflation, war and rising interest rates all contributed to equity market losses in 2022. The year ranks as the fourth-worst return for the S&P 500<sup>®</sup> Index over the last 85 years. The S&P 500<sup>®</sup> Index posted three consecutive losing quarters and ended the year with a partial recovery. Quarterly returns of -4.60%, -16.10%, -4.88% and 7.56% suggest an incessant market slide followed by a fourth quarter rally; however, the equity market path was more roller coaster than avalanche. The first three quarters each featured double-digit drawdowns, including a 19.69% plunge from April 4 through June 16. The last two quarters featured double-digit rallies that resulted in only partial recoveries, including a 14.35% advance from October 12 through November 30. Concerns over the pace and extent of monetary tightening were a key driver of each market decline, while rallies were mostly ignited by investor hopes of a US Federal Reserve (Fed) policy pivot towards a less hawkish, if not dovish, approach to achieving lower inflation without tipping the economy into recession.

The year also ranked as one of the most volatile on record. Realized volatility for 2022, as measured by the standard deviation of daily returns for the S&P 500<sup>®</sup> Index, was 24.18%, the eighth highest reading in the past 85 years. Despite beginning the year at an intra-year closing value low of 16.60 on January 3, average implied volatility for the year, as measured by the Cboe<sup>®</sup> Volatility Index (the VIX<sup>®</sup>), was higher than realized volatility at 25.64 and ranked as the sixth highest annual average since its 1990 inception. The defining feature of implied volatility in 2022, however, was its persistently above-average readings and relatively muted responses to sharp drops in equity market value. Typically, the VIX<sup>®</sup> reaches its highest levels when the equity market is at or near its low for the year or during multi-percentage-point plunges. However, its intra-year closing high of 36.45 took place on March 7, well before the equity market reached its low for the year and in advance of the steepest portion of 2022's bear market decline. The year featured multiple multi-percentage-point single-day declines, including nine that exceeded 3% and two that exceeded 4%, all of which occurred after the intra-year VIX<sup>®</sup> high on March 7.

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Gateway Fund returned -11.85% at net asset value. The Fund outperformed its primary benchmark, the S&P 500<sup>®</sup> Index, which returned -18.11%, while its secondary benchmark, the Bloomberg U.S. Aggregate Bond Index, returned -13.01%.

Explanation of Fund Performance

The Fund invests in a broadly diversified portfolio of common stocks that is designed to track the performance of the S&P 500<sup>®</sup> Index, while also selling index call options and purchasing index put options. The Fund seeks to generate returns by creating cash flow through writing at-the-money index call options against the full value of its underlying equity portfolio. The written call options, premium levels of which have a high correlation to volatility, provide cash flow into the Fund, yet may limit upside participation in an equity market advance. The Fund uses some of the cash flow from index call option writing to purchase out-of-the-money index put options to mitigate sudden and severe price declines in the equity portfolio. An index call option is considered at-the-money when the price of the underlying index is the same as the option's strike price. Additionally, an index put option is deemed out-of-the money when its strike price is below the price of the underlying index. It is the net premium-to-earn from selling index call options less the price of protective index put options that is a significant factor in determining how much participation the Fund will have in a rising market and how much downside mitigation is delivered in a declining market. In the long term, the combination of the diversified stock portfolio, steady cash flow from the sale of index call options, and downside mitigation from index put options is intended to provide the Fund with a majority of the returns associated with equity market investments while exposing investors to less risk.

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The Fund held up better than its primary benchmark for the year while achieving the risk component of its objective by exhibiting significantly less risk than the equity market, as measured by the standard deviation of daily returns. Throughout 2022, the Fund's two-part option strategy delivered equity market participation during the periods in which the equity market advanced and downside protection during market declines. Specifically, the Fund had smaller losses than the S&P 500<sup>®</sup> Index in the first three quarters and strong participation in the fourth quarter of 2022. Additionally, from April 4 through June 16, the Fund returned -12.11% relative to the S&P 500<sup>®</sup> Index return of -19.69%, providing 7.58% of loss mitigation. From October 12 through November 30, the Fund returned 7.50% relative to the 14.35% return of the S&P 500<sup>®</sup> Index. Net gains from the Fund's two-part option strategy provided loss mitigation during market declines, while net losses on options resulted in lagging performance during market rallies.

The Fund's equity portfolio returned -17.93% in 2022, a performance differential of positive 0.18% versus the S&P 500<sup>®</sup> Index. Consistent with its investment objective, the measured risk of the Fund was low relative to the US equity market, as its standard deviation of daily returns for 2022 was 12.69% versus 24.18% for the S&P 500<sup>®</sup> Index.

The Fund began the year with full index put option coverage. However, as the equity market began its decline early in 2022 and implied volatility climbed, the investment team began to identify opportunities to monetize higher volatility being priced into index put contracts, preserve index put gains in the event of a sudden and sharp market recovery, and position the Fund for attractive outcomes in a wider range of market scenarios. These adjustments were made while keeping the Fund's market exposure relatively consistent with the Fund's historical risk profile. During the first quarter, the investment team reduced put coverage to an intra-quarter low range of 65% to 80% before incrementally adding index put options and restoring full put coverage by the quarter-end. During the second quarter, active adjustments were aimed at preserving index put gains in the event of a sudden and sharp market recovery, while maintaining the Fund's typical risk profile. Put coverage reached an intra-quarter low range of 65% to 80%, a range that was maintained from mid-May through the end of the second quarter. In the third quarter, adjustments to put coverage were executed in an effort to position the Fund for attractive outcomes in a wide range of market scenarios while keeping the Fund's market exposure relatively consistent. Put coverage reached an intra-quarter high range of 80% to 95% before adjustments in September brought coverage into a range of 65% to 80%, a level maintained through the end of the third quarter. During the final quarter of the year, the investment team increased put coverage to a range of 80% to 95% on October 31 and restored full put coverage on November 8, which was maintained through year-end. The increases in put coverage were executed in combination with an adjustment to existing index put positions, and the changes improved the loss mitigation potential of the index put portfolio while lowering the overall potential annualized cost of puts. Index put option contracts were traded in advance of their expirations while keeping weighted-average time to expiration relatively extended.

The Fund maintained a portfolio of written index call options on the full value of its equity holdings over the course of the year while making active adjustments to positions in response to deteriorating market conditions and opportunistically taking advantage of the higher implied volatility that was priced into longer-dated contracts to enhance cash flow potential. The term structure of volatility pricing was highly dynamic over the year and the investment team generally extended weighted-average time to expiration when term structure was steep and shortened when term structure was inverted or flat.

Outlook

Fed Chair Powell announced seven rate increases during 2022, raising the target rate for fed funds to 4.5% at the Fed's final meeting of the year while indicating the likelihood of more increases in 2023. Returning inflation to more historically normal levels is an admirable goal; however, achieving this without causing painful economic contraction is looking increasingly difficult, as real estate is starting to cool off, the employment picture looks more uncertain, and banks are starting to tighten lending standards.

Despite a challenging economic environment, long-term investors may take comfort from the equity market's historical resilience and tendency to deliver well-above-average returns after drawdowns exceeding 20%.

Elevated equity market volatility and higher short-term interest rates increase index call option premiums like those written by the Fund. Higher index call option premiums potentially improve the net cash flow generated by the Fund's two-part option strategy. If current levels of volatility and interest rates persist, or move higher, net cash flow may continue to be an attractive source of lower-risk participation in a potential equity market recovery as well as provide downside protection if there are additional losses between now and the ultimate recovery of the equity market.

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GATEWAY FUND

Top Ten Holdings as of December 31, 2022

---

| | | |
|:---|:---|:---|
|  | Security Name | % of<br> Net Assets |
| 1 | Apple, Inc. | 6.18% |
| 2 | Microsoft Corp. | 5.58 |
| 3 | Amazon.com, Inc. | 2.40 |
| 4 | Alphabet, Inc., Class C | 2.31 |
| 5 | Berkshire Hathaway, Inc., Class B | 2.11 |
| 6 | UnitedHealth Group, Inc. | 1.90 |
| 7 | JPMorgan Chase & Co. | 1.56 |
| 8 | Exxon Mobil Corp. | 1.55 |
| 9 | Procter & Gamble Co. (The) | 1.54 |
| 10 | Johnson & Johnson | 1.46 |

---

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

Hypothetical Growth of $100,000 Investment in Class Y Shares<sup>4</sup>

December 31, 2012 through December 31, 2022

![LOGO](g462779g06a01.jpg)

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Average Annual Total Returns – December 31, 2022<sup>4</sup>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years | Life of Class N | Expense Ratios<sup>5</sup> | Expense Ratios<sup>5</sup> |
|  | 1 Year | 5 Years | 10 Years | Life of Class N | Gross | Net |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -11.85% | 2.32% | 4.15% | —% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -12.06 | 2.08 | 3.90 |  | 0.95 | 0.94 |
| &nbsp;&nbsp;&nbsp;*With 5.75% Maximum Sales Charge* | -17.11 | 0.88 | 3.29 |  |  |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -12.74 | 1.30 | 3.27 |  | 1.70 | 1.70 |
| &nbsp;&nbsp;&nbsp;With CDSC<sup>1</sup> | -13.62 | 1.30 | 3.27 |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N (Inception 5/1/17) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -11.80 | 2.38 |  | 3.14 | 0.64 | 0.64 |
| &nbsp;&nbsp;&nbsp;Comparative Performance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index<sup>2</sup> | -18.11 | 9.42 | 12.56 | 10.67 |  |  |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index<sup>3</sup> | -13.01 | 0.02 | 1.06 | 0.39 |  |  |

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**Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For more recent month-end performance, visit im.natixis.com/performance.** Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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| | |
|:---|:---|
| 1 | Performance for Class C shares assumes a 1% contingent deferred sales charge ("CDSC") applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.  |

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| | |
|:---|:---|
| 2 | S&P 500<sup>®</sup> Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors. It also measures the performance of the large cap segment of the US equities market.  |

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| | |
|:---|:---|
| 3 | Bloomberg U.S. Aggregate Bond Index is a broad-based index that covers the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors.  |

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4 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

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| | |
|:---|:---|
| 5 | Expense ratios are as shown in the Fund's prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund's expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund's expense limitations.  |

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GATEWAY EQUITY CALL PREMIUM FUND

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| | |
|:---|:---|
| Managers | Symbols |
| Daniel M. Ashcraft, CFA<sup>®</sup> | Class A GCPAX |
| Michael T. Buckius, CFA<sup>®</sup> | Class C GCPCX |
| Kenneth H. Toft, CFA<sup>®</sup> | Class N GCPNX |
| Mitchell J. Trotta, CFA<sup>®</sup> | Class Y GCPYX |
| *Gateway Investment Advisers, LLC* |  |

---

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Investment Goal

The Fund seeks total return with less risk than U.S. equity markets.

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Market Conditions

Inflation, war and rising interest rates all contributed to equity market losses in 2022. The year ranks as the fourth-worst return for the S&P 500<sup>®</sup> Index over the last 85 years. The S&P 500<sup>®</sup> Index posted three consecutive losing quarters and ended the year with a partial recovery. Quarterly returns of -4.60%, -16.10%, -4.88% and 7.56% suggest an incessant market slide followed by a fourth quarter rally; however, the equity market path was more roller coaster than avalanche. The first three quarters each featured double-digit drawdowns, including a 19.69% plunge from April 4 through June 16. The last two quarters featured double-digit rallies that resulted in only partial recoveries, including a 14.35% advance from October 12 through November 30. Concerns over the pace and extent of monetary tightening were a key driver of each market decline, while rallies were mostly ignited by investor hopes of a US Federal Reserve (Fed) policy pivot towards a less hawkish, if not dovish, approach to achieving lower inflation without tipping the economy into recession.

The year also ranked as one of the most volatile on record. Realized volatility for 2022, as measured by the standard deviation of daily returns for the S&P 500<sup>®</sup> Index, was 24.18%, the eighth highest reading in the past 85 years. Despite beginning the year at an intra-year closing value low of 16.60 on January 3, average implied volatility for the year, as measured by the Cboe<sup>®</sup> Volatility Index (the VIX<sup>®</sup>), was higher than realized volatility at 25.64 and ranked as the sixth highest annual average since its 1990 inception. The defining feature of implied volatility in 2022, however, was its persistently above-average readings and relatively muted responses to sharp drops in equity market value. Typically, the VIX<sup>®</sup> reaches its highest levels when the equity market is at or near its low for the year or during multi-percentage-point plunges. However, its intra-year closing high of 36.45 took place on March 7, well before the equity market reached its low for the year and in advance of the steepest portion of 2022's bear market decline. The year featured multiple multi-percentage-point single-day declines, including nine that exceeded 3% and two that exceeded 4%, all of which occurred after the intra-year VIX<sup>®</sup> high on March 7.

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Gateway Equity Call Premium Fund returned -11.48% at net asset value. The Fund underperformed its primary benchmark, the Cboe<sup>®</sup> S&P 500 BuyWrite<sup>SM</sup> Index (BXM<sup>SM</sup>), which returned -11.37%. The Fund outperformed its secondary benchmark, the S&P 500<sup>®</sup> Index, which returned -18.11%.

Explanation of Fund Performance

The Fund invests in a broadly diversified portfolio of common stocks that is designed to track the performance of the S&P 500<sup>®</sup> Index and support its index option-based risk management strategy as efficiently as possible while seeking to enhance the Fund's after-tax total return. The Fund seeks to generate returns by writing at- and near-the-money index call options against the full value of its underlying equity portfolio. The steady cash flow from call option writing is intended to be an important source of the Fund's return, although it reduces the Fund's ability to profit from increases in the value of its equity portfolio. The index call options written by the Fund often have similar characteristics to the single index call option present in the BXM<sup>SM</sup> at any given time. However, unlike the BXM<sup>SM</sup>, the Fund employs an active strategy that gives its management team discretion to diversify expiration dates and strike prices across a portfolio of index call options and to opportunistically pursue attractive call premiums while maintaining a relatively consistent risk profile.

The Fund slightly underperformed its primary benchmark for the period, despite posting better quarterly results than the BXM<sup>SM</sup> in each of the last three quarters of the year, while achieving the risk component of its objective by exhibiting less risk than the equity market. Underperformance came during the equity market drawdown period of January 3 through March 8, in which the S&P 500<sup>®</sup> Index returned -12.82% while the BXM<sup>SM</sup> and the Fund returned -6.03% and -9.14%, respectively. The Fund's active and diversified approach resulted in a typical amount of market exposure over the course of the drawdown while the rules-based timing of the BXM<sup>SM</sup>'s replacement of its single written index call option contract resulted in the BXM<sup>SM</sup> having less exposure to the market

5 \|

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decline than usual. From March 8 through December 31, the Fund returned -3.16% while the BXM<sup>SM</sup> and the S&P 500<sup>®</sup> Index returned -5.94% and -6.67%, respectively.

The Fund's diversified and active index call option writing approach generated risk-reducing cash flow throughout 2022 while delivering loss mitigation during market declines and strong participation during periods of equity market rebound. Specifically, with quarterly returns of -3.49%, -10.40%, -4.99% and 7.74%, the Fund had smaller losses than the S&P 500<sup>®</sup> Index in the first two quarters, slightly underperformed in the third quarter and outperformed in the final quarter of the year.

The Fund's active approach was beneficial during periods of market advance where it was able to outperform its primary benchmark. Specifically, during the equity market's climb from June 16 through August 16, the Fund returned 11.02% compared to the BXM<sup>SM</sup> return of 6.57%. Active adjustments to the Fund's index call option portfolio were also beneficial in generating outperformance relative to the BXM<sup>SM</sup> during the equity market advance from October 12 through November 30 during which time the Fund rose 10.43% compared to the 8.14% of the BXM<sup>SM</sup>.

The Fund's equity portfolio returned -17.91% for the year, a performance differential of positive 0.20% versus the S&P 500<sup>®</sup> Index. The measured risk of the Fund was lower than that of the US equity market and similar to the BXM<sup>SM</sup>, as its standard deviation of daily returns for 2022 was 16.84%, versus 24.18% and 16.12% for the S&P 500<sup>®</sup> Index and the BXM<sup>SM</sup>, respectively.

Outlook

Fed Chair Powell announced seven rate increases during 2022, raising the target rate for fed funds to 4.5% at the Fed's final meeting of the year while indicating the likelihood of more increases in 2023. Returning inflation to more historically normal levels is an admirable goal; however, achieving this without causing painful economic contraction is looking increasingly difficult, as real estate is starting to cool off, the employment picture looks more uncertain, and banks are starting to tighten lending standards.

Despite a challenging economic environment, long-term investors may take comfort from the equity market's historical resilience and tendency to deliver well-above-average returns after drawdowns exceeding 20%.

Elevated equity market volatility and higher short-term interest rates increase index call option premiums like those written by the Fund. Higher index call option premiums potentially improve the net cash flow generated by the Fund's option writing strategy. If current levels of volatility and interest rates persist, or move higher, net cash flow may continue to be an attractive source of lower-risk participation in a potential equity market recovery as well as provide downside protection if there are additional losses between now and the ultimate recovery of the equity market.

Top Ten Holdings as of December 31, 2022

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| | | |
|:---|:---|:---|
|  | Security Name | % of<br> Net Assets |
| 1 | Apple, Inc. | 6.20% |
| 2 | Microsoft Corp. | 5.80 |
| 3 | Amazon.com, Inc. | 2.37 |
| 4 | Alphabet, Inc., Class C | 2.27 |
| 5 | Berkshire Hathaway, Inc., Class B | 2.21 |
| 6 | UnitedHealth Group, Inc. | 1.73 |
| 7 | Exxon Mobil Corp. | 1.57 |
| 8 | Johnson & Johnson | 1.54 |
| 9 | Procter & Gamble Co. (The) | 1.48 |
| 10 | JPMorgan Chase & Co. | 1.35 |

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The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

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GATEWAY EQUITY CALL PREMIUM FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares<sup>4</sup>

September 30, 2014 (inception) through December 31, 2022

![LOGO](g462779g15a02.jpg)

7 \|

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Average Annual Total Returns – December 31, 2022<sup>4</sup>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1 Year | 5 Years |  |  | Expense Ratios<sup>5</sup> | Expense Ratios<sup>5</sup> |
|  | 1 Year | 5 Years | Life of Class  | Life of Class  | Gross | Net |
| &nbsp;&nbsp;&nbsp;Class Y (Inception 9/30/14) |  |  | Class Y/A/C | Class N |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -11.48% | 4.81% | 5.82% | —% | 0.92% | 0.68% |
| &nbsp;&nbsp;&nbsp;Class A (Inception 9/30/14) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -11.77 | 4.56 | 5.55 |  | 1.17 | 0.93 |
| &nbsp;&nbsp;&nbsp;*With 5.75% Maximum Sales Charge* | -16.86 | 3.32 | 4.79 |  |  |  |
| &nbsp;&nbsp;&nbsp;Class C (Inception 9/30/14) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -12.36 | 3.78 | 4.79 |  | 1.93 | 1.68 |
| &nbsp;&nbsp;&nbsp;With CDSC<sup>1</sup> | -13.24 | 3.78 | 4.79 |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N (Inception 5/1/17) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -11.51 | 4.84 |  | 5.59 | 1.05 | 0.63 |
| &nbsp;&nbsp;&nbsp;Comparative Performance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cboe<sup>®</sup> S&P 500 BuyWrite<sup>SM</sup> Index (BXM<sup>SM</sup>)<sup>2</sup> | -11.37 | 2.73 | 4.56 | 3.73 |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index<sup>3</sup> | -18.11 | 9.42 | 10.44 | 10.67 |  |  |

---

**Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance.** Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

---

| | |
|:---|:---|
| 1 | Performance for Class C shares assumes a 1% contingent deferred sales charge ("CDSC") applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.  |

---

---

| | |
|:---|:---|
| 2 | Cboe<sup>®</sup> S&P 500 BuyWrite<sup>SM</sup> Index (BXM<sup>SM</sup>) is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500<sup>®</sup> Index. The BXM is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) "writing" (or selling) the near-term S&P 500<sup>®</sup> Index (SPX<sup>SM</sup>) "covered" call option, generally on the third Friday of each month. The SPX call written will have about one month remaining to expiration, with an exercise price just above the prevailing index level (i.e., slightly out of the money). The SPX call is held until expiration and cash settled, at which time a new one-month, near-the-money call is written.  |

---

---

| | |
|:---|:---|
| 3 | S&P 500<sup>®</sup> Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors. It also measures the performance of the large cap segment of the US equities market.  |

---

4 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

---

| | |
|:---|:---|
| 5 | Expense ratios are as shown in the Fund's prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund's expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund's expense limitations.  |

---

\| 8

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MIROVA GLOBAL GREEN BOND FUND

---

| | |
|:---|:---|
| Managers | Symbols |
| Marc Briand | Class A MGGAX |
| Charles Portier | Class N MGGNX |
| Bertrand Rocher | Class Y MGGYX |
| *Mirova US LLC* |  |

---

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Investment Goal

The Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds.

------

Market Conditions

The year 2022 marked the collective realization that many factors could no longer be considered as established: This is the case with peace in Europe, and consequently, unlimited access to energy, and low inflation.

At the beginning of the year, central banks therefore changed their tone one after the other, suggesting monetary tightening earlier and stronger than initially expected. The conflict in Ukraine was initiated and then deepened, and discussions around an embargo on Russian oil in Europe reinforced the lasting nature of its impact on price increases, further reinforcing this need for monetary tightening, even if it meant eroding the potential for economic growth.

The zero-Covid strategy in China also penalized risky assets throughout the year. The lockdown slowed activity both in the country and internationally, aggravating fears of inflation peaks linked to a slowdown, if not a halt, in production chains.

The second half of the year was therefore quite logically that of rate hikes by central banks with magnitudes rarely seen in the last three decades in financial markets: 0.75% for the European Central Bank (ECB) and the US Federal Reserve (Fed), the Bank of Canada, the Swiss National Bank and even 1% from Sweden's Riksbank.

At the end of the year, investors were looking for the "pivot" in monetary policy, but this did not seem to be on the agenda despite the first signs of slowing inflation. The fight against inflation will therefore continue, with undoubtedly less intensity, but over a longer period of time.

Performance Results

For the 12 months ending December 31, 2022, Class Y shares of the Mirova Global Green Bond Fund returned -16.45% at net asset value. The Fund outperformed its benchmark, the Bloomberg MSCI Global Green Bond Index – USD Hedged, which returned -17.01%.

Explanation of Fund Performance

During 2022, allocation had a positive impact on performance relative to the benchmark, due to an overweight position in corporates versus government-related and sovereigns. Credit spreads widened from January until October and offered opportunities to reinforce the credit exposure in the Fund; we increased exposure in the capital goods, utility, telecommunication and cyclical sub-sectors. Credit exposure increased from an 8% overweight versus the index at the end of 2021 to an overweight of 24% by the end of 2022.

Security selection detracted from relative performance, mainly within the corporate sector. The largest individual detractors were among the corporate holdings: Citycon, Faurecia, and Ford Motor Company. These are high-beta issuances, which underperformed in the context of a "risk-off" environment.

The duration and yield curve strategy of the Fund added value relative to the benchmark as the Fund had shorter duration positioning on both the US and euro zone.

Outlook

Since the first half of 2022, we believed the question was no longer so much about whether there would be a recession on both sides of the Atlantic and in China, but i) how deep and how long the recession would be, and ii) from when it would start curbing inflation. We also believed that the United States would be able to stabilize and then lower inflation without degrading economic growth potential too much, particularly thanks to the better responsiveness of the Fed. We now consider that North America may even avoid a recession, but the situation seems much more difficult for Europe. This is partly because of the ECB's procrastination due to less room to maneuver, which requires it to find alternative tools such as the TPI (Transmission Protection Instrument) dedicated to supporting Italy and thus preserving the euro. We also long insisted that even if inflation was to stop accelerating, households would

9 \|

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probably find it hard to absorb it without slashing discretionary spending. We still believe this will weigh on economic prospects in the euro zone.

At the same time, the conflict in Ukraine continues with the markets appearing to not pay much attention to it: It was a neglect on their part because the very successful counteroffensive of the Ukrainian armed forces towards Kharkov was in our view opening a new phase, paradoxically far more dangerous, in particular due to the increased political pressure towards Vladimir Putin, forced to employ increased means to move towards a total war pattern, which the latest events have unfortunately confirmed. We still do not claim to know what the outcome will be, but we reiterate that the level of risk is rising significantly with potentially daunting consequences for Europe. In other words, the dichotomy we were already seeing settling between Europe and North America will become more intense. We have long argued rates would not necessarily fall there, however, as the ECB has to maintain the value of the euro to mitigate the effects of tension on commodity prices, especially given the Fed's dedication to hike rates: We maintain this stance.

Hypothetical Growth of $100,000 Investment in Class Y Shares<sup>2</sup>

February 28, 2017 (inception) through December 31, 2022

![LOGO](g462779g23c03.jpg)

See notes to chart on page 11.

\| 10

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MIROVA GLOBAL GREEN BOND FUND

Average Annual Total Returns – December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1 Year | 5 Year | Life of Fund | Expense Ratios<sup>3</sup> | Expense Ratios<sup>3</sup> |
|  | 1 Year | 5 Year | Life of Fund | Gross | Net |
| &nbsp;&nbsp;&nbsp;Class Y (Inception 2/28/17) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -16.45% | -0.66% | -0.28% | 1.14% | 0.69% |
| &nbsp;&nbsp;&nbsp;Class A (Inception 2/28/17) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -16.73 | -0.92 | -0.55 | 1.39 | 0.94 |
| &nbsp;&nbsp;&nbsp;*With 4.25% Maximum Sales Charge* | -20.27 | -1.78 | -1.28 |  |  |
| &nbsp;&nbsp;&nbsp;Class N (Inception 2/28/17) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -16.42 | -0.62 | -0.23 | 1.03 | 0.64 |
| &nbsp;&nbsp;&nbsp;Comparative Performance |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bloomberg MSCI Global Green Bond Index – USD Hedged<sup>1</sup> | -17.01 | -0.65 | -0.05 |  |  |

---

**Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance.** Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

---

| | |
|:---|:---|
| 1 | Bloomberg MSCI Global Green Bond Index – USD Hedged provides a broad-based measure of global fixed-income securities issued to fund projects with direct environmental benefits according to MSCI ESG Research's green bond criteria. The green bonds are primarily investment-grade, or may be classified by other sources when bond ratings are not available. The Index may include green bonds from the corporate, securitized, Treasury, or government-related sectors.  |

---

2 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

---

| | |
|:---|:---|
| 3 | Expense ratios are as shown in the Fund's prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund's expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund's expense limitations.  |

---

11 \|

------

MIROVA GLOBAL SUSTAINABLE EQUITY FUND

---

| | |
|:---|:---|
| Managers | Symbols |
| Jens Peers, CFA<sup>®</sup> | Class A ESGMX |
| Hua Cheng, PhD, CFA<sup>®</sup> | Class C ESGCX |
| Amber Fairbanks, CFA<sup>®</sup>\* | Class N ESGNX |
| Soliane Varlet\*\* | Class Y ESGYX |
| *Mirova US LLC* |  |

---

\* Effective December 23, 2022, Ms. Fairbanks no longer serves as portfolio manager of the Fund.

\*\* Effective December 27, 2022, Ms. Varlet serves as portfolio manager of the Fund.

------

Investment Goal

The Fund seeks long-term capital appreciation.

------

Market Conditions

2022 proved to be a volatile year for global equity markets, with broad market indexes declining in each of the first three quarters of the year – the first time since the Great Financial Crisis global equities posted losses three quarters in a row. As inflation reached multi-decade highs, many central banks globally raised interest rates to fight inflation, global supply chains remained constrained, and geopolitical tensions remained high in Europe (Russia's war) and Asia. While the consumer generally remained strong, recession fears became more in focus toward the end of the year, as it was clear that central bankers were willing to accept slowing economic growth and possible recession in order to curb inflation. The European economy was under increased pressure as the region grappled with surging energy and food prices as a result of the Russia/Ukraine conflict. While many European governments ordered the resumption of certain coal- and oil-based power utility operations in an effort to ensure energy supply security in the short term, the longer-term energy transition remains intact, and was likely strengthened as a result of the Russia/Ukraine conflict, as the need for Europe to move toward energy independence was reinforced and alternative energy will need to be a part of that. In the US, the Inflation Reduction Act (IRA) was signed into law in August, which includes historic climate legislation, setting aside ~$400bn for climate and clean energy-related initiatives. Global equity markets ended the year on a more positive, albeit still volatile, note as central bankers took on a more dovish tone, pressure was reduced on energy supplies due to Europe's mild start to the winter, investors reacted to the potential easing of Covid restrictions in China, and global supply chain constraints eased somewhat.

As a result of high inflation and rising interest rates, longer-duration, growth-oriented stocks underperformed for the year as future cash flows are worth less in a higher rate environment. In terms of sector performance, traditional Energy outperformed strongly during the year, particularly following Russia's invasion of Ukraine, driven by supply constraints and strong ongoing demand. Traditionally defensive sectors like Utilities, Health Care and Consumer Staples also held up better than the broad market amid growth and recession fears. The Communication Services, Consumer Discretionary and Information Technology sectors performed worst as longer-duration growth stocks underperformed on rising interest rates. By geography, developed markets generally outperformed emerging markets, while, in developed markets, European equities underperformed the US for most of the year given the difficult economic and geopolitical backdrop. European equities outperformed US markets to finish the year, as US markets were held back following weaker-than-expected third-quarter earnings and forward guidance for many of the widely held US large-cap tech and consumer names. European names saw some relief, supported by already depressed valuations, and as investors reacted to softer inflation data and a mild start to the European winter – a positive for energy supplies.

Performance Results

For the 12 months ending December 31, 2022, Class Y shares of the Mirova Global Sustainable Equity Fund returned -22.33% at net asset value. The Fund underperformed its benchmark, the MSCI World Index (Net), which returned -18.14%.

Explanation of Fund Performance

Underperformance relative to the benchmark during the period was driven mainly by security selection within the Materials and Financials sectors. More broadly, the portfolio's lack of exposure to the traditional Energy sector was a relative detractor given the sector's strong performance relative to the broad market. The strategy's focus on long-term secular trends around the environment, technology, demographics, and governance often results in a growth bias to the portfolio, and many longer-duration stocks in the portfolio sold off during the year. The portfolio's overweight to the Information Technology sector detracted as a result as well.

In terms of security selection, within the Materials sector, Ecolab was the largest relative detractor, with the majority of the stock's year-to-date underperformance occurring during the first two months of the year after the company issued poor guidance indicating their end markets in hospitality had not fully recovered from Covid. Within Materials, the market also rotated into more cyclically exposed, lower quality companies that were expected to benefit from rising commodity prices, such as metals & mining where the portfolio has no

\| 12

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MIROVA GLOBAL SUSTAINABLE EQUITY FUND

exposure. Within Financials, Signature Bank was the largest relative detractor due in part to the macro backdrop and in part to digital asset volatility and investors' reaction to this volatility. While the company is not involved in digital assets directly, a portion of its customers' deposits is tied to the digital asset industry, and the company's stock price came under pressure as a result of this reaction.

The worst performers overall for the period were Orpea and Signature Bank. French owner and operator of elderly care homes Orpea was a company that we had been actively engaging with following controversies that came to light in January 2022 including mistreatment of patients and misallocation of public funds. We proposed that it become a mission-driven company under French law to improve transparency and its HR policy, thus helping employees improve their care for the elderly. We had seen positive early signs from the new management team. From a portfolio management perspective, our initial rationale to invest in Orpea was its position as a global leader in elderly care and nursing home facilities – an incredibly important space with excellent long-term opportunities. Valuation was very attractive when the position was initiated, and we continued to see upside potential in the stock following the controversy coming to light based on updated valuation models. Even in our worst-case scenario, there was a slight upside. Financially, we still were motivated to maintain the position while we waited to see improvement as a result of our engagement efforts. Unfortunately, that changed when Orpea issued preliminary first-half results in September, which showed a decline in the company's financial performance that was expected to continue for the second half of the year. At the same time, the company needed to confirm whether debt covenants could be met. While engagement with the company continued to be important from an ESG perspective, from a financial perspective we were not willing to hold the risk in the portfolio. As a result of low liquidity and higher risk, we ultimately decided to remove Orpea from the portfolio in September.

Contributors to relative results included the portfolio's underweight to the Communications Services sector, the worst-performing sector in the index, as well as the overweight to the more defensive Health Care and Utilities sectors. Security selection in Information Technology was also additive. Within Information Technology, Mastercard and Visa were the top relative contributors as both stocks held up much better than the broader sector throughout the year.

The best performers overall for the period were global leaders on diabetes and obesity treatments Eli Lilly and Novo Nordisk. Eli Lilly performed well on continued optimism on the opportunity related to the company's novel treatment for diabetes and obesity as well as positive results from Biogen's late-stage studies on its Alzheimer's disease treatment. Novo Nordisk performed well given its robust core business in diabetes and obesity with expected double-digit revenue growth and encouraging ongoing trials.

Finally, while the portfolio's overweight to Europe and underweight to the US detracted from relative results during the earlier part of the period, underperformance of US equities in the last few months of the year led to a net positive impact overall for the full year.

We made several adjustments to the portfolio during the year, and broadly believe the portfolio is composed of high-quality companies that are well positioned to address long-term secular trends and are trading at very attractive valuations. During the year, we exited positions in Oracle, Geberit, Valeo, Allianz, Orpea, and Prudential plc., and initiated positions in Mercedes-Benz, Credit Agricole, Verizon, SVB Financial, Deere, and Edwards Lifesciences.

Outlook

Looking ahead to 2023, we expect continued volatility in equity markets, driven by many of the same issues markets faced in 2022. We expect a significant slowdown in economic activity in the first half of the year driven by central banks increasing interest rates to fight inflation. We continue to work under the assumption of higher inflation for longer, which is likely to lead to recession in both Europe and the US. The situation in Asia is a bit different, and the reopening of China's economy may help ease global supply chain constraints and support economic growth, though this is likely to be fragile as reopening is likely to lead to pressure on the health care system. We think that many central banks will continue to raise interest rates to fight inflation at least in the beginning of the year, impacting short-term interest rates. The good news is we believe we may have already seen inflation peak in the US at the end of 2022 and may be nearing the peak in Europe and other regions, meaning the probability of higher long-term interest rates is quite low. That said, we believe that inflation will be higher than it has been historically and for longer, buoyed in part by shifting supply chain practices where companies and industries as a whole are rethinking global supply chains, as companies and regions seek to reduce dependence on countries with autocratic regimes as well as those with restrictive Covid policies. After decades of globalization and outsourcing production to low-cost countries and, less visibly, social and environmental problems, bringing this closer to home will be a costly and lengthy process. Shifting global supply chains will be an in-focus theme for us in 2023, leading to more opportunities related to industrial automation and optimization of industrial processes across industries.

Energy and energy security will continue to be a big theme in 2023. In the near term, the biggest risks to the downside, in our view, include an escalation in the Russia/Ukraine conflict and the potential for Russia to leverage its oil and gas supplies to apply political pressure as the impact on the European economy would be immense. While short-term solutions such as importing liquid natural gas from other countries will be used, renewable energy is the only solution for Europe's energy security in the long term and can make the region truly energy independent. This should have a positive effect on wind, solar, and large-scale energy storage solutions such as hydrogen. It could take a few years, however, before this translates into higher earnings, but we will see much more research and

13 \|

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development in the space. High energy prices are also expected to have a positive impact on energy-efficient solutions for both the private and the corporate market. The passing of the IRA in the US to some extent reinforces our conviction in the environmental transition, as the path ahead for the US seems clearer for the time being. Our portfolios are already well positioned within this context.

The final big theme for 2023 that we are watching closely is on biodiversity and our food systems. We see the focus on these themes strengthening in 2023 and beyond, driven by the increasing impact of Gen Z and awareness of the impact our food systems and human activities more broadly have on climate and biodiversity. For example, we see more opportunities emerging in companies offering solutions for sustainable land management and food production, ingredients and bioscience, water technology and sustainable packaging.

While volatility may remain high and we may see a recession in Europe and in the US in the first half of the year, valuations have become much more attractive in many parts of the market and are already reflecting much of the near-term risk we see, and we believe we could see a recovery in the second half of the year. Our global portfolio is well positioned with this in mind given our overweight in European equities and underweight to the US, positioning which has been driven by our bottom-up valuation discipline where we have been able to identify attractive valuation opportunities outside the US. We believe the portfolios are well positioned for both a recession and subsequent recovery. Our approach to security selection has led to our portfolios being overweight areas like utilities, health care, and food and beverages, sectors that tend to be more defensive in recessionary environments. We also know that due to trends like population growth and generational shifts, these sectors tend to do well also in a normal economic environment. However, if we do get a recovery, we also believe that renewable energy and the digitalization of our economy will also lead to many investment opportunities, areas that we have strong exposure to in the portfolios.

Equity valuations have been impacted significantly in 2022 by rising interest rates, with that impact the highest on companies, sectors and themes with long-term visibility of cashflow generation. Because we expect that inflation will peak around end-of-2022 levels, we believe that those are the areas that are the most attractive from a valuation perspective now. We're looking at companies within themes such as renewable energy and health care, but also at digitalization of our economy and may find opportunities to add names or add to existing holdings that have been hit hard already, but selectivity will continue to be key. In general, we like high-quality companies and, especially when interest rates are high, know that companies with larger amounts of debt on their balance sheets and those that may need to refinance that debt will find it more difficult to generate strong earnings growth. Therefore, we continue to focus the portfolio as a whole on high-quality companies with strong balance sheets.

Maintaining a long-term perspective and a focus on fundamentals is key in difficult environments. If we look beyond the short term, nothing has changed regarding the long-term demographic, environmental, technological and governance trends shifting the economy we focus on, such as aging population, climate change and digitalization. These trends are secular in nature. We continue to focus on individual company fundamentals to ensure that the fundamentals or the long-term theses on the companies have not changed. Overall, while our portfolios may have to endure a challenging environment in the short term, we believe that the portfolios are well positioned with high-quality companies addressing long-term thematic (secular) growth trends, believe that underlying fundamentals remain strong, and will continue to take advantage of disconnects between current stock prices and long-term value of companies.

Top Ten Holdings as of December 31, 2022

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| | | |
|:---|:---|:---|
|  | Security Name | % of<br> Net Assets |
| 1 | Thermo Fisher Scientific, Inc. | 4.97% |
| 2 | Mastercard, Inc., Class A | 4.75 |
| 3 | Novo Nordisk A/S, Class B | 4.73 |
| 4 | Microsoft Corp. | 4.42 |
| 5 | Roper Technologies, Inc. | 3.41 |
| 6 | Iberdrola S.A. | 3.41 |
| 7 | eBay, Inc. | 3.24 |
| 8 | Ecolab, Inc. | 3.20 |
| 9 | Visa, Inc., Class A | 2.89 |
| 10 | AIA Group Ltd. | 2.88 |

---

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

\| 14

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MIROVA GLOBAL SUSTAINABLE EQUITY FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares<sup>3</sup>

March 31, 2016 (inception) through December 31, 2022

![LOGO](g462779g33p34.jpg)

Average Annual Total Returns – December 31, 2022<sup>3</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1 Year | 5 Years | Life of Class | Life of Class | Expense Ratios<sup>4</sup> | Expense Ratios<sup>4</sup> |
|  | 1 Year | 5 Years | Life of Class | Life of Class | Gross | Net |
| &nbsp;&nbsp;&nbsp;Class Y (Inception 3/31/16) |  |  | Class Y/A/C | Class N |  |  |
| &nbsp;&nbsp;&nbsp;NAV | -22.33% | 8.63% | 10.51% | —% | 0.99% | 0.96% |
| &nbsp;&nbsp;&nbsp;Class A (Inception 3/31/16) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -22.56 | 8.35 | 10.24 |  | 1.24 | 1.21 |
| &nbsp;&nbsp;&nbsp;*With 5.75% Maximum Sales Charge* | -27.00 | 7.08 | 9.28 |  |  |  |
| &nbsp;&nbsp;&nbsp;Class C (Inception 3/31/16) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -23.11 | 7.55 | 9.41 |  | 1.99 | 1.96 |
| &nbsp;&nbsp;&nbsp;With CDSC<sup>1</sup> | -23.84 | 7.55 | 9.41 |  |  |  |
| &nbsp;&nbsp;&nbsp;Class N (Inception 5/1/17) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NAV | -22.32 | 8.68 |  | 10.27 | 0.91 | 0.91 |
| &nbsp;&nbsp;&nbsp;Comparative Performance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MSCI World Index (Net)<sup>2</sup> | -18.14 | 6.14 | 8.85 | 7.69 |  |  |

---

**Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance.** Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

---

| | |
|:---|:---|
| 1 | Performance for Class C shares assumes a 1.00% contingent deferred sales charge ("CDSC") applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.  |

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| | |
|:---|:---|
| 2 | MSCI World Index (Net) is an unmanaged index that is designed to measure the equity market performance of developed markets. It is composed of common stocks of companies representative of the market structure of developed market countries in North America, Europe, and the Asia/Pacific Region. The index is calculated without dividends, with net or with gross dividends reinvested, in both U.S. dollars and local currencies.  |

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3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

---

| | |
|:---|:---|
| 4 | Expense ratios are as shown in the Fund's prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund's expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund's expense limitations.  |

---

15 \|

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MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND

---

| | |
|:---|:---|
| Managers | Symbols |
| Jens Peers, CFA<sup>®</sup> | Class A MRVAX |
| Hua Cheng, PhD, CFA<sup>®</sup> | Class N MRVNX |
| Amber Fairbanks, CFA<sup>®</sup> \* | Class Y MRVYX |
| Soliane Varlet\*\* |  |
| *Mirova US LLC* | *Mirova US LLC* |

---

\* Effective December 23, 2022, Ms. Fairbanks no longer serves as portfolio manager of the Fund.

\*\* Effective December 27, 2022, Ms. Varlet serves as portfolio manager of the Fund.

------

Investment Goal

The Fund seeks long-term capital appreciation.

------

Market Conditions

2022 proved to be a volatile year for global equity markets, with broad market indexes declining in each of the first three quarters of the year – the first time since the Great Financial Crisis global equities posted losses three quarters in a row. As inflation reached multi-decade highs, many central banks globally raised interest rates to fight inflation, global supply chains remained constrained, and geopolitical tensions remained high in Europe (Russia's war) and Asia. While the consumer generally remained strong, recession fears became more in focus toward the end of the year, as it was clear that central bankers were willing to accept slowing economic growth and possible recession in order to curb inflation. The European economy was under increased pressure as the region grappled with surging energy and food prices as a result of the Russia/Ukraine conflict. While many European governments ordered the resumption of certain coal- and oil-based power utility operations in an effort to ensure energy supply security in the short term, the longer-term energy transition remains intact, and was likely strengthened as a result of the Russia/Ukraine conflict, as the need for Europe to move toward energy independence was reinforced and alternative energy will need to be a part of that. In the US, the Inflation Reduction Act (IRA) was signed into law in August, which includes historic climate legislation, setting aside ~$400bn for climate and clean energy-related initiatives. Global equity markets ended the year on a more positive, albeit still volatile, note as central bankers took on a more dovish tone, pressure was reduced on energy supplies due to Europe's mild start to the winter, investors reacted to the potential easing of Covid restrictions in China, and global supply chain constraints eased somewhat.

As a result of high inflation and rising interest rates, longer-duration, growth-oriented stocks underperformed for the year as future cash flows are worth less in a higher rate environment. In terms of sector performance, traditional Energy outperformed strongly during the year, particularly following Russia's invasion of Ukraine, driven by supply constraints and strong ongoing demand. Traditionally defensive sectors like Utilities, Health Care and Consumer Staples also held up better than the broad market amid growth and recession fears. The Communication Services, Consumer Discretionary and Information Technology sectors performed worst as longer-duration growth stocks underperformed on rising interest rates. By geography, developed markets generally outperformed emerging markets, while, in developed markets, European equities underperformed the US for most of the year given the difficult economic and geopolitical backdrop. European equities outperformed US markets to finish the year, as US markets were held back following weaker-than-expected third-quarter earnings and forward guidance for many of the widely held US large-cap tech and consumer names. European names saw some relief, supported by already depressed valuations, and as investors reacted to softer inflation data and a mild start to the European winter – a positive for energy supplies.

Performance Results

For the 12 months ending December 31, 2022, Class Y shares of the Mirova International Sustainable Equity Fund returned -24.18% at net asset value. The Fund underperformed its benchmark, the MSCI EAFE Index (Net), which returned -14.45%.

Explanation of Fund Performance

Underperformance relative to the benchmark during the period was driven mainly by security selection, particularly within the Industrials and Materials sectors. More broadly, the portfolio's lack of exposure to the traditional Energy sector was a relative detractor given the sector's strong performance relative to the broad market. The strategy's focus on long-term secular trends around the environment, technology, demographics, and governance often results in a growth bias to the portfolio, and many longer-duration stocks in the portfolio sold off during the year. The portfolio's overweight to the Information Technology sector was a main detractor as a result as well.

In terms of security selection, within the Industrials sector, high-performance insulation solutions company Kingspan Group was the largest relative detractor. Kingspan was impacted by a slowdown in construction markets and investors reacted negatively to management's lack of visibility beyond a few months. Medium- and longer-term, we believe Kingspan is still attractive given its

\| 16

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MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND

strategic positioning and innovative products and the need for energy-efficiency solutions. Certain stocks within Materials underperformed (mainly during the first half of the year), particularly higher quality companies such as specialty chemicals company Croda, as the market rotated into more cyclically exposed, lower quality companies that were expected to benefit from rising commodity prices, such as metals & mining where the portfolio has no exposure.

The worst performers overall for the period were Orpea and Kingspan Group. French owner and operator of elderly care homes Orpea was a company that we had been actively engaging with following controversies that came to light in January 2022 including mistreatment of patients and misallocation of public funds. We proposed that it become a mission-driven company under French law to improve transparency and their HR policy, thus helping employees improve their care for the elderly. We had seen positive early signs from the new management team. From a portfolio management perspective, our initial rationale to invest in Orpea was its position as a global leader in elderly care and nursing home facilities – an incredibly important space with excellent long-term opportunities. Valuation was very attractive when the position was initiated, and we continued to see upside potential in the stock following the controversy coming to light based on updated valuation models. Even in our worst-case scenario, there was slight upside. Financially, we still were motivated to maintain the position while we waited to see improvement as a result of our engagement efforts. Unfortunately, that changed when Orpea issued preliminary first-half results in September, which showed a decline in the company's financial performance that was expected to continue for the second half of the year. At the same time, the company needed to confirm whether debt covenants could be met. While engagement with the company continued to be important from an ESG perspective, from a financial perspective we were not willing to hold the risk in the portfolio. As a result of low liquidity and higher risk, we ultimately decided to remove Orpea from the portfolio in September.

Contributors to relative results included the portfolio's underweight to the Consumer Discretionary sector and security selection in Health Care. Within Health Care, Novo Nordisk and Takeda Pharmaceutical were the largest relative contributors, and the best performers overall for the period. Global leader on diabetes and obesity treatments Novo Nordisk performed well given its robust core business on diabetes and obesity, with expected double-digit revenue growth and encouraging ongoing trials. Takeda performed well as the company delivered strong first-half 2022 financial results and reconfirmed management guidance for the full year alongside receipt of the first approval for its dengue vaccine and other pipeline milestones.

We made several adjustments to the portfolio during the year, and broadly believe the portfolio is composed of high-quality companies that are well positioned to address long-term secular trends and are trading at very attractive valuations. During the year, in addition to exiting Orpea, we exited positions in Valeo and Allianz, and initiated a position in Mercedes-Benz.

Outlook

Looking ahead to 2023, we expect continued volatility in equity markets, driven by many of the same issues markets faced in 2022. We expect a significant slowdown in economic activity in the first half of the year driven by central banks increasing interest rates to fight inflation. We continue to work under the assumption of higher inflation for longer, which is likely to lead to recession in both Europe and the US. The situation in Asia is a bit different, and the reopening of China's economy may help ease global supply chain constraints and support economic growth, though this is likely to be fragile as reopening is likely to lead to pressure on the health care system. We think that many central banks will continue to raise interest rates to fight inflation at least in the beginning of the year, impacting short-term interest rates. The good news is we believe we may have already seen inflation peak in the US at the end of 2022 and may be nearing the peak in Europe and other regions, meaning the probability of higher long-term interest rates is quite low. That said, we believe that inflation will be higher than it has been historically and for longer, buoyed in part by shifting supply chain practices where companies and industries as a whole are rethinking global supply chains, as companies and regions seek to reduce dependence on countries with autocratic regimes as well as those with restrictive Covid policies. After decades of globalization and outsourcing production to low-cost countries and, less visibly, social and environmental problems, bringing this closer to home will be a costly and lengthy process. Shifting global supply chains will be an in-focus theme for us in 2023, leading to more opportunities related to industrial automation and optimization of industrial processes across industries.

Energy and energy security will continue to be a big theme in 2023. In the near term, the biggest risks to the downside, in our view, include an escalation in the Russia/Ukraine conflict and the potential for Russia to leverage its oil and gas supplies to apply political pressure as the impact on the European economy would be immense. While short-term solutions such as importing liquid natural gas from other countries will be used, renewable energy is the only solution for Europe's energy security in the long term and can make the region truly energy independent. This should have a positive effect on wind, solar, and large-scale energy storage solutions such as hydrogen. It could take a few years, however, before this translates into higher earnings, but we will see much more research and development in the space. High energy prices are also expected to have a positive impact on energy-efficient solutions for both the private and the corporate market. The passing of the IRA in the US to some extent reinforces our conviction in the environmental transition, as the path ahead for the US seems clearer for the time being. Our portfolios are already well positioned within this context.

17 \|

------

The final big theme for 2023 that we are watching closely is on biodiversity and our food systems. We see the focus on these themes strengthening in 2023 and beyond, driven by the increasing impact of Gen Z and awareness of the impact our food systems and human activities more broadly have on climate and biodiversity. For example, we see more opportunities emerging in companies offering solutions for sustainable land management and food production, ingredients and bioscience, water technology and sustainable packaging.

While volatility may remain high and we may see a recession in Europe and in the US in the first half of the year, valuations have become much more attractive in many parts of the market and are already reflecting much of the near-term risk we see, and we believe we could see a recovery in the second half of the year. We believe the portfolios are well positioned for both a recession and subsequent recovery. Our approach to security selection has led to our portfolios being overweight areas like utilities, health care, and food and beverages, sectors that tend to be more defensive in recessionary environments. We also know that due to trends like population growth and generational shifts, these sectors tend to do well also in a normal economic environment. However, if we do get a recovery, we also believe that renewable energy and the digitalization of our economy will also lead to many investment opportunities, areas that we have strong exposure to in the portfolios.

Equity valuations have been impacted significantly in 2022 by rising interest rates, with that impact the highest on companies, sectors and themes with long-term visibility of cashflow generation. Because we expect that inflation will peak around end-of-2022 levels, we believe that those are the areas that are the most attractive from a valuation perspective now. We're looking at companies within themes such as renewable energy and health care, but also at digitalization of our economy and may find opportunities to add names or add to existing holdings that have been hit hard already, but selectivity will continue to be key. In general, we like high-quality companies and, especially when interest rates are high, know that companies with larger amounts of debt on their balance sheets and those that may need to refinance that debt will find it more difficult to generate strong earnings growth. Therefore, we continue to focus the portfolio as a whole on high-quality companies with strong balance sheets.

Maintaining a long-term perspective and a focus on fundamentals is key in difficult environments. If we look beyond the short term, nothing has changed regarding the long-term demographic, environmental, technological and governance trends shifting the economy we focus on, such as aging population, climate change and digitalization. These trends are secular in nature. We continue to focus on individual company fundamentals to ensure that the fundamentals or the long-term theses on the companies have not changed. Overall, while our portfolios may have to endure a challenging environment in the short term, we believe that the portfolios are well positioned with high-quality companies addressing long-term thematic (secular) growth trends, believe that underlying fundamentals remain strong, and will continue to take advantage of disconnects between current stock prices and long-term value of companies.

Top Ten Holdings as of December 31, 2022

---

| | | |
|:---|:---|:---|
|  | Security Name | % of<br> Net Assets |
| 1 | Novo Nordisk A/S, Class B | 5.25% |
| 2 | AIA Group Ltd. | 5.24 |
| 3 | KBC Group NV | 4.78 |
| 4 | ASML Holding NV | 4.58 |
| 5 | Iberdrola S.A. | 4.18 |
| 6 | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.13 |
| 7 | Legal & General Group PLC | 4.00 |
| 8 | Vestas Wind Systems A/S | 3.70 |
| 9 | Kubota Corp. | 3.37 |
| 10 | Prudential PLC | 3.33 |

---

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

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MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares<sup>2</sup>

December 28, 2018 (inception) through December 31, 2022

![LOGO](g462779g44d04.jpg)

Average Annual Total Returns – December 31, 2022<sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | Life of Fund | Expense Ratios<sup>3</sup> | Expense Ratios<sup>3</sup> |
|  | 1 Year | Life of Fund | Gross | Net |
| &nbsp;&nbsp;&nbsp;Class Y (Inception 12/28/18) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -24.18% | 5.98% | 1.83% | 0.96% |
| &nbsp;&nbsp;&nbsp;Class A (Inception 12/28/18) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -24.42 | 5.71 | 2.08 | 1.21 |
| &nbsp;&nbsp;&nbsp;*With 5.75% Maximum Sales Charge* | -28.79 | 4.16 |  |  |
| &nbsp;&nbsp;&nbsp;Class N (Inception 12/28/18) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -24.17 | 6.03 | 1.44 | 0.91 |
| &nbsp;&nbsp;&nbsp;Comparative Performance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MSCI EAFE Index (Net)<sup>1</sup> | -14.45 | 5.87 |  |  |

---

**Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance.** Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1 MSCI EAFE Index (Net) is a free float-adjusted market capitalization index designed to measure large and mid-cap equity performance in developed markets, excluding the U.S. and Canada. The Index includes countries in Europe, Australasia, and the Far East.

2 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

---

| | |
|:---|:---|
| 3 | Expense ratios are as shown in the Fund's prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund's expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund's expense limitations.  |

---

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MIROVA U.S. SUSTAINABLE EQUITY FUND

---

| | |
|:---|:---|
| Managers | Symbols |
| Jens Peers, CFA<sup>®</sup> | Class A MUSAX |
| Hua Cheng, PhD, CFA<sup>®</sup> | Class C MUSCX |
| Amber Fairbanks, CFA<sup>®</sup> \* | Class N MUSNX |
| Soliane Varlet\*\* | Class Y MUSYX |
| *Mirova US LLC* |  |

---

\* Effective December 23, 2022, Ms. Fairbanks no longer serves as portfolio manager of the Fund.

\*\* Effective December 27, 2022, Ms. Varlet serves as portfolio manager of the Fund.

------

Investment Goal

The Fund seeks long-term capital appreciation.

------

Market Conditions

2022 proved to be a volatile year for global equity markets, with broad market indexes declining in each of the first three quarters of the year – the first time since the Great Financial Crisis global equities posted losses three quarters in a row. As inflation reached multi-decade highs, many central banks globally raised interest rates to fight inflation, global supply chains remained constrained, and geopolitical tensions remained high in Europe (Russia's war) and Asia. While the consumer generally remained strong, recession fears became more in focus toward the end of the year, as it was clear that central bankers were willing to accept slowing economic growth and possible recession in order to curb inflation. The European economy was under increased pressure as the region grappled with surging energy and food prices as a result of the Russia/Ukraine conflict. While many European governments ordered the resumption of certain coal- and oil-based power utility operations in an effort to ensure energy supply security in the short term, the longer-term energy transition remains intact, and was likely strengthened as a result of the Russia/Ukraine conflict, as the need for Europe to move toward energy independence was reinforced and alternative energy will need to be a part of that. In the US, the Inflation Reduction Act (IRA) was signed into law in August, which includes historic climate legislation, setting aside ~$400bn for climate and clean energy-related initiatives. Global equity markets ended the year on a more positive, albeit still volatile, note as central bankers took on a more dovish tone, pressure was reduced on energy supplies due to Europe's mild start to the winter, investors reacted to the potential easing of Covid restrictions in China, and global supply chain constraints eased somewhat.

As a result of high inflation and rising interest rates, longer-duration, growth-oriented stocks underperformed for the year as future cash flows are worth less in a higher rate environment. In terms of sector performance, traditional Energy outperformed strongly during the year, particularly following Russia's invasion of Ukraine, driven by supply constraints and strong ongoing demand. Traditionally defensive sectors like Utilities, Health Care and Consumer Staples also held up better than the broad market amid growth and recession fears. The Communication Services, Consumer Discretionary and Information Technology sectors performed worst as longer-duration growth stocks underperformed on rising interest rates. By geography, developed markets generally outperformed emerging markets, while, in developed markets, European equities underperformed the US for most of the year given the difficult economic and geopolitical backdrop. European equities outperformed US markets to finish the year, as US markets were held back following weaker-than-expected third-quarter earnings and forward guidance for many of the widely held US large-cap tech and consumer names. European names saw some relief, supported by already depressed valuations, and as investors reacted to softer inflation data and a mild start to the European winter – a positive for energy supplies.

Performance Results

For the 12 months ending December 31, 2022, Class Y shares of the Mirova U.S. Sustainable Equity Fund returned -23.07% at net asset value. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned -18.11%.

Explanation of Fund Performance

Underperformance relative to the benchmark during the period was driven mainly by security selection within the Financials, Materials, and Health Care sectors. More broadly, the portfolio's lack of exposure to the traditional Energy sector was a relative detractor given the sector's strong performance relative to the broad market. The strategy's focus on long-term secular trends around the environment, technology, demographics, and governance often results in a growth bias to the portfolio, and many longer-duration stocks in the portfolio sold off during the year. The portfolio's overweight to the Information Technology sector detracted as a result as well.

In terms of security selection, within Financials, Signature Bank was the largest relative detractor due in part to the macro backdrop and in part to digital asset volatility and investors' reaction to this volatility. While the company is not involved in digital assets

\| 20

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MIROVA U.S. SUSTAINABLE EQUITY FUND

directly, a portion of its customers' deposits are tied to the digital asset industry, and the company's stock price came under pressure as a result of this reaction. Within the Materials sector, Ecolab was the largest relative detractor, with the majority of the stock's year-to-date underperformance occurring during the first two months of the year after the company issued poor guidance indicating their end markets in hospitality had not fully recovered from Covid. Within Materials, the market also rotated into more cyclically exposed, lower quality companies that were expected to benefit from rising commodity prices, such as metals & mining where the portfolio has no exposure. Security selection within Health Care detracted overall mainly due to not owning certain names that are part of the benchmark and performed strongly during the year.

The worst performers overall for the period were Signature Bank and SVB Financial. SVB was lower due to deposit base pressure as its customers experienced reduced investment flow in a difficult market environment. We believe that SVB's synergistic banking franchise in the innovation tech and health care sectors has strengthened in this challenging environment, and that its competitive advantages including deep sector expertise, unique relationship networks, and experience managing through volatile tech cycles position it well for renewed growth.

Contributors to relative results included the portfolio's underweights to the Communications Services and Consumer Discretionary sectors, the worst-performing sectors in the index, as well as overweights to the more defensive Health Care and Utilities sectors. Security selection in Information Technology was also additive. Within Information Technology, First Solar performed strongly on the passing of the IRA in the US, and Mastercard held up much better than the broader sector throughout the year.

The best performers overall for the period were First Solar and global leaders on diabetes and obesity treatments Eli Lilly. Eli Lilly performed well on continued optimism on the opportunity related to the company's novel treatment for diabetes and obesity as well as positive results from Biogen's late-stage studies on its Alzheimer's disease treatment.

We made several adjustments to the portfolio during the year and broadly believe the portfolio is composed of high-quality companies that are well positioned to address long-term secular trends and are trading at very attractive valuations. During the year, we exited positions in Oracle and Avalara, and initiated positions in SVB Financial, Deere, and Edwards Lifesciences.

Outlook

Looking ahead to 2023, we expect continued volatility in equity markets, driven by many of the same issues markets faced in 2022. We expect a significant slowdown in economic activity in the first half of the year driven by central banks increasing interest rates to fight inflation. We continue to work under the assumption of higher inflation for longer, which is likely to lead to recession in both Europe and the US. The situation in Asia is a bit different, and the reopening of China's economy may help ease global supply chain constraints and support economic growth, though this is likely to be fragile as reopening is likely to lead to pressure on the health care system. We think that many central banks will continue to raise interest rates to fight inflation at least in the beginning of the year, impacting short-term interest rates. The good news is we believe we may have already seen inflation peak in the US at the end of 2022 and may be nearing the peak in Europe and other regions, meaning the probability of higher long-term interest rates is quite low. That said, we believe that inflation will be higher than it has been historically and for longer, buoyed in part by shifting supply chain practices where companies and industries as a whole are rethinking global supply chains, as companies and regions seek to reduce dependence on countries with autocratic regimes as well as those with restrictive Covid policies. After decades of globalization and outsourcing production to low-cost countries and, less visibly, social and environmental problems, bringing this closer to home will be a costly and lengthy process. Shifting global supply chains will be an in-focus theme for us in 2023, leading to more opportunities related to industrial automation and optimization of industrial processes across industries.

Energy and energy security will continue to be a big theme in 2023. In the near term, the biggest risks to the downside, in our view, include an escalation in the Russia/Ukraine conflict and the potential for Russia to leverage its oil and gas supplies to apply political pressure as the impact on the European economy would be immense. While short-term solutions such as importing liquid natural gas from other countries will be used, renewable energy is the only solution for Europe's energy security in the long term and can make the region truly energy independent. This should have a positive effect on wind, solar, and large-scale energy storage solutions such as hydrogen. It could take a few years, however, before this translates into higher earnings, but we will see much more research and development in the space. High energy prices are also expected to have a positive impact on energy-efficient solutions for both the private and the corporate market. The passing of the IRA in the US to some extent reinforces our conviction in the environmental transition, as the path ahead for the US seems clearer for the time being. Our portfolios are already well positioned within this context.

The final big theme for 2023 that we are watching closely is on biodiversity and our food systems. We see the focus on these themes strengthening in 2023 and beyond, driven by the increasing impact of Gen Z and awareness of the impact our food systems and human activities more broadly have on climate and biodiversity. For example, we see more opportunities emerging in companies offering solutions for sustainable land management and food production, ingredients and bioscience, water technology and sustainable packaging.

21 \|

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While volatility may remain high and we may see a recession in Europe and in the US in the first half of the year, valuations have become much more attractive in many parts of the market and are already reflecting much of the near-term risk we see, and we believe we could see a recovery in the second half of the year. We believe the portfolios are well positioned for both a recession and subsequent recovery. Our approach to security selection has led to our portfolios being overweight areas like utilities, health care, and food and beverages, sectors that tend to be more defensive in recessionary environments. We also know that due to trends like population growth and generational shifts, these sectors tend to do well also in a normal economic environment. However, if we do get a recovery, we also believe that renewable energy and the digitalization of our economy will also lead to many investment opportunities, areas that we have strong exposure to in the portfolios.

Equity valuations have been impacted significantly in 2022 by rising interest rates, with that impact the highest on companies, sectors and themes with long-term visibility of cashflow generation. Because we expect that inflation will peak around end-of-2022 levels, we believe that those are the areas that are the most attractive from a valuation perspective now. We're looking at companies within themes such as renewable energy and health care, but also at digitalization of our economy and may find opportunities to add names or add to existing holdings that have been hit hard already, but selectivity will continue to be key. In general, we like high-quality companies and, especially when interest rates are high, know that companies with larger amounts of debt on their balance sheets and those that may need to refinance that debt will find it more difficult to generate strong earnings growth. Therefore, we continue to focus the portfolio as a whole on high-quality companies with strong balance sheets.

Maintaining a long-term perspective and a focus on fundamentals is key in difficult environments. If we look beyond the short term, nothing has changed regarding the long-term demographic, environmental, technological and governance trends shifting the economy we focus on, such as aging population, climate change and digitalization. These trends are secular in nature. We continue to focus on individual company fundamentals to ensure that the fundamentals or the long-term theses on the companies have not changed. Overall, while our portfolios may have to endure a challenging environment in the short term, we believe that the portfolios are well positioned with high-quality companies addressing long-term thematic (secular) growth trends, believe that underlying fundamentals remain strong, and will continue to take advantage of disconnects between current stock prices and long-term value of companies.

Top Ten Holdings as of December 31, 2022

---

| | | |
|:---|:---|:---|
|  | Security Name | % of<br> Net Assets |
| 1 | Microsoft Corp. | 7.42% |
| 2 | Thermo Fisher Scientific, Inc. | 6.64 |
| 3 | Mastercard, Inc., Class A | 5.76 |
| 4 | Roper Technologies, Inc. | 4.79 |
| 5 | Xylem, Inc. | 4.48 |
| 6 | NextEra Energy, Inc. | 4.42 |
| 7 | American Water Works Co., Inc. | 4.32 |
| 8 | Danaher Corp. | 4.26 |
| 9 | Waste Management, Inc. | 4.18 |
| 10 | NVIDIA Corp. | 4.01 |

---

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

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MIROVA U.S. SUSTAINABLE EQUITY FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares<sup>3</sup>

December 15, 2020 (inception) through December 31, 2022

![LOGO](g462779g79p55.jpg)

Average Annual Total Returns – December 31, 2022<sup>3</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | Life of Fund | Expense Ratios<sup>4</sup> | Expense Ratios<sup>4</sup> |
|  | 1 Year | Life of Fund | Gross | Net |
| &nbsp;&nbsp;&nbsp;Class Y (Inception 12/15/20) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -23.07% | 1.01% | 8.79% | 0.80% |
| &nbsp;&nbsp;&nbsp;Class A (Inception 12/15/20) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -23.21 | 0.80 | 8.99 | 1.05 |
| &nbsp;&nbsp;&nbsp;*With 5.75% Maximum Sales Charge* | -27.64 | -2.07 |  |  |
| &nbsp;&nbsp;&nbsp;Class C (Inception 12/15/20) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -23.81 | 0.02 | 9.37 | 1.80 |
| &nbsp;&nbsp;&nbsp;With CDSC<sup>1</sup> | -24.53 | 0.02 |  |  |
| &nbsp;&nbsp;&nbsp;Class N (Inception 12/15/20) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*NAV* | -22.95 | 1.10 | 3.50 | 0.75 |
| &nbsp;&nbsp;&nbsp;Comparative Performance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index<sup>2</sup> | -18.11 | 3.45 |  |  |

---

**Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance.** Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

---

| | |
|:---|:---|
| 1 | Performance for Class C shares assumes a 1.00% contingent deferred sales charge ("CDSC") applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.  |

---

---

| | |
|:---|:---|
| 2 | S&P 500<sup>®</sup> Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors. It also measures the performance of the large cap segment of the U.S. equities market.  |

---

3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

---

| | |
|:---|:---|
| 4 | Expense ratios are as shown in the Fund's prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund's expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund's expense limitations.  |

---

23 \|

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ADDITIONAL INFORMATION

**The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers' views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Fund is actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.** 

**All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.** 

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Investment Managers or any of its related or affiliated companies (collectively "Natixis Affiliates") and does not sponsor, endorse or participate in the provision of any Natixis Affiliates services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an "as is" basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

A description of the Natixis Funds' proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis Funds' website at im.natixis.com; and on the Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from the Natixis Funds' website and the SEC's website.

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at im.natixis.com/funddocuments. A hard copy may be requested from the Fund at no charge by calling 800-225-5478.

CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are registered trademarks owned by the CFA Institute.

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UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Funds' prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from July 1, 2022 through December 31, 2022. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown for your class.

The second line in the table for each class of fund shares provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges. Therefore, the second line in the table of each fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning funds. If transaction costs were included, total costs would be higher.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**GATEWAY FUND** | BEGINNING<br>ACCOUNT VALUE<br>7/1/2022 | ENDING<br>ACCOUNT VALUE<br>12/31/2022 | EXPENSES PAID<br>DURING PERIOD\*<br>7/1/2022 – 12/31/2022 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1005.60 | $4.75 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.47 | $4.79 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1002.00 | $8.58 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1016.64 | $8.64 |
| &nbsp;&nbsp;&nbsp;Class N |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1007.20 | $3.29 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.93 | $3.31 |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1006.90 | $3.54 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.68 | $3.57 |

---

\* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.94%, 1.70%, 0.65% and 0.70% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period). 

25 \|

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**GATEWAY EQUITY CALL PREMIUM FUND** | BEGINNING<br>ACCOUNT VALUE<br>7/1/2022 | ENDING<br>ACCOUNT VALUE<br>12/31/2022 | EXPENSES PAID<br>DURING PERIOD\*<br>7/1/2022 – 12/31/2022 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1022.10 | $4.74 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.52 | $4.74 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1019.00 | $8.55 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1016.74 | $8.54 |
| &nbsp;&nbsp;&nbsp;Class N |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1023.90 | $3.21 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1022.03 | $3.21 |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1023.60 | $3.47 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.78 | $3.47 |

---

\* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.93%, 1.68%, 0.63% and 0.68% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period). 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**MIROVA GLOBAL GREEN BOND FUND** | BEGINNING<br>ACCOUNT VALUE<br>7/1/2022 | ENDING<br>ACCOUNT VALUE<br>12/31/2022 | EXPENSES PAID<br>DURING PERIOD\*<br>7/1/2022 – 12/31/2022 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $971.70 | $4.47 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.67 | $4.58 |
| &nbsp;&nbsp;&nbsp;Class N |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $974.20 | $2.99 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1022.18 | $3.06 |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $974.20 | $3.23 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.93 | $3.31 |

---

\* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.90%, 0.60% and 0.65% for Class A, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period). 

\| 26

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**MIROVA GLOBAL SUSTAINABLE EQUITY FUND** | BEGINNING<br>ACCOUNT VALUE<br>7/1/2022 | ENDING<br>ACCOUNT VALUE<br>12/31/2022 | EXPENSES PAID<br>DURING PERIOD\*<br>7/1/2022 – 12/31/2022 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1033.00 | $6.15 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1019.16 | $6.11 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1029.10 | $9.97 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1015.38 | $9.91 |
| &nbsp;&nbsp;&nbsp;Class N |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1034.40 | $4.56 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.72 | $4.53 |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1034.40 | $4.87 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.42 | $4.84 |

---

\* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 1.20%, 1.95%, 0.89% and 0.95% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period). 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND** | BEGINNING<br>ACCOUNT VALUE<br>7/1/2022 | ENDING<br>ACCOUNT VALUE<br>12/31/2022 | EXPENSES PAID<br>DURING PERIOD\*<br>7/1/2022 – 12/31/2022 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1042.80 | $6.23 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1019.11 | $6.16 |
| &nbsp;&nbsp;&nbsp;Class N |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1045.00 | $4.69 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.62 | $4.63 |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1044.30 | $4.95 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.37 | $4.89 |

---

\* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 1.21%, 0.91% and 0.96% for Class A, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period). 

27 \|

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**MIROVA U.S. SUSTAINABLE EQUITY FUND** | BEGINNING<br>ACCOUNT VALUE<br>7/1/2022 | ENDING<br>ACCOUNT VALUE<br>12/31/2022 | EXPENSES PAID<br>DURING PERIOD\*<br>7/1/2022 – 12/31/2022 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1037.50 | $5.39 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1019.91 | $5.35 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1033.50 | $9.23 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1016.13 | $9.15 |
| &nbsp;&nbsp;&nbsp;Class N |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1039.20 | $3.85 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.43 | $3.82 |
| &nbsp;&nbsp;&nbsp;Class Y |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1038.70 | $4.11 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.17 | $4.08 |

---

\* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 0.75% and 0.80% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period). 

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Portfolio of Investments – as of December 31, 2022

Gateway Fund

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| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 97.1% of Net Assets** | **Common Stocks — 97.1% of Net Assets** | **Common Stocks — 97.1% of Net Assets** |
|  | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| 148078 | Boeing Co. (The)(a)(b) | $28207378 |
| 41278 | HEICO Corp.(b) | 6341952 |
| 57338 | L3Harris Technologies, Inc.(b) | 11938345 |
| 552963 | Raytheon Technologies Corp.(b) | 55805026 |
|  |  | 102292701 |
|  | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| 36648 | GXO Logistics, Inc.(a) | 1564503 |
| 216722 | United Parcel Service, Inc., Class B(b) | 37674953 |
|  |  | 39239456 |
|  | **Airlines — 0.2%** | **Airlines — 0.2%** |
| 153012 | Alaska Air Group, Inc.(a)(b) | 6570335 |
| 144851 | United Airlines Holdings, Inc.(a)(b) | 5460883 |
|  |  | 12031218 |
|  | **Auto Components — 0.0%** | **Auto Components — 0.0%** |
| 36852 | Autoliv, Inc.(b) | 2822126 |
|  | **Automobiles — 1.2%** | **Automobiles — 1.2%** |
| 1177145 | Ford Motor Co.(b) | 13690196 |
| 516081 | Tesla, Inc.(a)(b) | 63570858 |
|  |  | 77261054 |
|  | **Banks — 3.4%** | **Banks — 3.4%** |
| 193834 | Associated Banc-Corp(b) | 4475627 |
| 2043446 | Bank of America Corp.(b) | 67678932 |
| 739345 | JPMorgan Chase & Co.(b) | 99146164 |
| 16401 | Signature Bank(b) | 1889723 |
| 980841 | Wells Fargo & Co.(b) | 40498925 |
|  |  | 213689371 |
|  | **Beverages — 1.8%** | **Beverages — 1.8%** |
| 494297 | Keurig Dr Pepper, Inc.(b) | 17626631 |
| 174722 | Monster Beverage Corp.(a)(b) | 17739525 |
| 427106 | PepsiCo, Inc.(b) | 77160970 |
|  |  | 112527126 |
|  | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| 368852 | AbbVie, Inc.(b) | 59610172 |
| 8614 | Alnylam Pharmaceuticals, Inc.(a)(b) | 2047117 |
| 127391 | Amgen, Inc.(b) | 33457972 |
| 42859 | Biogen, Inc.(a)(b) | 11868514 |
| 25770 | BioMarin Pharmaceutical, Inc.(a)(b) | 2666937 |
| 16697 | Exact Sciences Corp.(a)(b) | 826669 |
| 3171 | Horizon Therapeutics PLC(a)(b) | 360860 |
| 49266 | Ionis Pharmaceuticals, Inc.(a)(b) | 1860777 |
| 75616 | Moderna, Inc.(a)(b) | 13582146 |
| 21063 | Seagen, Inc.(a)(b) | 2706806 |
| 68273 | Vertex Pharmaceuticals, Inc.(a)(b) | 19715877 |
|  |  | 148703847 |
|  | **Building Products — 0.4%** | **Building Products — 0.4%** |
| 15104 | Carlisle Cos., Inc.(b) | 3559258 |
| 355197 | Carrier Global Corp.(b) | 14651876 |
| 20800 | Lennox International, Inc.(b) | 4975984 |
|  |  | 23187118 |
|  | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| 43798 | Blackstone, Inc.(b) | 3249374 |
| 369029 | Charles Schwab Corp. (The)(b) | 30725355 |
| 28906 | FactSet Research Systems, Inc.(b) | 11597376 |
| 247065 | Intercontinental Exchange, Inc.(b) | 25346398 |
| 86329 | KKR & Co., Inc.(b) | 4007392 |
| 18320 | LPL Financial Holdings, Inc.(b) | 3960234 |
| 474198 | Morgan Stanley(b) | 40316314 |
| 41804 | MSCI, Inc.(b) | 19445967 |
|  | **Capital Markets — continued** | **Capital Markets — continued** |
| 76688 | S&P Global, Inc.(b) | $25685879 |
|  |  | 164334289 |
|  | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| 83434 | Ashland, Inc.(b) | 8971658 |
| 71767 | Celanese Corp.(b) | 7337458 |
| 335148 | Corteva, Inc.(b) | 19699999 |
| 295277 | Dow, Inc.(b) | 14879008 |
| 125392 | Eastman Chemical Co.(b) | 10211924 |
| 35507 | Ingevity Corp.(a)(b) | 2501113 |
| 167820 | LyondellBasell Industries NV, Class A(b) | 13934095 |
| 125903 | Mosaic Co. (The)(b) | 5523365 |
| 8638 | Nutrien Ltd.(b) | 630833 |
| 66451 | Olin Corp.(b) | 3517916 |
| 95921 | RPM International, Inc.(b) | 9347501 |
| 195010 | Valvoline, Inc.(b) | 6367077 |
|  |  | 102921947 |
|  | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
| 244314 | Copart, Inc.(a)(b) | 14876279 |
| 69341 | Waste Connections, Inc.(b) | 9191843 |
| 191643 | Waste Management, Inc.(b) | 30064954 |
|  |  | 54133076 |
|  | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| 1243711 | Cisco Systems, Inc.(b) | 59250392 |
|  | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| 48861 | Martin Marietta Materials, Inc.(b) | 16513552 |
|  | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| 121623 | Ally Financial, Inc.(b) | 2973682 |
| 188425 | Discover Financial Services(b) | 18433618 |
| 445997 | Synchrony Financial(b) | 14655462 |
|  |  | 36062762 |
|  | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| 54360 | Avery Dennison Corp.(b) | 9839160 |
| 60185 | Crown Holdings, Inc.(b) | 4947809 |
| 40058 | Sonoco Products Co.(b) | 2431921 |
| 141364 | WestRock Co.(b) | 4970358 |
|  |  | 22189248 |
|  | **Distributors — 0.3%** | **Distributors — 0.3%** |
| 107529 | Genuine Parts Co.(b) | 18657357 |
|  | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| 67454 | Service Corp. International(b) | 4663770 |
|  | **Diversified Financial Services — 2.2%** | **Diversified Financial Services — 2.2%** |
| 432825 | Berkshire Hathaway, Inc., Class B(a)(b) | 133699643 |
| 133431 | Voya Financial, Inc.(b) | 8204672 |
|  |  | 141904315 |
|  | **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** |
| 1557641 | AT&T, Inc.(b) | 28676171 |
| 119721 | Liberty Global PLC, Class C(a)(b) | 2326179 |
| 196472 | Lumen Technologies, Inc.(b) | 1025584 |
| 891142 | Verizon Communications, Inc.(b) | 35110994 |
|  |  | 67138928 |
|  | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| 323243 | Alliant Energy Corp.(b) | 17846246 |
| 373580 | American Electric Power Co., Inc.(b) | 35471421 |
| 138237 | Evergy, Inc.(b) | 8699254 |
| 349526 | FirstEnergy Corp.(b) | 14659120 |
| 429980 | NextEra Energy, Inc.(b) | 35946328 |
| 153399 | OGE Energy Corp.(b) | 6066931 |
| 501471 | PG&E Corp.(a)(b) | 8153919 |
|  |  | 126843219 |

---

See accompanying notes to financial statements.

29 \|

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Portfolio of Investments – as of December 31, 2022

Gateway Fund – (continued)

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| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| 181509 | Eaton Corp. PLC(b) | $28487838 |
| 31715 | Hubbell, Inc.(b) | 7442876 |
|  |  | 35930714 |
|  | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
| 97069 | CDW Corp.(b) | 17334582 |
| 375436 | Corning, Inc.(b) | 11991426 |
| 26442 | Teledyne Technologies, Inc.(a)(b) | 10574420 |
| 33350 | Zebra Technologies Corp., Class A(a)(b) | 8551274 |
|  |  | 48451702 |
|  | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| 645484 | Halliburton Co.(b) | 25399795 |
| 102771 | Helmerich & Payne, Inc.(b) | 5094359 |
|  |  | 30494154 |
|  | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| 81510 | Live Nation Entertainment, Inc.(a)(b) | 5684507 |
| 103135 | Netflix, Inc.(a)(b) | 30412449 |
| 6573 | Roku, Inc.(a)(b) | 267521 |
| 439708 | Walt Disney Co. (The)(a)(b) | 38201831 |
|  |  | 74566308 |
|  | **Food & Staples Retailing — 1.7%** | **Food & Staples Retailing — 1.7%** |
| 26487 | Casey's General Stores, Inc.(b) | 5942358 |
| 104945 | Costco Wholesale Corp.(b) | 47907393 |
| 86520 | Kroger Co. (The)(b) | 3857062 |
| 115434 | U.S. Foods Holding Corp.(a)(b) | 3927065 |
| 338093 | Walmart, Inc.(b) | 47938206 |
|  |  | 109572084 |
|  | **Food Products — 1.1%** | **Food Products — 1.1%** |
| 61781 | Bunge Ltd.(b) | 6163890 |
| 127011 | Hormel Foods Corp.(b) | 5785351 |
| 74762 | Lamb Weston Holdings, Inc.(b) | 6680732 |
| 698295 | Mondelez International, Inc., Class A(b) | 46541362 |
| 52500 | Post Holdings, Inc.(a)(b) | 4738650 |
|  |  | 69909985 |
|  | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| 76973 | UGI Corp.(b) | 2853389 |
|  | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| 461268 | Abbott Laboratories(b) | 50642614 |
| 161683 | Baxter International, Inc.(b) | 8240982 |
| 554460 | Boston Scientific Corp.(a)(b) | 25654864 |
| 75712 | Dexcom, Inc.(a)(b) | 8573627 |
| 218970 | Edwards Lifesciences Corp.(a)(b) | 16337352 |
| 3008 | Insulet Corp.(a)(b) | 885525 |
| 108519 | Intuitive Surgical, Inc.(a)(b) | 28795517 |
| 237716 | Medtronic PLC(b) | 18475287 |
| 55109 | STERIS PLC(b) | 10178081 |
| 24419 | Teleflex, Inc.(b) | 6095715 |
|  |  | 173879564 |
|  | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| 354081 | CVS Health Corp.(b) | 32996808 |
| 83702 | Elevance Health, Inc.(b) | 42936615 |
| 78255 | HCA Healthcare, Inc.(b) | 18778070 |
| 16707 | Molina Healthcare, Inc.(a)(b) | 5516986 |
| 227229 | UnitedHealth Group, Inc.(b) | 120472271 |
| 65316 | Universal Health Services, Inc., Class B(b) | 9202371 |
|  |  | 229903121 |
|  | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| 35189 | Veeva Systems, Inc., Class A(a)(b) | 5678801 |
|  | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| 10914 | Booking Holdings, Inc.(a)(b) | 21994766 |
|  | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| 71898 | Hilton Grand Vacations, Inc.(a)(b) | $2770949 |
| 168770 | Hilton Worldwide Holdings, Inc.(b) | 21325777 |
| 175041 | McDonald's Corp.(b) | 46128555 |
| 15436 | Melco Resorts & Entertainment Ltd., Sponsored ADR(a)(b) | 177514 |
| 105955 | Restaurant Brands International, Inc.(b) | 6852110 |
| 207725 | Starbucks Corp.(b) | 20606320 |
| 12225 | Vail Resorts, Inc.(b) | 2913829 |
| 70445 | Wendy's Co. (The)(b) | 1594170 |
|  |  | 124363990 |
|  | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| 2420 | NVR, Inc.(a)(b) | 11162444 |
| 129073 | Toll Brothers, Inc.(b) | 6443324 |
|  |  | 17605768 |
|  | **Household Products — 1.5%** | **Household Products — 1.5%** |
| 644259 | Procter & Gamble Co. (The)(b) | 97643894 |
|  | **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** |
| 205207 | 3M Co.(b) | 24608423 |
| 217269 | General Electric Co.(b) | 18204970 |
| 213732 | Honeywell International, Inc.(b) | 45802768 |
|  |  | 88616161 |
|  | **Insurance — 2.4%** | **Insurance — 2.4%** |
| 577052 | Aflac, Inc.(b) | 41513121 |
| 62761 | American Financial Group, Inc.(b) | 8615830 |
| 91119 | Aon PLC, Class A(b) | 27348457 |
| 240576 | Arch Capital Group Ltd.(a)(b) | 15103361 |
| 187556 | Arthur J. Gallagher & Co.(b) | 35361808 |
| 74687 | Fidelity National Financial, Inc.(b) | 2809725 |
| 90500 | Lincoln National Corp.(b) | 2780160 |
| 3155 | Markel Corp.(a)(b) | 4156681 |
| 25430 | RenaissanceRe Holdings Ltd.(b) | 4684969 |
| 245220 | Unum Group(b) | 10061377 |
|  |  | 152435489 |
|  | **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** |
| 561560 | Alphabet, Inc., Class A(a)(b) | 49546439 |
| 1651577 | Alphabet, Inc., Class C(a)(b) | 146544427 |
| 488450 | Meta Platforms, Inc., Class A(a)(b) | 58780073 |
|  |  | 254870939 |
|  | **Internet & Direct Marketing Retail — 2.5%** | **Internet & Direct Marketing Retail — 2.5%** |
| 1813960 | Amazon.com, Inc.(a)(b) | 152372640 |
| 3379 | MercadoLibre, Inc.(a)(b) | 2859445 |
|  |  | 155232085 |
|  | **IT Services — 4.2%** | **IT Services — 4.2%** |
| 96508 | Accenture PLC, Class A(b) | 25752195 |
| 141064 | Automatic Data Processing, Inc.(b) | 33694547 |
| 40838 | Block, Inc.(a)(b) | 2566260 |
| 114609 | DXC Technology Co.(a)(b) | 3037139 |
| 16340 | EPAM Systems, Inc.(a)(b) | 5355272 |
| 21387 | Gartner, Inc.(a)(b) | 7189026 |
| 151525 | Mastercard, Inc., Class A(b) | 52689788 |
| 160547 | Paychex, Inc.(b) | 18552811 |
| 300792 | PayPal Holdings, Inc.(a)(b) | 21422406 |
| 70477 | Shopify, Inc., Class A(a)(b) | 2446257 |
| 21371 | SS&C Technologies Holdings, Inc.(b) | 1112574 |
| 8665 | Twilio, Inc., Class A(a)(b) | 424238 |
| 72450 | VeriSign, Inc.(a)(b) | 14884128 |
| 376825 | Visa, Inc., Class A(b) | 78289162 |
|  |  | 267415803 |

---

See accompanying notes to financial statements.

\| 30

------

Portfolio of Investments – as of December 31, 2022

Gateway Fund – (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| 19460 | Polaris, Inc.(b) | $1965460 |
|  | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| 151550 | Avantor, Inc.(a)(b) | 3196189 |
| 113133 | Danaher Corp.(b) | 30027761 |
| 17245 | ICON PLC(a)(b) | 3349841 |
| 52796 | Illumina, Inc.(a)(b) | 10675351 |
| 89614 | Thermo Fisher Scientific, Inc.(b) | 49349534 |
|  |  | 96598676 |
|  | **Machinery — 2.0%** | **Machinery — 2.0%** |
| 142239 | Caterpillar, Inc.(b) | 34074775 |
| 89903 | Cummins, Inc.(b) | 21782598 |
| 72565 | Deere & Co.(b) | 31112969 |
| 93267 | Parker-Hannifin Corp.(b) | 27140697 |
| 121067 | Pentair PLC(b) | 5445594 |
| 63733 | Timken Co. (The)(b) | 4504011 |
|  |  | 124060644 |
|  | **Media — 0.7%** | **Media — 0.7%** |
| 1121178 | Comcast Corp., Class A(b) | 39207595 |
| 33220 | Liberty Broadband Corp., Class C(a)(b) | 2533689 |
| 532406 | Sirius XM Holdings, Inc.(b) | 3109251 |
|  |  | 44850535 |
|  | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| 28464 | Alcoa Corp.(b) | 1294258 |
| 184756 | Newmont Corp.(b) | 8720483 |
| 116378 | Southern Copper Corp.(b) | 7028067 |
| 47801 | Steel Dynamics, Inc.(b) | 4670158 |
|  |  | 21712966 |
|  | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| 260977 | Ameren Corp.(b) | 23206075 |
| 258154 | Consolidated Edison, Inc.(b) | 24604658 |
| 227581 | WEC Energy Group, Inc.(b) | 21337994 |
|  |  | 69148727 |
|  | **Multiline Retail — 0.4%** | **Multiline Retail — 0.4%** |
| 152451 | Target Corp.(b) | 22721297 |
|  | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** |
| 346281 | Cenovus Energy, Inc.(b) | 6721314 |
| 50447 | Cheniere Energy, Inc.(b) | 7565032 |
| 432007 | Chevron Corp.(b) | 77540937 |
| 385792 | ConocoPhillips(b) | 45523456 |
| 31490 | Enbridge, Inc.(b) | 1231259 |
| 126980 | EQT Corp.(b) | 4295733 |
| 891239 | Exxon Mobil Corp.(b) | 98303662 |
| 61365 | HF Sinclair Corp.(b) | 3184230 |
| 221709 | Occidental Petroleum Corp.(b) | 13965450 |
| 254599 | ONEOK, Inc.(b) | 16727154 |
| 117666 | Suncor Energy, Inc.(b) | 3733542 |
| 115966 | Targa Resources Corp.(b) | 8523501 |
| 107375 | Valero Energy Corp.(b) | 13621593 |
|  |  | 300936863 |
|  | **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** |
| 489213 | Bristol-Myers Squibb Co.(b) | 35198875 |
| 179752 | Eli Lilly & Co.(b) | 65760472 |
| 14229 | Jazz Pharmaceuticals PLC(a)(b) | 2266822 |
| 523591 | Johnson & Johnson(b) | 92492350 |
| 597588 | Merck & Co., Inc.(b) | 66302388 |
| 1174553 | Pfizer, Inc.(b) | 60184096 |
|  |  | 322205003 |
|  | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| 52260 | Booz Allen Hamilton Holding Corp.(b) | 5462215 |
| 97840 | CoStar Group, Inc.(a)(b) | 7561075 |
|  | **Professional Services — continued** | **Professional Services — continued** |
| 40427 | ManpowerGroup, Inc.(b) | $3363931 |
| 53033 | TransUnion(b) | 3009623 |
|  |  | 19396844 |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 56375 | Zillow Group, Inc., Class C(a)(b) | 1815839 |
|  | **REITs – Apartments — 0.6%** | **REITs – Apartments — 0.6%** |
| 252006 | American Homes 4 Rent, Class A(b) | 7595461 |
| 85332 | Camden Property Trust(b) | 9546944 |
| 409105 | Invitation Homes, Inc.(b) | 12125872 |
| 265036 | UDR, Inc.(b) | 10264844 |
|  |  | 39533121 |
|  | **REITs – Diversified — 0.5%** | **REITs – Diversified — 0.5%** |
| 107323 | American Tower Corp.(b) | 22737451 |
| 100874 | W.P. Carey, Inc.(b) | 7883303 |
|  |  | 30620754 |
|  | **REITs – Health Care — 0.2%** | **REITs – Health Care — 0.2%** |
| 260504 | Healthcare Realty Trust, Inc.(b) | 5019912 |
| 453565 | Medical Properties Trust, Inc.(b) | 5052714 |
| 295291 | Sabra Health Care REIT, Inc.(b) | 3670467 |
|  |  | 13743093 |
|  | **REITs – Manufactured Homes — 0.3%** | **REITs – Manufactured Homes — 0.3%** |
| 143552 | Equity LifeStyle Properties, Inc.(b) | 9273459 |
| 68343 | Sun Communities, Inc.(b) | 9773049 |
|  |  | 19046508 |
|  | **REITs – Mortgage — 0.0%** | **REITs – Mortgage — 0.0%** |
| 128993 | Annaly Capital Management, Inc.(b) | 2719172 |
|  | **REITs – Office Property — 0.0%** | **REITs – Office Property — 0.0%** |
| 3663 | Kilroy Realty Corp.(b) | 141648 |
|  | **REITs – Single Tenant — 0.2%** | **REITs – Single Tenant — 0.2%** |
| 221497 | National Retail Properties, Inc.(b) | 10135703 |
|  | **REITs – Storage — 0.1%** | **REITs – Storage — 0.1%** |
| 151601 | CubeSmart(b) | 6101940 |
|  | **REITs – Warehouse/Industrials — 0.3%** | **REITs – Warehouse/Industrials — 0.3%** |
| 171517 | Prologis, Inc.(b) | 19335111 |
|  | **Road & Rail — 0.9%** | **Road & Rail — 0.9%** |
| 115540 | Canadian Pacific Railway Ltd.(b) | 8618128 |
| 836813 | CSX Corp.(b) | 25924467 |
| 47741 | J.B. Hunt Transport Services, Inc.(b) | 8324121 |
| 43447 | Old Dominion Freight Line, Inc.(b) | 12329390 |
| 108199 | Uber Technologies, Inc.(a)(b) | 2675761 |
|  |  | 57871867 |
|  | **Semiconductors & Semiconductor Equipment — 4.9%** | **Semiconductors & Semiconductor Equipment — 4.9%** |
| 326538 | Advanced Micro Devices, Inc.(a)(b) | 21149866 |
| 170421 | Analog Devices, Inc.(b) | 27954157 |
| 100260 | Broadcom, Inc.(b) | 56058374 |
| 16102 | First Solar, Inc.(a)(b) | 2411919 |
| 960537 | Intel Corp.(b) | 25386993 |
| 148999 | Marvell Technology, Inc.(b) | 5518923 |
| 304535 | Micron Technology, Inc.(b) | 15220659 |
| 527202 | NVIDIA Corp.(b) | 77045300 |
| 268158 | QUALCOMM, Inc.(b) | 29481290 |
| 106600 | Teradyne, Inc.(b) | 9311510 |
| 258807 | Texas Instruments, Inc.(b) | 42760093 |
|  |  | 312299084 |
|  | **Software — 8.2%** | **Software — 8.2%** |
| 121776 | Adobe, Inc.(a)(b) | 40981277 |
| 33266 | Black Knight, Inc.(a)(b) | 2054175 |
| 135877 | Cadence Design Systems, Inc.(a)(b) | 21827281 |

---

See accompanying notes to financial statements.

31 \|

------

Portfolio of Investments – as of December 31, 2022

Gateway Fund – (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Software — continued** | **Software — continued** |
| 22762 | Ceridian HCM Holding, Inc.(a)(b) | $1460182 |
| 50512 | Intuit, Inc.(b) | 19660281 |
| 1475957 | Microsoft Corp.(b) | 353964008 |
| 417592 | Oracle Corp.(b) | 34133970 |
| 30411 | Palo Alto Networks, Inc.(a)(b) | 4243551 |
| 122267 | Salesforce, Inc.(a)(b) | 16211382 |
| 51745 | ServiceNow, Inc.(a)(b) | 20091031 |
| 10997 | VMware, Inc., Class A(a)(b) | 1349992 |
| 29249 | Workday, Inc., Class A(a)(b) | 4894235 |
|  |  | 520871365 |
|  | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| 17696 | Burlington Stores, Inc.(a)(b) | 3588041 |
| 20171 | Dick's Sporting Goods, Inc.(b) | 2426370 |
| 256279 | Home Depot, Inc. (The)(b) | 80948285 |
| 210858 | Lowe's Cos., Inc.(b) | 42011348 |
| 16734 | O'Reilly Automotive, Inc.(a)(b) | 14123998 |
| 17808 | Williams-Sonoma, Inc.(b) | 2046495 |
|  |  | 145144537 |
|  | **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |
| 3012758 | Apple, Inc.(b) | 391447647 |
| 63335 | Dell Technologies, Inc., Class C(b) | 2547334 |
|  |  | 393994981 |
|  | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| 16507 | Lululemon Athletica, Inc.(a)(b) | 5288512 |
| 268082 | NIKE, Inc., Class B(b) | 31368275 |
|  |  | 36656787 |
|  | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| 671905 | Altria Group, Inc.(b) | 30712778 |
|  | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| 18040 | GATX Corp.(b) | 1918374 |
|  | Total Common Stocks <br>(Identified Cost $2,647,799,973) | 6152050500 |
|  | Total Purchased Options — 1.0% <br>(Identified Cost $92,445,105) (see detail below) | 61206245 |
| **Principal<br>Amount** |  |  |
| **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** |  |
| $206114180 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $206,155,403 on 1/03/2023 collateralized by $52,945,100 U.S. Treasury Inflation Indexed Bond, 3.625% due 4/15/2028 valued at $106,625,618; $4,404,700 U.S. Treasury Note, 2.875% due 5/15/2028 valued at $4,185,927; $114,000,000 U.S. Treasury Note, 1.250% due 4/30/2028 valued at $99,425,079 including accrued interest (Note 2 of Notes to Financial Statements) <br>(Identified Cost $206,114,180) | 206114180 |
|  | Total Investments — 101.3% <br>(Identified Cost $2,946,359,258) | 6419370925 |
|  | Other assets less liabilities — (1.3)% | (81331419) |
|  | Net Assets — 100.0% | $6338039506 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Options — 1.0%** | **Purchased Options — 1.0%** | **Purchased Options — 1.0%** | **Purchased Options — 1.0%** | **Purchased Options — 1.0%** | **Purchased Options — 1.0%** | **Purchased Options — 1.0%** |
| **Description** | **Expiration<br>Date** | **Exercise<br>Price** | **Contracts** | **Notional<br>Amount** | **Cost** | **Value (†)** |
| **Index Options — 1.0%** | **Index Options — 1.0%** | **Index Options — 1.0%** | **Index Options — 1.0%** | **Index Options — 1.0%** | **Index Options — 1.0%** | **Index Options — 1.0%** |
| S&P 500<sup>®</sup> Index, Put(a) | 2/17/2023 | 3425 | 2284 | $876941800 | $11471390 | $3734340 |
| S&P 500<sup>®</sup> Index, Put(a) | 2/17/2023 | 3500 | 2302 | 883852900 | 11511151 | 5593860 |
| S&P 500<sup>®</sup> Index, Put(a) | 3/17/2023 | 3400 | 2172 | 833939400 | 17012190 | 6820080 |
| S&P 500<sup>®</sup> Index, Put(a) | 3/17/2023 | 3425 | 2249 | 863503550 | 17671360 | 7759050 |
| S&P 500<sup>®</sup> Index, Put(a) | 3/17/2023 | 3500 | 2283 | 876557850 | 12715169 | 10604535 |
| S&P 500<sup>®</sup> Index, Put(a) | 3/17/2023 | 3550 | 2283 | 876557850 | 11485499 | 12739140 |
| S&P 500<sup>®</sup> Index, Put(a) | 3/17/2023 | 3575 | 2284 | 876941800 | 10578346 | 13955240 |
| Total |  |  |  |  | $92445105 | $61206245 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** |
| **Description** | **Expiration<br>Date** | **Exercise<br>Price** | **Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Value (†)** |
| **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** |
| S&P 500<sup>®</sup> Index, Call | 1/20/2023 | 3850 | (1762) | $(676519900) | $(12983103) | $(12659970) |
| S&P 500<sup>®</sup> Index, Call | 1/20/2023 | 4075 | (1762) | (676519900) | (19813708) | (1083630) |
| S&P 500<sup>®</sup> Index, Call | 1/20/2023 | 4100 | (1762) | (676519900) | (21215361) | (757660) |
| S&P 500<sup>®</sup> Index, Call | 1/31/2023 | 3925 | (1762) | (676519900) | (10488305) | (9409080) |
| S&P 500<sup>®</sup> Index, Call | 2/17/2023 | 3825 | (1761) | (676135950) | (23592997) | (23799915) |
| S&P 500<sup>®</sup> Index, Call | 2/17/2023 | 3900 | (1762) | (676519900) | (21731363) | (16783050) |
| S&P 500<sup>®</sup> Index, Call | 2/17/2023 | 3950 | (1762) | (676519900) | (21870825) | (12844980) |
| S&P 500<sup>®</sup> Index, Call | 2/17/2023 | 3975 | (1762) | (676519900) | (31962380) | (11030120) |
| S&P 500<sup>®</sup> Index, Call | 3/17/2023 | 3900 | (1762) | (676519900) | (21412705) | (23205540) |
| Total |  |  |  |  | $(185070747) | $(111573945) |

---

---

| | |
|:---|:---|
| (†) | See Note 2 of Notes to Financial Statements. |
| (a) | Non-income producing security. |
| (b) | Security (or a portion thereof) has been pledged as collateral for open derivative contracts. |
| ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| REITs | Real Estate Investment Trusts |

---

See accompanying notes to financial statements.

\| 32

------

Portfolio of Investments – as of December 31, 2022

Gateway Fund – (continued)

Industry Summary at December 31, 2022

---

| | |
|:---|:---|
|  Software | 8.2% |
|  Technology Hardware, Storage & Peripherals | 6.2 |
|  Pharmaceuticals | 5.1 |
|  Semiconductors & Semiconductor Equipment | 4.9 |
|  Oil, Gas & Consumable Fuels | 4.8 |
|  IT Services | 4.2 |
|  Interactive Media & Services | 4.0 |
|  Health Care Providers & Services | 3.6 |
|  Banks | 3.4 |
|  Health Care Equipment & Supplies | 2.7 |
|  Capital Markets | 2.6 |
|  Internet & Direct Marketing Retail | 2.5 |
|  Insurance | 2.4 |
|  Biotechnology | 2.3 |
|  Specialty Retail | 2.3 |
|  Diversified Financial Services | 2.2 |
|  Electric Utilities | 2.0 |
|  Hotels, Restaurants & Leisure | 2.0 |
|  Machinery | 2.0 |
|  Other Investments, less than 2% each | 30.7 |
|  Short-Term Investments | 3.2 |
|  Total Investments | 101.3 |
|  Other assets less liabilities (including open written options) | (1.3) |
|  Net Assets | 100.0% |

---

See accompanying notes to financial statements.

33 \|

------

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 99.6% of Net Assets** | **Common Stocks — 99.6% of Net Assets** | **Common Stocks — 99.6% of Net Assets** |
|  | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| 2811 | Boeing Co. (The)(a)(b) | $535467 |
| 1505 | Lockheed Martin Corp.(b) | 732167 |
| 11106 | Raytheon Technologies Corp.(b) | 1120818 |
|  |  | 2388452 |
|  | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| 492 | GXO Logistics, Inc.(a)(b) | 21004 |
|  | **Airlines — 0.3%** | **Airlines — 0.3%** |
| 11176 | Delta Air Lines, Inc.(a)(b) | 367243 |
| 5618 | JetBlue Airways Corp.(a)(b) | 36405 |
|  |  | 403648 |
|  | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
| 858 | Adient PLC(a)(b) | 29764 |
| 1374 | Gentex Corp.(b) | 37469 |
| 343 | Lear Corp.(b) | 42539 |
| 1363 | Magna International, Inc.(b) | 76573 |
|  |  | 186345 |
|  | **Automobiles — 1.2%** | **Automobiles — 1.2%** |
| 23286 | Ford Motor Co.(b) | 270816 |
| 11733 | Tesla, Inc.(a)(b) | 1445271 |
|  |  | 1716087 |
|  | **Banks — 3.9%** | **Banks — 3.9%** |
| 35300 | Bank of America Corp.(b) | 1169136 |
| 10229 | Citigroup, Inc.(b) | 462658 |
| 2043 | Comerica, Inc.(b) | 136575 |
| 1810 | East West Bancorp, Inc.(b) | 119279 |
| 12369 | Fifth Third Bancorp(b) | 405827 |
| 3780 | First Horizon Corp.(b) | 92610 |
| 1472 | First Republic Bank(b) | 179422 |
| 14077 | JPMorgan Chase & Co.(b) | 1887726 |
| 495 | SVB Financial Group(a)(b) | 113919 |
| 19570 | Wells Fargo & Co.(b) | 808045 |
|  |  | 5375197 |
|  | **Beverages — 2.2%** | **Beverages — 2.2%** |
| 23149 | Coca-Cola Co. (The)(b) | 1472508 |
| 8468 | PepsiCo, Inc.(b) | 1529829 |
|  |  | 3002337 |
|  | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| 8628 | AbbVie, Inc.(b) | 1394371 |
| 168 | Alnylam Pharmaceuticals, Inc.(a)(b) | 39925 |
| 2950 | Amgen, Inc.(b) | 774788 |
| 1006 | Biogen, Inc.(a)(b) | 278581 |
| 1134 | BioMarin Pharmaceutical, Inc.(a)(b) | 117358 |
| 976 | Exact Sciences Corp.(a)(b) | 48322 |
| 1611 | Moderna, Inc.(a)(b) | 289368 |
| 303 | Seagen, Inc.(a)(b) | 38938 |
| 1306 | Vertex Pharmaceuticals, Inc.(a)(b) | 377147 |
|  |  | 3358798 |
|  | **Building Products — 0.8%** | **Building Products — 0.8%** |
| 1115 | A.O. Smith Corp.(b) | 63823 |
| 8286 | Carrier Global Corp.(b) | 341797 |
| 2175 | Fortune Brands Innovations, Inc.(b) | 124214 |
| 6595 | Johnson Controls International PLC(b) | 422080 |
| 368 | Lennox International, Inc.(b) | 88037 |
| 2175 | MasterBrand, Inc.(a) | 16421 |
|  |  | 1056372 |
|  | **Capital Markets — 2.7%** | **Capital Markets — 2.7%** |
| 6833 | Bank of New York Mellon Corp. (The)(b) | 311038 |
| 1304 | BlackRock, Inc.(b) | 924053 |
|  | **Capital Markets — continued** | **Capital Markets — continued** |
| 8586 | Charles Schwab Corp. (The)(b) | $714870 |
| 394 | FactSet Research Systems, Inc.(b) | 158077 |
| 1688 | KKR & Co., Inc.(b) | 78357 |
| 8880 | Morgan Stanley(b) | 754978 |
| 881 | MSCI, Inc.(b) | 409815 |
| 3883 | Raymond James Financial, Inc.(b) | 414899 |
|  |  | 3766087 |
|  | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| 849 | AdvanSix, Inc.(b) | 32279 |
| 1421 | Air Products & Chemicals, Inc.(b) | 438037 |
| 1655 | Ashland, Inc.(b) | 177962 |
| 1339 | CF Industries Holdings, Inc.(b) | 114083 |
| 2066 | Huntsman Corp.(b) | 56774 |
| 3129 | Linde PLC(b) | 1020617 |
| 512 | Nutrien Ltd.(b) | 37391 |
| 2459 | PPG Industries, Inc.(b) | 309195 |
| 1332 | RPM International, Inc.(b) | 129803 |
| 3498 | Valvoline, Inc.(b) | 114210 |
|  |  | 2430351 |
|  | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| 1310 | Waste Connections, Inc.(b) | 173654 |
| 3875 | Waste Management, Inc.(b) | 607910 |
|  |  | 781564 |
|  | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
| 3080 | Ciena Corp.(a)(b) | 157019 |
| 25097 | Cisco Systems, Inc.(b) | 1195621 |
| 9010 | Telefonaktiebolaget LM Ericsson, Sponsored ADR(b) | 52618 |
|  |  | 1405258 |
|  | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| 1548 | Martin Marietta Materials, Inc.(b) | 523178 |
|  | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| 4484 | Ally Financial, Inc.(b) | 109634 |
| 6190 | Synchrony Financial(b) | 203403 |
|  |  | 313037 |
|  | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| 1233 | Crown Holdings, Inc.(b) | 101365 |
| 1388 | Packaging Corp. of America(b) | 177539 |
| 2565 | WestRock Co.(b) | 90185 |
|  |  | 369089 |
|  | **Distributors — 0.5%** | **Distributors — 0.5%** |
| 3868 | Genuine Parts Co.(b) | 671137 |
|  | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| 1757 | Service Corp. International(b) | 121479 |
|  | **Diversified Financial Services — 2.2%** | **Diversified Financial Services — 2.2%** |
| 9974 | Berkshire Hathaway, Inc., Class B(a)(b) | 3080969 |
|  | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| 27588 | Verizon Communications, Inc.(b) | 1086967 |
|  | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| 7254 | Alliant Energy Corp.(b) | 400493 |
| 8149 | American Electric Power Co., Inc.(b) | 773747 |
| 2101 | OGE Energy Corp.(b) | 83095 |
| 18458 | Southern Co. (The)(b) | 1318086 |
|  |  | 2575421 |
|  | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| 617 | Acuity Brands, Inc.(b) | 102181 |
| 5935 | Emerson Electric Co.(b) | 570116 |
| 905 | Hubbell, Inc.(b) | 212386 |
| 2698 | Sensata Technologies Holding PLC(b) | 108945 |
|  |  | 993628 |

---

See accompanying notes to financial statements.

\| 34

------

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund – (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| 1903 | Arrow Electronics, Inc.(a)(b) | $198997 |
| 724 | Avnet, Inc.(b) | 30104 |
| 2406 | CDW Corp.(b) | 429663 |
| 7398 | Flex Ltd.(a)(b) | 158761 |
|  |  | 817525 |
|  | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| 10927 | Halliburton Co.(b) | 429978 |
| 6142 | NOV, Inc.(b) | 128306 |
|  |  | 558284 |
|  | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| 1686 | Live Nation Entertainment, Inc.(a)(b) | 117582 |
| 200 | Madison Square Garden Entertainment Corp.(a)(b) | 8994 |
| 475 | Madison Square Garden Sports Corp.(b) | 87082 |
| 1975 | Netflix, Inc.(a)(b) | 582388 |
| 206 | Roku, Inc.(a)(b) | 8384 |
| 8609 | Walt Disney Co. (The)(a)(b) | 747950 |
| 8992 | Warner Bros. Discovery, Inc.(a)(b) | 85244 |
|  |  | 1637624 |
|  | **Food & Staples Retailing — 1.8%** | **Food & Staples Retailing — 1.8%** |
| 2369 | Costco Wholesale Corp.(b) | 1081449 |
| 4772 | Sysco Corp.(b) | 364819 |
| 7277 | Walmart, Inc.(b) | 1031806 |
|  |  | 2478074 |
|  | **Food Products — 0.7%** | **Food Products — 0.7%** |
| 570 | Bunge Ltd.(b) | 56869 |
| 1836 | Hain Celestial Group, Inc. (The)(a)(b) | 29707 |
| 2045 | Ingredion, Inc.(b) | 200267 |
| 5506 | Kellogg Co.(b) | 392247 |
| 2313 | Post Holdings, Inc.(a)(b) | 208771 |
| 1107 | TreeHouse Foods, Inc.(a)(b) | 54664 |
|  |  | 942525 |
|  | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| 1531 | UGI Corp.(b) | 56754 |
|  | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| 10188 | Abbott Laboratories(b) | 1118541 |
| 2381 | Alcon, Inc.(b) | 163218 |
| 588 | Align Technology, Inc.(a)(b) | 124009 |
| 826 | Cooper Cos., Inc. (The)(b) | 273133 |
| 753 | IDEXX Laboratories, Inc.(a)(b) | 307194 |
| 247 | Insulet Corp.(a)(b) | 72714 |
| 7266 | Medtronic PLC(b) | 564714 |
| 1573 | ResMed, Inc.(b) | 327388 |
| 1116 | STERIS PLC(b) | 206114 |
| 650 | Teleflex, Inc.(b) | 162259 |
|  |  | 3319284 |
|  | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| 4703 | Centene Corp.(a)(b) | 385693 |
| 2167 | Cigna Corp.(b) | 718014 |
| 1307 | DaVita, Inc.(a)(b) | 97594 |
| 1644 | Elevance Health, Inc.(b) | 843323 |
| 1079 | Laboratory Corp. of America Holdings(b) | 254083 |
| 612 | Molina Healthcare, Inc.(a)(b) | 202094 |
| 2386 | Pediatrix Medical Group, Inc.(a)(b) | 35456 |
| 4562 | UnitedHealth Group, Inc.(b) | 2418681 |
|  |  | 4954938 |
|  | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| 232 | Booking Holdings, Inc.(a)(b) | 467545 |
| 7208 | Carnival Corp.(a)(b) | 58096 |
| 222 | Domino's Pizza, Inc.(b) | 76901 |
| 1238 | Hilton Grand Vacations, Inc.(a)(b) | 47712 |
|  | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| 2215 | Hilton Worldwide Holdings, Inc.(b) | $279887 |
| 3458 | McDonald's Corp.(b) | 911287 |
| 2401 | MGM Resorts International(b) | 80506 |
| 1379 | Restaurant Brands International, Inc.(b) | 89180 |
| 6174 | Starbucks Corp.(b) | 612461 |
| 905 | Trip.com Group Ltd., ADR(a)(b) | 31132 |
| 479 | Vail Resorts, Inc.(b) | 114170 |
|  |  | 2768877 |
|  | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| 3921 | PulteGroup, Inc.(b) | 178523 |
| 3091 | Toll Brothers, Inc.(b) | 154303 |
|  |  | 332826 |
|  | **Household Products — 1.7%** | **Household Products — 1.7%** |
| 2118 | Clorox Co. (The)(b) | 297219 |
| 13588 | Procter & Gamble Co. (The)(b) | 2059397 |
|  |  | 2356616 |
|  | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
| 3889 | 3M Co.(b) | 466369 |
| 4774 | Honeywell International, Inc.(b) | 1023068 |
|  |  | 1489437 |
|  | **Insurance — 2.6%** | **Insurance — 2.6%** |
| 9922 | Arch Capital Group Ltd.(a)(b) | 622903 |
| 4831 | Chubb Ltd.(b) | 1065719 |
| 2762 | Cincinnati Financial Corp.(b) | 282801 |
| 6505 | Manulife Financial Corp.(b) | 116049 |
| 216 | Markel Corp.(a)(b) | 284578 |
| 5821 | Prudential Financial, Inc.(b) | 578957 |
| 911 | RenaissanceRe Holdings Ltd.(b) | 167833 |
| 1872 | Willis Towers Watson PLC(b) | 457854 |
|  |  | 3576694 |
|  | **Interactive Media & Services — 4.2%** | **Interactive Media & Services — 4.2%** |
| 16000 | Alphabet, Inc., Class A(a)(b) | 1411680 |
| 35648 | Alphabet, Inc., Class C(a)(b) | 3163047 |
| 1416 | Match Group, Inc.(a)(b) | 58750 |
| 9875 | Meta Platforms, Inc., Class A(a)(b) | 1188357 |
|  |  | 5821834 |
|  | **Internet & Direct Marketing Retail — 2.4%** | **Internet & Direct Marketing Retail — 2.4%** |
| 39292 | Amazon.com, Inc.(a)(b) | 3300528 |
|  | **IT Services — 4.4%** | **IT Services — 4.4%** |
| 3711 | Accenture PLC, Class A(b) | 990243 |
| 439 | Block, Inc.(a)(b) | 27587 |
| 277 | EPAM Systems, Inc.(a)(b) | 90784 |
| 1048 | FleetCor Technologies, Inc.(a)(b) | 192497 |
| 2488 | Global Payments, Inc.(b) | 247108 |
| 4509 | International Business Machines Corp.(b) | 635273 |
| 600 | Kyndryl Holdings, Inc.(a)(b) | 6672 |
| 4301 | Mastercard, Inc., Class A(b) | 1495587 |
| 5475 | PayPal Holdings, Inc.(a)(b) | 389929 |
| 1329 | Shopify, Inc., Class A(a)(b) | 46130 |
| 2955 | SS&C Technologies Holdings, Inc.(b) | 153837 |
| 558 | Twilio, Inc., Class A(a)(b) | 27320 |
| 991 | VeriSign, Inc.(a)(b) | 203591 |
| 7908 | Visa, Inc., Class A(b) | 1642966 |
|  |  | 6149524 |
|  | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| 590 | Brunswick Corp.(b) | 42527 |
| 515 | Polaris, Inc.(b) | 52015 |
|  |  | 94542 |

---

See accompanying notes to financial statements.

35 \|

------

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund – (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** |
| 7763 | Avantor, Inc.(a)(b) | $163722 |
| 159 | Bio-Rad Laboratories, Inc., Class A(a)(b) | 66858 |
| 791 | ICON PLC(a)(b) | 153652 |
| 1123 | Illumina, Inc.(a)(b) | 227070 |
| 2542 | PerkinElmer, Inc.(b) | 356439 |
| 2331 | Thermo Fisher Scientific, Inc.(b) | 1283658 |
| 867 | Waters Corp.(a)(b) | 297017 |
|  |  | 2548416 |
|  | **Machinery — 1.9%** | **Machinery — 1.9%** |
| 471 | AGCO Corp.(b) | 65323 |
| 3132 | Caterpillar, Inc.(b) | 750302 |
| 1517 | Cummins, Inc.(b) | 367554 |
| 1522 | Deere & Co.(b) | 652572 |
| 1533 | IDEX Corp.(b) | 350030 |
| 6154 | Otis Worldwide Corp.(b) | 481920 |
|  |  | 2667701 |
|  | **Media — 0.8%** | **Media — 0.8%** |
| 21855 | Comcast Corp., Class A(b) | 764270 |
| 5700 | Fox Corp., Class B(b) | 162165 |
| 30 | Liberty Broadband Corp., Class C(a)(b) | 2288 |
| 20137 | Sirius XM Holdings, Inc.(b) | 117600 |
|  |  | 1046323 |
|  | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| 1372 | Alcoa Corp.(b) | 62385 |
| 4852 | Barrick Gold Corp.(b) | 83357 |
| 929 | Rio Tinto PLC, Sponsored ADR(b) | 66145 |
| 2052 | Southern Copper Corp.(b) | 123920 |
| 1435 | Steel Dynamics, Inc.(b) | 140200 |
| 4124 | Vale S.A., Sponsored ADR(b) | 69984 |
|  |  | 545991 |
|  | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| 9368 | Ameren Corp.(b) | 833003 |
| 10972 | Public Service Enterprise Group, Inc.(b) | 672254 |
|  |  | 1505257 |
|  | **Multiline Retail — 0.5%** | **Multiline Retail — 0.5%** |
| 1631 | Dollar Tree, Inc.(a)(b) | 230689 |
| 3827 | Nordstrom, Inc.(b) | 61768 |
| 2860 | Target Corp.(b) | 426254 |
|  |  | 718711 |
|  | **Oil, Gas & Consumable Fuels — 4.7%** | **Oil, Gas & Consumable Fuels — 4.7%** |
| 1928 | Canadian Natural Resources Ltd.(b) | 107062 |
| 8056 | Cenovus Energy, Inc.(b) | 156367 |
| 894 | Cheniere Energy, Inc.(b) | 134064 |
| 8951 | Chevron Corp.(b) | 1606615 |
| 7143 | ConocoPhillips(b) | 842874 |
| 4720 | Devon Energy Corp.(b) | 290327 |
| 1122 | Enbridge, Inc.(b) | 43870 |
| 3283 | EQT Corp.(b) | 111064 |
| 19881 | Exxon Mobil Corp.(b) | 2192874 |
| 1235 | HF Sinclair Corp.(b) | 64084 |
| 4296 | Occidental Petroleum Corp.(b) | 270605 |
| 2073 | Ovintiv, Inc.(b) | 105122 |
| 1422 | Pioneer Natural Resources Co.(b) | 324771 |
| 3117 | Suncor Energy, Inc.(b) | 98903 |
| 1936 | Targa Resources Corp.(b) | 142296 |
| 1014 | TC Energy Corp. | 40418 |
|  |  | 6531316 |
|  | **Personal Products — 0.0%** | **Personal Products — 0.0%** |
| 2246 | BellRing Brands, Inc.(a)(b) | 57587 |
|  | **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** |
| 9892 | Bristol-Myers Squibb Co.(b) | $711729 |
| 3834 | Eli Lilly & Co.(b) | 1402631 |
| 331 | Jazz Pharmaceuticals PLC(a)(b) | 52732 |
| 12127 | Johnson & Johnson(b) | 2142234 |
| 12675 | Merck & Co., Inc.(b) | 1406291 |
| 27057 | Pfizer, Inc.(b) | 1386401 |
| 1500 | Teva Pharmaceutical Industries Ltd., Sponsored ADR(a)(b) | 13680 |
|  |  | 7115698 |
|  | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
| 588 | Booz Allen Hamilton Holding Corp.(b) | 61458 |
| 3601 | CoStar Group, Inc.(a)(b) | 278285 |
| 1850 | Leidos Holdings, Inc.(b) | 194601 |
| 1408 | ManpowerGroup, Inc.(b) | 117160 |
| 597 | TransUnion(b) | 33880 |
| 1845 | Verisk Analytics, Inc.(b) | 325495 |
|  |  | 1010879 |
|  | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| 176 | Jones Lang LaSalle, Inc.(a)(b) | 28049 |
|  | **REITs – Apartments — 0.8%** | **REITs – Apartments — 0.8%** |
| 3564 | American Homes 4 Rent, Class A(b) | 107419 |
| 1564 | Essex Property Trust, Inc.(b) | 331443 |
| 7745 | Invitation Homes, Inc.(b) | 229562 |
| 2431 | Mid-America Apartment Communities, Inc.(b) | 381642 |
|  |  | 1050066 |
|  | **REITs – Diversified — 1.0%** | **REITs – Diversified — 1.0%** |
| 3388 | Crown Castle, Inc.(b) | 459548 |
| 2251 | Digital Realty Trust, Inc.(b) | 225708 |
| 723 | Gaming & Leisure Properties, Inc.(b) | 37661 |
| 698 | SBA Communications Corp.(b) | 195657 |
| 11638 | VICI Properties, Inc.(b) | 377071 |
| 2146 | W.P. Carey, Inc.(b) | 167710 |
|  |  | 1463355 |
|  | **REITs – Health Care — 0.0%** | **REITs – Health Care — 0.0%** |
| 2686 | Medical Properties Trust, Inc.(b) | 29922 |
|  | **REITs – Hotels — 0.0%** | **REITs – Hotels — 0.0%** |
| 2742 | Park Hotels & Resorts, Inc.(b) | 32328 |
|  | **REITs – Manufactured Homes — 0.1%** | **REITs – Manufactured Homes — 0.1%** |
| 1172 | Sun Communities, Inc.(b) | 167596 |
|  | **REITs – Mortgage — 0.0%** | **REITs – Mortgage — 0.0%** |
| 1078 | Annaly Capital Management, Inc.(b) | 22724 |
|  | **REITs – Office Property — 0.0%** | **REITs – Office Property — 0.0%** |
| 1073 | Kilroy Realty Corp.(b) | 41493 |
| 370 | Orion Office REIT, Inc.(b) | 3160 |
|  |  | 44653 |
|  | **REITs – Single Tenant — 0.4%** | **REITs – Single Tenant — 0.4%** |
| 4368 | National Retail Properties, Inc.(b) | 199880 |
| 6468 | Realty Income Corp.(b) | 410265 |
|  |  | 610145 |
|  | **REITs – Storage — 0.1%** | **REITs – Storage — 0.1%** |
| 1277 | Extra Space Storage, Inc.(b) | 187949 |
|  | **REITs – Warehouse/Industrials — 0.4%** | **REITs – Warehouse/Industrials — 0.4%** |
| 5292 | Prologis, Inc.(b) | 596567 |
|  | **Road & Rail — 1.2%** | **Road & Rail — 1.2%** |
| 2291 | Canadian Pacific Railway Ltd.(b) | 170886 |
| 1509 | Norfolk Southern Corp.(b) | 371848 |
| 1047 | Old Dominion Freight Line, Inc.(b) | 297117 |
| 492 | RXO, Inc.(a)(b) | 8462 |

---

See accompanying notes to financial statements.

\| 36

------

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund – (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Road & Rail — continued** | **Road & Rail — continued** |
| 1456 | Uber Technologies, Inc.(a)(b) | $36007 |
| 4069 | Union Pacific Corp.(b) | 842568 |
| 492 | XPO, Inc.(a)(b) | 16379 |
|  |  | 1743267 |
|  | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** |
| 7809 | Advanced Micro Devices, Inc.(a)(b) | 505789 |
| 5292 | Analog Devices, Inc.(b) | 868047 |
| 5566 | Applied Materials, Inc.(b) | 542017 |
| 713 | Enphase Energy, Inc.(a)(b) | 188916 |
| 21713 | Intel Corp.(b) | 573875 |
| 5092 | Marvell Technology, Inc.(b) | 188608 |
| 11609 | NVIDIA Corp.(b) | 1696539 |
| 1873 | NXP Semiconductors NV(b) | 295990 |
| 4895 | ON Semiconductor Corp.(a)(b) | 305301 |
| 5968 | QUALCOMM, Inc.(b) | 656122 |
| 2721 | Teradyne, Inc.(b) | 237679 |
| 5685 | Texas Instruments, Inc.(b) | 939276 |
|  |  | 6998159 |
|  | **Software — 8.6%** | **Software — 8.6%** |
| 2336 | Adobe, Inc.(a)(b) | 786134 |
| 1380 | ANSYS, Inc.(a)(b) | 333394 |
| 886 | Check Point Software Technologies Ltd.(a)(b) | 111778 |
| 4052 | Fortinet, Inc.(a)(b) | 198102 |
| 33729 | Microsoft Corp.(b) | 8088889 |
| 7985 | Oracle Corp.(b) | 652694 |
| 391 | Palo Alto Networks, Inc.(a)(b) | 54560 |
| 5025 | Salesforce, Inc.(a)(b) | 666265 |
| 1200 | ServiceNow, Inc.(a)(b) | 465924 |
| 1177 | Synopsys, Inc.(a)(b) | 375804 |
| 656 | VMware, Inc., Class A(a)(b) | 80531 |
| 446 | Workday, Inc., Class A(a)(b) | 74629 |
| 922 | Zoom Video Communications, Inc., Class A(a)(b) | 62456 |
|  |  | 11951160 |
|  | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| 1268 | Advance Auto Parts, Inc.(b) | 186434 |
| 346 | Burlington Stores, Inc.(a)(b) | 70155 |
| 933 | Dick's Sporting Goods, Inc.(b) | 112231 |
| 1370 | Foot Locker, Inc.(b) | 51772 |
| 5211 | Gap, Inc. (The)(b) | 58780 |
| 5383 | Home Depot, Inc. (The)(b) | 1700274 |
| 478 | Ulta Beauty, Inc.(a)(b) | 224216 |
| 749 | Williams-Sonoma, Inc.(b) | 86075 |
|  |  | 2489937 |
|  | **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |
| 66509 | Apple, Inc.(b) | 8641514 |
| 1163 | Dell Technologies, Inc., Class C(b) | 46776 |
|  |  | 8688290 |
|  | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| 579 | Carter's, Inc.(b) | 43199 |
| 189 | Lululemon Athletica, Inc.(a)(b) | 60552 |
| 7268 | NIKE, Inc., Class B(b) | 850429 |
| 2457 | Skechers U.S.A., Inc., Class A(a)(b) | 103071 |
| 2600 | Under Armour, Inc., Class C(a)(b) | 23192 |
|  |  | 1080443 |
|  | **Tobacco — 1.1%** | **Tobacco — 1.1%** |
| 11270 | Altria Group, Inc.(b) | 515152 |
| 1544 | British American Tobacco PLC, Sponsored ADR(b) | 61729 |
| 8950 | Philip Morris International, Inc.(b) | 905829 |
|  |  | 1482710 |
|  | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| 6515 | America Movil SAB de CV, Series L, Sponsored ADR(b) | $118573 |
| 5722 | Vodafone Group PLC, Sponsored ADR(b) | 57907 |
|  |  | 176480 |
|  | Total Common Stocks <br>(Identified Cost $113,901,960) | 138873970 |
| **Principal<br>Amount** |  |  |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |  |
| $1540484 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $1,540,792 on 1/03/2023 collateralized by $780,300 U.S. Treasury Note, 3.625% due 4/15/2028 valued at $1,571,439 including accrued interest (Note 2 of Notes to Financial Statements) <br>(Identified Cost $1,540,484) | 1540484 |
|  | Total Investments — 100.7% <br>(Identified Cost $115,442,444) | 140414454 |
|  | Other assets less liabilities — (0.7)% | (1004658) |
|  | Net Assets — 100.0% | $139409796 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** | **Written Options — (1.8%)** |
| **Description** | **Expiration<br>Date** | **Exercise<br>Price** | **Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Value (†)** |
| **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** | **Index Options — (1.8%)** |
| S&P 500<sup>®</sup> Index, Call | 1/20/2023 | 3850 | (40) | $(15358000) | $(294736) | $(287400) |
| S&P 500<sup>®</sup> Index, Call | 1/20/2023 | 4075 | (41) | (15741950) | (461045) | (25215) |
| S&P 500<sup>®</sup> Index, Call | 1/20/2023 | 4100 | (40) | (15358000) | (481620) | (17200) |
| S&P 500<sup>®</sup> Index, Call | 1/31/2023 | 3925 | (40) | (15358000) | (238100) | (213600) |
| S&P 500<sup>®</sup> Index, Call | 2/17/2023 | 3825 | (40) | (15358000) | (535900) | (540600) |
| S&P 500<sup>®</sup> Index, Call | 2/17/2023 | 3900 | (41) | (15741950) | (505667) | (390525) |
| S&P 500<sup>®</sup> Index, Call | 2/17/2023 | 3950 | (38) | (14590100) | (471675) | (277020) |
| S&P 500<sup>®</sup> Index, Call | 2/17/2023 | 3975 | (40) | (15358000) | (725593) | (250400) |
| S&P 500<sup>®</sup> Index, Call | 3/17/2023 | 3900 | (39) | (14974050) | (473948) | (513630) |
| Total |  |  |  |  | $(4188284) | $(2515590) |

---

---

| | |
|:---|:---|
| (†) | See Note 2 of Notes to Financial Statements. |
| (a) | Non-income producing security. |
| (b) | Security (or a portion thereof) has been pledged as collateral for open derivative contracts. |
| ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| REITs | Real Estate Investment Trusts |

---

See accompanying notes to financial statements.

37 \|

------

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund – (continued)

Industry Summary at December 31, 2022

---

| | |
|:---|:---|
|  Software | 8.6% |
|  Technology Hardware, Storage & Peripherals | 6.2 |
|  Pharmaceuticals | 5.1 |
|  Semiconductors & Semiconductor Equipment | 5.0 |
|  Oil, Gas & Consumable Fuels | 4.7 |
|  IT Services | 4.4 |
|  Interactive Media & Services | 4.2 |
|  Banks | 3.9 |
|  Health Care Providers & Services | 3.6 |
|  Capital Markets | 2.7 |
|  Insurance | 2.6 |
|  Biotechnology | 2.4 |
|  Health Care Equipment & Supplies | 2.4 |
|  Internet & Direct Marketing Retail | 2.4 |
|  Diversified Financial Services | 2.2 |
|  Beverages | 2.2 |
|  Hotels, Restaurants & Leisure | 2.0 |
|  Other Investments, less than 2% each | 35.0 |
|  Short-Term Investments | 1.1 |
|  Total Investments | 100.7 |
|  Other assets less liabilities (including open written options) | (0.7) |
|  Net Assets | 100.0% |

---

See accompanying notes to financial statements.

\| 38

------

Portfolio of Investments – as of December 31, 2022

Mirova Global Green Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount (‡)** | **Description** | **Value (†)** | **Value (†)** |
| **Bonds and Notes — 98.7% of Net Assets** | **Bonds and Notes — 98.7% of Net Assets** |  |  |
|  | **Canada — 2.2%** |  |  |
| 1000000 | Province of Ontario Canada,<br>1.950%, 1/27/2023, (CAD) | $| 737334 |
| 50000 | Province of Quebec Canada, <br>2.600%, 7/06/2025, (CAD) |  | 35648 |
|  |  |  | 772982 |
|  | **Chile — 2.0%** |  |  |
| 500000 | Chile Government International Bond, <br>1.250%, 1/29/2040, (EUR) |  | 348329 |
| 500000 | Chile Government International Bond, <br>3.500%, 1/25/2050 |  | 360312 |
|  |  |  | 708641 |
|  | **Denmark — 3.1%** |  |  |
| 500000 | Orsted A/S, 1.500%, 11/26/2029, (EUR) |  | 463852 |
| 200000 | Orsted A/S, (fixed rate to 9/09/2027,<br>variable rate thereafter), <br>1.750%, 12/09/3019, (EUR) |  | 182780 |
| 500000 | Vestas Wind Systems Finance BV, EMTN, <br>1.500%, 6/15/2029, (EUR) |  | 468654 |
|  |  |  | 1115286 |
|  | **Finland — 0.5%** |  |  |
| 200000 | VR-Yhtyma OYJ, 2.375%, 5/30/2029, (EUR) |  | 190811 |
|  | **France — 7.7%** |  |  |
| 400000 | Altarea SCA, 1.750%, 1/16/2030, (EUR) |  | 316553 |
| 400000 | Cie de Saint-Gobain, EMTN,<br>2.125%, 6/10/2028, (EUR) |  | 393469 |
| 400000 | Covivio, 1.125%, 9/17/2031, (EUR) |  | 342861 |
| 200000 | Derichebourg S.A., 2.250%, 7/15/2028, (EUR) |  | 182957 |
| 200000 | Faurecia SE, 2.375%, 6/15/2029, (EUR) |  | 161370 |
| 100000 | Getlink SE, 3.500%, 10/30/2025, (EUR) |  | 103834 |
| 600000 | ICADE, 1.500%, 9/13/2027, (EUR) |  | 556071 |
| 300000 | Seche Environnement S.A., <br>2.250%, 11/15/2028, (EUR) |  | 275367 |
| 600000 | Societe du Grand Paris EPIC, EMTN, <br>1.700%, 5/25/2050, (EUR) |  | 422828 |
|  |  |  | 2755310 |
|  | **Germany — 9.5%** |  |  |
| 700000 | BayWa AG, EMTN, 3.125%, 6/26/2024, (EUR) |  | 747007 |
| 2300000 | Bundesrepublik Deutschland Bundesanleihe, Series G, Zero Coupon,<br>1.719%-2.111%, 8/15/2050, (EUR)(a) |  | 1288013 |
| 500000 | E.ON SE, EMTN, <br>0.350%, 2/28/2030, (EUR) |  | 419019 |
| 500000 | EnBW Energie Baden-Wuerttemberg AG, (fixed rate to 3/30/2026, variable rate thereafter), <br>1.875%, 6/29/2080, (EUR) |  | 458934 |
| 500000 | Landesbank Baden-Wuerttemberg, Series 809, MTN, 0.375%, 7/29/2026, (EUR) |  | 470948 |
|  |  |  | 3383921 |
|  | **Hungary — 1.4%** |  |  |
| 700000 | Hungary Government International Bond, <br>1.750%, 6/05/2035, (EUR) |  | 490779 |
|  | **Indonesia — 1.4%** |  |  |
| 500000 | Perusahaan Penerbit SBSN Indonesia III, MTN, <br>3.900%, 8/20/2024 |  | 493750 |
|  | **Ireland — 0.7%** |  |  |
| 300000 | ESB Finance DAC, EMTN, <br>1.000%, 7/19/2034, (EUR) |  | 232435 |
|  | **Italy — 6.5%** |  |  |
| 400000 | A2A SpA, EMTN, 1.000%, 7/16/2029, (EUR) | $| 342544 |
| 600000 | Assicurazioni Generali SpA, EMTN, <br>2.124%, 10/01/2030, (EUR) |  | 527573 |
| 300000 | ERG SpA, EMTN, 0.500%, 9/11/2027, (EUR) |  | 271530 |
| 400000 | Hera SpA, EMTN, 2.500%, 5/25/2029, (EUR) |  | 387844 |
| 1300000 | Italy Buoni Poliennali Del Tesoro, <br>1.500%, 4/30/2045, 144A, (EUR) |  | 786842 |
|  |  |  | 2316333 |
|  | **Japan — 2.4%** |  |  |
| 500000 | Denso Corp., 1.239%, 9/16/2026 |  | 434423 |
| 400000 | Mizuho Financial Group, Inc., EMTN, <br>3.490%, 9/05/2027, (EUR) |  | 416645 |
|  |  |  | 851068 |
|  | **Korea — 2.9%** |  |  |
| 400000 | Kookmin Bank, GMTN, 4.500%, 2/01/2029 |  | 370943 |
| 300000 | Korea International Bond, <br>Zero Coupon, 0.000%, 10/15/2026, (EUR)(b) |  | 280748 |
| 400000 | Korea Water Resources Corp., EMTN, <br>3.875%, 5/15/2023 |  | 398240 |
|  |  |  | 1049931 |
|  | **Lithuania — 2.3%** |  |  |
| 500000 | AB Ignitis Grupe, EMTN, 1.875%, 7/10/2028, (EUR) |  | 448834 |
| 400000 | AB Ignitis Grupe, EMTN, 2.000%, 7/14/2027, (EUR) |  | 380907 |
|  |  |  | 829741 |
|  | **Mexico — 2.2%** | **Mexico — 2.2%** | **Mexico — 2.2%** |
| 800000 | Mexico Government International Bond, <br>1.350%, 9/18/2027, (EUR) |  | 767754 |
|  | **Netherlands — 9.0%** | **Netherlands — 9.0%** | **Netherlands — 9.0%** |
| 200000 | ABB Finance BV, EMTN, Zero Coupon, <br>0.282%, 1/19/2030, (EUR)(b) |  | 164187 |
| 300000 | Alliander NV, EMTN, 2.625%, 9/09/2027, (EUR) |  | 308901 |
| 400000 | CTP NV, EMTN, 2.125%, 10/01/2025, (EUR) |  | 367510 |
| 400000 | de Volksbank NV, EMTN, <br>0.375%, 3/03/2028, (EUR) |  | 345462 |
| 500000 | de Volksbank NV, (fixed rate to 12/15/2027, variable rate thereafter), 7.000%, (EUR)(c) |  | 478973 |
| 600000 | de Volksbank NV, EMTN, (fixed rate to 10/22/2025, variable rate thereafter), 1.750%, 10/22/2030, (EUR) |  | 581639 |
| 500000 | Koninklijke Philips NV, EMTN,<br>2.125%, 11/05/2029, (EUR) |  | 462705 |
| 300000 | Stedin Holding NV, EMTN, 2.375%, 6/03/2030, (EUR) |  | 290963 |
| 150000 | TenneT Holding BV, EMTN,<br>1.250%, 10/24/2033, (EUR) |  | 121717 |
| 100000 | TenneT Holding BV, EMTN, 1.875%, 6/13/2036, (EUR) |  | 84055 |
|  |  |  | 3206112 |
|  | **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| 300000 | Statkraft A/S, EMTN, 2.875%, 9/13/2029, (EUR) |  | 307621 |
|  | **Portugal — 1.0%** | **Portugal — 1.0%** | **Portugal — 1.0%** |
| 400000 | Ren Finance BV, EMTN, 0.500%, 4/16/2029, (EUR) |  | 342283 |
|  | **Singapore — 2.6%** | **Singapore — 2.6%** | **Singapore — 2.6%** |
| 1000000 | Vena Energy Capital Pte Ltd., EMTN,<br>3.133%, 2/26/2025 |  | 918658 |
|  | **Spain — 9.5%** | **Spain — 9.5%** | **Spain — 9.5%** |
| 400000 | Banco Bilbao Vizcaya Argentaria S.A., <br>1.000%, 6/21/2026, (EUR) |  | 390780 |
| 300000 | Banco Bilbao Vizcaya Argentaria S.A., GMTN, <br>4.375%, 10/14/2029, (EUR) |  | 325204 |
| 500000 | Bankinter S.A., 0.625%, 10/06/2027, (EUR) |  | 450629 |

---

See accompanying notes to financial statements.

39 \|

------

Portfolio of Investments – as of December 31, 2022

Mirova Global Green Bond Fund – (continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount (‡)** | **Description** | **Value (†)** |
|  | **Spain — continued** | **Spain — continued** |
| 400000 | Iberdrola Finanzas S.A., EMTN,<br>1.375%, 3/11/2032, (EUR) | $353980 |
| 500000 | Iberdrola International BV, (fixed rate to 2/22/2023, variable rate thereafter), 1.875%, (EUR)(c) | 529872 |
| 900000 | Spain Government Bond, <br>1.000%, 7/30/2042, 144A, (EUR) | 587773 |
| 500000 | Telefonica Emisiones S.A., EMTN, <br>2.592%, 5/25/2031, (EUR) | 483805 |
| 300000 | Telefonica Europe BV, (fixed rate to<br>2/05/2027, variable rate thereafter), <br>2.502%, (EUR)(c) | 269143 |
|  |  | 3391186 |
|  | **Supranationals — 5.7%** | **Supranationals — 5.7%** |
| 2200000 | European Investment Bank, 2.375%, 5/24/2027 | 2042789 |
|  | **Sweden — 3.4%** | **Sweden — 3.4%** |
| 400000 | SKF AB, 3.125%, 9/14/2028, (EUR) | 406771 |
| 500000 | Vattenfall AB, EMTN, 0.125%, 2/12/2029, (EUR) | 427694 |
| 400000 | Volvo Car AB, EMTN, 2.500%, 10/07/2027, (EUR) | 376453 |
|  |  | 1210918 |
|  | **United Kingdom — 9.2%** | **United Kingdom — 9.2%** |
| 500000 | Anglian Water Services Financing PLC, EMTN, <br>1.625%, 8/10/2025, (GBP) | 555359 |
| 500000 | SSE PLC, EMTN, 1.375%, 9/04/2027, (EUR) | 482190 |
| 300000 | SSE PLC, EMTN, 2.875%, 8/01/2029, (EUR) | 300050 |
| 400000 | Thames Water Utilities Finance PLC, <br>0.875%, 1/31/2028, (EUR) | 364185 |
| 1600000 | United Kingdom Gilt, 0.875%, 7/31/2033, (GBP) | 1443796 |
| 200000 | United Kingdom Gilt, 1.500%, 7/31/2053, (GBP) | 138309 |
|  |  | 3283889 |
|  | **United States — 12.6%** | **United States — 12.6%** |
| 600000 | Digital Dutch Finco BV, 1.500%, 3/15/2030, (EUR) | 501404 |
| 600000 | Digital Euro Finco LLC, 2.500%, 1/16/2026, (EUR) | 594489 |
| 300000 | Digital Intrepid Holding BV, 0.625%, 7/15/2031, (EUR) | 219607 |
| 200000 | DTE Electric Co., 3.950%, 3/01/2049 | 163888 |
| 500000 | Equinix, Inc., 0.250%, 3/15/2027, (EUR) | 462177 |
| 400000 | Ford Motor Co., 3.250%, 2/12/2032 | 299977 |
|  | **United States — continued** | **United States — continued** |
| $500000 | General Motors Co., 5.400%, 10/15/2029 | $477149 |
| 400000 | Southern Power Co., 4.150%, 12/01/2025 | 392030 |
| 200000 | Thermo Fisher Scientific, Inc., 4.100%, 8/15/2047 | 173957 |
| 700000 | Verizon Communications, Inc., 3.875%, 2/08/2029 | 656786 |
| 600000 | Wabtec Transportation Netherlands BV, 1.250%, 12/03/2027, (EUR) | 543970 |
|  |  | 4485434 |
|  | Total Bonds and Notes <br>(Identified Cost $41,309,382) | 35147632 |
|  | Total Investments — 98.7%<br>(Identified Cost $41,309,382) | 35147632 |
|  | Other assets less liabilities — 1.3% | 467662 |
|  | Net Assets — 100.0% | $35615294 |
| (†) | See Note 2 of Notes to Financial Statements. | See Note 2 of Notes to Financial Statements. |
| (‡) | Principal Amount stated in U.S. dollars unless otherwise noted. | Principal Amount stated in U.S. dollars unless otherwise noted. |
| (a) | Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund's investment in this security is comprised of various lots with differing annualized yields. | Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund's investment in this security is comprised of various lots with differing annualized yields. |
| (b) | Interest rate represents annualized yield at time of purchase; not a coupon rate. | Interest rate represents annualized yield at time of purchase; not a coupon rate. |
| (c) | Perpetual bond with no specified maturity date. | Perpetual bond with no specified maturity date. |
| 144A | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of Rule 144A holdings amounted to $1,374,615 or 3.9% of net assets. | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of Rule 144A holdings amounted to $1,374,615 or 3.9% of net assets. |
| EMTN | Euro Medium Term Note | Euro Medium Term Note |
| GMTN | Global Medium Term Note | Global Medium Term Note |
| MTN | Medium Term Note | Medium Term Note |
| CAD | Canadian Dollar | Canadian Dollar |
| EUR | Euro | Euro |
| GBP | British Pound | British Pound |

---

At December 31, 2022, open long futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Futures | Expiration<br>Date | Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  2 Year U.S. Treasury Note | 3/31/2023 | 10 | $2062266 | $2050782 | $(11484) |
|  5 Year U.S. Treasury Note | 3/31/2023 | 11 | 1204930 | 1187226 | (17704) |
|  10 Year Canada Government Bond | 3/22/2023 | 2 | 186662 | 181019 | (5643) |
|  Euro-Buxl<sup>®</sup> 30 Year Bond | 3/08/2023 | 3 | 517347 | 434302 | (83045) |
|  Total |  |  |  |  | $(117876) |

---

At December 31, 2022, open short futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial and Currency Futures | Expiration<br>Date | Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  British Pound | 3/13/2023 | 20 | $1514209 | $1510500 | $3709 |
|  Canadian Dollar | 3/14/2023 | 9 | 673920 | 665280 | 8640 |
|  Euro | 3/13/2023 | 190 | 24934803 | 25540750 | (605947) |
|  German Euro BOBL | 3/08/2023 | 25 | 3171474 | 3097613 | 73861 |
|  Ultra Long U.S. Treasury Bond | 3/22/2023 | 5 | 720000 | 671563 | 48437 |
|  Total |  |  |  |  | $(471300) |

---

See accompanying notes to financial statements.

\| 40

------

Portfolio of Investments – as of December 31, 2022

Mirova Global Green Bond Fund – (continued)

Industry Summary at December 31, 2022

---

| | |
|:---|:---|
|  Utility-Electric | 18.9% |
|  Government National | 18.2 |
|  Industrial | 16.3 |
|  Special Purpose | 10.9 |
|  Bank | 10.8 |
|  Financial | 9.2 |
|  Supra-National | 5.7 |
|  Government Regional | 3.4 |
|  Telephone | 2.6 |
|  Government Agency | 1.1 |
|  Utility-Gas | 0.8 |
|  Transportation-Rail | 0.5 |
|  Transportation-Non Rail | 0.3 |
|  Total Investments | 98.7 |
|  Other assets less liabilities (including futures contracts) | 1.3 |
|  Net Assets | 100.0% |

---

Currency Exposure Summary at December 31, 2022

---

| | |
|:---|:---|
|  Euro | 70.4% |
|  United States Dollar | 20.1 |
|  British Pound | 6.0 |
|  Canadian Dollar | 2.2 |
|  Total Investments | 98.7 |
|  Other assets less liabilities (including futures contracts) | 1.3 |
|  Net Assets | 100.0% |

---

See accompanying notes to financial statements.

41 \|

------

Portfolio of Investments – as of December 31, 2022

Mirova Global Sustainable Equity Fund

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 98.6% of Net Assets** | **Common Stocks — 98.6% of Net Assets** | **Common Stocks — 98.6% of Net Assets** |
|  | **Belgium — 1.1%** | **Belgium — 1.1%** |
| 151183 | KBC Group NV | $9733960 |
|  | **Brazil — 1.9%** | **Brazil — 1.9%** |
| 20014 | MercadoLibre, Inc.(a) | 16936647 |
|  | **Denmark — 9.3%** | **Denmark — 9.3%** |
| 302260 | Novo Nordisk A/S, Class B | 41051612 |
| 251826 | Orsted A/S, 144A | 22766489 |
| 591167 | Vestas Wind Systems A/S | 17244723 |
|  |  | 81062824 |
|  | **France — 2.6%** | **France — 2.6%** |
| 529484 | Credit Agricole S.A. | 5569821 |
| 91858 | EssilorLuxottica S.A. | 16620139 |
|  |  | 22189960 |
|  | **Germany — 5.5%** | **Germany — 5.5%** |
| 218629 | Mercedes-Benz Group AG, (Registered) | 14297215 |
| 107744 | SAP SE | 11123563 |
| 206565 | Symrise AG | 22433990 |
|  |  | 47854768 |
|  | **Hong Kong — 2.9%** | **Hong Kong — 2.9%** |
| 2263311 | AIA Group Ltd. | 24994607 |
|  | **Japan — 5.4%** | **Japan — 5.4%** |
| 841800 | Sekisui House Ltd. | 14924316 |
| 607130 | Takeda Pharmaceutical Co. Ltd. | 18970791 |
| 443200 | Terumo Corp. | 12564975 |
|  |  | 46460082 |
|  | **Netherlands — 3.8%** | **Netherlands — 3.8%** |
| 13136 | Adyen NV, 144A(a) | 18236038 |
| 26371 | ASML Holding NV | 14378831 |
|  |  | 32614869 |
|  | **Spain — 3.4%** | **Spain — 3.4%** |
| 2533317 | Iberdrola S.A. | 29572646 |
|  | **Taiwan — 2.2%** | **Taiwan — 2.2%** |
| 260502 | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 19404794 |
|  | **United Kingdom — 2.6%** | **United Kingdom — 2.6%** |
| 4383942 | Legal & General Group PLC | 13143638 |
| 192268 | Unilever PLC | 9647380 |
|  |  | 22791018 |
|  | **United States — 57.9%** | **United States — 57.9%** |
| 70960 | Adobe, Inc.(a) | 23880169 |
| 89717 | American Water Works Co., Inc. | 13674665 |
| 220003 | Aptiv PLC(a) | 20488879 |
| 190484 | Ball Corp. | 9741352 |
| 73553 | Bright Horizons Family Solutions, Inc.(a) | 4641194 |
| 86494 | Danaher Corp. | 22957237 |
| 23650 | Deere & Co. | 10140174 |
| 676733 | eBay, Inc. | 28064118 |
| 190714 | Ecolab, Inc. | 27760330 |
| 85422 | Edwards Lifesciences Corp.(a) | 6373335 |
| 67114 | Eli Lilly & Co. | 24552986 |
| 42013 | Estee Lauder Cos., Inc. (The), Class A | 10423845 |
| 39130 | Intuitive Surgical, Inc.(a) | 10383146 |
| 118432 | Mastercard, Inc., Class A | 41182359 |
| 160023 | Microsoft Corp. | 38376716 |
| 275714 | NextEra Energy, Inc. | 23049690 |
| 168559 | NVIDIA Corp. | 24633212 |
| 68452 | Roper Technologies, Inc. | 29577425 |
| 70522 | Signature Bank | 8125545 |
| 277604 | Sunrun, Inc.(a) | 6668048 |
|  | **United States — continued** | **United States — continued** |
| 52405 | SVB Financial Group(a) | $12060487 |
| 78246 | Thermo Fisher Scientific, Inc. | 43089290 |
| 292910 | Verizon Communications, Inc. | 11540654 |
| 120475 | Visa, Inc., Class A | 25029886 |
| 69244 | Watts Water Technologies, Inc., Class A | 10125550 |
| 139203 | Xylem, Inc. | 15391676 |
|  |  | 501931968 |
|  | Total Common Stocks <br>(Identified Cost $954,746,681) | &nbsp;&nbsp;&nbsp;&nbsp;855548143 |
|  | Total Investments — 98.6% <br>(Identified Cost $954,746,681) | 855548143 |
|  | Other assets less liabilities — 1.4% | 11884265 |
|  | Net Assets — 100.0% | $867432408 |
| (†) | See Note 2 of Notes to Financial Statements. | See Note 2 of Notes to Financial Statements. |
| (a) | Non-income producing security. | Non-income producing security. |
| 144A | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of Rule 144A holdings amounted to $41,002,527 or 4.7% of net assets. | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of Rule 144A holdings amounted to $41,002,527 or 4.7% of net assets. |
| ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |

---

Industry Summary at December 31, 2022

---

| | |
|:---|:---|
|  Software | 11.9% |
|  IT Services | 9.8 |
|  Pharmaceuticals | 9.7 |
|  Electric Utilities | 8.7 |
|  Life Sciences Tools & Services | 7.6 |
|  Semiconductors & Semiconductor Equipment | 6.7 |
|  Chemicals | 5.8 |
|  Health Care Equipment & Supplies | 5.3 |
|  Internet & Direct Marketing Retail | 5.1 |
|  Insurance | 4.4 |
|  Machinery | 4.2 |
|  Banks | 4.1 |
|  Electrical Equipment | 2.8 |
|  Auto Components | 2.4 |
|  Personal Products | 2.3 |
|  Other Investments, less than 2% each | 7.8 |
|  Total Investments | 98.6 |
|  Other assets less liabilities | 1.4 |
|  Net Assets | 100.0% |

---

Currency Exposure Summary at December 31, 2022

---

| | |
|:---|:---|
|  United States Dollar | 62.0% |
|  Euro | 17.5 |
|  Danish Krone | 9.3 |
|  Japanese Yen | 5.4 |
|  Hong Kong Dollar | 2.9 |
|  British Pound | 1.5 |
|  Total Investments | 98.6 |
|  Other assets less liabilities | 1.4 |
|  Net Assets | 100.0% |

---

See accompanying notes to financial statements.

\| 42

------

Portfolio of Investments – as of December 31, 2022

Mirova International Sustainable Equity Fund

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 99.9% of Net Assets** | **Common Stocks — 99.9% of Net Assets** | **Common Stocks — 99.9% of Net Assets** |
|  | **Australia — 1.2%** | **Australia — 1.2%** |
| 42192 | Stockland | $103913 |
|  | **Belgium — 5.9%** | **Belgium — 5.9%** |
| 6653 | KBC Group NV | 428355 |
| 2805 | Umicore S.A. | 103167 |
|  |  | 531522 |
|  | **Brazil — 1.2%** | **Brazil — 1.2%** |
| 125 | MercadoLibre, Inc.(a) | 105780 |
|  | **Denmark — 12.1%** | **Denmark — 12.1%** |
| 3464 | Novo Nordisk A/S, Class B | 470465 |
| 3158 | Orsted A/S, 144A | 285501 |
| 11352 | Vestas Wind Systems A/S | 331145 |
|  |  | 1087111 |
|  | **France — 12.7%** | **France — 12.7%** |
| 1123 | Air Liquide S.A. | 159393 |
| 16194 | Credit Agricole S.A. | 170350 |
| 4823 | Dassault Systemes SE | 173433 |
| 1076 | EssilorLuxottica S.A. | 194684 |
| 500 | L'Oreal S.A. | 179049 |
| 1420 | Sanofi | 136926 |
| 3151 | Worldline S.A., 144A(a) | 123401 |
|  |  | 1137236 |
|  | **Germany — 6.9%** | **Germany — 6.9%** |
| 2533 | Mercedes-Benz Group AG, (Registered) | 165645 |
| 2765 | SAP SE | 285461 |
| 1504 | Symrise AG | 163342 |
|  |  | 614448 |
|  | **Hong Kong — 8.6%** | **Hong Kong — 8.6%** |
| 42478 | AIA Group Ltd. | 469101 |
| 21857 | Prudential PLC | 298026 |
|  |  | 767127 |
|  | **Ireland — 3.9%** | **Ireland — 3.9%** |
| 3596 | Kingspan Group PLC | 194702 |
| 4281 | Smurfit Kappa Group PLC | 158655 |
|  |  | 353357 |
|  | **Japan — 13.5%** | **Japan — 13.5%** |
| 1900 | Kao Corp. | 75431 |
| 22100 | Kubota Corp. | 301918 |
| 10100 | Sekisui House Ltd. | 179063 |
| 800 | Shimano, Inc. | 126415 |
| 8138 | Takeda Pharmaceutical Co. Ltd. | 254285 |
| 6600 | Terumo Corp. | 187114 |
| 2000 | West Japan Railway Co. | 86839 |
|  |  | 1211065 |
|  | **Netherlands — 7.7%** | **Netherlands — 7.7%** |
| 204 | Adyen NV, 144A(a) | 283203 |
| 753 | ASML Holding NV | 410574 |
|  |  | 693777 |
|  | **Norway — 0.4%** | **Norway — 0.4%** |
| 3921 | Telenor ASA | 36634 |
|  | **Spain — 4.2%** | **Spain — 4.2%** |
| 32051 | Iberdrola S.A. | 374147 |
|  | **Switzerland — 2.6%** | **Switzerland — 2.6%** |
| 484 | Geberit AG, (Registered) | 228487 |
|  | **Taiwan — 4.1%** | **Taiwan — 4.1%** |
| 4962 | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 369619 |
|  | **United Kingdom — 14.9%** | **United Kingdom — 14.9%** |
| 3166 | Croda International PLC | 251946 |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| 9784 | Halma PLC | $233005 |
| 3187 | Johnson Matthey PLC | 81451 |
| 14707 | Land Securities Group PLC | 109878 |
| 119493 | Legal & General Group PLC | 358256 |
| 964 | Spirax-Sarco Engineering PLC | 123132 |
| 3507 | Unilever PLC | 175970 |
|  |  | 1333638 |
|  | Total Common Stocks <br>(Identified Cost $11,539,092) | 8947861 |
|  | Total Investments — 99.9% <br>(Identified Cost $11,539,092) | 8947861 |
|  | Other assets less liabilities — 0.1% | 10383 |
|  | Net Assets — 100.0% | $8958244 |
| (†) | See Note 2 of Notes to Financial Statements. | See Note 2 of Notes to Financial Statements. |
| (a) | Non-income producing security. | Non-income producing security. |
| 144A | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of Rule 144A holdings amounted to $692,105 or 7.7% of net assets. | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of Rule 144A holdings amounted to $692,105 or 7.7% of net assets. |
| ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |

---

Industry Summary at December 31, 2022

---

| | |
|:---|:---|
|  Insurance | 12.6% |
|  Pharmaceuticals | 9.5 |
|  Semiconductors & Semiconductor Equipment | 8.7 |
|  Chemicals | 8.4 |
|  Electric Utilities | 7.4 |
|  Banks | 6.7 |
|  Software | 5.1 |
|  Personal Products | 4.8 |
|  Machinery | 4.8 |
|  Building Products | 4.8 |
|  IT Services | 4.5 |
|  Health Care Equipment & Supplies | 4.3 |
|  Electrical Equipment | 3.7 |
|  Electronic Equipment, Instruments & Components | 2.6 |
|  REITs - Diversified | 2.4 |
|  Household Durables | 2.0 |
|  Other Investments, less than 2% each | 7.6 |
|  Total Investments | 99.9 |
|  Other assets less liabilities | 0.1 |
|  Net Assets | 100.0% |

---

Currency Exposure Summary at December 31, 2022

---

| | |
|:---|:---|
|  Euro | 43.3% |
|  British Pound | 16.2 |
|  Japanese Yen | 13.5 |
|  Danish Krone | 12.1 |
|  United States Dollar | 5.3 |
|  Hong Kong Dollar | 5.3 |
|  Swiss Franc | 2.6 |
|  Other, less than 2% each | 1.6 |
|  Total Investments | 99.9 |
|  Other assets less liabilities | 0.1 |
|  Net Assets | 100.0% |

---

See accompanying notes to financial statements.

43 \|

------

Portfolio of Investments – as of December 31, 2022

Mirova U.S. Sustainable Equity Fund

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 98.3% of Net Assets** | **Common Stocks — 98.3% of Net Assets** |  |
|  | **Auto Components — 2.1%** | **Auto Components — 2.1%** |
| 832 | Aptiv PLC(a) | $77484 |
|  | **Banks — 2.1%** | **Banks — 2.1%** |
| 509 | Signature Bank | 58647 |
| 75 | SVB Financial Group(a) | 17260 |
|  |  | 75907 |
|  | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| 811 | Ecolab, Inc. | 118049 |
|  | **Commercial Services & Supplies — 4.2%** | **Commercial Services & Supplies — 4.2%** |
| 973 | Waste Management, Inc. | 152644 |
|  | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
| 815 | Cisco Systems, Inc. | 38827 |
|  | **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** |
| 1012 | Ball Corp. | 51754 |
|  | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| 504 | Bright Horizons Family Solutions, Inc.(a) | 31802 |
|  | **Diversified Telecommunication Services — 2.0%** | **Diversified Telecommunication Services — 2.0%** |
| 1827 | Verizon Communications, Inc. | 71984 |
|  | **Electric Utilities — 4.4%** | **Electric Utilities — 4.4%** |
| 1933 | NextEra Energy, Inc. | 161599 |
|  | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| 1347 | Sunrun, Inc.(a) | 32355 |
|  | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| 797 | Trimble, Inc.(a) | 40296 |
|  | **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** |
| 353 | Edwards Lifesciences Corp.(a) | 26337 |
| 447 | Intuitive Surgical, Inc.(a) | 118612 |
|  |  | 144949 |
|  | **Household Products — 1.5%** | **Household Products — 1.5%** |
| 718 | Colgate-Palmolive Co. | 56571 |
|  | **Internet & Direct Marketing Retail — 3.5%** | **Internet & Direct Marketing Retail — 3.5%** |
| 3088 | eBay, Inc. | 128059 |
|  | **IT Services — 9.6%** | **IT Services — 9.6%** |
| 180 | Accenture PLC, Class A | 48031 |
| 605 | Mastercard, Inc., Class A | 210377 |
| 445 | Visa, Inc., Class A | 92453 |
|  |  | 350861 |
|  | **Life Sciences Tools & Services — 10.9%** | **Life Sciences Tools & Services — 10.9%** |
| 587 | Danaher Corp. | 155802 |
| 441 | Thermo Fisher Scientific, Inc. | 242854 |
|  |  | 398656 |
|  | **Machinery — 8.4%** | **Machinery — 8.4%** |
| 103 | Deere & Co. | 44162 |
| 684 | Watts Water Technologies, Inc., Class A | 100021 |
| 1482 | Xylem, Inc. | 163865 |
|  |  | 308048 |
|  | **Personal Products — 3.0%** | **Personal Products — 3.0%** |
| 435 | Estee Lauder Cos., Inc. (The), Class A | 107928 |
|  | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
| 363 | Eli Lilly & Co. | 132800 |
|  | **Semiconductors & Semiconductor Equipment — 10.6%** | **Semiconductors & Semiconductor Equipment — 10.6%** |
| 944 | First Solar, Inc.(a) | 141402 |
| 1004 | NVIDIA Corp. | 146725 |
| 1327 | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 98848 |
|  |  | 386975 |
|  | **Software — 15.5%** | **Software — 15.5%** |
| 362 | Adobe, Inc.(a) | $121824 |
| 1131 | Microsoft Corp. | 271236 |
| 405 | Roper Technologies, Inc. | 174997 |
|  |  | 568057 |
|  | **Water Utilities — 4.3%** | **Water Utilities — 4.3%** |
| 1037 | American Water Works Co., Inc. | 158060 |
|  | Total Common Stocks <br>(Identified Cost $3,704,689) | 3593665 |
| **Principal<br>Amount** |  |  |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |
| $100052 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $100,072 on 1/03/2023 collateralized by $116,700 U.S. Treasury Note, 1.250% due 3/31/2028 valued at $102,103 including accrued interest (Note 2 of Notes to Financial Statements) <br>(Identified Cost $100,052) | 100052 |
|  | Total Investments — 101.0% <br>(Identified Cost $3,804,741) | 3693717 |
|  | Other assets less liabilities — (1.0)% | (38206) |
|  | Net Assets — 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;3655511 |
| (†) | See Note 2 of Notes to Financial Statements. | See Note 2 of Notes to Financial Statements. |
| (a) | Non-income producing security. | Non-income producing security. |
| ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |

---

Industry Summary at December 31, 2022

---

| | |
|:---|:---|
|  Software | 15.5% |
|  Life Sciences Tools & Services | 10.9 |
|  Semiconductors & Semiconductor Equipment | 10.6 |
|  IT Services | 9.6 |
|  Machinery | 8.4 |
|  Electric Utilities | 4.4 |
|  Water Utilities | 4.3 |
|  Commercial Services & Supplies | 4.2 |
|  Health Care Equipment & Supplies | 4.0 |
|  Pharmaceuticals | 3.6 |
|  Internet & Direct Marketing Retail | 3.5 |
|  Chemicals | 3.2 |
|  Personal Products | 3.0 |
|  Auto Components | 2.1 |
|  Banks | 2.1 |
|  Diversified Telecommunication Services | 2.0 |
|  Other Investments, less than 2% each | 6.9 |
|  Short-Term Investments | 2.7 |
|  Total Investments | 101.0 |
|  Other assets less liabilities | (1.0) |
|  Net Assets | 100.0% |

---

See accompanying notes to financial statements.

\| 44

------

Statements of Assets and Liabilities

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Gateway<br>Fund** | **Gateway<br>Equity Call<br>Premium<br>Fund** | **Mirova<br>Global<br>Green<br>Bond Fund** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at cost | $2946359258 | $115442444 | $41309382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 3473011667 | 24972010 | (6161750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at value | 6419370925 | 140414454 | 35147632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 26484 | 2454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from brokers (including variation margin on futures contracts) (Note 2) |  |  | 1529723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency at value (identified cost $0, $0 and $1,833,618, respectively) |  |  | 1849067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 9711231 | 873468 | 208406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser (Note 6) |  |  | 24520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 31901010 | 712048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 4142643 | 117771 | 294825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts (Note 2) |  |  | 134647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses (Note 8) | 1198 | 566 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS** | 6465153491 | 142120761 | 39189379 |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $185,070,747, $4,188,284 and $0, respectively) (Note 2) | 111573945 | 2515590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 10682824 | 26714 | 700620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian bank (Note 9) |  |  | 2071038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts (Note 2) |  |  | 723823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees payable (Note 6) | 3068724 | 34780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Trustees' fees (Note 6) | 1143854 | 53461 | 20777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable (Note 6) | 257617 | 5669 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to distributor (Note 6d) | 41301 | 436 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services fees payable | 54782 | 53723 | 45285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accounts payable and accrued expenses | 290938 | 20592 | 10695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES** | 127113985 | 2710965 | 3574085 |
|  **NET ASSETS** | $6338039506 | $139409796 | $35615294 |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $3848120513 | $120724621 | $45587908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 2489918993 | 18685175 | (9972614) |
|  **NET ASSETS** | $6338039506 | $139409796 | $35615294 |
|  **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** | **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** | **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** | **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $869121700 | $1617348 | $5278322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | 24432413 | 110777 | 660314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $35.57 | $14.60 | $7.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1) | $37.74 | $15.49 | $8.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $77354918 | $944242 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | 2193877 | 65314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $35.26 | $14.46 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class N shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class N shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class N shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class N shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $378376979 | $218791 | $5223751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | 10644572 | 15012 | 649942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $35.55 | $14.57 | $8.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Y shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Y shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Y shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Y shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5013185909 | $136629415 | $25113221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | 141050267 | 9366728 | 3128962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $35.54 | $14.59 | $8.03 |

---

See accompanying notes to financial statements.

45 \|

------

Statements of Assets and Liabilities (continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Mirova<br>Global<br>Sustainable<br>Equity Fund** | **Mirova<br>International<br>Sustainable<br>Equity Fund** | **Mirova U.S.<br>Sustainable<br>Equity Fund** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at cost | $954746681 | $11539092 | $3804741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation | (99198538) | (2591231) | (111024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at value | 855548143 | 8947861 | 3693717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency at value (identified cost $12,369,753, $91,334 and $0, respectively) | 12537049 | 94266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 1337039 | 18198 | 11408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser (Note 6) |  | 6616 | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 271391 | 11634 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims receivable | 682248 | 61214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses (Note 8) | 641 | 558 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS** | 870376511 | 9140347 | 3712683 |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 1973761 | 39463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees payable (Note 6) | 568957 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Trustees' fees (Note 6) | 43462 | 12989 | 5549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable (Note 6) | 35462 | 362 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to distributor (Note 6d) | 7793 | 17 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services fees payable | 44996 | 44865 | 44448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accounts payable and accrued expenses | 269672 | 84407 | 7023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES** | 2944103 | 182103 | 57172 |
|  **NET ASSETS** | $867432408 | $8958244 | $3655511 |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $980681195 | $11818891 | $3777005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated loss | (113248787) | (2860647) | (121494) |
|  **NET ASSETS** | $867432408 | $8958244 | $3655511 |
|  **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** | **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** | **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** | **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $29013123 | $717422 | $2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | 1905687 | 68504 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $15.22 | $10.47 | $9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering price per share (100/94.25 of net asset value) (Note 1) | $16.15 | $11.11 | $9.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $11440846 | $— | $77144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | 789919 |  | 8645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $14.48 | $— | $8.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class N shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class N shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class N shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class N shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $189957035 | $7433250 | $3527321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | 12364452 | 706535 | 388535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $15.36 | $10.52 | $9.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Y shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Y shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Y shares:** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Y shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $637021404 | $807572 | $48379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | 41466978 | 76848 | 5333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $15.36 | $10.51 | $9.07 |

---

See accompanying notes to financial statements.

\| 46

------

Statements of Operations

For the Year Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Gateway<br>Fund** | **Gateway<br>Equity Call<br>Premium<br>Fund** | **Mirova<br>Global<br>Green<br>Bond Fund** |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $111489535 | $2105185 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 825403 | 23781 | 714961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less net foreign taxes withheld | (131554) | (7235) |  |
|  | 112183384 | 2121731 | 714961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp; Expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 6) | 42712665 | 754139 | 204867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees (Note 6) | 3277842 | 12855 | 15597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees (Note 6) | 3299638 | 58881 | 18492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 6) | 232940 | 15909 | 13089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees deferred compensation (Note 6) | (115800) | (3826) | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses (Notes 6 and 7) | 4382114 | 67138 | 42249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services fees | 54998 | 53742 | 45287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees and expenses | 277348 | 98161 | 11800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense (Note 11) |  | 1508 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees (Note 8) | 248230 | 4308 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 181419 | 81334 | 51342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory filing fees | 13000 | 13000 | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 331628 | 12256 | 13771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 217851 | 22791 | 19438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 55113873 | 1192196 | 455235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee/expense recovery (Note 6) | 3123 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waiver and/or expense reimbursement (Note 6) | (990739) | (293801) | (171696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 54126257 | 898395 | 283539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 58057127 | 1223336 | 431422 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 204406425 | (626895) | (4062959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 1911303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 448762179 | 7931158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions (Note 2c) | (3241) | (155) | (97168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1779813042) | (25391840) | (5644636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (114946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 85743092 | 1830792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations (Note 2c) | (129) |  | 6670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments, futures contracts, options written and foreign currency transactions | (1040904716) | (16256940) | (8001736) |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(982847589) | $(15033604) | $(7570314) |

---

See accompanying notes to financial statements.

47 \|

------

Statements of Operations (continued)

For the Year Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Mirova<br>Global<br>Sustainable<br>Equity Fund** | **Mirova<br>International<br>Sustainable<br>Equity Fund** | **Mirova U.S.<br>Sustainable<br>Equity Fund** |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $16679217 | $587791 | $38939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividends (Note 2b) | 1225552 | 31741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 35148 | 1009 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less net foreign taxes withheld | (1483752) | (67280) | (515) |
|  | 16456165 | 553261 | 39078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp; Expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 6) | 7695354 | 152331 | 25740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees (Note 6) | 219162 | 1370 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees (Note 6) | 434036 | 8536 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 6) | 41127 | 12386 | 11958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees deferred compensation (Note 6) | 4776 | 1585 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses (Notes 6 and 7) | 843739 | 5517 | 3892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services fees | 45838 | 45213 | 44449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees and expenses | 70014 | 24633 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense (Note 11) | 42550 | 2412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees (Note 8) | 33519 | 761 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 103972 | 52520 | 69501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory filing fees | 13000 | 13000 | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 87121 | 9177 | 8357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 58821 | 18762 | 13529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9693029 | 348203 | 197858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waiver and/or expense reimbursement (Note 6) | (410053) | (172221) | (167224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9282976 | 175982 | 30634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 7173189 | 377279 | 8444 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (13898657) | (43865) | 81285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions (Note 2c) | (231031) | (23782) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (261769491) | (8261267) | (1240668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations (Note 2c) | 178325 | (1402) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments and foreign currency transactions | (275720854) | (8330316) | (1159383) |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(268547665) | $(7953037) | $(1150939) |

---

See accompanying notes to financial statements.

\| 48

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gateway Fund** | **Gateway Fund** | **Gateway Equity Call<br>Premium Fund** | **Gateway Equity Call<br>Premium Fund** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $58057127 | $49256628 | $1223336 | $539101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, options written and foreign currency transactions | 653165363 | (549706836) | 7304108 | (5401601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments, options written and foreign currency translations | (1694070079) | 1314249613 | (23561048) | 19067765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (982847589) | 813799405 | (15033604) | 14205265 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (5738007) | (4616139) | (12362) | (7926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (601) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (4134252) | (3190505) | (2287) | (4105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (48176662) | (41377637) | (1235232) | (532807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (58048921) | (49184281) | (1250482) | (544913) |
|  **NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)** | (805606549) | 294964158 | 49826241 | 32303743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (1846503059) | 1059579282 | 33542155 | 45964095 |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year | 8184542565 | 7124963283 | 105867641 | 59903546 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of the year | $6338039506 | $8184542565 | $139409796 | $105867641 |

---

See accompanying notes to financial statements.

49 \|

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mirova Global<br>Green Bond Fund** | **Mirova Global<br>Green Bond Fund** | **Mirova Global Sustainable<br>Equity Fund** | **Mirova Global Sustainable<br>Equity Fund** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $431422 | $261984 | $7173189 | $2101557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, futures contracts and foreign currency transactions | (2248824) | 2318906 | (14129688) | 150307939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations | (5752912) | (3822067) | (261591166) | 23546962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (7570314) | (1241177) | (268547665) | 175956458 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (308314) | (196254) | (1656969) | (4789380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (629720) | (1953531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (298746) | (286884) | (10372579) | (22974524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (1496052) | (956524) | (35564616) | (94376354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2103112) | (1439662) | (48223884) | (124093789) |
|  **NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)** | (1836354) | 10270116 | 63521966 | 191048671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (11509780) | 7589277 | (253249583) | 242911340 |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year | 47125074 | 39535797 | 1120681991 | 877770651 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of the year | $35615294 | $47125074 | $867432408 | $1120681991 |

---

See accompanying notes to financial statements.

\| 50

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mirova International<br>Sustainable Equity Fund** | **Mirova International<br>Sustainable Equity Fund** | **Mirova U.S. Sustainable<br>Equity Fund** | **Mirova U.S. Sustainable<br>Equity Fund** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $377279 | $269597 | $8444 | $2949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | (67647) | 225743 | 81285 | 433439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (8262669) | 1042311 | (1240668) | 1023001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (7953037) | 1537651 | (1150939) | 1459389 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (25462) | (8864) | (223) | (623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (5225) | (5097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (273620) | (929817) | (257702) | (264825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (29504) | (41940) | (2573) | (2393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N |  |  | (3159) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  |  | (29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (328586) | (980621) | (268911) | (272938) |
|  **NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)** | (12492079) | 12545607 | 24536 | (1244405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (20773702) | 13102637 | (1395314) | (57954) |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year | 29731946 | 16629309 | 5050825 | 5108779 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of the year | $8958244 | $29731946 | $3655511 | $5050825 |

---

See accompanying notes to financial statements.

51 \|

------

Financial Highlights

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gateway Fund—Class A** | **Gateway Fund—Class A** | **Gateway Fund—Class A** | **Gateway Fund—Class A** | **Gateway Fund—Class A** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $40.70 | $36.76 | $34.69 | $31.65 | $33.47 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.22 | 0.18 | 0.30 | 0.37 | 0.34 |
|  Net realized and unrealized gain (loss) | (5.13) | 3.93 | 2.08 | 3.05 | (1.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (4.91) | 4.11 | 2.38 | 3.42 | (1.46) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.22) | (0.17) | (0.31) | (0.38) | (0.36) |
|  Net asset value, end of the period | $35.57 | $40.70 | $36.76 | $34.69 | $31.65 |
|  Total return(b)(c) | (12.06)% | 11.24% | 6.92% | 10.84% | (4.39)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $869122 | $1073713 | $987702 | $1125464 | $1177641 |
|  Net expenses(d) | 0.93 %(e) | 0.94 %(f) | 0.94% | 0.94% | 0.94% |
|  Gross expenses | 0.96 %(e) | 0.98 %(f) | 1.02% | 1.01% | 1.01% |
|  Net investment income | 0.60% | 0.46% | 0.88% | 1.12% | 1.03% |
|  Portfolio turnover rate | 16% | 11% | 22% | 12% | 10% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) A sales charge for Class A shares is not reflected in total return calculations.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(e) Includes refund of prior year service fee of 0.01%. See Note 6b of Notes to Financial Statements.

(f) Includes refund of prior year service fee of 0.01%

See accompanying notes to financial statements.

\| 52

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gateway Fund—Class C** | **Gateway Fund—Class C** | **Gateway Fund—Class C** | **Gateway Fund—Class C** | **Gateway Fund—Class C** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $40.41 | $36.60 | $34.54 | $31.50 | $33.32 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)(a) | (0.06) | (0.11) | 0.04 | 0.12 | 0.09 |
|  Net realized and unrealized gain (loss) | (5.09) | 3.92 | 2.07 | 3.03 | (1.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (5.15) | 3.81 | 2.11 | 3.15 | (1.71) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income |  |  | (0.05) | (0.11) | (0.11) |
|  Net asset value, end of the period | $35.26 | $40.41 | $36.60 | $34.54 | $31.50 |
|  Total return(b)(c) | (12.74)% | 10.41% | 6.13% | 10.02% | (5.15)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $77355 | $114019 | $142623 | $215947 | $272904 |
|  Net expenses(d) | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
|  Gross expenses | 1.71% | 1.73% | 1.77% | 1.76% | 1.76% |
|  Net investment income (loss) | (0.17)% | (0.30)% | 0.12% | 0.37% | 0.27% |
|  Portfolio turnover rate | 16% | 11% | 22% | 12% | 10% |

---

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

53 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gateway Fund—Class N** | **Gateway Fund—Class N** | **Gateway Fund—Class N** | **Gateway Fund—Class N** | **Gateway Fund—Class N** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $40.68 | $36.74 | $34.68 | $31.63 | $33.46 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.33 | 0.29 | 0.40 | 0.47 | 0.44 |
|  Net realized and unrealized gain (loss) | (5.13) | 3.94 | 2.07 | 3.06 | (1.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (4.80) | 4.23 | 2.47 | 3.53 | (1.37) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.33) | (0.29) | (0.41) | (0.48) | (0.46) |
|  Net asset value, end of the period | $35.55 | $40.68 | $36.74 | $34.68 | $31.63 |
|  Total return | (11.80)% | 11.57 %(b) | 7.25 %(b) | 11.17 %(b) | (4.13)%(b) |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $378377 | $504299 | $369829 | $369793 | $179727 |
|  Net expenses | 0.65% | 0.65 %(c) | 0.65 %(c) | 0.65 %(c) | 0.65 %(c) |
|  Gross expenses | 0.65% | 0.67% | 0.70% | 0.69% | 0.70% |
|  Net investment income | 0.88% | 0.74% | 1.17% | 1.40% | 1.32% |
|  Portfolio turnover rate | 16% | 11% | 22% | 12% | 10% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

\| 54

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gateway Fund—Class Y** | **Gateway Fund—Class Y** | **Gateway Fund—Class Y** | **Gateway Fund—Class Y** | **Gateway Fund—Class Y** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $40.67 | $36.73 | $34.67 | $31.63 | $33.46 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.31 | 0.27 | 0.38 | 0.46 | 0.43 |
|  Net realized and unrealized gain (loss) | (5.13) | 3.94 | 2.07 | 3.04 | (1.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (4.82) | 4.21 | 2.45 | 3.50 | (1.38) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.31) | (0.27) | (0.39) | (0.46) | (0.45) |
|  Net asset value, end of the period | $35.54 | $40.67 | $36.73 | $34.67 | $31.63 |
|  Total return(b) | (11.85)% | 11.49% | 7.19% | 11.12% | (4.18)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $5013186 | $6492511 | $5624810 | $6446007 | $6508061 |
|  Net expenses(c) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Gross expenses | 0.71% | 0.73% | 0.77% | 0.76% | 0.76% |
|  Net investment income | 0.83% | 0.70% | 1.12% | 1.37% | 1.28% |
|  Portfolio turnover rate | 16% | 11% | 22% | 12% | 10% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

55 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gateway Equity Call Premium Fund—Class A** | **Gateway Equity Call Premium Fund—Class A** | **Gateway Equity Call Premium Fund—Class A** | **Gateway Equity Call Premium Fund—Class A** | **Gateway Equity Call Premium Fund—Class A** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $16.66 | $14.03 | $13.07 | $11.32 | $12.08 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.10 | 0.07 | 0.09 | 0.10 | 0.09 |
|  Net realized and unrealized gain (loss) | (2.06) | 2.62 | 0.95 | 1.76 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (1.96) | 2.69 | 1.04 | 1.86 | (0.67) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.10) | (0.06) | (0.08) | (0.11) | (0.09) |
|  Net asset value, end of the period | $14.60 | $16.66 | $14.03 | $13.07 | $11.32 |
|  Total return(b)(c) | (11.77)% | 19.20% | 8.06% | 16.46% | (5.60)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $1617 | $2613 | $1456 | $2363 | $2375 |
|  Net expenses(d) | 0.93% | 1.03 %(e)(f) | 1.20% | 1.20% | 1.20% |
|  Gross expenses | 1.16% | 1.20% | 1.43% | 1.42% | 1.44% |
|  Net investment income | 0.66% | 0.43% | 0.69% | 0.82% | 0.73% |
|  Portfolio turnover rate | 11% | 5% | 15% | 17% | 58% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) A sales charge for Class A shares is not reflected in total return calculations.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(e) Effective July 1, 2021, the expense limit decreased from 1.20% to 0.93%.

(f) Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

\| 56

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gateway Equity Call Premium Fund—Class C** | **Gateway Equity Call Premium Fund—Class C** | **Gateway Equity Call Premium Fund—Class C** | **Gateway Equity Call Premium Fund—Class C** | **Gateway Equity Call Premium Fund—Class C** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $16.52 | $13.96 | $13.03 | $11.29 | $12.05 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)(a) | (0.01) | (0.05) | (0.01) | 0.01 | 0.00 (b) |
|  Net realized and unrealized gain (loss) | (2.04) | 2.61 | 0.95 | 1.74 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (2.05) | 2.56 | 0.94 | 1.75 | (0.75) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.01) | (0.00)(b) | (0.01) | (0.01) | (0.01) |
|  Net asset value, end of the period | $14.46 | $16.52 | $13.96 | $13.03 | $11.29 |
|  Total return(c)(d) | (12.36)% | 18.28% | 7.23% | 15.54% | (6.24)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $944 | $814 | $741 | $727 | $849 |
|  Net expenses(e) | 1.68% | 1.79 %(f)(g) | 1.95% | 1.95% | 1.95% |
|  Gross expenses | 1.91% | 1.96% | 2.17% | 2.17% | 2.19% |
|  Net investment income (loss) | (0.06)% | (0.33)% | (0.10)% | 0.07% | 0.02% |
|  Portfolio turnover rate | 11% | 5% | 15% | 17% | 58% |

---

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(f) Effective July 1, 2021, the expense limit decreased from 1.95% to 1.68%.

(g) Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

57 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gateway Equity Call Premium Fund—Class N** | **Gateway Equity Call Premium Fund—Class N** | **Gateway Equity Call Premium Fund—Class N** | **Gateway Equity Call Premium Fund—Class N** | **Gateway Equity Call Premium Fund—Class N** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $16.63 | $14.01 | $13.06 | $11.32 | $12.09 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.14 | 0.11 | 0.12 | 0.13 | 0.13 |
|  Net realized and unrealized gain (loss) | (2.05) | 2.61 | 0.95 | 1.76 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (1.91) | 2.72 | 1.07 | 1.89 | (0.64) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.15) | (0.10) | (0.12) | (0.15) | (0.13) |
|  Net asset value, end of the period | $14.57 | $16.63 | $14.01 | $13.06 | $11.32 |
|  Total return(b) | (11.51)% | 19.49% | 8.36% | 16.73% | (5.32)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $219 | $437 | $728 | $530 | $1 |
|  Net expenses(c) | 0.63% | 0.77 %(d) | 0.90% | 0.90% | 0.90% |
|  Gross expenses | 1.23% | 1.08% | 1.29% | 1.63% | 15.41% |
|  Net investment income | 0.95% | 0.70% | 0.95% | 1.03% | 1.04% |
|  Portfolio turnover rate | 11% | 5% | 15% | 17% | 58% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(d) Effective July 1, 2021, the expense limit decreased from 0.90% to 0.63%.

See accompanying notes to financial statements.

\| 58

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gateway Equity Call Premium Fund—Class Y** | **Gateway Equity Call Premium Fund—Class Y** | **Gateway Equity Call Premium Fund—Class Y** | **Gateway Equity Call Premium Fund—Class Y** | **Gateway Equity Call Premium Fund—Class Y** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $16.65 | $14.02 | $13.07 | $11.32 | $12.09 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.14 | 0.10 | 0.11 | 0.13 | 0.12 |
|  Net realized and unrealized gain (loss) | (2.06) | 2.63 | 0.96 | 1.76 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (1.92) | 2.73 | 1.07 | 1.89 | (0.64) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.14) | (0.10) | (0.12) | (0.14) | (0.13) |
|  Net asset value, end of the period | $14.59 | $16.65 | $14.02 | $13.07 | $11.32 |
|  Total return(b) | (11.48)% | 19.43% | 8.38% | 16.67% | (5.37)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $136629 | $102004 | $56979 | $60794 | $67125 |
|  Net expenses(c) | 0.68% | 0.78 %(d)(e) | 0.95% | 0.95% | 0.95% |
|  Gross expenses | 0.91% | 0.95% | 1.17% | 1.17% | 1.19% |
|  Net investment income | 0.95% | 0.67% | 0.90% | 1.06% | 1.01% |
|  Portfolio turnover rate | 11% | 5% | 15% | 17% | 58% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(d) Effective July 1, 2021, the expense limit decreased from 0.95% to 0.68%.

(e) Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

59 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Green Bond—Class A** | **Mirova Global Green Bond—Class A** | **Mirova Global Green Bond—Class A** | **Mirova Global Green Bond—Class A** | **Mirova Global Green Bond—Class A** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $10.14 | $10.77 | $10.36 | $9.71 | $9.96 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.07 | 0.04 | 0.07 | 0.09 | 0.08 |
|  Net realized and unrealized gain (loss) | (1.75) | (0.37) | 0.71 | 0.80 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (1.68) | (0.33) | 0.78 | 0.89 | 0.06 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.01) | (0.14) | (0.18) | (0.10) | (0.31) |
|  Net realized capital gains | (0.46) | (0.16) | (0.19) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.47) | (0.30) | (0.37) | (0.24) | (0.31) |
|  Net asset value, end of the period | $7.99 | $10.14 | $10.77 | $10.36 | $9.71 |
|  Total return(b)(c) | (16.73)% | (3.02)% | 7.61% | 9.16% | 0.64% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $5278 | $6798 | $5674 | $2549 | $814 |
|  Net expenses(d) | 0.91 %(e) | 0.96 %(f)(g) | 0.97 %(h) | 0.96 %(i) | 0.96 %(j) |
|  Gross expenses | 1.34 %(e) | 1.41 %(g) | 1.43 %(h) | 1.56 %(i) | 1.75 %(j) |
|  Net investment income | 0.83% | 0.39% | 0.69% | 0.86% | 0.85% |
|  Portfolio turnover rate | 60% | 37% | 53% | 25% | 46% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) A sales charge for Class A shares is not reflected in total return calculations.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(e) Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross
expenses would have been 1.33%.

(f) Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 0.92% and the ratio of gross
expenses would have been 1.37%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 1.41%.

(i) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 1.55%.

(j) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 1.74%.

See accompanying notes to financial statements.

\| 60

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Green Bond—Class N** | **Mirova Global Green Bond—Class N** | **Mirova Global Green Bond—Class N** | **Mirova Global Green Bond—Class N** | **Mirova Global Green Bond—Class N** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $10.17 | $10.80 | $10.39 | $9.73 | $9.98 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.10 | 0.07 | 0.10 | 0.12 | 0.11 |
|  Net realized and unrealized gain (loss) | (1.75) | (0.36) | 0.71 | 0.80 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (1.65) | (0.29) | 0.81 | 0.92 | 0.09 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.02) | (0.18) | (0.21) | (0.12) | (0.34) |
|  Net realized capital gains | (0.46) | (0.16) | (0.19) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.48) | (0.34) | (0.40) | (0.26) | (0.34) |
|  Net asset value, end of the period | $8.04 | $10.17 | $10.80 | $10.39 | $9.73 |
|  Total return(b) | (16.42)% | (2.73)% | 7.89% | 9.52% | 0.93% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $5224 | $8110 | $11781 | $27322 | $27050 |
|  Net expenses(c) | 0.61 %(d) | 0.67 %(e)(f) | 0.67 %(g) | 0.66 %(h) | 0.66 %(i) |
|  Gross expenses | 0.99 %(d) | 1.05 %(f) | 1.07 %(g) | 1.08 %(h) | 1.12 %(i) |
|  Net investment income | 1.11% | 0.69% | 0.96% | 1.17% | 1.13% |
|  Portfolio turnover rate | 60% | 37% | 53% | 25% | 46% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(d) Includes interest expense. Without this expense the ratio of net expenses would have been 0.60% and the ratio of gross
expenses would have been 0.98%.

(e) Effective July 1, 2021, the expense limit decreased from 0.65% to 0.60%.

(f) Includes interest expense. Without this expense the ratio of net expenses would have been 0.63% and the ratio of gross
expenses would have been 1.02%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross
expenses would have been 1.05%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross
expenses would have been 1.07%.

(i) Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross
expenses would have been 1.11%.

See accompanying notes to financial statements.

61 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Green Bond—Class Y** | **Mirova Global Green Bond—Class Y** | **Mirova Global Green Bond—Class Y** | **Mirova Global Green Bond—Class Y** | **Mirova Global Green Bond—Class Y** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $10.16 | $10.79 | $10.37 | $9.72 | $9.97 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.10 | 0.07 | 0.10 | 0.11 | 0.12 |
|  Net realized and unrealized gain (loss) | (1.76) | (0.37) | 0.72 | 0.80 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (1.66) | (0.30) | 0.82 | 0.91 | 0.09 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.01) | (0.17) | (0.21) | (0.12) | (0.34) |
|  Net realized capital gains | (0.46) | (0.16) | (0.19) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.47) | (0.33) | (0.40) | (0.26) | (0.34) |
|  Net asset value, end of the period | $8.03 | $10.16 | $10.79 | $10.37 | $9.72 |
|  Total return(b) | (16.45)% | (2.69)% | 7.85% | 9.38% | 0.89% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $25113 | $32217 | $22081 | $7060 | $1205 |
|  Net expenses(c) | 0.66 %(d) | 0.71 %(e)(f) | 0.72 %(g) | 0.71 %(h) | 0.71 %(i) |
|  Gross expenses | 1.09 %(d) | 1.16 %(f) | 1.18 %(g) | 1.28 %(h) | 1.39 %(i) |
|  Net investment income | 1.09% | 0.63% | 0.94% | 1.10% | 1.19% |
|  Portfolio turnover rate | 60% | 37% | 53% | 25% | 46% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(d) Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross
expenses would have been 1.08%.

(e) Effective July 1, 2021, the expense limit decreased from 0.70% to 0.65%.

(f) Includes interest expense. Without this expense the ratio of net expenses would have been 0.67% and the ratio of gross
expenses would have been 1.13%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross
expenses would have been 1.16%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross
expenses would have been 1.27%.

(i) Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross
expenses would have been 1.39%.

See accompanying notes to financial statements.

\| 62

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Sustainable Equity Fund—Class A** | **Mirova Global Sustainable Equity Fund—Class A** | **Mirova Global Sustainable Equity Fund—Class A** | **Mirova Global Sustainable Equity Fund—Class A** | **Mirova Global Sustainable Equity Fund—Class A** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $20.53 | $19.57 | $14.92 | $11.45 | $12.77 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)(a) | 0.08 | (0.01) | (0.02) | 0.03 | 0.00 (b) |
|  Net realized and unrealized gain (loss) | (4.62) | 3.45 | 4.77 | 3.69 | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (4.54) | 3.44 | 4.75 | 3.72 | (0.84) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.07) | (0.00)(b) | (0.00)(b) | (0.03) | (0.00)(b) |
|  Net realized capital gains | (0.70) | (2.48) | (0.10) | (0.22) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.77) | (2.48) | (0.10) | (0.25) | (0.48) |
|  Net asset value, end of the period | $15.22 | $20.53 | $19.57 | $14.92 | $11.45 |
|  Total return(c)(d) | (22.56)% | 17.82% | 32.07% | 32.63% | (6.54)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $29013 | $43117 | $33625 | $12884 | $6360 |
|  Net expenses(e) | 1.20 %(f) | 1.21 %(g) | 1.20% | 1.21 %(h) | 1.30 %(i)(j) |
|  Gross expenses | 1.26 %(f) | 1.24 %(g) | 1.24% | 1.39 %(h) | 1.39 %(i) |
|  Net investment income (loss) | 0.51% | (0.03)% | (0.14)% | 0.21% | 0.03% |
|  Portfolio turnover rate | 23% | 40 %(k) | 11% | 23% | 19% |

---

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) A sales charge for Class A shares is not reflected in total return calculations.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(f) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross
expenses would have been 1.25%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross
expenses would have been 1.24%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross
expenses would have been 1.38%.

(i) Includes interest expense of less than 0.01%.

(j) Effective December 28, 2018, the expense limit decreased from 1.30% to 1.20%.

(k) The variation in the Fund's turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

63 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Sustainable Equity Fund—Class C** | **Mirova Global Sustainable Equity Fund—Class C** | **Mirova Global Sustainable Equity Fund—Class C** | **Mirova Global Sustainable Equity Fund—Class C** | **Mirova Global Sustainable Equity Fund—Class C** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $19.62 | $18.95 | $14.56 | $11.24 | $12.63 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment loss(a) | (0.04) | (0.16) | (0.13) | (0.07) | (0.09) |
|  Net realized and unrealized gain (loss) | (4.40) | 3.31 | 4.62 | 3.61 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (4.44) | 3.15 | 4.49 | 3.54 | (0.91) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income |  | (0.00)(b) | (0.00)(b) |  |  |
|  Net realized capital gains | (0.70) | (2.48) | (0.10) | (0.22) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.70) | (2.48) | (0.10) | (0.22) | (0.48) |
|  Net asset value, end of the period | $14.48 | $19.62 | $18.95 | $14.56 | $11.24 |
|  Total return(c)(d) | (23.11)% | 16.85% | 31.07% | 31.66% | (7.20)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $11441 | $17248 | $11196 | $5406 | $2706 |
|  Net expenses(e) | 1.95 %(f) | 1.96 %(g) | 1.95% | 1.96 %(h) | 2.05 %(i)(j) |
|  Gross expenses | 2.01 %(f) | 1.99 %(g) | 1.99% | 2.14 %(h) | 2.14 %(i) |
|  Net investment loss | (0.23)% | (0.79)% | (0.84)% | (0.52)% | (0.72)% |
|  Portfolio turnover rate | 23% | 40 %(k) | 11% | 23% | 19% |

---

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(f) Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross
expenses would have been 2.00%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross
expenses would have been 1.99%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross
expenses would have been 2.13%.

(i) Includes interest expense of less than 0.01%.

(j) Effective December 28, 2018, the expense limit decreased from 2.05% to 1.95%.

(k) The variation in the Fund's turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

\| 64

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Sustainable Equity Fund—Class N** | **Mirova Global Sustainable Equity Fund—Class N** | **Mirova Global Sustainable Equity Fund—Class N** | **Mirova Global Sustainable Equity Fund—Class N** | **Mirova Global Sustainable Equity Fund—Class N** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $20.72 | $19.71 | $14.99 | $11.49 | $12.81 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)(a) | 0.13 | 0.05 | 0.01 | 0.06 | (0.01) |
|  Net realized and unrealized gain (loss) | (4.67) | 3.49 | 4.82 | 3.72 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (4.54) | 3.54 | 4.83 | 3.78 | (0.80) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.12) | (0.05) | (0.01) | (0.06) | (0.04) |
|  Net realized capital gains | (0.70) | (2.48) | (0.10) | (0.22) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.82) | (2.53) | (0.11) | (0.28) | (0.52) |
|  Net asset value, end of the period | $15.36 | $20.72 | $19.71 | $14.99 | $11.49 |
|  Total return | (22.32)% | 18.17% | 32.44 %(b) | 33.05 %(b) | (6.26)%(b) |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $189957 | $219679 | $72768 | $11000 | $2842 |
|  Net expenses | 0.90 %(c) | 0.91 %(d)(e) | 0.90 %(f) | 0.90 %(f)(g) | 1.01 %(f)(h)(i) |
|  Gross expenses | 0.90 %(c) | 0.91 %(d)(e) | 0.93% | 1.08 %(g) | 1.08 %(h) |
|  Net investment income (loss) | 0.81% | 0.24% | 0.08% | 0.46% | (0.08)% |
|  Portfolio turnover rate | 23% | 40 %(j) | 11% | 23% | 19% |

---

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) Includes interest expense. Without this expense the ratio of net expenses would have been 0.89% and the ratio of gross
expenses would have been 0.89%.

(d) Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross
expenses would have been 0.90%.

(e) Includes fee/expense recovery of 0.01%.

(f) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(g) Includes interest expense of less than 0.01%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.99% and the ratio of gross
expenses would have been 1.07%.

(i) Effective December 28, 2018, the expense limit decreased from 1.00% to 0.90%.

(j) The variation in the Fund's turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

65 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Sustainable Equity Fund—Class Y** | **Mirova Global Sustainable Equity Fund—Class Y** | **Mirova Global Sustainable Equity Fund—Class Y** | **Mirova Global Sustainable Equity Fund—Class Y** | **Mirova Global Sustainable Equity Fund—Class Y** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of the period | $20.71 | $19.71 | $14.99 | $11.49 | $12.81 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income(a) | 0.12 | 0.05 | 0.01 | 0.07 | 0.04 |
|  Net realized and unrealized gain (loss) | (4.66) | 3.46 | 4.81 | 3.70 | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (4.54) | 3.51 | 4.82 | 3.77 | (0.81) |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.11) | (0.03) | (0.00)(b) | (0.05) | (0.03) |
|  Net realized capital gains | (0.70) | (2.48) | (0.10) | (0.22) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.81) | (2.51) | (0.10) | (0.27) | (0.51) |
|  Net asset value, end of the period | $15.36 | $20.71 | $19.71 | $14.99 | $11.49 |
|  Total return(c) | (22.33)% | 18.06% | 32.42% | 32.99% | (6.32)% |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $637021 | $840638 | $760181 | $118032 | $69705 |
|  Net expenses(d) | 0.95 %(e) | 0.96 %(f) | 0.95% | 0.96 %(g) | 1.05 %(h)(i) |
|  Gross expenses | 1.01 %(e) | 0.99 %(f) | 0.99% | 1.14 %(g) | 1.15 %(h) |
|  Net investment income | 0.76% | 0.22% | 0.06% | 0.50% | 0.29% |
|  Portfolio turnover rate | 23% | 40 %(j) | 11% | 23% | 19% |

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(e) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 1.00%.

(f) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 0.99%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 1.13%.

(h) Includes interest expense of less than 0.01%.

(i) Effective December 28, 2018, the expense limit decreased from 1.05% to 0.95%.

(j) The variation in the Fund's turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

\| 66

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova International Sustainable Equity Fund—Class A** | **Mirova International Sustainable Equity Fund—Class A** | **Mirova International Sustainable Equity Fund—Class A** | **Mirova International Sustainable Equity Fund—Class A** | **Mirova International Sustainable Equity Fund—Class A** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Period Ended<br>December 31,<br>2018\*** |
|  Net asset value, beginning of the period | $14.35 | $13.95 | $12.51 | $10.03 | $10.00 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)(a) | 0.11 | 0.08 | (0.01) | 0.12 | (0.00)(b) |
|  Net realized and unrealized gain (loss) | (3.62) | 0.78 | 2.87 | 2.48 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (3.51) | 0.86 | 2.86 | 2.60 | 0.03 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.37) | (0.09) | (0.12) | (0.12) |  |
|  Net realized capital gains |  | (0.37) | (1.30) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.37) | (0.46) | (1.42) | (0.12) |  |
|  Net asset value, end of the period | $10.47 | $14.35 | $13.95 | $12.51 | $10.03 |
|  Total return(c)(d) | (24.42)% | 6.22% | 23.18% | 25.97% | 0.30 %(e) |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $717 | $380 | $76 | $4 | $1 |
|  Net expenses(f) | 1.21 %(g) | 1.21 %(h) | 1.26 %(i) | 1.21 %(j) | 1.20 %(k) |
|  Gross expenses | 2.30 %(g) | 2.08 %(h) | 5.69 %(i) | 107.91 %(j) | 22.87 %(k) |
|  Net investment income (loss) | 0.99% | 0.57% | (0.04)% | 1.09% | (1.20)%(k) |
|  Portfolio turnover rate | 8% | 8% | 11% | 8% | 0% |

---

\* From commencement of operations on December 28, 2018 through December 31, 2018.

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A sales charge for Class A shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) Periods less than one year are not annualized.

(f) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross
expenses would have been 2.29%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross
expenses would have been 2.07%.

(i) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross
expenses would have been 5.64%.

(j) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross
expenses would have been 107.90%.

(k) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

67 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova International Sustainable Equity Fund—Class N** | **Mirova International Sustainable Equity Fund—Class N** | **Mirova International Sustainable Equity Fund—Class N** | **Mirova International Sustainable Equity Fund—Class N** | **Mirova International Sustainable Equity Fund—Class N** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Period Ended<br>December 31,<br>2018\*** |
|  Net asset value, beginning of the period | $14.40 | $13.99 | $12.51 | $10.03 | $10.00 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)(a) | 0.23 | 0.14 | 0.07 | 0.15 | (0.00)(b) |
|  Net realized and unrealized gain (loss) | (3.71) | 0.76 | 2.84 | 2.49 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (3.48) | 0.90 | 2.91 | 2.64 | 0.03 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.40) | (0.12) | (0.13) | (0.16) |  |
|  Net realized capital gains |  | (0.37) | (1.30) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.40) | (0.49) | (1.43) | (0.16) |  |
|  Net asset value, end of the period | $10.52 | $14.40 | $13.99 | $12.51 | $10.03 |
|  Total return(c) | (24.17)% | 6.47% | 23.60% | 26.31% | 0.30 %(d) |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $7433 | $27569 | $16478 | $17193 | $10035 |
|  Net expenses(e) | 0.91 %(f) | 0.91 %(g) | 0.93 %(h) | 0.92 %(i) | 0.90 %(j) |
|  Gross expenses | 1.80 %(f) | 1.44 %(g) | 1.83 %(h) | 1.99 %(i) | 22.55 %(j) |
|  Net investment income (loss) | 2.01% | 0.94% | 0.58% | 1.36% | (0.90)%(j) |
|  Portfolio turnover rate | 8% | 8% | 11% | 8% | 0% |

---

\* From commencement of operations on December 28, 2018 through December 31, 2018.

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) Periods less than one year are not annualized.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(f) Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross
expenses would have been 1.79%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross
expenses would have been 1.43%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross
expenses would have been 1.80%.

(i) Includes interest expense. Without this expense the ratio of net expenses would have been 0.75% and the ratio of gross
expenses would have been 1.22%.

(j) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

\| 68

------

Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova International Sustainable Equity Fund—Class Y** | **Mirova International Sustainable Equity Fund—Class Y** | **Mirova International Sustainable Equity Fund—Class Y** | **Mirova International Sustainable Equity Fund—Class Y** | **Mirova International Sustainable Equity Fund—Class Y** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Period Ended<br>December 31,<br>2018\*** |
|  Net asset value, beginning of the period | $14.38 | $13.98 | $12.50 | $10.03 | $10.00 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)(a) | 0.24 | 0.08 | 0.03 | 0.15 | (0.00)(b) |
|  Net realized and unrealized gain (loss) | (3.72) | 0.80 | 2.88 | 2.48 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (3.48) | 0.88 | 2.91 | 2.63 | 0.03 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.39) | (0.11) | (0.13) | (0.16) |  |
|  Net realized capital gains |  | (0.37) | (1.30) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.39) | (0.48) | (1.43) | (0.16) |  |
|  Net asset value, end of the period | $10.51 | $14.38 | $13.98 | $12.50 | $10.03 |
|  Total return(c) | (24.18)% | 6.39% | 23.60% | 26.21% | 0.30 %(d) |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
|  Net assets, end of the period (000's) | $808 | $1783 | $75 | $9 | $1 |
|  Net expenses(e) | 0.96 %(f) | 0.96 %(g) | 1.00 %(h) | 0.96 %(i) | 0.95 %(j) |
|  Gross expenses | 2.05 %(f) | 1.83 %(g) | 6.51 %(h) | 94.13 %(i) | 22.51 %(j) |
|  Net investment income (loss) | 2.09% | 0.52% | 0.21% | 1.36% | (0.95)%(j) |
|  Portfolio turnover rate | 8% | 8% | 11% | 8% | 0% |

---

\* From commencement of operations on December 28, 2018 through December 31, 2018.

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) Periods less than one year are not annualized.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(f) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 2.04%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 1.82%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 6.46%.

(i) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross
expenses would have been 94.12%.

(j) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

69 \|

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Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | |
|:---|:---|:---|:---|
|  | **Mirova U.S. Sustainable Equity Fund—Class A** | **Mirova U.S. Sustainable Equity Fund—Class A** | **Mirova U.S. Sustainable Equity Fund—Class A** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Period Ended<br>December 31,<br>2020\*** |
|  Net asset value, beginning of the period | $12.57 | $10.21 | $10.00 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income (loss)(a) | 0.00 (b) | (0.04) | (0.00)(b) |
|  Net realized and unrealized gain (loss) | (2.86) | 3.06 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (2.86) | 3.02 | 0.21 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income |  | (0.00)(b) |  |
|  Net realized capital gains | (0.64) | (0.66) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.64) | (0.66) |  |
|  Net asset value, end of the period | $9.07 | $12.57 | $10.21 |
|  Total return(c)(d) | (23.21)% | 29.65% | 2.10 %(e) |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |
|  Net assets, end of the period (000's) | $3 | $12 | $1 |
|  Net expenses(f) | 1.05% | 1.05% | 1.05 %(g) |
|  Gross expenses | 7.15% | 8.99% | 23.61 %(g) |
|  Net investment income (loss) | 0.01% | (0.31)% | (0.73)%(g) |
|  Portfolio turnover rate | 8% | 9% | 0% |

---

\* From commencement of operations on December 15, 2020 through December 31, 2020.

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) A sales charge for Class A shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

(f) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(g) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

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Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | |
|:---|:---|:---|:---|
|  | **Mirova U.S. Sustainable Equity Fund—Class C** | **Mirova U.S. Sustainable Equity Fund—Class C** | **Mirova U.S. Sustainable Equity Fund—Class C** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Period Ended<br>December 31,<br>2020\*** |
|  Net asset value, beginning of the period | $12.47 | $10.21 | $10.00 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment loss(a) | (0.08) | (0.12) | (0.01) |
|  Net realized and unrealized gain (loss) | (2.83) | 3.04 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (2.91) | 2.92 | 0.21 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net realized capital gains | (0.64) | (0.66) |  |
|  Net asset value, end of the period | $8.92 | $12.47 | $10.21 |
|  Total return(b)(c) | (23.81)% | 28.62% | 2.10 %(d) |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |
|  Net assets, end of the period (000's) | $77 | $101 | $1 |
|  Net expenses(e) | 1.80% | 1.80% | 1.80 %(f) |
|  Gross expenses | 7.97% | 9.37% | 24.34 %(f) |
|  Net investment loss | (0.81)% | (0.91)% | (1.45)%(f) |
|  Portfolio turnover rate | 8% | 9% | 0% |

---

\* From commencement of operations on December 15, 2020 through December 31, 2020.

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) Periods less than one year are not annualized.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(f) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

71 \|

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Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | |
|:---|:---|:---|:---|
|  | **Mirova U.S. Sustainable Equity Fund—Class N** | **Mirova U.S. Sustainable Equity Fund—Class N** | **Mirova U.S. Sustainable Equity Fund—Class N** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Period Ended<br>December 31,<br>2020\*** |
|  Net asset value, beginning of the period | $12.59 | $10.21 | $10.00 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income (loss)(a) | 0.02 | 0.01 | (0.00)(b) |
|  Net realized and unrealized gain (loss) | (2.85) | 3.05 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (2.83) | 3.06 | 0.21 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.03) | (0.02) |  |
|  Net realized capital gains | (0.64) | (0.66) |  |
|  Tax return of capital | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.68) | (0.68) |  |
|  Net asset value, end of the period | $9.08 | $12.59 | $10.21 |
|  Total return(c) | (22.95)% | 29.99% | 2.10 %(d) |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |
|  Net assets, end of the period (000's) | $3527 | $4893 | $5106 |
|  Net expenses(e) | 0.75% | 0.75% | 0.75 %(f) |
|  Gross expenses | 4.90% | 3.50% | 17.07 %(f) |
|  Net investment income (loss) | 0.24% | 0.06% | (0.39)%(f) |
|  Portfolio turnover rate | 8% | 9% | 0% |

---

\* From commencement of operations on December 15, 2020 through December 31, 2020.

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) Periods less than one year are not annualized.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(f) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

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Financial Highlights (continued)

For a share outstanding throughout each period.

---

| | | | |
|:---|:---|:---|:---|
|  | **Mirova U.S. Sustainable Equity Fund—Class Y** | **Mirova U.S. Sustainable Equity Fund—Class Y** | **Mirova U.S. Sustainable Equity Fund—Class Y** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Period Ended<br>December 31,<br>2020\*** |
|  Net asset value, beginning of the period | $12.59 | $10.21 | $10.00 |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income (loss)(a) | 0.02 | (0.00)(b) | (0.00)(b) |
|  Net realized and unrealized gain (loss) | (2.87) | 3.06 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (2.85) | 3.06 | 0.21 |
|  **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
|  Net investment income | (0.02) | (0.02) |  |
|  Net realized capital gains | (0.64) | (0.66) |  |
|  Tax return of capital | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.67) | (0.68) |  |
|  Net asset value, end of the period | $9.07 | $12.59 | $10.21 |
|  Total return(c) | (23.07)% | 29.97% | 2.10 %(d) |
|  **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |
|  Net assets, end of the period (000's) | $48 | $44 | $1 |
|  Net expenses(e) | 0.80% | 0.80% | 0.80 %(f) |
|  Gross expenses | 6.96% | 8.79% | 23.24 %(f) |
|  Net investment income (loss) | 0.19% | (0.01)% | (0.36)%(f) |
|  Portfolio turnover rate | 8% | 9% | 0% |

---

\* From commencement of operations on December 15, 2020 through December 31, 2020.

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) Periods less than one year are not annualized.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period.
Without this waiver/reimbursement, expenses would have been higher.

(f) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

73 \|

------

Notes to Financial Statements

December 31, 2022

**1. Organization.** Gateway Trust and Natixis Funds Trust I (the "Trusts" and each a "Trust") are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trusts are presented in separate reports. The following funds (individually, a "Fund" and collectively, the "Funds") are included in this report:

<u>Gateway Trust:</u> 

Gateway Fund

Gateway Equity Call Premium Fund

<u>Natixis Funds Trust I:</u> 

Mirova Global Green Bond Fund (the "Global Green Bond Fund")

Mirova Global Sustainable Equity Fund (the "Global Sustainable Equity Fund")

Mirova International Sustainable Equity Fund (the "International Sustainable Equity Fund")

Mirova U.S. Sustainable Equity Fund (the "U.S. Sustainable Equity Fund")

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares, except for Global Green Bond Fund and International Sustainable Equity Fund, which do not offer Class C shares.

Class A shares are sold with a maximum front-end sales charge of 5.75% for all Funds except for Global Green Bond Fund which are sold with a maximum front-end sales charge of 4.25%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge ("CDSC") of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds' prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust ("Natixis Funds Trusts"), Loomis Sayles Funds I and Loomis Sayles Funds II ("Loomis Sayles Funds Trusts") and Natixis ETF Trust and Natixis ETF Trust II ("Natixis ETF Trusts"). Expenses of a Fund are borne *pro rata* by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their *pro rata* share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

**2. Significant Accounting Policies.** The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds' financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds' financial statements.

**a. Valuation.** Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds' Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board's oversight.

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Domestic, exchange-traded index and single name equity option contracts (including options on exchange-traded funds) are valued at the mean of the National Best Bid and Offer quotations as determined by the Options Price Reporting Authority. Shares of open-end investment companies are valued at net asset value per share.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the

\| 74

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Notes to Financial Statements (continued)

December 31, 2022

last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's net asset value ("NAV") is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

**b. Investment Transactions and Related Investment Income.** Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Dividends reinvested and stock dividends are reflected as non-cash dividends on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds' investments in real estate investment trusts ("REITs") are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of the Fund.

**c. Foreign Currency Translation.** The books and records of the Funds are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded in the Funds' books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

75 \|

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Notes to Financial Statements (continued)

December 31, 2022

The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

**d. Futures Contracts.** A Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as "initial margin." As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as "variation margin," are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Gross unrealized appreciation (depreciation) on futures contracts is recorded in the Statements of Assets and Liabilities as an asset (liability). The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund's ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced; however, in the event that a counterparty enters into bankruptcy, a Fund's claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

**e. Option Contracts.** Gateway Fund and Gateway Equity Call Premium Fund's investment strategies make use of exchange-traded options. Exchange-traded options are standardized contracts and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to a Fund are reduced.

When a Fund writes an index call option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value until the option expires or a Fund enters into a closing purchase transaction. When an index call option expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. A Fund, as writer of an index call option, bears the risk of an unfavorable change in the market value of the index underlying the written option.

When a Fund purchases an index put option, it pays a premium and the index put option is subsequently marked-to-market to reflect current value until the option expires or a Fund enters into a closing sale transaction. Premiums paid for purchasing index put options which expire are treated as realized losses. When a Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing index put options is limited to the premium paid. Option contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Portfolio of Investments.

**f. Due from Brokers.** Transactions and positions in certain futures contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Global Green Bond Fund represents cash pledged as collateral for futures contracts (including variation margin, as applicable). In certain circumstances the Fund's use of cash held at brokers is restricted by regulation or broker mandated limits.

**g. Federal and Foreign Income Taxes.** The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund's tax positions for the open tax years as of December 31, 2022 and has concluded that no provisions for income tax are required. The Funds' federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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Notes to Financial Statements (continued)

December 31, 2022

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund's understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (EU reclaims) and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, EU reclaims may be subject to closing agreements with the Internal Revenue Service (IRS), which may materially reduce the reclaim amounts realized by the Funds. Fees and expenses associated with closing agreements will be reflected in the Statements of Operations when it is determined that a closing agreement with the IRS is required.

**h. Dividends and Distributions to Shareholders.** Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as premium amortization, futures contract mark-to-market, capital gain distribution received, return of capital distributions received, corporate actions, distributions in excess of income and/or capital gain and options contract mark-to-market. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to wash sales, deferred Trustees' fees, premium amortization, futures contract mark-to-market, options contract mark-to-market, corporate actions, capital gain distribution received and return of capital distributions received. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds' fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended December 31, 2022 and 2021 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2022 Distributions | 2022 Distributions | 2022 Distributions | 2022 Distributions | 2021 Distributions | 2021 Distributions | 2021 Distributions |
| Fund | Ordinary<br>Income | Long-Term<br>Capital<br>Gains | Return of<br>Capital | Total | Ordinary<br>Income | Long-Term<br>Capital<br>Gains | Total |
|  Gateway Fund | $58048921 | $— | $— | $58048921 | $49184281 | $— | $49184281 |
|  Gateway Equity Call Premium Fund | 1250482 |  |  | 1250482 | 544913 |  | 544913 |
|  Global Green Bond Fund | 200482 | 1902630 |  | 2103112 | 901804 | 537858 | 1439662 |
|  Global Sustainable Equity Fund | 24414403 | 23809481 |  | 48223884 | 14908515 | 109185274 | 124093789 |
|  International Sustainable Equity Fund | 328586 |  |  | 328586 | 409826 | 570795 | 980621 |
|  U.S. Sustainable Equity Fund | 165527 | 100196 | 3188 | 268911 | 272938 |  | 272938 |

---

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

77 \|

------

Notes to Financial Statements (continued)

December 31, 2022

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Gateway<br>Fund | Gateway<br>Equity Call<br>Premium Fund | Global<br>Green<br>Bond Fund |
|  Undistributed ordinary income | $1154074 | $— | $— |
|  Capital loss carryforward: | Capital loss carryforward: | Capital loss carryforward: | Capital loss carryforward: |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term: | &nbsp;&nbsp;&nbsp;&nbsp; Short-term: | &nbsp;&nbsp;&nbsp;&nbsp; Short-term: | &nbsp;&nbsp;&nbsp;&nbsp; Short-term: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No expiration date | (1015602052) | (5417327) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term: | &nbsp;&nbsp;&nbsp;&nbsp; Long-term: | &nbsp;&nbsp;&nbsp;&nbsp; Long-term: | &nbsp;&nbsp;&nbsp;&nbsp; Long-term: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No expiration date |  | (808973) |  |
|  Total capital loss carryforward | (1015602052) | (6226300) |  |
|  Late-year ordinary and post-October capital loss deferrals\* |  |  | (2907874) |
|  Unrealized appreciation (depreciation) | 3505510825 | 24964936 | (7043963) |
|  Total accumulated earnings (losses) | $2491062847 | $18738636 | $(9951837) |
|  Capital loss carryforward utilized in the current year | $743057380 | $9129634 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Global<br>Sustainable<br>Equity Fund | International<br>Sustainable<br>Equity Fund | U.S.<br>Sustainable<br>Equity Fund |
|  Undistributed ordinary income | $580522 | $15825 | $— |
|  Capital loss carryforward: | Capital loss carryforward: | Capital loss carryforward: | Capital loss carryforward: |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term: | &nbsp;&nbsp;&nbsp;&nbsp; Short-term: | &nbsp;&nbsp;&nbsp;&nbsp; Short-term: | &nbsp;&nbsp;&nbsp;&nbsp; Short-term: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No expiration date | (8855576) | (212150) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term: | &nbsp;&nbsp;&nbsp;&nbsp; Long-term: | &nbsp;&nbsp;&nbsp;&nbsp; Long-term: | &nbsp;&nbsp;&nbsp;&nbsp; Long-term: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No expiration date | (3426339) | (67885) |  |
|  Total capital loss carryforward\*\* | (12281915) | (280035) |  |
|  Late-year ordinary and post-October capital loss deferrals\* |  |  | (4921) |
|  Unrealized depreciation | (101503932) | (2583448) | (111024) |
|  Total accumulated losses | $(113205325) | $(2847658) | $(115945) |

---

\* Under current tax law, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Global Green Bond Fund and U.S. Sustainable Equity Fund are deferring capital losses. 

\*\* Under Section 382 of the Internal Revenue Service Code, a portion of the capital loss carryforward for the International Sustainable Equity Fund is subject to certain limitations upon availability, to offset future capital gains, if any.

As of December 31, 2022, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Gateway<br>Fund | Gateway<br>Equity Call<br>Premium Fund | Global<br>Green<br>Bond Fund | Global<br>Sustainable<br>Equity Fund | International<br>Sustainable<br>Equity Fund | U.S.<br>Sustainable<br>Equity Fund |
|  Federal tax cost | $2852653866 | $115449528 | $42189386 | $957173100 | $11531264 | $3804741 |
|  Gross tax appreciation | $3616232108 | $30824950 | $202381 | $39804706 | $241248 | $315140 |
|  Gross tax depreciation | (110721295) | (5860024) | (7249778) | (141429663) | (2824651) | (426164) |
|  Net tax appreciation (depreciation) | $3505510813 | $24964926 | $(7047397) | $(101624957) | $(2583403) | $(111024) |

---

The difference between these amounts and those reported in the components of distributable earnings, if any, are primarily attributable to foreign currency mark-to-market.

**i. Repurchase Agreements.** Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund's policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the

\| 78

------

Notes to Financial Statements (continued)

December 31, 2022

repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund's ability to dispose of the underlying securities. As of December 31, 2022, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

**j. Indemnifications.** Under the Trusts' organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**k. New Accounting Pronouncement.** In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03, "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in ASC 820 related to the measurement of fair value of an equity security subject to contractual sale restrictions, eliminating the ability to apply a discount to the fair value of such securities, and introducing related disclosure requirements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the impact of applying this update.

**3. Fair Value Measurements.** In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund's assets or liabilities. These inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant inputs that are observable either directly, or indirectly
through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using significant unobservable inputs when quoted prices or observable inputs are
unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund's own assumptions in determining the fair value of assets or liabilities and would be based on the best information
available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds' pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.

Under certain conditions and based upon specific facts and circumstances, the Fund's valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

The following is a summary of the inputs used to value the Funds' investments as of December 31, 2022, at value:

**Gateway Fund** 

**Asset Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks(a) | $6152050500 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $6152050500 |
|  Purchased Options(a) | 61206245 |  |  | 61206245 |
|  Short-Term Investments |  | 206114180 |  | 206114180 |
|  Total | $6213256745 | $206114180 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $6419370925 |

---

**Liability Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Written Options(a) | $(111573945) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(111573945) |

---

(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

79 \|

------

Notes to Financial Statements (continued)

December 31, 2022

**Gateway Equity Call Premium Fund** 

**Asset Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks(a) | $138873970 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $138873970 |
|  Short-Term Investments |  | 1540484 |  | 1540484 |
|  Total | $138873970 | $1540484 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $140414454 |

---

**Liability Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Written Options(a) | $(2515590) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(2515590) |

---

(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

**Global Green Bond Fund** 

**Asset Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Bonds and Notes(a) | $— | $35147632 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $35147632 |
|  Futures Contracts (unrealized appreciation) | 134647 |  |  | 134647 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134647 | $35147632 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $35282279 |

---

**Liability Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Futures Contracts (unrealized depreciation) | $(723823) | $– $| &nbsp;&nbsp;&nbsp;&nbsp;— | $(723823) |

---

(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

**Global Sustainable Equity Fund** 

**Asset Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | $— | $9733960 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $9733960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 81062824 |  | 81062824 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 22189960 |  | 22189960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 47854768 |  | 47854768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 24994607 |  | 24994607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 46460082 |  | 46460082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 32614869 |  | 32614869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 29572646 |  | 29572646 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 22791018 |  | 22791018 |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Common Stocks(a) | 538273409 |  |  | 538273409 |
|  Total Common Stocks | 538273409 | 317274734 |  | 855548143 |
|  Total | $538273409 | $317274734 | $— | $855548143 |

---

(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

\| 80

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Notes to Financial Statements (continued)

December 31, 2022

**International Sustainable Equity Fund** 

**Asset Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $103913 | $— | $103913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 531522 |  | 531522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 1087111 |  | 1087111 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 1137236 |  | 1137236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 614448 |  | 614448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 767127 |  | 767127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 353357 |  | 353357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1211065 |  | 1211065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 693777 |  | 693777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 36634 |  | 36634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 374147 |  | 374147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 228487 |  | 228487 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 1333638 |  | 1333638 |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Common Stocks(a) | 475399 |  |  | 475399 |
|  Total Common Stocks | 475399 | 8472462 |  | 8947861 |
|  Total | $475399 | $8472462 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $8947861 |

---

(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

**U.S. Sustainable Equity Fund** 

**Asset Valuation Inputs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks(a) | $3593665 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $3593665 |
|  Short-Term Investments |  | 100052 |  | 100052 |
|  Total | $3593665 | $100052 | $— | $3693717 |

---

(a) Details of the major categories of the Fund's investments are reflected within the Portfolio of Investments.

**4. Derivatives.** Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments the Funds used during the period include written index call options, purchased index put options and futures contracts.

Through the use of index options, Gateway Fund and Gateway Equity Call Premium Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments. Each Fund seeks to provide an efficient trade-off between risk and reward, where risk is characterized by volatility or fluctuations in value over time. To meet this objective, the Funds invest in a broadly diversified portfolio of common stocks, while also writing index call options and, for Gateway Fund, purchasing index put options. Writing index call options can reduce a Fund's volatility, provide a steady cash flow and be an important source of a Fund's return, although it also may reduce a Fund's ability to profit from increases in the value of its equity portfolio. Buying index put options, can protect a Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of stocks constituting the index decrease and decreases as those stocks increase in price. For Gateway Fund, the combination of the diversified stock portfolio, the steady cash flow from writing of index call options and the downside protection from purchased index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. For Gateway Equity Call Premium Fund, the combination of the diversified stock portfolio and the steady cash flow from writing of index call options is intended to moderate the volatility of returns relative to an all-equity portfolio. During the year ended December 31, 2022, Gateway Fund used written index call options and purchased index put options and Gateway Equity Call Premium Fund used written index call options in accordance with these strategies.

Global Green Bond Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds. The Fund pursues its objective by primarily investing in fixed-income securities. In connection with its principal

81 \|

------

Notes to Financial Statements (continued)

December 31, 2022

investment strategies, the Fund may also invest in various types of futures contracts for investment purposes. During the year ended December 31, 2022, Global Green Bond Fund used U.S. and foreign government bond futures to gain yield curve exposure.

Global Green Bond Fund is subject to the risk that changes in interest rates will affect the value of the Fund's investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the year ended December 31, 2022, Global Green Bond Fund used U.S. and foreign government bond futures to manage duration.

Global Green Bond Fund is also subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may use futures contracts for hedging purposes to protect the value of the Fund's holdings of foreign securities. During the year ended December 31, 2022, Global Green Bond Fund used currency futures for hedging purposes.

The following is a summary of derivative instruments for Gateway Fund as of December 31, 2022, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Assets | Investments<br>at value<sup>1</sup> |
|  Exchange-traded asset derivatives | Exchange-traded asset derivatives |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $61206245 |
| Liabilities | Options written<br>at value |
|  Exchange-traded liability derivatives | Exchange-traded liability derivatives |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $(111573945) |

---

<sup>1</sup> Represents purchased options, at value.

Transactions in derivative instruments for Gateway Fund during the year ended December 31, 2022, as reflected within the Statements of Operations were as follows:

---

| | | |
|:---|:---|:---|
| Net Realized Gain (Loss) on: | Investments<sup>2</sup> | Options written |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $(7523800) | $448762179 |
| Net Change in Unrealized <br>Appreciation (Depreciation) on: | Investments<sup>2</sup> | Options written |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $2427387 | $85743092 |

---

<sup>2</sup> Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

The following is a summary of derivative instruments for Gateway Equity Call Premium Fund as of December 31, 2022, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Liabilities | Options written<br>at value |
|  Exchange-traded liability derivatives | Exchange-traded liability derivatives |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $(2515590) |

---

Transactions in derivative instruments for Gateway Equity Call Premium Fund during the year ended December 31, 2022, as reflected within the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Net Realized Gain (Loss) on: | Options written |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $7931158 |
| Net Change in Unrealized <br>Appreciation (Depreciation) on: | Options written |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $1830792 |

---

\| 82

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Notes to Financial Statements (continued)

December 31, 2022

The following is a summary of derivative instruments for Global Green Bond Fund as of December 31, 2022, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Assets | Unrealized<br>appreciation on<br>futures contracts |
|  Exchange-traded asset derivatives | Exchange-traded asset derivatives |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $122298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | 12349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total exchange-traded asset derivatives | $134647 |
| Liabilities | Unrealized<br>depreciation on<br>futures contracts |
|  Exchange-traded liability derivatives | Exchange-traded liability derivatives |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $(117876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | (605947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total exchange-traded liability derivatives | $(723823) |

---

Transactions in derivative instruments for Global Green Bond Fund during the year ended December 31, 2022, as reflected within the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Net Realized Gain (Loss) on: | Futures contracts |
|  Interest rate contracts | $(630454) |
|  Foreign exchange contracts | 2541757 |
|  Total | $1911303 |
| Net Change in Unrealized <br>Appreciation (Depreciation) on: | Futures contracts |
|  Interest rate contracts | $130258 |
|  Foreign exchange contracts | (245204) |
|  Total | $(114946) |

---

As the Funds value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds' investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of option contract activity as a percentage of investments in common stocks for Gateway Fund based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| Gateway Fund | Call Options<br>Written\* | Put Options<br>Purchased\* |
|  Average Notional Amount Outstanding | 99.02% | 81.23% |
|  Highest Notional Amount Outstanding | 99.15% | 99.03% |
|  Lowest Notional Amount Outstanding | 98.86% | 68.68% |
|  Notional Amount Outstanding as of December 31, 2022 | 98.96% | 98.96% |

---

The volume of option contract activity as a percentage of investments in common stocks for Gateway Equity Call Premium Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2022:

---

| | |
|:---|:---|
| Gateway Equity Call Premium Fund | Call Options<br> Written\* |
|  Average Notional Amount Outstanding | 99.04% |
|  Highest Notional Amount Outstanding | 99.38% |
|  Lowest Notional Amount Outstanding | 98.74% |
|  Notional Amount Outstanding as of December 31, 2022 | 99.25% |

---

\* Notional amounts outstanding are determined by multiplying option contracts by the contract multiplier by the price of the option's underlying index, the S&P 500<sup>®</sup> Index. 

83 \|

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Notes to Financial Statements (continued)

December 31, 2022

The volume of futures contract activity as a percentage of net assets for Global Green Bond Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2022:

---

| | |
|:---|:---|
| Global Green Bond Fund | Futures |
|  Average Notional Amount Outstanding | 84.77% |
|  Highest Notional Amount Outstanding | 99.22% |
|  Lowest Notional Amount Outstanding | 74.64% |
|  Notional Amount Outstanding as of December 31, 2022 | 99.22% |

---

Notional amounts outstanding at the end of the prior period are included in the average notional amount outstanding.

Unrealized gain and/or loss on open futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds' net assets.

Counterparty risk is managed based on policies and procedures established by the Fund's adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange's clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker's customers, potentially resulting in losses to the Fund. The following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| Fund | Maximum Amount<br>of Loss - Gross | Maximum Amount<br>of Loss - Net |
|  Global Green Bond Fund | $2200821 | $2200821 |

---

**5. Purchases and Sales of Securities.** For the year ended December 31, 2022, purchases and sales of securities (excluding short-term investments, option contracts and including paydowns) were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
|  Gateway Fund | $1165186917 | $1612134351 |
|  Gateway Equity Call Premium Fund | 75807561 | 14298417 |
|  Global Green Bond Fund | 25239355 | 22225093 |
|  Global Sustainable Equity Fund | 276801341 | 216043949 |
|  International Sustainable Equity Fund | 1417168 | 12953023 |
|  U.S. Sustainable Equity Fund | 319412 | 648402 |

---

**6. Management Fees and Other Transactions with Affiliates.** 

**a. Management Fees.** Gateway Investment Advisers, LLC ("Gateway Advisers") serves as investment adviser to Gateway Fund and Gateway Equity Call Premium Fund. Gateway Advisers is a subsidiary of Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund's average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets | Percentage of Average Daily Net Assets |
| Fund | First<br> $5 billion | Next<br> $5 billion | Over<br> $10 billion |
|  Gateway Fund | 0.60% | 0.55% | 0.53% |
|  Gateway Equity Call Premium Fund | 0.58% | 0.58% | 0.58% |

---

Mirova US LLC ("Mirova US") serves as investment adviser to Global Green Bond Fund, Global Sustainable Equity Fund, International Sustainable Equity Fund and U.S. Sustainable Equity Fund. Mirova US is a wholly-owned subsidiary of Mirova, which is in turn a

\| 84

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Notes to Financial Statements (continued)

December 31, 2022

subsidiary of Natixis Investment Managers. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund's average daily net assets:

---

| | |
|:---|:---|
| Fund | Percentage of<br>Average Daily<br>Net Assets |
|  Global Green Bond Fund | 0.50% |
|  Global Sustainable Equity Fund | 0.80% |
|  International Sustainable Equity Fund | 0.80% |
|  U.S. Sustainable Equity Fund | 0.65% |

---

Gateway Advisers and Mirova US have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds' operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2023, may be terminated before then only with the consent of the Funds' Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the year ended December 31, 2022, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Expense Limit as a Percentage of<br>Average Daily Net Assets | Expense Limit as a Percentage of<br>Average Daily Net Assets | Expense Limit as a Percentage of<br>Average Daily Net Assets | Expense Limit as a Percentage of<br>Average Daily Net Assets |
| Fund | Class A | Class C | Class N | Class Y |
|  Gateway Fund | 0.94% | 1.70% | 0.65% | 0.70% |
|  Gateway Equity Call Premium Fund | 0.93% | 1.68% | 0.63% | 0.68% |
|  Global Green Bond Fund | 0.90% |  | 0.60% | 0.65% |
|  Global Sustainable Equity Fund | 1.20% | 1.95% | 0.90% | 0.95% |
|  International Sustainable Equity Fund | 1.20% |  | 0.90% | 0.95% |
|  U.S. Sustainable Equity Fund | 1.05% | 1.80% | 0.75% | 0.80% |

---

Gateway Advisers and Mirova US shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fee or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below (1) a class' expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class' current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended December 31, 2022, the management fees and waiver of management fees for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Gross<br>Management Fees | Contractual<br>Waivers of<br>Management Fees<sup>1</sup> | Net<br>Management Fees | Percentage<br>of Average<br>Daily Net Assets | Percentage<br>of Average<br>Daily Net Assets |
| Fund | Gross<br>Management Fees | Contractual<br>Waivers of<br>Management Fees<sup>1</sup> | Net<br>Management Fees | Gross | Net |
|  Gateway Fund | $42712665 | $— | $42712665 | 0.58% | 0.58% |
|  Gateway Equity Call Premium Fund | 754139 | 292832 | 461307 | 0.58% | 0.35% |
|  Global Green Bond Fund | 204867 | 170565 | 34302 | 0.50% | 0.08% |
|  Global Sustainable Equity Fund | 7695354 |  | 7695354 | 0.80% | 0.80% |
|  International Sustainable Equity Fund | 152331 | 152331 |  | 0.80% | —% |
|  U.S. Sustainable Equity Fund | 25740 | 25740 |  | 0.65% | —% |

---

For the year ended December 31, 2022, class-specific expenses have been reimbursed as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Reimbursement<sup>1</sup> | Reimbursement<sup>1</sup> | Reimbursement<sup>1</sup> | Reimbursement<sup>1</sup> | Reimbursement<sup>1</sup> |
| Fund | Class A | Class C | Class N | Class Y | Total |
|  Gateway Fund | $223714 | $11772 | $— | $755253 | $990739 |
|  Global Sustainable Equity Fund | 18214 | 7230 |  | 382905 | 408349 |

---

<sup>1</sup> Waiver/expense reimbursements are subject to possible recovery until December 31, 2023.

85 \|

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Notes to Financial Statements (continued)

December 31, 2022

In addition, Mirova US reimbursed non-class-specific expenses of International Sustainable Equity Fund and U.S. Sustainable Equity Fund in the amounts of $18,722 and $140,557, respectively, for the year ended December 31, 2022, which are subject to possible recovery until December 31, 2023.

For the year ended December 31, 2022, expense reimbursements related to the prior fiscal year were recovered as follows:

---

| | |
|:---|:---|
| Fund | Recovered<br>Expenses |
|  Gateway Fund | $3123 |

---

**b. Service and Distribution Fees.** Natixis Distribution, LLC ("Natixis Distribution"), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund's Class A shares (the "Class A Plans") and a Distribution and Service Plan relating to each Fund's Class C shares (the "Class C Plans").

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds' Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds' Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Funds' Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the year ended December 31, 2022, the service and distribution fees for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Service Fees | Service Fees | Distribution Fees |
| Fund | Class A | Class C | Class C |
|  Gateway Fund | $2340771 | $234268 | $702803 |
|  Gateway Equity Call Premium Fund | 4959 | 1974 | 5922 |
|  Global Green Bond Fund | 15597 |  |  |
|  Global Sustainable Equity Fund | 84785 | 33594 | 100783 |
|  International Sustainable Equity Fund | 1370 |  |  |
|  U.S. Sustainable Equity Fund | 56 | 202 | 605 |

---

For the year ended December 31, 2022, Natixis Distribution refunded Gateway Fund $61,250 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

**c. Administrative Fees.** Natixis Advisors, LLC ("Natixis Advisors") provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company ("State Street Bank") to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its *pro rata* portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the year ended December 31, 2022, the administrative fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Administrative<br>Fees |
|  Gateway Fund | $3299638 |
|  Gateway Equity Call Premium Fund | 58881 |
|  Global Green Bond Fund | 18492 |
|  Global Sustainable Equity Fund | 434036 |
|  International Sustainable Equity Fund | 8536 |
|  U.S. Sustainable Equity Fund | 1786 |

---

\| 86

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Notes to Financial Statements (continued)

December 31, 2022

**d. Sub-Transfer Agent Fees.** Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds' transfer agent and other service providers if the shareholders' accounts were maintained directly at the Funds' transfer agent. Accordingly, the Funds have agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Funds' Board of Trustees, which is based on fees for similar services paid to the Funds' transfer agent and other service providers. Class N shares do not bear such expenses.

For the year ended December 31, 2022, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Sub-Transfer<br>Agent Fees |
|  Gateway Fund | $3851759 |
|  Gateway Equity Call Premium Fund | 45305 |
|  Global Green Bond Fund | 35419 |
|  Global Sustainable Equity Fund | 811257 |
|  International Sustainable Equity Fund | 2235 |
|  U.S. Sustainable Equity Fund | 47 |

---

As of December 31, 2022, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

---

| | |
|:---|:---|
| Fund | Reimbursements<br>of Sub-Transfer<br>Agent Fees |
|  Gateway Fund | $41301 |
|  Gateway Equity Call Premium Fund | 436 |
|  Global Green Bond Fund | 344 |
|  Global Sustainable Equity Fund | 7793 |
|  International Sustainable Equity Fund | 17 |
|  U.S. Sustainable Equity Fund | 2 |

---

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on a *pro rat*a basis to each class based on the relative net assets of each class to the total net assets of those classes.

**e. Commissions.** Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
| Fund | Commissions |
|  Gateway Fund | $36852 |
|  Gateway Equity Call Premium Fund | 214 |
|  Global Sustainable Equity Fund | 11367 |
|  International Sustainable Equity Fund | 19 |

---

**f. Trustees Fees and Expenses.** The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $210,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

87 \|

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Notes to Financial Statements (continued)

December 31, 2022

Effective January 1, 2023, each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends either in person or telephonically.

A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants' deferral accounts are allocated *pro rata* among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees' fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees' fees in the Statements of Assets and Liabilities.

For the year ended December 31, 2022, net depreciation in the value of participants' deferral accounts are reflected on the Statements of Operations as a reduction to expenses, as follows:

---

| | |
|:---|:---|
| Fund | Amount |
|  Gateway Fund | $(115800) |
|  Gateway Equity Call Premium Fund | (3826) |

---

Certain officers and employees of Natixis Advisors and affiliates are also officers and/or Trustees of the Trusts.

**g. Affiliated Ownership.** As of December 31, 2022, the percentage of each Fund's net assets owned by Natixis and affiliates is as follows:

---

| | |
|:---|:---|
| Global Green Bond Fund | Percentage of<br>Net Assets |
|  Natixis Sustainable Future 2015 Fund | 1.56% |
|  Natixis Sustainable Future 2020 Fund | 1.11% |
|  Natixis Sustainable Future 2025 Fund | 1.96% |
|  Natixis Sustainable Future 2030 Fund | 3.39% |
|  Natixis Sustainable Future 2035 Fund | 2.21% |
|  Natixis Sustainable Future 2040 Fund | 1.55% |
|  Natixis Sustainable Future 2045 Fund | 1.22% |
|  Natixis Sustainable Future 2050 Fund | 0.48% |
|  Natixis Sustainable Future 2055 Fund | 0.41% |
|  Natixis Sustainable Future 2060 Fund | 0.29% |
|  Natixis Sustainable Future 2065 Fund | 0.11% |
|  | 14.29% |

---

---

| | |
|:---|:---|
| International Sustainable Equity Fund | Percentage of<br>Net Assets |
|  Natixis Sustainable Future 2015 Fund | 1.91% |
|  Natixis Sustainable Future 2020 Fund | 1.85% |
|  Natixis Sustainable Future 2025 Fund | 4.38% |
|  Natixis Sustainable Future 2030 Fund | 9.68% |
|  Natixis Sustainable Future 2035 Fund | 11.27% |
|  Natixis Sustainable Future 2040 Fund | 10.86% |
|  Natixis Sustainable Future 2045 Fund | 12.02% |
|  Natixis Sustainable Future 2050 Fund | 11.43% |
|  Natixis Sustainable Future 2055 Fund | 10.00% |
|  Natixis Sustainable Future 2060 Fund | 6.90% |
|  Natixis Sustainable Future 2065 Fund | 2.57% |
|  | 82.87% |

---

---

| | |
|:---|:---|
| U.S. Sustainable Equity Fund | Percentage of<br>Net Assets |
|  Natixis and affiliates | 96.50% |

---

Investment activities of affiliated shareholders could have material impacts on the Fund.

\| 88

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Notes to Financial Statements (continued)

December 31, 2022

**h. Reimbursement of Transfer Agent Fees and Expenses.** Natixis Advisors has given a binding contractual undertaking to Gateway Equity Call Premium Fund, Global Green Bond Fund, Global Sustainable Equity Fund, International Sustainable Equity Fund and U.S. Sustainable Equity Fund to reimburse any and all transfer agency expenses for the Funds' Class N shares. This undertaking is in effect through April 30, 2023, and is not subject to recovery under the expense limitation agreement described above.

For the year ended December 31, 2022, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

---

| | |
|:---|:---|
|  | Reimbursement of<br>Transfer Agency<br>Expenses |
| Fund | Class N |
|  Gateway Equity Call Premium Fund | $969 |
|  Global Green Bond Fund | 1131 |
|  Global Sustainable Equity Fund | 1704 |
|  International Sustainable Equity Fund | 1168 |
|  U.S. Sustainable Equity Fund | 927 |

---

**7. Class-Specific Transfer Agent Fees and Expenses.** Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a *pro rata* basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the year ended December 31, 2022, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses | Transfer Agent Fees and Expenses |
| Fund | Class A | Class C | Class N | Class Y |
|  Gateway Fund | $615244 | $59937 | $3119 | $3703814 |
|  Gateway Equity Call Premium Fund | 1026 | 411 | 969 | 64732 |
|  Global Green Bond Fund | 7239 |  | 1131 | 33879 |
|  Global Sustainable Equity Fund | 37648 | 14916 | 1704 | 789471 |
|  International Sustainable Equity Fund | 1442 |  | 1168 | 2907 |
|  U.S. Sustainable Equity Fund | 462 | 1691 | 927 | 812 |

---

**8. Line of Credit.** Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $500,000,000 limit at any time), subject to each Fund's investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid certain legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the year ended December 31, 2022, International Sustainable Equity Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $600,000 at a weighted average interest rate of 2.68%. Interest expense incurred on the line of credit was $268.

**9. Payable to Custodian Bank.** The Funds' custodian bank, State Street Bank, provides overdraft protection to the Funds in the event of a cash shortfall. Cash overdrafts bear interest at a rate per annum equal to the Federal Funds rate plus a variable spread. At December 31, 2022, Global Green Bond Fund had a payable to the custodian bank of $2,071,038 for an overdraft.

**10. Risk.** The Funds' investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund's investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These and any related events could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

89 \|

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Notes to Financial Statements (continued)

December 31, 2022

**11. Interest Expense.** The Funds incur interest expense on cash (including foreign currency) overdrafts at the custodian bank, borrowings on the line of credit and, for Global Green Bond Fund, foreign currency debit balances at brokers. Interest expense incurred for the year ended December 31, 2022 is reflected on the Statements of Operations.

**12. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of December 31, 2022, based on management's evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds' total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Number of 5%<br>Non-Affiliated<br>Account Holders | Percentage of<br>Non-Affiliated<br>Ownership | Percentage<br>of Affiliated<br>Ownership<br>(Note 6g) | Total<br>Percentage of<br>Ownership |
|  Gateway Equity Call Premium Fund | 2 | 84.97% |  | 84.97% |
|  Global Green Bond Fund | 3 | 35.19% | 14.29% | 49.48% |
|  Global Sustainable Equity Fund | 1 | 23.33% |  | 23.33% |
|  International Sustainable Equity Fund | 2 | 12.32% | 82.87% | 95.19% |

---

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

**13. Capital Shares.** Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
| **Gateway Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Issued from the sale of shares | 2990927 | $111688911 | 4103014 | $159384742 |
|  Issued in connection with the reinvestment of distributions | 132916 | 4799294 | 100047 | 3909189 |
|  Redeemed | (5070154) | (186569866) | (4696532) | (182041657) |
|  Net change | (1946311) | $(70081661) | (493471) | $(18747726) |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Issued from the sale of shares | 295524 | $11043487 | 455601 | $17700327 |
|  Redeemed | (923521) | (33943135) | (1530271) | (58832782) |
|  Net change | (627997) | $(22899648) | (1074670) | $(41132455) |
| **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  Issued from the sale of shares | 4827293 | $182200937 | 5482060 | $215874763 |
|  Issued in connection with the reinvestment of distributions | 64735 | 2340801 | 44030 | 1726281 |
|  Redeemed | (6643828) | (244989922) | (3197125) | (126136905) |
|  Net change | (1751800) | $(60448184) | 2328965 | $91464139 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  Issued from the sale of shares | 33208989 | $1246241832 | 37955789 | $1477701403 |
|  Issued in connection with the reinvestment of distributions | 1096216 | 39614732 | 867558 | 33970801 |
|  Redeemed | (52875105) | (1938033620) | (32342708) | (1248292004) |
|  Net change | (18569900) | $(652177056) | 6480639 | $263380200 |
|  Increase (decrease) from capital share transactions | (22896008) | $(805606549) | 7241463 | $294964158 |

---

\| 90

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Notes to Financial Statements (continued)

December 31, 2022

**13. Capital Shares (continued).** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
| **Gateway Equity Call Premium Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Issued from the sale of shares | 21527 | $334499 | 119601 | $1838974 |
|  Issued in connection with the reinvestment of distributions | 807 | 11890 | 486 | 7707 |
|  Redeemed | (68414) | (1058963) | (67014) | (1010211) |
|  Net change | (46080) | $(712574) | 53073 | $836470 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Issued from the sale of shares | 45751 | $665059 | 5571 | $83540 |
|  Issued in connection with the reinvestment of distributions | 41 | 601 | 5 | 75 |
|  Redeemed | (29736) | (422608) | (9350) | (135497) |
|  Net change | 16056 | $243052 | (3774) | $(51882) |
| **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  Issued from the sale of shares | 1231 | $18762 | 2094 | $31390 |
|  Issued in connection with the reinvestment of distributions | 156 | 2287 | 263 | 4105 |
|  Redeemed | (12648) | (196525) | (28036) | (439160) |
|  Net change | (11261) | $(175476) | (25679) | $(403665) |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  Issued from the sale of shares | 6302053 | $95742078 | 2374121 | $36711691 |
|  Issued in connection with the reinvestment of distributions | 34360 | 498728 | 8278 | 130618 |
|  Redeemed | (3097465) | (45769567) | (318518) | (4919489) |
|  Net change | 3238948 | $50471239 | 2063881 | $31922820 |
|  Increase from capital share transactions | 3197663 | $49826241 | 2087501 | $32303743 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
| **Global Green Bond Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Issued from the sale of shares | 224455 | $2033286 | 330121 | $3478742 |
|  Issued in connection with the reinvestment of distributions | 36736 | 308268 | 18695 | 191969 |
|  Redeemed | (271498) | (2361128) | (205158) | (2165159) |
|  Net change | (10307) | $(19574) | 143658 | $1505552 |
| **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  Issued from the sale of shares | 325512 | $2912104 | 402160 | $4252330 |
|  Issued in connection with the reinvestment of distributions | 35400 | 298746 | 27746 | 286884 |
|  Redeemed | (508558) | (4731582) | (723427) | (7634063) |
|  Net change | (147646) | $(1520732) | (293521) | $(3094849) |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  Issued from the sale of shares | 1025177 | $9141286 | 1803141 | $19007559 |
|  Issued in connection with the reinvestment of distributions | 162421 | 1369017 | 84947 | 873670 |
|  Redeemed | (1230856) | (10806351) | (763186) | (8021816) |
|  Net change | (43258) | $(296048) | 1124902 | $11859413 |
|  Increase (decrease) from capital share transactions | (201211) | $(1836354) | 975039 | $10270116 |

---

91 \|

------

Notes to Financial Statements (continued)

December 31, 2022

**13. Capital Shares (continued).** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
| **Global Sustainable Equity Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Issued from the sale of shares | 633351 | $10228563 | 730171 | $15268213 |
|  Issued in connection with the reinvestment of distributions | 54978 | 948248 | 137134 | 2803008 |
|  Redeemed | (883055) | (13688073) | (484741) | (10404320) |
|  Net change | (194726) | $(2511262) | 382564 | $7666901 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Issued from the sale of shares | 127671 | $2080308 | 335039 | $6688657 |
|  Issued in connection with the reinvestment of distributions | 13506 | 224871 | 35331 | 691330 |
|  Redeemed | (230165) | (3378088) | (82377) | (1707925) |
|  Net change | (88988) | $(1072909) | 287993 | $5672062 |
| **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  Issued from the sale of shares | 6250775 | $105399673 | 7851561 | $166251848 |
|  Issued in connection with the reinvestment of distributions | 581695 | 10042156 | 1098456 | 22677782 |
|  Redeemed | (5072369) | (79685344) | (2037482) | (42874998) |
|  Net change | 1760101 | $35756485 | 6912535 | $146054632 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  Issued from the sale of shares | 17246094 | $287327840 | 23278352 | $494418241 |
|  Issued in connection with the reinvestment of distributions | 1489114 | 25731128 | 3260207 | 67203764 |
|  Redeemed | (17853965) | (281709316) | (24519480) | (529966929) |
|  Net change | 881243 | $31349652 | 2019079 | $31655076 |
|  Increase from capital share transactions | 2357630 | $63521966 | 9602171 | $191048671 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
| **International Sustainable Equity Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Issued from the sale of shares | 68704 | $727987 | 20848 | $301831 |
|  Issued in connection with the reinvestment of distributions | 2437 | 25462 | 621 | 8864 |
|  Redeemed | (29117) | (307887) | (427) | (6066) |
|  Net change | 42024 | $445562 | 21042 | $304629 |
| **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  Issued from the sale of shares | 309325 | $3440154 | 1061665 | $15350795 |
|  Issued in connection with the reinvestment of distributions | 26059 | 273620 | 32137 | 457863 |
|  Redeemed | (1543327) | (16210215) | (356899) | (5294442) |
|  Net change | (1207943) | $(12496441) | 736903 | $10514216 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  Issued from the sale of shares | 89827 | $983179 | 129002 | $1885986 |
|  Issued in connection with the reinvestment of distributions | 2813 | 29504 | 2927 | 41940 |
|  Redeemed | (139767) | (1453883) | (13329) | (201164) |
|  Net change | (47127) | $(441200) | 118600 | $1726762 |
|  Increase (decrease) from capital share transactions | (1213046) | $(12492079) | 876545 | $12545607 |

---

\| 92

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Notes to Financial Statements (continued)

December 31, 2022

**13. Capital Shares (continued).** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
| **U.S. Sustainable Equity Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Issued from the sale of shares | 8597 | $88519 | 835 | $10270 |
|  Issued in connection with the reinvestment of distributions | 22 | 223 | 50 | 623 |
|  Redeemed | (9310) | (86739) |  |  |
|  Net change | (691) | $2003 | 885 | $10893 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Issued from the sale of shares |  | $— | 7608 | $99355 |
|  Issued in connection with the reinvestment of distributions | 528 | 5225 | 409 | 5097 |
|  Net change | 528 | $5225 | 8017 | $104452 |
| **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  Redeemed |  |  | (111465) | (1400000) |
|  Net change |  | $— | (111465) | $(1400000) |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  Issued from the sale of shares | 1793 | $17237 | 16848 | $195494 |
|  Issued in connection with the reinvestment of distributions | 261 | 2602 | 190 | 2393 |
|  Redeemed | (254) | (2531) | (13605) | (157637) |
|  Net change | 1800 | $17308 | 3433 | $40250 |
|  Increase (decrease) from capital share transactions | 1637 | $24536 | (99130) | $(1244405) |

---

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Gateway Trust and Natixis Funds Trust I and Shareholders of Gateway Fund, Gateway Equity Call Premium Fund, Mirova Global Green Bond Fund, Mirova Global Sustainable Equity Fund, Mirova International Sustainable Equity Fund and Mirova U.S. Sustainable Equity Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Gateway Fund and Gateway Equity Call Premium Fund (two of the funds constituting Gateway Trust), Mirova Global Green Bond Fund, Mirova Global Sustainable Equity Fund, Mirova International Sustainable Equity Fund and Mirova U.S. Sustainable Equity Fund (four of the funds constituting Natixis Funds Trust I) (hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 22, 2023

We have served as the auditor of one or more of the investment companies in the Natixis Investment Company Complex since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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2022 U.S. Tax Distribution Information to Shareholders (Unaudited)

**Corporate Dividends Received Deduction.** For the fiscal year ended December 31, 2022, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:

---

| | |
|:---|:---|
| Fund | Qualifying<br>Percentage |
|  Gateway Fund | 100.00% |
|  Gateway Equity Call Premium Fund | 100.00% |
|  Global Sustainable Equity Fund | 92.12% |
|  U.S. Sustainable Equity Fund | 14.68% |

---

**Capital Gains Distributions.** Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended December 31, 2022.

---

| | |
|:---|:---|
| Fund | Amount |
|  Global Green Bond Fund | $1902630 |
|  Global Sustainable Equity Fund | 23809481 |
|  U.S. Sustainable Equity Fund | 100196 |

---

**Qualified Dividend Income.** For the fiscal year ended December 31, 2022, a percentage of the ordinary income dividends paid by the Funds are considered qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual's tax bracket. If the Funds paid a distribution during calendar year 2022, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:

---

| | |
|:---|:---|
| Fund | Qualifying<br>Percentage |
|  Gateway Fund | 100.00% |
|  Gateway Equity Call Premium Fund | 100.00% |
|  Global Sustainable Equity Fund | 70.78% |
|  International Sustainable Equity Fund | 100.00% |
|  U.S. Sustainable Equity Fund | 23.08% |

---

**Foreign Tax Credit.** For the year ended December 31, 2022, the Fund intends to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to:

---

| | | |
|:---|:---|:---|
| Fund | Foreign Tax<br> Credit Pass-Through | Foreign Source<br> Income |
|  International Sustainable Equity Fund | $51801 | $621377 |

---

95 \|

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Trustee and Officer Information

The tables below provide certain information regarding the Trustees and officers of Natixis Funds Trust I and Gateway Trust (the "Trusts"). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds' Statement of Additional Information includes additional information about the Trustees of the Trusts and is available by calling Natixis Funds at 800-225-5478.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held with<br>the Trusts, Length<br>of Time Served and**<br> **Term of Office<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past 5 Years** | **Number of Portfolios<br>in Fund Complex<br>Overseen<sup>2</sup> and Other<br>Directorships Held<br>During Past 5 Years** | **Experience,<br>Qualifications,<br>Attributes, Skills for<br>Board Membership** |
| **<u>INDEPENDENT TRUSTEES</u>** | **<u>INDEPENDENT TRUSTEES</u>** |  |  |  |
| **Edmond J. English** <br> (1953) | Trustee since 2013<br> Chairperson of the Governance Committee and Contract Review Committee Member | Executive Chairman of Bob's Discount Furniture (retail) | 54<br> Director, Burlington Stores, Inc. (retail); Director, Rue Gilt Groupe, Inc. (e-commerce retail) | Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company) |
| **Richard A. Goglia**<br>(1951) | Trustee since 2015<br> Audit Committee Member and Governance Committee Member | Retired | 54<br> Formerly, Director, Triumph Group (aerospace industry) | Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company) |
| **Wendell J. Knox**<br>(1948) | Trustee since 2009<br> Chairperson of the Contract Review Committee | Retired | 54<br> Director, Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank) | Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company) |
| **Martin T. Meehan** <br>(1956) | Trustee since 2012<br> Contract Review Committee Member and Governance Committee Member | President, University of Massachusetts | 54<br> None | Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience |

---

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Trustee and Officer Information

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held with<br>the Trusts, Length<br>of Time Served and**<br> **Term of Office<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past 5 Years** | **Number of Portfolios<br>in Fund Complex<br>Overseen<sup>2</sup> and Other<br>Directorships Held<br>During Past 5 Years** | **Experience,<br>Qualifications,<br>Attributes, Skills for<br>Board Membership** |
| **<u>INDEPENDENT TRUSTEES – continued</u>** | **<u>INDEPENDENT TRUSTEES – continued</u>** |  |  |  |
| **Maureen B. Mitchell**<br>(1951) | Trustee since 2017<br> Contract Review Committee Member and Governance Committee Member | Retired | 54<br> Director, Sterling Bancorp (bank) | Significant experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company) |
| **James P. Palermo**<br>(1955) | Trustee since 2016<br> Audit Committee Member | Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity) | 54<br> Director, FutureFuel.io (chemicals and biofuels) | Significant experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company) |
| **Erik R. Sirri**<br>(1958) | Chairperson of the Board of Trustees since 2021<br> Trustee since 2009<br> *Ex Officio* member of the Audit Committee, Contract Review Committee and Governance Committee | Professor of Finance at Babson College | 54<br> None | Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist |
| **Peter J. Smail**<br>(1952) | Trustee since 2009<br> Audit Committee Member | Retired | 54<br> None | Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser) |

---

97 \|

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Trustee and Officer Information

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held with<br>the Trusts, Length<br>of Time Served and**<br> **Term of Office<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past 5 Years** | **Number of Portfolios<br>in Fund Complex<br>Overseen<sup>2</sup> and Other<br>Directorships Held<br>During Past 5 Years** | **Experience,<br>Qualifications,<br>Attributes, Skills for<br>Board Membership** |
| **<u>INDEPENDENT TRUSTEES – continued</u>** | **<u>INDEPENDENT TRUSTEES – continued</u>** |  |  |  |
| **Kirk A. Sykes**<br>(1958) | Trustee since 2019<br> Audit Committee Member and Governance Committee Member | Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance) | 54<br> Advisor, Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust); formerly, Director, Ares Commercial Real Estate Corporation (real estate investment trust) | Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks) |
| **Cynthia L. Walker**<br>(1956) | Trustee since 2005<br> Chairperson of the Audit Committee | Retired; Formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine | 54<br> None | Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration) |
| **<u>INTERESTED TRUSTEES</u>** | **<u>INTERESTED TRUSTEES</u>** |  |  |  |
| **Kevin P. Charleston<sup>3</sup>**<br>(1965)<br> One Financial Center<br> Boston, MA 02111 | Trustee since 2015 | President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L.P. | 54<br> None | Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P. |
| **David L. Giunta<sup>4</sup>** <br>(1965) | Trustee since 2011<br> President and Chief Executive Officer | President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC | 54<br> None | Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC |

---

<sup>1</sup> Each Trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

<sup>2</sup> The Trustees of the Trusts serve as Trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the "Fund Complex"). 

<sup>3</sup> Mr. Charleston is deemed an "interested person" of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

<sup>4</sup> Mr. Giunta is deemed an "interested person" of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC.

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Trustee and Officer Information

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with the Trusts** | **Term of Office<sup>1</sup> and Length<br>of Time Served** | **Principal Occupation(s)<br>During Past 5 Years<sup>2</sup>** |
| **<u>OFFICERS OF THE TRUSTS</u>** | **<u>OFFICERS OF THE TRUSTS</u>** |  |  |
| **Matthew Block**<br>(1981) | Treasurer, Principal Financial and Accounting Officer | Since 2022 | Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; Assistant Treasurer of the Fund Complex; Managing Director, State Street Bank and Trust Company |
| **Susan McWhan Tobin**<br>(1963) | Secretary and Chief Legal Officer | Since 2022 | Executive Vice President, General Counsel and Secretary, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Executive Vice President and Chief Compliance Officer of Natixis Investment Managers (March 2019– May 2022) and Senior Vice President and Head of Compliance, US for Natixis Investment Managers (July 2011–March 2019) |
| **Natalie R. Wagner**<br>(1979) | Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer | Since 2021 | Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group |

---

<sup>1</sup> Each officer of the Trusts serves for an indefinite term in accordance with the Trusts' current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

<sup>2</sup> Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with Natixis Distribution, LLC, Natixis Advisors, LLC or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer's current position with such entity. 

99 \|

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(b) Not Applicable.

**Item 2. Code of Ethics.** 

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant's code of ethics during the period.

**Item 3. Audit Committee Financial Expert.** 

The Board of Trustees of the Registrant has established an audit committee. Mr. Richard A. Goglia, Mr. James Palermo, Mr. Peter J. Smail, Mr. Kirk A. Sykes and Ms. Cynthia L. Walker are members of the audit committee and have been designated as "audit committee financial experts" by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

**Item 4. Principal Accountant Fees and Services.** 

*Fees billed by the Principal Accountant for services rendered to the Registrant*.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant's annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant's financial statements but not reported under "Audit Fees"); c) tax compliance, tax advice and tax planning and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services provided as reported as a part of (a) through (c) of this Item.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Audit fees** | **Audit fees** | **Audit-related fees<sup>1</sup>** | **Audit-related fees<sup>1</sup>** | **Tax fees<sup>2</sup>** | **Tax fees<sup>2</sup>** | **All other fees** | **All other fees** |
|  | 1/1/21-12/31/21 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/22-12/31/22 |
|  Gateway Trust | $83712 | $88734 | $1286 | $1518 | $17664 | $18724 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Audit-related fees consist of</u>:

<u>2021 & 2022</u> – performance of agreed-upon procedures related to the Registrant's deferred compensation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Tax fees consist of</u>:

<u>2021 & 2022</u> – review of the Registrant's tax returns.

Aggregate fees billed to the Registrant for non-audit services during 2021 and 2022 were $18,950 and $20,242, respectively.

*Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates*.

The following table sets forth the fees billed by the Registrant's principal accountant for non-audit services rendered to Gateway Investment Advisers, LLC ("Gateway") and entities controlling, controlled by or under common control with Gateway ("Control Affiliates") that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Audit-related fees** | **Audit-related fees** | **Tax fees** | **Tax fees** | **All other fees** | **All other fees** |
|  | 1/1/21-12/31/21 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/22-12/31/22 |
|  Control Affiliates | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— | $— | $— |

---

------

The following table sets forth the aggregate fees billed by the Registrant's principal accountant for non-audit services rendered to Gateway and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.

---

| | | |
|:---|:---|:---|
|  | **Aggregate Non-Audit Fees** | **Aggregate Non-Audit Fees** |
|  | 1/1/21-12/31/21 | 1/1/22-12/31/22 |
|  Control Affiliates | $— | $— |

---

None of the services described above were approved pursuant to paragraph (c)(7)(i)(C) of Regulation S-X.

*Audit Committee Pre Approval Policies.* 

Annually, the Registrant's Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Registrant and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant's independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Trustee of the Registrant is authorized to pre-approve the engagement, but only for engagements to provide audit, audit related and tax services. This approval is subject to review by the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Schedule of Investments.** 

Included as part of the Report to Shareholders filed as Item 1 herewith.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Securities Holders.** 

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 11. Controls and Procedures.** 

The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

------

There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by the report that have materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.** 

---

| | | |
|:---|:---|:---|
| (a) | (1) | [Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).](d465440dex99codeeth.htm) |
| (a) | (2) | [Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 \[17 CFR 270.30a-2(a)\], filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.](d465440dex99cert.htm) |
|  | (b) | [Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002, filed herewith as Exhibit (b).](d465440dex99906cert.htm) |

---

------

**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.

---

| | |
|:---|:---|
| Gateway Trust | Gateway Trust |
| By: | /s/ David L. Giunta |
| Name: | David L. Giunta |
| Title: | President and Chief Executive Officer |
| Date: | February 22, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ David L. Giunta |
| Name: | David L. Giunta |
| Title: | President and Chief Executive Officer |
| Date: | February 22, 2023 |
| By: | /s/ Matthew Block |
| Name: | Matthew Block |
| Title: | Treasurer and Principal Financial and |
|  | Accounting Officer |
| Date: | February 22, 2023 |

---

## Ex-99.Code

**Exhibit (a) (1)** 

**NATIXIS FUNDS TRUST I** 

**NATIXIS FUNDS TRUST II** 

**NATIXIS FUNDS TRUST IV** 

**LOOMIS SAYLES FUNDS I** 

**LOOMIS SAYLES FUNDS II** 

**GATEWAY TRUST** 

**NATIXIS ETF TRUST** 

**NATIXIS ETF TRUST II** 

**CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY** 

**ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Persons/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the registered investment companies (each a "Fund" and, collectively, the "Funds") listed on Exhibit A and applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons," all covered persons are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

------

**II.** **Covered Persons Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Person's, or a member of the Covered Person's family or household, receives improper personal benefits as a result of the Covered Person's position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940 (including the regulations thereunder, the "Investment Advisers Act"). For example, Covered Persons may not engage in certain transactions with the Fund because of their status as "affiliated persons" of the Fund. The Funds and their investment advisers; subadvisers; distributors and administrators (each a "Service Provider" and, collectively, the "Service Providers") compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a Service Provider, or for each), be involved in establishing policies and implementing decisions that will have different effects on the Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees ("Boards") that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of a Fund.

------

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his/her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Person would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person
rather than the benefit the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Person or any employee of the Funds or their Service Providers for reports of
potential violations that are made in good faith.

There are some conflict of interest situations that should always be approved by the Chief Legal Officer ("CLO") of the Fund (or, with respect to activities of the CLO if he/she is a Covered Person, by the President). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acceptance of any investment opportunity, gift, gratuity or other thing of more than nominal value from any
person or entity that does business, or desires to do business, with the Fund. This restriction shall not apply to (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100 or
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting relationship with, any entities doing business with a Fund, other
than a Service Provider or an affiliate of a Service Provider. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person's ownership does not exceed more than 2% of the
outstanding securities of the relevant class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment with a Service Provider or its affiliate. This restriction shall not apply to or otherwise limit
(i) the ownership of publicly traded securities so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding or (ii) the receipt by the Service Provider of research or other
benefits in exchange for "soft dollars".

------

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Person should familiarize himself with the disclosure requirements generally applicable to a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Person should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to
others, whether within or outside the Fund, including to the Fund's Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Person should, to the extent appropriate within his/her area of responsibility, consult with other
officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made
by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed
by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the
Funds that he/she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Funds that he/she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CLO of the Funds promptly if he/she knows of any violation of this Code (with respect to violations by
the CLO if he/she is a Covered Person, the Covered Person shall report to the President). Failure to do so is itself a violation of this Code.

The CLO of a Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers other than those this Code states can be granted by the CLO, sought by the CLO or Covered Person will be considered by the relevant Fund's Audit Committee (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CLO will take all appropriate action to investigate any potential violations reported, which may include the
use of internal or external counsel, accountants or other personnel;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take
any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CLO believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board,
which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss
the Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Committee will be authorized to grant waivers, as it deems appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds and their Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code with respect to a Fund, other than administrative amendments to Exhibits A and B, must be approved or ratified by a majority vote of the Fund's Board, including a majority of independent trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board.

------

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

------

**Exhibit A** 

<u>Registered Investment Companies</u> 

Natixis Funds Trust I

Natixis Funds Trust II

Natixis Funds Trust IV

Natixis ETF Trust

Natixis ETF Trust II

Loomis Sayles Funds I

Loomis Sayles Funds II

Gateway Trust

------

**Exhibit B** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| **Trust** | **Principal Executive**<br> **Officer** | **Principal Financial**<br> **Officer** | **Principal**<br> **Accounting Officer** |
| Natixis Funds Trust I | David L. Giunta, Trustee, President and Chief Executive Officer | Matthew Block, Treasurer | Matthew Block, Treasurer |
| Natixis Funds Trust II | David L. Giunta, Trustee, President and Chief Executive Officer | Matthew Block, Treasurer | Matthew Block, Treasurer |
| Natixis Funds Trust IV | David L. Giunta, Trustee, President and Chief Executive Officer | Matthew Block, Treasurer | Matthew Block, Treasurer |
| Natixis ETF Trust | David L. Giunta, Trustee, President and Chief Executive Officer | Matthew Block, Treasurer | Matthew Block, Treasurer |
| Natixis ETF Trust II | David L. Giunta, Trustee, President and Chief Executive Officer | Matthew Block, Treasurer | Matthew Block, Treasurer |
| Loomis Sayles Funds I | Kevin Charleston, Trustee, President and Chief Executive Officer | Matthew Block, Treasurer | Matthew Block, Treasurer |
| Loomis Sayles Funds II | David L. Giunta, Trustee, President and Chief Executive Officer | Matthew Block, Treasurer | Matthew Block, Treasurer |
| Gateway Trust | David L. Giunta, Trustee, President and Chief Executive Officer | Matthew Block, Treasurer | Matthew Block, Treasurer |

---

## Ex-99.Cert

**Exhibit (a)(2)(1)** 

**Gateway Trust** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, David L. Giunta, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Gateway Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 22, 2023 | /s/ David L. Giunta |
|  | David L. Giunta |
|  | President and Chief Executive Officer |

---

------

**Exhibit (a)(2)(2)** 

**Gateway Trust** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, Matthew Block, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Gateway Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 22, 2023 | /s/ Matthew Block |
|  | Matthew Block |
|  | Treasurer and Principal Financial and Accounting Officer |

---

## Exhibit 99.906

Exhibit (b)

**Gateway Trust** 

**Section 906 Certification** 

In connection with the report on Form N-CSR for the period ended December 31, 2022 for the Registrant (the "Report"), the undersigned each hereby certifies to the best of his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
|  By: | By: |
|  President and Chief Executive Officer | Treasurer and Principal Financial and Accounting Officer |
|  Gateway Trust | Gateway Trust |
| /s/ David L. Giunta | /s/ Matthew Block |
|  David L. Giunta | Matthew Block |
|  Date: February 22, 2023 | Date: February 22, 2023 |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Gateway Trust, and will be retained by the Gateway Trust and furnished to the Securities and Exchange Commission or its staff upon request.