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THE GATEWAY TRUST
SUPPLEMENT DATED FEBRUARY 7, 1996
TO
PROSPECTUS DATED MAY 1, 1995
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The following material supplements the Propspectus dated May 1, 1995,
of the Gateway Index Plus Fund, the Gateway Mid Cap Index Fund and the Gateway
Small Cap Index Fund (the "Funds"), and particularly the information contained
under "Investment Adviser" at page 19 of the Prospectus. Each of the Funds is
a series of The Gateway Trust (the "Trust").
Shareholders of the Funds approved a new investment advisory contract
between the Funds and Gateway Investment Advisers, L.P. (the "Adviser"), which
became effective December 15, 1995. The Adviser is the successor in interest to
the assets, business and personnel of Gateway Investment Advisers, Inc.
("GIA"). GIA has acted as investment adviser since the formation of the Funds
and is now the general partner of the Adviser with a 76% partnership interest.
The sole limited partner of the Adviser is Alex. Brown Investments
Incorporated, an affiliate of Alex. Brown & Sons Incorporated ("Alex.
Brown"), a nationally known investment banking firm and registered
broker/dealer located in Baltimore, Maryland.
Walter G. Sall, as Chairman and Trustee, and Peter W. Thayer, as
President and Trustee, will maintain those positions with the Trust. The
principal and controlling shareholders of GIA, Mr. Sall and J. Patrick Rogers,
have been appointed Chairman and President of GIA, respectively.
There has been no change in advisory fees paid by the Trust or
management personnel of the Adviser as a result of the approval of the advisory
contracts.
The Adviser has entered into an Advisory Referral Agreement with Alex.
Brown under which the Adviser will pay to Alex. Brown 0.50% per year of the
average daily market value of those shares of the Funds that have been directed
to the Adviser by Alex. Brown or any of its affiliates.
Also effective December 15, 1995, the Adviser became the Shareholder
Servicing, Transfer, Dividend Disbursing and Financial Servicing Agent for the
Trust. This change will not affect the processing of an account or the
services provided for the Funds' shareholders.
