Gateway Fund seeks to capture a substantial portion of the long-term total return potential of equities, while limiting portfolio volatility to a level similar to that of long-term bonds.

• A hedged equity portfolio that seeks to generate better risk-adjusted returns than "long-only" equities or core fixed-income funds.
• The fund seeks to generate cash flow by selling index calls against a diversified equity portfolio while purchasing protective index puts to help reduce downside exposure.
• Historically has outpaced inflation and the bond market while seeking to generate equity-like returns with bond-like volatility.¹
• Potential diversifier for almost any portfolio due to its historically attractive risk/return profile, low beta relative to the S&P 500, and low correlation relative to the Lehman Aggregate Bond Index.

* The Gateway Fund incepted in 1977 and changed its investment strategy to the current strategy in 1988.

Past performance does not guarantee future results. Performance data quoted represents past performance, and current returns may be higher or lower. Share price and return will vary, and you may have a gain or loss when you sell your shares. For performance information current to the most recent month-end, click here. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. Indexes are not actively managed. You may not invest directly in an index.

The gross expense ratio of 1.01% does not reflect any potential reimbursement/waiver of expenses as stated in the most recent fund prospectus. The net expense ratio of 0.94% reflects the reimbursement/waiver of expenses, if any, as stated in the most recent fund prospectus. Please Note: Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 04/30/10. Investors should consult the most recent fund prospectus for more detailed information.

Top five equity holdings

View a complete list of holdings for this fund.

** The portfolio is actively managed. The holdings are subject to change. There is no guarantee the fund continues to invest in the securities referenced.

Option portfolio statistics(as of 06/30/2009)

	Calls	Puts
% hedged with options	100%	> 95%
Weighted % of strike prices	1.5% - 2.5% ITM	10% - 12.5% OTM
Days to expiration (weighted)	44	54
Weighted % of annualized cash flow	15% - 20%	n/a
Weighted % of annualized cost	n/a	5% - 7.5%

* How much an option contract's strike price is in-the-money (ITM) or out-of-the-money (OTM) is expressed as a percentage of the price of the option contract's underlying asset.

¹ Historically, the Gateway Fund has had a risk profile (based on standard deviation) similar to that of long-term bonds, and the overall bond market as measured by the Barcleys Capital Aggregate Bond Index.
² With Maximum Sales Charge (MSC)- reflects maximum sales charge of 5.75% at the time of purchase.
³ At NAV -- does not reflect payment of sales charge at time of purchase.
⁴ The gross expense ratio of 1.04% (Class A Share)/0.78% (Class Y Share) does not reflect any potential reimbursement/ reduction of expenses as stated in the most recent fund prospectus. The net expense ratio of 0.94% (Class A Share)/0.70% (Class Y Share)reflect the reimbursement/ reduction of expenses, if any, as stated in the most recent fund prospectus. Please note: Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 4/30/2010, Investors should consult the most recent fund prospectus for more detailed information.
⁵ The S&P 500 is an unmanaged market-weighted index of 500 of the nation's largest stocks from a broad variety of industries. The S&P 500 represents about 80% of the total market value of all stocks on the New York Stock Exchange. Market-weighted means that component stocks are weighted according to the total value of their outstanding shares.
⁶ Barcleys Capital Aggregate Bond Index is an unmanaged index of domestic debt issued by the U.S. government, its agencies, and U.S. corporations.

The effectiveness of the fund's index option-based risk management strategy may be reduced if the fund's equity portfolio does not correlate to the index underlying its option positions.

The fund may invest in foreign securities traded in U.S. markets, including through ADRs. Foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities and limited liquidity. Political, economic and information risks are also associated with foreign securities. Investments in emerging markets may be subject to these risks to a greater extent than those in more developed markets.

The fund may invest in real estate investment trusts (REITs). REITs are subject to certain risks, particularly those risks associated with the real estate market and mortgage investing. These risks include fluctuating property values, changes in interest rates, property taxes and mortgage-related risks.

The value of the fund's positions in index options fluctuates in response to changes in the value of the underlying index. Selling index call options can reduce the risk of owning stocks, but it limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. The fund also risks losing all or part of the cash paid for purchasing index put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the fund's option strategies, and for these and other reasons the fund's option strategies may not reduce the fund's volatility to the extent desired. From time to time, the fund may not own any put options, resulting in an increased exposure to a market decline. Accordingly, the purchase of fund shares should be viewed as a long-term investment. Time until expiration is the time remaining until an option contract expires.

Portfolio Manager(s)

Managed by Gateway Investment Advisers, LLC

J. Patrick Rogers

Paul R. Stewart

Michael T. Buckius

The following information regarding this Fund is also available:

• Fund Performance
• Daily Fund Price (NAV)
• Services for Investors
• Order Literature
• Fact sheet