<PAGE> 1
CINCINNATI FUND
SUPPLEMENT DATED SEPTEMBER 9, 1996
TO
PROSPECTUS DATED MAY 1, 1996
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The following material supplements the Prospectus of the Cincinnati
Fund dated May 1, 1996, and particularly the information contained under
"OPENING A NEW ACCOUNT" on page 6. The Fund is a series of The Gateway Trust.
Effective immediately through April 30, 1997, the Prospectus has been
modified to reflect a reduction in the minimum initial investment in the
Cincinnati Fund to $100.
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CINCINNATI FUND
SUPPLEMENT DATED SEPTEMBER 9, 1996
TO
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1996
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The following material supplements the Statement of Additional
Information "SAI" of the Cincinnati Fund dated May 1, 1996, and particularly
the information contained under "ADDITIONAL PURCHASE AND REDEMPTION
INFORMATION" on page 13. The Fund is a series of The Gateway Trust.
Effective immediately through April 30, 1997, the SAI has been
modified to reflect a reduction in the minimum initial investment in the
Cincinnati Fund to $100.
