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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE DONNA M. SQUERI
TITLE GENERAL COUNSEL
ARTHUR ANDERSON LLP
Report of Independent Public Accountants
To the Board of Trustees
of The Gateway Trust:
In planning and performing our audit of the financial statements of The
Gateway Trust for the year ended December 31, 1996, we considered its
internal control structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal
control structure.
The management of The Gateway Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related cost of internal control structure policies
and procedures. The objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal control
structure elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in relation to
the financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Cincinnati, Ohio
January 17, 1997
BY-LAWS
OF
THE GATEWAY TRUST
(restated July 30, 1996 and
amended October 29, 1996)
Section 1. Agreement and Declaration of
Trust and Principal Office
1.1 Agreement and Declaration of Trust. These Bylaws shall be subject
to the Agreement and Declaration of Trust, as from time to time in effect
(the "Declaration of Trust"), of The Gateway Trust, an Ohio business trust
established by the Declaration of Trust (the "Trust").
1.2 Principal Office of the Trust. The principal office of the Trust
shall be located in or outside Ohio. Unless the Trustees otherwise
determine, the principal office of the Trust shall be located in
Milford, Ohio.
Section 2. Shareholders
2.1 Shareholder Meetings. A meeting of the shareholders of the Trust
or of any one or more series of shares may be called at any time by the
Trustees or by the chairman or president. A meeting of shareholders shall
be called by the Trustees or by the chairman or president as required
pursuant to Section 5.2 of the Declaration of Trust. If the meeting is a
meeting of the shareholders of one or more series of shares, but not a
meeting of all shareholders of the Trust, then only the shareholders of
such one or more series shall be entitled to notice of and to vote at the
meeting. Each call of a meeting shall state the place, date, hour and
purposes of the meeting.
2.2 Place of Meetings. All meetings of the shareholders shall be held
at the principal office of the Trust, or, to the extent permitted by the
Declaration of Trust, at such other place within the United States as shall
be designated by the Trustees or the chairman or president of the Trust.
2.3 Notice of Meetings. A written notice of each meeting of
shareholders, stating the place, date and hour and the purposes of the
meeting, shall be given at least twenty days before the meeting to each
shareholder entitled to vote by leaving such notice at each shareholder's
residence or usual place of business or by mailing it, postage prepaid,
and addressed to such shareholder at the address as it appears in the
records of the Trust. If notice is given by mail, the notice shall be
deemed to have been given when deposited in the mail. Such notice shall
be given by the secretary or an assistant secretary or by an officer
designated by the Trustees. No notice of any meeting of shareholders need
be given to a shareholder if a written waiver of notice, executed before
or after the meeting by such shareholder or his or her attorney thereunto
duly authorized, is filed with the records of the meeting.
2.4 Ballots. No ballot shall be required for any election unless
requested by a shareholder present or represented at the meeting and
entitled to vote in the election.
2.5 Proxies. Shareholders entitled to vote may vote either in person
or by proxy in writing dated not more than six months before the meeting.
The proxies shall be filed with the secretary or other person responsible
to record the proceedings of the meeting before being voted. Unless
otherwise specifically limited by their terms, such proxies shall entitle
the holders to vote at any adjournment of such meeting but shall not be
valid after the final adjournment of such meeting.
Section 3. Trustees
3.1 Number of Trustees. The number of Trustees shall be no less than
five but no more than eleven as designated by a majority of the Trustees
then in office from time to time.
3.2 Committees. The Trustees, by vote of a majority of the Trustees
then in office, may elect from their number any committees as the Trustees
shall determine to be advisable. The Trustees may delegate to such
committees some or all of their powers except those which by law, by the
Declaration of Trust, or by these By-Laws may not be delegated. Except as
the Trustees may otherwise determine, any such committee may make rules for
conduct of its business. All members of such committees shall serve at the
pleasure of the Board of Trustees. The Trustees may abolish any such
committee at any time. Any committee to which the Trustees delegate any
of their powers or duties shall keep records of its meetings and shall
report its action to the Trustees. The Trustees shall have power to
rescind any action of any committee. No committee can rescind any action
of the Board of Trustees or shall fill vacancies in the Board of Trustees or
committees.
3.3 Regular Meetings. Regular meetings of the Trustees may be held
without call or notice at such places and at such times as the Trustees may
from time to time determine, provided that notice of the first regular
meeting following any such determination shall be given to absent Trustees.
3.4 Special Meetings. Special meetings of the Trustees may be held at
any time and at any place designated in the call of the meeting. Special
meetings of the Trustees may be called by the chairman, president or the
treasurer or by two or more Trustees with notice thereof being given to
each Trustee by the secretary or an assistant secretary or by the officer
or one of the Trustees calling the meeting.
3.5 Notice. Trustees shall be given at least seven days notice of all
special meetings provided, however, that notice of a meeting need not be
given to any Trustee if a written waiver of notice, executed by him or her
before or after the meeting, is filed with the records of the meeting, or to
any Trustee who attends the meeting without protesting prior thereto or at
its commencement the lack of notice to him or her. Notice of a special
meeting or a waiver of a notice shall specify the purposes of the meeting.
3.6 Quorum. At any meeting of the Trustees, a majority of the Trustees
then in office shall constitute a quorum. Any meeting may be adjourned
from time to time by a majority of the votes cast upon the question, whether
or not a quorum is present.
3.7 Participation by Telephone. One or more of the Trustees or of any
committee of the Trustees may participate in a meeting thereof by means of
a telephone conference or similar communications equipment allowing all
persons participating in the meeting to hear each other at the same time.
Participation by such means shall constitute presence in person at a meeting
except as otherwise provided by the Investment Company Act of 1940.
3.8 Action by Consent. Any action required or permitted to be taken
at any meeting of the Trustees or any committee thereof may be taken without
a meeting, if a written consent of such action is unanimously signed by the
Trustees then in office or unanimously by the members of such committee,
as the case may be, and such written consent is filed with the minutes of
the proceedings of the Trustees or such committee.
Section 4. Officers and Agents
4.1 Enumeration; Qualification. The officers of the Trust shall be a
chairman, a president, a treasurer, a secretary and such other officers, if
any, as the Trustees from time to time may in their discretion elect or
appoint. The Trust may also have such agents, if any, as the Trustees from
time to time may in their discretion appoint. Any officer may be, but none
need be, a Trustee or shareholder. Any two or more offices may be held by
the same person.
4.2 Powers. Subject to the other provisions of these By-Laws, each
officer shall have, in addition to the duties and powers herein and in the
Declaration of Trust set forth, such duties and powers as are commonly
incident to his or her office as if the Trust were organized as an Ohio
business corporation and such other duties and powers as the Trustees may
from time to time designate.
4.3 Election. The chairman, the president, the treasurer and the
secretary shall be elected annually by the Trustees. Other officers, if
any, may be elected or appointed by the Trustees at said meeting or at any
other time.
4.4 Tenure. The chairman, the president, the treasurer and the
secretary shall hold office until their respective successors are chosen and
qualified, or in each case until he or she sooner dies, resigns, is removed
or becomes disqualified. Each other officer shall hold office at the
pleasure of the Trustees. Each agent shall retain his or her authority at
the pleasure of the Trustees.
4.5 Chairman. The chairman shall be the chief executive officer of the
Trust. Unless the Trustees otherwise provide, the chairman, or in the
absence of the chairman, the president, or any Trustee chosen by the
Trustees, shall preside at all meetings of the shareholders and
of the Trustees.
4.6 President and Vice Presidents. The president and any vice president
shall have such duties and powers as shall be designated from time to time
by the Trustees and these By-laws.
4.7 Treasurer and Assistant Treasurer. The treasurer shall be the chief
financial officer of the Trust and, as such, shall be responsible for
preparation of financial statements of the Trust and shall have such other
duties and powers as may be designated from time to time by the Trustees or
the chairman or president. In addition, subject to any arrangement made by
the Trustees with a bank or trust company or other organization as custodian
or transfer or shareholder services agent, the Treasurer shall be in charge
of the Trust's valuable papers. Any assistant treasurer shall have such
duties and powers as shall be designated from time to time by the Trustees.
4.8 Secretary and Assistant Secretaries. The secretary shall record all
proceedings of the shareholders and the Trustees in books to be kept
therefore, which books shall be kept at the principal office of the Trust.
In the absence of the secretary from any meeting of shareholders or Trustees,
an assistant secretary, or if there be none or he or she is absent, a
temporary secretary chosen at the meeting shall record the proceedings
thereof in the aforesaid books.
Section 5. Resignations, Removals and Retirement
Any Trustee or officer may resign at any time by delivering his or her
resignation in writing to the chairman, the president, or the secretary or
to a meeting of the Trustees. The Trustees may remove any officer elected
by them with or without cause by the vote of a majority of the Trustees then
in office. Any Trustee who reaches the age of 75 can no longer serve as a
Trustee for the Trust and is considered retired effective upon reaching such
age. Trustees who have reached or surpassed the age of 75 on
October 29, 1996 are exempt from any form of mandatory retirement. Except
to the extent expressly provided in a written agreement with the Trust, no
Trustee or officer resigning, no officer removed, and no Trustee retired,
shall have any right to any compensation for any period following his or her
resignation, removal or retirement or any right to damages on account of
such removal.
Section 6. Vacancies
A vacancy in any office may be filled at any time. Each successor shall
hold office for the unexpired term, and in the case of the chairman, the
president, the treasurer and the secretary, until his or her successor is
chosen and qualified, or in each case until he or she sooner dies, resigns,
is removed or becomes disqualified.
Section 7. Shares of Beneficial Interest
7.1 Share Certificates. In lieu of issuing certificates for shares, the
Trustees or the transfer agent may either issue receipts therefor or may
keep accounts upon the books of the Trust for the record holders of such
shares, who shall in either case be deemed, for all purposes hereunder, to
be the holders of certificates for such shares as if they had accepted
such certificates and shall be held to have expressly assented and agreed to
the terms hereof.
The Trustees may at any time authorize the issuance of share certificates.
In that event, such certificates shall be signed by the president or a vice
president and by the treasurer or an assistant treasurer. Such signatures
may be facsimiles if the certificate is signed by a transfer agent or by a
registrar, other than a Trustee, officer or employee of the Trust. In
case any officer who has signed or whose facsimile signature has been placed
on such certificate shall have ceased to be such officer before such
certificate is issued, it may be issued by the Trust with the same effect
as if he or she were such officer at the time of its issue.
7.2 Loss of Certificates. In the case of the alleged loss or
destruction or the mutilation of a share certificate, a duplicate
certificate may be issued in place thereof, upon such terms as the
Trustees may prescribe.
7.3 Discontinuance of Issuance of Certificates. The Trustees may at
any time discontinue the issuance of share certificates and may, by written
notice to each shareholder, require the surrender of share certificates to
the Trust for cancellation. Such surrender and cancellation shall not
affect the ownership of shares in the Trust.
Section 8. Record Date and
Closing Transfer Books
The Trustees may fix in advance a time, which shall not be more than sixty
days before the date of any meeting of shareholders or the date for the
payment of any dividend or making of any other distribution to shareholders,
as the record date for determining the shareholders having the right to
notice and to vote at such meeting and any adjournment thereof or the
right to receive such dividend or distribution, and in such case only
shareholders of record on such record date shall have such right,
notwithstanding any transfer of shares on the books of the Trust after the
record date; or without fixing such record date the Trustees may for any of
such purposes close the transfer books for all or any part of such period.
Section 9. Execution of Papers
Except as the Trustees may generally or in particular cases authorize the
execution thereof in some other manner, all deeds, leases, transfers,
contracts, bonds, notes, checks, drafts and other obligations made, accepted
or endorsed by the Trust shall be signed, and all transfers of securities
standing in the name of the Trust shall be executed, by the chairman,
the president or by one of the vice presidents or by the treasurer or by
whomsoever else shall be designated for that purpose by the vote of the
Trustees and need not bear the seal of the Trust.
Section 10. Fiscal Year
Except as from time to time otherwise provided by the Trustees, the fiscal
year of the Trust shall end on December 31 in each year.
Section 11. Seal
Unless otherwise required by the Trustees, the seal of the Trust shall not
be necessary to be placed on, and its absence shall not impair the validity
of, any document, instrument or other paper executed and delivered by or on
behalf of the Trust.
Section 12. Amendments
These By-Laws may be amended or repealed, in whole or in part, by a majority
of the Trustees then in office at any meeting of the Trustees, or by one or
more writings signed by such a majority.
