# EDGAR Filing Document

**Accession Number:** 0001406305
**File Stem:** 0001193125-26-091069
**Filing Date:** 2026-3
**Character Count:** 333060
**Document Hash:** 1bde65abf5bc0963e5590ccb4f979eaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-091069.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-091069

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gateway Trust
- **CENTRAL INDEX KEY:** 0001406305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22099
- **FILM NUMBER:** 26720568

**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           |

?xml version='1.0' encoding='ASCII'? Natixis Funds Trust I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22099

Gateway Trust

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Susan McWhan Tobin, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

------

**Item 1. Reports to Stockholders.**<br> (a) The Registrant's Annual Tailored Shareholder Reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:<br>

# Class A

# GCPAX

# Gateway Equity Call Premium Fund
![Image](g121158g07j81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Gateway Equity Call Premium Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $99 | 0.93% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

The Gateway Equity Call Premium Fund (the Fund) invests in a diversified US equity portfolio to track the S&P 500<sup>®</sup> Index and writes index call options against its full equity value. Over time, the Fund seeks total return with less risk than U.S. equity markets. Steady cash flow from index call option writing is important to the Fund's return. The Fund's written index call options often resemble characteristics to the single index call options present in the Cboe S&P 500 BuyWrite Index (the "BXM℠"). Unlike the passive BXM℠, the Fund uses an active strategy, diversifying expiration dates and strike prices across a portfolio of index call options.

**Top Contributors to Performance**

• The Fund's equity portfolio added to return during 2025.

• Active index option management enhanced cash flow by taking advantage of normalized interest rates and volatility. Premiums supported equity market participation and offered loss mitigation.

• The risk of the Fund, as measured by its standard deviation of daily returns, was well below that of the S&P 500<sup>®</sup> Index during 2025.

**Top Detractors from Performance**

• Written index call option positions detracted from return in 2025, as expected during periods of above-average market advance.

**Investment Activity**

The investment team actively managed the Fund's index call option portfolio with a focus on weighted-average strike price and time to expiration. Adjustments were made to monetize heightened volatility levels and enhance cash flow while maintaining typical market exposure and risk. The Fund's diversified and active index option writing approach generated risk-reducing cash flow, mitigating losses during market declines and supporting participation during advances.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g121158g74t78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **S&P 500<sup>®</sup> Index** | **Cboe S&P 500 BuyWrite Index** |
| **12/2015** | $9428 | $10000 | $10000 |
| **01/2016** | $9059 | $9504 | $9575 |
| **02/2016** | $9068 | $9491 | $9734 |
| **03/2016** | $9333 | $10135 | $9925 |
| **04/2016** | $9398 | $10174 | $9969 |
| **05/2016** | $9573 | $10357 | $10126 |
| **06/2016** | $9605 | $10384 | $10243 |
| **07/2016** | $9754 | $10766 | $10325 |
| **08/2016** | $9819 | $10782 | $10423 |
| **09/2016** | $9887 | $10784 | $10431 |
| **10/2016** | $9840 | $10587 | $10454 |
| **11/2016** | $10063 | $10979 | $10695 |
| **12/2016** | $10143 | $11196 | $10707 |
| **01/2017** | $10264 | $11408 | $10944 |
| **02/2017** | $10431 | $11861 | $11096 |
| **03/2017** | $10472 | $11875 | $11136 |
| **04/2017** | $10566 | $11997 | $11238 |
| **05/2017** | $10650 | $12166 | $11438 |
| **06/2017** | $10721 | $12242 | $11479 |
| **07/2017** | $10833 | $12494 | $11630 |
| **08/2017** | $10899 | $12532 | $11663 |
| **09/2017** | $11043 | $12790 | $11770 |
| **10/2017** | $11137 | $13089 | $11839 |
| **11/2017** | $11268 | $13490 | $12020 |
| **12/2017** | $11339 | $13640 | $12099 |
| **01/2018** | $11452 | $14421 | $12214 |
| **02/2018** | $11161 | $13890 | $12041 |
| **03/2018** | $10962 | $13537 | $11910 |
| **04/2018** | $11084 | $13589 | $12068 |
| **05/2018** | $11291 | $13916 | $12321 |
| **06/2018** | $11323 | $14002 | $12314 |
| **07/2018** | $11625 | $14523 | $12674 |
| **08/2018** | $11775 | $14996 | $12915 |
| **09/2018** | $11871 | $15081 | $12919 |
| **10/2018** | $11258 | $14050 | $12214 |
| **11/2018** | $11409 | $14337 | $12488 |
| **12/2018** | $10705 | $13042 | $11522 |
| **01/2019** | $11121 | $14087 | $11917 |
| **02/2019** | $11310 | $14540 | $12088 |
| **03/2019** | $11445 | $14822 | $12302 |
| **04/2019** | $11653 | $15422 | $12494 |
| **05/2019** | $11217 | $14442 | $12093 |
| **06/2019** | $11686 | $15460 | $12705 |
| **07/2019** | $11810 | $15682 | $12839 |
| **08/2019** | $11686 | $15434 | $12693 |
| **09/2019** | $11871 | $15723 | $12776 |
| **10/2019** | $12109 | $16063 | $13039 |
| **11/2019** | $12290 | $16646 | $13208 |
| **12/2019** | $12467 | $17149 | $13329 |
| **01/2020** | $12439 | $17142 | $13178 |
| **02/2020** | $11494 | $15731 | $12183 |
| **03/2020** | $10477 | $13788 | $10367 |
| **04/2020** | $11204 | $15555 | $10848 |
| **05/2020** | $11519 | $16296 | $11329 |
| **06/2020** | $11697 | $16620 | $11315 |
| **07/2020** | $12147 | $17558 | $11751 |
| **08/2020** | $12578 | $18820 | $12055 |
| **09/2020** | $12365 | $18105 | $12053 |
| **10/2020** | $12202 | $17623 | $11614 |
| **11/2020** | $13152 | $19552 | $12736 |
| **12/2020** | $13473 | $20304 | $12962 |
| **01/2021** | $13357 | $20099 | $12976 |
| **02/2021** | $13665 | $20653 | $13111 |
| **03/2021** | $14224 | $21558 | $13705 |
| **04/2021** | $14531 | $22708 | $13817 |
| **05/2021** | $14714 | $22867 | $14084 |
| **06/2021** | $14991 | $23401 | $14401 |
| **07/2021** | $15135 | $23956 | $14473 |
| **08/2021** | $15472 | $24685 | $14852 |
| **09/2021** | $15052 | $23537 | $14596 |
| **10/2021** | $15736 | $25186 | $15277 |
| **11/2021** | $15621 | $25011 | $15049 |
| **12/2021** | $16059 | $26132 | $15616 |
| **01/2022** | $15539 | $24780 | $15227 |
| **02/2022** | $15144 | $24038 | $15123 |
| **03/2022** | $15481 | $24931 | $15744 |
| **04/2022** | $14574 | $22757 | $15001 |
| **05/2022** | $14593 | $22798 | $14440 |
| **06/2022** | $13862 | $20916 | $14024 |
| **07/2022** | $14587 | $22845 | $14570 |
| **08/2022** | $14143 | $21913 | $13871 |
| **09/2022** | $13161 | $19895 | $12960 |
| **10/2022** | $13965 | $21506 | $13755 |
| **11/2022** | $14566 | $22708 | $14022 |
| **12/2022** | $14169 | $21399 | $13841 |
| **01/2023** | $14723 | $22744 | $14420 |
| **02/2023** | $14625 | $22189 | $14397 |
| **03/2023** | $15006 | $23004 | $14664 |
| **04/2023** | $15268 | $23363 | $14833 |
| **05/2023** | $15424 | $23464 | $14975 |
| **06/2023** | $15918 | $25015 | $15290 |
| **07/2023** | $16200 | $25818 | $15509 |
| **08/2023** | $16181 | $25407 | $15263 |
| **09/2023** | $15708 | $24196 | $14855 |
| **10/2023** | $15494 | $23687 | $14754 |
| **11/2023** | $16255 | $25850 | $15181 |
| **12/2023** | $16628 | $27025 | $15477 |
| **01/2024** | $16843 | $27479 | $15751 |
| **02/2024** | $17390 | $28946 | $16055 |
| **03/2024** | $17683 | $29878 | $16408 |
| **04/2024** | $17282 | $28657 | $16186 |
| **05/2024** | $17938 | $30078 | $16363 |
| **06/2024** | $18303 | $31157 | $16652 |
| **07/2024** | $18499 | $31537 | $16841 |
| **08/2024** | $18812 | $32302 | $17332 |
| **09/2024** | $19058 | $32992 | $17575 |
| **10/2024** | $19048 | $32692 | $17487 |
| **11/2024** | $19814 | $34611 | $18187 |
| **12/2024** | $19517 | $33786 | $18591 |
| **01/2025** | $19959 | $34727 | $19000 |
| **02/2025** | $19782 | $34274 | $18895 |
| **03/2025** | $18965 | $32343 | $18016 |
| **04/2025** | $18640 | $32124 | $17723 |
| **05/2025** | $19270 | $34146 | $17883 |
| **06/2025** | $19882 | $35882 | $18358 |
| **07/2025** | $20296 | $36687 | $18491 |
| **08/2025** | $20631 | $37431 | $18671 |
| **09/2025** | $21120 | $38797 | $19007 |
| **10/2025** | $21574 | $39706 | $19494 |
| **11/2025** | $21820 | $39803 | $19920 |
| **12/2025** | $22036 | $39827 | $20248 |

---

**Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 9/30/14** |
| Class A at NAV | 12.91% | 10.34% | 8.86% | 8.20% |
| Class A with 5.75% MSC<sup>Footnote Reference1</sup> | 6.42% | 9.04% | 8.22% | 7.64% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% | -% |
| Cboe S&P 500 BuyWrite Index | 8.91% | 9.33% | 7.31% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Maximum sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $301301189 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 276 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $1230168 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121158g77r05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 41.9% |
| Capital Markets | 3.3% |
| Pharmaceuticals | 3.3% |
| Banks | 3.7% |
| Broadline Retail | 4.0% |
| Financial Services | 4.1% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Interactive Media & Services | 8.2% |
| Software | 10.3% |
| Semiconductors & Semiconductor Equipment | 14.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including open written options) |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.8% |
| Apple, Inc. | 6.9% |
| Microsoft Corp. | 6.2% |
| Amazon.com, Inc. | 3.9% |
| Alphabet, Inc., Class C | 3.2% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class A | 2.5% |
| Meta Platforms, Inc., Class A | 2.5% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 1.8% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121158g09q36.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![Image](g121158g97c12.jpg)

# Class A

# GCPAX

# Gateway Equity Call Premium Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TGECP99A-1225

# Class C

# GCPCX

# Gateway Equity Call Premium Fund
![Image](g121158g07j81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Gateway Equity Call Premium Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $178 | 1.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

The Gateway Equity Call Premium Fund (the Fund) invests in a diversified US equity portfolio to track the S&P 500<sup>®</sup> Index and writes index call options against its full equity value. Over time, the Fund seeks total return with less risk than U.S. equity markets. Steady cash flow from index call option writing is important to the Fund's return. The Fund's written index call options often resemble characteristics to the single index call options present in the Cboe S&P 500 BuyWrite Index (the "BXM℠"). Unlike the passive BXM℠, the Fund uses an active strategy, diversifying expiration dates and strike prices across a portfolio of index call options.

**Top Contributors to Performance**

• The Fund's equity portfolio added to return during 2025.

• Active index option management enhanced cash flow by taking advantage of normalized interest rates and volatility. Premiums supported equity market participation and offered loss mitigation.

• The risk of the Fund, as measured by its standard deviation of daily returns, was well below that of the S&P 500<sup>®</sup> Index during 2025.

**Top Detractors from Performance**

• Written index call option positions detracted from return in 2025, as expected during periods of above-average market advance.

**Investment Activity**

The investment team actively managed the Fund's index call option portfolio with a focus on weighted-average strike price and time to expiration. Adjustments were made to monetize heightened volatility levels and enhance cash flow while maintaining typical market exposure and risk. The Fund's diversified and active index option writing approach generated risk-reducing cash flow, mitigating losses during market declines and supporting participation during advances.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g121158g43f66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** | **Cboe S&P 500 BuyWrite Index** |
| **12/2015** | $10000 | $10000 | $10000 |
| **01/2016** | $9609 | $9504 | $9575 |
| **02/2016** | $9618 | $9491 | $9734 |
| **03/2016** | $9882 | $10135 | $9925 |
| **04/2016** | $9951 | $10174 | $9969 |
| **05/2016** | $10127 | $10357 | $10126 |
| **06/2016** | $10161 | $10384 | $10243 |
| **07/2016** | $10308 | $10766 | $10325 |
| **08/2016** | $10367 | $10782 | $10423 |
| **09/2016** | $10424 | $10784 | $10431 |
| **10/2016** | $10375 | $10587 | $10454 |
| **11/2016** | $10601 | $10979 | $10695 |
| **12/2016** | $10685 | $11196 | $10707 |
| **01/2017** | $10812 | $11408 | $10944 |
| **02/2017** | $10970 | $11861 | $11096 |
| **03/2017** | $11003 | $11875 | $11136 |
| **04/2017** | $11102 | $11997 | $11238 |
| **05/2017** | $11180 | $12166 | $11438 |
| **06/2017** | $11252 | $12242 | $11479 |
| **07/2017** | $11360 | $12494 | $11630 |
| **08/2017** | $11429 | $12532 | $11663 |
| **09/2017** | $11570 | $12790 | $11770 |
| **10/2017** | $11658 | $13089 | $11839 |
| **11/2017** | $11796 | $13490 | $12020 |
| **12/2017** | $11855 | $13640 | $12099 |
| **01/2018** | $11973 | $14421 | $12214 |
| **02/2018** | $11658 | $13890 | $12041 |
| **03/2018** | $11435 | $13537 | $11910 |
| **04/2018** | $11562 | $13589 | $12068 |
| **05/2018** | $11769 | $13916 | $12321 |
| **06/2018** | $11801 | $14002 | $12314 |
| **07/2018** | $12107 | $14523 | $12674 |
| **08/2018** | $12254 | $14996 | $12915 |
| **09/2018** | $12346 | $15081 | $12919 |
| **10/2018** | $11696 | $14050 | $12214 |
| **11/2018** | $11853 | $14337 | $12488 |
| **12/2018** | $11115 | $13042 | $11522 |
| **01/2019** | $11538 | $14087 | $11917 |
| **02/2019** | $11725 | $14540 | $12088 |
| **03/2019** | $11856 | $14822 | $12302 |
| **04/2019** | $12063 | $15422 | $12494 |
| **05/2019** | $11610 | $14442 | $12093 |
| **06/2019** | $12083 | $15460 | $12705 |
| **07/2019** | $12201 | $15682 | $12839 |
| **08/2019** | $12063 | $15434 | $12693 |
| **09/2019** | $12251 | $15723 | $12776 |
| **10/2019** | $12488 | $16063 | $13039 |
| **11/2019** | $12675 | $16646 | $13208 |
| **12/2019** | $12843 | $17149 | $13329 |
| **01/2020** | $12803 | $17142 | $13178 |
| **02/2020** | $11828 | $15731 | $12183 |
| **03/2020** | $10766 | $13788 | $10367 |
| **04/2020** | $11506 | $15555 | $10848 |
| **05/2020** | $11831 | $16296 | $11329 |
| **06/2020** | $12005 | $16620 | $11315 |
| **07/2020** | $12459 | $17558 | $11751 |
| **08/2020** | $12893 | $18820 | $12055 |
| **09/2020** | $12666 | $18105 | $12053 |
| **10/2020** | $12488 | $17623 | $11614 |
| **11/2020** | $13455 | $19552 | $12736 |
| **12/2020** | $13771 | $20304 | $12962 |
| **01/2021** | $13642 | $20099 | $12976 |
| **02/2021** | $13958 | $20653 | $13111 |
| **03/2021** | $14512 | $21558 | $13705 |
| **04/2021** | $14818 | $22708 | $13817 |
| **05/2021** | $15005 | $22867 | $14084 |
| **06/2021** | $15272 | $23401 | $14401 |
| **07/2021** | $15410 | $23956 | $14473 |
| **08/2021** | $15735 | $24685 | $14852 |
| **09/2021** | $15301 | $23537 | $14596 |
| **10/2021** | $15992 | $25186 | $15277 |
| **11/2021** | $15864 | $25011 | $15049 |
| **12/2021** | $16288 | $26132 | $15616 |
| **01/2022** | $15755 | $24780 | $15227 |
| **02/2022** | $15351 | $24038 | $15123 |
| **03/2022** | $15686 | $24931 | $15744 |
| **04/2022** | $14759 | $22757 | $15001 |
| **05/2022** | $14759 | $22798 | $14440 |
| **06/2022** | $14009 | $20916 | $14024 |
| **07/2022** | $14739 | $22845 | $14570 |
| **08/2022** | $14275 | $21913 | $13871 |
| **09/2022** | $13279 | $19895 | $12960 |
| **10/2022** | $14088 | $21506 | $13755 |
| **11/2022** | $14680 | $22708 | $14022 |
| **12/2022** | $14274 | $21399 | $13841 |
| **01/2023** | $14817 | $22744 | $14420 |
| **02/2023** | $14709 | $22189 | $14397 |
| **03/2023** | $15080 | $23004 | $14664 |
| **04/2023** | $15337 | $23363 | $14833 |
| **05/2023** | $15495 | $23464 | $14975 |
| **06/2023** | $15979 | $25015 | $15290 |
| **07/2023** | $16245 | $25818 | $15509 |
| **08/2023** | $16216 | $25407 | $15263 |
| **09/2023** | $15732 | $24196 | $14855 |
| **10/2023** | $15505 | $23687 | $14754 |
| **11/2023** | $16255 | $25850 | $15181 |
| **12/2023** | $16621 | $27025 | $15477 |
| **01/2024** | $16835 | $27479 | $15751 |
| **02/2024** | $17382 | $28946 | $16055 |
| **03/2024** | $17675 | $29878 | $16408 |
| **04/2024** | $17274 | $28657 | $16186 |
| **05/2024** | $17930 | $30078 | $16363 |
| **06/2024** | $18295 | $31157 | $16652 |
| **07/2024** | $18491 | $31537 | $16841 |
| **08/2024** | $18804 | $32302 | $17332 |
| **09/2024** | $19050 | $32992 | $17575 |
| **10/2024** | $19040 | $32692 | $17487 |
| **11/2024** | $19805 | $34611 | $18187 |
| **12/2024** | $19508 | $33786 | $18591 |
| **01/2025** | $19950 | $34727 | $19000 |
| **02/2025** | $19774 | $34274 | $18895 |
| **03/2025** | $18957 | $32343 | $18016 |
| **04/2025** | $18632 | $32124 | $17723 |
| **05/2025** | $19262 | $34146 | $17883 |
| **06/2025** | $19874 | $35882 | $18358 |
| **07/2025** | $20287 | $36687 | $18491 |
| **08/2025** | $20622 | $37431 | $18671 |
| **09/2025** | $21111 | $38797 | $19007 |
| **10/2025** | $21564 | $39706 | $19494 |
| **11/2025** | $21811 | $39803 | $19920 |
| **12/2025** | $22026 | $39827 | $20248 |

---

**Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 9/30/14** |
| Class C at NAV | 12.09% | 9.52% | 8.22% | 7.64% |
| Class C with 1.00% CDSC<sup>Footnote Reference1</sup> | 11.09% | 9.52% | 8.22% | 7.64% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% | -% |
| Cboe S&P 500 BuyWrite Index | 8.91% | 9.33% | 7.31% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Contingent deferred sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $301301189 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 276 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $1230168 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121158g77r05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 41.9% |
| Capital Markets | 3.3% |
| Pharmaceuticals | 3.3% |
| Banks | 3.7% |
| Broadline Retail | 4.0% |
| Financial Services | 4.1% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Interactive Media & Services | 8.2% |
| Software | 10.3% |
| Semiconductors & Semiconductor Equipment | 14.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including open written options) |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.8% |
| Apple, Inc. | 6.9% |
| Microsoft Corp. | 6.2% |
| Amazon.com, Inc. | 3.9% |
| Alphabet, Inc., Class C | 3.2% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class A | 2.5% |
| Meta Platforms, Inc., Class A | 2.5% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 1.8% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121158g09q36.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![Image](g121158g97c12.jpg)

# Class C

# GCPCX

# Gateway Equity Call Premium Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TGECP99C-1225

# Class N

# GCPNX

# Gateway Equity Call Premium Fund
![Image](g121158g07j81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Gateway Equity Call Premium Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $67 | 0.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

The Gateway Equity Call Premium Fund (the Fund) invests in a diversified US equity portfolio to track the S&P 500<sup>®</sup> Index and writes index call options against its full equity value. Over time, the Fund seeks total return with less risk than U.S. equity markets. Steady cash flow from index call option writing is important to the Fund's return. The Fund's written index call options often resemble characteristics to the single index call options present in the Cboe S&P 500 BuyWrite Index (the "BXM℠"). Unlike the passive BXM℠, the Fund uses an active strategy, diversifying expiration dates and strike prices across a portfolio of index call options.

**Top Contributors to Performance**

• The Fund's equity portfolio added to return during 2025.

• Active index option management enhanced cash flow by taking advantage of normalized interest rates and volatility. Premiums supported equity market participation and offered loss mitigation.

• The risk of the Fund, as measured by its standard deviation of daily returns, was well below that of the S&P 500<sup>®</sup> Index during 2025.

**Top Detractors from Performance**

• Written index call option positions detracted from return in 2025, as expected during periods of above-average market advance.

**Investment Activity**

The investment team actively managed the Fund's index call option portfolio with a focus on weighted-average strike price and time to expiration. Adjustments were made to monetize heightened volatility levels and enhance cash flow while maintaining typical market exposure and risk. The Fund's diversified and active index option writing approach generated risk-reducing cash flow, mitigating losses during market declines and supporting participation during advances.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g121158g02o36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **S&P 500<sup>®</sup> Index** | **Cboe S&P 500 BuyWrite Index** |
| **05/2017** | $10000 | $10000 | $10000 |
| **05/2017** | $10071 | $10123 | $10171 |
| **06/2017** | $10144 | $10186 | $10207 |
| **07/2017** | $10250 | $10396 | $10342 |
| **08/2017** | $10321 | $10428 | $10370 |
| **09/2017** | $10456 | $10643 | $10466 |
| **10/2017** | $10554 | $10891 | $10527 |
| **11/2017** | $10678 | $11225 | $10688 |
| **12/2017** | $10750 | $11350 | $10758 |
| **01/2018** | $10857 | $12000 | $10860 |
| **02/2018** | $10581 | $11557 | $10706 |
| **03/2018** | $10394 | $11264 | $10590 |
| **04/2018** | $10510 | $11307 | $10731 |
| **05/2018** | $10715 | $11579 | $10956 |
| **06/2018** | $10754 | $11651 | $10949 |
| **07/2018** | $11032 | $12084 | $11270 |
| **08/2018** | $11184 | $12478 | $11484 |
| **09/2018** | $11278 | $12549 | $11487 |
| **10/2018** | $10695 | $11691 | $10860 |
| **11/2018** | $10838 | $11929 | $11104 |
| **12/2018** | $10178 | $10852 | $10245 |
| **01/2019** | $10574 | $11722 | $10597 |
| **02/2019** | $10753 | $12098 | $10749 |
| **03/2019** | $10880 | $12333 | $10938 |
| **04/2019** | $11079 | $12833 | $11110 |
| **05/2019** | $10673 | $12017 | $10753 |
| **06/2019** | $11119 | $12864 | $11297 |
| **07/2019** | $11245 | $13049 | $11416 |
| **08/2019** | $11119 | $12842 | $11287 |
| **09/2019** | $11303 | $13083 | $11360 |
| **10/2019** | $11530 | $13366 | $11594 |
| **11/2019** | $11711 | $13851 | $11744 |
| **12/2019** | $11881 | $14269 | $11852 |
| **01/2020** | $11853 | $14264 | $11718 |
| **02/2020** | $10953 | $13090 | $10833 |
| **03/2020** | $9991 | $11473 | $9218 |
| **04/2020** | $10685 | $12944 | $9646 |
| **05/2020** | $10986 | $13560 | $10073 |
| **06/2020** | $11156 | $13830 | $10061 |
| **07/2020** | $11586 | $14609 | $10448 |
| **08/2020** | $12007 | $15660 | $10719 |
| **09/2020** | $11804 | $15065 | $10717 |
| **10/2020** | $11658 | $14664 | $10327 |
| **11/2020** | $12566 | $16269 | $11324 |
| **12/2020** | $12874 | $16895 | $11525 |
| **01/2021** | $12764 | $16724 | $11538 |
| **02/2021** | $13067 | $17185 | $11658 |
| **03/2021** | $13603 | $17938 | $12186 |
| **04/2021** | $13897 | $18895 | $12286 |
| **05/2021** | $14081 | $19027 | $12524 |
| **06/2021** | $14348 | $19471 | $12805 |
| **07/2021** | $14486 | $19934 | $12869 |
| **08/2021** | $14808 | $20540 | $13206 |
| **09/2021** | $14417 | $19585 | $12979 |
| **10/2021** | $15072 | $20957 | $13584 |
| **11/2021** | $14971 | $20812 | $13381 |
| **12/2021** | $15384 | $21744 | $13885 |
| **01/2022** | $14894 | $20619 | $13540 |
| **02/2022** | $14523 | $20002 | $13447 |
| **03/2022** | $14848 | $20744 | $13999 |
| **04/2022** | $13977 | $18935 | $13338 |
| **05/2022** | $13995 | $18970 | $12840 |
| **06/2022** | $13295 | $17404 | $12470 |
| **07/2022** | $14001 | $19009 | $12956 |
| **08/2022** | $13574 | $18234 | $12334 |
| **09/2022** | $12642 | $16555 | $11524 |
| **10/2022** | $13416 | $17895 | $12230 |
| **11/2022** | $13993 | $18895 | $12468 |
| **12/2022** | $13614 | $17806 | $12307 |
| **01/2023** | $14155 | $18925 | $12822 |
| **02/2023** | $14062 | $18463 | $12801 |
| **03/2023** | $14428 | $19141 | $13039 |
| **04/2023** | $14681 | $19440 | $13189 |
| **05/2023** | $14850 | $19524 | $13316 |
| **06/2023** | $15318 | $20815 | $13595 |
| **07/2023** | $15591 | $21483 | $13790 |
| **08/2023** | $15581 | $21141 | $13572 |
| **09/2023** | $15128 | $20133 | $13209 |
| **10/2023** | $14930 | $19710 | $13119 |
| **11/2023** | $15665 | $21510 | $13499 |
| **12/2023** | $16028 | $22487 | $13762 |
| **01/2024** | $16236 | $22865 | $14005 |
| **02/2024** | $16774 | $24086 | $14276 |
| **03/2024** | $17058 | $24861 | $14590 |
| **04/2024** | $16680 | $23845 | $14392 |
| **05/2024** | $17314 | $25028 | $14549 |
| **06/2024** | $17670 | $25926 | $14807 |
| **07/2024** | $17859 | $26241 | $14975 |
| **08/2024** | $18172 | $26878 | $15411 |
| **09/2024** | $18413 | $27452 | $15627 |
| **10/2024** | $18404 | $27203 | $15549 |
| **11/2024** | $19145 | $28800 | $16172 |
| **12/2024** | $18863 | $28113 | $16531 |
| **01/2025** | $19291 | $28896 | $16895 |
| **02/2025** | $19139 | $28519 | $16801 |
| **03/2025** | $18350 | $26912 | $16020 |
| **04/2025** | $18045 | $26730 | $15759 |
| **05/2025** | $18646 | $28412 | $15902 |
| **06/2025** | $19244 | $29857 | $16324 |
| **07/2025** | $19655 | $30527 | $16442 |
| **08/2025** | $19979 | $31146 | $16602 |
| **09/2025** | $20469 | $32283 | $16900 |
| **10/2025** | $20909 | $33039 | $17334 |
| **11/2025** | $21149 | $33120 | $17712 |
| **12/2025** | $21366 | $33140 | $18004 |

---

**Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 5/1/17** |
| Class N | 13.27% | 10.66% | 9.15% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.77% |
| Cboe S&P 500 BuyWrite Index | 8.91% | 9.33% | 7.02% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $301301189 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 276 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $1230168 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121158g77r05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 41.9% |
| Capital Markets | 3.3% |
| Pharmaceuticals | 3.3% |
| Banks | 3.7% |
| Broadline Retail | 4.0% |
| Financial Services | 4.1% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Interactive Media & Services | 8.2% |
| Software | 10.3% |
| Semiconductors & Semiconductor Equipment | 14.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including open written options) |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.8% |
| Apple, Inc. | 6.9% |
| Microsoft Corp. | 6.2% |
| Amazon.com, Inc. | 3.9% |
| Alphabet, Inc., Class C | 3.2% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class A | 2.5% |
| Meta Platforms, Inc., Class A | 2.5% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 1.8% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121158g09q36.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![Image](g121158g97c12.jpg)

# Class N

# GCPNX

# Gateway Equity Call Premium Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TGECP99N-1225

# Class Y

# GCPYX

# Gateway Equity Call Premium Fund
![Image](g121158g07j81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Gateway Equity Call Premium Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class Y | $72 | 0.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

The Gateway Equity Call Premium Fund (the Fund) invests in a diversified US equity portfolio to track the S&P 500<sup>®</sup> Index and writes index call options against its full equity value. Over time, the Fund seeks total return with less risk than U.S. equity markets. Steady cash flow from index call option writing is important to the Fund's return. The Fund's written index call options often resemble characteristics to the single index call options present in the Cboe S&P 500 BuyWrite Index (the "BXM℠"). Unlike the passive BXM℠, the Fund uses an active strategy, diversifying expiration dates and strike prices across a portfolio of index call options.

**Top Contributors to Performance**

• The Fund's equity portfolio added to return during 2025.

• Active index option management enhanced cash flow by taking advantage of normalized interest rates and volatility. Premiums supported equity market participation and offered loss mitigation.

• The risk of the Fund, as measured by its standard deviation of daily returns, was well below that of the S&P 500<sup>®</sup> Index during 2025.

**Top Detractors from Performance**

• Written index call option positions detracted from return in 2025, as expected during periods of above-average market advance.

**Investment Activity**

The investment team actively managed the Fund's index call option portfolio with a focus on weighted-average strike price and time to expiration. Adjustments were made to monetize heightened volatility levels and enhance cash flow while maintaining typical market exposure and risk. The Fund's diversified and active index option writing approach generated risk-reducing cash flow, mitigating losses during market declines and supporting participation during advances.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g121158g15d58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **S&P 500<sup>®</sup> Index** | **Cboe S&P 500 BuyWrite Index** |
| **12/2015** | $10000 | $10000 | $10000 |
| **01/2016** | $9618 | $9504 | $9575 |
| **02/2016** | $9628 | $9491 | $9734 |
| **03/2016** | $9904 | $10135 | $9925 |
| **04/2016** | $9983 | $10174 | $9969 |
| **05/2016** | $10169 | $10357 | $10126 |
| **06/2016** | $10209 | $10384 | $10243 |
| **07/2016** | $10367 | $10766 | $10325 |
| **08/2016** | $10436 | $10782 | $10423 |
| **09/2016** | $10505 | $10784 | $10431 |
| **10/2016** | $10456 | $10587 | $10454 |
| **11/2016** | $10703 | $10979 | $10695 |
| **12/2016** | $10783 | $11196 | $10707 |
| **01/2017** | $10922 | $11408 | $10944 |
| **02/2017** | $11090 | $11861 | $11096 |
| **03/2017** | $11141 | $11875 | $11136 |
| **04/2017** | $11250 | $11997 | $11238 |
| **05/2017** | $11340 | $12166 | $11438 |
| **06/2017** | $11411 | $12242 | $11479 |
| **07/2017** | $11540 | $12494 | $11630 |
| **08/2017** | $11620 | $12532 | $11663 |
| **09/2017** | $11771 | $12790 | $11770 |
| **10/2017** | $11871 | $13089 | $11839 |
| **11/2017** | $12020 | $13490 | $12020 |
| **12/2017** | $12100 | $13640 | $12099 |
| **01/2018** | $12220 | $14421 | $12214 |
| **02/2018** | $11910 | $13890 | $12041 |
| **03/2018** | $11699 | $13537 | $11910 |
| **04/2018** | $11829 | $13589 | $12068 |
| **05/2018** | $12060 | $13916 | $12321 |
| **06/2018** | $12092 | $14002 | $12314 |
| **07/2018** | $12414 | $14523 | $12674 |
| **08/2018** | $12585 | $14996 | $12915 |
| **09/2018** | $12689 | $15081 | $12919 |
| **10/2018** | $12034 | $14050 | $12214 |
| **11/2018** | $12195 | $14337 | $12488 |
| **12/2018** | $11451 | $13042 | $11522 |
| **01/2019** | $11896 | $14087 | $11917 |
| **02/2019** | $12098 | $14540 | $12088 |
| **03/2019** | $12239 | $14822 | $12302 |
| **04/2019** | $12473 | $15422 | $12494 |
| **05/2019** | $12006 | $14442 | $12093 |
| **06/2019** | $12516 | $15460 | $12705 |
| **07/2019** | $12648 | $15682 | $12839 |
| **08/2019** | $12516 | $15434 | $12693 |
| **09/2019** | $12712 | $15723 | $12776 |
| **10/2019** | $12977 | $16063 | $13039 |
| **11/2019** | $13171 | $16646 | $13208 |
| **12/2019** | $13360 | $17149 | $13329 |
| **01/2020** | $13339 | $17142 | $13178 |
| **02/2020** | $12326 | $15731 | $12183 |
| **03/2020** | $11233 | $13788 | $10367 |
| **04/2020** | $12013 | $15555 | $10848 |
| **05/2020** | $12362 | $16296 | $11329 |
| **06/2020** | $12552 | $16620 | $11315 |
| **07/2020** | $13036 | $17558 | $11751 |
| **08/2020** | $13499 | $18820 | $12055 |
| **09/2020** | $13279 | $18105 | $12053 |
| **10/2020** | $13114 | $17623 | $11614 |
| **11/2020** | $14135 | $19552 | $12736 |
| **12/2020** | $14480 | $20304 | $12962 |
| **01/2021** | $14356 | $20099 | $12976 |
| **02/2021** | $14696 | $20653 | $13111 |
| **03/2021** | $15297 | $21558 | $13705 |
| **04/2021** | $15628 | $22708 | $13817 |
| **05/2021** | $15834 | $22867 | $14084 |
| **06/2021** | $16132 | $23401 | $14401 |
| **07/2021** | $16287 | $23956 | $14473 |
| **08/2021** | $16650 | $24685 | $14852 |
| **09/2021** | $16208 | $23537 | $14596 |
| **10/2021** | $16944 | $25186 | $15277 |
| **11/2021** | $16830 | $25011 | $15049 |
| **12/2021** | $17293 | $26132 | $15616 |
| **01/2022** | $16742 | $24780 | $15227 |
| **02/2022** | $16326 | $24038 | $15123 |
| **03/2022** | $16690 | $24931 | $15744 |
| **04/2022** | $15721 | $22757 | $15001 |
| **05/2022** | $15732 | $22798 | $14440 |
| **06/2022** | $14954 | $20916 | $14024 |
| **07/2022** | $15737 | $22845 | $14570 |
| **08/2022** | $15257 | $21913 | $13871 |
| **09/2022** | $14208 | $19895 | $12960 |
| **10/2022** | $15076 | $21506 | $13755 |
| **11/2022** | $15725 | $22708 | $14022 |
| **12/2022** | $15307 | $21399 | $13841 |
| **01/2023** | $15905 | $22744 | $14420 |
| **02/2023** | $15800 | $22189 | $14397 |
| **03/2023** | $16210 | $23004 | $14664 |
| **04/2023** | $16494 | $23363 | $14833 |
| **05/2023** | $16683 | $23464 | $14975 |
| **06/2023** | $17218 | $25015 | $15290 |
| **07/2023** | $17513 | $25818 | $15509 |
| **08/2023** | $17503 | $25407 | $15263 |
| **09/2023** | $16992 | $24196 | $14855 |
| **10/2023** | $16770 | $23687 | $14754 |
| **11/2023** | $17594 | $25850 | $15181 |
| **12/2023** | $18000 | $27025 | $15477 |
| **01/2024** | $18233 | $27479 | $15751 |
| **02/2024** | $18837 | $28946 | $16055 |
| **03/2024** | $19154 | $29878 | $16408 |
| **04/2024** | $18729 | $28657 | $16186 |
| **05/2024** | $19441 | $30078 | $16363 |
| **06/2024** | $19848 | $31157 | $16652 |
| **07/2024** | $20050 | $31537 | $16841 |
| **08/2024** | $20401 | $32302 | $17332 |
| **09/2024** | $20670 | $32992 | $17575 |
| **10/2024** | $20659 | $32692 | $17487 |
| **11/2024** | $21501 | $34611 | $18187 |
| **12/2024** | $21181 | $33786 | $18591 |
| **01/2025** | $21662 | $34727 | $19000 |
| **02/2025** | $21480 | $34274 | $18895 |
| **03/2025** | $20593 | $32343 | $18016 |
| **04/2025** | $20251 | $32124 | $17723 |
| **05/2025** | $20925 | $34146 | $17883 |
| **06/2025** | $21593 | $35882 | $18358 |
| **07/2025** | $22054 | $36687 | $18491 |
| **08/2025** | $22418 | $37431 | $18671 |
| **09/2025** | $22965 | $38797 | $19007 |
| **10/2025** | $23459 | $39706 | $19494 |
| **11/2025** | $23737 | $39803 | $19920 |
| **12/2025** | $23978 | $39827 | $20248 |

---

**Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 9/30/14** |
| Class Y | 13.20% | 10.61% | 9.14% | 8.48% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% | -% |
| Cboe S&P 500 BuyWrite Index | 8.91% | 9.33% | 7.31% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $301301189 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 276 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $1230168 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121158g77r05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 41.9% |
| Capital Markets | 3.3% |
| Pharmaceuticals | 3.3% |
| Banks | 3.7% |
| Broadline Retail | 4.0% |
| Financial Services | 4.1% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Interactive Media & Services | 8.2% |
| Software | 10.3% |
| Semiconductors & Semiconductor Equipment | 14.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including open written options) |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.8% |
| Apple, Inc. | 6.9% |
| Microsoft Corp. | 6.2% |
| Amazon.com, Inc. | 3.9% |
| Alphabet, Inc., Class C | 3.2% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class A | 2.5% |
| Meta Platforms, Inc., Class A | 2.5% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 1.8% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121158g09q36.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![Image](g121158g97c12.jpg)

# Class Y

# GCPYX

# Gateway Equity Call Premium Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TGECP99Y-1225

# Class A

# GATEX

# Gateway Fund
![Image](g121158g07j81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Gateway Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class A | $99 | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

The Gateway Fund invests in a diversified portfolio of US equities to track the S&P 500<sup>®</sup> Index. It sells index call options against the full underlying equity portfolio then uses some of the cash flow to buy protective index put options. The net premium-to-earn significantly influences the Fund's market participation. Over time, the Fund seeks to capture a majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments.

**Top Contributors to Performance**

• The Fund's equity portfolio positively contributed to return during 2025.

• Active index option management enhanced cash flow by taking advantage of normalized interest rates and volatility. Premiums supported equity market participation and offered loss mitigation.

• The risk of the Fund, as measured by its standard deviation of daily returns, was well below that of the S&P 500<sup>®</sup> Index during 2025.

**Top Detractors from Performance**

• Written index call option and purchased index put option positions detracted from return in 2025, as expected during periods of above-average market advance.

**Investment Activity**

The investment team actively managed the index option portfolios, focusing on the weighted-average strike price and time to expiration. In March and April, as the market selloff intensified, the team reduced index put option coverage to monetize higher volatility. As the market recovered, the team gradually restored index put option coverage in May. Adjustments in 2025 aimed to enhance cash flow and maintain typical market exposure and risk levels.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g121158g44y34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $9426 | $10000 | $10000 |
| **01/2016** | $9134 | $9504 | $10138 |
| **02/2016** | $9185 | $9491 | $10210 |
| **03/2016** | $9367 | $10135 | $10303 |
| **04/2016** | $9402 | $10174 | $10343 |
| **05/2016** | $9510 | $10357 | $10345 |
| **06/2016** | $9546 | $10384 | $10531 |
| **07/2016** | $9636 | $10766 | $10598 |
| **08/2016** | $9700 | $10782 | $10586 |
| **09/2016** | $9730 | $10784 | $10580 |
| **10/2016** | $9708 | $10587 | $10499 |
| **11/2016** | $9859 | $10979 | $10250 |
| **12/2016** | $9919 | $11196 | $10265 |
| **01/2017** | $10018 | $11408 | $10285 |
| **02/2017** | $10154 | $11861 | $10354 |
| **03/2017** | $10194 | $11875 | $10349 |
| **04/2017** | $10288 | $11997 | $10428 |
| **05/2017** | $10352 | $12166 | $10509 |
| **06/2017** | $10410 | $12242 | $10498 |
| **07/2017** | $10504 | $12494 | $10543 |
| **08/2017** | $10559 | $12532 | $10638 |
| **09/2017** | $10666 | $12790 | $10587 |
| **10/2017** | $10738 | $13089 | $10593 |
| **11/2017** | $10832 | $13490 | $10580 |
| **12/2017** | $10877 | $13640 | $10628 |
| **01/2018** | $10968 | $14421 | $10506 |
| **02/2018** | $10773 | $13890 | $10406 |
| **03/2018** | $10595 | $13537 | $10473 |
| **04/2018** | $10670 | $13589 | $10395 |
| **05/2018** | $10833 | $13916 | $10469 |
| **06/2018** | $10855 | $14002 | $10456 |
| **07/2018** | $11077 | $14523 | $10459 |
| **08/2018** | $11201 | $14996 | $10526 |
| **09/2018** | $11243 | $15081 | $10458 |
| **10/2018** | $10794 | $14050 | $10376 |
| **11/2018** | $10882 | $14337 | $10438 |
| **12/2018** | $10400 | $13042 | $10630 |
| **01/2019** | $10695 | $14087 | $10742 |
| **02/2019** | $10827 | $14540 | $10736 |
| **03/2019** | $10914 | $14822 | $10942 |
| **04/2019** | $11023 | $15422 | $10945 |
| **05/2019** | $10667 | $14442 | $11139 |
| **06/2019** | $11004 | $15460 | $11279 |
| **07/2019** | $11080 | $15682 | $11304 |
| **08/2019** | $11014 | $15434 | $11597 |
| **09/2019** | $11133 | $15723 | $11535 |
| **10/2019** | $11289 | $16063 | $11570 |
| **11/2019** | $11428 | $16646 | $11564 |
| **12/2019** | $11527 | $17149 | $11556 |
| **01/2020** | $11497 | $17142 | $11778 |
| **02/2020** | $10956 | $15731 | $11990 |
| **03/2020** | $10368 | $13788 | $11920 |
| **04/2020** | $10854 | $15555 | $12132 |
| **05/2020** | $11098 | $16296 | $12188 |
| **06/2020** | $11227 | $16620 | $12265 |
| **07/2020** | $11505 | $17558 | $12448 |
| **08/2020** | $11805 | $18820 | $12348 |
| **09/2020** | $11588 | $18105 | $12341 |
| **10/2020** | $11450 | $17623 | $12286 |
| **11/2020** | $12100 | $19552 | $12406 |
| **12/2020** | $12325 | $20304 | $12424 |
| **01/2021** | $12251 | $20099 | $12334 |
| **02/2021** | $12436 | $20653 | $12156 |
| **03/2021** | $12716 | $21558 | $12005 |
| **04/2021** | $12941 | $22708 | $12099 |
| **05/2021** | $13042 | $22867 | $12139 |
| **06/2021** | $13217 | $23401 | $12224 |
| **07/2021** | $13311 | $23956 | $12361 |
| **08/2021** | $13469 | $24685 | $12337 |
| **09/2021** | $13149 | $23537 | $12231 |
| **10/2021** | $13570 | $25186 | $12227 |
| **11/2021** | $13483 | $25011 | $12263 |
| **12/2021** | $13711 | $26132 | $12232 |
| **01/2022** | $13404 | $24780 | $11968 |
| **02/2022** | $13118 | $24038 | $11835 |
| **03/2022** | $13266 | $24931 | $11506 |
| **04/2022** | $12636 | $22757 | $11069 |
| **05/2022** | $12565 | $22798 | $11141 |
| **06/2022** | $11990 | $20916 | $10966 |
| **07/2022** | $12497 | $22845 | $11234 |
| **08/2022** | $12199 | $21913 | $10917 |
| **09/2022** | $11520 | $19895 | $10445 |
| **10/2022** | $12027 | $21506 | $10310 |
| **11/2022** | $12420 | $22708 | $10689 |
| **12/2022** | $12057 | $21399 | $10641 |
| **01/2023** | $12437 | $22744 | $10968 |
| **02/2023** | $12335 | $22189 | $10684 |
| **03/2023** | $12676 | $23004 | $10956 |
| **04/2023** | $12869 | $23363 | $11022 |
| **05/2023** | $13046 | $23464 | $10902 |
| **06/2023** | $13404 | $25015 | $10863 |
| **07/2023** | $13564 | $25818 | $10856 |
| **08/2023** | $13533 | $25407 | $10786 |
| **09/2023** | $13197 | $24196 | $10512 |
| **10/2023** | $13057 | $23687 | $10346 |
| **11/2023** | $13572 | $25850 | $10815 |
| **12/2023** | $13798 | $27025 | $11229 |
| **01/2024** | $13945 | $27479 | $11198 |
| **02/2024** | $14306 | $28946 | $11040 |
| **03/2024** | $14525 | $29878 | $11142 |
| **04/2024** | $14190 | $28657 | $10860 |
| **05/2024** | $14645 | $30078 | $11044 |
| **06/2024** | $14958 | $31157 | $11149 |
| **07/2024** | $15026 | $31537 | $11409 |
| **08/2024** | $15396 | $32302 | $11573 |
| **09/2024** | $15565 | $32992 | $11728 |
| **10/2024** | $15554 | $32692 | $11437 |
| **11/2024** | $16147 | $34611 | $11558 |
| **12/2024** | $15878 | $33786 | $11369 |
| **01/2025** | $16149 | $34727 | $11430 |
| **02/2025** | $16036 | $34274 | $11681 |
| **03/2025** | $15486 | $32343 | $11685 |
| **04/2025** | $15500 | $32124 | $11731 |
| **05/2025** | $15987 | $34146 | $11647 |
| **06/2025** | $16361 | $35882 | $11826 |
| **07/2025** | $16588 | $36687 | $11795 |
| **08/2025** | $16832 | $37431 | $11936 |
| **09/2025** | $17141 | $38797 | $12067 |
| **10/2025** | $17440 | $39706 | $12142 |
| **11/2025** | $17516 | $39803 | $12217 |
| **12/2025** | $17559 | $39827 | $12199 |

---

**Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 2/15/08** |
| Class A at NAV | 10.59% | 7.34% | 6.42% | 7.32% |
| Class A with 5.75% MSC<sup>Footnote Reference1</sup> | 4.22% | 6.07% | 5.79% | 7.18% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% | -% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Maximum sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7143494060 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 217 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $38433569 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121158g55k56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 43.8% |
| Pharmaceuticals | 3.4% |
| Financial Services | 4.2% |
| Broadline Retail | 4.3% |
| Banks | 4.3% |
| Technology Hardware, Storage & Peripherals | 7.5% |
| Interactive Media & Services | 8.6% |
| Software | 9.8% |
| Semiconductors & Semiconductor Equipment | 14.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including open purchased and written options) |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0% |
| Apple, Inc. | 7.3% |
| Microsoft Corp. | 6.7% |
| Alphabet, Inc., Class C | 4.7% |
| Amazon.com, Inc. | 4.2% |
| Broadcom, Inc. | 2.9% |
| Meta Platforms, Inc., Class A | 2.6% |
| JPMorgan Chase & Co. | 2.3% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 2.2% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121158g09q36.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![Image](g121158g97c12.jpg)

# Class A

# GATEX

# Gateway Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TGF99A-1225

# Class C

# GTECX

# Gateway Fund
![Image](g121158g07j81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Gateway Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class C | $178 | 1.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

The Gateway Fund invests in a diversified portfolio of US equities to track the S&P 500<sup>®</sup> Index. It sells index call options against the full underlying equity portfolio then uses some of the cash flow to buy protective index put options. The net premium-to-earn significantly influences the Fund's market participation. Over time, the Fund seeks to capture a majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments.

**Top Contributors to Performance**

• The Fund's equity portfolio positively contributed to return during 2025.

• Active index option management enhanced cash flow by taking advantage of normalized interest rates and volatility. Premiums supported equity market participation and offered loss mitigation.

• The risk of the Fund, as measured by its standard deviation of daily returns, was well below that of the S&P 500<sup>®</sup> Index during 2025.

**Top Detractors from Performance**

• Written index call option and purchased index put option positions detracted from return in 2025, as expected during periods of above-average market advance.

**Investment Activity**

The investment team actively managed the index option portfolios, focusing on the weighted-average strike price and time to expiration. In March and April, as the market selloff intensified, the team reduced index put option coverage to monetize higher volatility. As the market recovered, the team gradually restored index put option coverage in May. Adjustments in 2025 aimed to enhance cash flow and maintain typical market exposure and risk levels.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g121158g39c02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 | $10000 |
| **01/2016** | $9683 | $9504 | $10138 |
| **02/2016** | $9730 | $9491 | $10210 |
| **03/2016** | $9915 | $10135 | $10303 |
| **04/2016** | $9949 | $10174 | $10343 |
| **05/2016** | $10054 | $10357 | $10345 |
| **06/2016** | $10087 | $10384 | $10531 |
| **07/2016** | $10179 | $10766 | $10598 |
| **08/2016** | $10236 | $10782 | $10586 |
| **09/2016** | $10266 | $10784 | $10580 |
| **10/2016** | $10232 | $10587 | $10499 |
| **11/2016** | $10385 | $10979 | $10250 |
| **12/2016** | $10442 | $11196 | $10265 |
| **01/2017** | $10541 | $11408 | $10285 |
| **02/2017** | $10677 | $11861 | $10354 |
| **03/2017** | $10713 | $11875 | $10349 |
| **04/2017** | $10801 | $11997 | $10428 |
| **05/2017** | $10866 | $12166 | $10509 |
| **06/2017** | $10916 | $12242 | $10498 |
| **07/2017** | $11008 | $12494 | $10543 |
| **08/2017** | $11059 | $12532 | $10638 |
| **09/2017** | $11165 | $12790 | $10587 |
| **10/2017** | $11233 | $13089 | $10593 |
| **11/2017** | $11325 | $13490 | $10580 |
| **12/2017** | $11366 | $13640 | $10628 |
| **01/2018** | $11451 | $14421 | $10506 |
| **02/2018** | $11243 | $13890 | $10406 |
| **03/2018** | $11050 | $13537 | $10473 |
| **04/2018** | $11122 | $13589 | $10395 |
| **05/2018** | $11283 | $13916 | $10469 |
| **06/2018** | $11297 | $14002 | $10456 |
| **07/2018** | $11522 | $14523 | $10459 |
| **08/2018** | $11642 | $14996 | $10526 |
| **09/2018** | $11680 | $15081 | $10458 |
| **10/2018** | $11208 | $14050 | $10376 |
| **11/2018** | $11291 | $14337 | $10438 |
| **12/2018** | $10781 | $13042 | $10630 |
| **01/2019** | $11082 | $14087 | $10742 |
| **02/2019** | $11212 | $14540 | $10736 |
| **03/2019** | $11296 | $14822 | $10942 |
| **04/2019** | $11402 | $15422 | $10945 |
| **05/2019** | $11028 | $14442 | $11139 |
| **06/2019** | $11367 | $15460 | $11279 |
| **07/2019** | $11439 | $15682 | $11304 |
| **08/2019** | $11363 | $15434 | $11597 |
| **09/2019** | $11477 | $15723 | $11535 |
| **10/2019** | $11629 | $16063 | $11570 |
| **11/2019** | $11766 | $16646 | $11564 |
| **12/2019** | $11861 | $17149 | $11556 |
| **01/2020** | $11824 | $17142 | $11778 |
| **02/2020** | $11260 | $15731 | $11990 |
| **03/2020** | $10648 | $13788 | $11920 |
| **04/2020** | $11143 | $15555 | $12132 |
| **05/2020** | $11387 | $16296 | $12188 |
| **06/2020** | $11508 | $16620 | $12265 |
| **07/2020** | $11787 | $17558 | $12448 |
| **08/2020** | $12086 | $18820 | $12348 |
| **09/2020** | $11856 | $18105 | $12341 |
| **10/2020** | $11708 | $17623 | $12286 |
| **11/2020** | $12365 | $19552 | $12406 |
| **12/2020** | $12588 | $20304 | $12424 |
| **01/2021** | $12502 | $20099 | $12334 |
| **02/2021** | $12685 | $20653 | $12156 |
| **03/2021** | $12963 | $21558 | $12005 |
| **04/2021** | $13183 | $22708 | $12099 |
| **05/2021** | $13276 | $22867 | $12139 |
| **06/2021** | $13448 | $23401 | $12224 |
| **07/2021** | $13534 | $23956 | $12361 |
| **08/2021** | $13685 | $24685 | $12337 |
| **09/2021** | $13352 | $23537 | $12231 |
| **10/2021** | $13771 | $25186 | $12227 |
| **11/2021** | $13675 | $25011 | $12263 |
| **12/2021** | $13899 | $26132 | $12232 |
| **01/2022** | $13575 | $24780 | $11968 |
| **02/2022** | $13280 | $24038 | $11835 |
| **03/2022** | $13417 | $24931 | $11506 |
| **04/2022** | $12771 | $22757 | $11069 |
| **05/2022** | $12695 | $22798 | $11141 |
| **06/2022** | $12103 | $20916 | $10966 |
| **07/2022** | $12609 | $22845 | $11234 |
| **08/2022** | $12303 | $21913 | $10917 |
| **09/2022** | $11608 | $19895 | $10445 |
| **10/2022** | $12110 | $21506 | $10310 |
| **11/2022** | $12499 | $22708 | $10689 |
| **12/2022** | $12127 | $21399 | $10641 |
| **01/2023** | $12499 | $22744 | $10968 |
| **02/2023** | $12389 | $22189 | $10684 |
| **03/2023** | $12722 | $23004 | $10956 |
| **04/2023** | $12911 | $23363 | $11022 |
| **05/2023** | $13080 | $23464 | $10902 |
| **06/2023** | $13427 | $25015 | $10863 |
| **07/2023** | $13579 | $25818 | $10856 |
| **08/2023** | $13541 | $25407 | $10786 |
| **09/2023** | $13197 | $24196 | $10512 |
| **10/2023** | $13049 | $23687 | $10346 |
| **11/2023** | $13554 | $25850 | $10815 |
| **12/2023** | $13771 | $27025 | $11229 |
| **01/2024** | $13918 | $27479 | $11198 |
| **02/2024** | $14279 | $28946 | $11040 |
| **03/2024** | $14497 | $29878 | $11142 |
| **04/2024** | $14163 | $28657 | $10860 |
| **05/2024** | $14617 | $30078 | $11044 |
| **06/2024** | $14929 | $31157 | $11149 |
| **07/2024** | $14997 | $31537 | $11409 |
| **08/2024** | $15366 | $32302 | $11573 |
| **09/2024** | $15535 | $32992 | $11728 |
| **10/2024** | $15524 | $32692 | $11437 |
| **11/2024** | $16116 | $34611 | $11558 |
| **12/2024** | $15847 | $33786 | $11369 |
| **01/2025** | $16118 | $34727 | $11430 |
| **02/2025** | $16005 | $34274 | $11681 |
| **03/2025** | $15456 | $32343 | $11685 |
| **04/2025** | $15470 | $32124 | $11731 |
| **05/2025** | $15956 | $34146 | $11647 |
| **06/2025** | $16330 | $35882 | $11826 |
| **07/2025** | $16556 | $36687 | $11795 |
| **08/2025** | $16799 | $37431 | $11936 |
| **09/2025** | $17108 | $38797 | $12067 |
| **10/2025** | $17407 | $39706 | $12142 |
| **11/2025** | $17482 | $39803 | $12217 |
| **12/2025** | $17525 | $39827 | $12199 |

---

**Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 2/15/08** |
| Class C at NAV | 9.72% | 6.51% | 5.77% | 6.86% |
| Class C with 1.00% CDSC<sup>Footnote Reference1</sup> | 8.72% | 6.51% | 5.77% | 6.86% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% | -% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Contingent deferred sales charge |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7143494060 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 217 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $38433569 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121158g55k56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 43.8% |
| Pharmaceuticals | 3.4% |
| Financial Services | 4.2% |
| Broadline Retail | 4.3% |
| Banks | 4.3% |
| Technology Hardware, Storage & Peripherals | 7.5% |
| Interactive Media & Services | 8.6% |
| Software | 9.8% |
| Semiconductors & Semiconductor Equipment | 14.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including open purchased and written options) |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0% |
| Apple, Inc. | 7.3% |
| Microsoft Corp. | 6.7% |
| Alphabet, Inc., Class C | 4.7% |
| Amazon.com, Inc. | 4.2% |
| Broadcom, Inc. | 2.9% |
| Meta Platforms, Inc., Class A | 2.6% |
| JPMorgan Chase & Co. | 2.3% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 2.2% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121158g09q36.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![Image](g121158g97c12.jpg)

# Class C

# GTECX

# Gateway Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TGF99C-1225

# Class N

# GTENX

# Gateway Fund
![Image](g121158g07j81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Gateway Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class N | $69 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

The Gateway Fund invests in a diversified portfolio of US equities to track the S&P 500<sup>®</sup> Index. It sells index call options against the full underlying equity portfolio then uses some of the cash flow to buy protective index put options. The net premium-to-earn significantly influences the Fund's market participation. Over time, the Fund seeks to capture a majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments.

**Top Contributors to Performance**

• The Fund's equity portfolio positively contributed to return during 2025.

• Active index option management enhanced cash flow by taking advantage of normalized interest rates and volatility. Premiums supported equity market participation and offered loss mitigation.

• The risk of the Fund, as measured by its standard deviation of daily returns, was well below that of the S&P 500<sup>®</sup> Index during 2025.

**Top Detractors from Performance**

• Written index call option and purchased index put option positions detracted from return in 2025, as expected during periods of above-average market advance.

**Investment Activity**

The investment team actively managed the index option portfolios, focusing on the weighted-average strike price and time to expiration. In March and April, as the market selloff intensified, the team reduced index put option coverage to monetize higher volatility. As the market recovered, the team gradually restored index put option coverage in May. Adjustments in 2025 aimed to enhance cash flow and maintain typical market exposure and risk levels.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g121158g11k31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **05/2017** | $10000 | $10000 | $10000 |
| **05/2017** | $10066 | $10123 | $10099 |
| **06/2017** | $10120 | $10186 | $10089 |
| **07/2017** | $10218 | $10396 | $10132 |
| **08/2017** | $10274 | $10428 | $10223 |
| **09/2017** | $10380 | $10643 | $10174 |
| **10/2017** | $10453 | $10891 | $10180 |
| **11/2017** | $10548 | $11225 | $10167 |
| **12/2017** | $10593 | $11350 | $10214 |
| **01/2018** | $10685 | $12000 | $10096 |
| **02/2018** | $10498 | $11557 | $10001 |
| **03/2018** | $10326 | $11264 | $10065 |
| **04/2018** | $10402 | $11307 | $9990 |
| **05/2018** | $10565 | $11579 | $10061 |
| **06/2018** | $10587 | $11651 | $10049 |
| **07/2018** | $10807 | $12084 | $10051 |
| **08/2018** | $10928 | $12478 | $10116 |
| **09/2018** | $10974 | $12549 | $10051 |
| **10/2018** | $10539 | $11691 | $9971 |
| **11/2018** | $10625 | $11929 | $10031 |
| **12/2018** | $10156 | $10852 | $10215 |
| **01/2019** | $10448 | $11722 | $10324 |
| **02/2019** | $10580 | $12098 | $10318 |
| **03/2019** | $10666 | $12333 | $10516 |
| **04/2019** | $10775 | $12833 | $10518 |
| **05/2019** | $10434 | $12017 | $10705 |
| **06/2019** | $10762 | $12864 | $10840 |
| **07/2019** | $10839 | $13049 | $10863 |
| **08/2019** | $10781 | $12842 | $11145 |
| **09/2019** | $10896 | $13083 | $11085 |
| **10/2019** | $11051 | $13366 | $11119 |
| **11/2019** | $11191 | $13851 | $11113 |
| **12/2019** | $11291 | $14269 | $11105 |
| **01/2020** | $11265 | $14264 | $11319 |
| **02/2020** | $10740 | $13090 | $11523 |
| **03/2020** | $10162 | $11473 | $11455 |
| **04/2020** | $10643 | $12944 | $11659 |
| **05/2020** | $10885 | $13560 | $11713 |
| **06/2020** | $11013 | $13830 | $11787 |
| **07/2020** | $11289 | $14609 | $11963 |
| **08/2020** | $11587 | $15660 | $11866 |
| **09/2020** | $11376 | $15065 | $11860 |
| **10/2020** | $11244 | $14664 | $11807 |
| **11/2020** | $11885 | $16269 | $11923 |
| **12/2020** | $12109 | $16895 | $11939 |
| **01/2021** | $12040 | $16724 | $11854 |
| **02/2021** | $12221 | $17185 | $11682 |
| **03/2021** | $12502 | $17938 | $11536 |
| **04/2021** | $12726 | $18895 | $11628 |
| **05/2021** | $12829 | $19027 | $11666 |
| **06/2021** | $13004 | $19471 | $11748 |
| **07/2021** | $13100 | $19934 | $11879 |
| **08/2021** | $13259 | $20540 | $11856 |
| **09/2021** | $12947 | $19585 | $11754 |
| **10/2021** | $13364 | $20957 | $11750 |
| **11/2021** | $13282 | $20812 | $11785 |
| **12/2021** | $13510 | $21744 | $11755 |
| **01/2022** | $13208 | $20619 | $11502 |
| **02/2022** | $12932 | $20002 | $11373 |
| **03/2022** | $13081 | $20744 | $11057 |
| **04/2022** | $12458 | $18935 | $10638 |
| **05/2022** | $12395 | $18970 | $10706 |
| **06/2022** | $11830 | $17404 | $10538 |
| **07/2022** | $12334 | $19009 | $10796 |
| **08/2022** | $12044 | $18234 | $10491 |
| **09/2022** | $11375 | $16555 | $10038 |
| **10/2022** | $11877 | $17895 | $9908 |
| **11/2022** | $12271 | $18895 | $10272 |
| **12/2022** | $11916 | $17806 | $10226 |
| **01/2023** | $12291 | $18925 | $10540 |
| **02/2023** | $12194 | $18463 | $10268 |
| **03/2023** | $12532 | $19141 | $10529 |
| **04/2023** | $12727 | $19440 | $10592 |
| **05/2023** | $12905 | $19524 | $10477 |
| **06/2023** | $13263 | $20815 | $10440 |
| **07/2023** | $13424 | $21483 | $10432 |
| **08/2023** | $13397 | $21141 | $10366 |
| **09/2023** | $13068 | $20133 | $10102 |
| **10/2023** | $12933 | $19710 | $9943 |
| **11/2023** | $13446 | $21510 | $10393 |
| **12/2023** | $13674 | $22487 | $10791 |
| **01/2024** | $13823 | $22865 | $10761 |
| **02/2024** | $14185 | $24086 | $10609 |
| **03/2024** | $14405 | $24861 | $10707 |
| **04/2024** | $14076 | $23845 | $10437 |
| **05/2024** | $14527 | $25028 | $10614 |
| **06/2024** | $14846 | $25926 | $10714 |
| **07/2024** | $14914 | $26241 | $10965 |
| **08/2024** | $15288 | $26878 | $11122 |
| **09/2024** | $15456 | $27452 | $11271 |
| **10/2024** | $15449 | $27203 | $10992 |
| **11/2024** | $16042 | $28800 | $11108 |
| **12/2024** | $15780 | $28113 | $10926 |
| **01/2025** | $16053 | $28896 | $10984 |
| **02/2025** | $15947 | $28519 | $11226 |
| **03/2025** | $15400 | $26912 | $11230 |
| **04/2025** | $15417 | $26730 | $11274 |
| **05/2025** | $15906 | $28412 | $11193 |
| **06/2025** | $16280 | $29857 | $11365 |
| **07/2025** | $16512 | $30527 | $11335 |
| **08/2025** | $16759 | $31146 | $11471 |
| **09/2025** | $17072 | $32283 | $11596 |
| **10/2025** | $17374 | $33039 | $11668 |
| **11/2025** | $17453 | $33120 | $11741 |
| **12/2025** | $17499 | $33140 | $11724 |

---

**Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception 5/1/17** |
| Class N | 10.89% | 7.64% | 6.67% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.77% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 1.84% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7143494060 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 217 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $38433569 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121158g55k56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 43.8% |
| Pharmaceuticals | 3.4% |
| Financial Services | 4.2% |
| Broadline Retail | 4.3% |
| Banks | 4.3% |
| Technology Hardware, Storage & Peripherals | 7.5% |
| Interactive Media & Services | 8.6% |
| Software | 9.8% |
| Semiconductors & Semiconductor Equipment | 14.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including open purchased and written options) |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0% |
| Apple, Inc. | 7.3% |
| Microsoft Corp. | 6.7% |
| Alphabet, Inc., Class C | 4.7% |
| Amazon.com, Inc. | 4.2% |
| Broadcom, Inc. | 2.9% |
| Meta Platforms, Inc., Class A | 2.6% |
| JPMorgan Chase & Co. | 2.3% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 2.2% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121158g09q36.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![Image](g121158g97c12.jpg)

# Class N

# GTENX

# Gateway Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TGF99N-1225

# Class Y

# GTEYX

# Gateway Fund
![Image](g121158g07j81.jpg)

## Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about Gateway Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at (800) 225-5478 or by contacting your financial intermediary directly.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Class Y | $74 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized for periods less than one year (if applicable). |

---

## How did the fund perform last year and what affected its performance?
**Explanation of Fund Performance**

The Gateway Fund invests in a diversified portfolio of US equities to track the S&P 500<sup>®</sup> Index. It sells index call options against the full underlying equity portfolio then uses some of the cash flow to buy protective index put options. The net premium-to-earn significantly influences the Fund's market participation. Over time, the Fund seeks to capture a majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments.

**Top Contributors to Performance**

• The Fund's equity portfolio positively contributed to return during 2025.

• Active index option management enhanced cash flow by taking advantage of normalized interest rates and volatility. Premiums supported equity market participation and offered loss mitigation.

• The risk of the Fund, as measured by its standard deviation of daily returns, was well below that of the S&P 500<sup>®</sup> Index during 2025.

**Top Detractors from Performance**

• Written index call option and purchased index put option positions detracted from return in 2025, as expected during periods of above-average market advance.

**Investment Activity**

The investment team actively managed the index option portfolios, focusing on the weighted-average strike price and time to expiration. In March and April, as the market selloff intensified, the team reduced index put option coverage to monetize higher volatility. As the market recovered, the team gradually restored index put option coverage in May. Adjustments in 2025 aimed to enhance cash flow and maintain typical market exposure and risk levels.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested. The tables do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. You cannot invest directly in an index.

### Total Return Based on a Hypothetical $10,000 Investment
![Growth of 10K Chart](g121158g07a08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/2015** | $10000 | $10000 | $10000 |
| **01/2016** | $9694 | $9504 | $10138 |
| **02/2016** | $9748 | $9491 | $10210 |
| **03/2016** | $9943 | $10135 | $10303 |
| **04/2016** | $9980 | $10174 | $10343 |
| **05/2016** | $10098 | $10357 | $10345 |
| **06/2016** | $10140 | $10384 | $10531 |
| **07/2016** | $10239 | $10766 | $10598 |
| **08/2016** | $10306 | $10782 | $10586 |
| **09/2016** | $10342 | $10784 | $10580 |
| **10/2016** | $10318 | $10587 | $10499 |
| **11/2016** | $10482 | $10979 | $10250 |
| **12/2016** | $10548 | $11196 | $10265 |
| **01/2017** | $10658 | $11408 | $10285 |
| **02/2017** | $10801 | $11861 | $10354 |
| **03/2017** | $10847 | $11875 | $10349 |
| **04/2017** | $10947 | $11997 | $10428 |
| **05/2017** | $11019 | $12166 | $10509 |
| **06/2017** | $11081 | $12242 | $10498 |
| **07/2017** | $11184 | $12494 | $10543 |
| **08/2017** | $11246 | $12532 | $10638 |
| **09/2017** | $11364 | $12790 | $10587 |
| **10/2017** | $11440 | $13089 | $10593 |
| **11/2017** | $11544 | $13490 | $10580 |
| **12/2017** | $11596 | $13640 | $10628 |
| **01/2018** | $11693 | $14421 | $10506 |
| **02/2018** | $11489 | $13890 | $10406 |
| **03/2018** | $11302 | $13537 | $10473 |
| **04/2018** | $11382 | $13589 | $10395 |
| **05/2018** | $11560 | $13916 | $10469 |
| **06/2018** | $11583 | $14002 | $10456 |
| **07/2018** | $11824 | $14523 | $10459 |
| **08/2018** | $11956 | $14996 | $10526 |
| **09/2018** | $12008 | $15081 | $10458 |
| **10/2018** | $11529 | $14050 | $10376 |
| **11/2018** | $11627 | $14337 | $10438 |
| **12/2018** | $11112 | $13042 | $10630 |
| **01/2019** | $11431 | $14087 | $10742 |
| **02/2019** | $11572 | $14540 | $10736 |
| **03/2019** | $11668 | $14822 | $10942 |
| **04/2019** | $11788 | $15422 | $10945 |
| **05/2019** | $11411 | $14442 | $11139 |
| **06/2019** | $11772 | $15460 | $11279 |
| **07/2019** | $11857 | $15682 | $11304 |
| **08/2019** | $11789 | $15434 | $11597 |
| **09/2019** | $11916 | $15723 | $11535 |
| **10/2019** | $12087 | $16063 | $11570 |
| **11/2019** | $12236 | $16646 | $11564 |
| **12/2019** | $12347 | $17149 | $11556 |
| **01/2020** | $12318 | $17142 | $11778 |
| **02/2020** | $11741 | $15731 | $11990 |
| **03/2020** | $11111 | $13788 | $11920 |
| **04/2020** | $11637 | $15555 | $12132 |
| **05/2020** | $11901 | $16296 | $12188 |
| **06/2020** | $12041 | $16620 | $12265 |
| **07/2020** | $12338 | $17558 | $12448 |
| **08/2020** | $12665 | $18820 | $12348 |
| **09/2020** | $12431 | $18105 | $12341 |
| **10/2020** | $12288 | $17623 | $12286 |
| **11/2020** | $12989 | $19552 | $12406 |
| **12/2020** | $13235 | $20304 | $12424 |
| **01/2021** | $13156 | $20099 | $12334 |
| **02/2021** | $13358 | $20653 | $12156 |
| **03/2021** | $13663 | $21558 | $12005 |
| **04/2021** | $13905 | $22708 | $12099 |
| **05/2021** | $14017 | $22867 | $12139 |
| **06/2021** | $14206 | $23401 | $12224 |
| **07/2021** | $14311 | $23956 | $12361 |
| **08/2021** | $14485 | $24685 | $12337 |
| **09/2021** | $14145 | $23537 | $12231 |
| **10/2021** | $14598 | $25186 | $12227 |
| **11/2021** | $14508 | $25011 | $12263 |
| **12/2021** | $14756 | $26132 | $12232 |
| **01/2022** | $14429 | $24780 | $11968 |
| **02/2022** | $14124 | $24038 | $11835 |
| **03/2022** | $14285 | $24931 | $11506 |
| **04/2022** | $13609 | $22757 | $11069 |
| **05/2022** | $13536 | $22798 | $11141 |
| **06/2022** | $12917 | $20916 | $10966 |
| **07/2022** | $13468 | $22845 | $11234 |
| **08/2022** | $13151 | $21913 | $10917 |
| **09/2022** | $12418 | $19895 | $10445 |
| **10/2022** | $12966 | $21506 | $10310 |
| **11/2022** | $13397 | $22708 | $10689 |
| **12/2022** | $13007 | $21399 | $10641 |
| **01/2023** | $13421 | $22744 | $10968 |
| **02/2023** | $13311 | $22189 | $10684 |
| **03/2023** | $13679 | $23004 | $10956 |
| **04/2023** | $13891 | $23363 | $11022 |
| **05/2023** | $14086 | $23464 | $10902 |
| **06/2023** | $14474 | $25015 | $10863 |
| **07/2023** | $14651 | $25818 | $10856 |
| **08/2023** | $14621 | $25407 | $10786 |
| **09/2023** | $14260 | $24196 | $10512 |
| **10/2023** | $14113 | $23687 | $10346 |
| **11/2023** | $14673 | $25850 | $10815 |
| **12/2023** | $14919 | $27025 | $11229 |
| **01/2024** | $15082 | $27479 | $11198 |
| **02/2024** | $15477 | $28946 | $11040 |
| **03/2024** | $15715 | $29878 | $11142 |
| **04/2024** | $15356 | $28657 | $10860 |
| **05/2024** | $15849 | $30078 | $11044 |
| **06/2024** | $16194 | $31157 | $11149 |
| **07/2024** | $16269 | $31537 | $11409 |
| **08/2024** | $16673 | $32302 | $11573 |
| **09/2024** | $16858 | $32992 | $11728 |
| **10/2024** | $16851 | $32692 | $11437 |
| **11/2024** | $17497 | $34611 | $11558 |
| **12/2024** | $17213 | $33786 | $11369 |
| **01/2025** | $17507 | $34727 | $11430 |
| **02/2025** | $17388 | $34274 | $11681 |
| **03/2025** | $16793 | $32343 | $11685 |
| **04/2025** | $16812 | $32124 | $11731 |
| **05/2025** | $17345 | $34146 | $11647 |
| **06/2025** | $17754 | $35882 | $11826 |
| **07/2025** | $18004 | $36687 | $11795 |
| **08/2025** | $18273 | $37431 | $11936 |
| **09/2025** | $18612 | $38797 | $12067 |
| **10/2025** | $18941 | $39706 | $12142 |
| **11/2025** | $19027 | $39803 | $12217 |
| **12/2025** | $19078 | $39827 | $12199 |

---

**Performance data shown represents past performance and is no guarantee of, and is 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 the most recent month-end performance, visit im.natixis.com/en-us/products/mutual-funds/price-and-performance.**

## Average Annual Total Returns (%)

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** | **Since Inception 2/15/05** |
| Class Y | 10.84% | 7.59% | 6.67% | 7.41% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% | -% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% | -% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7143494060 |
| # of Portfolio Holdings (including overnight repurchase agreements and derivatives) | 217 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (after waiver/reimbursement, if applicable) | $38433569 |

---

## What did the Fund invest in? (% of Net Assets)

### Industry Summary
![Group By Sector Chart](g121158g55k56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other investments less than 3% of net assets<sup>Footnote Reference\*</sup> | 43.8% |
| Pharmaceuticals | 3.4% |
| Financial Services | 4.2% |
| Broadline Retail | 4.3% |
| Banks | 4.3% |
| Technology Hardware, Storage & Peripherals | 7.5% |
| Interactive Media & Services | 8.6% |
| Software | 9.8% |
| Semiconductors & Semiconductor Equipment | 14.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net of other assets less liabilities (including open purchased and written options) |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0% |
| Apple, Inc. | 7.3% |
| Microsoft Corp. | 6.7% |
| Alphabet, Inc., Class C | 4.7% |
| Amazon.com, Inc. | 4.2% |
| Broadcom, Inc. | 2.9% |
| Meta Platforms, Inc., Class A | 2.6% |
| JPMorgan Chase & Co. | 2.3% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 2.2% |

---

## Material Fund Changes
There were no material fund changes during the period.

There were no changes in or disagreements with Accountants during the period.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://im.natixis.com/funddocuments](g121158g09q36.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments.

![Image](g121158g97c12.jpg)

# Class Y

# GTEYX

# Gateway Fund

#### Annual Shareholder Report

#### December 31, 2025

#### TGF99Y-1225

------

(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 and accounting 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 P. Palermo, Mr. Peter J. Smail 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 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** |
|  | 1/1/24-12/31/24 | 1/1/25-<br> 12/31/25  | 1/1/24-12/31/24 | 1/1/25-<br> 12/31/25  | 1/1/24-<br> 12/31/24  | 1/1/25-<br> 12/31/25  | 1/1/24-<br> 12/31/24  | 1/1/25-<br> 12/31/25  |
| &nbsp;&nbsp;&nbsp; Gateway Trust | $94138 | $96962 | $1409 | $1437 | $19864 | $20460 | $--- | $-- |

---

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Audit-related fees consist of</u>:<br> &nbsp;&nbsp;&nbsp;&nbsp; <u>2024 & 2025</u> – performance of agreed-upon procedures related to the Registrant's deferred compensation plan.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Tax fees consist of</u>:<br> &nbsp;&nbsp;&nbsp;&nbsp; <u>2024 & 2025</u> – review of the Registrant's tax returns.<br>Aggregate fees billed to the Registrant for non-audit services during 2024 and 2025 were $21,273 and $21,897, respectively.<br>*(e)(1) Audit Committee Pre-Approval Policies.*<br>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.<br>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.<br>

------

(e)(2) None of the services described in each of Items 4 (b) through (d) were approved pursuant to de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

*(g) 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** |
|  | 1/1/24-<br> 12/31/24  | 1/1/25-<br> 12/31/25  | 1/1/24-<br> 12/31/24  | 1/1/25-<br> 12/31/25  | 1/1/24-<br> 12/31/24  | 1/1/25-<br> 12/31/25  |
| &nbsp;&nbsp;&nbsp; Control Affiliates | $-- | $-- | $-- | $-- | $-- | $245000 |

---

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** |
|  | 1/1/24-12/31/24 | 1/1/25-12/31/25 |
| &nbsp;&nbsp;&nbsp; Control Affiliates | $- | $245000 |

---

(h) The audit committee has considered and determined that the provisions of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Schedule of Investments.
The Schedule of Investments are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Registrant's Financial Statements and Other Important Information are attached herewith.

(b) The Registrant's Financial Highlights are attached herewith.

------

![](g121158img340176f51.gif)

![](g121158img7c4c5e562.gif)

Annual Financial Statements and Other Important Information

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Gateway Fund <br> Gateway Equity Call Premium Fund <br> Mirova Global Megatrends Fund

**Table of Contents** 

---

| | |
|:---|:---|
| [Portfolio of Investments (Form](#xx_d2daaf58-7c1a-40c1-948a-d08fe9eb4d39_SOI1-Continued-306_1)<br> [N-CSR Item 6)](#xx_d2daaf58-7c1a-40c1-948a-d08fe9eb4d39_SOI1-Continued-306_1)<br>| 1 |
| [Financial Statements (Form N-CSR](#xx_d2daaf58-7c1a-40c1-948a-d08fe9eb4d39_FS-Continued-306_1)<br> [Item 7)](#xx_d2daaf58-7c1a-40c1-948a-d08fe9eb4d39_FS-Continued-306_1)<br>| 10 |
| [Notes to Financial Statements](#xx_d2daaf58-7c1a-40c1-948a-d08fe9eb4d39_NTF-Continued-306_1)<br> [(Form N-CSR Item 7)](#xx_d2daaf58-7c1a-40c1-948a-d08fe9eb4d39_NTF-Continued-306_1)<br>| 26 |
| [Trustees Fees and Expenses (Form](#xx_d2daaf58-7c1a-40c1-948a-d08fe9eb4d39_NTF-Continued-306_10)<br> [N-CSR Item 10)](#xx_d2daaf58-7c1a-40c1-948a-d08fe9eb4d39_NTF-Continued-306_10)<br>| 35 |

---

------

**Portfolio of Investments – as of December 31, 2025**

Gateway Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 98.3% of Net Assets** | **Common Stocks — 98.3% of Net Assets** | **Common Stocks — 98.3% of Net Assets** |
|  | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| 138153 | Boeing Co.(a)(b) | &nbsp;&nbsp; $29995780 |
| 6786 | BWX Technologies, Inc.(a) | &nbsp;&nbsp; 1172892 |
| 18373 | HEICO Corp.(a) | &nbsp;&nbsp; 5945319 |
| 438402 | RTX Corp.(a) | &nbsp;&nbsp; 80402927 |
|  |  | &nbsp;&nbsp; 117516918 |
|  | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| 27718 | Autoliv, Inc.(a) | &nbsp;&nbsp; 3290126 |
| 7969 | Magna International, Inc. | &nbsp;&nbsp; 424748 |
|  |  | &nbsp;&nbsp; 3714874 |
|  | **Automobiles — 2.4%** | **Automobiles — 2.4%** |
| 1111305 | Ford Motor Co.(a) | &nbsp;&nbsp; 14580322 |
| 344502 | Tesla, Inc.(a)(b) | &nbsp;&nbsp; 154929439 |
|  |  | &nbsp;&nbsp; 169509761 |
|  | **Banks — 4.3%** | **Banks — 4.3%** |
| 1531415 | Bank of America Corp.(a) | &nbsp;&nbsp; 84227825 |
| 507312 | JPMorgan Chase & Co.(a) | &nbsp;&nbsp; 163466073 |
| 661056 | Wells Fargo & Co.(a) | &nbsp;&nbsp; 61610419 |
|  |  | &nbsp;&nbsp; 309304317 |
|  | **Beverages — 1.0%** | **Beverages — 1.0%** |
| 54021 | Celsius Holdings, Inc.(a)(b) | &nbsp;&nbsp; 2470921 |
| 48096 | Coca-Cola Europacific Partners PLC(a) | &nbsp;&nbsp; 4362307 |
| 349444 | Monster Beverage Corp.(a)(b) | &nbsp;&nbsp; 26791871 |
| 268524 | PepsiCo, Inc.(a) | &nbsp;&nbsp; 38538565 |
|  |  | &nbsp;&nbsp; 72163664 |
|  | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| 277976 | AbbVie, Inc.(a) | &nbsp;&nbsp; 63514736 |
| 1352 | Alnylam Pharmaceuticals, Inc.(b) | &nbsp;&nbsp; 537623 |
| 104360 | Amgen, Inc.(a) | &nbsp;&nbsp; 34158072 |
| 39674 | Biogen, Inc.(a)(b) | &nbsp;&nbsp; 6982227 |
| 135246 | Moderna, Inc.(a)(b) | &nbsp;&nbsp; 3988404 |
| 62713 | Vertex Pharmaceuticals, Inc.(a)(b) | &nbsp;&nbsp; 28431566 |
|  |  | &nbsp;&nbsp; 137612628 |
|  | **Broadline Retail — 4.3%** | **Broadline Retail — 4.3%** |
| 1299732 | Amazon.com, Inc.(a)(b) | &nbsp;&nbsp; 300004140 |
| 2538 | MercadoLibre, Inc.(a)(b) | &nbsp;&nbsp; 5112192 |
|  |  | &nbsp;&nbsp; 305116332 |
|  | **Building Products — 0.4%** | **Building Products — 0.4%** |
| 355196 | Carrier Global Corp.(a) | &nbsp;&nbsp; 18768557 |
| 17766 | Lennox International, Inc.(a) | &nbsp;&nbsp; 8626814 |
|  |  | &nbsp;&nbsp; 27395371 |
|  | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
| 55185 | Brookfield Corp.(a) | &nbsp;&nbsp; 2532440 |
| 295252 | Charles Schwab Corp.(a) | &nbsp;&nbsp; 29498627 |
| 27795 | Coinbase Global, Inc., Class A(a)(b) | &nbsp;&nbsp; 6285561 |
| 5789 | FactSet Research Systems, Inc. | &nbsp;&nbsp; 1679910 |
| 216194 | Intercontinental Exchange, Inc.(a) | &nbsp;&nbsp; 35014780 |
| 414283 | Morgan Stanley(a) | &nbsp;&nbsp; 73547661 |
| 41804 | MSCI, Inc.(a) | &nbsp;&nbsp; 23984209 |
| 58015 | Robinhood Markets, Inc., Class A(a)(b) | &nbsp;&nbsp; 6561497 |
|  |  | &nbsp;&nbsp; 179104685 |
|  | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| 275737 | Corteva, Inc.(a) | &nbsp;&nbsp; 18482651 |
| 140572 | Dow, Inc.(a) | &nbsp;&nbsp; 3286573 |
| 255992 | LyondellBasell Industries NV, Class A(a) | &nbsp;&nbsp; 11084454 |
| 25672 | Nutrien Ltd.(a) | &nbsp;&nbsp; 1584476 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Chemicals — continued** | **Chemicals — continued** |
| 95921 | RPM International, Inc.(a) | &nbsp;&nbsp; $9975784 |
| 48861 | Solstice Advanced Materials, Inc.(a)(b) | &nbsp;&nbsp; 2373667 |
|  |  | &nbsp;&nbsp; 46787605 |
|  | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
| 421728 | Copart, Inc.(a)(b) | &nbsp;&nbsp; 16510651 |
| 53505 | Waste Connections, Inc.(a) | &nbsp;&nbsp; 9382637 |
| 185672 | Waste Management, Inc.(a) | &nbsp;&nbsp; 40793995 |
|  |  | &nbsp;&nbsp; 66687283 |
|  | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| 773845 | Cisco Systems, Inc.(a) | &nbsp;&nbsp; 59609280 |
| 6357 | Lumentum Holdings, Inc.(a)(b) | &nbsp;&nbsp; 2343127 |
|  |  | &nbsp;&nbsp; 61952407 |
|  | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| 4951 | Sterling Infrastructure, Inc.(a)(b) | &nbsp;&nbsp; 1516145 |
|  | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| 43244 | Martin Marietta Materials, Inc.(a) | &nbsp;&nbsp; 26926309 |
|  | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| 106655 | Ally Financial, Inc.(a) | &nbsp;&nbsp; 4830405 |
| 144459 | Capital One Financial Corp.(a) | &nbsp;&nbsp; 35011083 |
| 389560 | Synchrony Financial(a) | &nbsp;&nbsp; 32500991 |
|  |  | &nbsp;&nbsp; 72342479 |
|  | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
| 15217 | BJ's Wholesale Club Holdings, Inc.(a)(b) | &nbsp;&nbsp; 1369987 |
| 4532 | Casey's General Stores, Inc.(a) | &nbsp;&nbsp; 2504882 |
| 59675 | Costco Wholesale Corp.(a) | &nbsp;&nbsp; 51460139 |
| 23638 | Maplebear, Inc.(a)(b) | &nbsp;&nbsp; 1063237 |
| 111016 | Target Corp.(a) | &nbsp;&nbsp; 10851814 |
| 601149 | Walmart, Inc.(a) | &nbsp;&nbsp; 66974010 |
|  |  | &nbsp;&nbsp; 134224069 |
|  | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| 54360 | Avery Dennison Corp.(a) | &nbsp;&nbsp; 9886997 |
| 38433 | Crown Holdings, Inc.(a) | &nbsp;&nbsp; 3957446 |
| 189748 | Smurfit WestRock PLC(a) | &nbsp;&nbsp; 7337555 |
|  |  | &nbsp;&nbsp; 21181998 |
|  | **Distributors — 0.2%** | **Distributors — 0.2%** |
| 107528 | Genuine Parts Co.(a) | &nbsp;&nbsp; 13221643 |
|  | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| 67454 | Service Corp. International(a) | &nbsp;&nbsp; 5259388 |
|  | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| 1244301 | AT&T, Inc.(a) | &nbsp;&nbsp; 30908437 |
|  | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| 297468 | Alliant Energy Corp.(a) | &nbsp;&nbsp; 19338394 |
| 349087 | American Electric Power Co., Inc.(a) | &nbsp;&nbsp; 40253222 |
| 20414 | Constellation Energy Corp.(a) | &nbsp;&nbsp; 7211654 |
| 61200 | OGE Energy Corp.(a) | &nbsp;&nbsp; 2613240 |
|  |  | &nbsp;&nbsp; 69416510 |
|  | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| 118720 | Eaton Corp. PLC(a) | &nbsp;&nbsp; 37813507 |
| 30533 | GE Vernova, Inc.(a) | &nbsp;&nbsp; 19955453 |
| 31715 | Hubbell, Inc.(a) | &nbsp;&nbsp; 14084949 |
| 16374 | Nextpower, Inc., Class A(b) | &nbsp;&nbsp; 1426339 |
|  |  | &nbsp;&nbsp; 73280248 |
|  | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| 97069 | CDW Corp.(a) | &nbsp;&nbsp; 13220798 |
| 22491 | Coherent Corp.(a)(b) | &nbsp;&nbsp; 4151164 |
| 290735 | Corning, Inc.(a) | &nbsp;&nbsp; 25456756 |

---

See accompanying notes to financial statements.

1 \|

------

**Portfolio of Investments – as of December 31, 2025**

Gateway Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| 3825 | Fabrinet(a)(b) | &nbsp;&nbsp; $1741446 |
| 22200 | Zebra Technologies Corp., Class A(a)(b) | &nbsp;&nbsp; 5390604 |
|  |  | &nbsp;&nbsp; 49960768 |
|  | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| 110115 | Halliburton Co.(a) | &nbsp;&nbsp; 3111850 |
|  | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| 79556 | Live Nation Entertainment, Inc.(a)(b) | &nbsp;&nbsp; 11336730 |
| 631430 | Netflix, Inc.(a)(b) | &nbsp;&nbsp; 59202877 |
| 8485 | Spotify Technology SA(a)(b) | &nbsp;&nbsp; 4927324 |
| 313789 | Walt Disney Co.(a) | &nbsp;&nbsp; 35699775 |
|  |  | &nbsp;&nbsp; 111166706 |
|  | **Financial Services — 4.2%** | **Financial Services — 4.2%** |
| 307923 | Berkshire Hathaway, Inc., Class B(a)(b) | &nbsp;&nbsp; 154777496 |
| 300793 | PayPal Holdings, Inc.(a) | &nbsp;&nbsp; 17560295 |
| 356233 | Visa, Inc., Class A(a) | &nbsp;&nbsp; 124934475 |
| 7987 | Voya Financial, Inc.(a) | &nbsp;&nbsp; 594952 |
|  |  | &nbsp;&nbsp; 297867218 |
|  | **Food Products — 0.6%** | **Food Products — 0.6%** |
| 61781 | Bunge Global SA(a) | &nbsp;&nbsp; 5503452 |
| 362020 | Kraft Heinz Co.(a) | &nbsp;&nbsp; 8778985 |
| 575934 | Mondelez International, Inc., Class A(a) | &nbsp;&nbsp; 31002527 |
|  |  | &nbsp;&nbsp; 45284964 |
|  | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| 88899 | Canadian Pacific Kansas City Ltd.(a) | &nbsp;&nbsp; 6545633 |
| 836812 | CSX Corp.(a) | &nbsp;&nbsp; 30334435 |
| 77264 | Old Dominion Freight Line, Inc.(a) | &nbsp;&nbsp; 12114995 |
| 7406 | XPO, Inc.(a)(b) | &nbsp;&nbsp; 1006550 |
|  |  | &nbsp;&nbsp; 50001613 |
|  | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
| 366884 | Abbott Laboratories(a) | &nbsp;&nbsp; 45966896 |
| 494281 | Boston Scientific Corp.(a)(b) | &nbsp;&nbsp; 47129693 |
| 90951 | Intuitive Surgical, Inc.(a)(b) | &nbsp;&nbsp; 51511009 |
| 24825 | STERIS PLC(a) | &nbsp;&nbsp; 6293634 |
|  |  | &nbsp;&nbsp; 150901232 |
|  | **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** |
| 235601 | CVS Health Corp.(a) | &nbsp;&nbsp; 18697295 |
| 79403 | Elevance Health, Inc.(a) | &nbsp;&nbsp; 27834722 |
| 58732 | HCA Healthcare, Inc.(a) | &nbsp;&nbsp; 27419621 |
| 16707 | Molina Healthcare, Inc.(a)(b) | &nbsp;&nbsp; 2899333 |
| 154741 | UnitedHealth Group, Inc.(a) | &nbsp;&nbsp; 51081551 |
| 27630 | Universal Health Services, Inc., Class B(a) | &nbsp;&nbsp; 6023893 |
|  |  | &nbsp;&nbsp; 133956415 |
|  | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| 35149 | Veeva Systems, Inc., Class A(a)(b) | &nbsp;&nbsp; 7846311 |
|  | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| 5917 | Booking Holdings, Inc.(a) | &nbsp;&nbsp; 31687488 |
| 32235 | DraftKings, Inc., Class A(a)(b) | &nbsp;&nbsp; 1110818 |
| 140501 | Hilton Worldwide Holdings, Inc.(a) | &nbsp;&nbsp; 40358912 |
| 125901 | McDonald's Corp.(a) | &nbsp;&nbsp; 38479123 |
| 18466 | Restaurant Brands International, Inc.(a) | &nbsp;&nbsp; 1259935 |
|  |  | &nbsp;&nbsp; 112896276 |
|  | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| 2093 | NVR, Inc.(a)(b) | &nbsp;&nbsp; 15263768 |
| 103093 | Toll Brothers, Inc.(a) | &nbsp;&nbsp; 13940235 |
|  |  | &nbsp;&nbsp; 29204003 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 195445 | Honeywell International, Inc.(a) | &nbsp;&nbsp; $38129365 |
|  | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| 171517 | Prologis, Inc.(a) | &nbsp;&nbsp; 21895860 |
|  | **Insurance — 2.1%** | **Insurance — 2.1%** |
| 367972 | Aflac, Inc.(a) | &nbsp;&nbsp; 40576272 |
| 62253 | American Financial Group, Inc.(a) | &nbsp;&nbsp; 8508740 |
| 91119 | Aon PLC, Class A(a) | &nbsp;&nbsp; 32154073 |
| 147374 | Arthur J Gallagher & Co.(a) | &nbsp;&nbsp; 38138918 |
| 3999 | F&G Annuities & Life, Inc. | &nbsp;&nbsp; 123369 |
| 66655 | Fidelity National Financial, Inc.(a) | &nbsp;&nbsp; 3638696 |
| 3155 | Markel Group, Inc.(a)(b) | &nbsp;&nbsp; 6782146 |
| 219438 | Unum Group(a) | &nbsp;&nbsp; 17006445 |
|  |  | &nbsp;&nbsp; 146928659 |
|  | **Interactive Media & Services — 8.6%** | **Interactive Media & Services — 8.6%** |
| 294204 | Alphabet, Inc., Class A(a) | &nbsp;&nbsp; 92085852 |
| 1070918 | Alphabet, Inc., Class C(a) | &nbsp;&nbsp; 336054068 |
| 4419 | Baidu, Inc., ADR(b) | &nbsp;&nbsp; 577387 |
| 284890 | Meta Platforms, Inc., Class A(a) | &nbsp;&nbsp; 188053040 |
|  |  | &nbsp;&nbsp; 616770347 |
|  | **IT Services — 0.3%** | **IT Services — 0.3%** |
| 39628 | Shopify, Inc., Class A(a)(b) | &nbsp;&nbsp; 6378919 |
| 14606 | Twilio, Inc., Class A(a)(b) | &nbsp;&nbsp; 2077557 |
| 59705 | VeriSign, Inc.(a) | &nbsp;&nbsp; 14505330 |
|  |  | &nbsp;&nbsp; 22961806 |
|  | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| 67554 | Agilent Technologies, Inc.(a) | &nbsp;&nbsp; 9192073 |
| 31615 | ICON PLC(a)(b) | &nbsp;&nbsp; 5760885 |
| 44360 | Illumina, Inc.(a)(b) | &nbsp;&nbsp; 5818258 |
| 35396 | IQVIA Holdings, Inc.(a)(b) | &nbsp;&nbsp; 7978612 |
| 54637 | Qiagen NV(a) | &nbsp;&nbsp; 2457026 |
|  |  | &nbsp;&nbsp; 31206854 |
|  | **Machinery — 2.8%** | **Machinery — 2.8%** |
| 121157 | Caterpillar, Inc.(a) | &nbsp;&nbsp; 69407211 |
| 74195 | Cummins, Inc.(a) | &nbsp;&nbsp; 37872838 |
| 66901 | Deere & Co.(a) | &nbsp;&nbsp; 31147098 |
| 56430 | Parker-Hannifin Corp.(a) | &nbsp;&nbsp; 49599713 |
| 121067 | Pentair PLC(a) | &nbsp;&nbsp; 12607917 |
|  |  | &nbsp;&nbsp; 200634777 |
|  | **Media — 0.1%** | **Media — 0.1%** |
| 27734 | Charter Communications, Inc., Class A(a)(b) | &nbsp;&nbsp; 5789472 |
| 22538 | Omnicom Group, Inc. | &nbsp;&nbsp; 1819944 |
|  |  | &nbsp;&nbsp; 7609416 |
|  | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| 15043 | Alcoa Corp.(a) | &nbsp;&nbsp; 799385 |
| 85422 | Freeport-McMoRan, Inc.(a) | &nbsp;&nbsp; 4338583 |
| 97193 | Southern Copper Corp.(a) | &nbsp;&nbsp; 13944280 |
| 47801 | Steel Dynamics, Inc.(a) | &nbsp;&nbsp; 8099880 |
|  |  | &nbsp;&nbsp; 27182128 |
|  | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| 260977 | Ameren Corp.(a) | &nbsp;&nbsp; 26061163 |
| 180721 | Consolidated Edison, Inc.(a) | &nbsp;&nbsp; 17949210 |
| 231309 | WEC Energy Group, Inc.(a) | &nbsp;&nbsp; 24393847 |
|  |  | &nbsp;&nbsp; 68404220 |
|  | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| 45031 | Cheniere Energy, Inc.(a) | &nbsp;&nbsp; 8753576 |
| 290897 | Chevron Corp.(a) | &nbsp;&nbsp; 44335612 |
| 316442 | ConocoPhillips(a) | &nbsp;&nbsp; 29622136 |

---

See accompanying notes to financial statements.

\| 2

------

**Portfolio of Investments – as of December 31, 2025**

Gateway Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 603642 | Exxon Mobil Corp.(a) | &nbsp;&nbsp; $72642278 |
| 167492 | ONEOK, Inc.(a) | &nbsp;&nbsp; 12310662 |
| 115386 | Targa Resources Corp.(a) | &nbsp;&nbsp; 21288717 |
|  |  | &nbsp;&nbsp; 188952981 |
|  | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| 116518 | Eli Lilly & Co.(a) | &nbsp;&nbsp; 125219564 |
| 373401 | Johnson & Johnson(a) | &nbsp;&nbsp; 77275337 |
| 379187 | Merck & Co., Inc.(a) | &nbsp;&nbsp; 39913224 |
|  |  | &nbsp;&nbsp; 242408125 |
|  | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| 141064 | Automatic Data Processing, Inc.(a) | &nbsp;&nbsp; 36285893 |
| 4628 | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 390418 |
| 802 | CACI International, Inc., Class A(b) | &nbsp;&nbsp; 427314 |
| 160547 | Paychex, Inc.(a) | &nbsp;&nbsp; 18010162 |
| 7747 | TransUnion | &nbsp;&nbsp; 664305 |
|  |  | &nbsp;&nbsp; 55778092 |
|  | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| 1444 | Jones Lang LaSalle, Inc.(b) | &nbsp;&nbsp; 485863 |
| 99324 | Zillow Group, Inc., Class C(a)(b) | &nbsp;&nbsp; 6775883 |
|  |  | &nbsp;&nbsp; 7261746 |
|  | **Semiconductors & Semiconductor Equipment — 14.1%** | **Semiconductors & Semiconductor Equipment — 14.1%** |
| 242166 | Advanced Micro Devices, Inc.(a)(b) | &nbsp;&nbsp; 51862271 |
| 104001 | Analog Devices, Inc.(a) | &nbsp;&nbsp; 28205071 |
| 592085 | Broadcom, Inc.(a) | &nbsp;&nbsp; 204920619 |
| 472728 | Intel Corp.(a)(b) | &nbsp;&nbsp; 17443663 |
| 62909 | Marvell Technology, Inc.(a) | &nbsp;&nbsp; 5346007 |
| 123716 | Micron Technology, Inc.(a) | &nbsp;&nbsp; 35309784 |
| 3076464 | NVIDIA Corp.(a) | &nbsp;&nbsp; 573760536 |
| 66456 | ON Semiconductor Corp.(a)(b) | &nbsp;&nbsp; 3598592 |
| 201116 | QUALCOMM, Inc.(a) | &nbsp;&nbsp; 34400892 |
| 106600 | Teradyne, Inc.(a) | &nbsp;&nbsp; 20633496 |
| 183356 | Texas Instruments, Inc.(a) | &nbsp;&nbsp; 31810432 |
|  |  | &nbsp;&nbsp; 1007291363 |
|  | **Software — 9.8%** | **Software — 9.8%** |
| 89414 | Adobe, Inc.(a)(b) | &nbsp;&nbsp; 31294006 |
| 25642 | AppLovin Corp., Class A(a)(b) | &nbsp;&nbsp; 17278092 |
| 11313 | Atlassian Corp., Class A(a)(b) | &nbsp;&nbsp; 1834290 |
| 84383 | Cadence Design Systems, Inc.(a)(b) | &nbsp;&nbsp; 26376438 |
| 27412 | CrowdStrike Holdings, Inc., Class A(a)(b) | &nbsp;&nbsp; 12849649 |
| 8059 | Manhattan Associates, Inc.(a)(b) | &nbsp;&nbsp; 1396705 |
| 981047 | Microsoft Corp.(a) | &nbsp;&nbsp; 474453950 |
| 254413 | Oracle Corp.(a) | &nbsp;&nbsp; 49587638 |
| 250961 | Palantir Technologies, Inc., Class A(a)(b) | &nbsp;&nbsp; 44608318 |
| 18220 | Pegasystems, Inc.(a) | &nbsp;&nbsp; 1088098 |
| 204550 | ServiceNow, Inc.(a)(b) | &nbsp;&nbsp; 31335015 |
| 22602 | Workday, Inc., Class A(a)(b) | &nbsp;&nbsp; 4854458 |
|  |  | &nbsp;&nbsp; 696956657 |
|  | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| 138003 | Crown Castle, Inc.(a) | &nbsp;&nbsp; 12264326 |
| 127880 | CubeSmart(a) | &nbsp;&nbsp; 4610074 |
| 49053 | Lamar Advertising Co., Class A(a) | &nbsp;&nbsp; 6209129 |
|  |  | &nbsp;&nbsp; 23083529 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| 20171 | Dick's Sporting Goods, Inc.(a) | &nbsp;&nbsp; $3993253 |
| 195258 | Home Depot, Inc.(a) | &nbsp;&nbsp; 67188278 |
| 165081 | Lowe's Cos., Inc.(a) | &nbsp;&nbsp; 39810934 |
| 150845 | Valvoline, Inc.(a)(b) | &nbsp;&nbsp; 4383555 |
|  |  | &nbsp;&nbsp; 115376020 |
|  | **Technology Hardware, Storage & Peripherals — 7.5%** | **Technology Hardware, Storage & Peripherals — 7.5%** |
| 1908501 | Apple, Inc.(a) | &nbsp;&nbsp; 518845082 |
| 52360 | Dell Technologies, Inc., Class C(a) | &nbsp;&nbsp; 6591077 |
| 13108 | Sandisk Corp.(a)(b) | &nbsp;&nbsp; 3111577 |
| 59332 | Super Micro Computer, Inc.(a)(b) | &nbsp;&nbsp; 1736648 |
| 45693 | Western Digital Corp.(a) | &nbsp;&nbsp; 7871533 |
|  |  | &nbsp;&nbsp; 538155917 |
|  | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| 31659 | Lululemon Athletica, Inc.(a)(b) | &nbsp;&nbsp; 6579057 |
|  | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| 171375 | British American Tobacco PLC, ADR(a) | &nbsp;&nbsp; 9703253 |
|  | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| 10898 | Watsco, Inc.(a) | &nbsp;&nbsp; 3672081 |
|  | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| 79687 | Essential Utilities, Inc.(a) | &nbsp;&nbsp; 3056793 |
|  | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| 321798 | Vodafone Group PLC, ADR | &nbsp;&nbsp; 4250952 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $1,299,455,318)<br>| &nbsp;&nbsp; 7021590425 |
|  | &nbsp;&nbsp; Total Purchased Options — 0.6% <br>(Identified Cost $69,861,459) (see details below)<br>| &nbsp;&nbsp; 40434295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** |
| $125920895 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed <br> Income Clearing Corporation, dated 12/31/2025 <br> at 2.150% to be repurchased at $125,935,936 on <br> 1/02/2026 collateralized by $127,904,800 <br> U.S. Treasury Note, 3.750% due 6/30/2027 valued <br> at $128,439,492 including accrued interest <br> (Note 2 of Notes to Financial Statements) <br>(Identified Cost $125,920,895)<br>| &nbsp;&nbsp; 125920895 |
|  | &nbsp;&nbsp; Total Investments — 100.6% <br>(Identified Cost $1,495,237,672)<br>| &nbsp;&nbsp; 7187945615 |
|  | Other assets less liabilities — (0.6)% | &nbsp;&nbsp; (44451555)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $7143494060 |

---

See accompanying notes to financial statements.

3 \|

------

**Portfolio of Investments – as of December 31, 2025**

Gateway Fund (continued)

**Purchased Options — 0.6%** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration <br>Date<br>| Exercise <br>Price<br>| Contracts | Notional <br>Amount<br>| Cost | Value (†) |
| **Index Options — 0.6%** | **Index Options — 0.6%** | **Index Options — 0.6%** | **Index Options — 0.6%** | **Index Options — 0.6%** | **Index Options — 0.6%** | **Index Options — 0.6%** |
| S&P 500® Index, Put(b) | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; $992597500 | &nbsp;&nbsp; $11921901 | &nbsp;&nbsp; $1964750 |
| S&P 500® Index, Put(b) | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 6150 | &nbsp;&nbsp; 1451 | &nbsp;&nbsp; 993282050 | &nbsp;&nbsp; 8435389 | &nbsp;&nbsp; 2655330 |
| S&P 500® Index, Put(b) | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 992597500 | &nbsp;&nbsp; 10338062 | &nbsp;&nbsp; 2958000 |
| S&P 500® Index, Put(b) | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 1449 | &nbsp;&nbsp; 991912950 | &nbsp;&nbsp; 8993218 | &nbsp;&nbsp; 6093045 |
| S&P 500® Index, Put(b) | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 1449 | &nbsp;&nbsp; 991912950 | &nbsp;&nbsp; 11201494 | &nbsp;&nbsp; 7324695 |
| S&P 500® Index, Put(b) | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 1449 | &nbsp;&nbsp; 991912950 | &nbsp;&nbsp; 8991770 | &nbsp;&nbsp; 8730225 |
| S&P 500® Index, Put(b) | &nbsp;&nbsp; 4/17/2026 | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 992597500 | &nbsp;&nbsp; 9979625 | &nbsp;&nbsp; 10708250 |
| Total |  |  |  |  | &nbsp;&nbsp; $69861459 | &nbsp;&nbsp; $40434295 |

---

**Written Options — (0.7%)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration <br>Date<br>| Exercise <br>Price<br>| Contracts | Notional <br>Amount<br>| Premiums <br>(Received)<br>| Value (†) |
| **Index Options — (0.7%)** | **Index Options — (0.7%)** | **Index Options — (0.7%)** | **Index Options — (0.7%)** | **Index Options — (0.7%)** | **Index Options — (0.7%)** | **Index Options — (0.7%)** |
| S&P 500® Index, Call | &nbsp;&nbsp; 1/16/2026 | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; (1128)<br>| &nbsp;&nbsp; $(772172400)<br>| &nbsp;&nbsp; $(12783185)<br>| &nbsp;&nbsp; $(11612760)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 1/16/2026 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; (1128)<br>| &nbsp;&nbsp; (772172400)<br>| &nbsp;&nbsp; (8097703)<br>| &nbsp;&nbsp; (191760)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 1/16/2026 | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; (1127)<br>| &nbsp;&nbsp; (771487850)<br>| &nbsp;&nbsp; (5966496)<br>| &nbsp;&nbsp; (50715)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 1/30/2026 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; (1128)<br>| &nbsp;&nbsp; (772172400)<br>| &nbsp;&nbsp; (7258116)<br>| &nbsp;&nbsp; (4010040)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; (1127)<br>| &nbsp;&nbsp; (771487850)<br>| &nbsp;&nbsp; (9396362)<br>| &nbsp;&nbsp; (7483280)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; (1127)<br>| &nbsp;&nbsp; (771487850)<br>| &nbsp;&nbsp; (9345941)<br>| &nbsp;&nbsp; (3899420)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; (1128)<br>| &nbsp;&nbsp; (772172400)<br>| &nbsp;&nbsp; (9020052)<br>| &nbsp;&nbsp; (8189280)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; (1128)<br>| &nbsp;&nbsp; (772172400)<br>| &nbsp;&nbsp; (11505036)<br>| &nbsp;&nbsp; (9666960)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; (1127)<br>| &nbsp;&nbsp; (771487850)<br>| &nbsp;&nbsp; (7045091)<br>| &nbsp;&nbsp; (6057625)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(80417982)<br>| &nbsp;&nbsp; $(51161840)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(†) See Note 2 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

\| 4

------

**Portfolio of Investments – as of December 31, 2025**

Gateway Equity Call Premium Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 98.4% of Net Assets** | **Common Stocks — 98.4% of Net Assets** | **Common Stocks — 98.4% of Net Assets** |
|  | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| 390 | AeroVironment, Inc.(a) | &nbsp;&nbsp; $94337 |
| 4788 | Boeing Co.(a)(b) | &nbsp;&nbsp; 1039570 |
| 950 | BWX Technologies, Inc.(b) | &nbsp;&nbsp; 164198 |
| 408 | Curtiss-Wright Corp.(b) | &nbsp;&nbsp; 224918 |
| 7956 | General Electric Co.(b) | &nbsp;&nbsp; 2450687 |
| 1054 | HEICO Corp.(b) | &nbsp;&nbsp; 341064 |
| 872 | Huntington Ingalls Industries, Inc.(b) | &nbsp;&nbsp; 296541 |
| 2018 | Lockheed Martin Corp.(b) | &nbsp;&nbsp; 976046 |
| 10585 | RTX Corp.(b) | &nbsp;&nbsp; 1941289 |
|  |  | &nbsp;&nbsp; 7528650 |
|  | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| 4041 | Expeditors International of Washington, Inc.(b) | &nbsp;&nbsp; 602149 |
| 3336 | GXO Logistics, Inc.(a)(b) | &nbsp;&nbsp; 175607 |
|  |  | &nbsp;&nbsp; 777756 |
|  | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| 3371 | Gentex Corp.(b) | &nbsp;&nbsp; 78443 |
|  | **Automobiles — 2.2%** | **Automobiles — 2.2%** |
| 265 | Ferrari NV | &nbsp;&nbsp; 97933 |
| 14786 | Tesla, Inc.(a)(b) | &nbsp;&nbsp; 6649560 |
|  |  | &nbsp;&nbsp; 6747493 |
|  | **Banks — 3.7%** | **Banks — 3.7%** |
| 43514 | Bank of America Corp.(b) | &nbsp;&nbsp; 2393270 |
| 4456 | East West Bancorp, Inc.(b) | &nbsp;&nbsp; 500810 |
| 18818 | Fifth Third Bancorp(b) | &nbsp;&nbsp; 880870 |
| 6570 | First Horizon Corp.(b) | &nbsp;&nbsp; 157023 |
| 791 | ICICI Bank Ltd., ADR | &nbsp;&nbsp; 23572 |
| 15997 | JPMorgan Chase & Co.(b) | &nbsp;&nbsp; 5154553 |
| 21813 | Wells Fargo & Co.(b) | &nbsp;&nbsp; 2032972 |
|  |  | &nbsp;&nbsp; 11143070 |
|  | **Beverages — 1.1%** | **Beverages — 1.1%** |
| 1651 | Celsius Holdings, Inc.(a)(b) | &nbsp;&nbsp; 75517 |
| 5077 | Coca-Cola Europacific Partners PLC(b) | &nbsp;&nbsp; 460484 |
| 4119 | Constellation Brands, Inc., Class A(b) | &nbsp;&nbsp; 568257 |
| 15480 | PepsiCo, Inc.(b) | &nbsp;&nbsp; 2221690 |
|  |  | &nbsp;&nbsp; 3325948 |
|  | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
| 9699 | AbbVie, Inc.(b) | &nbsp;&nbsp; 2216124 |
| 318 | Alnylam Pharmaceuticals, Inc.(a)(b) | &nbsp;&nbsp; 126453 |
| 3755 | Amgen, Inc.(b) | &nbsp;&nbsp; 1229049 |
| 778 | BioMarin Pharmaceutical, Inc.(a)(b) | &nbsp;&nbsp; 46236 |
| 771 | Exact Sciences Corp.(a)(b) | &nbsp;&nbsp; 78303 |
| 948 | Ionis Pharmaceuticals, Inc.(a) | &nbsp;&nbsp; 74996 |
| 3534 | Moderna, Inc.(a)(b) | &nbsp;&nbsp; 104218 |
| 475 | United Therapeutics Corp.(a)(b) | &nbsp;&nbsp; 231444 |
| 2166 | Vertex Pharmaceuticals, Inc.(a)(b) | &nbsp;&nbsp; 981978 |
|  |  | &nbsp;&nbsp; 5088801 |
|  | **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** |
| 658 | Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 96450 |
| 51081 | Amazon.com, Inc.(a)(b) | &nbsp;&nbsp; 11790516 |
| 2019 | JD.com, Inc., ADR(b) | &nbsp;&nbsp; 57945 |
| 54 | MercadoLibre, Inc.(a) | &nbsp;&nbsp; 108770 |
| 574 | PDD Holdings, Inc., ADR(a) | &nbsp;&nbsp; 65086 |
|  |  | &nbsp;&nbsp; 12118767 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Building Products — 0.1%** | **Building Products — 0.1%** |
| 1240 | Fortune Brands Innovations, Inc.(b) | &nbsp;&nbsp; $62025 |
| 726 | Lennox International, Inc.(b) | &nbsp;&nbsp; 352531 |
|  |  | &nbsp;&nbsp; 414556 |
|  | **Capital Markets — 3.3%** | **Capital Markets — 3.3%** |
| 13575 | Bank of New York Mellon Corp.(b) | &nbsp;&nbsp; 1575922 |
| 1380 | BlackRock, Inc.(b) | &nbsp;&nbsp; 1477069 |
| 6405 | Blackstone, Inc.(b) | &nbsp;&nbsp; 987267 |
| 3658 | Brookfield Asset Management Ltd., Class A(b) | &nbsp;&nbsp; 191643 |
| 15593 | Brookfield Corp.(b) | &nbsp;&nbsp; 715563 |
| 14904 | Franklin Resources, Inc.(b) | &nbsp;&nbsp; 356056 |
| 3107 | Jefferies Financial Group, Inc.(b) | &nbsp;&nbsp; 192541 |
| 6198 | KKR & Co., Inc.(b) | &nbsp;&nbsp; 790121 |
| 792 | LPL Financial Holdings, Inc.(b) | &nbsp;&nbsp; 282879 |
| 11418 | Morgan Stanley(b) | &nbsp;&nbsp; 2027037 |
| 943 | MSCI, Inc.(b) | &nbsp;&nbsp; 541027 |
| 4691 | Raymond James Financial, Inc.(b) | &nbsp;&nbsp; 753328 |
|  |  | &nbsp;&nbsp; 9890453 |
|  | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| 2031 | Air Products & Chemicals, Inc.(b) | &nbsp;&nbsp; 501698 |
| 3979 | Linde PLC(b) | &nbsp;&nbsp; 1696606 |
| 2920 | Nutrien Ltd.(b) | &nbsp;&nbsp; 180222 |
| 3228 | RPM International, Inc.(b) | &nbsp;&nbsp; 335712 |
|  |  | &nbsp;&nbsp; 2714238 |
|  | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| 3931 | Waste Connections, Inc.(b) | &nbsp;&nbsp; 689340 |
| 5837 | Waste Management, Inc.(b) | &nbsp;&nbsp; 1282447 |
|  |  | &nbsp;&nbsp; 1971787 |
|  | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
| 1513 | Ciena Corp.(a)(b) | &nbsp;&nbsp; 353845 |
| 29293 | Cisco Systems, Inc.(b) | &nbsp;&nbsp; 2256440 |
| 29041 | Telefonaktiebolaget LM Ericsson, ADR(b) | &nbsp;&nbsp; 280246 |
|  |  | &nbsp;&nbsp; 2890531 |
|  | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| 1546 | AECOM | &nbsp;&nbsp; 147380 |
| 291 | Sterling Infrastructure, Inc.(a) | &nbsp;&nbsp; 89113 |
|  |  | &nbsp;&nbsp; 236493 |
|  | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| 1643 | Martin Marietta Materials, Inc.(b) | &nbsp;&nbsp; 1023030 |
|  | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| 5374 | Ally Financial, Inc.(b) | &nbsp;&nbsp; 243389 |
| 13254 | Synchrony Financial(b) | &nbsp;&nbsp; 1105781 |
|  |  | &nbsp;&nbsp; 1349170 |
|  | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
| 1596 | BJ's Wholesale Club Holdings, Inc.(a)(b) | &nbsp;&nbsp; 143688 |
| 3041 | Costco Wholesale Corp.(b) | &nbsp;&nbsp; 2622376 |
| 2109 | Maplebear, Inc.(a) | &nbsp;&nbsp; 94863 |
| 26234 | Walmart, Inc.(b) | &nbsp;&nbsp; 2922730 |
|  |  | &nbsp;&nbsp; 5783657 |
|  | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| 5343 | Crown Holdings, Inc.(b) | &nbsp;&nbsp; 550169 |
|  | **Distributors — 0.1%** | **Distributors — 0.1%** |
| 8829 | LKQ Corp.(b) | &nbsp;&nbsp; 266636 |
|  | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| 2315 | Service Corp. International(b) | &nbsp;&nbsp; 180501 |
|  | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| 58259 | AT&T, Inc.(b) | &nbsp;&nbsp; 1447154 |

---

See accompanying notes to financial statements.

5 \|

------

**Portfolio of Investments – as of December 31, 2025**

Gateway Equity Call Premium Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| 11920 | Alliant Energy Corp.(b) | &nbsp;&nbsp; $774919 |
| 14105 | American Electric Power Co., Inc.(b) | &nbsp;&nbsp; 1626448 |
| 2016 | Constellation Energy Corp.(b) | &nbsp;&nbsp; 712192 |
| 8776 | OGE Energy Corp.(b) | &nbsp;&nbsp; 374735 |
| 31455 | PPL Corp.(b) | &nbsp;&nbsp; 1101554 |
|  |  | &nbsp;&nbsp; 4589848 |
|  | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| 1012 | Acuity, Inc.(b) | &nbsp;&nbsp; 364361 |
| 6342 | Emerson Electric Co.(b) | &nbsp;&nbsp; 841710 |
| 1764 | GE Vernova, Inc.(b) | &nbsp;&nbsp; 1152898 |
| 1572 | Hubbell, Inc.(b) | &nbsp;&nbsp; 698141 |
| 1104 | Nextpower, Inc., Class A(a)(b) | &nbsp;&nbsp; 96169 |
| 2958 | nVent Electric PLC(b) | &nbsp;&nbsp; 301627 |
| 4249 | Sensata Technologies Holding PLC(b) | &nbsp;&nbsp; 141449 |
|  |  | &nbsp;&nbsp; 3596355 |
|  | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| 1677 | Arrow Electronics, Inc.(a)(b) | &nbsp;&nbsp; 184772 |
| 2406 | CDW Corp.(b) | &nbsp;&nbsp; 327697 |
| 1358 | Coherent Corp.(a)(b) | &nbsp;&nbsp; 250646 |
| 197 | Fabrinet(a) | &nbsp;&nbsp; 89690 |
| 7429 | Flex Ltd.(a)(b) | &nbsp;&nbsp; 448860 |
|  |  | &nbsp;&nbsp; 1301665 |
|  | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| 23076 | NOV, Inc.(b) | &nbsp;&nbsp; 360678 |
|  | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| 2001 | &nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class <br> C(a)(b)<br>| &nbsp;&nbsp; 197119 |
| 24657 | Netflix, Inc.(a)(b) | &nbsp;&nbsp; 2311840 |
| 1590 | Roku, Inc.(a)(b) | &nbsp;&nbsp; 172499 |
| 277 | Spotify Technology SA(a) | &nbsp;&nbsp; 160857 |
| 1198 | TKO Group Holdings, Inc.(b) | &nbsp;&nbsp; 250382 |
| 11164 | Walt Disney Co.(b) | &nbsp;&nbsp; 1270128 |
| 16209 | Warner Bros. Discovery, Inc.(a)(b) | &nbsp;&nbsp; 467143 |
|  |  | &nbsp;&nbsp; 4829968 |
|  | **Financial Services — 4.1%** | **Financial Services — 4.1%** |
| 10696 | Berkshire Hathaway, Inc., Class B(a)(b) | &nbsp;&nbsp; 5376344 |
| 5107 | Block, Inc.(a)(b) | &nbsp;&nbsp; 332415 |
| 5424 | Mastercard, Inc., Class A(b) | &nbsp;&nbsp; 3096453 |
| 10032 | Visa, Inc., Class A(b) | &nbsp;&nbsp; 3518323 |
|  |  | &nbsp;&nbsp; 12323535 |
|  | **Food Products — 0.8%** | **Food Products — 0.8%** |
| 8507 | Campbell's Co.(b) | &nbsp;&nbsp; 237090 |
| 30870 | Conagra Brands, Inc. | &nbsp;&nbsp; 534360 |
| 2045 | Ingredion, Inc.(b) | &nbsp;&nbsp; 225482 |
| 46013 | Kraft Heinz Co.(b) | &nbsp;&nbsp; 1115815 |
| 2313 | Post Holdings, Inc.(a)(b) | &nbsp;&nbsp; 229102 |
|  |  | &nbsp;&nbsp; 2341849 |
|  | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| 3486 | Canadian National Railway Co.(b) | &nbsp;&nbsp; 344591 |
| 4458 | Canadian Pacific Kansas City Ltd.(b) | &nbsp;&nbsp; 328242 |
| 3180 | J.B. Hunt Transport Services, Inc.(b) | &nbsp;&nbsp; 618001 |
| 311 | Saia, Inc.(a)(b) | &nbsp;&nbsp; 101548 |
| 12990 | Uber Technologies, Inc.(a)(b) | &nbsp;&nbsp; 1061413 |
| 1248 | XPO, Inc.(a)(b) | &nbsp;&nbsp; 169616 |
|  |  | &nbsp;&nbsp; 2623411 |
|  | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
| 13184 | Abbott Laboratories(b) | &nbsp;&nbsp; 1651824 |
| 4236 | Alcon AG(b) | &nbsp;&nbsp; 333839 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| 6404 | Edwards Lifesciences Corp.(a)(b) | &nbsp;&nbsp; $545941 |
| 1054 | IDEXX Laboratories, Inc.(a)(b) | &nbsp;&nbsp; 713063 |
| 2537 | Intuitive Surgical, Inc.(a)(b) | &nbsp;&nbsp; 1436855 |
| 13681 | Medtronic PLC(b) | &nbsp;&nbsp; 1314197 |
| 784 | Teleflex, Inc.(b) | &nbsp;&nbsp; 95679 |
| 1661 | Zimmer Biomet Holdings, Inc.(b) | &nbsp;&nbsp; 149357 |
|  |  | &nbsp;&nbsp; 6240755 |
|  | **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** |
| 3010 | Cigna Group(b) | &nbsp;&nbsp; 828442 |
| 2836 | Elevance Health, Inc.(b) | &nbsp;&nbsp; 994160 |
| 1977 | Labcorp Holdings, Inc.(b) | &nbsp;&nbsp; 495990 |
| 1349 | Molina Healthcare, Inc.(a) | &nbsp;&nbsp; 234105 |
| 1148 | Tenet Healthcare Corp.(a)(b) | &nbsp;&nbsp; 228131 |
|  |  | &nbsp;&nbsp; 2780828 |
|  | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| 11399 | Ventas, Inc.(b) | &nbsp;&nbsp; 882055 |
|  | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| 1351 | Veeva Systems, Inc., Class A(a)(b) | &nbsp;&nbsp; 301584 |
|  | **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |
| 277 | Booking Holdings, Inc.(b) | &nbsp;&nbsp; 1483426 |
| 2467 | DraftKings, Inc., Class A(a)(b) | &nbsp;&nbsp; 85013 |
| 4186 | Hilton Worldwide Holdings, Inc.(b) | &nbsp;&nbsp; 1202429 |
| 7362 | MGM Resorts International(a)(b) | &nbsp;&nbsp; 268639 |
| 4673 | Restaurant Brands International, Inc.(b) | &nbsp;&nbsp; 318839 |
| 8398 | Starbucks Corp.(b) | &nbsp;&nbsp; 707196 |
| 1777 | Texas Roadhouse, Inc.(b) | &nbsp;&nbsp; 294982 |
| 1474 | Trip.com Group Ltd., ADR(b) | &nbsp;&nbsp; 105995 |
|  |  | &nbsp;&nbsp; 4466519 |
|  | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| 6602 | PulteGroup, Inc.(b) | &nbsp;&nbsp; 774151 |
| 3406 | Toll Brothers, Inc.(b) | &nbsp;&nbsp; 460559 |
|  |  | &nbsp;&nbsp; 1234710 |
|  | **Household Products — 0.5%** | **Household Products — 0.5%** |
| 2026 | Church & Dwight Co., Inc.(b) | &nbsp;&nbsp; 169880 |
| 6410 | Clorox Co.(b) | &nbsp;&nbsp; 646320 |
| 8203 | Kimberly-Clark Corp.(b) | &nbsp;&nbsp; 827601 |
|  |  | &nbsp;&nbsp; 1643801 |
|  | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| 2512 | Vistra Corp.(b) | &nbsp;&nbsp; 405261 |
|  | **Insurance — 2.1%** | **Insurance — 2.1%** |
| 5620 | Arch Capital Group Ltd.(a)(b) | &nbsp;&nbsp; 539070 |
| 4569 | Cincinnati Financial Corp.(b) | &nbsp;&nbsp; 746209 |
| 12601 | Hartford Insurance Group, Inc.(b) | &nbsp;&nbsp; 1736418 |
| 12515 | Manulife Financial Corp.(b) | &nbsp;&nbsp; 454044 |
| 226 | Markel Group, Inc.(a)(b) | &nbsp;&nbsp; 485821 |
| 7280 | Prudential Financial, Inc.(b) | &nbsp;&nbsp; 821766 |
| 911 | RenaissanceRe Holdings Ltd.(b) | &nbsp;&nbsp; 256137 |
| 9505 | W.R. Berkley Corp.(b) | &nbsp;&nbsp; 666491 |
| 1872 | Willis Towers Watson PLC(b) | &nbsp;&nbsp; 615139 |
|  |  | &nbsp;&nbsp; 6321095 |
|  | **Interactive Media & Services — 8.2%** | **Interactive Media & Services — 8.2%** |
| 24416 | Alphabet, Inc., Class A(b) | &nbsp;&nbsp; 7642208 |
| 30213 | Alphabet, Inc., Class C(b) | &nbsp;&nbsp; 9480839 |
| 572 | Baidu, Inc., ADR(a) | &nbsp;&nbsp; 74738 |
| 11240 | Meta Platforms, Inc., Class A(b) | &nbsp;&nbsp; 7419412 |
|  |  | &nbsp;&nbsp; 24617197 |

---

See accompanying notes to financial statements.

\| 6

------

**Portfolio of Investments – as of December 31, 2025**

Gateway Equity Call Premium Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **IT Services — 0.8%** | **IT Services — 0.8%** |
| 2466 | Amdocs Ltd.(b) | &nbsp;&nbsp; $198538 |
| 5987 | International Business Machines Corp.(b) | &nbsp;&nbsp; 1773409 |
| 1283 | Shopify, Inc., Class A(a)(b) | &nbsp;&nbsp; 206525 |
| 2043 | Twilio, Inc., Class A(a)(b) | &nbsp;&nbsp; 290596 |
|  |  | &nbsp;&nbsp; 2469068 |
|  | **Leisure Products — 0.2%** | **Leisure Products — 0.2%** |
| 6969 | Brunswick Corp.(b) | &nbsp;&nbsp; 517379 |
|  | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| 13295 | Avantor, Inc.(a)(b) | &nbsp;&nbsp; 152361 |
| 371 | Bio-Rad Laboratories, Inc., Class A(a)(b) | &nbsp;&nbsp; 112409 |
| 487 | ICON PLC(a)(b) | &nbsp;&nbsp; 88741 |
| 1145 | Illumina, Inc.(a)(b) | &nbsp;&nbsp; 150178 |
| 3154 | Thermo Fisher Scientific, Inc.(b) | &nbsp;&nbsp; 1827585 |
| 1262 | Waters Corp.(a)(b) | &nbsp;&nbsp; 479346 |
|  |  | &nbsp;&nbsp; 2810620 |
|  | **Machinery — 1.8%** | **Machinery — 1.8%** |
| 1549 | AGCO Corp.(b) | &nbsp;&nbsp; 161592 |
| 3837 | Caterpillar, Inc.(b) | &nbsp;&nbsp; 2198102 |
| 17215 | CNH Industrial NV(b) | &nbsp;&nbsp; 158722 |
| 2064 | Cummins, Inc.(b) | &nbsp;&nbsp; 1053569 |
| 2108 | Deere & Co.(b) | &nbsp;&nbsp; 981422 |
| 8812 | Otis Worldwide Corp.(b) | &nbsp;&nbsp; 769728 |
|  |  | &nbsp;&nbsp; 5323135 |
|  | **Media — 0.2%** | **Media — 0.2%** |
| 2337 | Liberty Broadband Corp., Class C(a)(b) | &nbsp;&nbsp; 113578 |
| 5490 | Omnicom Group, Inc.(b) | &nbsp;&nbsp; 443318 |
|  |  | &nbsp;&nbsp; 556896 |
|  | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| 5282 | Alcoa Corp.(b) | &nbsp;&nbsp; 280685 |
| 8448 | Barrick Mining Corp.(b) | &nbsp;&nbsp; 367910 |
| 2026 | Rio Tinto PLC, ADR(b) | &nbsp;&nbsp; 162141 |
| 2170 | Southern Copper Corp.(b) | &nbsp;&nbsp; 311330 |
| 15961 | Vale SA, ADR(b) | &nbsp;&nbsp; 207972 |
|  |  | &nbsp;&nbsp; 1330038 |
|  | **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** |
| 56955 | AGNC Investment Corp.(b) | &nbsp;&nbsp; 610558 |
|  | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** |
| 11208 | Ameren Corp.(b) | &nbsp;&nbsp; 1119231 |
| 17690 | CMS Energy Corp.(b) | &nbsp;&nbsp; 1237062 |
|  |  | &nbsp;&nbsp; 2356293 |
|  | **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** |
| 3257 | Antero Resources Corp.(a)(b) | &nbsp;&nbsp; 112236 |
| 13496 | Canadian Natural Resources Ltd.(b) | &nbsp;&nbsp; 456840 |
| 15568 | Cenovus Energy, Inc.(b) | &nbsp;&nbsp; 263410 |
| 1244 | Cheniere Energy, Inc.(b) | &nbsp;&nbsp; 241821 |
| 13808 | ConocoPhillips(b) | &nbsp;&nbsp; 1292567 |
| 1440 | DT Midstream, Inc.(b) | &nbsp;&nbsp; 172339 |
| 3390 | Enbridge, Inc.(b) | &nbsp;&nbsp; 162144 |
| 26432 | Exxon Mobil Corp.(b) | &nbsp;&nbsp; 3180827 |
| 2927 | HF Sinclair Corp.(b) | &nbsp;&nbsp; 134876 |
| 2051 | Ovintiv, Inc.(b) | &nbsp;&nbsp; 80379 |
| 5430 | Suncor Energy, Inc.(b) | &nbsp;&nbsp; 240875 |
| 4223 | Targa Resources Corp.(b) | &nbsp;&nbsp; 779143 |
| 4411 | TC Energy Corp.(b) | &nbsp;&nbsp; 242649 |
|  |  | &nbsp;&nbsp; 7360106 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| 16958 | American Airlines Group, Inc.(a)(b) | &nbsp;&nbsp; $259966 |
| 8680 | Delta Air Lines, Inc.(b) | &nbsp;&nbsp; 602392 |
|  |  | &nbsp;&nbsp; 862358 |
|  | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| 6675 | BellRing Brands, Inc.(a)(b) | &nbsp;&nbsp; 178423 |
|  | **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |
| 2911 | AstraZeneca PLC, ADR(b) | &nbsp;&nbsp; 267608 |
| 4265 | Eli Lilly & Co.(b) | &nbsp;&nbsp; 4583510 |
| 408 | Jazz Pharmaceuticals PLC(a)(b) | &nbsp;&nbsp; 69360 |
| 14232 | Johnson & Johnson(b) | &nbsp;&nbsp; 2945312 |
| 15345 | Merck & Co., Inc.(b) | &nbsp;&nbsp; 1615215 |
| 2284 | Novartis AG, ADR(b) | &nbsp;&nbsp; 314895 |
| 6802 | Teva Pharmaceutical Industries Ltd., ADR(a)(b) | &nbsp;&nbsp; 212291 |
|  |  | &nbsp;&nbsp; 10008191 |
|  | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| 1430 | Booz Allen Hamilton Holding Corp.(b) | &nbsp;&nbsp; 120635 |
| 2016 | Leidos Holdings, Inc.(b) | &nbsp;&nbsp; 363686 |
| 1650 | SS&C Technologies Holdings, Inc.(b) | &nbsp;&nbsp; 144243 |
| 1196 | TransUnion(b) | &nbsp;&nbsp; 102557 |
| 2855 | Verisk Analytics, Inc.(b) | &nbsp;&nbsp; 638635 |
|  |  | &nbsp;&nbsp; 1369756 |
|  | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| 591 | Jones Lang LaSalle, Inc.(a)(b) | &nbsp;&nbsp; 198854 |
|  | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| 10536 | Invitation Homes, Inc.(b) | &nbsp;&nbsp; 292795 |
| 1357 | Sun Communities, Inc.(b) | &nbsp;&nbsp; 168146 |
|  |  | &nbsp;&nbsp; 460941 |
|  | **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |
| 567 | NNN REIT, Inc.(b) | &nbsp;&nbsp; 22470 |
| 17249 | Realty Income Corp.(b) | &nbsp;&nbsp; 972326 |
|  |  | &nbsp;&nbsp; 994796 |
|  | **Semiconductors & Semiconductor Equipment — 14.0%** | **Semiconductors & Semiconductor Equipment — 14.0%** |
| 9251 | Advanced Micro Devices, Inc.(a)(b) | &nbsp;&nbsp; 1981194 |
| 4329 | Amkor Technology, Inc.(b) | &nbsp;&nbsp; 170909 |
| 6159 | Applied Materials, Inc.(b) | &nbsp;&nbsp; 1582801 |
| 418 | ASML Holding NV(b) | &nbsp;&nbsp; 447201 |
| 24773 | Broadcom, Inc.(b) | &nbsp;&nbsp; 8573935 |
| 2535 | Entegris, Inc.(b) | &nbsp;&nbsp; 213574 |
| 1309 | Lattice Semiconductor Corp.(a)(b) | &nbsp;&nbsp; 96316 |
| 2258 | Marvell Technology, Inc.(b) | &nbsp;&nbsp; 191885 |
| 6578 | Micron Technology, Inc.(b) | &nbsp;&nbsp; 1877427 |
| 125351 | NVIDIA Corp.(b) | &nbsp;&nbsp; 23377962 |
| 9253 | QUALCOMM, Inc.(b) | &nbsp;&nbsp; 1582726 |
| 1941 | &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR(b)<br>| &nbsp;&nbsp; 589851 |
| 7854 | Texas Instruments, Inc.(b) | &nbsp;&nbsp; 1362590 |
|  |  | &nbsp;&nbsp; 42048371 |
|  | **Software — 10.3%** | **Software — 10.3%** |
| 3261 | Adobe, Inc.(a)(b) | &nbsp;&nbsp; 1141318 |
| 1465 | AppLovin Corp., Class A(a) | &nbsp;&nbsp; 987146 |
| 583 | Atlassian Corp., Class A(a)(b) | &nbsp;&nbsp; 94528 |
| 1268 | Check Point Software Technologies Ltd.(a)(b) | &nbsp;&nbsp; 235290 |
| 2192 | Docusign, Inc.(a)(b) | &nbsp;&nbsp; 149933 |
| 6842 | Fortinet, Inc.(a)(b) | &nbsp;&nbsp; 543323 |
| 1958 | Intuit, Inc.(b) | &nbsp;&nbsp; 1297018 |
| 966 | Manhattan Associates, Inc.(a)(b) | &nbsp;&nbsp; 167418 |
| 38537 | Microsoft Corp.(b) | &nbsp;&nbsp; 18637264 |
| 2222 | Nutanix, Inc., Class A(a)(b) | &nbsp;&nbsp; 114855 |

---

See accompanying notes to financial statements.

7 \|

------

**Portfolio of Investments – as of December 31, 2025**

Gateway Equity Call Premium Fund (continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Software — continued** | **Software — continued** |
| 9145 | Oracle Corp.(b) | &nbsp;&nbsp; $1782452 |
| 12283 | Palantir Technologies, Inc., Class A(a)(b) | &nbsp;&nbsp; 2183303 |
| 6421 | Salesforce, Inc.(b) | &nbsp;&nbsp; 1700987 |
| 1396 | SAP SE, ADR(b) | &nbsp;&nbsp; 339102 |
| 8675 | ServiceNow, Inc.(a)(b) | &nbsp;&nbsp; 1328923 |
| 3530 | Zoom Communications, Inc.(a)(b) | &nbsp;&nbsp; 304604 |
| 750 | Zscaler, Inc.(a)(b) | &nbsp;&nbsp; 168690 |
|  |  | &nbsp;&nbsp; 31176154 |
|  | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| 10792 | CubeSmart(b) | &nbsp;&nbsp; 389051 |
| 8822 | Gaming & Leisure Properties, Inc.(b) | &nbsp;&nbsp; 394255 |
| 3569 | SBA Communications Corp.(b) | &nbsp;&nbsp; 690352 |
|  |  | &nbsp;&nbsp; 1473658 |
|  | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |
| 626 | Burlington Stores, Inc.(a)(b) | &nbsp;&nbsp; 180820 |
| 933 | Dick's Sporting Goods, Inc.(b) | &nbsp;&nbsp; 184706 |
| 424 | Five Below, Inc.(a) | &nbsp;&nbsp; 79865 |
| 6277 | Gap, Inc.(b) | &nbsp;&nbsp; 160691 |
| 6871 | Home Depot, Inc.(b) | &nbsp;&nbsp; 2364311 |
| 4692 | Lowe's Cos., Inc.(b) | &nbsp;&nbsp; 1131523 |
| 1409 | Williams-Sonoma, Inc.(b) | &nbsp;&nbsp; 251633 |
|  |  | &nbsp;&nbsp; 4353549 |
|  | **Technology Hardware, Storage & Peripherals — 7.2%** | **Technology Hardware, Storage & Peripherals — 7.2%** |
| 76816 | Apple, Inc.(b) | &nbsp;&nbsp; 20883198 |
| 3341 | Dell Technologies, Inc., Class C(b) | &nbsp;&nbsp; 420565 |
| 4588 | Pure Storage, Inc., Class A(a)(b) | &nbsp;&nbsp; 307442 |
| 4642 | Super Micro Computer, Inc.(a)(b) | &nbsp;&nbsp; 135871 |
|  |  | &nbsp;&nbsp; 21747076 |
|  | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| 10975 | British American Tobacco PLC, ADR(b) | &nbsp;&nbsp; 621405 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| 1842 | Ferguson Enterprises, Inc.(b) | &nbsp;&nbsp; $410084 |
| 304 | Watsco, Inc. | &nbsp;&nbsp; 102433 |
|  |  | &nbsp;&nbsp; 512517 |
|  | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| 7929 | Essential Utilities, Inc.(b) | &nbsp;&nbsp; 304156 |
|  | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| 11773 | America Movil SAB de CV, ADR(b) | &nbsp;&nbsp; 243348 |
| 22530 | Vodafone Group PLC, ADR(b) | &nbsp;&nbsp; 297621 |
|  |  | &nbsp;&nbsp; 540969 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $139,613,832)<br>| &nbsp;&nbsp; 296573684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| $7443958 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed Income <br> Clearing Corporation, dated 12/31/2025 at 2.150% to <br> be repurchased at $7,444,847 on 1/02/2026 <br> collateralized by $7,561,300 U.S. Treasury Note, <br> 3.750% due 6/30/2027 valued at $7,592,970 including <br> accrued interest (Note 2 of Notes to Financial <br> Statements) <br>(Identified Cost $7,443,958)<br>| &nbsp;&nbsp; 7443958 |
|  | &nbsp;&nbsp; Total Investments — 100.9% <br>(Identified Cost $147,057,790)<br>| &nbsp;&nbsp; 304017642 |
|  | Other assets less liabilities — (0.9)% | &nbsp;&nbsp; (2716453)<br>|
|  | Net Assets — 100.0% | &nbsp;&nbsp; $301301189 |

---

**Written Options — (1.0%)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration <br>Date<br>| Exercise <br>Price<br>| Contracts | Notional <br>Amount<br>| Premiums <br>(Received)<br>| 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® Index, Call | &nbsp;&nbsp; 1/16/2026 | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; $(32858400)<br>| &nbsp;&nbsp; $(549312)<br>| &nbsp;&nbsp; $(494160)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 1/16/2026 | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; (47)<br>| &nbsp;&nbsp; (32173850)<br>| &nbsp;&nbsp; (243599)<br>| &nbsp;&nbsp; (2115)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 1/30/2026 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; (47)<br>| &nbsp;&nbsp; (32173850)<br>| &nbsp;&nbsp; (479725)<br>| &nbsp;&nbsp; (370830)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 1/30/2026 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; (32858400)<br>| &nbsp;&nbsp; (307110)<br>| &nbsp;&nbsp; (170640)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; (32858400)<br>| &nbsp;&nbsp; (486118)<br>| &nbsp;&nbsp; (558000)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 2/20/2026 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; (95)<br>| &nbsp;&nbsp; (65032250)<br>| &nbsp;&nbsp; (811950)<br>| &nbsp;&nbsp; (638875)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; (32858400)<br>| &nbsp;&nbsp; (399279)<br>| &nbsp;&nbsp; (345120)<br>|
| S&P 500® Index, Call | &nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; (32858400)<br>| &nbsp;&nbsp; (489255)<br>| &nbsp;&nbsp; (411360)<br>|
| Total |  |  |  |  | &nbsp;&nbsp; $(3766348)<br>| &nbsp;&nbsp; $(2991100)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(†) See Note 2 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

\| 8

------

**Portfolio of Investments – as of December 31, 2025**

Mirova Global Megatrends Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
| **Common Stocks — 98.4% of Net Assets** | **Common Stocks — 98.4% of Net Assets** | **Common Stocks — 98.4% of Net Assets** |
|  | **Belgium — 1.4%** | **Belgium — 1.4%** |
| 92753 | KBC Group NV | &nbsp;&nbsp; $12079775 |
|  | **Canada — 4.5%** | **Canada — 4.5%** |
| 130450 | Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 9605033 |
| 175708 | Shopify, Inc., Class A(a) | &nbsp;&nbsp; 28283717 |
|  |  | &nbsp;&nbsp; 37888750 |
|  | **Denmark — 1.1%** | **Denmark — 1.1%** |
| 334938 | Vestas Wind Systems AS | &nbsp;&nbsp; 9059134 |
|  | **France — 4.1%** | **France — 4.1%** |
| 56185 | Air Liquide SA | &nbsp;&nbsp; 10560190 |
| 324862 | Credit Agricole SA | &nbsp;&nbsp; 6688214 |
| 56355 | EssilorLuxottica SA | &nbsp;&nbsp; 17819328 |
|  |  | &nbsp;&nbsp; 35067732 |
|  | **Germany — 3.0%** | **Germany — 3.0%** |
| 61504 | SAP SE | &nbsp;&nbsp; 14943536 |
| 126730 | Symrise AG | &nbsp;&nbsp; 10267857 |
|  |  | &nbsp;&nbsp; 25211393 |
|  | **Japan — 2.3%** | **Japan — 2.3%** |
| 516566 | Sekisui House Ltd. | &nbsp;&nbsp; 11526260 |
| 543544 | Terumo Corp. | &nbsp;&nbsp; 7900507 |
|  |  | &nbsp;&nbsp; 19426767 |
|  | **Netherlands — 4.1%** | **Netherlands — 4.1%** |
| 10882 | Adyen NV(a) | &nbsp;&nbsp; 17548035 |
| 16191 | ASML Holding NV | &nbsp;&nbsp; 17446129 |
|  |  | &nbsp;&nbsp; 34994164 |
|  | **Spain — 4.0%** | **Spain — 4.0%** |
| 1554311 | Iberdrola SA | &nbsp;&nbsp; 33656102 |
|  | **Taiwan — 4.3%** | **Taiwan — 4.3%** |
| 118534 | &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| &nbsp;&nbsp; 36021297 |
|  | **United Kingdom — 4.7%** | **United Kingdom — 4.7%** |
| 94730 | AstraZeneca PLC | &nbsp;&nbsp; 17530666 |
| 2689779 | Legal & General Group PLC | &nbsp;&nbsp; 9466935 |
| 155819 | RELX PLC | &nbsp;&nbsp; 6277451 |
| 104850 | Unilever PLC | &nbsp;&nbsp; 6860298 |
|  |  | &nbsp;&nbsp; 40135350 |
|  | **United States — 64.9%** | **United States — 64.9%** |
| 43916 | Accenture PLC, Class A | &nbsp;&nbsp; 11782663 |
| 41739 | Advanced Drainage Systems, Inc. | &nbsp;&nbsp; 6045059 |
| 70054 | AGCO Corp. | &nbsp;&nbsp; 7308033 |
| 48541 | American Water Works Co., Inc. | &nbsp;&nbsp; 6334601 |
| 176435 | Ball Corp. | &nbsp;&nbsp; 9345762 |
| 85866 | Boston Scientific Corp.(a) | &nbsp;&nbsp; 8187323 |
| 57602 | Broadcom, Inc. | &nbsp;&nbsp; 19936052 |
| 66089 | Danaher Corp. | &nbsp;&nbsp; 15129094 |
| 196131 | eBay, Inc. | &nbsp;&nbsp; 17083010 |
| 87428 | Ecolab, Inc. | &nbsp;&nbsp; 22951599 |
| 172506 | Edwards Lifesciences Corp.(a) | &nbsp;&nbsp; 14706136 |
| 23232 | Eli Lilly & Co. | &nbsp;&nbsp; 24966966 |
| 52514 | First Solar, Inc.(a) | &nbsp;&nbsp; 13718232 |
| 29100 | Hubbell, Inc. | &nbsp;&nbsp; 12923601 |
| 34157 | Intuitive Surgical, Inc.(a) | &nbsp;&nbsp; 19345159 |
| 60745 | Lowe's Cos., Inc. | &nbsp;&nbsp; 14649264 |
| 62229 | Mastercard, Inc., Class A | &nbsp;&nbsp; 35525292 |
| 100988 | Microsoft Corp. | &nbsp;&nbsp; 48839817 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value (†)** |
|  | **United States — continued** | **United States — continued** |
| 239574 | NextEra Energy, Inc. | &nbsp;&nbsp; $19233001 |
| 325141 | NVIDIA Corp. | &nbsp;&nbsp; 60638796 |
| 102126 | Palo Alto Networks, Inc.(a) | &nbsp;&nbsp; 18811609 |
| 12117 | Roper Technologies, Inc. | &nbsp;&nbsp; 5393640 |
| 38624 | Salesforce, Inc. | &nbsp;&nbsp; 10231884 |
| 164858 | Smurfit WestRock PLC | &nbsp;&nbsp; 6324232 |
| 40429 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 23426584 |
| 156285 | TJX Cos., Inc. | &nbsp;&nbsp; 24006939 |
| 63039 | Veralto Corp. | &nbsp;&nbsp; 6290031 |
| 48349 | Vertiv Holdings Co., Class A | &nbsp;&nbsp; 7833021 |
| 48034 | Visa, Inc., Class A | &nbsp;&nbsp; 16846004 |
| 87545 | Waste Management, Inc. | &nbsp;&nbsp; 19234512 |
| 26886 | Watts Water Technologies, Inc., Class A | &nbsp;&nbsp; 7421074 |
| 113165 | Xylem, Inc. | &nbsp;&nbsp; 15410810 |
|  |  | &nbsp;&nbsp; 549879800 |
|  | &nbsp;&nbsp; Total Common Stocks <br>(Identified Cost $596,353,645)<br>| &nbsp;&nbsp; 833420264 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  |  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| $8599958 | &nbsp;&nbsp; Tri-Party Repurchase Agreement with Fixed Income <br> Clearing Corporation, dated 12/31/2025 at 2.150% to <br> be repurchased at $8,600,985 on 1/02/2026 <br> collateralized by $8,735,500 U.S. Treasury Note, <br> 3.750% due 6/30/2027 valued at $8,772,067 including <br> accrued interest (Note 2 of Notes to Financial <br> Statements) <br>(Identified Cost $8,599,958)<br>| &nbsp;&nbsp; 8599958 |
|  | &nbsp;&nbsp; Total Investments — 99.4% <br>(Identified Cost $604,953,603)<br>| &nbsp;&nbsp; 842020222 |
|  | Other assets less liabilities — 0.6% | &nbsp;&nbsp; 5376488 |
|  | Net Assets — 100.0% | &nbsp;&nbsp; $847396710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(†) See Note 2 of Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

Currency Exposure Summary at December 31, 2025

---

| | |
|:---|:---|
| United States Dollar | 74.0<br> %<br>|
| Euro | 17.4 |
| British Pound | 4.6 |
| Japanese Yen | 2.3 |
| Danish Krone | 1.1 |
| Total Investments | 99.4 |
| Other assets less liabilities | 0.6 |
| Net Assets | 100.0<br> %<br>|

---

See accompanying notes to financial statements.

9 \|

------

Statements of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Gateway** <br>**Fund**<br>| **Gateway Equity** <br>**Call Premium** <br>**Fund**<br>| **Mirova Global** <br>**Megatrends** <br>**Fund**<br>|
| **ASSETS** |  |  |  |
| Investments at cost | &nbsp;&nbsp;&nbsp; $1495237672 | &nbsp;&nbsp;&nbsp; $147057790 | &nbsp;&nbsp;&nbsp; $604953603 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 5692707943 | &nbsp;&nbsp;&nbsp; 156959852 | &nbsp;&nbsp;&nbsp; 237066619 |
| Investments at value | &nbsp;&nbsp;&nbsp; 7187945615 | &nbsp;&nbsp;&nbsp; 304017642 | &nbsp;&nbsp;&nbsp; 842020222 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4105 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency at value (identified cost $0, $0 and $4,486,925, respectively) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4525996 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp; 6994594 | &nbsp;&nbsp;&nbsp; 6672212 | &nbsp;&nbsp;&nbsp; 1101290 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp; 16843828 | &nbsp;&nbsp;&nbsp; 857991 | &nbsp;&nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 2299471 | &nbsp;&nbsp;&nbsp; 181442 | &nbsp;&nbsp;&nbsp; 220206 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 923662 |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 832 |
| **TOTAL ASSETS** | &nbsp;&nbsp;&nbsp; 7214084340 | &nbsp;&nbsp;&nbsp; 311734224 | &nbsp;&nbsp;&nbsp; 848792208 |
| **LIABILITIES** |  |  |  |
| Options written, at value (premiums received $80,417,982, $3,766,348 and $0, respectively) (Note 2)  | &nbsp;&nbsp;&nbsp; 51161840 | &nbsp;&nbsp;&nbsp; 2991100 | &nbsp;&nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp; 10018168 | &nbsp;&nbsp;&nbsp; 7094285 | &nbsp;&nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp; 3828598 | &nbsp;&nbsp;&nbsp; 27070 | &nbsp;&nbsp;&nbsp; 600969 |
| Management fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 3468826 | &nbsp;&nbsp;&nbsp; 144481 | &nbsp;&nbsp;&nbsp; 542453 |
| Deferred Trustees' fees (Note 6)  | &nbsp;&nbsp;&nbsp; 1431712 | &nbsp;&nbsp;&nbsp; 74809 | &nbsp;&nbsp;&nbsp; 81821 |
| Administrative fees payable (Note 6)  | &nbsp;&nbsp;&nbsp; 256129 | &nbsp;&nbsp;&nbsp; 10533 | &nbsp;&nbsp;&nbsp; 30209 |
| Payable to distributor (Note 6d)  | &nbsp;&nbsp;&nbsp; 56026 | &nbsp;&nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp; 9631 |
| Audit and tax services fees payable | &nbsp;&nbsp;&nbsp; 54979 | &nbsp;&nbsp;&nbsp; 53665 | &nbsp;&nbsp;&nbsp; 44526 |
| Other accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 314002 | &nbsp;&nbsp;&nbsp; 34564 | &nbsp;&nbsp;&nbsp; 85889 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp; 70590280 | &nbsp;&nbsp;&nbsp; 10433035 | &nbsp;&nbsp;&nbsp; 1395498 |
| **COMMITMENTS AND CONTINGENCIES(a)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **NET ASSETS**  | &nbsp;&nbsp;&nbsp; $7143494060 | &nbsp;&nbsp;&nbsp; $301301189 | &nbsp;&nbsp;&nbsp; $847396710 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $2280972374 | &nbsp;&nbsp;&nbsp; $169817731 | &nbsp;&nbsp;&nbsp; $603942356 |
| Accumulated earnings | &nbsp;&nbsp;&nbsp; 4862521686 | &nbsp;&nbsp;&nbsp; 131483458 | &nbsp;&nbsp;&nbsp; 243454354 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $7143494060 | &nbsp;&nbsp;&nbsp; $301301189 | &nbsp;&nbsp;&nbsp; $847396710 |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:** |  |  |  |
| **Class A shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $683058411 | &nbsp;&nbsp;&nbsp; $3442922 | &nbsp;&nbsp;&nbsp; $36418625 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 13370584 | &nbsp;&nbsp;&nbsp; 154153 | &nbsp;&nbsp;&nbsp; 1664608 |
| Net asset value and redemption price per share | &nbsp;&nbsp;&nbsp; $51.09 | &nbsp;&nbsp;&nbsp; $22.33 | &nbsp;&nbsp;&nbsp; $21.88 |
| Offering price per share (100/94.25 of net asset value) (Note 1) | &nbsp;&nbsp;&nbsp; $54.21 | &nbsp;&nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $23.21 |
| **Class C shares: (redemption price per share is equal to net asset value less any applicable** <br> **contingent deferred sales charge) (Note 1)**<br>|  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $40592628 | &nbsp;&nbsp;&nbsp; $821078 | &nbsp;&nbsp;&nbsp; $6807072 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 809146 | &nbsp;&nbsp;&nbsp; 37387 | &nbsp;&nbsp;&nbsp; 333952 |
| Net asset value and offering price per share | &nbsp;&nbsp;&nbsp; $50.17 | &nbsp;&nbsp;&nbsp; $21.96 | &nbsp;&nbsp;&nbsp; $20.38 |
| **Class N shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $484161507 | &nbsp;&nbsp;&nbsp; $207892 | &nbsp;&nbsp;&nbsp; $139265250 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 9485966 | &nbsp;&nbsp;&nbsp; 9325 | &nbsp;&nbsp;&nbsp; 6301092 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $51.04 | &nbsp;&nbsp;&nbsp; $22.29 | &nbsp;&nbsp;&nbsp; $22.10 |
| **Class Y shares:** |  |  |  |
| Net assets | &nbsp;&nbsp;&nbsp; $5935681514 | &nbsp;&nbsp;&nbsp; $296829297 | &nbsp;&nbsp;&nbsp; $664905763 |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp; 116313608 | &nbsp;&nbsp;&nbsp; 13304418 | &nbsp;&nbsp;&nbsp; 30081657 |
| Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp; $51.03 | &nbsp;&nbsp;&nbsp; $22.31 | &nbsp;&nbsp;&nbsp; $22.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) As disclosed in the Notes to Financial Statements, if applicable.

See accompanying notes to financial statements.

\| 10

------

Statements of Operations

For the Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Gateway** <br>**Fund**<br>| **Gateway Equity** <br>**Call Premium** <br>**Fund**<br>| **Mirova Global** <br>**Megatrends** <br>**Fund**<br>|
| **INVESTMENT INCOME**  |  |  |  |
| Dividends | &nbsp;&nbsp;&nbsp; $81668400 | &nbsp;&nbsp;&nbsp; $3277022 | &nbsp;&nbsp;&nbsp; $10240083 |
| Non-cash dividends (Note 2b)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1340664 |
| Interest | &nbsp;&nbsp;&nbsp; 2932273 | &nbsp;&nbsp;&nbsp; 143411 | &nbsp;&nbsp;&nbsp; 245051 |
| Less net foreign taxes withheld | &nbsp;&nbsp;&nbsp; (46919)<br>| &nbsp;&nbsp;&nbsp; (23086)<br>| &nbsp;&nbsp;&nbsp; (199954)<br>|
|  | &nbsp;&nbsp;&nbsp; 84553754 | &nbsp;&nbsp;&nbsp; 3397347 | &nbsp;&nbsp;&nbsp; 11625844 |
| Expenses |  |  |  |
| Management fees (Note 6)  | &nbsp;&nbsp;&nbsp; 40078439 | &nbsp;&nbsp;&nbsp; 1551355 | &nbsp;&nbsp;&nbsp; 7196903 |
| Service and distribution fees (Note 6)  | &nbsp;&nbsp;&nbsp; 2089004 | &nbsp;&nbsp;&nbsp; 17706 | &nbsp;&nbsp;&nbsp; 169275 |
| Administrative fees (Note 6)  | &nbsp;&nbsp;&nbsp; 2927204 | &nbsp;&nbsp;&nbsp; 114541 | &nbsp;&nbsp;&nbsp; 385588 |
| Trustees' fees and expenses (Note 6)  | &nbsp;&nbsp;&nbsp; 356014 | &nbsp;&nbsp;&nbsp; 33166 | &nbsp;&nbsp;&nbsp; 54470 |
| Transfer agent fees and expenses (Notes 6, 7 and 8)  | &nbsp;&nbsp;&nbsp; 4860499 | &nbsp;&nbsp;&nbsp; 184199 | &nbsp;&nbsp;&nbsp; 787239 |
| Audit and tax services fees | &nbsp;&nbsp;&nbsp; 60136 | &nbsp;&nbsp;&nbsp; 58761 | &nbsp;&nbsp;&nbsp; 49221 |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp; 186894 | &nbsp;&nbsp;&nbsp; 27177 | &nbsp;&nbsp;&nbsp; 40008 |
| Legal fees | &nbsp;&nbsp;&nbsp; 292215 | &nbsp;&nbsp;&nbsp; 11402 | &nbsp;&nbsp;&nbsp; 40488 |
| Registration fees | &nbsp;&nbsp;&nbsp; 122046 | &nbsp;&nbsp;&nbsp; 80223 | &nbsp;&nbsp;&nbsp; 78545 |
| Shareholder reporting expenses | &nbsp;&nbsp;&nbsp; 284493 | &nbsp;&nbsp;&nbsp; 36539 | &nbsp;&nbsp;&nbsp; 74398 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 190232 | &nbsp;&nbsp;&nbsp; 47102 | &nbsp;&nbsp;&nbsp; 118555 |
| Total expenses | &nbsp;&nbsp;&nbsp; 51447176 | &nbsp;&nbsp;&nbsp; 2162171 | &nbsp;&nbsp;&nbsp; 8994690 |
| Less waiver and/or expense reimbursement (Note 6)  | &nbsp;&nbsp;&nbsp; (1711737)<br>| &nbsp;&nbsp;&nbsp; (322178)<br>| &nbsp;&nbsp;&nbsp; (395075)<br>|
| Less expense offset (Note 8)  | &nbsp;&nbsp;&nbsp; (110549)<br>| &nbsp;&nbsp;&nbsp; (3605)<br>| &nbsp;&nbsp;&nbsp; (3627)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 49624890 | &nbsp;&nbsp;&nbsp; 1836388 | &nbsp;&nbsp;&nbsp; 8595988 |
| Net investment income | &nbsp;&nbsp;&nbsp; 34928864 | &nbsp;&nbsp;&nbsp; 1560959 | &nbsp;&nbsp;&nbsp; 3029856 |
| **Net realized and unrealized gain (loss) on Investments, Options written and Foreign** <br> **currency transactions** <br>|  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 301725408 | &nbsp;&nbsp;&nbsp; 5219378 | &nbsp;&nbsp;&nbsp; 37881769 |
| Options written | &nbsp;&nbsp;&nbsp; (245308942)<br>| &nbsp;&nbsp;&nbsp; (10722026)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions (Note 2c)  | &nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 357145 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 621120724 | &nbsp;&nbsp;&nbsp; 39282610 | &nbsp;&nbsp;&nbsp; 87767908 |
| Options written | &nbsp;&nbsp;&nbsp; (9961787)<br>| &nbsp;&nbsp;&nbsp; (773309)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations (Note 2c)  | &nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 222802 |
| Net realized and unrealized gain on Investments, Options written and Foreign currency transactions | &nbsp;&nbsp;&nbsp; 667575657 | &nbsp;&nbsp;&nbsp; 33006810 | &nbsp;&nbsp;&nbsp; 126229624 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $702504521 | &nbsp;&nbsp;&nbsp; $34567769 | &nbsp;&nbsp;&nbsp; $129259480 |

---

See accompanying notes to financial statements.

11 \|

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gateway Fund** | **Gateway Fund** | **Gateway Equity Call** <br>**Premium Fund** | **Gateway Equity Call** <br>**Premium Fund** |
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>| **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $34928864 | $42515315 | $1560959 | $2294844 |
| Net realized gain (loss) on investments, written options and foreign currency <br> transactions<br>| 56416756 | 135177142 | (5502527)<br>| 223018 |
| Net change in unrealized appreciation on investments, written options and <br> foreign currency translations<br>| 611158901 | 759933774 | 38509337 | 47479027 |
| Net increase in net assets resulting from operations | 702504521 | 937626231 | 34567769 | 49996889 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | (1998183)<br>| (3097530)<br>| (12610)<br>| (14193)<br>|
| Class C | (2867)<br>| (11785)<br>|  | (120)<br>|
| Class N | (2747556)<br>| (3016146)<br>| (1934)<br>| (2378)<br>|
| Class Y | (30585317)<br>| (37271753)<br>| (1669586)<br>| (2311948)<br>|
| Total distributions | (35333923)<br>| (43397214)<br>| (1684130)<br>| (2328639)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| (326191782)<br>| (544007895)<br>| 20489205 | (70230561)<br>|
| Net increase (decrease) in net assets | 340978816 | 350221122 | 53372844 | (22562311)<br>|
| **NET ASSETS** |  |  |  |  |
| Beginning of the year | 6802515244 | 6452294122 | 247928345 | 270490656 |
| End of the year | $7143494060 | $6802515244 | $301301189 | $247928345 |

---

See accompanying notes to financial statements.

\| 12

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Mirova Global Megatrends** <br>**Fund** | **Mirova Global Megatrends** <br>**Fund** |
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **FROM OPERATIONS:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; $3029856 | &nbsp;&nbsp;&nbsp; $3348019 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp; 38238914 | &nbsp;&nbsp;&nbsp; 66659716 |
| Net change in unrealized appreciation on investments and foreign currency translations | &nbsp;&nbsp;&nbsp; 87990710 | &nbsp;&nbsp;&nbsp; 67698444 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 129259480 | &nbsp;&nbsp;&nbsp; 137706179 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1537476)<br>| &nbsp;&nbsp;&nbsp; (620763)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (355120)<br>| &nbsp;&nbsp;&nbsp; (168351)<br>|
| Class N | &nbsp;&nbsp;&nbsp; (8261798)<br>| &nbsp;&nbsp;&nbsp; (5830968)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (29367539)<br>| &nbsp;&nbsp;&nbsp; (12713565)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (39521933)<br>| &nbsp;&nbsp;&nbsp; (19333647)<br>|
| **NET DECREASE IN NET ASSETS** <br>**FROM CAPITAL SHARES TRANSACTIONS** <br>**(Note 12)**<br>| &nbsp;&nbsp;&nbsp; (216442570)<br>| &nbsp;&nbsp;&nbsp; (177986825)<br>|
| Net decrease in net assets | &nbsp;&nbsp;&nbsp; (126705023)<br>| &nbsp;&nbsp;&nbsp; (59614293)<br>|
| **NET ASSETS** |  |  |
| Beginning of the year | &nbsp;&nbsp;&nbsp; 974101733 | &nbsp;&nbsp;&nbsp; 1033716026 |
| End of the year | &nbsp;&nbsp;&nbsp; $847396710 | &nbsp;&nbsp;&nbsp; $974101733 |

---

See accompanying notes to financial statements.

13 \|

------

Financial Highlights

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $46.31 | &nbsp;&nbsp;&nbsp; $40.42 | &nbsp;&nbsp;&nbsp; $35.57 | &nbsp;&nbsp;&nbsp; $40.70 | &nbsp;&nbsp;&nbsp; $36.76 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.93 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp; (4.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.11 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $51.09 | &nbsp;&nbsp;&nbsp; $46.31 | &nbsp;&nbsp;&nbsp; $40.42 | &nbsp;&nbsp;&nbsp; $35.57 | &nbsp;&nbsp;&nbsp; $40.70 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.43<br> %<br>| &nbsp;&nbsp;&nbsp; (12.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.24<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $683058 | &nbsp;&nbsp;&nbsp; $688801 | &nbsp;&nbsp;&nbsp; $778973 | &nbsp;&nbsp;&nbsp; $869122 | &nbsp;&nbsp;&nbsp; $1073713 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98 %(g)<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes refund of prior year service fee of less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes refund of prior year service fee of 0.01%.

See accompanying notes to financial statements.

\| 14

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $45.70 | &nbsp;&nbsp;&nbsp; $40.02 | &nbsp;&nbsp;&nbsp; $35.26 | &nbsp;&nbsp;&nbsp; $40.41 | &nbsp;&nbsp;&nbsp; $36.60 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp; (5.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.81 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $50.17 | &nbsp;&nbsp;&nbsp; $45.70 | &nbsp;&nbsp;&nbsp; $40.02 | &nbsp;&nbsp;&nbsp; $35.26 | &nbsp;&nbsp;&nbsp; $40.41 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.56<br> %<br>| &nbsp;&nbsp;&nbsp; (12.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.41<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $40593 | &nbsp;&nbsp;&nbsp; $50388 | &nbsp;&nbsp;&nbsp; $61730 | &nbsp;&nbsp;&nbsp; $77355 | &nbsp;&nbsp;&nbsp; $114019 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.46)%<br>| &nbsp;&nbsp;&nbsp; (0.32)%<br>| &nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp;&nbsp; (0.30)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See accompanying notes to financial statements.

15 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $46.27 | &nbsp;&nbsp;&nbsp; $40.39 | &nbsp;&nbsp;&nbsp; $35.55 | &nbsp;&nbsp;&nbsp; $40.68 | &nbsp;&nbsp;&nbsp; $36.74 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.94 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp; (4.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.23 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $51.04 | &nbsp;&nbsp;&nbsp; $46.27 | &nbsp;&nbsp;&nbsp; $40.39 | &nbsp;&nbsp;&nbsp; $35.55 | &nbsp;&nbsp;&nbsp; $40.68 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 10.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.40 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.75 %(b)<br>| &nbsp;&nbsp;&nbsp; (11.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.57 %(b)<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $484162 | &nbsp;&nbsp;&nbsp; $416799 | &nbsp;&nbsp;&nbsp; $540446 | &nbsp;&nbsp;&nbsp; $378377 | &nbsp;&nbsp;&nbsp; $504299 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %(c)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

\| 16

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $46.27 | &nbsp;&nbsp;&nbsp; $40.38 | &nbsp;&nbsp;&nbsp; $35.54 | &nbsp;&nbsp;&nbsp; $40.67 | &nbsp;&nbsp;&nbsp; $36.73 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.94 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.21 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $51.03 | &nbsp;&nbsp;&nbsp; $46.27 | &nbsp;&nbsp;&nbsp; $40.38 | &nbsp;&nbsp;&nbsp; $35.54 | &nbsp;&nbsp;&nbsp; $40.67 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.70<br> %<br>| &nbsp;&nbsp;&nbsp; (11.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.49<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $5935682 | &nbsp;&nbsp;&nbsp; $5646527 | &nbsp;&nbsp;&nbsp; $5071145 | &nbsp;&nbsp;&nbsp; $5013186 | &nbsp;&nbsp;&nbsp; $6492511 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

17 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $17.01 | &nbsp;&nbsp;&nbsp; $14.60 | &nbsp;&nbsp;&nbsp; $16.66 | &nbsp;&nbsp;&nbsp; $14.03 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.33 | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $17.01 | &nbsp;&nbsp;&nbsp; $14.60 | &nbsp;&nbsp;&nbsp; $16.66 |
| Total return(b)(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.35<br> %<br>| &nbsp;&nbsp;&nbsp; (11.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.20<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $3443 | &nbsp;&nbsp;&nbsp; $3090 | &nbsp;&nbsp;&nbsp; $2073 | &nbsp;&nbsp;&nbsp; $1617 | &nbsp;&nbsp;&nbsp; $2613 |
| Net expenses(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %(e)(f)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

See accompanying notes to financial statements.

\| 18

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $19.60 | &nbsp;&nbsp;&nbsp; $16.83 | &nbsp;&nbsp;&nbsp; $14.46 | &nbsp;&nbsp;&nbsp; $16.52 | &nbsp;&nbsp;&nbsp; $13.96 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) <br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $21.96 | &nbsp;&nbsp;&nbsp; $19.60 | &nbsp;&nbsp;&nbsp; $16.83 | &nbsp;&nbsp;&nbsp; $14.46 | &nbsp;&nbsp;&nbsp; $16.52 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.44<br> %<br>| &nbsp;&nbsp;&nbsp; (12.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.28<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $821 | &nbsp;&nbsp;&nbsp; $1053 | &nbsp;&nbsp;&nbsp; $1130 | &nbsp;&nbsp;&nbsp; $944 | &nbsp;&nbsp;&nbsp; $814 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 %(f)(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.40)%<br>| &nbsp;&nbsp;&nbsp; (0.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp; (0.33)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

See accompanying notes to financial statements.

19 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $19.82 | &nbsp;&nbsp;&nbsp; $16.98 | &nbsp;&nbsp;&nbsp; $14.57 | &nbsp;&nbsp;&nbsp; $16.63 | &nbsp;&nbsp;&nbsp; $14.01 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.72 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.29 | &nbsp;&nbsp;&nbsp; $19.82 | &nbsp;&nbsp;&nbsp; $16.98 | &nbsp;&nbsp;&nbsp; $14.57 | &nbsp;&nbsp;&nbsp; $16.63 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.74<br> %<br>| &nbsp;&nbsp;&nbsp; (11.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.49<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $208 | &nbsp;&nbsp;&nbsp; $309 | &nbsp;&nbsp;&nbsp; $255 | &nbsp;&nbsp;&nbsp; $219 | &nbsp;&nbsp;&nbsp; $437 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %(d)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

See accompanying notes to financial statements.

\| 20

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $19.84 | &nbsp;&nbsp;&nbsp; $16.99 | &nbsp;&nbsp;&nbsp; $14.59 | &nbsp;&nbsp;&nbsp; $16.65 | &nbsp;&nbsp;&nbsp; $14.02 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.63 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.31 | &nbsp;&nbsp;&nbsp; $19.84 | &nbsp;&nbsp;&nbsp; $16.99 | &nbsp;&nbsp;&nbsp; $14.59 | &nbsp;&nbsp;&nbsp; $16.65 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.59<br> %<br>| &nbsp;&nbsp;&nbsp; (11.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.43<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $296829 | &nbsp;&nbsp;&nbsp; $243477 | &nbsp;&nbsp;&nbsp; $267033 | &nbsp;&nbsp;&nbsp; $136629 | &nbsp;&nbsp;&nbsp; $102004 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78 %(d)(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

See accompanying notes to financial statements.

21 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Megatrends Fund—Class A** | **Mirova Global Megatrends Fund—Class A** | **Mirova Global Megatrends Fund—Class A** | **Mirova Global Megatrends Fund—Class A** | **Mirova Global Megatrends Fund—Class A** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $19.89 | &nbsp;&nbsp;&nbsp; $17.94 | &nbsp;&nbsp;&nbsp; $15.22 | &nbsp;&nbsp;&nbsp; $20.53 | &nbsp;&nbsp;&nbsp; $19.57 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp; (4.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.45 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $21.88 | &nbsp;&nbsp;&nbsp; $19.89 | &nbsp;&nbsp;&nbsp; $17.94 | &nbsp;&nbsp;&nbsp; $15.22 | &nbsp;&nbsp;&nbsp; $20.53 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.32<br> %<br>| &nbsp;&nbsp;&nbsp; (22.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.82<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $36419 | &nbsp;&nbsp;&nbsp; $35416 | &nbsp;&nbsp;&nbsp; $30525 | &nbsp;&nbsp;&nbsp; $29013 | &nbsp;&nbsp;&nbsp; $43117 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24 %(g)<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp; (0.03)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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%.

&nbsp;&nbsp;&nbsp;&nbsp;(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%.

See accompanying notes to financial statements.

\| 22

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Megatrends Fund—Class C** | **Mirova Global Megatrends Fund—Class C** | **Mirova Global Megatrends Fund—Class C** | **Mirova Global Megatrends Fund—Class C** | **Mirova Global Megatrends Fund—Class C** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $18.70 | &nbsp;&nbsp;&nbsp; $16.99 | &nbsp;&nbsp;&nbsp; $14.48 | &nbsp;&nbsp;&nbsp; $19.62 | &nbsp;&nbsp;&nbsp; $18.95 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss(a) <br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )(b)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $20.38 | &nbsp;&nbsp;&nbsp; $18.70 | &nbsp;&nbsp;&nbsp; $16.99 | &nbsp;&nbsp;&nbsp; $14.48 | &nbsp;&nbsp;&nbsp; $19.62 |
| Total return(c)(d) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.41<br> %<br>| &nbsp;&nbsp;&nbsp; (23.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.85<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $6807 | &nbsp;&nbsp;&nbsp; $9305 | &nbsp;&nbsp;&nbsp; $10786 | &nbsp;&nbsp;&nbsp; $11441 | &nbsp;&nbsp;&nbsp; $17248 |
| Net expenses(e) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 %(g)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01 %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99 %(g)<br>|
| Net investment loss | &nbsp;&nbsp;&nbsp; (0.64)%<br>| &nbsp;&nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp;&nbsp; (0.23)%<br>| &nbsp;&nbsp;&nbsp; (0.79)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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%.

&nbsp;&nbsp;&nbsp;&nbsp;(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%.

See accompanying notes to financial statements.

23 \|

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Megatrends Fund—Class N** | **Mirova Global Megatrends Fund—Class N** | **Mirova Global Megatrends Fund—Class N** | **Mirova Global Megatrends Fund—Class N** | **Mirova Global Megatrends Fund—Class N** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $20.08 | &nbsp;&nbsp;&nbsp; $18.11 | &nbsp;&nbsp;&nbsp; $15.36 | &nbsp;&nbsp;&nbsp; $20.72 | &nbsp;&nbsp;&nbsp; $19.71 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp; (4.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (2.53)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp; $20.08 | &nbsp;&nbsp;&nbsp; $18.11 | &nbsp;&nbsp;&nbsp; $15.36 | &nbsp;&nbsp;&nbsp; $20.72 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 15.38 %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.70<br> %<br>| &nbsp;&nbsp;&nbsp; (22.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.17<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $139265 | &nbsp;&nbsp;&nbsp; $285343 | &nbsp;&nbsp;&nbsp; $239009 | &nbsp;&nbsp;&nbsp; $189957 | &nbsp;&nbsp;&nbsp; $219679 |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %(e)(f)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %(e)(f)<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(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 0.90%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes fee/expense recovery of 0.01%.

See accompanying notes to financial statements.

\| 24

------

Financial Highlights (continued)

For a share outstanding throughout each period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mirova Global Megatrends Fund—Class Y** | **Mirova Global Megatrends Fund—Class Y** | **Mirova Global Megatrends Fund—Class Y** | **Mirova Global Megatrends Fund—Class Y** | **Mirova Global Megatrends Fund—Class Y** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2023**<br>| **Year Ended** <br>**December 31,** <br>**2022**<br>| **Year Ended** <br>**December 31,** <br>**2021**<br>|
| Net asset value, beginning of the period | &nbsp;&nbsp;&nbsp; $20.08 | &nbsp;&nbsp;&nbsp; $18.11 | &nbsp;&nbsp;&nbsp; $15.36 | &nbsp;&nbsp;&nbsp; $20.71 | &nbsp;&nbsp;&nbsp; $19.71 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp; (4.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.46 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net realized capital gains | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (2.51)<br>|
| Net asset value, end of the period | &nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp; $20.08 | &nbsp;&nbsp;&nbsp; $18.11 | &nbsp;&nbsp;&nbsp; $15.36 | &nbsp;&nbsp;&nbsp; $20.71 |
| Total return(b) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.63<br> %<br>| &nbsp;&nbsp;&nbsp; (22.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.06<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | &nbsp;&nbsp;&nbsp; $664906 | &nbsp;&nbsp;&nbsp; $644038 | &nbsp;&nbsp;&nbsp; $753396 | &nbsp;&nbsp;&nbsp; $637021 | &nbsp;&nbsp;&nbsp; $840638 |
| Net expenses(c) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %(e)<br>|
| Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %(e)<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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%.

&nbsp;&nbsp;&nbsp;&nbsp;(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 0.99%.

See accompanying notes to financial statements.

25 \|

------

Notes to Financial Statements

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Megatrends Fund (formerly Mirova Global Sustainable Equity Fund) ("Global Megatrends Fund")

Effective May 1, 2025, the Board of Trustees approved a change in the name of Global Megatrends Fund. The Fund's investment goal and principal investment strategies did not change as a result of the name change.

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares.

Class A shares are sold with a maximum front-end sales charge of 5.75%. 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. Each Fund operates as a single segment entity, focusing on investments in a portfolio of securities. Each Fund's named president acts as chief operating decision maker ("CODM") regarding allocation of resources and performance assessment. Financial information including, but not limited to, portfolio composition, net asset changes and total returns, is used by the CODM to assess performance and to make resource allocation decisions and is consistent with that presented within the financial statements. 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. 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 ("NAV") 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 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

\| 26

------

Notes to Financial Statements (continued)

December 31, 2025

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 Funds 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 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.

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. 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.

27 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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.

**e. 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, 2025 and has concluded that no provisions for income tax are required. The Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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 tax reclaims in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, and to the extent that EU reclaims recovered by a Fund were previously passed-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into closing agreements with the Internal Revenue Service ("IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Accordingly, estimated charges, if any, related to a Fund's closing agreement liability are presented as tax reclaim expenses in the Statements of Operations and its estimated closing agreement liability is presented as tax reclaim payable in the Statements of Assets and Liabilities. The actual closing agreement payment to the IRS may differ from the estimate and that difference may be material.

**f. 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 redemptions in-kind, passive foreign investment company adjustments, capital gain distribution received, return of capital distributions received, corporate actions, distributions in excess of income and/or capital gain and foreign currency gains and losses. 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, passive foreign investment company adjustments, capital gain distribution received, corporate actions, options contract mark-to-market, deferral of EU reclaim 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.

\| 28

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025 and 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 Distributions | 2025 Distributions | 2025 Distributions | 2024 Distributions | 2024 Distributions | 2024 Distributions |
| Fund | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total | Ordinary <br>Income<br>| Long-Term <br>Capital <br>Gains<br>| Total |
| Gateway Fund | &nbsp;&nbsp; $35333923 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35333923 | &nbsp;&nbsp; $43397214 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43397214 |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; 1684130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1684130 | &nbsp;&nbsp; 2328639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2328639 |
| Global Megatrends Fund | &nbsp;&nbsp; 3123117 | &nbsp;&nbsp; 36398816 | &nbsp;&nbsp; 39521933 | &nbsp;&nbsp; 3727590 | &nbsp;&nbsp; 15606057 | &nbsp;&nbsp; 19333647 |

---

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.

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Gateway <br>Fund<br>| Gateway <br>Equity Call <br>Premium Fund<br>| Global <br>Megatrends <br>Fund<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $452049 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9723190 |
| Total undistributed earnings | &nbsp;&nbsp; 452049 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9723190 |
| Capital loss carryforward: |  |  |  |
| Short-term: |  |  |  |
| No expiration date | &nbsp;&nbsp; (859986661)<br>| &nbsp;&nbsp; (20789531)<br>| &nbsp;&nbsp; — |
| Long-term: |  |  |  |
| No expiration date | &nbsp;&nbsp; — | &nbsp;&nbsp; (4568795)<br>| &nbsp;&nbsp; — |
| Total capital loss carryforward | &nbsp;&nbsp; (859986661)<br>| &nbsp;&nbsp; (25358326)<br>| &nbsp;&nbsp; — |
| Late-year ordinary and post-October <br>capital loss deferrals\* <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (85860)<br>|
| Unrealized appreciation | &nbsp;&nbsp; 5723488010 | &nbsp;&nbsp; 156916593 | &nbsp;&nbsp; 233898845 |
| Total accumulated earnings | &nbsp;&nbsp; $4863953398 | &nbsp;&nbsp; $131558267 | &nbsp;&nbsp; $243536175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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 Megatrends Fund is deferring foreign currency losses. 

As of December 31, 2025, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Gateway <br>Fund<br>| Gateway <br>Equity Call <br>Premium Fund<br>| Global <br>Megatrends <br>Fund<br>|
| Federal tax cost | &nbsp;&nbsp; $1493884766 | &nbsp;&nbsp; $147101064 | &nbsp;&nbsp; $608214084 |
| Gross tax appreciation | &nbsp;&nbsp; $5757502456 | &nbsp;&nbsp; $158178873 | &nbsp;&nbsp; $253009409 |
| Gross tax depreciation | &nbsp;&nbsp; (34014443)<br>| &nbsp;&nbsp; (1262295)<br>| &nbsp;&nbsp; (19203271)<br>|
| Net tax appreciation | &nbsp;&nbsp; $5723488013 | &nbsp;&nbsp; $156916578 | &nbsp;&nbsp; $233806138 |

---

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.

**g. 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 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

29 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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, 2025, 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.

**h. 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.

**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;• Level 1 — quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&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;&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, 2025, at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gateway Fund** | **Gateway Fund** | **Gateway Fund** | **Gateway Fund** | **Gateway Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp; $7021590425 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7021590425 |
| Purchased Options(a) | &nbsp;&nbsp; 40434295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40434295 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 125920895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 125920895 |
| Total | &nbsp;&nbsp; $7062024720 | &nbsp;&nbsp; $125920895 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7187945615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Written Options(a) | &nbsp;&nbsp; $(51161840)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(51161840)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

\| 30

------

Notes to Financial Statements (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gateway Equity Call Premium Fund** | **Gateway Equity Call Premium Fund** | **Gateway Equity Call Premium Fund** | **Gateway Equity Call Premium Fund** | **Gateway Equity Call Premium Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks(a) | &nbsp;&nbsp; $296573684 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $296573684 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 7443958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7443958 |
| Total Investments | &nbsp;&nbsp; $296573684 | &nbsp;&nbsp; $7443958 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $304017642 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** | **Liability Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Written Options(a) | &nbsp;&nbsp; $(2991100)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2991100)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Megatrends Fund** | **Global Megatrends Fund** | **Global Megatrends Fund** | **Global Megatrends Fund** | **Global Megatrends Fund** |
| **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** | **Asset Valuation Inputs** |
| Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks |  |  |  |  |
| Belgium | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12079775 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12079775 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 9059134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9059134 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 35067732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35067732 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 25211393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25211393 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 19426767 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19426767 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 34994164 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34994164 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 33656102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33656102 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 40135350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40135350 |
| United States | &nbsp;&nbsp; 543555568 | &nbsp;&nbsp; 6324232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 549879800 |
| All Other Common Stocks(a) | &nbsp;&nbsp; 73910047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73910047 |
| Total Common Stocks | &nbsp;&nbsp; 617465615 | &nbsp;&nbsp; 215954649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 833420264 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 8599958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8599958 |
| Total Investments | &nbsp;&nbsp; $617465615 | &nbsp;&nbsp; $224554607 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $842020222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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 and purchased index put options.

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, 2025, 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.

31 \|

------

Notes to Financial Statements (continued)

December 31, 2025

The following is a summary of derivative instruments for Gateway Fund as of December 31, 2025, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Assets | Investments <br>at value<sup>1</sup> <br>|
| Exchange-traded asset derivatives |  |
| Equity contracts | &nbsp;&nbsp; $40434295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Liabilities | Options <br>written at <br>value<br>|
| Exchange-traded liability derivatives |  |
| Equity contracts | &nbsp;&nbsp; $(51161840)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 Represents purchased options, at value.

Transactions in derivative instruments for Gateway Fund during the year ended December 31, 2025, as reflected within the Statements of Operations were as follows:

---

| | | |
|:---|:---|:---|
| Net Realized Gain (Loss) on: | Investments<sup>1</sup> <br>| Options <br>written<br>|
| Equity contracts | &nbsp;&nbsp; $(96222865)<br>| &nbsp;&nbsp; $(245308942)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Investments<sup>1</sup> <br>| Options <br>written<br>|
| Equity contracts | &nbsp;&nbsp; $(30247787)<br>| &nbsp;&nbsp; $(9961787)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 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, 2025, as reflected within the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Liabilities | Options <br>written at <br>value<br>|
| Exchange-traded liability derivatives |  |
| Equity contracts | &nbsp;&nbsp; $(2991100)<br>|

---

Transactions in derivative instruments for Gateway Equity Call Premium Fund during the year ended December 31, 2025, as reflected within the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Net Realized Gain (Loss) on: | Options <br>written<br>|
| Equity contracts | &nbsp;&nbsp; $(10722026)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Change in Unrealized <br>Appreciation (Depreciation) on:<br>| Options <br>written<br>|
| Equity contracts | &nbsp;&nbsp; $(773309)<br>|

---

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 following is a summary of the Funds' derivative volume activity for the year ended December 31, 2025. Volume activity is based on average derivatives outstanding during the period, including amounts outstanding at the end of the prior period, if applicable. Amounts disclosed represent average notional value. All amounts are shown at absolute value.

---

| | | |
|:---|:---|:---|
|  | Options <br>purchased<br>| Options <br>written<br>|
| Gateway Fund | &nbsp;&nbsp; $6415859075 | &nbsp;&nbsp; $6704956958 |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 264197925 |

---

\| 32

------

Notes to Financial Statements (continued)

December 31, 2025

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.

**5. Purchases and Sales of Securities.** For the year ended December 31, 2025, purchases and sales of securities (excluding short-term investments and option contracts) were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Gateway Fund | &nbsp;&nbsp; $1124888519 | &nbsp;&nbsp; $1813241510 |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; 57593506 | &nbsp;&nbsp; 49321856 |
| Global Megatrends Fund | &nbsp;&nbsp; 189064333 | &nbsp;&nbsp; 436813674 |

---

**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<br>| Next <br>$5 billion<br>| Over <br>$10 billion<br>|
| Gateway Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Gateway Equity Call Premium Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>|

---

Mirova US LLC ("Mirova US") serves as investment adviser to Global Megatrends Fund. Mirova US is a wholly-owned subsidiary of Mirova, which is in turn a subsidiary of Natixis Investment Managers. Under the terms of the management agreement, the Fund pays a management fee at the annual rate of 0.80%, calculated daily and payable monthly, based on the Fund's average daily net assets.

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, 2026, 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, 2025, 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Gateway Equity Call Premium Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Global Megatrends Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|

---

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.

33 \|

------

Notes to Financial Statements (continued)

December 31, 2025

For the year ended December 31, 2025, the management fees and waiver of management fees for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Gross <br>Management <br>Fees | Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | Net <br>Management <br>Fees | Percentage of <br>Average <br>Daily Net Assets | Percentage of <br>Average <br>Daily Net Assets |
| Fund | Gross <br>Management <br>Fees | Contractual <br>Waivers of <br>Management <br>Fees<sup>1</sup>  | Net <br>Management <br>Fees | Gross | Net |
| Gateway Fund | &nbsp;&nbsp; $40078439 | &nbsp;&nbsp; $1644870 | &nbsp;&nbsp; $38433569 | 0.59<br> %<br>| 0.56<br> %<br>|
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; 1551355 | &nbsp;&nbsp; 321187 | &nbsp;&nbsp; 1230168 | 0.58<br> %<br>| 0.46<br> %<br>|
| Global Megatrends Fund | &nbsp;&nbsp; 7196903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7196903 | 0.80<br> %<br>| 0.80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Management fee waivers are subject to possible recovery until December 31, 2026.

For the year ended December 31, 2025, class-specific expenses have been reimbursed as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  | Reimbursement<sup>1</sup>  |  |
|  | Class A | Class C | Class N | Class Y | Total |
| Gateway Fund | &nbsp;&nbsp; $66867 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66867 |
| Global Megatrends Fund | &nbsp;&nbsp; 19904 | &nbsp;&nbsp; 4727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 365670 | &nbsp;&nbsp; 390301 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Management fee waivers are subject to possible recovery until December 31, 2026.

**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"), 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, 2025, 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 | &nbsp;&nbsp; $1642443 | &nbsp;&nbsp; $111640 | &nbsp;&nbsp; $334921 |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; 8433 | &nbsp;&nbsp; 2318 | &nbsp;&nbsp; 6955 |
| Global Megatrends Fund | &nbsp;&nbsp; 87395 | &nbsp;&nbsp; 20470 | &nbsp;&nbsp; 61410 |

---

For the year ended December 31, 2025, Natixis Distribution refunded Gateway Fund $29,231 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. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. 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.

\| 34

------

Notes to Financial Statements (continued)

December 31, 2025

For the year ended December 31, 2025, the administrative fees for each Fund were as follows:

---

| | |
|:---|:---|
| Fund | Administrative <br>Fees<br>|
| Gateway Fund | &nbsp;&nbsp; $2927204 |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; 114541 |
| Global Megatrends Fund | &nbsp;&nbsp; 385588 |

---

**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 sub-transfer agent 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, 2025, 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<br>|
| Gateway Fund | &nbsp;&nbsp; $4435817 |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; 166909 |
| Global Megatrends Fund | &nbsp;&nbsp; 755779 |

---

As of December 31, 2025, 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<br>|
| Gateway Fund | &nbsp;&nbsp; $56026 |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; 2528 |
| Global Megatrends Fund | &nbsp;&nbsp; 9631 |

---

Sub-transfer agent fees 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.

**e. Commissions.** Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Fund | Commissions |
| Gateway Fund | &nbsp;&nbsp; $18317 |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; 2065 |
| Global Megatrends Fund | &nbsp;&nbsp; 9150 |

---

**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 $410,000. 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 $235,000. 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 and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $30,000. The Chairperson of the Governance Committee receives 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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and

35 \|

------

Notes to Financial Statements (continued)

December 31, 2025

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.

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.

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

**g. Reimbursement of Transfer Agent Fees and Expenses.** Natixis Advisors has given a binding contractual undertaking to Gateway Equity Call Premium Fund and Global Megatrends Fund to reimburse any and all transfer agency expenses for the Funds' Class N shares. This undertaking is in effect through April 30, 2026, and is not subject to recovery under the expense limitation agreement described above.

For the year ended December 31, 2025, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

---

| | |
|:---|:---|
|  | Reimbursement of <br>Transfer Agency <br>Expenses<br>|
| Fund | Class N |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; $991 |
| Global Megatrends Fund | &nbsp;&nbsp; 4774 |

---

**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, 2025, the Funds incurred the following class-specific transfer agent fees and expenses (net of expense offsets and 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 | &nbsp;&nbsp; $496696 | &nbsp;&nbsp; $33144 | &nbsp;&nbsp; $8137 | &nbsp;&nbsp; $4211973 |
| Gateway Equity Call Premium Fund | &nbsp;&nbsp; 2247 | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 991 | &nbsp;&nbsp; 176745 |
| Global Megatrends Fund | &nbsp;&nbsp; 39665 | &nbsp;&nbsp; 9344 | &nbsp;&nbsp; 4774 | &nbsp;&nbsp; 729829 |

---

**8. Expense Offset Arrangements.** The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.

**9. 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 syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 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.

For the year ended December 31, 2025, none of the Funds had borrowings under this agreement.

**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.

Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other 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 issuers in the country or countries involved.

**11. Concentration of Ownership.** From time to time, a Fund may have a concentration of one or more shareholder accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant

\| 36

------

Notes to Financial Statements (continued)

December 31, 2025

ownership of more than 5% of a Fund's outstanding shares could have material impacts on a Fund. As of December 31, 2025, the number of such accounts and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Number of 5% <br>Account Holders<br>| Percentage <br>of Ownership<br>|
| Gateway Fund | &nbsp;&nbsp; 1 | 5.45<br> %<br>|

---

Omnibus shareholder accounts, maintained by a single intermediary on behalf of multiple underlying shareholders, are not included in the table above. As such, there could be other 5% shareholders in addition to those disclosed in the table above.

**12. 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, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Gateway Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1306070 | &nbsp;&nbsp; $62755078 | &nbsp;&nbsp; 1576696 | &nbsp;&nbsp; $69548416 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 34159 | &nbsp;&nbsp; 1628725 | &nbsp;&nbsp; 58419 | &nbsp;&nbsp; 2564238 |
| Redeemed | &nbsp;&nbsp; (2841837)<br>| &nbsp;&nbsp; (135605535)<br>| &nbsp;&nbsp; (6035730)<br>| &nbsp;&nbsp; (257747798)<br>|
| Net change | &nbsp;&nbsp; (1501608)<br>| &nbsp;&nbsp; $(71221732)<br>| &nbsp;&nbsp; (4400615)<br>| &nbsp;&nbsp; $(185635144)<br>|
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 87641 | &nbsp;&nbsp; $4110241 | &nbsp;&nbsp; 84400 | &nbsp;&nbsp; $3632622 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 2516 | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 10729 |
| Redeemed | &nbsp;&nbsp; (381210)<br>| &nbsp;&nbsp; (17946398)<br>| &nbsp;&nbsp; (524576)<br>| &nbsp;&nbsp; (22608523)<br>|
| Net change | &nbsp;&nbsp; (293513)<br>| &nbsp;&nbsp; $(13833641)<br>| &nbsp;&nbsp; (439920)<br>| &nbsp;&nbsp; $(18965172)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 3212011 | &nbsp;&nbsp; $151954274 | &nbsp;&nbsp; 3763104 | &nbsp;&nbsp; $162450789 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 33019 | &nbsp;&nbsp; 1585133 | &nbsp;&nbsp; 35943 | &nbsp;&nbsp; 1589641 |
| Redeemed | &nbsp;&nbsp; (2766309)<br>| &nbsp;&nbsp; (127438525)<br>| &nbsp;&nbsp; (8173779)<br>| &nbsp;&nbsp; (353071886)<br>|
| Net change | &nbsp;&nbsp; 478721 | &nbsp;&nbsp; $26100882 | &nbsp;&nbsp; (4374732)<br>| &nbsp;&nbsp; $(189031456)<br>|
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 15313307 | &nbsp;&nbsp; $730541888 | &nbsp;&nbsp; 17211063 | &nbsp;&nbsp; $750512214 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 498139 | &nbsp;&nbsp; 23939413 | &nbsp;&nbsp; 674270 | &nbsp;&nbsp; 29766158 |
| Redeemed | &nbsp;&nbsp; (21540549)<br>| &nbsp;&nbsp; (1021718592)<br>| &nbsp;&nbsp; (21428839)<br>| &nbsp;&nbsp; (930654495)<br>|
| Net change | &nbsp;&nbsp; (5729103)<br>| &nbsp;&nbsp; $(267237291)<br>| &nbsp;&nbsp; (3543506)<br>| &nbsp;&nbsp; $(150376123)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (7045503)<br>| &nbsp;&nbsp; $(326191782)<br>| &nbsp;&nbsp; (12758773)<br>| &nbsp;&nbsp; $(544007895)<br>|

---

37 \|

------

Notes to Financial Statements (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Capital Shares (continued).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Gateway Equity Call Premium Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 44927 | &nbsp;&nbsp; $916680 | &nbsp;&nbsp; 103516 | &nbsp;&nbsp; $1916169 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 10215 | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 11678 |
| Redeemed | &nbsp;&nbsp; (46859)<br>| &nbsp;&nbsp; (958438)<br>| &nbsp;&nbsp; (70400)<br>| &nbsp;&nbsp; (1300429)<br>|
| Net change | &nbsp;&nbsp; (1439)<br>| &nbsp;&nbsp; $(31543)<br>| &nbsp;&nbsp; 33733 | &nbsp;&nbsp; $627418 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 4783 | &nbsp;&nbsp; $95695 | &nbsp;&nbsp; 193 | &nbsp;&nbsp; $3831 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 120 |
| Redeemed | &nbsp;&nbsp; (21094)<br>| &nbsp;&nbsp; (419347)<br>| &nbsp;&nbsp; (13640)<br>| &nbsp;&nbsp; (262536)<br>|
| Net change | &nbsp;&nbsp; (16311)<br>| &nbsp;&nbsp; $(323652)<br>| &nbsp;&nbsp; (13440)<br>| &nbsp;&nbsp; $(258585)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 852 | &nbsp;&nbsp; $17856 | &nbsp;&nbsp; 1017 | &nbsp;&nbsp; $19102 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 1934 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 2378 |
| Redeemed | &nbsp;&nbsp; (7205)<br>| &nbsp;&nbsp; (156460)<br>| &nbsp;&nbsp; (584)<br>| &nbsp;&nbsp; (10874)<br>|
| Net change | &nbsp;&nbsp; (6259)<br>| &nbsp;&nbsp; $(136670)<br>| &nbsp;&nbsp; 558 | &nbsp;&nbsp; $10606 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 2443063 | &nbsp;&nbsp; $49998585 | &nbsp;&nbsp; 4159405 | &nbsp;&nbsp; $75665790 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 35143 | &nbsp;&nbsp; 731763 | &nbsp;&nbsp; 42938 | &nbsp;&nbsp; 813128 |
| Redeemed | &nbsp;&nbsp; (1446899)<br>| &nbsp;&nbsp; (29749278)<br>| &nbsp;&nbsp; (7643577)<br>| &nbsp;&nbsp; (147088918)<br>|
| Net change | &nbsp;&nbsp; 1031307 | &nbsp;&nbsp; $20981070 | &nbsp;&nbsp; (3441234)<br>| &nbsp;&nbsp; $(70610000)<br>|
| Increase (decrease) from capital share transactions | &nbsp;&nbsp; 1007298 | &nbsp;&nbsp; $20489205 | &nbsp;&nbsp; (3420383)<br>| &nbsp;&nbsp; $(70230561)<br>|

---

\| 38

------

Notes to Financial Statements (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Capital Shares (continued).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Global Megatrends Fund** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class A** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 353320 | &nbsp;&nbsp; $7385144 | &nbsp;&nbsp; 346835 | &nbsp;&nbsp; $7057946 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 39606 | &nbsp;&nbsp; 808606 | &nbsp;&nbsp; 17273 | &nbsp;&nbsp; 348216 |
| Redeemed | &nbsp;&nbsp; (508867)<br>| &nbsp;&nbsp; (10593393)<br>| &nbsp;&nbsp; (284988)<br>| &nbsp;&nbsp; (5651673)<br>|
| Net change | &nbsp;&nbsp; (115941)<br>| &nbsp;&nbsp; $(2399643)<br>| &nbsp;&nbsp; 79120 | &nbsp;&nbsp; $1754489 |
| **Class C** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 38987 | &nbsp;&nbsp; $754784 | &nbsp;&nbsp; 56047 | &nbsp;&nbsp; $1087371 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 8343 | &nbsp;&nbsp; 157085 | &nbsp;&nbsp; 4067 | &nbsp;&nbsp; 77110 |
| Redeemed | &nbsp;&nbsp; (210903)<br>| &nbsp;&nbsp; (4145990)<br>| &nbsp;&nbsp; (197333)<br>| &nbsp;&nbsp; (3746752)<br>|
| Net change | &nbsp;&nbsp; (163573)<br>| &nbsp;&nbsp; $(3234121)<br>| &nbsp;&nbsp; (137219)<br>| &nbsp;&nbsp; $(2582271)<br>|
| **Class N** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 1278153 | &nbsp;&nbsp; $26986389 | &nbsp;&nbsp; 3114854 | &nbsp;&nbsp; $62058291 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 388048 | &nbsp;&nbsp; 7849880 | &nbsp;&nbsp; 279043 | &nbsp;&nbsp; 5681367 |
| Redeemed | &nbsp;&nbsp; (7177662)<br>| &nbsp;&nbsp; (154534157)<br>| &nbsp;&nbsp; (2384922)<br>| &nbsp;&nbsp; (48282222)<br>|
| Redeemed in-kind (Note 13)  | &nbsp;&nbsp; (2396496)<br>| &nbsp;&nbsp; (49655406)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change | &nbsp;&nbsp; (7907957)<br>| &nbsp;&nbsp; $(169353294)<br>| &nbsp;&nbsp; 1008975 | &nbsp;&nbsp; $19457436 |
| **Class Y** |  |  |  |  |
| Issued from the sale of shares | &nbsp;&nbsp; 7952251 | &nbsp;&nbsp; $170390926 | &nbsp;&nbsp; 5492547 | &nbsp;&nbsp; $110806574 |
| Issued in connection with the reinvestment of distributions | &nbsp;&nbsp; 1127378 | &nbsp;&nbsp; 23410084 | &nbsp;&nbsp; 489377 | &nbsp;&nbsp; 9961894 |
| Redeemed | &nbsp;&nbsp; (11066906)<br>| &nbsp;&nbsp; (235256522)<br>| &nbsp;&nbsp; (15524506)<br>| &nbsp;&nbsp; (317384947)<br>|
| Net change | &nbsp;&nbsp; (1987277)<br>| &nbsp;&nbsp; $(41455512)<br>| &nbsp;&nbsp; (9542582)<br>| &nbsp;&nbsp; $(196616479)<br>|
| Decrease from capital share transactions | &nbsp;&nbsp; (10174748)<br>| &nbsp;&nbsp; $(216442570)<br>| &nbsp;&nbsp; (8591706)<br>| &nbsp;&nbsp; $(177986825)<br>|

---

**13. Redemption In-Kind.** In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemption in-kind). For financial reporting purposes, the Fund will recognize a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund will recognize a loss if the cost exceeds value. Gains and losses realized on redemptions in-kind are not recognized for tax purposes, and are re-classified from realized gain (loss) to paid-in-capital. Global Megatrends Fund realized a gain of $9,689,677 on redemptions-in-kind during the year ended December 31, 2025. This amount is included in realized gain (loss) on the Statements of Operations.

39 \|

------

Report of Independent Registered Public Accounting Firm

To the Boards of Trustees of Gateway Trust and Natixis Funds Trust I and Shareholders of Gateway Fund, Gateway Equity Call Premium Fund, and Mirova Global Megatrends Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Gateway Fund, Gateway Equity Call Premium Fund (constituting Gateway Trust) and Mirova Global Megatrends Fund (one of the funds constituting Natixis Funds Trust I) (hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian and brokers; when a reply was not received from a broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 23, 2026

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

\| 40

------

2025 U.S. Tax Distribution Information to Shareholders (Unaudited)

**Corporate Dividends Received Deduction.** For the fiscal year ended December 31, 2025, 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<br>|
| Gateway Fund | 100.00<br> %<br>|
| Gateway Equity Call Premium Fund | 100.00<br> %<br>|
| Global Megatrends Fund | 100.00<br> %<br>|

---

**Qualified Dividend Income.** For the fiscal year ended December 31, 2025, 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 2025, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:

---

| | |
|:---|:---|
| Fund | Qualifying <br>Percentage<br>|
| Gateway Fund | 100.00<br> %<br>|
| Gateway Equity Call Premium Fund | 100.00<br> %<br>|
| Global Megatrends Fund | 100.00<br> %<br>|

---

**Capital Gains Distributions.** Pursuant to Internal Revenue Section 852(b), the following Fund paid distributions, which have been designated as capital gains distributions for the year ended December 31, 2025.

---

| | |
|:---|:---|
| Fund | Amount |
| Global Megatrends Fund | &nbsp;&nbsp; $36398816 |

---

41 \|

------

This Page Intentionally Left Blank

------

![](g121158img340176f51.gif)

˃To learn more about Natixis Funds products and services:

Visit: im.natixis.com Call: 800-225-5478

**Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit im.natixis.com or call 800-225-5478 for a prospectus or summary prospectus containing this and other information.**

Contact us by mail:

If you wish to communicate with the funds' Board of Trustees, you may do so by writing to:

Secretary of the Funds

Natixis Advisors, LLC

888 Boylston Street, Suite 800

Boston, MA 02199-8197

The correspondence must (a) be signed by the shareholder; (b) include the shareholder's name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.

Or by e-mail:

secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)

**Please note:** Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.

![](g121158img73a6d71a3.gif)

Exp. 2/28/2027

LSAF58A-1225

This page is not part of the financial statements and other important information

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to Directors and Officers are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable for the current reporting period due to the timing of the Board's approval of these agreements.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.

#### Item 15. 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 16. Controls and Procedures.
(a) 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.

(b) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a) (1) [Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit is filed herewith.](d121158dex99codeeth.htm)

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrants securities are listed. Not Applicable.

(a) (3) [A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is filed herewith.](d121158dex99cert.htm)

(a) (3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable

(a) (3)(2) Changes in the registrant's independent public accountant. Not Applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is filed herewith.](d121158dex99906cert.htm)

(101) Inline Interactive Data File-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### 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: | <u>/s/ David L. Giunta</u> |
| Name:  | David L. Giunta |
| Title: | President and Chief Executive Officer |
| Date: | February 23, 2026 |

---

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: | <u>/s/ David L. Giunta</u> |
| Name:  | David L. Giunta |
| Title: | President and Chief Executive Officer |
| Date: | February 23, 2026 |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Matthew J. Block</u> |
| Name:  | Matthew J. Block |
| Title: | Treasurer and Principal Financial and Accounting Officer |
| Date: | February 23, 2026 |

---

## 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** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I. Covered Persons/Purpose of the Code**<br>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:<br>&nbsp;&nbsp;&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;<br>&nbsp;&nbsp;&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<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Compliance with applicable governmental laws, rules and regulations;<br>&nbsp;&nbsp;&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<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accountability for adherence to the Code.<br>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.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **II. Covered Persons Should Handle Ethically Actual and Apparent Conflicts of Interest**<br>**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.<br>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.<br>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.<br>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.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Person must not:<br>&nbsp;&nbsp;&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;<br>&nbsp;&nbsp;&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<br>&nbsp;&nbsp;&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.<br>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:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● service on the board of directors or governing board of a publicly traded entity;<br>&nbsp;&nbsp;&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;<br>&nbsp;&nbsp;&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<br>&nbsp;&nbsp;&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".<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **III. Disclosure and Compliance**<br>&nbsp;&nbsp;&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;<br>&nbsp;&nbsp;&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;<br>&nbsp;&nbsp;&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<br>&nbsp;&nbsp;&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.<br>**IV. Reporting and Accountability**<br>Each Covered Person must:<br>&nbsp;&nbsp;&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;<br>&nbsp;&nbsp;&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<br>&nbsp;&nbsp;&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.<br>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").<br>The Funds will follow these procedures in investigating and enforcing this Code:<br>&nbsp;&nbsp;&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;<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&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;<br>&nbsp;&nbsp;&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;<br>&nbsp;&nbsp;&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;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Committee will be authorized to grant waivers, as it deems appropriate; and<br>&nbsp;&nbsp;&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.<br>**V. Other Policies and Procedures**<br>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.<br>**VI. Amendments**<br>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.<br>**VII. Confidentiality**<br>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.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VIII. Internal Use**<br>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.<br>

------

**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> 

---

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

---

## Ex-99.Cert

**Exhibit (a)(3)** 

**Gateway Trust** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, David L. Giunta, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Gateway Trust;<br>&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;<br>&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;<br>&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:<br>&nbsp;&nbsp;&nbsp;&nbsp;&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;<br> &nbsp;&nbsp;&nbsp;&nbsp;&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;<br> &nbsp;&nbsp;&nbsp;&nbsp;&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<br> &nbsp;&nbsp;&nbsp;&nbsp;&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<br>&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):<br>&nbsp;&nbsp;&nbsp;&nbsp;&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<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&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 23, 2026

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| |
|:---|
| <u>/s/ David L. Giunta</u> |
| David L. Giunta |
| President and Chief Executive Officer |

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**Exhibit (a)(3)** 

**Gateway Trust** 

**Exhibit to SEC Form N-CSR** 

**Section 302 Certification** 

I, Matthew J. Block, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Gateway Trust;<br>&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;<br>&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;<br>&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:<br>&nbsp;&nbsp;&nbsp;&nbsp;&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;<br> &nbsp;&nbsp;&nbsp;&nbsp;&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;<br> &nbsp;&nbsp;&nbsp;&nbsp;&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<br> &nbsp;&nbsp;&nbsp;&nbsp;&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<br>&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):<br>&nbsp;&nbsp;&nbsp;&nbsp;&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<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&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 23, 2026

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| |
|:---|
| <u>/s/ Matthew J. Block</u> |
| Matthew J. Block |
| Treasurer and Principal Financial and Accounting Officer |

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## Exhibit 99.906

Exhibit (b)

**Gateway Trust** 

**Section 906 Certification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the report on Form N-CSR for the period ended December 31, 2025 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:<br>&nbsp;&nbsp;&nbsp;&nbsp;&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 Exchange Act of 1934, as applicable; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&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.<br>

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| | |
|:---|:---|
| By: | By: |
| President and Chief Executive Officer | Treasurer and Principal Financial and<br> Accounting Officer |
| Gateway Trust | Gateway Trust |
| --------------------------------------------- | --------------------------------------------- |
| <u>/s/ David L. Giunta</u> | <u>/s/ Matthew J. Block</u>  |
| David L. Giunta | Matthew J. Block |
| Date: February 23, 2026 | Date: February 23, 2026 |

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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.