Gateway Trust NCSRS Certified semi-annual shareholder report (management investment company)

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)

Natalie Wagner, 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) 449-2810

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

Item 1. Reports to Stockholders.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

LOGO

Semiannual Report

June 30, 2021

Gateway Fund

Gateway Equity Call Premium Fund

Mirova Global Green Bond Fund

Mirova Global Sustainable Equity Fund

Mirova International Sustainable Equity Fund

Mirova U.S. Sustainable Equity Fund

Table of Contents


Portfolio Review			1
Portfolio of Investments			16
Financial Statements			34
Notes to Financial Statements			63

LOGO

GATEWAY FUND



Managers		Symbols

Daniel M. Ashcraft, CFA^®		Class A GATEX

Michael T. Buckius, CFA^®		Class C GTECX

Paul R. Stewart, CFA^®		Class N GTENX

Kenneth H. Toft, CFA^®		Class Y GTEYX

Mitchell J. Trotta, CFA^®

Gateway Investment Advisers, LLC

Investment Goal

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

Average Annual Total Returns – June 30, 2021⁴



	6 Months			1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁵
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y (Inception 2/19/08)
NAV		7.34	%		17.98	%		6.98	%		5.62	%		—	%		0.77	%		0.70	%

Class A (Inception 12/07/77)
NAV		7.24			17.72			6.72			5.37			—			1.02			0.94
With 5.75% Maximum Sales Charge		1.08			10.95			5.47			4.74			—

Class C (Inception 2/19/08)
NAV		6.83			16.86			5.92			4.73			—			1.77			1.70
With CDSC¹		5.83			15.86			5.92			4.73			—

Class N (Inception 5/1/17)
NAV		7.39			18.07			—			—			6.51			0.70			0.65

Comparative Performance
S&P 500^® Index²		15.25			40.79			17.65			14.84			17.28
Bloomberg Barclays U.S. Aggregate Bond Index³		-1.60			-0.33			3.03			3.39			3.93

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

1	Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

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

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based index that covers the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors. Effective August 24, 2021, the index name was changed to Bloomberg U.S. Aggregate Bond Index.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/22. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

1 |

GATEWAY EQUITY CALL PREMIUM FUND



Managers		Symbols

Daniel M. Ashcraft, CFA^®		Class A GCPAX

Michael T. Buckius, CFA^®		Class C GCPCX

Kenneth H. Toft, CFA^®		Class N GCPNX

Mitchell J. Trotta, CFA^®		Class Y GCPYX

Gateway Investment Advisers, LLC

Investment Goal

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

Average Annual Total Returns – June 30, 2021⁴



	6 Months			1 Year			5 Years			Life of Class					Expense Ratios⁵
	6 Months			1 Year			5 Years			Life of Class					Gross			Net

Class Y (Inception 9/30/14)											Class Y/A/C		Class N
NAV		11.41	%		28.52	%		9.58	%		8.00	%	—	%		1.17	%		0.95	%

Class A (Inception 9/30/14)
NAV		11.27			28.16			9.31			7.72		—			1.43			1.20
With 5.75% Maximum Sales Charge		4.84			20.84			8.03			6.78		—

Class C (Inception 9/30/14)
NAV		10.90			27.21			8.49			6.94		—			2.17			1.95
With CDSC¹		9.90			26.21			8.49			6.94		—

Class N (Inception 5/1/17)
NAV		11.44			28.61			—			—		9.06			1.29			0.90

Comparative Performance
Cboe S&P 500 BuyWrite Index (BXM^SM)²		11.10			27.28			7.05			7.01		6.12
S&P 500^® Index³		15.25			40.79			17.65			14.84		17.28

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

1	Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

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

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

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MIROVA GLOBAL GREEN BOND FUND



Managers		Symbols

Marc Briand		Class A MGGAX

Charles Portier		Class N MGGNX

Bertrand Rocher		Class Y MGGYX

Mirova US LLC

Investment Goal

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

Average Annual Total Returns – June 30, 2021²



	6 Months			1 Year			Life of Fund			Expense Ratios³
	6 Months			1 Year			Life of Fund			Gross			Net

Class Y (Inception 2/28/17)
NAV		-1.78	%		3.00	%		4.06	%		1.19	%		0.73	%

Class A (Inception 2/28/17)
NAV		-1.98			2.67			3.80			1.44			0.98
With 4.25% Maximum Sales Charge		-6.16			-1.70			2.78

Class N (Inception 2/28/17)
NAV		-1.84			3.04			4.12			1.08			0.68

Comparative Performance
Bloomberg Barclays MSCI Green Bond Index¹		-2.12			0.97			4.35

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

The Bloomberg Barclays MSCI Green Bond Index provides a broad-based measure of global fixed-income securities issued to fund projects with direct environmental benefits according to MSCI ESG Research’s green bond criteria. The green bonds are primarily investment-grade, or may be classified by other sources when bond ratings are not available. The Index may include green bonds from the corporate, securitized, Treasury, or government-related sectors. Effective August 24, 2021, the index name was changed to Bloomberg MSCI Green Bond Index.

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

3 |

MIROVA GLOBAL SUSTAINABLE EQUITY FUND



Managers		Symbols

Jens Peers, CFA^®		Class A ESGMX

Hua Cheng, CFA^®, PhD		Class C ESGCX

Amber Fairbanks, CFA^®		Class N ESGNX

Mirova US LLC		Class Y ESGYX

Investment Goal

The Fund seeks long-term capital appreciation.

Average Annual Total Returns – June 30, 2021³



	6 Months			1 Year			5 Years			Life of Class					Expense Ratios⁴
	6 Months			1 Year			5 Years			Life of Class					Gross			Net

Class Y (Inception 3/31/16)											Class Y/A/C		Class N
NAV		9.39	%		36.57	%		18.78	%		17.61	%	—	%		0.99	%		0.95	%

Class A (Inception 3/31/16)
NAV		9.30			36.24			18.51			17.33		—			1.24			1.20
With 5.75% Maximum Sales Charge		3.04			28.40			17.12			16.01		—

Class C (Inception 3/31/16)
NAV		8.86			35.27			17.62			16.45		—			1.99			1.95
With CDSC¹		7.86			34.27			17.62			16.45		—

Class N (Inception 5/1/17)
NAV		9.44			36.66						—		19.16			0.93			0.90

Comparative Performance
MSCI World Index (Net)²		13.05			39.04			14.83			10.65		13.97

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

1	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

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

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

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MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND



Managers		Symbols

Jens Peers, CFA^®		Class A MRVAX

Hua Cheng, CFA^® PhD		Class N MRVNX

Amber Fairbanks, CFA^®		Class Y MRVYX

Mirova US LLC

Investment Goal

The Fund seeks long-term capital appreciation.

Average Annual Total Returns – June 30, 2021²



	6 Months			1 Year			Life of Fund			Expense Ratios³
	6 Months			1 Year			Life of Fund			Gross			Net

Class Y (Inception 12/28/18)
NAV		4.76	%		33.56	%		21.81	%		6.51	%		1.00	%

Class A (Inception 12/28/18)
NAV		4.63			33.27			21.50			5.69			1.26
With 5.75% Maximum Sales Charge		-1.38			25.57			18.66

Class N (Inception 12/28/18)
NAV		4.76			33.56			21.86			1.83			0.93

Comparative Performance
MSCI EAFE Index (Net)¹		8.83			32.35			15.56

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

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

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

5 |

MIROVA U.S. SUSTAINABLE EQUITY FUND



Managers		Symbols

Jens Peers, CFA^®		Class A MUSAX

Hua Cheng, CFA^® PhD		Class C MUSCX

Amber Fairbanks, CFA^®		Class N MUSNX

Mirova US LLC		Class Y MUSYX

Investment Goal

The Fund seeks long-term capital appreciation.

Total Returns – June 30, 2021³



	6 Months			Life of Fund			Expense Ratios⁴
	6 Months			Life of Fund			Gross			Net

Class Y (Inception 12/15/20)
NAV		14.30	%		16.70	%		2.03	%		0.80	%

Class A (Inception 12/15/20)
NAV		14.20			16.60			2.28			1.05
With 5.75% Maximum Sales Charge		7.66			9.90

Class C (Inception 12/15/20)
NAV		13.71			16.10			3.03			1.80
With CDSC¹		12.71			15.10

Class N (Inception 12/15/20)
NAV		14.40			16.80			1.88			0.75

Comparative Performance
S&P 500^® Index²		15.25			17.23

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

1	Class C share performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

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

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

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ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO SCHEDULES

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

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.

7 |

UNDERSTANDING FUND EXPENSES

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

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from January 1, 2021 through June 30, 2021. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown for your class.

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

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

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GATEWAY FUND	BEGINNING ACCOUNT VALUE 1/1/2021		ENDING ACCOUNT VALUE 6/30/2021		EXPENSES PAID DURING PERIOD* 1/1/2021 – 6/30/2021
Class A
Actual		$1,000.00		$1,072.40		$4.78
Hypothetical (5% return before expenses)		$1,000.00		$1,020.18		$4.66
Class C
Actual		$1,000.00		$1,068.30		$8.72
Hypothetical (5% return before expenses)		$1,000.00		$1,016.36		$8.50
Class N
Actual		$1,000.00		$1,073.90		$3.34
Hypothetical (5% return before expenses)		$1,000.00		$1,021.57		$3.26
Class Y
Actual		$1,000.00		$1,073.40		$3.60
Hypothetical (5% return before expenses)		$1,000.00		$1,021.32		$3.51

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.93%, 1.70%, 0.65% and 0.70% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).


GATEWAY EQUITY CALL PREMIUM FUND	BEGINNING ACCOUNT VALUE 1/1/2021		ENDING ACCOUNT VALUE 6/30/2021		EXPENSES PAID DURING PERIOD* 1/1/2021 – 6/30/2021
Class A
Actual		$1,000.00		$1,112.70		$6.23
Hypothetical (5% return before expenses)		$1,000.00		$1,018.89		$5.96
Class C
Actual		$1,000.00		$1,109.00		$10.14
Hypothetical (5% return before expenses)		$1,000.00		$1,015.17		$9.69
Class N
Actual		$1,000.00		$1,114.40		$4.72
Hypothetical (5% return before expenses)		$1,000.00		$1,020.33		$4.51
Class Y
Actual		$1,000.00		$1,114.10		$4.93
Hypothetical (5% return before expenses)		$1,000.00		$1,020.13		$4.71

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.19%, 1.94%, 0.90% and 0.94% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

9 |


MIROVA GLOBAL GREEN BOND FUND	BEGINNING ACCOUNT VALUE 1/1/2021		ENDING ACCOUNT VALUE 6/30/2021		EXPENSES PAID DURING PERIOD* 1/1/2021 – 6/30/2021
Class A
Actual		$1,000.00		$980.20		$4.81
Hypothetical (5% return before expenses)		$1,000.00		$1,019.94		$4.91
Class N
Actual		$1,000.00		$981.60		$3.34
Hypothetical (5% return before expenses)		$1,000.00		$1,021.42		$3.41
Class Y
Actual		$1,000.00		$982.20		$3.59
Hypothetical (5% return before expenses)		$1,000.00		$1,021.18		$3.66

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.98%, 0.68% and 0.73% for Class A, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).


MIROVA GLOBAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2021		ENDING ACCOUNT VALUE 6/30/2021		EXPENSES PAID DURING PERIOD* 1/1/2021 – 6/30/2021
Class A
Actual		$1,000.00		$1,093.00		$6.28
Hypothetical (5% return before expenses)		$1,000.00		$1,018.79		$6.06
Class C
Actual		$1,000.00		$1,088.60		$10.15
Hypothetical (5% return before expenses)		$1,000.00		$1,015.08		$9.79
Class N
Actual		$1,000.00		$1,094.40		$4.67
Hypothetical (5% return before expenses)		$1,000.00		$1,020.33		$4.51
Class Y
Actual		$1,000.00		$1,093.90		$4.98
Hypothetical (5% return before expenses)		$1,000.00		$1,020.03		$4.81

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 1.96%, 0.90% and 0.96% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

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MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2021		ENDING ACCOUNT VALUE 6/30/2021		EXPENSES PAID DURING PERIOD* 1/1/2021 – 6/30/2021
Class A
Actual		$1,000.00		$1,046.30		$6.14
Hypothetical (5% return before expenses)		$1,000.00		$1,018.79		$6.06
Class N
Actual		$1,000.00		$1,047.60		$4.62
Hypothetical (5% return before expenses)		$1,000.00		$1,020.28		$4.56
Class Y
Actual		$1,000.00		$1,047.60		$4.92
Hypothetical (5% return before expenses)		$1,000.00		$1,019.98		$4.86

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 0.91% and 0.97% for Class A, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).


MIROVA U.S. SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2021		ENDING ACCOUNT VALUE 6/30/2021		EXPENSES PAID DURING PERIOD* 1/1/2021 – 6/30/2021
Class A
Actual		$1,000.00		$1,142.00		$5.58
Hypothetical (5% return before expenses)		$1,000.00		$1,019.59		$5.26
Class C
Actual		$1,000.00		$1,137.10		$9.54
Hypothetical (5% return before expenses)		$1,000.00		$1,015.87		$9.00
Class N
Actual		$1,000.00		$1,144.00		$3.99
Hypothetical (5% return before expenses)		$1,000.00		$1,021.08		$3.76
Class Y
Actual		$1,000.00		$1,143.00		$4.25
Hypothetical (5% return before expenses)		$1,000.00		$1,020.83		$4.01

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 0.75% and 0.80% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

11 |

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

The Board of Trustees of the Trusts (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June Board meeting. The Mirova U.S. Sustainable Equity Fund was not included in the most recent annual review as the Fund’s initial board-approved investment advisory agreement is effective until December 15, 2022.

In connection with these meetings, the Trustees receive materials that the Funds’ investment advisers (collectively, the “Advisers”) believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and other expenses, including information comparing the Funds’ advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers and (v) information obtained through the completion by the Advisers of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Advisers’ respective investment staffs and their use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, the use of “soft” commission dollars to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category of funds where available, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2021. In the case of Gateway Equity Call Premium Fund, Gateway Fund and Mirova Global Green Bond Fund, the Board approved the Agreements with an amendment that reduced each Fund’s advisory fee effective July 1, 2021. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds and the resources dedicated to the Funds by the Advisers and their affiliates. The Trustees also considered their experience with other funds advised by the Adviser, as well as the affiliation between the Adviser and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.

The Trustees considered not only the advisory services provided by the Advisers to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements.

| 12

For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

Investment performance of the Funds and the Advisers. As noted above, the Trustees received information about the performance of Gateway Fund, Gateway Equity Call Premium Fund, Mirova Global Sustainable Equity Fund, Mirova Global Green Bond Fund and Mirova International Sustainable Equity Fund, (the “Existing Funds”) over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. In addition, the Trustees reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.

The Board noted that, through December 31, 2020, each Existing Fund’s one-, three- and five-year performance, as applicable, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):


	One-Year			Three-Year			Five-Year
Gateway Equity Call Premium Fund		31	%		43	%		15	%
Gateway Fund		43	%		70	%		72	%
Mirova Global Green Bond Fund		47	%		40	%		N/A
Mirova Global Sustainable Equity Fund		17	%		15	%		N/A
Mirova International Sustainable Equity Fund		3	%		N/A			N/A

In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third-party for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent performance (i.e., for periods ending March 31, 2021) had improved relative to its category; (3) that the Fund’s shorter-term performance has been strong relative to its category; and (4) that the Fund’s performance had been consistent with its investment objective of earning positive returns while meaningfully reducing equity market volatility, such that its performance relative to its category would be expected to lag in certain market conditions. The Board also considered information about the Funds’ more recent performance, including how that performance had been impacted by the Covid-19 crisis.

The Trustees also considered each Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Advisers to Trustee concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Advisers and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory and administrative services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund, and the need for the Advisers to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that all of the Funds included have expense limitations in place, and they considered the amounts waived or reimbursed by the Adviser for all of the Funds under their expense limitation agreements. They further noted that management had proposed to reduce the expense limitations for Gateway Equity Call Premium Fund and Mirova Global Green Bond Fund on all share classes, effective as of July 1, 2021. The Trustees also noted that management had proposed to reduce the advisory fee rate for each of Gateway Equity Call Premium Fund, Gateway Fund and Mirova Global Green Bond Fund.

13 |

The Trustees noted that certain of the Funds had total advisory fee rates that were above the median of a peer group of funds. In this regard, the Trustees considered the factors that management believed justified such relatively higher advisory fee rates, including: (1) that management had proposed to reduce the expense limitations of the Fund; (2) that management had proposed to reduce the advisory fee of the Fund; and (3) that the advisory fee was only one basis point higher than the median of a peer group of funds.

The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the relevant Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fees charged to each of the Funds were fair and reasonable, and that the costs of these services generally and the related profitability of the Advisers and their affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations. With respect to economies of scale, the Trustees noted that Gateway Fund, had breakpoints in its advisory fees and that the Fund was subject to an expense limitation. The Trustees also considered management’s proposal to reduce the expense limitations for Gateway Equity Call Premium Fund and Mirova Global Green Bond Fund. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment certain Advisers had made into their businesses.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

•

The effect of recent market and economic events, including but not limited to the Covid-19 crisis and its significant disruptions to the economy and business operations, on the performance, asset levels and expense ratios of each Fund.

•

Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates were providing to the Funds.

•

So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution and administrative services to the Funds, and the benefits of research made available to the Advisers by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

•

The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements, reflecting the reduction in the advisory fee for each of Gateway Equity Call Premium Fund, Gateway Fund and Mirova Global Green Bond Fund, should be continued through June 30, 2022.

| 14

LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on January 1, 2020 and ending December 31, 2020 (including updates through June 30, 2021)

Effective December 1, 2018 (December 28, 2018 for Mirova International Sustainable Equity Fund and December 15, 2020 for Mirova U.S. Sustainable Equity Fund), the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires the Funds to assess, manage and review their liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, each Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Each Program has established a Program Administrator (“Administrator”) which is the adviser of the Fund.

In accordance with the Program, each of the Funds’ portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Each Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If a Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). None of the Funds has established an HLIM.

During the period from January 1, 2020 to December 31, 2020, there were no material changes to the Programs and no material events that impacted the operation of the Funds’ Programs. During the period, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

During the period January 1, 2021 through June 30, 2021, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

Annual Program Assessment and Conclusion

In the opinion of the Program Administrators, the Program of each Fund approved by the Funds’ Board is operating effectively. The Program Administrators have also monitored, assessed and managed each Fund’s liquidity risk regularly throughout the period.

Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by each Fund’s Program Administrator that addressed the operation of the Programs, assessed their adequacy and effectiveness and described any material changes made to the Programs.

15 |

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Fund


Shares		Description	Value (†)
	Common Stocks — 99.3% of Net Assets
		Aerospace & Defense — 1.5%
	148,078	Boeing Co. (The)(a)(b)	$	35,473,566
	41,278	HEICO Corp.(b)		5,754,979
	552,963	Raytheon Technologies Corp.(b)		47,173,273
	26,442	Teledyne Technologies, Inc.(a)(b)		11,074,703
	24,274	TransDigm Group, Inc.(a)(b)		15,712,317

				115,188,838

		Air Freight & Logistics — 0.7%
	216,722	United Parcel Service, Inc., Class B(b)		45,071,674
	36,648	XPO Logistics, Inc.(a)(b)		5,126,689

				50,198,363

		Airlines — 0.3%
	153,012	Alaska Air Group, Inc.(a)(b)		9,228,154
	399,876	JetBlue Airways Corp.(a)(b)		6,709,919
	144,851	United Airlines Holdings, Inc.(a)(b)		7,574,259

				23,512,332

		Auto Components — 0.1%
	36,852	Autoliv, Inc.(b)		3,602,651
	106,265	Goodyear Tire & Rubber Co. (The)(a)(b)		1,822,445

				5,425,096

		Automobiles — 2.0%
	1,495,937	Ford Motor Co.(a)(b)		22,229,624
	339,114	General Motors Co.(a)(b)		20,065,375
	156,098	Tesla, Inc.(a)(b)		106,099,811

				148,394,810

		Banks — 4.5%
	266,138	Associated Banc-Corp(b)		5,450,506
	2,238,164	Bank of America Corp.(b)		92,279,502
	607,150	Citigroup, Inc.(b)		42,955,862
	1,055,567	Huntington Bancshares, Inc.(b)		15,062,941
	878,394	JPMorgan Chase & Co.(b)		136,625,403
	106,660	Old National Bancorp(b)		1,878,282
	16,401	Signature Bank(b)		4,028,906
	980,841	Wells Fargo & Co.(b)		44,422,289

				342,703,691

		Beverages — 1.3%
	392,260	Keurig Dr Pepper, Inc.(b)		13,823,243
	254,709	Monster Beverage Corp.(a)(b)		23,267,667
	429,766	PepsiCo, Inc.(b)		63,678,428

				100,769,338

		Biotechnology — 1.8%
	476,369	AbbVie, Inc.(b)		53,658,204
	156,204	Amgen, Inc.(b)		38,074,725
	49,083	Biogen, Inc.(a)(b)		16,995,970
	16,975	Exact Sciences Corp.(a)(b)		2,110,162
	36,830	Ionis Pharmaceuticals, Inc.(a)(b)		1,469,149
	21,063	Seagen, Inc.(a)(b)		3,325,427
	98,419	Vertex Pharmaceuticals, Inc.(a)(b)		19,844,223

				135,477,860

		Building Products — 0.3%
	355,197	Carrier Global Corp.(b)		17,262,574
	20,800	Lennox International, Inc.(b)		7,296,640

				24,559,214

		Capital Markets — 2.1%
	404,895	Charles Schwab Corp. (The)(b)		29,480,405
	14,601	FactSet Research Systems, Inc.(b)		4,900,242
	247,065	Intercontinental Exchange, Inc.(b)		29,326,615
	507,716	Morgan Stanley(b)		46,552,480
		Capital Markets — continued
	41,804	MSCI, Inc.(b)	$	22,284,876
	58,940	S&P Global, Inc.(b)		24,191,923	��

				156,736,541

		Chemicals — 1.5%
	83,434	Ashland Global Holdings, Inc.(b)		7,300,475
	104,391	Celanese Corp.(b)		15,825,676
	335,148	Corteva, Inc.(b)		14,863,814
	295,277	Dow, Inc.(b)		18,685,128
	125,392	Eastman Chemical Co.(b)		14,639,516
	31,084	Ingevity Corp.(a)(b)		2,528,994
	167,820	LyondellBasell Industries NV, Class A(b)		17,263,643
	192,960	Mosaic Co. (The)(b)		6,157,354
	115,834	Olin Corp.(b)		5,358,481
	95,921	RPM International, Inc.(b)		8,506,274
	195,010	Valvoline, Inc.(b)		6,330,025

				117,459,380

		Commercial Services & Supplies — 0.8%
	122,157	Copart, Inc.(a)(b)		16,103,957
	69,341	Waste Connections, Inc.(b)		8,281,396
	244,724	Waste Management, Inc.(b)		34,288,280

				58,673,633

		Communications Equipment — 0.9%
	1,344,808	Cisco Systems, Inc.(b)		71,274,824

		Construction Materials — 0.2%
	43,244	Martin Marietta Materials, Inc.(b)		15,213,672

		Consumer Finance — 0.6%
	121,623	Ally Financial, Inc.(b)		6,061,690
	180,444	Discover Financial Services(b)		21,344,721
	445,997	Synchrony Financial(b)		21,639,775

				49,046,186

		Containers & Packaging — 0.6%
	73,855	Avery Dennison Corp.(b)		15,527,275
	86,722	Crown Holdings, Inc.(b)		8,863,856
	120,681	Sonoco Products Co.(b)		8,073,559
	213,615	WestRock Co.(b)		11,368,590

				43,833,280

		Distributors — 0.2%
	107,529	Genuine Parts Co.(b)		13,599,193

		Diversified Consumer Services — 0.1%
	67,454	Service Corp. International(b)		3,614,860

		Diversified Financial Services — 1.7%
	432,825	Berkshire Hathaway, Inc., Class B(a)(b)		120,290,724
	133,431	Voya Financial, Inc.(b)		8,206,007

				128,496,731

		Diversified Telecommunication Services — 1.3%
	1,490,745	AT&T, Inc.(b)		42,903,641
	119,721	Liberty Global PLC, Class C(a)(b)		3,237,256
	992,618	Verizon Communications, Inc.(b)		55,616,386

				101,757,283

		Electric Utilities — 1.0%
	323,243	Alliant Energy Corp.(b)		18,024,030
	396,896	American Electric Power Co., Inc.(b)		33,573,433
	198,810	Evergy, Inc.(b)		12,014,088
	272,603	FirstEnergy Corp.(b)		10,143,557
	154,286	OGE Energy Corp.(b)		5,191,724

				78,946,832

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Fund – (continued)


Shares		Description	Value (†)
		Electrical Equipment — 0.5%
	197,284	Eaton Corp. PLC(b)	$	29,233,543
	50,567	Hubbell, Inc.(b)		9,447,938

				38,681,481

		Electronic Equipment, Instruments & Components — 0.7%
	97,069	CDW Corp.(b)		16,953,101
	375,436	Corning, Inc.(b)		15,355,332
	60,225	Trimble, Inc.(a)(b)		4,928,212
	33,350	Zebra Technologies Corp., Class A(a)(b)		17,658,492

				54,895,137

		Energy Equipment & Services — 0.2%
	448,161	Halliburton Co.(b)		10,361,482
	168,318	Helmerich & Payne, Inc.(b)		5,492,217

				15,853,699

		Entertainment — 1.9%
	81,510	Live Nation Entertainment, Inc.(a)(b)		7,139,461
	109,443	Netflix, Inc.(a)(b)		57,808,887
	6,573	Roku, Inc.(a)(b)		3,018,650
	451,374	Walt Disney Co. (The)(a)(b)		79,338,008

				147,305,006

		Food & Staples Retailing — 1.5%
	26,487	Casey’s General Stores, Inc.(b)		5,155,430
	133,502	Costco Wholesale Corp.(b)		52,822,736
	20,166	U.S. Foods Holding Corp.(a)		773,568
	405,865	Walmart, Inc.(b)		57,235,082

				115,986,816

		Food Products — 0.8%
	94,003	Bunge Ltd.(b)		7,346,334
	97,614	Lamb Weston Holdings, Inc.(b)		7,873,545
	698,295	Mondelez International, Inc., Class A(b)		43,601,540
	43,185	Post Holdings, Inc.(a)(b)		4,684,277

				63,505,696

		Gas Utilities — 0.0%
	76,973	UGI Corp.(b)		3,564,620

		Health Care Equipment & Supplies — 3.0%
	496,897	Abbott Laboratories(b)		57,605,269
	233,533	Baxter International, Inc.(b)		18,799,406
	554,460	Boston Scientific Corp.(a)(b)		23,708,710
	257,529	Edwards Lifesciences Corp.(a)(b)		26,672,278
	13,103	Insulet Corp.(a)(b)		3,596,905
	41,413	Intuitive Surgical, Inc.(a)(b)		38,085,051
	308,944	Medtronic PLC(b)		38,349,219
	55,109	STERIS PLC(b)		11,368,987
	29,772	Teleflex, Inc.(b)		11,962,092

				230,147,917

		Health Care Providers & Services — 2.8%
	83,702	Anthem, Inc.(b)		31,957,424
	415,326	CVS Health Corp.(b)		34,654,801
	120,815	HCA Healthcare, Inc.(b)		24,977,293
	16,707	Molina Healthcare, Inc.(a)(b)		4,227,873
	263,072	UnitedHealth Group, Inc.(b)		105,344,552
	65,316	Universal Health Services, Inc., Class B(b)		9,564,222

				210,726,165

		Health Care Technology — 0.1%
	35,189	Veeva Systems, Inc., Class A(a)(b)		10,942,020

		Hotels, Restaurants & Leisure — 1.7%
	10,433	Booking Holdings, Inc.(a)(b)		22,828,343
	17,939	DraftKings, Inc., Class A(a)(b)		935,878
	153,850	Hilton Grand Vacations, Inc.(a)(b)		6,367,852
	168,770	Hilton Worldwide Holdings, Inc.(a)(b)		20,357,037
		Hotels, Restaurants & Leisure — continued
	228,480	McDonald’s Corp.(b)	$	52,776,595
	46,928	Melco Resorts & Entertainment Ltd., Sponsored ADR(a)(b)		777,597
	31,176	Penn National Gaming, Inc.(a)(b)		2,384,652
	163,196	Restaurant Brands International, Inc.(b)		10,516,350
	12,225	Vail Resorts, Inc.(a)(b)		3,869,457
	208,390	Wendy’s Co. (The)(b)		4,880,494

				125,694,255

		Household Durables — 0.3%
	205,127	Newell Brands, Inc.(b)		5,634,839
	2,420	NVR, Inc.(a)(b)		12,035,386
	47,442	Toll Brothers, Inc.(b)		2,742,622

				20,412,847

		Household Products — 1.4%
	93,008	Clorox Co. (The)(b)		16,733,069
	657,113	Procter & Gamble Co. (The)(b)		88,664,257

				105,397,326

		Industrial Conglomerates — 1.5%
	205,207	3M Co.(b)		40,760,266
	1,968,617	General Electric Co.(b)		26,497,585
	213,732	Honeywell International, Inc.(b)		46,882,114

				114,139,965

		Insurance — 1.9%
	577,052	Aflac, Inc.(b)		30,964,610
	164,123	Allstate Corp. (The)(b)		21,408,204
	62,761	American Financial Group, Inc.(b)		7,827,552
	103,353	Aon PLC, Class A(b)		24,676,562
	117,173	Arch Capital Group Ltd.(a)(b)		4,562,717
	187,556	Arthur J. Gallagher & Co.(b)		26,272,845
	104,917	Brown & Brown, Inc.(b)		5,575,289
	74,687	Fidelity National Financial, Inc.(b)		3,245,897
	94,456	Lincoln National Corp.(b)		5,935,615
	3,155	Markel Corp.(a)(b)		3,744,070
	25,430	RenaissanceRe Holdings Ltd.(b)		3,784,493
	245,220	Unum Group(b)		6,964,248

				144,962,102

		Interactive Media & Services — 6.6%
	29,078	Alphabet, Inc., Class A(a)(b)		71,002,370
	92,726	Alphabet, Inc., Class C(a)(b)		232,401,028
	527,710	Facebook, Inc., Class A(a)(b)		183,490,044
	15,605	Match Group, Inc.(a)(b)		2,516,306
	154,654	Twitter, Inc.(a)(b)		10,641,742
	15,415	Zillow Group, Inc., Class C(a)(b)		1,884,021

				501,935,511

		Internet & Direct Marketing Retail — 4.3%
	92,990	Amazon.com, Inc.(a)(b)		319,900,478
	2,538	MercadoLibre, Inc.(a)(b)		3,953,671

				323,854,149

		IT Services — 5.0%
	147,645	Automatic Data Processing, Inc.(b)		29,325,250
	14,418	EPAM Systems, Inc.(a)(b)		7,367,021
	202,834	Fidelity National Information Services, Inc.(b)		28,735,493
	175,704	MasterCard, Inc., Class A(b)		64,147,773
	201,842	Paychex, Inc.(b)		21,657,646
	302,437	PayPal Holdings, Inc.(a)(b)		88,154,337
	2,168	Shopify, Inc., Class A(a)(b)		3,167,405
	15,642	Square, Inc., Class A(a)(b)		3,813,520
	8,665	Twilio, Inc., Class A(a)(b)		3,415,396
	84,449	VeriSign, Inc.(a)(b)		19,228,193
	471,372	Visa, Inc., Class A(b)		110,216,201

				379,228,235

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Fund – (continued)


Shares		Description	Value (†)
		Leisure Products — 0.0%
	1,696	Polaris, Inc.	$	232,284

		Life Sciences Tools & Services — 1.0%
	50,834	Illumina, Inc.(a)(b)		24,055,157
	41,808	PRA Health Sciences, Inc.(a)(b)		6,907,100
	89,614	Thermo Fisher Scientific, Inc.(b)		45,207,574

				76,169,831

		Machinery — 1.8%
	183,760	Caterpillar, Inc.(b)		39,991,689
	89,903	Cummins, Inc.(b)		21,919,250
	93,353	Deere & Co.(b)		32,926,537
	62,061	Parker-Hannifin Corp.(b)		19,059,554
	121,067	Pentair PLC(b)		8,170,812
	37,954	Snap-on, Inc.(b)		8,480,062
	63,733	Timken Co. (The)(b)		5,136,242

				135,684,146

		Media — 1.2%
	1,105,162	Comcast Corp., Class A(b)		63,016,337
	54,224	Discovery, Inc., Series A(a)(b)		1,663,593
	33,220	Liberty Broadband Corp., Class C(a)(b)		5,768,985
	230,860	News Corp., Class B(b)		5,621,441
	153,823	Omnicom Group, Inc.(b)		12,304,302
	532,406	Sirius XM Holdings, Inc.(b)		3,481,935

				91,856,593

		Metals & Mining — 0.4%
	283,427	Freeport-McMoRan, Inc.(b)		10,517,976
	111,978	Southern Copper Corp.(b)		7,202,425
	172,113	Steel Dynamics, Inc.(b)		10,257,935
	81,631	Worthington Industries, Inc.(b)		4,994,184

				32,972,520

		Multi-Utilities — 1.3%
	365,428	Ameren Corp.(b)		29,248,857
	301,545	CenterPoint Energy, Inc.(b)		7,393,884
	334,590	Consolidated Edison, Inc.(b)		23,996,795
	335,214	Public Service Enterprise Group, Inc.(b)		20,025,684
	227,581	WEC Energy Group, Inc.(b)		20,243,330

				100,908,550

		Multiline Retail — 0.6%
	44,499	Nordstrom, Inc.(a)(b)		1,627,328
	182,363	Target Corp.(b)		44,084,432

				45,711,760

		Oil, Gas & Consumable Fuels — 2.7%
	61,621	Cheniere Energy, Inc.(a)(b)		5,345,005
	518,320	Chevron Corp.(b)		54,288,837
	511,581	ConocoPhillips(b)		31,155,283
	140,081	EOG Resources, Inc.(b)		11,688,359
	927,867	Exxon Mobil Corp.(b)		58,529,850
	61,556	HollyFrontier Corp.(b)		2,025,192
	305,065	Occidental Petroleum Corp.(b)		9,539,383
	226,052	ONEOK, Inc.(b)		12,577,533
	199,417	Phillips 66(b)		17,113,967

				202,263,409

		Personal Products — 0.0%
	29,528	Herbalife Nutrition Ltd.(a)(b)		1,557,011

		Pharmaceuticals — 3.9%
	648,038	Bristol-Myers Squibb Co.(b)		43,301,899
	213,933	Eli Lilly & Co.(b)		49,101,902
	1,556	Jazz Pharmaceuticals PLC(a)		276,408
	590,946	Johnson & Johnson(b)		97,352,444
	597,588	Merck & Co., Inc.(b)		46,474,419
		Pharmaceuticals — continued
	59,758	Organon & Co.(a)(b)	$	1,808,277
	1,353,932	Pfizer, Inc.(b)		53,019,977
	268,191	Viatris, Inc.(b)		3,832,450

				295,167,776

		Professional Services — 0.4%
	12,340	Booz Allen Hamilton Holding Corp.(b)		1,051,121
	97,840	CoStar Group, Inc.(a)(b)		8,103,109
	66,516	Leidos Holdings, Inc.(b)		6,724,768
	46,675	ManpowerGroup, Inc.(b)		5,550,124
	53,234	TransUnion(b)		5,845,625

				27,274,747

		REITs – Apartments — 0.6%
	252,006	American Homes 4 Rent, Class A(b)		9,790,433
	85,332	Camden Property Trust(b)		11,320,997
	346,842	Invitation Homes, Inc.(b)		12,933,738
	265,036	UDR, Inc.(b)		12,981,463

				47,026,631

		REITs – Diversified — 0.7%
	115,876	American Tower Corp.(b)		31,302,743
	361,090	Duke Realty Corp.(b)		17,097,611
	87,309	W.P. Carey, Inc.(b)		6,514,998

				54,915,352

		REITs – Health Care — 0.3%
	260,504	Healthcare Realty Trust, Inc.(b)		7,867,221
	453,565	Medical Properties Trust, Inc.(b)		9,116,657
	194,772	Sabra Health Care REIT, Inc.(b)		3,544,850

				20,528,728

		REITs – Manufactured Homes — 0.3%
	143,552	Equity LifeStyle Properties, Inc.(b)		10,667,349
	48,503	Sun Communities, Inc.(b)		8,313,414

				18,980,763

		REITs – Mortgage — 0.1%
	645,874	Annaly Capital Management, Inc.(b)		5,735,361

		REITs – Office Property — 0.2%
	188,262	Douglas Emmett, Inc.(b)		6,329,368
	95,448	Kilroy Realty Corp.(b)		6,646,999
	52,998	Mack-Cali Realty Corp.(b)		908,916

				13,885,283

		REITs – Regional Malls — 0.2%
	96,120	Simon Property Group, Inc.(b)		12,541,738

		REITs – Single Tenant — 0.1%
	144,199	National Retail Properties, Inc.(b)		6,760,049

		REITs – Storage — 0.1%
	127,880	CubeSmart(b)		5,923,402

		Road & Rail — 1.0%
	115,540	Canadian Pacific Railway Ltd.(b)		8,886,181
	1,067,511	CSX Corp.(b)		34,245,753
	47,741	J.B. Hunt Transport Services, Inc.(b)		7,779,396
	47,143	Lyft, Inc., Class A(a)(b)		2,851,209
	62,946	Old Dominion Freight Line, Inc.(b)		15,975,695
	53,335	Uber Technologies, Inc.(a)(b)		2,673,150

				72,411,384

		Semiconductors & Semiconductor Equipment — 5.9%
	326,538	Advanced Micro Devices, Inc.(a)(b)		30,671,714
	170,421	Analog Devices, Inc.(b)		29,339,679
	150,435	Applied Materials, Inc.(b)		21,421,944
	100,260	Broadcom, Inc.(b)		47,807,979
	950,972	Intel Corp.(b)		53,387,568

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	83,719	Marvell Technology, Inc.(b)	$	4,883,329
	304,535	Micron Technology, Inc.(a)(b)		25,879,384
	154,967	NVIDIA Corp.(b)		123,989,097
	26,376	NXP Semiconductors NV(b)		5,426,071
	297,317	QUALCOMM, Inc.(b)		42,495,519
	106,600	Teradyne, Inc.(b)		14,280,136
	271,612	Texas Instruments, Inc.(b)		52,230,988

				451,813,408

		Software — 9.4%
	140,675	Adobe, Inc.(a)(b)		82,384,907
	10,167	Black Knight, Inc.(a)		792,823
	188,193	Cadence Design Systems, Inc.(a)(b)		25,748,566
	78,761	Fortinet, Inc.(a)(b)		18,760,083
	1,626,204	Microsoft Corp.(b)		440,538,664
	114,308	Nuance Communications, Inc.(a)(b)		6,222,928
	528,422	Oracle Corp.(b)		41,132,368
	15,761	Palo Alto Networks, Inc.(a)(b)		5,848,119
	16,956	Paycom Software, Inc.(a)(b)		6,162,997
	41,380	PTC, Inc.(a)(b)		5,845,339
	177,844	salesforce.com, Inc.(a)(b)		43,441,954
	52,154	ServiceNow, Inc.(a)(b)		28,661,231
	21,371	SS&C Technologies Holdings, Inc.(b)		1,539,994
	22,602	Workday, Inc., Class A(a)(b)		5,396,001
	6,930	Zoom Video Communications, Inc., Class A(a)(b)		2,682,118

				715,158,092

		Specialty Retail — 2.0%
	112,737	American Eagle Outfitters, Inc.(b)		4,231,019
	17,696	Burlington Stores, Inc.(a)(b)		5,697,935
	38,409	Foot Locker, Inc.(b)		2,367,147
	288,745	Home Depot, Inc. (The)(b)		92,077,893
	244,064	Lowe’s Cos., Inc.(b)		47,341,094

				151,715,088

		Technology Hardware, Storage & Peripherals — 6.1%
	3,374,984	Apple, Inc.(b)		462,237,809
	38,399	Dell Technologies, Inc., Class C(a)(b)		3,827,228

				466,065,037

		Textiles, Apparel & Luxury Goods — 0.7%
	16,507	Lululemon Athletica, Inc.(a)(b)		6,024,560
	301,320	NIKE, Inc., Class B(b)		46,550,927

				52,575,487

		Tobacco — 0.6%
	882,255	Altria Group, Inc.(b)		42,065,918

		Trading Companies & Distributors — 0.0%
	29,008	GATX Corp.(b)		2,566,338

		Total Common Stocks (Identified Cost $2,845,279,991)		7,542,581,590


		Total Purchased Options — 0.6% (Identified Cost $78,392,104) (see detail below)		44,580,160


Principal Amount		Description	Value (†)
	Short-Term Investments — 1.8%
$	139,028,134	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2021 at 0.000% to be repurchased at $139,028,134 on 7/01/2021 collateralized by $14,931,100 U.S. Treasury Bond, 1.125% due 8/15/2040 valued at $12,849,726; $114,530,600 U.S. Treasury Inflation Indexed Note, 0.125% due 4/15/2022 valued at $128,959,035 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $139,028,134)	$	139,028,134


		Total Investments — 101.7% (Identified Cost $3,062,700,229)		7,726,189,884
		Other assets less liabilities — (1.7)%		(128,625,737	)

		Net Assets — 100.0%	$	7,597,564,147

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Fund – (continued)

Purchased Options — 0.6%


Description	Expiration Date		Exercise Price		Contracts		Notional Amount		Cost		Value (†)
Index Options — 0.6%
S&P 500^® Index, Put(a)		8/20/2021		3,725		2,598	$	1,116,490,500	$	12,531,453	$	2,948,730
S&P 500^® Index, Put(a)		8/20/2021		3,800		1,972		847,467,000		5,197,277		2,741,080
S&P 500^® Index, Put(a)		9/17/2021		3,725		2,598		1,116,490,500		14,072,067		6,196,230
S&P 500^® Index, Put(a)		9/17/2021		3,750		2,599		1,116,920,250		13,014,492		6,588,465
S&P 500^® Index, Put(a)		9/17/2021		3,775		2,406		1,033,978,500		9,634,827		6,496,200
S&P 500^® Index, Put(a)		9/17/2021		3,800		2,599		1,116,920,250		12,219,198		7,459,130
S&P 500^® Index, Put(a)		10/15/2021		3,825		2,599		1,116,920,250		11,722,790		12,150,325

Total									$	78,392,104	$	44,580,160

Written Options — (1.8%)


Description	Expiration Date		Exercise Price		Contracts			Notional Amount			Premiums (Received)			Value (†)
Index Options — (1.8%)
S&P 500^® Index, Call		7/16/2021		4,275		(1,930	)	$	(829,417,500	)	$	(14,106,076	)	$	(9,312,250	)
S&P 500^® Index, Call		7/16/2021		4,300		(1,930	)		(829,417,500	)		(12,244,980	)		(6,050,550	)
S&P 500^® Index, Call		7/30/2021		4,300		(1,930	)		(829,417,500	)		(7,859,925	)		(9,997,400	)
S&P 500^® Index, Call		8/20/2021		4,225		(1,931	)		(829,847,250	)		(20,001,200	)		(24,089,225	)
S&P 500^® Index, Call		8/20/2021		4,250		(1,930	)		(829,417,500	)		(18,069,837	)		(20,486,950	)
S&P 500^® Index, Call		8/20/2021		4,300		(1,930	)		(829,417,500	)		(12,020,521	)		(13,934,600	)
S&P 500^® Index, Call		9/17/2021		4,275		(1,930	)		(829,417,500	)		(16,824,376	)		(22,503,800	)
S&P 500^® Index, Call		9/17/2021		4,300		(1,930	)		(829,417,500	)		(18,076,120	)		(19,415,800	)
S&P 500^® Index, Call		9/17/2021		4,350		(1,930	)		(829,417,500	)		(13,626,765	)		(13,934,600	)

Total											$	(132,829,800	)	$	(139,725,175	)


	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	REITs			Real Estate Investment Trusts

Industry Summary at June 30, 2021 (Unaudited)


Software	9.4	%
Interactive Media & Services	6.6
Technology Hardware, Storage & Peripherals	6.1
Semiconductors & Semiconductor Equipment	5.9
IT Services	5.0
Banks	4.5
Internet & Direct Marketing Retail	4.3
Pharmaceuticals	3.9
Health Care Equipment & Supplies	3.0
Health Care Providers & Services	2.8
Oil, Gas & Consumable Fuels	2.7
Capital Markets	2.1
Specialty Retail	2.0
Automobiles	2.0
Other Investments, less than 2% each	39.6
Short-Term Investments	1.8

Total Investments	101.7
Other assets less liabilities (including open written options)	(1.7	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Equity Call Premium Fund


Shares		Description	Value (†)
	Common Stocks — 98.8% of Net Assets
		Aerospace & Defense — 1.5%
	1,766	Boeing Co. (The)(a)(b)	$	423,063
	258	Huntington Ingalls Industries, Inc.(b)		54,374
	950	Lockheed Martin Corp.(b)		359,432
	4,626	Raytheon Technologies Corp.(b)		394,644

				1,231,513

		Air Freight & Logistics — 0.5%
	1,067	FedEx Corp.(b)		318,318
	492	XPO Logistics, Inc.(a)(b)		68,826

				387,144

		Airlines — 0.3%
	3,943	Delta Air Lines, Inc.(a)(b)		170,574
	5,618	JetBlue Airways Corp.(a)(b)		94,270

				264,844

		Auto Components — 0.2%
	858	Adient PLC(a)(b)		38,782
	884	Gentex Corp.(b)		29,252
	343	Lear Corp.(b)		60,121
	507	Magna International, Inc.(b)		46,968

				175,123

		Automobiles — 1.7%
	14,025	Ford Motor Co.(a)(b)		208,411
	1,751	Tesla, Inc.(a)(b)		1,190,155

				1,398,566

		Banks — 4.6%
	21,899	Bank of America Corp.(b)		902,896
	5,549	Citigroup, Inc.(b)		392,592
	1,199	Comerica, Inc.(b)		85,537
	491	East West Bancorp, Inc.(b)		35,200
	5,480	Fifth Third Bancorp(b)		209,500
	957	First Republic Bank(b)		179,122
	8,001	JPMorgan Chase & Co.(b)		1,244,475
	375	SVB Financial Group(a)(b)		208,661
	9,552	Wells Fargo & Co.(b)		432,610

				3,690,593

		Beverages — 1.5%
	11,338	Coca-Cola Co. (The)(b)		613,499
	4,144	PepsiCo, Inc.(b)		614,017

				1,227,516

		Biotechnology — 1.8%
	4,002	AbbVie, Inc.(b)		450,785
	830	Alexion Pharmaceuticals, Inc.(a)(b)		152,479
	138	Alnylam Pharmaceuticals, Inc.(a)(b)		23,394
	1,455	Amgen, Inc.(b)		354,656
	497	Biogen, Inc.(a)(b)		172,096
	3,458	Gilead Sciences, Inc.(b)		238,118
	228	Seagen, Inc.(a)(b)		35,997

				1,427,525

		Building Products — 0.9%
	1,115	A.O. Smith Corp.(b)		80,347
	3,328	Carrier Global Corp.(b)		161,741
	1,240	Fortune Brands Home & Security, Inc.(b)		123,517
	4,110	Johnson Controls International PLC(b)		282,069
	203	Lennox International, Inc.(b)		71,212

				718,886

		Capital Markets — 2.8%
	4,133	Bank of New York Mellon Corp. (The)(b)		211,734
	498	BlackRock, Inc.(b)		435,735
		Capital Markets — continued
	4,119	Charles Schwab Corp. (The)(b)	$	299,904
	237	FactSet Research Systems, Inc.(b)		79,540
	1,192	Goldman Sachs Group, Inc. (The)(b)		452,400
	5,055	Morgan Stanley(b)		463,493
	429	MSCI, Inc.(b)		228,691
	685	Raymond James Financial, Inc.(b)		88,981

				2,260,478

		Chemicals — 1.6%
	849	AdvanSix, Inc.(a)(b)		25,351
	922	Air Products & Chemicals, Inc.(b)		265,241
	729	Ashland Global Holdings, Inc.(b)		63,788
	2,066	Huntsman Corp.(b)		54,790
	1,689	Linde PLC(b)		488,290
	897	Nutrien Ltd.(b)		54,367
	1,304	PPG Industries, Inc.(b)		221,380
	848	RPM International, Inc.(b)		75,201
	1,880	Valvoline, Inc.(b)		61,025

				1,309,433

		Commercial Services & Supplies — 0.4%
	386	Waste Connections, Inc.(b)		46,100
	2,066	Waste Management, Inc.(b)		289,467

				335,567

		Communications Equipment — 0.9%
	1,006	Ciena Corp.(a)(b)		57,231
	11,268	Cisco Systems, Inc.(b)		597,204
	3,169	Telefonaktiebolaget LM Ericsson, Sponsored ADR(b)		39,866

				694,301

		Consumer Finance — 0.5%
	2,148	Ally Financial, Inc.(b)		107,056
	6,190	Synchrony Financial(b)		300,339

				407,395

		Containers & Packaging — 0.4%
	975	Crown Holdings, Inc.(b)		99,655
	741	Packaging Corp. of America(b)		100,346
	1,908	WestRock Co.(b)		101,544

				301,545

		Diversified Financial Services — 1.6%
	4,674	Berkshire Hathaway, Inc., Class B(a)(b)		1,298,998

		Diversified Telecommunication Services — 1.4%
	17,475	AT&T, Inc.(b)		502,931
	11,149	Verizon Communications, Inc.(b)		624,678

				1,127,609

		Electric Utilities — 1.4%
	4,416	Alliant Energy Corp.(b)		246,236
	3,734	American Electric Power Co., Inc.(b)		315,859
	1,600	Evergy, Inc.(b)		96,688
	1,669	OGE Energy Corp.(b)		56,162
	6,509	Southern Co. (The)(b)		393,860

				1,108,805

		Electrical Equipment — 0.6%
	378	Acuity Brands, Inc.(b)		70,697
	2,795	Emerson Electric Co.(b)		268,991
	403	Hubbell, Inc.(b)		75,297
	1,368	Sensata Technologies Holding PLC(a)(b)		79,303

				494,288

		Electronic Equipment, Instruments & Components — 0.6%
	512	Arrow Electronics, Inc.(a)(b)		58,281
	1,274	Avnet, Inc.(b)		51,062

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Electronic Equipment, Instruments & Components — continued
	811	CDW Corp.(b)	$	141,641
	4,536	Flex Ltd.(a)(b)		81,058
	1,991	Trimble, Inc.(a)(b)		162,924

				494,966

		Energy Equipment & Services — 0.1%
	6,809	NOV, Inc.(a)(b)		104,314

		Entertainment — 2.0%
	2,167	Activision Blizzard, Inc.(b)		206,818
	760	Live Nation Entertainment, Inc.(a)(b)		66,568
	200	Madison Square Garden Entertainment Corp.(a)(b)		16,794
	121	Madison Square Garden Sports Corp.(a)(b)		20,881
	1,085	Netflix, Inc.(a)(b)		573,108
	51	Roku, Inc.(a)(b)		23,422
	4,083	Walt Disney Co. (The)(a)(b)		717,669

				1,625,260

		Food & Staples Retailing — 1.6%
	1,190	Costco Wholesale Corp.(b)		470,847
	2,216	Sysco Corp.(b)		172,294
	2,290	Walgreens Boots Alliance, Inc.(b)		120,477
	3,511	Walmart, Inc.(b)		495,121

				1,258,739

		Food Products — 0.7%
	1,143	Bunge Ltd.(b)		89,326
	1,836	Hain Celestial Group, Inc. (The)(a)(b)		73,660
	614	Ingredion, Inc.(b)		55,567
	2,919	Kellogg Co.(b)		187,779
	854	Post Holdings, Inc.(a)(b)		92,633
	1,107	TreeHouse Foods, Inc.(a)(b)		49,284

				548,249

		Gas Utilities — 0.2%
	1,197	Atmos Energy Corp.(b)		115,044
	1,531	UGI Corp.(b)		70,900

				185,944

		Health Care Equipment & Supplies — 3.0%
	4,804	Abbott Laboratories(b)		556,928
	1,359	Alcon, Inc.		95,483
	285	Align Technology, Inc.(a)(b)		174,135
	336	Cooper Cos., Inc. (The)(b)		133,147
	388	Hill-Rom Holdings, Inc.(b)		44,073
	1,558	Hologic, Inc.(a)(b)		103,950
	466	IDEXX Laboratories, Inc.(a)(b)		294,302
	4,542	Medtronic PLC(b)		563,798
	898	ResMed, Inc.(b)		221,375
	583	STERIS PLC(b)		120,273
	362	Teleflex, Inc.(b)		145,448

				2,452,912

		Health Care Providers & Services — 2.4%
	821	Anthem, Inc.(b)		313,458
	2,580	Centene Corp.(a)(b)		188,159
	1,142	Cigna Corp.(b)		270,734
	2,386	MEDNAX, Inc.(a)(b)		71,938
	260	Molina Healthcare, Inc.(a)(b)		65,795
	2,520	UnitedHealth Group, Inc.(b)		1,009,109

				1,919,193

		Health Care Technology — 0.2%
	428	Veeva Systems, Inc., Class A(a)(b)		133,087

		Hotels, Restaurants & Leisure — 2.2%
	113	Booking Holdings, Inc.(a)(b)		247,254
	2,667	Carnival Corp.(a)(b)		70,302
		Hotels, Restaurants & Leisure — continued
	159	Domino’s Pizza, Inc.(b)	$	74,172
	748	Hilton Grand Vacations, Inc.(a)(b)		30,960
	1,489	Hilton Worldwide Holdings, Inc.(a)(b)		179,603
	1,858	Las Vegas Sands Corp.(a)(b)		97,898
	1,761	McDonald’s Corp.(b)		406,773
	374	Melco Resorts & Entertainment Ltd., Sponsored ADR(a)(b)		6,197
	2,401	MGM Resorts International(b)		102,403
	1,539	Norwegian Cruise Line Holdings Ltd.(a)(b)		45,262
	1,408	Restaurant Brands International, Inc.(b)		90,732
	3,495	Starbucks Corp.(b)		390,776
	11	Vail Resorts, Inc.(a)(b)		3,482

				1,745,814

		Household Durables — 0.4%
	1,384	Leggett & Platt, Inc.(b)		71,705
	2,069	PulteGroup, Inc.(b)		112,905
	2,218	Toll Brothers, Inc.(b)		128,223

				312,833

		Household Products — 1.4%
	627	Clorox Co. (The)(b)		112,804
	7,392	Procter & Gamble Co. (The)(b)		997,402

				1,110,206

		Industrial Conglomerates — 1.2%
	2,186	3M Co.(b)		434,205
	2,420	Honeywell International, Inc.(b)		530,827

				965,032

		Insurance — 1.3%
	3,115	Arch Capital Group Ltd.(a)(b)		121,298
	1,501	Chubb Ltd.(b)		238,569
	642	Cincinnati Financial Corp.(b)		74,870
	5,403	Manulife Financial Corp.(b)		106,439
	2,318	Prudential Financial, Inc.(b)		237,525
	301	RenaissanceRe Holdings Ltd.(b)		44,795
	801	Willis Towers Watson PLC(b)		184,246

				1,007,742

		Interactive Media & Services — 6.5%
	662	Alphabet, Inc., Class A(a)(b)		1,616,465
	663	Alphabet, Inc., Class C(a)(b)		1,661,690
	5,342	Facebook, Inc., Class A(a)(b)		1,857,467
	378	Match Group, Inc.(a)(b)		60,952

				5,196,574

		Internet & Direct Marketing Retail — 4.3%
	970	Amazon.com, Inc.(a)(b)		3,336,955
	290	JD.com, Inc., ADR(a)(b)		23,145
	29	MercadoLibre, Inc.(a)(b)		45,176
	905	Trip.com Group Ltd., ADR(a)(b)		32,091

				3,437,367

		IT Services — 4.7%
	1,895	Accenture PLC, Class A(b)		558,627
	314	EPAM Systems, Inc.(a)(b)		160,441
	435	FleetCor Technologies, Inc.(a)(b)		111,386
	1,198	Global Payments, Inc.(b)		224,673
	2,646	International Business Machines Corp.(b)		387,877
	2,297	MasterCard, Inc., Class A(b)		838,612
	46	Shopify, Inc., Class A(a)(b)		67,205
	458	Square, Inc., Class A(a)(b)		111,660
	1,088	VeriSign, Inc.(a)(b)		247,727
	4,462	Visa, Inc., Class A(b)		1,043,305

				3,751,513

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Leisure Products — 0.1%
	590	Brunswick Corp.(b)	$	58,776
	345	Polaris, Inc.(b)		47,251

				106,027

		Life Sciences Tools & Services — 1.2%
	131	Bio-Rad Laboratories, Inc., Class A(a)(b)		84,402
	482	Illumina, Inc.(a)(b)		228,087
	428	PRA Health Sciences, Inc.(a)(b)		70,710
	1,206	Thermo Fisher Scientific, Inc.(b)		608,391

				991,590

		Machinery — 1.6%
	471	AGCO Corp.(b)		61,409
	1,820	Caterpillar, Inc.(b)		396,086
	822	Cummins, Inc.(b)		200,412
	990	Deere & Co.(b)		349,183
	616	IDEX Corp.(b)		135,551
	1,691	Otis Worldwide Corp.(b)		138,273

				1,280,914

		Media — 1.1%
	11,513	Comcast Corp., Class A(b)		656,471
	2,132	Discovery, Inc., Series C(a)(b)		61,785
	2,292	Fox Corp., Class B(b)		80,678
	259	Liberty Broadband Corp., Class C(a)(b)		44,978
	10,823	Sirius XM Holdings, Inc.(b)		70,783

				914,695

		Metals & Mining — 0.4%
	1,850	Alcoa Corp.(a)(b)		68,154
	1,619	Barrick Gold Corp.(b)		33,481
	316	Rio Tinto PLC, Sponsored ADR(b)		26,509
	590	Southern Copper Corp.(b)		37,949
	833	Steel Dynamics, Inc.(b)		49,647
	4,124	Vale S.A., Sponsored ADR(b)		94,068

				309,808

		Multi-Utilities — 0.6%
	2,974	Ameren Corp.(b)		238,039
	3,723	Public Service Enterprise Group, Inc.(b)		222,412

				460,451

		Multiline Retail — 0.6%
	1,576	Nordstrom, Inc.(a)(b)		57,634
	1,669	Target Corp.(b)		403,464

				461,098

		Oil, Gas & Consumable Fuels — 2.7%
	2,853	Canadian Natural Resources Ltd.(b)		103,507
	1,062	Cheniere Energy, Inc.(a)(b)		92,118
	4,533	Chevron Corp.(b)		474,786
	5,654	ConocoPhillips(b)		344,329
	3,968	Devon Energy Corp.(b)		115,826
	42	Enbridge, Inc.(b)		1,682
	1,230	EQT Corp.(a)(b)		27,380
	10,937	Exxon Mobil Corp.(b)		689,906
	1,235	HollyFrontier Corp.(b)		40,632
	1,124	Ovintiv, Inc.(b)		35,372
	752	Pioneer Natural Resources Co.(b)		122,215
	3,117	Suncor Energy, Inc.(b)		74,714
	1,014	TC Energy Corp.		50,213

				2,172,680

		Pharmaceuticals — 3.8%
	5,648	Bristol-Myers Squibb Co.(b)		377,399
	2,022	Eli Lilly & Co.(b)		464,089
	111	Jazz Pharmaceuticals PLC(a)(b)		19,718
		Pharmaceuticals — continued
	6,282	Johnson & Johnson(b)	$	1,034,897
	6,156	Merck & Co., Inc.(b)		478,752
	454	Novartis AG, Sponsored ADR(b)		41,423
	615	Organon & Co.(a)(b)		18,610
	12,936	Pfizer, Inc.(b)		506,574
	1,500	Teva Pharmaceutical Industries Ltd., Sponsored ADR(a)(b)		14,850
	4,580	Viatris, Inc.(b)		65,448

				3,021,760

		Professional Services — 0.5%
	740	CoStar Group, Inc.(a)(b)		61,287
	739	Leidos Holdings, Inc.(b)		74,713
	342	ManpowerGroup, Inc.(b)		40,667
	810	TransUnion(b)		88,946
	998	Verisk Analytics, Inc.(b)		174,371

				439,984

		Real Estate Management & Development — 0.0%
	176	Jones Lang LaSalle, Inc.(a)(b)		34,401

		REITs – Apartments — 0.8%
	1,056	American Campus Communities, Inc.(b)		49,336
	836	Camden Property Trust(b)		110,912
	566	Essex Property Trust, Inc.(b)		169,806
	3,100	Invitation Homes, Inc.(b)		115,599
	1,125	Mid-America Apartment Communities, Inc.(b)		189,473

				635,126

		REITs – Diversified — 1.0%
	1,350	Crown Castle International Corp.(b)		263,385
	862	Digital Realty Trust, Inc.(b)		129,696
	2,963	Duke Realty Corp.(b)		140,298
	723	Gaming & Leisure Properties, Inc.(b)		33,497
	516	SBA Communications Corp.(b)		164,449
	846	VICI Properties, Inc.(b)		26,243
	724	W.P. Carey, Inc.(b)		54,025

				811,593

		REITs – Health Care — 0.1%
	2,686	Medical Properties Trust, Inc.(b)		53,989

		REITs – Hotels — 0.1%
	2,742	Park Hotels & Resorts, Inc.(a)(b)		56,513

		REITs – Mortgage — 0.0%
	4,312	Annaly Capital Management, Inc.(b)		38,291

		REITs – Office Property — 0.1%
	1,073	Kilroy Realty Corp.(b)		74,724

		REITs – Single Tenant — 0.2%
	461	National Retail Properties, Inc.(b)		21,612
	2,668	Realty Income Corp.(b)		178,062

				199,674

		REITs – Storage — 0.2%
	984	Extra Space Storage, Inc.(b)		161,199

		Road & Rail — 1.2%
	1,142	Norfolk Southern Corp.(b)		303,098
	778	Old Dominion Freight Line, Inc.(b)		197,457
	2,100	Union Pacific Corp.(b)		461,853

				962,408

		Semiconductors & Semiconductor Equipment — 5.7%
	3,429	Advanced Micro Devices, Inc.(a)(b)		322,086
	3,084	Applied Materials, Inc.(b)		439,162
	134	ASML Holding NV, (Registered)(b)		92,572
	398	Enphase Energy, Inc.(a)(b)		73,085

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	377	First Solar, Inc.(a)(b)	$	34,122
	9,678	Intel Corp.(b)		543,323
	1,569	Marvell Technology, Inc.(b)		91,520
	2,228	Maxim Integrated Products, Inc.(b)		234,742
	1,524	NVIDIA Corp.(b)		1,219,352
	1,256	NXP Semiconductors NV(b)		258,384
	1,366	ON Semiconductor Corp.(a)(b)		52,290
	2,976	QUALCOMM, Inc.(b)		425,360
	1,002	Teradyne, Inc.(b)		134,228
	3,476	Texas Instruments, Inc.(b)		668,435

				4,588,661

		Software — 9.0%
	1,341	Adobe, Inc.(a)(b)		785,343
	1,121	Cadence Design Systems, Inc.(a)(b)		153,375
	470	CDK Global, Inc.(b)		23,354
	331	Check Point Software Technologies Ltd.(a)(b)		38,439
	582	Fortinet, Inc.(a)(b)		138,627
	17,088	Microsoft Corp.(b)		4,629,139
	4,413	Oracle Corp.(b)		343,508
	165	Palo Alto Networks, Inc.(a)(b)		61,223
	2,191	salesforce.com, Inc.(a)(b)		535,196
	560	ServiceNow, Inc.(a)(b)		307,748
	498	SS&C Technologies Holdings, Inc.(b)		35,886
	745	Synopsys, Inc.(a)(b)		205,464

				7,257,302

		Specialty Retail — 1.8%
	364	Advance Auto Parts, Inc.(b)		74,671
	309	Burlington Stores, Inc.(a)(b)		99,495
	933	Dick’s Sporting Goods, Inc.(b)		93,477
	1,030	Foot Locker, Inc.(b)		63,479
	2,846	Home Depot, Inc. (The)(b)		907,561
	392	Ulta Beauty, Inc.(a)(b)		135,542
	298	Williams-Sonoma, Inc.(b)		47,576

				1,421,801

		Technology Hardware, Storage & Peripherals — 6.4%
	35,272	Apple, Inc.(b)		4,830,853
	424	Dell Technologies, Inc., Class C(a)(b)		42,260
	7,897	Hewlett Packard Enterprise Co.(b)		115,138
	5,561	HP, Inc.(b)		167,887

				5,156,138

		Textiles, Apparel & Luxury Goods — 0.8%
	309	Carter’s, Inc.(b)		31,880
	232	Lululemon Athletica, Inc.(a)(b)		84,673
	3,384	NIKE, Inc., Class B(b)		522,794
	800	Skechers U.S.A., Inc., Class A(a)(b)		39,864

				679,211

		Tobacco — 0.9%
	5,110	Altria Group, Inc.(b)		243,645
	206	British American Tobacco PLC, Sponsored ADR(b)		8,098
	4,960	Philip Morris International, Inc.(b)		491,585

				743,328

		Water Utilities — 0.4%
	1,833	American Water Works Co., Inc.(b)		282,520

		Wireless Telecommunication Services — 0.1%
	3,935	America Movil SAB de CV, Series L, ADR(b)		59,025
	1,731	Vodafone Group PLC, Sponsored ADR(b)		29,652

				88,677

		Total Common Stocks (Identified Cost $38,966,064)		79,514,437

Principal Amount		Description	Value (†)
	Short-Term Investments — 2.8%
$	2,246,361	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2021 at 0.000% to be repurchased at $2,246,361 on 7/01/2021 collateralized by $2,035,000 U.S. Treasury Inflation Indexed Note, 0.125% due 4/15/2022 valued at $2,291,367 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,246,361)		2,246,361


		Total Investments — 101.6% (Identified Cost $41,212,425)		81,760,798
		Other assets less liabilities — (1.6)%		(1,316,006	)

		Net Assets — 100.0%	$	80,444,792

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Gateway Equity Call Premium Fund – (continued)

Written Options — (1.8%)


Description	Expiration Date		Exercise Price		Contracts			Notional Amount			Premiums (Received)			Value (†)
Index Options — (1.8%)
S&P 500^® Index, Call		7/16/2021		4,275		(21	)	$	(9,024,750	)	$	(150,839	)	$	(101,325	)
S&P 500^® Index, Call		7/16/2021		4,300		(21	)		(9,024,750	)		(130,389	)		(65,835	)
S&P 500^® Index, Call		7/30/2021		4,300		(20	)		(8,595,000	)		(81,450	)		(103,600	)
S&P 500^® Index, Call		8/20/2021		4,225		(21	)		(9,024,750	)		(218,419	)		(261,975	)
S&P 500^® Index, Call		8/20/2021		4,250		(21	)		(9,024,750	)		(196,711	)		(222,915	)
S&P 500^® Index, Call		8/20/2021		4,300		(20	)		(8,595,000	)		(124,610	)		(144,400	)
S&P 500^® Index, Call		9/17/2021		4,275		(19	)		(8,165,250	)		(165,651	)		(221,540	)
S&P 500^® Index, Call		9/17/2021		4,300		(20	)		(8,595,000	)		(187,410	)		(201,200	)
S&P 500^® Index, Call		9/17/2021		4,350		(20	)		(8,595,000	)		(141,210	)		(144,400	)

Total											$	(1,396,689	)	$	(1,467,190	)


	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	REITs			Real Estate Investment Trusts

Industry Summary at June 30, 2021 (Unaudited)


Software	9.0	%
Interactive Media & Services	6.5
Technology Hardware, Storage & Peripherals	6.4
Semiconductors & Semiconductor Equipment	5.7
IT Services	4.7
Banks	4.6
Internet & Direct Marketing Retail	4.3
Pharmaceuticals	3.8
Health Care Equipment & Supplies	3.0
Capital Markets	2.8
Oil, Gas & Consumable Fuels	2.7
Health Care Providers & Services	2.4
Hotels, Restaurants & Leisure	2.2
Entertainment	2.0
Other Investments, less than 2% each	38.7
Short-Term Investments	2.8

Total Investments	101.6
Other assets less liabilities (including open written options)	(1.6	)

Net Assets	100.0	%

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Mirova Global Green Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 85.6% of Net Assets
		Brazil — 1.3%
$	500,000	Banco Nacional de Desenvolvimento Economico e Social, 4.750%, 5/09/2024(a)	$	538,130

		Canada — 2.0%
	1,000,000	Province of Ontario Canada, 1.950%, 1/27/2023, (CAD)(a)		825,557
	50,000	Province of Quebec Canada, 2.600%, 7/06/2025, (CAD)(a)		42,799

				868,356

		Chile — 2.6%
	500,000	Chile Government International Bond, 1.250%, 1/29/2040, (EUR)(a)		580,662
	500,000	Chile Government International Bond, 3.500%, 1/25/2050(a)		523,220

				1,103,882

		Denmark — 1.1%
	400,000	Orsted A/S, (fixed rate to 9/09/2027, variable rate thereafter), 1.750%, 12/09/3019, (EUR)(a)		486,181

		Finland — 1.4%
	500,000	Citycon OYJ, (fixed rate to 11/24/2024, variable rate thereafter), 4.496%, (EUR)(a)(b)		616,479

		France — 13.5%
	400,000	Altarea SCA, 1.750%, 1/16/2030, (EUR)(a)		473,589
	400,000	Covivio, 1.125%, 9/17/2031, (EUR)(a)		491,153
	800,000	Electricite de France S.A., 3.625%, 10/13/2025(a)		879,279
	400,000	Faurecia SE, 2.375%, 6/15/2029, (EUR)(a)		482,997
	1,200,000	France Government Bond OAT, 1.750%, 6/25/2039, 144A, (EUR)(a)		1,726,527
	100,000	Getlink SE, 3.500%, 10/30/2025, (EUR)(a)		123,022
	600,000	ICADE, 1.500%, 9/13/2027, (EUR)(a)		764,965
	600,000	Societe du Grand Paris EPIC, EMTN, 1.700%, 5/25/2050, (EUR)(a)		827,630

				5,769,162

		Germany — 8.8%
	500,000	BayWa AG, EMTN, 3.125%, 6/26/2024, (EUR)(a)		634,174
	600,000	E.ON SE, EMTN, 0.350%, 2/28/2030, (EUR)(a)		706,296
	500,000	EnBW Energie Baden-Wuerttemberg AG, (fixed rate to 3/30/2026, variable rate thereafter), 1.875%, 6/29/2080, (EUR)(a)		607,824
	300,000	Landesbank Baden-Wuerttemberg, Series 809, MTN, 0.375%, 7/29/2026, (EUR)(a)		361,267
	800,000	Muenchener Rueckversicherungs-Gesellschaft AG, (fixed rate to 11/26/2030, variable rate thereafter), 1.250%, 5/26/2041, (EUR)(a)		961,937
	400,000	Volkswagen International Finance NV, EMTN, 1.250%, 9/23/2032, (EUR)(a)		495,907

				3,767,405

		Hungary — 2.1%
	700,000	Hungary Government International Bond, 1.750%, 6/05/2035, (EUR)(a)		878,789

		India — 1.5%
	600,000	Indian Railway Finance Corp. Ltd., 3.835%, 12/13/2027(a)		647,166

		Indonesia — 2.5%
	500,000	Perusahaan Penerbit SBSN Indonesia III, 3.750%, 3/01/2023(a)		526,170
	500,000	Perusahaan Penerbit SBSN Indonesia III, MTN, 3.900%, 8/20/2024(a)		543,610

				1,069,780

		Ireland — 0.9%
	300,000	AIB Group PLC, EMTN, (fixed rate to 5/30/2026, variable rate thereafter), 2.875%, 5/30/2031, (EUR)(a)	$	380,372

		Italy — 2.9%
	400,000	A2A SpA, EMTN, 1.000%, 7/16/2029, (EUR)(a)		494,207
	600,000	Assicurazioni Generali SpA, EMTN, 2.124%, 10/01/2030, (EUR)(a)		752,895

				1,247,102

		Korea — 2.2%
	500,000	Kia Corp., 1.750%, 10/16/2026		504,472
	400,000	Korea Water Resources Corp., EMTN, 3.875%, 5/15/2023(a)		424,242

				928,714

		Lithuania — 2.8%
	500,000	AB Ignitis Grupe, EMTN, 1.875%, 7/10/2028, (EUR)(a)		649,993
	400,000	AB Ignitis Grupe, EMTN, 2.000%, 7/14/2027, (EUR)(a)		521,445

				1,171,438

		Luxembourg — 0.9%
	300,000	Eurofins Scientific SE, (fixed rate to 8/11/2022, variable rate thereafter), 2.875%, (EUR)(b)		362,840

		Mexico — 2.3%
	800,000	Mexico Government International Bond, 1.350%, 9/18/2027, (EUR)(a)		982,750

		Netherlands — 11.2%
	700,000	ABB Finance BV, EMTN, 0.271%-0.282%, 1/19/2030, (EUR)(a)(c)		802,631
	400,000	CTP NV, EMTN, 2.125%, 10/01/2025, (EUR)(a)		501,422
	600,000	de Volksbank NV, EMTN, (fixed rate to 10/22/2025, variable rate thereafter), 1.750%, 10/22/2030, (EUR)(a)		745,914
	500,000	Royal Schiphol Group NV, EMTN, 1.500%, 11/05/2030, (EUR)(a)		649,597
	700,000	Signify NV, 2.375%, 5/11/2027, (EUR)(a)		919,567
	150,000	TenneT Holding BV, EMTN, 1.250%, 10/24/2033, (EUR)(a)		192,511
	700,000	TenneT Holding BV, EMTN, 1.875%, 6/13/2036, (EUR)(a)		956,264

				4,767,906

		Singapore — 1.0%
	400,000	Vena Energy Capital Pte Ltd., EMTN, 3.133%, 2/26/2025(a)		409,664

		Spain — 7.2%
	500,000	ACS Servicios Comunicaciones y Energia S.A., 1.875%, 4/20/2026, (EUR)(a)		626,553
	400,000	Banco Bilbao Vizcaya Argentaria S.A., 1.000%, 6/21/2026, (EUR)(a)		493,206
	500,000	Bankinter S.A., 0.625%, 10/06/2027, (EUR)(a)		596,853
	500,000	Iberdrola International BV, (fixed rate to 2/22/2023, variable rate thereafter), 1.875%, (EUR)(a)(b)		607,916
	600,000	Telefonica Europe BV, (fixed rate to 2/05/2027, variable rate thereafter), 2.502%, (EUR)(a)(b)		724,231

				3,048,759

		Supranationals — 1.5%
	600,000	European Investment Bank, 2.375%, 5/24/2027(a)		643,414

		Sweden — 2.4%
	500,000	SKF AB, EMTN, 0.875%, 11/15/2029, (EUR)(a)		614,290
	300,000	Volvo Car AB, EMTN, 2.500%, 10/07/2027, (EUR)(a)		388,910

				1,003,200

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Mirova Global Green Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United Kingdom — 4.7%
	500,000	Anglian Water Services Financing PLC, EMTN, 1.625%, 8/10/2025, (GBP)(a)	$	716,008
	200,000	SSE PLC, EMTN, 1.375%, 9/04/2027, (EUR)(a)		252,923
	600,000	Standard Chartered PLC, (fixed rate to 7/02/2026, variable rate thereafter), EMTN, 0.900%, 7/02/2027, (EUR)(a)		732,821
	200,000	Transport for London, EMTN, 2.125%, 4/24/2025, (GBP)(a)		289,501

				1,991,253

		United States — 8.8%
	500,000	Air Products & Chemicals, Inc., 2.050%, 5/15/2030(a)		509,668
	600,000	Digital Dutch Finco BV, 1.500%, 3/15/2030, (EUR)(a)		750,500
	400,000	Digital Euro Finco LLC, 2.500%, 1/16/2026, (EUR)(a)		521,066
	300,000	Digital Intrepid Holding BV, 0.625%, 7/15/2031, (EUR)(a)		343,559
	100,000	DTE Electric Co., Series A, 4.050%, 5/15/2048(a)		121,581
	400,000	Southern Power Co., 4.150%, 12/01/2025(a)		447,651
	200,000	Thermo Fisher Scientific, Inc., 4.100%, 8/15/2047(a)		243,540
	700,000	Verizon Communications, Inc., 3.875%, 2/08/2029(a)		799,702

				3,737,267

		Total Bonds and Notes (Identified Cost $34,962,135)		36,420,009


	Short-Term Investments — 4.3%
	1,845,242	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2021 at 0.000% to be repurchased at $1,845,242 on 7/01/2021 collateralized by $1,655,300 U.S. Treasury Inflation Indexed Note, 0.125% due 1/15/2030 valued at $1,882,182 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,845,242)		1,845,242


		Total Investments — 89.9% (Identified Cost $36,807,377)		38,265,251
		Other assets less liabilities — 10.1%		4,307,227

		Net Assets — 100.0%	$	42,572,478


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(b)	Perpetual bond with no specified maturity date.
	(c)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the value of Rule 144A holdings amounted to $1,726,527 or 4.1% of net assets.

	EMTN	Euro Medium Term Note
	MTN	Medium Term Note
	CAD	Canadian Dollar
	EUR	Euro
	GBP	British Pound

At June 30, 2021, open short futures contracts were as follows:


Financial and Currency Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		9/21/2021		16	$	2,112,250	$	2,120,000	$	(7,750	)
30 Year U.S. Treasury Bond		9/21/2021		9		1,412,367		1,446,750		(34,383	)
British Pound		9/13/2021		12		1,059,862		1,035,375		24,487
Canadian Dollar		9/14/2021		11		909,161		886,820		22,341
Euro		9/13/2021		203		31,023,221		30,107,437		915,784
Ultra Long U.S. Treasury Bond		9/21/2021		6		1,114,219		1,156,125		(41,906	)

Total									$	878,573

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Mirova Global Green Bond Fund – (continued)

Industry Summary at June 30, 2021 (Unaudited)


Industrial	16.8	%
Financial	14.8
Government National	13.6
Utility-Electric	13.4
Bank	7.7
Special Purpose	7.0
Government Regional	3.9
Telephone	3.6
Government Agency	2.3
Supra-National	1.5
Transportation-Rail	0.7
Transportation-Non Rail	0.3
Short-Term Investments	4.3

Total Investments	89.9
Other assets less liabilities (including futures contracts)	10.1

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2021 (Unaudited)


Euro	62.9	%
United States Dollar	22.6
British Pound	2.4
Canadian Dollar	2.0

Total Investments	89.9
Other assets less liabilities (including futures contracts)	10.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Mirova Global Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 97.5% of Net Assets
		Belgium — 1.7%
	258,652	KBC Group NV	$	19,748,420

		Denmark — 9.0%
	325,328	Novo Nordisk A/S, Class B		27,232,754
	271,048	Orsted A/S, 144A		38,044,663
	964,427	Vestas Wind Systems A/S		37,682,104

				102,959,521

		France — 3.3%
	98,868	EssilorLuxottica S.A.		18,264,205
	81,828	Orpea S.A.(a)		10,417,788
	298,345	Valeo S.A.		8,999,127

				37,681,120

		Germany — 5.3%
	53,755	Allianz SE, (Registered)		13,414,924
	56,593	SAP SE		7,949,034
	282,760	Symrise AG		39,404,503

				60,768,461

		Hong Kong — 2.2%
	1,991,235	AIA Group Ltd.		24,702,415

		Japan — 5.3%
	906,200	Sekisui House Ltd.		18,608,601
	663,456	Takeda Pharmaceutical Co. Ltd.		22,265,947
	477,000	Terumo Corp.		19,319,683

				60,194,231

		Netherlands — 4.1%
	10,836	Adyen NV, 144A(a)		26,573,442
	28,383	ASML Holding NV		19,593,332

				46,166,774

		Switzerland — 1.3%
	20,207	Geberit AG, (Registered)		15,178,910

		Taiwan — 3.0%
	280,383	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		33,690,821

		United Kingdom — 4.8%
	5,195,740	Legal & General Group PLC		18,536,242
	1,247,257	Prudential PLC		23,730,022
	206,939	Unilever PLC		12,128,478

				54,394,742

		United States — 57.5%
	62,627	Adobe, Inc.(a)		36,676,876
	12,965	Alphabet, Inc., Class A(a)		31,657,807
	96,563	American Water Works Co., Inc.		14,883,255
	188,721	Aptiv PLC(a)		29,691,475
	131,634	Ball Corp.		10,664,987
	79,166	Bright Horizons Family Solutions, Inc.(a)		11,646,110
	152,925	Danaher Corp.		41,038,953
	296,532	Eaton Corp. PLC		43,940,112
	728,385	eBay, Inc.		51,139,911
	191,806	Ecolab, Inc.		39,506,282
	85,706	Eli Lilly & Co.		19,671,241
	45,221	Estee Lauder Cos., Inc. (The), Class A		14,383,896
	14,035	Intuitive Surgical, Inc.(a)		12,907,147
	122,364	MasterCard, Inc., Class A		44,673,873
	203,030	Microsoft Corp.		55,000,827
	211,735	NextEra Energy, Inc.		15,515,941
	38,514	NVIDIA Corp.		30,815,051
	121,599	Oracle Corp.		9,465,266
	73,681	Roper Technologies, Inc.		34,644,806
	75,909	Signature Bank		18,647,046
		United States — continued
	84,224	Thermo Fisher Scientific, Inc.	$	42,488,481
	142,653	Visa, Inc., Class A		33,355,125
	74,526	Watts Water Technologies, Inc., Series A		10,874,089

				653,288,557

		Total Common Stocks (Identified Cost $907,718,168)		1,108,773,972


Principal Amount
	Short-Term Investments — 2.0%
$	23,029,207	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2021 at 0.000% to be repurchased at $23,029,207 on 7/01/2021 collateralized by $20,658,300 U.S. Treasury Inflation Indexed Note, 0.125% due 1/15/2030 valued at $23,489,812 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $23,029,207)		23,029,207


		Total Investments — 99.5% (Identified Cost $930,747,375)		1,131,803,179
		Other assets less liabilities — 0.5%		5,154,794

		Net Assets — 100.0%	$	1,136,957,973


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the value of Rule 144A holdings amounted to $64,618,105 or 5.7% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at June 30, 2021 (Unaudited)


Software	9.5	%
IT Services	9.2
Semiconductors & Semiconductor Equipment	7.4
Electrical Equipment	7.2
Insurance	7.1
Chemicals	6.9
Health Care Equipment & Supplies	6.4
Pharmaceuticals	6.1
Electric Utilities	4.7
Internet & Direct Marketing Retail	4.5
Life Sciences Tools & Services	3.7
Auto Components	3.4
Banks	3.4
Industrial Conglomerates	3.1
Interactive Media & Services	2.8
Personal Products	2.4
Other Investments, less than 2% each	9.7
Short-Term Investments	2.0

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Mirova Global Sustainable Equity Fund – (continued)

Currency Exposure Summary at June 30, 2021 (Unaudited)


United States Dollar	62.5	%
Euro	15.5
Danish Krone	9.0
Japanese Yen	5.3
British Pound	3.7
Hong Kong Dollar	2.2
Swiss Franc	1.3

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Mirova International Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 95.4% of Net Assets
		Australia — 2.0%
	33,541	Brambles Ltd.	$	287,847
	92,274	Stockland		321,321

				609,168

		Belgium — 5.0%
	14,550	KBC Group NV		1,110,912
	6,132	Umicore S.A.		375,144

				1,486,056

		Denmark — 13.6%
	4,439	Chr. Hansen Holding A/S		400,550
	2,387	Coloplast A/S, Series B		391,905
	13,450	Novo Nordisk A/S, Class B		1,125,881
	6,904	Orsted A/S, 144A		969,055
	30,081	Vestas Wind Systems A/S		1,175,325

				4,062,716

		France — 16.5%
	2,227	Air Liquide S.A.		390,504
	35,415	Credit Agricole S.A.		496,504
	7,942	Danone S.A.		558,759
	2,109	Dassault Systemes SE		511,846
	2,345	EssilorLuxottica S.A.		433,199
	1,086	L’Oreal S.A.		485,001
	4,518	Orpea S.A.(a)		575,201
	18,779	Suez S.A.		446,779
	12,348	Valeo S.A.		372,459
	6,891	Worldline S.A., 144A(a)		645,718

				4,915,970

		Germany — 6.4%
	2,356	Allianz SE, (Registered)		587,956
	6,047	SAP SE		849,360
	3,287	Symrise AG		458,065

				1,895,381

		Hong Kong — 4.2%
	100,595	AIA Group Ltd.		1,247,939

		Ireland — 4.2%
	7,862	Kingspan Group PLC		743,063
	9,360	Smurfit Kappa Group PLC		509,028

				1,252,091

		Japan — 11.0%
	4,200	Kao Corp.		258,972
	41,600	Kubota Corp.		841,555
	22,400	Sekisui House Ltd.		459,979
	1,100	Shimano, Inc.		261,717
	18,238	Takeda Pharmaceutical Co. Ltd.		612,077
	14,600	Terumo Corp.		591,336
	4,400	West Japan Railway Co.		251,438

				3,277,074

		Netherlands — 8.9%
	441	Adyen NV, 144A(a)		1,081,477
	2,282	ASML Holding NV		1,575,309

				2,656,786

		Norway — 0.5%
	8,573	Telenor ASA		144,584

		Switzerland — 2.6%
	1,052	Geberit AG, (Registered)		790,232

		Taiwan — 4.4%
	10,850	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		1,303,736

		United Kingdom — 16.1%
	6,924	Croda International PLC	$	706,207
	21,396	Halma PLC		797,113
	6,966	Johnson Matthey PLC		296,586
	32,165	Land Securities Group PLC		300,185
	261,344	Legal & General Group PLC		932,367
	47,802	Prudential PLC		909,470
	2,104	Spirax-Sarco Engineering PLC		396,281
	7,669	Unilever PLC		449,472

				4,787,681

		Total Common Stocks (Identified Cost $23,109,104)		28,429,414


Principal Amount
	Short-Term Investments — 4.2%
$	1,266,220	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2021 at 0.000% to be repurchased at $1,266,220 on 7/01/2021 collateralized by $1,135,900 U.S. Treasury Inflation Indexed Note, 0.125% due 1/15/2030 valued at $1,291,591 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,266,220)		1,266,220


		Total Investments — 99.6% (Identified Cost $24,375,324)		29,695,634
		Other assets less liabilities — 0.4%		116,493

		Net Assets — 100.0%	$	29,812,127

	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the value of Rule 144A holdings amounted to $2,696,250 or 9.0% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Mirova International Sustainable Equity Fund – (continued)

Industry Summary at June 30, 2021 (Unaudited)


Insurance	12.4	%
Semiconductors & Semiconductor Equipment	9.7
Chemicals	8.8
Pharmaceuticals	5.9
IT Services	5.8
Banks	5.4
Building Products	5.1
Software	4.6
Machinery	4.1
Personal Products	4.0
Electrical Equipment	3.9
Health Care Equipment & Supplies	3.3
Electric Utilities	3.3
Electronic Equipment, Instruments & Components	2.7
REITs-Diversified	2.1
Other Investments, less than 2% each	14.3
Short-Term Investments	4.2

Total Investments	99.6
Other assets less liabilities	0.4

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2021 (Unaudited)


Euro	42.5	%
British Pound	14.6
Danish Krone	13.6
Japanese Yen	11.0
United States Dollar	8.6
Hong Kong Dollar	4.2
Swiss Franc	2.6
Australian Dollar	2.0
Norwegian Krone	0.5

Total Investments	99.6
Other assets less liabilities	0.4

Net Assets	100.0	%

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of June 30, 2021 (Unaudited)

Mirova U.S. Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 96.5% of Net Assets
		Auto Components — 2.7%
	1,003	Aptiv PLC(a)	$	157,802

		Banks — 2.6%
	616	Signature Bank		151,320

		Chemicals — 3.6%
	1,023	Ecolab, Inc.		210,707

		Commercial Services & Supplies — 3.1%
	1,281	Waste Management, Inc.		179,481

		Communications Equipment — 0.9%
	981	Cisco Systems, Inc.		51,993

		Containers & Packaging — 1.2%
	844	Ball Corp.		68,381

		Diversified Consumer Services — 1.5%
	610	Bright Horizons Family Solutions, Inc.(a)		89,737

		Diversified Telecommunication Services — 1.1%
	1,102	Verizon Communications, Inc.		61,745

		Electric Utilities — 3.8%
	3,000	NextEra Energy, Inc.		219,840

		Electrical Equipment — 5.1%
	1,759	Eaton Corp. PLC		260,649
	668	Sunrun, Inc.(a)		37,261

				297,910

		Electronic Equipment, Instruments & Components — 1.3%
	963	Trimble, Inc.(a)		78,802

		Health Care Equipment & Supplies — 8.6%
	1,271	Danaher Corp.		341,085
	179	Intuitive Surgical, Inc.(a)		164,616

				505,701

		Household Products — 1.2%
	867	Colgate-Palmolive Co.		70,530

		Industrial Conglomerates — 3.5%
	434	Roper Technologies, Inc.		204,067

		Interactive Media & Services — 2.5%
	59	Alphabet, Inc., Class A(a)		144,066

		Internet & Direct Marketing Retail — 4.7%
	3,908	eBay, Inc.		274,381

		IT Services — 7.5%
	216	Accenture PLC, Class A		63,675
	677	MasterCard, Inc., Class A		247,166
	538	Visa, Inc., Class A		125,795

				436,636

		Life Sciences Tools & Services — 5.2%
	608	Thermo Fisher Scientific, Inc.		306,718

		Machinery — 4.6%
	826	Watts Water Technologies, Inc., Series A		120,522
	1,262	Xylem, Inc.		151,389

				271,911

		Personal Products — 2.9%
	526	Estee Lauder Cos., Inc. (The), Class A		167,310

		Pharmaceuticals — 2.4%
	614	Eli Lilly & Co.		140,925

		Semiconductors & Semiconductor Equipment — 8.9%
	1,139	First Solar, Inc.(a)		103,091
	281	NVIDIA Corp.		224,828
	1,600	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		192,256

				520,175

		Software — 14.3%
	504	Adobe, Inc.(a)	$	295,163
	228	Avalara, Inc.(a)		36,890
	1,533	Microsoft Corp.		415,290
	1,151	Oracle Corp.		89,594

				836,937

		Water Utilities — 3.3%
	1,252	American Water Works Co., Inc.		192,971

		Total Common Stocks (Identified Cost $4,807,644)		5,640,046


		Total Investments — 96.5% (Identified Cost $4,807,644)		5,640,046
		Other assets less liabilities — 3.5%		203,837

		Net Assets — 100.0%	$	5,843,883


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at June 30, 2021 (Unaudited)


Software	14.3	%
Semiconductors & Semiconductor Equipment	8.9
Health Care Equipment & Supplies	8.6
IT Services	7.5
Life Sciences Tools & Services	5.2
Electrical Equipment	5.1
Internet & Direct Marketing Retail	4.7
Machinery	4.6
Electric Utilities	3.8
Chemicals	3.6
Industrial Conglomerates	3.5
Water Utilities	3.3
Commercial Services & Supplies	3.1
Personal Products	2.9
Auto Components	2.7
Banks	2.6
Interactive Media & Services	2.5
Pharmaceuticals	2.4
Other Investments, less than 2% each	7.2

Total Investments	96.5
Other assets less liabilities	3.5

Net Assets	100.0	%

See accompanying notes to financial statements.

33 |

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)


	Gateway Fund		Gateway Equity Call Premium Fund		Mirova Global Green Bond Fund
ASSETS
Investments at cost	$	3,062,700,229	$	41,212,425	$	36,807,377
Net unrealized appreciation		4,663,489,655		40,548,373		1,457,874

Investments at value		7,726,189,884		81,760,798		38,265,251
Cash		—		86		605,515
Due from brokers (including variation margin on futures contracts) (Note 2)		—		—		169,311
Foreign currency at value (identified cost $0, $0 and $2,010,705, respectively)		—		—		1,983,474
Receivable for Fund shares sold		8,771,015		167,045		111,072
Receivable for securities sold		13,626,765		141,210		896,930
Dividends and interest receivable		3,663,276		49,554		244,466
Tax reclaims receivable		—		16		2,647
Unrealized appreciation on futures contracts (Note 2)		—		—		962,612
Prepaid expenses (Note 9)		1,053		11		6

TOTAL ASSETS		7,752,251,993		82,118,720		43,241,284

LIABILITIES
Options written, at value (premiums received $132,829,800, $1,396,689 and $0, respectively) (Note 2)		139,725,175		1,467,190		—
Payable for securities purchased		—		—		505,515
Payable for Fund shares redeemed		9,481,621		50,023		12,126
Unrealized depreciation on futures contracts (Note 2)		—		—		84,039
Management fees payable (Note 6)		3,550,887		43,861		8,720
Deferred Trustees’ fees (Note 6)		1,235,176		55,767		18,806
Administrative fees payable (Note 6)		263,369		2,751		1,476
Payable to distributor (Note 6d)		48,659		244		374
Audit and tax services fees payable		28,246		27,348		23,322
Other accounts payable and accrued expenses		354,713		26,744		14,428

TOTAL LIABILITIES		154,687,846		1,673,928		668,806

NET ASSETS	$	7,597,564,147	$	80,444,792	$	42,572,478

NET ASSETS CONSIST OF:
Paid-in capital	$	4,342,405,213	$	51,720,903	$	41,304,877
Accumulated earnings		3,255,158,934		28,723,889		1,267,601

NET ASSETS	$	7,597,564,147	$	80,444,792	$	42,572,478

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,045,587,587	$	1,910,142	$	6,675,338

Shares of beneficial interest		26,597,748		122,529		637,146

Net asset value and redemption price per share	$	39.31	$	15.59	$	10.48

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	41.71	$	16.54	$	10.95

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	120,661,767	$	776,083	$	—

Shares of beneficial interest		3,086,168		50,142		—

Net asset value and offering price per share	$	39.10	$	15.48	$	—

Class N shares:
Net assets	$	413,458,949	$	683,168	$	9,704,460

Shares of beneficial interest		10,522,915		43,882		923,454

Net asset value, offering and redemption price per share	$	39.29	$	15.57	$	10.51

Class Y shares:
Net assets	$	6,017,855,844	$	77,075,399	$	26,192,680

Shares of beneficial interest		153,184,809		4,947,533		2,495,234

Net asset value, offering and redemption price per share	$	39.28	$	15.58	$	10.50

See accompanying notes to financial statements.

| 34

Statements of Assets and Liabilities (continued)

June 30, 2021 (Unaudited)


	Mirova Global Sustainable Equity Fund		Mirova International Sustainable Equity Fund		Mirova U.S. Sustainable Equity Fund
ASSETS
Investments at cost	$	930,747,375	$	24,375,324	$	4,807,644
Net unrealized appreciation		201,055,804		5,320,310		832,402

Investments at value		1,131,803,179		29,695,634		5,640,046
Cash		—		—		227,366
Foreign currency at value (identified cost $3,784,032, $295,794 and $0, respectively)		3,787,432		294,724		—
Receivable for Fund shares sold		3,363,834		—		—
Receivable from investment adviser (Note 6)		—		—		6,903
Receivable for securities sold		1,101		33		—
Dividends receivable		228,490		25,123		1,531
Tax reclaims receivable		541,029		42,476		—
Prepaid expenses (Note 9)		153		3		1

TOTAL ASSETS		1,139,725,218		30,057,993		5,875,847

LIABILITIES
Payable for securities purchased		—		184,126		—
Payable for Fund shares redeemed		1,960,695		451		—
Management fees payable (Note 6)		650,111		8,824		—
Deferred Trustees’ fees (Note 6)		34,030		10,067		1,678
Administrative fees payable (Note 6)		36,163		1,025		199
Payable to distributor (Note 6d)		12,201		9		—
Audit and tax services fees payable		22,891		23,013		22,484
Other accounts payable and accrued expenses		51,154		18,351		7,603

TOTAL LIABILITIES		2,767,245		245,866		31,964

NET ASSETS	$	1,136,957,973	$	29,812,127	$	5,843,883

NET ASSETS CONSIST OF:
Paid-in capital	$	908,749,864	$	24,205,853	$	5,002,601
Accumulated earnings		228,208,109		5,606,274		841,282

NET ASSETS	$	1,136,957,973	$	29,812,127	$	5,843,883

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	42,039,834	$	229,855	$	2,603

Shares of beneficial interest		1,991,794		15,916		223

Net asset value and redemption price per share	$	21.11	$	14.44	$	11.66	*

Offering price per share (100/94.25 of net asset value) (Note 1)	$	22.40	$	15.32	$	12.37

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	15,490,925	$	—	$	1,161

Shares of beneficial interest		761,393		—		100

Net asset value and offering price per share	$	20.35	$	—	$	11.61

Class N shares:
Net assets	$	151,511,418	$	29,497,416	$	5,838,900

Shares of beneficial interest		7,116,844		2,033,869		500,000

Net asset value, offering and redemption price per share	$	21.29	$	14.50	$	11.68

Class Y shares:
Net assets	$	927,915,796	$	84,856	$	1,219

Shares of beneficial interest		43,600,235		5,857		104

Net asset value, offering and redemption price per share	$	21.28	$	14.49	$	11.67	*

*	Net asset value calculations have been determined utilizing fractional share and penny amounts.

See accompanying notes to financial statements.

35 |

Statements of Operations

For the Six Months Ended June 30, 2021 (Unaudited)


	Gateway Fund			Gateway Equity Call Premium Fund			Mirova Global Green Bond Fund
INVESTMENT INCOME
Dividends	$	52,638,785		$	527,934		$	—
Interest		—			—			293,143
Less net foreign taxes withheld		(37,751	)		(2,186	)		—

		52,601,034			525,748			293,143

Expenses
Management fees (Note 6)		22,871,503			226,818			113,187
Service and distribution fees (Note 6)		1,877,232			5,589			7,403
Administrative fees (Note 6)		1,541,631			14,919			8,799
Trustees’ fees and expenses (Note 6)		236,039			13,658			9,622
Transfer agent fees and expenses (Notes 6 and 8)		2,116,404			15,200			17,356
Audit and tax services fees		25,849			25,141			21,186
Custodian fees and expenses (Note 7)		99,976			13,991			5,941
Interest expense (Note 11)		728			—			6,379
Legal fees (Note 9)		135,241			1,164			722
Registration fees		102,885			38,028			49,479
Regulatory filing fees		6,500			6,500			6,500
Shareholder reporting expenses		140,898			2,351			4,010
Miscellaneous expenses (Notes 7 and 9)		96,206			10,002			8,700

Total expenses		29,251,092			373,361			259,284
Less waiver and/or expense reimbursement (Notes 6 and 7)		(2,283,219	)		(39,240	)		(104,318	)

Net expenses		26,967,873			334,121			154,966

Net investment income		25,633,161			191,627			138,177

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		13,986,698			510,532			445,829
Futures contracts		—			—			(840,759	)
Options written		(255,023,561	)		(2,416,645	)		—
Foreign currency transactions (Note 2c)		243			(6	)		12,263
Net change in unrealized appreciation (depreciation) on:
Investments		682,022,381			8,943,434			(1,945,427	)
Futures contracts		—			—			1,487,734
Options written		48,242,992			396,448			—
Foreign currency translations (Note 2c)		(147	)		(20	)		(62,879	)

Net realized and unrealized gain (loss) on investments, futures contracts, options written and foreign currency transactions		489,228,606			7,433,743			(903,239	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	514,861,767		$	7,625,370		$	(765,062	)

See accompanying notes to financial statements.

| 36

Statements of Operations (continued)

For the Six Months Ended June 30, 2021 (Unaudited)


	Mirova Global Sustainable Equity Fund			Mirova International Sustainable Equity Fund			Mirova U.S. Sustainable Equity Fund
INVESTMENT INCOME
Dividends	$	7,282,305		$	339,798		$	23,700
Less net foreign taxes withheld		(569,080	)		(37,874	)		(301	)

		6,713,225			301,924			23,399

Expenses
Management fees (Note 6)		3,819,015			108,215			17,417
Service and distribution fees (Note 6)		112,839			160			8
Administrative fees (Note 6)		204,099			5,783			1,146
Trustees’ fees and expenses (Note 6)		24,966			8,580			7,262
Transfer agent fees and expenses (Notes 6 and 8)		364,345			2,989			2,401
Audit and tax services fees		21,016			20,987			20,985
Custodian fees and expenses (Note 7)		54,982			11,800			907
Interest expense (Note 11)		30,646			2,022			—
Legal fees (Note 9)		16,808			390			119
Registration fees		78,344			22,230			25,878
Regulatory filing fees		6,500			6,500			6,500
Shareholder reporting expenses		32,259			2,579			1,813
Miscellaneous expenses (Notes 7 and 9)		20,464			9,751			9,240

Total expenses		4,786,283			201,986			93,676
Less waiver and/or expense reimbursement (Notes 6 and 7)		(138,211	)		(78,010	)		(73,570	)

Net expenses		4,648,072			123,976			20,106

Net investment income		2,065,153			177,948			3,293

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		25,436,795			208,223			5,587
Foreign currency transactions (Note 2c)		(268,634	)		(34,774	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		62,126,892			708,687			725,759
Foreign currency translations (Note 2c)		(29,381	)		(17,093	)		—

Net realized and unrealized gain on investments and foreign currency transactions		87,265,672			865,043			731,346

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	89,330,825		$	1,042,991		$	734,639

See accompanying notes to financial statements.

37 |

Statements of Changes in Net Assets


	Gateway Fund						Gateway Equity Call Premium Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income	$	25,633,161		$	76,153,992		$	191,627		$	498,208
Net realized gain (loss) on investments, options written and foreign currency transactions		(241,036,620	)		46,860,691			(1,906,119	)		(3,316,965	)
Net change in unrealized appreciation (depreciation) on investments, options written and foreign currency translations		730,265,226			276,701,398			9,339,862			5,853,897

Net increase in net assets resulting from operations		514,861,767			399,716,081			7,625,370			3,035,140

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,581,221	)		(8,569,381	)		(2,195	)		(11,504	)
Class C		—			(262,085	)		(75	)		(567	)
Class N		(1,564,718	)		(4,232,561	)		(1,842	)		(5,747	)
Class Y		(21,382,631	)		(63,649,192	)		(184,678	)		(479,450	)

Total distributions		(25,528,570	)		(76,713,219	)		(188,790	)		(497,268	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		(16,732,333	)		(1,355,251,327	)		13,104,666			(7,048,972	)

Net increase (decrease) in net assets		472,600,864			(1,032,248,465	)		20,541,246			(4,511,100	)
NET ASSETS
Beginning of the period		7,124,963,283			8,157,211,748			59,903,546			64,414,646

End of the period	$	7,597,564,147		$	7,124,963,283		$	80,444,792		$	59,903,546

See accompanying notes to financial statements.

| 38

Statements of Changes in Net Assets (continued)


	Mirova Global Green Bond Fund						Mirova Global Sustainable Equity Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income	$	138,177		$	336,331		$	2,065,153		$	99,557
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(382,667	)		479,266			25,168,161			14,487,944
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(520,572	)		1,935,396			62,097,511			109,269,573

Net increase (decrease) in net assets resulting from operations		(765,062	)		2,750,993			89,330,825			123,857,074

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(43,787	)		(169,497	)		(506,811	)		(119,993	)
Class C		—			—			(181,181	)		(49,885	)
Class N		(98,127	)		(504,197	)		(1,570,920	)		(227,737	)
Class Y		(207,074	)		(699,849	)		(10,523,897	)		(2,280,679	)

Total distributions		(348,988	)		(1,373,543	)		(12,782,809	)		(2,678,294	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		4,150,731			1,227,038			182,639,306			609,269,464

Net increase in net assets		3,036,681			2,604,488			259,187,322			730,448,244
NET ASSETS
Beginning of the period		39,535,797			36,931,309			877,770,651			147,322,407

End of the period	$	42,572,478		$	39,535,797		$	1,136,957,973		$	877,770,651

See accompanying notes to financial statements.

39 |

Statements of Changes in Net Assets (continued)


	Mirova International Sustainable Equity Fund						Mirova U.S. Sustainable Equity Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)		Period Ended December 31, 2020(a)
FROM OPERATIONS:
Net investment income (loss)	$	177,948		$	96,908		$	3,293	$	(864	)
Net realized gain on investments and foreign currency transactions		173,449			1,661,085			5,587		—
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		691,594			1,732,345			725,759		106,643

Net increase in net assets resulting from operations		1,042,991			3,490,338			734,639		105,779

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,474	)		(6,930	)		—		—
Class N		(292,358	)		(1,544,820	)		—		—
Class Y		(858	)		(6,899	)		—		—

Total distributions		(294,690	)		(1,558,649	)		—		—

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		12,434,517			(2,508,593	)		465		5,003,000

Net increase (decrease) in net assets		13,182,818			(576,904	)		735,104		5,108,779
NET ASSETS
Beginning of the period		16,629,309			17,206,213			5,108,779		—

End of the period	$	29,812,127		$	16,629,309		$	5,843,883	$	5,108,779

(a)	From commencement of operations on December 15, 2020 through December 31, 2020.

See accompanying notes to financial statements.

| 40

Financial Highlights

For a share outstanding throughout each period.


	Gateway Fund—Class A
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value, beginning of the period	$	36.76		$	34.69		$	31.65		$	33.47		$	30.84		$	29.72

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.30			0.37			0.34			0.39			0.41
Net realized and unrealized gain (loss)		2.55			2.08			3.05			(1.80	)		2.58			1.13

Total from Investment Operations		2.65			2.38			3.42			(1.46	)		2.97			1.54

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.31	)		(0.38	)		(0.36	)		(0.34	)		(0.42	)

Net asset value, end of the period	$	39.31		$	36.76		$	34.69		$	31.65		$	33.47		$	30.84

Total return(b)(c)		7.24	%(d)		6.92	%		10.84	%		(4.39	)%		9.66	%		5.23	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,045,588		$	987,702		$	1,125,464		$	1,177,641		$	1,669,272		$	1,755,576
Net expenses(e)		0.93	%(f)(g)		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Gross expenses		1.01	%(f)(g)		1.02	%		1.01	%		1.01	%		1.02	%		1.02	%
Net investment income		0.53	%(f)		0.88	%		1.12	%		1.03	%		1.20	%		1.39	%
Portfolio turnover rate		6	%		22	%		12	%		10	%		34	%		14	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

41 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Gateway Fund—Class C
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value, beginning of the period	$	36.60		$	34.54		$	31.50		$	33.32		$	30.72		$	29.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.05	)		0.04			0.12			0.09			0.14			0.19
Net realized and unrealized gain (loss)		2.55			2.07			3.03			(1.80	)		2.57			1.11

Total from Investment Operations		2.50			2.11			3.15			(1.71	)		2.71			1.30

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.05	)		(0.11	)		(0.11	)		(0.11	)		(0.19	)

Net asset value, end of the period	$	39.10		$	36.60		$	34.54		$	31.50		$	33.32		$	30.72

Total return(b)(c)		6.83	%(d)		6.13	%		10.02	%		(5.15	)%		8.85	%		4.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	120,662		$	142,623		$	215,947		$	272,904		$	336,891		$	366,584
Net expenses(e)		1.70	%(f)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%
Gross expenses		1.76	%(f)		1.77	%		1.76	%		1.76	%		1.77	%		1.77	%
Net investment income (loss)		(0.25	)%(f)		0.12	%		0.37	%		0.27	%		0.44	%		0.63	%
Portfolio turnover rate		6	%		22	%		12	%		10	%		34	%		14	%

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

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

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

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

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

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

See accompanying notes to financial statements.

| 42

Financial Highlights (continued)

For a share outstanding throughout each period


	Gateway Fund—Class N
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	36.74		$	34.68		$	31.63		$	33.46		$	31.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.40			0.47			0.44			0.32
Net realized and unrealized gain (loss)		2.55			2.07			3.06			(1.81	)		1.56

Total from Investment Operations		2.70			2.47			3.53			(1.37	)		1.88

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.41	)		(0.48	)		(0.46	)		(0.31	)

Net asset value, end of the period	$	39.29		$	36.74		$	34.68		$	31.63		$	33.46

Total return(b)		7.39	%(c)		7.25	%		11.17	%		(4.13	)%		5.93	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	413,459		$	369,829		$	369,793		$	179,727		$	126,262
Net expenses(d)		0.65	%(e)		0.65	%		0.65	%		0.65	%		0.65	%(e)
Gross expenses		0.70	%(e)		0.70	%		0.69	%		0.70	%		0.74	%(e)
Net investment income		0.81	%(e)		1.17	%		1.40	%		1.32	%		1.42	%(e)
Portfolio turnover rate		6	%		22	%		12	%		10	%		34	%(f)

*	From commencement of Class operations on May 1, 2017 through December 31, 2017.

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

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

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

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

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

(f)	Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements.

43 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Gateway Fund—Class Y
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value, beginning of the period	$	36.73		$	34.67		$	31.63		$	33.46		$	30.83		$	29.71

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.38			0.46			0.43			0.47			0.49
Net realized and unrealized gain (loss)		2.55			2.07			3.04			(1.81	)		2.58			1.12

Total from Investment Operations		2.69			2.45			3.50			(1.38	)		3.05			1.61

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.39	)		(0.46	)		(0.45	)		(0.42	)		(0.49	)

Net asset value, end of the period	$	39.28		$	36.73		$	34.67		$	31.63		$	33.46		$	30.83

Total return(b)		7.34	%(c)		7.19	%		11.12	%		(4.18	)%		9.93	%		5.48	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,017,856		$	5,624,810		$	6,446,007		$	6,508,061		$	6,392,640		$	5,550,008
Net expenses(d)		0.70	%(e)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Gross expenses		0.76	%(e)		0.77	%		0.76	%		0.76	%		0.77	%		0.77	%
Net investment income		0.76	%(e)		1.12	%		1.37	%		1.28	%		1.44	%		1.63	%
Portfolio turnover rate		6	%		22	%		12	%		10	%		34	%		14	%

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

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

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

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

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

See accompanying notes to financial statements.

| 44

Financial Highlights (continued)

For a share outstanding throughout each period


	Gateway Equity Call Premium Fund—Class A
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value, beginning of the period	$	14.03		$	13.07		$	11.32		$	12.08		$	10.89		$	10.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.09			0.10			0.09			0.10			0.11
Net realized and unrealized gain (loss)		1.56			0.95			1.76			(0.76	)		1.18			0.66

Total from Investment Operations		1.58			1.04			1.86			(0.67	)		1.28			0.77

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.08	)		(0.11	)		(0.09	)		(0.09	)		(0.10	)

Net asset value, end of the period	$	15.59		$	14.03		$	13.07		$	11.32		$	12.08		$	10.89

Total return(b)(c)		11.27	%(d)		8.06	%		16.46	%		(5.60	)%		11.80	%		7.58	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,910		$	1,456		$	2,363		$	2,375		$	7,085		$	6,507
Net expenses(e)		1.19	%(f)(g)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses		1.30	%(f)		1.43	%		1.42	%		1.44	%		1.30	%		1.31	%
Net investment income		0.33	%(f)		0.69	%		0.82	%		0.73	%		0.85	%		1.02	%
Portfolio turnover rate		2	%		15	%		17	%		58	%		19	%		24	%

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

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

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

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

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

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

(g)	Includes additional voluntary waiver of advisory fee of 0.01%.

See accompanying notes to financial statements.

45 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Gateway Equity Call Premium Fund—Class C
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value, beginning of the period	$	13.96		$	13.03		$	11.29		$	12.05		$	10.87		$	10.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.03	)		(0.01	)		0.01			0.00	(b)		0.01			0.02
Net realized and unrealized gain (loss)		1.55			0.95			1.74			(0.75	)		1.18			0.68

Total from Investment Operations		1.52			0.94			1.75			(0.75	)		1.19			0.70

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.05	)

Net asset value, end of the period	$	15.48		$	13.96		$	13.03		$	11.29		$	12.05		$	10.87

Total return(c)(d)		10.90	%(e)		7.23	%		15.54	%		(6.24	)%		10.95	%		6.85	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	776		$	741		$	727		$	849		$	648		$	524
Net expenses(f)		1.94	%(g)(h)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Gross expenses		2.05	%(g)		2.17	%		2.17	%		2.19	%		2.05	%		1.98	%
Net investment income (loss)		(0.43	)%(g)		(0.10	)%		0.07	%		0.02	%		0.10	%		0.23	%
Portfolio turnover rate		2	%		15	%		17	%		58	%		19	%		24	%

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

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

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

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

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

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

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

(h)	Includes additional voluntary waiver of advisory fee of 0.01%.

See accompanying notes to financial statements.

| 46

Financial Highlights (continued)

For a share outstanding throughout each period


	Gateway Equity Call Premium Fund—Class N
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	14.01		$	13.06		$	11.32		$	12.09		$	11.34

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.12			0.13			0.13			0.10
Net realized and unrealized gain (loss)		1.56			0.95			1.76			(0.77	)		0.75

Total from Investment Operations		1.60			1.07			1.89			(0.64	)		0.85

LESS DISTRIBUTIONS FROM:
Net investment income		(0.04	)		(0.12	)		(0.15	)		(0.13	)		(0.10	)

Net asset value, end of the period	$	15.57		$	14.01		$	13.06		$	11.32		$	12.09

Total return(b)		11.44	%(c)		8.36	%		16.73	%		(5.32	)%		7.50	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	683		$	728		$	530		$	1		$	1
Net expenses(d)		0.90	%(e)		0.90	%		0.90	%		0.90	%		0.90	%(e)
Gross expenses		1.27	%(e)		1.29	%		1.63	%		15.41	%		14.26	%(e)
Net investment income		0.61	%(e)		0.95	%		1.03	%		1.04	%		1.22	%(e)
Portfolio turnover rate		2	%		15	%		17	%		58	%		19	%(f)

*	From commencement of Class operations on May 1, 2017 through December 31, 2017.

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

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

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

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

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

(f)	Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements.

47 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Gateway Equity Call Premium Fund—Class Y
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net asset value, beginning of the period	$	14.02		$	13.07		$	11.32		$	12.09		$	10.89		$	10.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.11			0.13			0.12			0.13			0.13
Net realized and unrealized gain (loss)		1.56			0.96			1.76			(0.76	)		1.19			0.67

Total from Investment Operations		1.60			1.07			1.89			(0.64	)		1.32			0.80

LESS DISTRIBUTIONS FROM:
Net investment income		(0.04	)		(0.12	)		(0.14	)		(0.13	)		(0.12	)		(0.13	)

Net asset value, end of the period	$	15.58		$	14.02		$	13.07		$	11.32		$	12.09		$	10.89

Total return(b)		11.41	%(c)		8.38	%		16.67	%		(5.37	)%		12.21	%		7.83	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	77,075		$	56,979		$	60,794		$	67,125		$	73,255		$	63,578
Net expenses(d)		0.94	%(e)(f)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Gross expenses		1.05	%(e)		1.17	%		1.17	%		1.19	%		1.05	%		1.06	%
Net investment income		0.56	%(e)		0.90	%		1.06	%		1.01	%		1.10	%		1.27	%
Portfolio turnover rate		2	%		15	%		17	%		58	%		19	%		24	%

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

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

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

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

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

(f)	Includes additional voluntary waiver of advisory fee of 0.01%.

See accompanying notes to financial statements.

| 48

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova Global Green Bond—Class A
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	10.77		$	10.36		$	9.71		$	9.96		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.07			0.09			0.08			0.04
Net realized and unrealized gain (loss)		(0.23	)		0.71			0.80			(0.02	)		0.11

Total from Investment Operations		(0.21	)		0.78			0.89			0.06			0.15

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.18	)		(0.10	)		(0.31	)		(0.19	)
Net realized capital gains		—			(0.19	)		(0.14	)		—			—

Total Distributions		(0.08	)		(0.37	)		(0.24	)		(0.31	)		(0.19	)

Net asset value, end of the period	$	10.48		$	10.77		$	10.36		$	9.71		$	9.96

Total return(b)(c)		(1.98	)%(d)		7.61	%		9.16	%		0.64	%		1.46	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,675		$	5,674		$	2,549		$	814		$	139
Net expenses(e)		0.98	%(f)(g)		0.97	%(h)		0.96	%(i)		0.96	%(j)		0.96	%(f)(k)
Gross expenses		1.50	%(f)(g)		1.43	%(h)		1.56	%(i)		1.75	%(j)		5.23	%(f)(k)
Net investment income		0.45	%(f)		0.69	%		0.86	%		0.85	%		0.49	%(f)
Portfolio turnover rate		18	%		53	%		25	%		46	%		46	%

*	From commencement of operations on February 28, 2017 through December 31, 2017.

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

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

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

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

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

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

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.47%.

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

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

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

(k)	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 5.22%.

See accompanying notes to financial statements.

49 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova Global Green Bond—Class N
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	10.80		$	10.39		$	9.73		$	9.98		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.10			0.12			0.11			0.06
Net realized and unrealized gain (loss)		(0.24	)		0.71			0.80			(0.02	)		0.12

Total from Investment Operations		(0.20	)		0.81			0.92			0.09			0.18

LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.21	)		(0.12	)		(0.34	)		(0.20	)
Net realized capital gains		—			(0.19	)		(0.14	)		—			—

Total Distributions		(0.09	)		(0.40	)		(0.26	)		(0.34	)		(0.20	)

Net asset value, end of the period	$	10.51		$	10.80		$	10.39		$	9.73		$	9.98

Total return(b)		(1.84	)%(c)		7.89	%		9.52	%		0.93	%		1.77	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,704		$	11,781		$	27,322		$	27,050		$	25,805
Net expenses(d)		0.68	%(e)(f)		0.67	%(g)		0.66	%(h)		0.66	%(i)		0.67	%(e)(j)
Gross expenses		1.16	%(e)(f)		1.07	%(g)		1.08	%(h)		1.12	%(i)		1.11	%(e)(j)
Net investment income		0.74	%(e)		0.96	%		1.17	%		1.13	%		0.75	%(e)
Portfolio turnover rate		18	%		53	%		25	%		46	%		46	%

*	From commencement of operations on February 28, 2017 through December 31, 2017.

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

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

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

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

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

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.13%.

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

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

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

(j)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.10%.

See accompanying notes to financial statements.

| 50

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova Global Green Bond—Class Y
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	10.79		$	10.37		$	9.72		$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.10			0.11			0.12			0.06
Net realized and unrealized gain (loss)		(0.24	)		0.72			0.80			(0.03	)		0.11

Total from Investment Operations		(0.20	)		0.82			0.91			0.09			0.17

LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.21	)		(0.12	)		(0.34	)		(0.20	)
Net realized capital gains		—			(0.19	)		(0.14	)		—			—

Total Distributions		(0.09	)		(0.40	)		(0.26	)		(0.34	)		(0.20	)

Net asset value, end of the period	$	10.50		$	10.79		$	10.37		$	9.72		$	9.97

Total return(b)		(1.78	)%(c)		7.85	%		9.38	%		0.89	%		1.66	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	26,193		$	22,081		$	7,060		$	1,205		$	43
Net expenses(d)		0.73	%(e)(f)		0.72	%(g)		0.71	%(h)		0.71	%(i)		0.71	%(e)(j)
Gross expenses		1.25	%(e)(f)		1.18	%(g)		1.28	%(h)		1.39	%(i)		3.62	%(e)(j)
Net investment income		0.70	%(e)		0.94	%		1.10	%		1.19	%		0.71	%(e)
Portfolio turnover rate		18	%		53	%		25	%		46	%		46	%

*	From commencement of operations on February 28, 2017 through December 31, 2017.

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

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

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

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

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

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.22%.

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

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

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

(j)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 3.62%.

See accompanying notes to financial statements.

51 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova Global Sustainable Equity Fund—Class A
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Period Ended December 31, 2016*
Net asset value, beginning of the period	$	19.57		$	14.92		$	11.45		$	12.77		$	9.90		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			(0.02	)		0.03			0.00	(b)		(0.04	)		0.02
Net realized and unrealized gain (loss)		1.78			4.77			3.69			(0.84	)		3.06			(0.11	)

Total from Investment Operations		1.80			4.75			3.72			(0.84	)		3.02			(0.09	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.00	)(b)		(0.03	)		(0.00	)(b)		(0.03	)		(0.00	)(b)
Net realized capital gains		(0.26	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)		(0.01	)

Total Distributions		(0.26	)		(0.10	)		(0.25	)		(0.48	)		(0.15	)		(0.01	)

Net asset value, end of the period	$	21.11		$	19.57		$	14.92		$	11.45		$	12.77		$	9.90

Total return(c)(d)		9.30	%(e)		32.07	%		32.63	%		(6.54	)%		30.44	%		(0.85	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	42,040		$	33,625		$	12,884		$	6,360		$	3,260		$	71
Net expenses(f)		1.21	%(g)(h)		1.20	%		1.21	%(i)		1.30	%(j)(k)		1.29	%		1.30	%(g)
Gross expenses		1.24	%(g)(h)		1.24	%		1.39	%(i)		1.39	%(j)		1.43	%		1.72	%(g)
Net investment income (loss)		0.21	%(g)		(0.14	)%		0.21	%		0.03	%		(0.36	)%		0.23	%(g)
Portfolio turnover rate		9	%		11	%		23	%		19	%		20	%		20	%

*	From commencement of operations on March 31, 2016 through December 31, 2016.

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

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

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

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

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

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

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

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.23%

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

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

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

See accompanying notes to financial statements.

| 52

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova Global Sustainable Equity Fund—Class C
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Period Ended December 31, 2016*
Net asset value, beginning of the period	$	18.95		$	14.56		$	11.24		$	12.63		$	9.85		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.05	)		(0.13	)		(0.07	)		(0.09	)		(0.12	)		(0.06	)
Net realized and unrealized gain (loss)		1.71			4.62			3.61			(0.82	)		3.02			(0.08	)

Total from Investment Operations		1.66			4.49			3.54			(0.91	)		2.90			(0.14	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.00	)(b)		—			—			—			—
Net realized capital gains		(0.26	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)		(0.01	)

Total Distributions		(0.26	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)		(0.01	)

Net asset value, end of the period	$	20.35		$	18.95		$	14.56		$	11.24		$	12.63		$	9.85

Total return(c)(d)		8.86	%(e)		31.07	%		31.66	%		(7.20	)%		29.40	%		(1.39	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	15,491		$	11,196		$	5,406		$	2,706		$	1,164		$	52
Net expenses(f)		1.96	%(g)(h)		1.95	%		1.96	%(i)		2.05	%(j)(k)		2.04	%		2.05	%(g)
Gross expenses		1.99	%(g)(h)		1.99	%		2.14	%(i)		2.14	%(j)		2.18	%		2.20	%(g)
Net investment loss		(0.53	)%(g)		(0.84	)%		(0.52	)%		(0.72	)%		(1.02	)%		(0.77	)%(g)
Portfolio turnover rate		9	%		11	%		23	%		19	%		20	%		20	%

*	From commencement of operations on March 31, 2016 through December 31, 2016.

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

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

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

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

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

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

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

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 1.98%

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

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

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

See accompanying notes to financial statements.

53 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova Global Sustainable Equity Fund—Class N
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	19.71		$	14.99		$	11.49		$	12.81		$	11.29

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.06			0.01			0.06			(0.01	)		0.02
Net realized and unrealized gain (loss)		1.78			4.82			3.72			(0.79	)		1.66

Total from Investment Operations		1.84			4.83			3.78			(0.80	)		1.68

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.01	)		(0.06	)		(0.04	)		(0.04	)
Net realized capital gains		(0.26	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)

Total Distributions		(0.26	)		(0.11	)		(0.28	)		(0.52	)		(0.16	)

Net asset value, end of the period	$	21.29		$	19.71		$	14.99		$	11.49		$	12.81

Total return(c)		9.44	%(d)		32.44	%		33.05	%		(6.26	)%		14.81	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	151,511		$	72,768		$	11,000		$	2,842		$	1
Net expenses(e)		0.90	%(f)(g)		0.90	%		0.90	%(g)		1.01	%(h)(i)		1.00	%(f)
Gross expenses		0.90	%(f)(g)		0.93	%		1.08	%(g)		1.08	%(h)		14.30	%(f)
Net investment income (loss)		0.56	%(f)		0.08	%		0.46	%		(0.08	)%		0.29	%(f)
Portfolio turnover rate		9	%		11	%		23	%		19	%		20	%(j)

*	From commencement of Class operations on May 1, 2017 through December 31, 2017.

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

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

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

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

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

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

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

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

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

(j)	Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements.

| 54

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova Global Sustainable Equity Fund—Class Y
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Period Ended December 31, 2016*
Net asset value, beginning of the period	$	19.71		$	14.99		$	11.49		$	12.81		$	9.91		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.01			0.07			0.04			0.03			0.03
Net realized and unrealized gain (loss)		1.79			4.81			3.70			(0.85	)		3.02			(0.10	)

Total from Investment Operations		1.83			4.82			3.77			(0.81	)		3.05			(0.07	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.00	)(b)		(0.05	)		(0.03	)		(0.03	)		(0.01	)
Net realized capital gains		(0.26	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)		(0.01	)

Total Distributions		(0.26	)		(0.10	)		(0.27	)		(0.51	)		(0.15	)		(0.02	)

Net asset value, end of the period	$	21.28		$	19.71		$	14.99		$	11.49		$	12.81		$	9.91

Total return(c)		9.39	%(d)		32.42	%		32.99	%		(6.32	)%		30.75	%		(0.70	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	927,916		$	760,181		$	118,032		$	69,705		$	63,359		$	49,593
Net expenses(e)		0.96	%(f)(g)		0.95	%		0.96	%(h)		1.05	%(i)(j)		1.04	%		1.05	%(f)
Gross expenses		0.99	%(f)(g)		0.99	%		1.14	%(h)		1.15	%(i)		1.16	%		1.21	%(f)
Net investment income		0.44	%(f)		0.06	%		0.50	%		0.29	%		0.26	%		0.35	%(f)
Portfolio turnover rate		9	%		11	%		23	%		19	%		20	%		20	%

*	From commencement of operations on March 31, 2016 through December 31, 2016.

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

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

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

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

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

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

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 0.98%

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

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

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

See accompanying notes to financial statements.

55 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova International Sustainable Equity Fund—Class A
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	13.95		$	12.51		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.09			(0.01	)		0.12			(0.00	)(b)
Net realized and unrealized gain (loss)		0.55			2.87			2.48			0.03

Total from Investment Operations		0.64			2.86			2.60			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.12	)		(0.12	)		—
Net realized capital gains		(0.15	)		(1.30	)		—			—

Total Distributions		(0.15	)		(1.42	)		(0.12	)		—

Net asset value, end of the period	$	14.44		$	13.95		$	12.51		$	10.03

Total return(c)(d)		4.63	%(e)		23.18	%		25.97	%		0.30	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	230		$	76		$	4		$	1
Net expenses(f)		1.21	%(g)(h)		1.26	%(i)		1.21	%(j)		1.20	%(g)
Gross expenses		3.67	%(g)(h)		5.69	%(i)		107.91	%(j)		22.87	%(g)
Net investment income (loss)		1.22	%(g)		(0.04	)%		1.09	%		(1.20	)%(g)
Portfolio turnover rate		1	%		11	%		8	%		0	%

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

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

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

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

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

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

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

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

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 3.66%.

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

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

See accompanying notes to financial statements.

| 56

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova International Sustainable Equity Fund—Class N
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	13.99		$	12.51		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.09			0.07			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		0.57			2.84			2.49			0.03

Total from Investment Operations		0.66			2.91			2.64			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.13	)		(0.16	)		—
Net realized capital gains		(0.15	)		(1.30	)		—			—

Total Distributions		(0.15	)		(1.43	)		(0.16	)		—

Net asset value, end of the period	$	14.50		$	13.99		$	12.51		$	10.03

Total return(c)		4.76	%(d)		23.60	%		26.31	%		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	29,497		$	16,478		$	17,193		$	10,035
Net expenses(e)		0.91	%(f)(g)		0.93	%(h)		0.92	%(i)		0.90	%(f)
Gross expenses		1.48	%(f)(g)		1.83	%(h)		1.99	%(i)		22.55	%(f)
Net investment income (loss)		1.32	%(f)		0.58	%		1.36	%		(0.90	)%(f)
Portfolio turnover rate		1	%		11	%		8	%		0	%

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

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

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

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

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

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

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

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.46%.

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

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.97%.

See accompanying notes to financial statements.

57 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova International Sustainable Equity Fund—Class Y
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	13.98		$	12.50		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.09			0.03			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		0.57			2.88			2.48			0.03

Total from Investment Operations		0.66			2.91			2.63			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.13	)		(0.16	)		—
Net realized capital gains		(0.15	)		(1.30	)		—			—

Total Distributions		(0.15	)		(1.43	)		(0.16	)		—

Net asset value, end of the period	$	14.49		$	13.98		$	12.50		$	10.03

Total return(c)		4.76	%(d)		23.60	%		26.21	%		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	85		$	75		$	9		$	1
Net expenses(e)		0.97	%(f)(g)		1.00	%(h)		0.96	%(i)		0.95	%(f)
Gross expenses		3.42	%(f)(g)		6.51	%(h)		94.13	%(i)		22.51	%(f)
Net investment income (loss)		1.24	%(f)		0.21	%		1.36	%		(0.95	)%(f)
Portfolio turnover rate		1	%		11	%		8	%		0	%

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

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

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

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

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

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

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

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 3.40%.

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

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

See accompanying notes to financial statements.

| 58

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova U.S. Sustainable Equity Fund—Class A
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)		(0.00	)(b)
Net realized and unrealized gain (loss)		1.46			0.21

Total from Investment Operations		1.45			0.21

Net asset value, end of the period	$	11.66		$	10.21

Total return(c)(d)(e)		14.20	%		2.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3		$	1
Net expenses(f)(g)		1.05	%		1.05	%
Gross expenses(g)		48.15	%		23.61	%
Net investment loss(g)		(0.15	)%		(0.73	)%
Portfolio turnover rate		1	%		0	%

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

59 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova U.S. Sustainable Equity Fund—Class C
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.05	)		(0.01	)
Net realized and unrealized gain (loss)		1.45			0.22

Total from Investment Operations		1.40			0.21

Net asset value, end of the period	$	11.61		$	10.21

Total return(b)(c)(d)		13.71	%		2.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1
Net expenses(e)(f)		1.80	%		1.80	%
Gross expenses(f)		48.88	%		24.34	%
Net investment loss(f)		(0.92	)%		(1.45	)%
Portfolio turnover rate		1	%		0	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

| 60

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova U.S. Sustainable Equity Fund—Class N
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			(0.00	)(b)
Net realized and unrealized gain (loss)		1.46			0.21

Total from Investment Operations		1.47			0.21

Net asset value, end of the period	$	11.68		$	10.21

Total return(c)(d)		14.40	%		2.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,839		$	5,106
Net expenses(e)(f)		0.75	%		0.75	%
Gross expenses(f)		3.43	%		17.07	%
Net investment income (loss)(f)		0.12	%		(0.39	)%
Portfolio turnover rate		1	%		0	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period


	Mirova U.S. Sustainable Equity Fund—Class Y
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.03			(0.00	)(b)
Net realized and unrealized gain (loss)		1.43			0.21

Total from Investment Operations		1.46			0.21

Net asset value, end of the period	$	11.67		$	10.21

Total return(c)(d)		14.30	%		2.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1
Net expenses(e)(f)		0.80	%		0.80	%
Gross expenses(f)		47.86	%		23.24	%
Net investment income (loss)(f)		0.59	%		(0.36	)%
Portfolio turnover rate		1	%		0	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

| 62

Notes to Financial Statements

June 30, 2021 (Unaudited)

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:

Gateway Trust:

Gateway Fund

Gateway Equity Call Premium Fund

Natixis Funds Trust I:

Mirova Global Green Bond Fund (the “Global Green Bond Fund”)

Mirova Global Sustainable Equity Fund (the “Global Sustainable Equity Fund”)

Mirova International Sustainable Equity Fund (the “International Sustainable Equity Fund”)

Mirova U.S. Sustainable Equity Fund (the “U.S. Sustainable Equity Fund”)

Each Fund is a diversified investment company.

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

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

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

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-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. Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are 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 bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available,

63 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are 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 value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Domestic exchange-traded index option contracts are valued at the mean of the National Best Bid and Offer quotations as determined by the Options Price Reporting Authority.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Funds may also value securities and other investments at fair value 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 its securities or other investments, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, 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 securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund.

As of June 30, 2021, securities held by the Funds were fair valued as follows:


Fund	Equity securities¹		Percentage of Net Assets
Global Sustainable Equity Fund	$	421,794,594		37.1	%
International Sustainable Equity Fund		27,125,678		91.0	%

¹	Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

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, is 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 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 on the Funds’ books 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

| 64

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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

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

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

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

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

When a Fund purchases an index put option, it pays a premium and the index put option is subsequently marked-to-market to reflect current value until the option expires or a Fund enters into a closing sale transaction. Premiums paid for purchasing index put options which expire are treated as realized losses. When a Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing index put options is limited to the premium paid.

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

g. Federal and Foreign Income Taxes. The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually.

65 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

Management has performed an analysis of each Fund’s tax positions for the open tax years as of June 30, 2021 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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.

In certain countries across the European Union, certain Funds filed tax reclaims for previously withheld taxes on dividends earned in certain 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. Income recognized, if any, for EU reclaims is reflected as other income in the Statements of Operations and any related receivable, if any, is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. To date, no amounts have been received by any Funds and no amounts are included in any Funds financial statements for such EU reclaims, based on the uncertainty with the ultimate resolution of these proceedings, the potential collectability and timing for payment, if any.

h. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as premium amortization, deferred Trustees’ fees, prior period adjustments, distribution re-designations 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, premium amortization and futures and options contract mark-to-market. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended December 31, 2020 was as follows:


	2020 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total
Gateway Fund	$	76,713,219	$	—	$	76,713,219
Gateway Equity Call Premium Fund		497,268		—		497,268
Global Green Bond Fund		703,410		670,133		1,373,543
Global Sustainable Equity Fund		262,732		2,415,562		2,678,294
International Sustainable Equity Fund		508,537		1,050,112		1,558,649

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.

| 66

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

As of December 31, 2020, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:


	Gateway Fund			Gateway Equity Call Premium Fund			Global Green Bond Fund			Global Sustainable Equity Fund		International Sustainable Equity Fund		U.S. Sustainable Equity Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(810,609,623	)	$	(5,864,060	)	$	—		$	—	$	—	$	—
Long-term:
No expiration date		(445,293,905	)		(4,405,194	)		—			—		—		—

Total capital loss carryforward		(1,255,903,528	)		(10,269,254	)		—			—		—		—

Late-year ordinary and post-October capital loss deferrals*	$	—		$	—		$	(1,041,883	)	$	—	$	—	$	—

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

As of June 30, 2021, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Gateway Fund			Gateway Equity Call Premium Fund			Global Green Bond Fund			Global Sustainable Equity Fund			International Sustainable Equity Fund			U.S. Sustainable Equity Fund
Federal tax cost	$	3,062,700,229		$	41,212,425		$	36,964,043		$	930,747,375		$	24,375,324		$	4,807,644

Gross tax appreciation	$	4,727,342,212		$	40,967,044		$	2,965,863		$	206,282,199		$	5,628,539		$	887,558
Gross tax depreciation		(70,747,932	)		(489,172	)		(786,082	)		(5,226,395	)		(308,229	)		(55,156	)

Net tax appreciation	$	4,656,594,280		$	40,477,872		$	2,179,781		$	201,055,804		$	5,320,310		$	832,402

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales and derivatives mark-to-market.

i. Repurchase Agreements. Each Fund, with the exception of U.S. Sustainable Equity 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 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 June 30, 2021, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

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:

•

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

•

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

67 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

•

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 following is a summary of the inputs used to value the Funds’ investments as of June 30, 2021, at value:

Gateway Fund

Asset Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Common Stocks(a)	$	7,542,581,590		$	—	$	—	$	7,542,581,590
Purchased Options(a)		44,580,160			—		—		44,580,160
Short-Term Investments		—			139,028,134		—		139,028,134

Total	$	7,587,161,750		$	139,028,134	$	—	$	7,726,189,884

Liability Valuation Inputs
Description	Level 1			Level 2		Level 3		Total
Written Options(a)	$	(139,725,175	)	$	—	$	—	$	(139,725,175	)

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

Gateway Equity Call Premium Fund

Asset Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Common Stocks(a)	$	79,514,437		$	—	$	—	$	79,514,437
Short-Term Investments		—			2,246,361		—		2,246,361

Total	$	79,514,437		$	2,246,361	$	—	$	81,760,798

Liability Valuation Inputs
Description	Level 1			Level 2		Level 3		Total
Written Options(a)	$	(1,467,190	)	$	—	$	—	$	(1,467,190	)

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

Global Green Bond Fund

Asset Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Bonds and Notes(a)	$	—		$	36,420,009	$	—	$	36,420,009
Short-Term Investments		—			1,845,242		—		1,845,242
Futures Contracts (unrealized appreciation)		962,612			—		—		962,612

Total	$	962,612		$	38,265,251	$	—	$	39,227,863

Liability Valuation Inputs
Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(84,039	)	$	—	$	—	$	(84,039	)

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

| 68

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

Global Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	19,748,420	$	—	$	19,748,420
Denmark		—		102,959,521		—		102,959,521
France		—		37,681,120		—		37,681,120
Germany		—		60,768,461		—		60,768,461
Hong Kong		—		24,702,415		—		24,702,415
Japan		—		60,194,231		—		60,194,231
Netherlands		—		46,166,774		—		46,166,774
Switzerland		—		15,178,910		—		15,178,910
United Kingdom		—		54,394,742		—		54,394,742
All Other Common Stocks(a)		686,979,378		—		—		686,979,378

Total Common Stocks		686,979,378		421,794,594		—		1,108,773,972

Short-Term Investments		—		23,029,207		—		23,029,207

Total	$	686,979,378	$	444,823,801	$	—	$	1,131,803,179

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

International Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	609,168	$	—	$	609,168
Belgium		—		1,486,056		—		1,486,056
Denmark		—		4,062,716		—		4,062,716
France		—		4,915,970		—		4,915,970
Germany		—		1,895,381		—		1,895,381
Hong Kong		—		1,247,939		—		1,247,939
Ireland		—		1,252,091		—		1,252,091
Japan		—		3,277,074		—		3,277,074
Netherlands		—		2,656,786		—		2,656,786
Norway		—		144,584		—		144,584
Switzerland		—		790,232		—		790,232
Taiwan		1,303,736		—		—		1,303,736
United Kingdom		—		4,787,681		—		4,787,681

Total Common Stocks		1,303,736		27,125,678		—		28,429,414

Short-Term Investments		—		1,266,220		—		1,266,220

Total	$	1,303,736	$	28,391,898	$	—	$	29,695,634

U.S. Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	5,640,046	$	—	$	—	$	5,640,046

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

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

Through the use of index options, Gateway Fund and Gateway Equity Call Premium Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments.

69 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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 six months ended June 30, 2021, Gateway Fund used written index call options and purchased index put options and Gateway Equity Call Premium Fund used written index call options in accordance with these strategies.

Global Green Bond Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds. The Fund pursues its objective by primarily investing in fixed-income securities. In connection with its principal investment strategies, the Fund may also invest in futures, forwards and foreign currency transactions for hedging and investment purposes.

Global Green Bond Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended June 30, 2021, Global Green Bond Fund used U.S. Treasury bond futures to manage duration and to gain yield curve exposure.

Global Green Bond Fund is also subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may use futures contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. During the six months ended June 30, 2021, Global Green Bond Fund used currency futures for hedging purposes.

The following is a summary of derivative instruments for Gateway Fund as of June 30, 2021, as reflected within the Statements of Assets and Liabilities:


Assets	Investments at value¹
Exchange-traded asset derivatives
Equity contracts	$	44,580,160

Liabilities	Options written at value
Exchange-traded liability derivatives
Equity contracts	$	(139,725,175	)

¹	Represents purchased options, at value.

Transactions in derivative instruments for Gateway Fund during the six months ended June 30, 2021, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Investments²			Options written
Equity contracts	$	(258,683,857	)	$	(255,023,561	)

Net Change in Unrealized Appreciation (Depreciation) on:	Investments²			Options written
Equity contracts	$	3,938,563		$	48,242,992

²	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 June 30, 2021, as reflected within the Statements of Assets and Liabilities:


Liabilities	Options written at value
Exchange-traded liability derivatives
Equity contracts	$	(1,467,190	)

| 70

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

Transactions in derivative instruments for Gateway Equity Call Premium Fund during the six months ended June 30, 2021, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Options written
Equity contracts	$	(2,416,645	)

Net Change in Unrealized Appreciation (Depreciation) on:	Options written
Equity contracts	$	396,448

The following is a summary of derivative instruments for Global Green Bond Fund as of June 30, 2021, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Foreign exchange contracts	$	962,612

Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(84,039	)

Transactions in derivative instruments for Global Green Bond Fund during the six months ended June 30, 2021, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(207,848	)
Foreign exchange contracts		(632,911	)

Total	$	(840,759	)


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(100,597	)
Foreign exchange contracts		1,588,331

Total	$	1,487,734

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

The volume of option contract activity as a percentage of investments in common stocks, for Gateway Fund based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the six months ended June 30, 2021:


Gateway Fund	Call Options Written*			Put Options Purchased*
Average Notional Amount Outstanding		98.99	%		96.11	%
Highest Notional Amount Outstanding		99.19	%		99.19	%
Lowest Notional Amount Outstanding		98.87	%		96.40	%
Notional Amount Outstanding as of June 30, 2021		98.97	%		98.97	%

71 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

The volume of option contract activity as a percentage of investments in common stocks, for Gateway Equity Call Premium Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the six months ended June 30, 2021:


Gateway Equity Call Premium Fund	Call Options Written*
Average Notional Amount Outstanding		98.80	%
Highest Notional Amount Outstanding		99.17	%
Lowest Notional Amount Outstanding		98.40	%
Notional Amount Outstanding as of June 30, 2021		98.91	%

*	Notional amounts outstanding are determined by multiplying option contracts by the contract multiplier by the price of the option’s underlying index, the S&P 500^® Index.

The volume of futures contract activity as a percentage of net assets for Global Green Bond Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the six months ended June 30, 2021:


Global Green Bond Fund	Futures
Average Notional Amount Outstanding		84.86	%
Highest Notional Amount Outstanding		90.75	%
Lowest Notional Amount Outstanding		81.43	%
Notional Amount Outstanding as of June 30, 2021		86.33	%

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

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

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of June 30, 2021:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Green Bond Fund	$	1,133,139	$	1,133,139

5. Purchases and Sales of Securities. For the six months ended June 30, 2021, purchases and sales of securities (excluding short-term investments, option contracts and including paydowns) were as follows:


Fund	Purchases		Sales
Gateway Fund	$	424,996,704	$	909,059,595
Gateway Equity Call Premium Fund		11,055,099		1,159,950
Global Green Bond Fund		10,216,871		6,653,508
Global Sustainable Equity Fund		281,519,006		82,956,012
International Sustainable Equity Fund		11,957,234		255,191
U.S. Sustainable Equity Fund		59,802		99,333

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

| 72

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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
Fund	First $5 billion			Next $5 billion			Over $10 billion
Gateway Fund		0.65	%		0.60	%		0.58	%
Gateway Equity Call Premium Fund		0.65	%		0.65	%		0.65	%

Effective July 1, 2021, Gateway Fund and Gateway Equity Call Premium Fund pay 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
Fund	First $5 billion			Next $5 billion			Over $10 billion
Gateway Fund		0.60	%		0.55	%		0.53	%
Gateway Equity Call Premium Fund		0.58	%		0.58	%		0.58	%

Mirova US LLC (“Mirova US”) serves as investment adviser to Global Green Bond Fund, Global Sustainable Equity Fund, International Sustainable Equity Fund and U.S. Sustainable Equity Fund. Mirova US is a wholly-owned subsidiary of Mirova, which is in turn a subsidiary of Natixis Investment Managers. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


Fund	Percentage of Average Daily Net Assets
Global Green Bond Fund		0.55	%
Global Sustainable Equity Fund		0.80	%
International Sustainable Equity Fund		0.80	%
U.S. Sustainable Equity Fund		0.65	%

Effective July 1, 2021, Global Green Bond Fund pays a management fee at the annual rate of 0.50% of the Fund’s average daily net assets, calculated daily and payable monthly.

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, 2022, 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 six months ended June 30, 2021, 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 Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Gateway Fund		0.94	%		1.70	%		0.65	%		0.70	%
Gateway Equity Call Premium Fund		1.20	%		1.95	%		0.90	%		0.95	%
Global Green Bond Fund		0.95	%		—			0.65	%		0.70	%
Global Sustainable Equity Fund		1.20	%		1.95	%		0.90	%		0.95	%
International Sustainable Equity Fund		1.20	%		—			0.90	%		0.95	%
U.S. Sustainable Equity Fund		1.05	%		1.80	%		0.75	%		0.80	%

73 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

Effective July 1, 2021, the expense limits as a percentage of average daily net assets under the expense limitation agreements for Gateway Equity Call Premium Fund and Global Green Bond Fund are as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Gateway Equity Call Premium Fund		0.93	%		1.68	%		0.63	%		0.68	%
Global Green Bond Fund		0.90	%		—			0.60	%		0.65	%

These new undertakings are in effect until April 30, 2023, may be terminated before then only with the consent of the Funds’ Board of Trustees, and will be reevaluated on an annual basis.

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

For the six months ended June 30, 2021, the management fees and waiver of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Gross			Net
Gateway Fund	$	22,871,503	$	2,182,242	$	—	$	20,689,261		0.63	%		0.57	%
Gateway Equity Call Premium Fund		226,818		35,562		2,801		188,455		0.65	%		0.54	%
Global Green Bond Fund		113,187		103,275		—		9,912		0.55	%		0.05	%
Global Sustainable Equity Fund		3,819,015		—		—		3,819,015		0.80	%		0.80	%
International Sustainable Equity Fund		108,215		77,046		—		31,169		0.80	%		0.23	%
U.S. Sustainable Equity Fund		17,417		17,417		—		—		0.65	%		—	%

For the six months ended June 30, 2021, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Class A		Class C		Class N		Class Y		Total
Gateway Fund	$	100,977	$	—	$	—	$	—	$	100,977
Global Sustainable Equity Fund		6,174		2,221		—		128,763		137,158

¹	Waiver/expense reimbursements are subject to possible recovery until December 31, 2022.

²	Voluntary management fee waivers are not subject to recovery under the expense limitation agreement described above.

In addition, Mirova US reimbursed non-class-specific expenses of U.S. Sustainable Equity Fund in the amount of $48,150 for the six months ended June 30, 2021, which are subject to possible recovery until December 31, 2022.

No expenses were recovered for any of the Funds during the six months ended June 30, 2021 under the terms of the expense limitation agreements.

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

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

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

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

| 74

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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 six months ended June 30, 2021, the service and distribution fees for each Fund were as follows:


	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Gateway Fund	$	1,222,197	$	163,759	$	491,276
Gateway Equity Call Premium Fund		2,028		890		2,671
Global Green Bond Fund		7,403		—		—
Global Sustainable Equity Fund		47,092		16,437		49,310
International Sustainable Equity Fund		160		—		—
U.S. Sustainable Equity Fund		3		1		4

For the six months ended June 30, 2021, Natixis Distribution refunded Gateway Fund $29,640 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

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

For the six months ended June 30, 2021, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Gateway Fund	$	1,541,631
Gateway Equity Call Premium Fund		14,919
Global Green Bond Fund		8,799
Global Sustainable Equity Fund		204,099
International Sustainable Equity Fund		5,783
U.S. Sustainable Equity Fund		1,146

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

For the six months ended June 30, 2021, 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 Agent Fees
Gateway Fund	$	1,858,265
Gateway Equity Call Premium Fund		8,621
Global Green Bond Fund		13,276
Global Sustainable Equity Fund		352,049
International Sustainable Equity Fund		232

75 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

As of June 30, 2021, 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 of Sub-Transfer Agent Fees
Gateway Fund	$	48,659
Gateway Equity Call Premium Fund		244
Global Green Bond Fund		374
Global Sustainable Equity Fund		12,201
International Sustainable Equity Fund		9

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 six months ended June 30, 2021 was as follows:


Fund	Commissions
Gateway Fund	$	27,788
Gateway Equity Call Premium Fund		412
Global Green Bond Fund		739
Global Sustainable Equity Fund		9,891
International Sustainable Equity Fund		72

f. Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. 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. 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.

| 76

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

g. Affiliated Ownership. As of June 30, 2021, the percentage of each Fund’s net assets owned by Natixis Investment Managers, LLC and affiliates is as follows:


Global Green Bond Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund^®		1.12	%
Natixis Sustainable Future 2020 Fund^®		0.78	%
Natixis Sustainable Future 2025 Fund^®		1.76	%
Natixis Sustainable Future 2030 Fund^®		1.79	%
Natixis Sustainable Future 2035 Fund^®		1.15	%
Natixis Sustainable Future 2040 Fund^®		0.71	%
Natixis Sustainable Future 2045 Fund^®		0.35	%
Natixis Sustainable Future 2050 Fund^®		0.26	%
Natixis Sustainable Future 2055 Fund^®		0.18	%
Natixis Sustainable Future 2060 Fund^®		0.17	%
Natixis Investment Managers, LLC and affiliates		5.19	%

		13.46	%

International Sustainable Equity Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund^®		0.59	%
Natixis Sustainable Future 2020 Fund^®		0.51	%
Natixis Sustainable Future 2025 Fund^®		1.72	%
Natixis Sustainable Future 2030 Fund^®		2.64	%
Natixis Sustainable Future 2035 Fund^®		2.73	%
Natixis Sustainable Future 2040 Fund^®		2.50	%
Natixis Sustainable Future 2045 Fund^®		2.95	%
Natixis Sustainable Future 2050 Fund^®		2.78	%
Natixis Sustainable Future 2055 Fund^®		1.94	%
Natixis Sustainable Future 2060 Fund^®		1.86	%
Natixis Investment Managers, LLC and affiliates		78.62	%

		98.84	%

U.S. Sustainable Equity Fund	Percentage of Net Assets
Natixis Investment Managers, LLC and affiliates		99.99	%

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

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Gateway Equity Call Premium Fund, Global Green Bond Fund, Global Sustainable Equity Fund, International Sustainable Equity Fund and U.S. Sustainable Equity Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through April 30, 2022, and is not subject to recovery under the expense limitation agreement described above.

For the six months ended June 30, 2021, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Gateway Equity Call Premium Fund	$	877
Global Green Bond Fund		1,043
Global Sustainable Equity Fund		1,053
International Sustainable Equity Fund		964
U.S. Sustainable Equity Fund		596

7. Custodian Fees and Expenses. State Street Bank, custodian to the Funds, has agreed to waive custodian fees and certain other expenses for the first 12 months of operations for the U.S. Sustainable Equity Fund. For the six months ended June 30, 2021, total fees waived for the Fund were $7,407.

77 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

8. 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 six months ended June 30, 2021, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
Gateway Fund	$	310,463	$	40,678	$	1,750	$	1,763,513
Gateway Equity Call Premium Fund		349		149		877		13,825
Global Green Bond Fund		3,256		—		1,043		13,057
Global Sustainable Equity Fund		16,392		5,761		1,053		341,139
International Sustainable Equity Fund		1,254		—		964		771
U.S. Sustainable Equity Fund		451		237		596		1,117

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

Prior to April 8, 2021, each Fund (except U.S. Sustainable Equity Fund), together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit.

For the six months ended June 30, 2021, 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.

Global markets have experienced periods of high volatility triggered by the Covid-19 pandemic. The impact of this pandemic and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Such effects could impair the Funds’ ability to maintain operational standards, disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments and negatively impact the Funds’ performance.

11. Interest Expense. The Funds incur interest expense on cash (including foreign currency) overdrafts at the custodian bank and, for Global Green Bond Fund, foreign currency debit balances at brokers. Interest expense incurred for the six months ended June 30, 2021 is reflected on the Statements of Operations.

| 78

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

12. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of June 30, 2021, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 6g)			Total Percentage of Ownership
Gateway Equity Call Premium Fund		1		77.51	%		—			77.51	%
Global Green Bond Fund		4		37.40	%		13.46	%		50.86	%
Global Sustainable Equity Fund		2		30.15	%		—			30.15	%

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

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


	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Gateway Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		2,438,008		$	92,740,849			4,933,210		$	166,881,524
Issued in connection with the reinvestment of distributions		56,984			2,188,226			226,078			7,452,654
Redeemed		(2,769,439	)		(104,984,740	)		(10,728,981	)		(357,437,934	)

Net change		(274,447	)	$	(10,055,665	)		(5,569,693	)	$	(183,103,756	)

Class C
Issued from the sale of shares		224,711		$	8,539,152			309,182		$	10,611,120
Issued in connection with the reinvestment of distributions		—			—			6,581			207,158
Redeemed		(1,035,087	)		(39,184,485	)		(2,670,540	)		(90,111,982	)

Net change		(810,376	)	$	(30,645,333	)		(2,354,777	)	$	(79,293,704	)

Class N
Issued from the sale of shares		1,526,160		$	57,839,597			3,665,849		$	124,426,497
Issued in connection with the reinvestment of distributions		22,398			860,151			59,627			1,984,767
Redeemed		(1,093,050	)		(41,626,047	)		(4,322,136	)		(146,692,114	)

Net change		455,508		$	17,073,701			(596,660	)	$	(20,280,850	)

Class Y
Issued from the sale of shares		19,523,659		$	741,290,064			41,200,429		$	1,389,182,842
Issued in connection with the reinvestment of distributions		456,885			17,538,367			1,586,091			52,425,527
Redeemed		(19,935,263	)		(751,933,467	)		(75,560,637	)		(2,514,181,386	)

Net change		45,281		$	6,894,964			(32,774,117	)	$	(1,072,573,017	)

Decrease from capital share transactions		(584,034	)	$	(16,732,333	)		(41,295,247	)	$	(1,355,251,327	)

79 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

13. Capital Shares (continued).


	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Gateway Equity Call Premium Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		64,207		$	943,792			89,776		$	1,165,671
Issued in connection with the reinvestment of distributions		142			2,128			973			11,345
Redeemed		(45,604	)		(663,370	)		(167,721	)		(2,061,010	)

Net change		18,745		$	282,550			(76,972	)	$	(883,994	)

Class C
Issued from the sale of shares		5,571		$	83,540			9,094		$	114,580
Issued in connection with the reinvestment of distributions		5			75			49			567
Redeemed		(8,466	)		(121,074	)		(11,920	)		(161,150	)

Net change		(2,890	)	$	(37,459	)		(2,777	)	$	(46,003	)

Class N
Issued from the sale of shares		1,421		$	20,681			16,338		$	204,818
Issued in connection with the reinvestment of distributions		123			1,842			475			5,747
Redeemed		(9,614	)		(139,270	)		(5,480	)		(64,140	)

Net change		(8,070	)	$	(116,747	)		11,333		$	146,425

Class Y
Issued from the sale of shares		1,020,717		$	15,000,702			870,053		$	10,700,287
Issued in connection with the reinvestment of distributions		2,979			44,662			12,901			152,845
Redeemed		(140,062	)		(2,069,042	)		(1,471,881	)		(17,118,532	)

Net change		883,634		$	12,976,322			(588,927	)	$	(6,265,400	)

Increase (decrease) from capital share transactions		891,419		$	13,104,666			(657,343	)	$	(7,048,972	)


	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Global Green Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		225,217		$	2,377,734			357,151		$	3,820,987
Issued in connection with the reinvestment of distributions		3,849			40,361			14,237			152,385
Redeemed		(118,883	)		(1,265,956	)		(90,528	)		(963,417	)

Net change		110,183		$	1,152,139			280,860		$	3,009,955

Class N
Issued from the sale of shares		210,057		$	2,232,958			445,619		$	4,757,851
Issued in connection with the reinvestment of distributions		9,330			98,127			47,406			504,197
Redeemed		(387,042	)		(4,080,070	)		(2,032,767	)		(21,682,527	)

Net change		(167,655	)	$	(1,748,985	)		(1,539,742	)	$	(16,420,479	)

Class Y
Issued from the sale of shares		895,961		$	9,472,964			1,588,312		$	16,962,425
Issued in connection with the reinvestment of distributions		17,801			186,993			59,234			635,148
Redeemed		(465,846	)		(4,912,380	)		(280,739	)		(2,960,011	)

Net change		447,916		$	4,747,577			1,366,807		$	14,637,562

Increase from capital share transactions		390,444		$	4,150,731			107,925		$	1,227,038

| 80

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

13. Capital Shares (continued).


	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Global Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		399,915		$	8,023,618			1,075,867		$	18,317,282
Issued in connection with the reinvestment of distributions		15,262			307,059			4,893			76,869
Redeemed		(141,232	)		(2,845,399	)		(226,251	)		(3,533,077	)

Net change		273,945		$	5,485,278			854,509		$	14,861,074

Class C
Issued from the sale of shares		195,394		$	3,789,898			317,242		$	4,892,971
Issued in connection with the reinvestment of distributions		2,956			57,428			1,026			15,301
Redeemed		(27,871	)		(542,724	)		(98,713	)		(1,588,779	)

Net change		170,479		$	3,304,602			219,555		$	3,319,493

Class N
Issued from the sale of shares		4,144,145		$	84,051,090			3,265,184		$	55,475,365
Issued in connection with the reinvestment of distributions		70,001			1,419,616			13,079			223,484
Redeemed		(789,118	)		(16,007,814	)		(320,345	)		(5,566,304	)

Net change		3,425,028		$	69,462,892			2,957,918		$	50,132,545

Class Y
Issued from the sale of shares		14,652,817		$	300,513,681			33,728,583		$	589,402,217
Issued in connection with the reinvestment of distributions		400,324			8,118,580			100,746			1,724,842
Redeemed		(10,019,562	)		(204,245,727	)		(3,134,944	)		(50,170,707	)

Net change		5,033,579		$	104,386,534			30,694,385		$	540,956,352

Increase from capital share transactions		8,903,031		$	182,639,306			34,726,367		$	609,269,464


	Six Months Ended June 30, 2021						Year Ended December 31, 2020
International Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		10,554		$	150,332			4,616		$	62,533
Issued in connection with the reinvestment of distributions		104			1,474			505			6,930
Redeemed		(180	)		(2,487	)		(25	)		(337	)

Net change		10,478		$	149,319			5,096		$	69,126

Class N
Issued from the sale of shares		855,665		$	12,269,390			180,706		$	2,022,459
Issued in connection with the reinvestment of distributions		20,603			292,358			113,091			1,544,820
Redeemed		(19,974	)		(283,405	)		(490,369	)		(6,206,793	)

Net change		856,294		$	12,278,343			(196,572	)	$	(2,639,514	)

Class Y
Issued from the sale of shares		421		$	5,997			4,191		$	54,896
Issued in connection with the reinvestment of distributions		61			858			502			6,899

Net change		482		$	6,855			4,693		$	61,795

Increase (decrease) from capital share transactions		867,254		$	12,434,517			(186,783	)	$	(2,508,593	)

81 |

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

13. Capital Shares (continued).


	Six Months Ended June 30, 2021						Period Ended December 31, 2020(a)
U.S. Sustainable Equity Fund	Shares			Amount			Shares		Amount
Class A
Issued from the sale of shares		123		$	1,320			100	$	1,000

Net change		123		$	1,320			100	$	1,000

Class C
Issued from the sale of shares		—		$	—			100	$	1,000

Net change		—		$	—			100	$	1,000

Class N
Issued from the sale of shares		—		$	—			500,000	$	5,000,000

Net change		—		$	—			500,000	$	5,000,000

Class Y
Issued from the sale of shares		9,074		$	100,000			100	$	1,000
Redeemed		(9,070	)		(100,855	)		—		—

Net change		4		$	(855	)		100	$	1,000

Increase from capital share transactions		127		$	465			500,300	$	5,003,000

(a)	From commencement of operations on December 15, 2020 through December 31, 2020.

| 82

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)

(1) Not applicable.

(a)

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(b)

Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

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

By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		August 23, 2021

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


By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		August 23, 2021


By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer and Principal Financial and Accounting Officer
Date:		August 23, 2021

Gateway Trust N-CSRSCertified semi-annual shareholder report (management investment company)