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<PAGE> PAGE 2
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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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062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
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062 J000400 0.0
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062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 N
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
<PAGE> PAGE 22
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 0
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072 D000400 0
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<PAGE> PAGE 23
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025 A000501 DELETE
<PAGE> PAGE 24
025 D000501 0
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045 000500 N
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<PAGE> PAGE 25
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062 A000500 N
062 B000500 0.0
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066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
<PAGE> PAGE 26
070 J010500 N
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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045 000600 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE DONNA M. SQUERI
TITLE GENERAL COUNSEL
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</TABLE>
ARTHUR ANDERSEN LLP
Report of Independent Public Accountants
To the Shareholders and 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, 1998, we considered its internal control,
including control activities 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, not to
provide assurance on internal control.
The management of The Gateway Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
cost of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 would not necessarily disclose all
matters in the internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as
defined above.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission.
Cincinnati, Ohio
January 19, 1999
Form N-SAR
For the period ended 12/31/98
File No. 811-2773
Attachment Page
Item 77C
(a) The Gateway Trust held a special meeting of shareholders on December 9,1998.
(b) The following directors were elected at this meeting who comprise all the
directors now in office:
James M. Anderson
Stefen F. Brueckner
Kenneth A. Drucker
Beverly J. Fertig
R.S. (Dick) Harrison
J. Patrick Rogers
Walter G. Sall
William H. Schneebeck
James E. Schwab
(c) The first two matters voted upon at the meeting were the election of the
members of the board of trustees and the ratification of the selection of
Arthur Andersen LLP as independent accountants for the Trust.
The next matter voted upon was an amendment to the Trust's Declaration of Trust,
which would have required the shareholders of all funds to vote in the aggregate
except as otherwise required by law. The results of the voting, in which the
matter was not passed, were as follows:
FUND FOR AGAINST
Gateway Fund 9,897,747 361,136
Gateway Small Cap Index Fund 867,535 22,490
Cincinnati Fund 776,828 22,686
The next matter voted upon was an amendment of the Trust's Declaration of Trust
that would have permitted the Trustees to make future amendments to the
Declaration of Trust without shareholder authorization provided the amendment
did not adversely affect the rights of any shareholder. The results of the
voting, in which the matter was not passed, were as follows:
FUND FOR AGAINST
Gateway Fund 9,070,589 917,439
Gateway Small Cap Index Fund 848,365 43,213
Cincinnati Fund 735,998 60,606
The next matter voted upon was the approval of a Distribution Plan pursuant to
Rule 12b-1 of the Investment Company Act of 1940 for the Gateway Fund only,
which if approved, would take effect on January 1,1999. The Distribution Plan
was approved, and the results of the voting were as follows:
FUND FOR AGAINST
Gateway Fund 9,193,127 753,545
The next matter voted upon was the approval of a new Management Agreement
between the Gateway Fund and Gateway Investment Advisers, L.P. which would take
effect on January 1, 1999. The Management Agreement was approved, and the
results of the voting were as follows:
FUND FOR AGAINST
Gateway Fund 9,517,052 519,603
Item 77Q1
(e) A management contract dated January 1, 1999 for The Gateway Trust is
incorporated by reference to Exhibits to Registrant's Post-Effective
Amendment No. 33 (Investment Company Act No. 31) to Registration
Statement No. 2-59895 filed with the Securities and Exchange Commission
on March 1, 1999.
