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SIGNATURE DONNA M. SQUERI
TITLE SECRETARY
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<ACCUM-APPREC-OR-DEPREC> 5884
<NET-ASSETS> 19880
<DIVIDEND-INCOME> 402
<INTEREST-INCOME> 11
<OTHER-INCOME> 0
<EXPENSES-NET> 299
<NET-INVESTMENT-INCOME> 114
<REALIZED-GAINS-CURRENT> 21
<APPREC-INCREASE-CURRENT> (1192)
<NET-CHANGE-FROM-OPS> (1057)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 114
<DISTRIBUTIONS-OF-GAINS> 26
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 71004
<NUMBER-OF-SHARES-REDEEMED> 348159
<SHARES-REINVESTED> 5547
<NET-CHANGE-IN-ASSETS> (6664)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 299
<AVERAGE-NET-ASSETS> 23404
<PER-SHARE-NAV-BEGIN> 20.84
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> (.98)
<PER-SHARE-DIVIDEND> .12
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.84
<EXPENSE-RATIO> 1.28
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000215952
<NAME> THE GATEWAY TRUST
<SERIES>
<NUMBER> 3
<NAME> GATEWAY SMALL CAP INDEX FUND
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 14843
<INVESTMENTS-AT-VALUE> 17732
<RECEIVABLES> 135
<ASSETS-OTHER> 323
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 18194
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 147
<TOTAL-LIABILITIES> 147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15232
<SHARES-COMMON-STOCK> 1321057
<SHARES-COMMON-PRIOR> 1224991
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (74)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2889
<NET-ASSETS> 18047
<DIVIDEND-INCOME> 135
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-NET> 212
<NET-INVESTMENT-INCOME> (62)
<REALIZED-GAINS-CURRENT> 1522
<APPREC-INCREASE-CURRENT> 2373
<NET-CHANGE-FROM-OPS> 3833
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1485
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1048860
<NUMBER-OF-SHARES-REDEEMED> 1057918
<SHARES-REINVESTED> 105124
<NET-CHANGE-IN-ASSETS> 3920
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (49)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 293
<AVERAGE-NET-ASSETS> 14383
<PER-SHARE-NAV-BEGIN> 11.53
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 3.39
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.66
<EXPENSE-RATIO> 1.47
</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, 1999, 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, 2000
