Gateway Trust

N-CSR 1 d13457dncsr.htm GATEWAY TRUST Gateway Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22099

Gateway Trust

(Exact name of Registrant as specified in charter)

888 Boylston Street, Suite 800 Boston, Massachusetts 02199-8197

(Address of principal executive offices) (Zip code)

Natalie Wagner, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2810

Date of fiscal year end: December 31

Date of reporting period: December 31, 2021

Item 1. Reports to Stockholders.

(a)	The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

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Annual Report

December 31, 2021

Gateway Fund

Gateway Equity Call Premium Fund

Mirova Global Green Bond Fund

Mirova Global Sustainable Equity Fund

Mirova International Sustainable Equity Fund

Mirova U.S. Sustainable Equity Fund

Table of Contents


Portfolio Review			1
Portfolio of Investments			28
Financial Statements			45
Notes to Financial Statements			74

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GATEWAY FUND



Managers		Symbols

Daniel M. Ashcraft, CFA^®		Class A GATEX

Michael T. Buckius, CFA^®		Class C GTECX

Paul R. Stewart, CFA^®		Class N GTENX

Kenneth H. Toft, CFA^®		Class Y GTEYX

Mitchell J. Trotta, CFA^®

Gateway Investment Advisers, LLC

Investment Goal

The Fund seeks to capture the majority of returns associated with equity market investments, while exposing investors to less risk than other equity investments.

Management Discussion

2021 was the third consecutive year of double-digit return for the S&P 500^® Index, powering its three-year cumulative return above 100% for the first time since early March 2012, a three-year period that began at the bear market bottom of the Great Financial Crisis. Additionally, returns were positive in each quarter of 2021, though the September equity market pullback brought that streak to the brink. The equity market started the year in impressive fashion with returns of 6.17% and 8.55% in the first and second quarters, respectively. Macroeconomic stabilization and improvement driven by a relaxation of pandemic mitigation policies and additional fiscal stimulus helped investors digest concerns surrounding the outlook for inflation, labor market imbalances, and rising interest rates. Equity market strength continued in July and August, but the S&P 500^® Index eked out a third quarter return of just 0.58% as the market pulled back, surrendering to a growing list of investor concerns including new Covid-19 variants, the outlook for inflation and uncertainty surrounding fiscal and monetary policy. September’s decline carried into early October as the S&P 500^® Index lost 5.12% from September 2 to October 4, its largest peak-to-trough drawdown of the year. The equity market’s fourth quarter was the strongest of all, with a return of 11.03%, but was not the smoothest as inflation and monetary policy concerns drove a short but intense bout of volatility mid-quarter. The S&P 500^® Index ended the year just shy of its all-time high reached on December 29.

The downtrend in implied volatility that began after the Cboe^® Volatility Index (the VIX^®) peaked at record levels in March 2020 continued over the first half of 2021. The VIX^® spent most of the year ranging from the mid-teens to the low 20s while posting 21 days of closing values above 25, including six days when it closed above 30. The result was an average closing value of 19.66 for the year, slightly above its long-term average of 19.48. While the downtrend brought the measure to below-average levels at various points throughout the year, it never closed below 15, thus establishing a Covid-19 era low that was above the low readings that persisted for several years prior to the pandemic. Specifically, the VIX^® averaged 14.86 during the seven-year period from 2013 to 2019. Although implied volatility was elevated in 2021, realized volatility, as measured by the standard deviation of daily returns for the S&P 500^® Index, was below-average at 13.09% for the year. The spread between S&P 500^® Index realized volatility and average implied volatility, often referred to as the Volatility Risk Premium (VRP), was positive in 2021, as is typical. However, the spread was consistently wider than normal as VRP ended the year on a 15-month trend of readings that have been above the historical monthly average of 4.15%.

Performance Results

For the 12 months ended December 31, 2021, Class Y shares of the Gateway Fund returned 11.49% at net asset value. The Fund’s primary benchmark, the S&P 500^® Index, returned 28.71% for the same period, while its secondary benchmark, the Bloomberg U.S. Aggregate Bond Index, returned -1.54%.

Explanation of Fund Performance

The Fund invests in a broadly diversified portfolio of common stocks that is designed to track the performance of the S&P 500^® Index, while also selling index call options and purchasing index put options. The Fund seeks to generate returns by creating cash flow through writing at-the-money index call options against the full value of its underlying equity portfolio. The written call options, premium levels of which have a high correlation to volatility, provide cash flow into the Fund, yet may limit upside participation in an equity market advance. The Fund uses some of the cash flow from index call option writing to purchase out-of-the-money index put options to mitigate sudden and severe price declines in the equity portfolio. An index call option is considered at-the-money when the price of the underlying index is the same as the option’s strike price. Additionally, an index put option is deemed out-of-the money when its strike price is below the price of the underlying index. It is the net premium-to-earn from selling index call options less the price of protective index put options that is a significant factor in determining how much participation the Fund will have in a rising

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market and how much downside mitigation is delivered in a declining market. In the long term, the combination of the diversified stock portfolio, steady cash flow from the sale of index call options and downside mitigation from index put options is intended to provide the Fund with a majority of the returns associated with equity market investments while exposing investors to less risk.

The Fund underperformed its primary benchmark for the year while achieving the risk component of its objective by exhibiting less than half the risk of the equity market. 2021 marked the Fund’s highest calendar year return since 2003. Returns for the year were buoyed by relatively elevated implied volatility and active management focused on the higher volatility priced into longer-dated call option contracts and a persistently above-average VRP. The Fund’s two-part option strategy delivered significant risk mitigation during market declines and equity market participation during the periods in which the equity market advanced. Specifically, the Fund had smaller losses than the S&P 500^® Index when equity market returns were negative in January, September and November and provided 2.51 percentage points of risk mitigation with a return of -2.61% during the max drawdown period for the S&P 500^® Index from September 2 through October 4. The Fund’s positive but lagging returns of 3.23%, 3.98% and 4.32% in the first, second and fourth quarters of 2021 led to underperformance for the year as the Fund was unable to keep pace with the S&P 500^® Index’s strong advances. When the equity market advances at an above-average rate, underperformance is expected, as the risk-reducing option strategy generates losses that detract from return. Consequently, the fourth quarter, which was the strongest equity market quarter of the year, produced the most significant period of lagging performance for the Fund. From October 4 through November 18, the equity market’s recovery from its largest loss of the year developed into a rally to new highs and the S&P 500^® Index advanced 9.60%, while the Fund generated a return of 4.06%. Over the remainder of the year, the S&P 500^® Index added 1.47% to its return while the Fund returned 0.43%.

The Fund’s equity portfolio returned 28.38% in 2021, a performance differential of (0.33) percentage points versus the S&P 500^® Index. Consistent with its investment objective, the measured risk of the Fund was low relative to the US equity market, as its standard deviation of daily returns for 2021 was 6.12% versus 13.09% for the S&P 500^® Index.

The Fund began the year with index put option coverage in a range of 80% to 95%, a positioning that had been maintained since August 2020. The investment team incrementally added index put options in January, restoring put coverage to greater than 95% by the end of the month. The increases in put coverage in January were executed in conjunction with adjustments to the Fund’s written call option positions with the goal of maintaining a consistent risk profile while benefiting from lower put costs. Amid heightened equity market volatility in late November and early December, Gateway’s investment team opportunistically monetized higher volatility being priced into index put contracts and preserved index put gains in the event of a sudden and sharp market recovery, while maintaining the Fund’s typical risk profile. The investment team closed out one index put option position on December 3, lowering put coverage to a range of 80% to 95%. This position was maintained until December 16 when the investment team restored put coverage to greater than 95% as index put options became more reasonably priced when VIX^® levels declined from their relatively elevated levels earlier in the month. The Fund maintained a portfolio of written index call options on the full value of its equity holdings over the course of the year, while making active adjustments to positions in response to changing market conditions and opportunistically taking advantage of the higher implied volatility that was priced into longer-dated contracts.

Outlook

Gateway’s investment philosophy is informed by its long history and maintains that the equity market is the most reliable source of attractive long-term returns, despite its high volatility relative to other asset classes and tendency to periodically deliver significant short-term losses. Gateway’s investment philosophy also holds that consistency is key to long-term success and that generating cash flow with index options, rather than seeking to forecast the market, can lower the risk of participating in equity markets. By staying true to this philosophy and continuing to manage strategies consistent with the firm’s historical approach, Gateway assists Fund shareholders in managing risk while pursuing long-term returns in an uncertain environment. Rather than attempting to anticipate how events will unfold, Gateway will continue to focus on making prudent adjustments to its option portfolios to maintain the risk profile of the Fund in response to changing market conditions.

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GATEWAY FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares⁴

December 31, 2011 through December 31, 2021

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Top Ten Holdings as of December 31, 2021



Security Name			% of Net Assets
	1	Apple, Inc.		7.07	%
	2	Microsoft Corp.		6.37
	3	Amazon.com, Inc.		3.70
	4	Alphabet, Inc., Class C		3.21
	5	Tesla, Inc.		2.12
	6	Meta Platforms, Inc., Class A		2.10
	7	NVIDIA Corp.		1.88
	8	JPMorgan Chase & Co.		1.70
	9	Berkshire Hathaway, Inc., Class B		1.58
	10	UnitedHealth Group, Inc.		1.54

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

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Average Annual Total Returns – December 31, 2021⁴



	1 Year			5 Years			10 Years			Life of Class N		Expense Ratios⁵
	1 Year			5 Years			10 Years			Life of Class N		Gross			Net

Class Y
NAV		11.49	%		6.94	%		5.96	%		—		0.72	%		0.70	%

Class A
NAV		11.24			6.69			5.71			—		0.97			0.94
With 5.75% Maximum Sales Charge		4.85			5.43			5.09			—

Class C
NAV		10.41			5.89			5.07			—		1.72			1.70
With CDSC¹		9.41			5.89			5.07			—

Class N (Inception 5/1/17)
NAV		11.57			—			—			6.66		0.65			0.65

Comparative Performance
S&P 500^® Index²		28.71			18.47			16.55			18.02
Bloomberg U.S. Aggregate Bond Index³		-1.54			3.57			2.90			3.51

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For more recent month-end performance, visit im.natixis.com/performance. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1	Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

S&P 500^® Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors. It also measures the performance of the large cap segment of the US equities market.

The Bloomberg U.S. Aggregate Bond Index is a broad-based index that covers the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors.

4	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/22. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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GATEWAY EQUITY CALL PREMIUM FUND



Managers		Symbols

Daniel M. Ashcraft, CFA^®		Class A GCPAX

Michael T. Buckius, CFA^®		Class C GCPCX

Kenneth H. Toft, CFA^®		Class N GCPNX

Mitchell J. Trotta, CFA^®		Class Y GCPYX

Gateway Investment Advisers, LLC

Investment Goal

The Fund seeks total return with less risk than U.S. equity markets.

Management Discussion

The downtrend in implied volatility that began after the Cboe^® Volatility Index (the VIX^®) peaked at record levels in March 2020 continued over the first half of 2021. The VIX^® spent most of the year ranging from the mid-teens to the low 20s while posting 21 days of closing values above 25, including 6 days when it closed above 30. The result was an average closing value of 19.66 for the year, slightly above its long-term average of 19.48. While the downtrend brought the measure to below-average levels at various points throughout the year, it never closed below 15, thus establishing a Covid-19 era low that was above the low readings that persisted for several years prior to the pandemic. Specifically, the VIX^® averaged 14.86 during the seven-year period from 2013 to 2019. Although implied volatility was elevated in 2021, realized volatility, as measured by the standard deviation of daily returns for the S&P 500^® Index, was below-average at 13.09% for the year. The spread between S&P 500^® Index realized volatility and average implied volatility, often referred to as the Volatility Risk Premium (VRP), was positive in 2021, as is typical. However, the spread was consistently wider than normal as VRP ended the year on a 15-month trend of readings that have been above the historical monthly average of 4.15%.

Performance Results

For the 12 months ended December 31, 2021, Class Y shares of the Gateway Equity Call Premium Fund returned 19.43% at net asset value. The Fund underperformed its primary benchmark, the Cboe S&P 500 BuyWrite Index (BXM^SM), which returned 20.47% for the period. The Fund also underperformed its secondary benchmark, the S&P 500® Index, returned 28.71%.

Explanation of Fund Performance

The Fund invests in a broadly diversified portfolio of common stocks that is designed to track the performance of the S&P 500^® Index and support its index option-based risk management strategy as efficiently as possible while seeking to enhance the Fund’s after-tax total return. The Fund seeks to generate returns by writing at- and near-the-money index call options against the full value of its underlying equity portfolio. The steady cash flow from call option writing is intended to be an important source of the Fund’s return, although it reduces the Fund’s ability to profit from increases in the value of its equity portfolio. The index call options written by the Fund often have similar characteristics to the single index call option present in the BXM^SM at any given time. However, unlike the BXM^SM, the Fund employs an active strategy that gives its management team discretion to diversify expiration dates and strike prices across a portfolio of index call options and to opportunistically pursue attractive call premiums while maintaining a relatively consistent risk profile.

The Fund underperformed its primary benchmark for the year while achieving the risk component of its objective by exhibiting less risk than the equity market. 2021 marked the Fund’s highest calendar-year return since its inception in 2014. Returns for the year were buoyed by relatively elevated implied volatility and active management focused on the higher volatility priced into longer-dated call option contracts and a persistently above-average VRP. The Fund’s diversified and active index call option writing approach

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generated risk reducing cash flow throughout 2021 while delivering equity market participation during periods in which the equity market advanced and downside risk mitigation during market declines. Specifically, the Fund produced positive returns in all four quarters while incurring smaller losses than the S&P 500^® Index in January, September, and November when equity market returns were negative. Furthermore, the Fund provided loss mitigation of 2.28 percentage points during the maximum drawdown period for the S&P 500^® Index with a return of -2.84% from September 2 through October 4. After outperforming the BXM^{SM in the first half of the year with a return of 11.41% compared to the BXM’s}^SM^{return of 11.10%, the Fund underperformed in the second half with a return of 7.20%, compared to the BXM’s}^SM^{return of 8.43%. This was due primarily to the Fund’s performance during the equity market’s recovery and rally to new highs after its brief but sharp decline from late November to early December.
As the equity market began to recover, the BXM}^SM^{was better positioned for a market advance, having more market exposure than usual because the
index call option it wrote in November was far out-of-the-money after the equity market decline. The Fund, in contrast, had less
market exposure than the BXM}^SM^{because its actively managed approach lowered the weighted-average strike price of its written call option
portfolio as the market declined in order to maintain its typical risk profile. Consequently, as the market advanced over the remainder of December, the BXM}^SM^{returned 4.86%, while the Fund returned 3.64%, underperforming by 1.22%. Prior to December’s equity market advance, the Fund had outperformed the
BXM}^SM^{in 2021, as its year-to-date return through
December 1 was 15.23% compared to 14.89% for the BXM}^SM^{. .}

The Fund’s equity portfolio returned 28.87% for the year, a performance differential of positive 0.16 percentage points versus the S&P 500^® Index. The measured risk of the Fund was lower than that of the US equity market and the BXM^SM, as its standard deviation of daily returns for 2021 was 8.50%, versus 13.09% and 8.61% for the S&P 500^® Index and the BXM^SM, respectively.

Outlook

Hypothetical Growth of $100,000 Investment in Class Y Shares⁴

September 30, 2014 (inception) through December 31, 2021

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See notes to chart on page 7.

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GATEWAY EQUITY CALL PREMIUM FUND

Top Ten Holdings as of December 31, 2021



Security Name			% of Net Assets
	1	Apple, Inc.		6.84	%
	2	Microsoft Corp.		6.26
	3	Amazon.com, Inc.		3.68
	4	Alphabet, Inc., Class A		2.17
	5	Tesla, Inc.		2.13
	6	Alphabet, Inc., Class C		2.04
	7	Meta Platforms, Inc., Class A		2.00
	8	NVIDIA Corp.		1.88
	9	Berkshire Hathaway, Inc., Class B		1.55
	10	UnitedHealth Group, Inc.		1.46

Average Annual Total Returns – December 31, 2021⁴



	1 Year			5 Years			Life of Class				Expense Ratios⁵
	1 Year			5 Years			Life of Class				Gross			Net

Class Y (Inception 9/30/14)								Class Y/A/C		Class N
NAV		19.43	%		9.91	%		8.45	%	—		1.10	%		0.68	%

Class A (Inception 9/30/14)
NAV		19.20			9.63			8.19		—		1.36			0.93
With 5.75% Maximum Sales Charge		12.32			8.34			7.31		—

Class C (Inception 9/30/14)
NAV		18.28			8.80			7.39		—		2.10			1.68
With CDSC¹		17.28			8.80			7.39		—

Class N (Inception 5/1/17)
NAV		19.49			—			—		9.67		1.22			0.63

Comparative Performance
Cboe S&P 500 BuyWrite Index (BXM^SM)²		20.47			7.84			6.97		7.28
S&P 500^® Index³		28.71			18.47			15.08		18.02

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1	Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

The Cboe S&P 500 BuyWrite Index (BXM^SM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500^® Index. The BXM is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500^® Index (SPX^SM) “covered” call option, generally on the third Friday of each month. The SPX call written will have about one month remaining to expiration, with an exercise price just above the prevailing index level (i.e., slightly out of the money). The SPX call is held until expiration and cash settled, at which time a new one-month, near-the-money call is written.

4	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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MIROVA GLOBAL GREEN BOND FUND



Managers		Symbols

Marc Briand		Class A MGGAX

Charles Portier		Class N MGGNX

Bertrand Rocher		Class Y MGGYX

Mirova US LLC

Investment Goal

The Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds.

Market Conditions

In wake of 2020, we anticipated that 2021 would be i) far less impacted by the Covid-19 crisis and ii) marked by inflation blips as a result of a combination of central banks’ balance sheet expansion, production bottlenecks, and consumers’ willingness to spend the cash reserves they had accumulated over lockdowns and curfews. The Delta variant has derailed this scenario, except for inflation, which has driven rates far higher on the back of fears that central banks would little by little have to accept that surging prices could last longer than they were previously claiming. This is what has driven the German Bund from -0.60% to -0.18% and US 10-year rates from 0.90% to 1.50% over the year, with dramatic swings which were largely attributable to Delta. Credit markets rallied up to the end of November when the discovery of the Omicron variant ignited a wave of panic that quickly dissipated due to the variants’ lack of severity.

Performance Results

For the 12 months ended December 31, 2021, Class Y shares of the Mirova Global Green Bond Fund returned -2.69% at net asset value. The Fund underperformed its benchmark, the Bloomberg MSCI Green Bond Index – USD Hedged, which returned -2.30%.

Explanation of Fund Performance

The duration and curve strategy detracted from performance as the Fund’s global duration was set lower than the index during February on the long end of the curve when yields globally went down due to the Delta variant. Furthermore, the curve flattening had negative performance implications for the Fund.

From an allocation perspective, the Fund’s strategy was positive. The long position in corporates versus other asset classes paid off. Since the beginning of the year, we saw value in this asset class, which had full support from central banks. Credit exposure represented approximately 50% of the Fund during the year.

Security selection decisions brought value, mainly within the corporate sector. The main contributors were Baywa, Vena Energy and Orsted. Baywa is a German group specialized in energy, agriculture and building materials. Credit spreads on the Fund’s holdings contracted by 100 basis points (bps), due to their positive business, driving performance. Vena Energy is a utility company from Singapore, whose credit spreads on the Fund’s holdings contracted, due to the issuer’s high beta profile, resulting in positive contributions to overall returns., Orsted, which is one of the leaders in offshore wind turbines in Europe, benefited from spreads contracting.

Outlook

As Omicron is reportedly less aggressive than the Delta variant it is beginning to overcome, there is a decent probability that the Covid-19 crisis loses further traction, which may fuel even more positive momentum for the economy, especially for the lowest paid workers, provided central banks manage to curb inflation without jeopardizing the growth prospects we think are very solid. We believe central bankers will have the means to reach that target, which means 2022 might be constructive. The only real cloud on the horizon remains whether Russia’s Putin and the Western leaders might find an agreement to avoid prompting any kind of intervention of either NATO or Russia, if not both, in Ukraine.

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MIROVA GLOBAL GREEN BOND FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares²

February 28, 2017 (inception) through December 31, 2021

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Average Annual Total Returns – December 31, 2021²



	1 Year			Life of Fund			Expense Ratios³
	1 Year			Life of Fund			Gross			Net

Class Y (Inception 2/28/17)
NAV		-2.69	%		3.43	%		1.14	%		0.68	%

Class A (Inception 2/28/17)
NAV		-3.02			3.17			1.39			0.93
With 4.25% Maximum Sales Charge		-7.16			2.26

Class N (Inception 2/28/17)
NAV		-2.73			3.49			1.03			0.63

Comparative Performance
Bloomberg MSCI Green Bond Index – USD Hedged¹		-2.30			3.85

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

The Bloomberg MSCI Green Bond Index - USD Hedged provides a broad-based measure of global fixed-income securities issued to fund projects with direct environmental benefits according to MSCI ESG Research’s green bond criteria. The green bonds are primarily investment-grade, or may be classified by other sources when bond ratings are not available. The Index may include green bonds from the corporate, securitized, Treasury, or government-related sectors.

2	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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MIROVA GLOBAL SUSTAINABLE EQUITY FUND



Managers		Symbols

Jens Peers, CFA^®		Class A ESGMX

Hua Cheng, CFA^®, PhD		Class C ESGCX

Amber Fairbanks, CFA^®		Class N ESGNX

Mirova US LLC		Class Y ESGYX

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

2021 was generally a very positive year for global equity investors, albeit with high levels of volatility. Low interest rates and central bank support through bond buy-back programs provided an almost endless level of money supply for the economy and markets. This has pushed up valuations in equity markets, especially in high growth sectors and the US market in general. Inflation and concerns that this favorable low interest rate environment may soon end have led to a sector and style rotation during 2021. Traditional energy companies and banks benefited the most, also helped by higher oil prices and higher interest rates, respectively. Renewable energy stocks underperformed significantly, having entered the year with relatively high valuations. Increased competition from oil and gas companies, combined with supply chain issues (raw material price inflation and transportation issues), further impacted margins negatively in the wind sector, and less favorable proposed regulation in California adversely impacted solar companies. Growth stocks posted generally strong results, but we saw that many large technology stocks are also not immune to wage inflation and supply chain issues.

In the real world, natural disasters caused human and economic tragedies. Wildfires in southern Europe and California, floods in Germany, Austria and Belgium, and Hurricane Ida are major examples of this year’s climate change-related disasters, with a combined economic cost of well over $100 billion. Markets didn’t blink, at least not until September when it became clear that Chinese property developer China Evergrande, a group with $260 billion in debt, was in financial trouble; fears of another Lehman scenario led to a quick correction in equity prices globally. Elsewhere in the market, oil and gas prices continued their upward trajectory as demand increased while supply did not follow the same path, even causing some bankruptcies in the UK utility sector. A shortage of drivers in the transportation sector and a general lack of employees in other sectors created shortages and wage inflation. Nonetheless, earnings growth in developed markets was, on average, stronger than expected in 2021, pushing global equity markets to all-time highs in November. However, the year ended as it started, with high volatility as some economies found themselves again in lockdown because of concerns around the Omicron variant of the Covid-19 virus.

Performance Results

For the 12 months ended December 31, 2021, Class Y shares of the Mirova Global Sustainable Equity Fund returned 18.06% at net asset value. The Fund underperformed its benchmark, the MSCI World Index (Net), which returned 21.82%.

Explanation of Fund Performance

There were a few drivers of the strategy’s underperformance in 2021. The strategy focuses on investing in companies positively exposed to long-term secular trends, resulting in less cyclical exposure compared to the broad market. The strategy has no exposure to traditional energy and is underweight financials, particularly large banks as the team doesn’t see them as being positively exposed to secular trends. Energy and financials performed very strongly during the year, and the lack of exposure in these sectors hurt relative performance.

Alternative energy stocks Orsted and Vestas declined significantly during the year. Given a strong outlook for the long-term demand environment for renewable energy, particularly offshore wind, and with both stocks having sustainable competitive advantages, the team remains comfortable continuing to hold them. Although competition has increased, updated valuation analysis incorporating significantly increased competition in their markets shows both stocks are trading at significant discounts to intrinsic value.

Stock selection in Communication Services, coupled with a significant underweight to the sector, positively impacted performance. Additionally, stock selection within Health Care benefitted performance driven by continued strong performance from healthcare equipment providers ThermoFisher and Danaher, along with Novo Nordisk and Eli Lilly.

The portfolio invests in companies offering solutions to and/or expecting to benefit from the demographic, technological, environmental and governance-related transitions that are expected to transform the world’s economies and societies during the next decade.

| 10

MIROVA GLOBAL SUSTAINABLE EQUITY FUND

From a geographical standpoint, the portfolio is underweight the U.S. This regional allocation is driven by bottom-up valuation; the U.S. is on its 12^th year of outperforming international markets and the team continues to find better valued opportunities outside the U.S.

The portfolio continues to have a bias to European names while being underweight US names; this bias is a result of bottom-up fundamental analysis where the team is finding more attractively priced securities outside of the US, given US outperformance over international markets since 2011. In terms of sector exposure, the portfolio currently has no exposure to energy (oil and gas extraction) or real estate and is underweight financials. This is mainly driven by valuation (real estate) and the team’s thematic and sustainability approach as trends like the digitalization of our economy, which saw strong Covid-19-related growth, are expected to continue to grow strongly. Similarly, support for the health care sector is expected to show solid growth as a reaction to COVID-19 in the short-term, and as a result of an aging population and continued focus on health and well-being in the longer-term; as such, the portfolio remains overweight health care. There is also an underweight position in the more defensive consumer staples sector, which to some extent is offset by an overweight position in materials (mainly natural food ingredients). With many governments still committed to keeping global warming limited to a 2-degree Celsius scenario, we expect climate change to remain a driver of political debate, and the portfolio will continue to shy away from fossil fuel extraction in favor of renewables and companies focused on energy efficiency. The team continues to prefer companies with strong balance sheets, solid management teams, and positive exposure to long-term secular trends.

During the first quarter of 2021, the investment team trimmed several stocks where they did not see as much upside in valuation after strong stock runs including Signature Bank, Aptiv, Novo Nordisk, and Alphabet. The proceeds were used to add to Takeda, the Japanese pharmaceutical company, and technology company Adobe. We also initiated positions in Nvidia Corp. and Eli Lilly & Co.

In the second quarter, the investment team exited positions in Chr. Hansen Holding A/S, Coloplast, and Danone, and added to Bright Horizons and NVIDIA.

During the third quarter the team added to their position in AIA Group Ltd. AIA is the leader in the Asian life insurance market with business in more than 15 Asian countries. It is uniquely positioned to benefit from the structural long-term opportunities driven by higher population growth, stronger income growth and lower life insurance penetration in Asian countries. Its stock price was recently hurt, partly by new Delta variant concerns, and its valuation became more attractive, presenting a great opportunity for the investment team to add to the position.

Over the course of the fourth quarter, the team exited positions in both Alphabet Inc. and Eaton Corp., added new positions in Iberdola, MercadoLibre, Sunrun, and Xylem, while also trimming their position in Nvidia Corp., and adding to Ball Corp., Mastercard, Ecolab, Eli Lilly, and Oracle.

Outook

Covid-19 stimulus spending is expected to provide a robust platform for long-term economic growth, as many governments try to stimulate their local economies by targeting infrastructure investments. Areas like water infrastructure, sustainable and local energy production, health care, education and transport infrastructure cannot be outsourced to other low-cost countries, thus creating local jobs while offering the additional benefit of providing platforms for companies to innovate and grow. The Covid-19 crisis has also accelerated the transition toward a more digital economy. While many companies are facing high costs to deal with this transition, others are expected to benefit from it, especially solution providers in areas like cloud computing, e-retail, and fintech. Fintech could also be disruptive for traditional banking models, offering solutions for financial inclusion of the poorest of our population, particularly in emerging markets. Climate change awareness is high, especially after the natural disasters that have hit many parts of the world in the past several months. With November’s 2021 United Nations Climate Change Conference (COP 26), we would expect many governments and multinational companies to announce strong and increased targets for renewable energy production, with multiple opportunities for renewable and traditional energy players, as the latter are also increasing their footprint in the renewable energy and hydrogen space.

Even after the recent correction in equity markets, valuations still do not look cheap. Risks are visible at many levels which could create high volatility. A potential collapse of the Chinese property market and financial system could have serious ripple effects in the rest of the world. The Delta and Omicron variants of Covid-19 are very contagious and not enough people in developing countries are vaccinated yet, while in many emerging countries vaccination has barely started. Problems in global supply chains, including shortages in the labor market, put upward pressure on prices while possibly also negatively impacting revenue growth, as growth may be slower than expected even if demand is increasing. Wage inflation and higher raw material and energy prices may put pressure on profit margins, especially in sectors where wages are typically not high such as hospitality and manufacturing. Higher inflation typically leads to higher interest rates. The political impasse on the US debt ceiling may also push interest rates higher. All this could have a negative impact on equity valuations, especially for companies with high earnings and cash flow growth as future earnings are worth less in a high interest rate environment. A potential interest rate-driven correction could provide a good buying opportunity if the fundamental outlook of companies has not changed, but for some companies higher interest rates could also mean higher costs and lower growth.

11 |

Hypothetical Growth of $100,000 Investment in Class Y Shares³

March 31, 2016 (inception) through December 31, 2021

LOGO

Top Ten Holdings as of December 31, 2021



Security Name			% of Net Assets
	1	Microsoft Corp.		4.74	%
	2	Thermo Fisher Scientific, Inc.		4.46
	3	MasterCard, Inc., Class A		4.01
	4	Danaher Corp.		4.00
	5	eBay, Inc.		3.85
	6	Ecolab, Inc.		3.83
	7	Symrise AG		3.42
	8	Novo Nordisk A/S, Class B		2.99
	9	Roper Technologies, Inc.		2.88
	10	Orsted A/S		2.84

See notes to chart on page 13.

| 12

MIROVA GLOBAL SUSTAINABLE EQUITY FUND

Average Annual Total Returns – December 31, 2021³



	1 Year			5 Years			Life of Class				Expense Ratios⁴
	1 Year			5 Years			Life of Class				Gross		Net

Class Y (Inception 3/31/16)								Class Y/A/C		Class N
NAV		18.06	%		20.56	%		17.50	%	—		0.99%		0.95	%

Class A (Inception 3/31/16)
NAV		17.82			20.26			17.22		—		1.24		1.20
With 5.75% Maximum Sales Charge		11.06			18.86			16.02		—

Class C (Inception 3/31/16)
NAV		16.85			19.35			16.33		—		1.99		1.95
With CDSC¹		15.85			19.35			16.33		—

Class N (Inception 5/1/17)
NAV		18.17			—			—		18.87		0.93		0.90

Comparative Performance
MSCI World Index (Net)²		21.82			15.03			14.39		14.17

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

MSCI World Index (Net) is an unmanaged index that is designed to measure the equity market performance of developed markets. It is composed of common stocks of companies representative of the market structure of developed market countries in North America, Europe, and the Asia/Pacific Region. The index is calculated without dividends, with net or with gross dividends reinvested, in both U.S. dollars and local currencies.

3	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

13 |

MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND



Managers		Symbols

Jens Peers, CFA^®		Class A MRVAX

Hua Cheng, CFA^® PhD		Class N MRVNX

Amber Fairbanks, CFA^®		Class Y MRVYX

Mirova US LLC

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

2021 was generally a very positive year for global equity investors, albeit with high levels of volatility. Low interest rates and central bank support through bond buy-back programs provided an almost endless level of money supply for the economy and markets. This has pushed up valuations in equity markets, especially in high growth sectors and the US market in general. Inflation and concerns that this favorable low interest rate environment may soon come to an end have led to a sector and style rotation during 2021. Traditional energy companies and banks benefited the most, also helped by higher oil prices and higher interest rates, respectively. Renewable energy stocks underperformed significantly, having entered the year with relatively high valuations. Increased competition from oil and gas companies, combined with supply chain issues (raw material price inflation and transportation issues), further impacted margins negatively in the wind sector, and less favorable proposed regulation in California adversely impacted solar companies. Growth stocks posted generally strong results, but we also saw that many of the large technology stocks are not immune to wage inflation and supply chain issues either.

In the real world, natural disasters caused human and economic tragedies. Wildfires in southern Europe and California, floods in Germany, Austria and Belgium, and Hurricane Ida are major examples of this year’s climate change-related disasters, with a combined economic cost of well over $100 billion. Markets didn’t blink, at least not until September when it became clear that Chinese property developer China Evergrande, a group with $260 billion in debt, was in financial trouble; fears of another Lehman scenario led to a quick correction in equity prices globally. Elsewhere in the market, oil and gas prices continued their upward trajectory as demand increased while supply did not follow the same path, leading to some bankruptcies in the UK utility sector. A shortage of drivers in the transportation sector and a general lack of employees in many sectors created shortages and wage inflation. Despite all of this, earnings growth in developed markets was, on average, stronger than expected in 2021, pushing global equity markets to all-time high levels in November. However, the year ended as it started, with high volatility as some economies found themselves again in lockdown because of concerns around the Omicron variant of the Covid-19 virus.

Overview

For the 12 months ended December 31, 2021, Class Y shares of the Mirova International Sustainable Equity Fund returned 6.39% at net asset value. The Fund underperformed its benchmark, the MSCI EAFE Index (Net) which returned 11.26%.

Performance Results

There were a few drivers of the strategy’s underperformance in 2021. The strategy focuses on investing in companies positively exposed to long-term secular trends, resulting in less cyclical exposure compared to the broad market. The strategy has no exposure to traditional energy and has little exposure to large banks within the financials sector as the team doesn’t see those companies as being positively exposed to secular trends.-Energy and large banks performed very strongly in the year and lack of exposure hurt relative performance.

Alternative energy stocks Orsted and Vestas declined significantly during the year. With a strong outlook for the long-term demand environment for renewable energy, particularly offshore wind, and with both stocks having sustainable competitive advantages, the team remains comfortable continuing to hold them. Although competition has increased, updated valuation analysis incorporating significantly increased competition in their markets shows both stocks are trading at significant discounts to intrinsic value.

Over the course of 2021, we saw positive contribution from ASML, increasing sharply on solid earnings reports and attractive growth opportunities as economic activity begins to accelerate, and Novo Nordisk with high single digit revenue growth at constant currency and high single digit diluted earnings growth. Throughout the year, Novo Nordisk increased its full year revenue guidance based on early 2021 results and a more favorable outlook.

The portfolio invests in companies offering solutions to and/or expecting to benefit from the demographic, technological, environmental, and governance-related transitions that are expected to transform the world’s economies and societies during the next decade.

| 14

MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND

As trends like the digitalization of our economy, which saw strong growth as a result of Covid-19, are expected to continue to grow strongly, the portfolio remains overweight technology. There is also an underweight position in the more defensive consumer staples sector, which to some extent is offset by an overweight position in materials (mainly natural food ingredients). With many governments still committed to keeping global warming limited to a 2-degree Celsius scenario, we expect climate change to remain a driver of political debate, and the portfolio will continue to shy away from fossil fuel extraction in favor of renewables and companies focused on energy efficiency. Although cyclical exposure increased modestly during the fourth quarter because of portfolio adjustments (see below), the team continues to like the downside protection that companies with strong balance sheets, solid management teams and positive exposure to long-term secular trends potentially offer.

During the second quarter of 2021 the investment team made several changes to the portfolio including adding to existing positions in Adyen, Kubota Corp., and Prudential.

In the third quarter the team added to existing positions in Kubota Corp. and Shimano Inc. and trimmed their position in ASML Holding NV.

Portfolio changes during the fourth quarter included exited positions in Chr. Hansen Holding A/S, Coloplast A/S, Danone SA, and Brambles Ltd.

Notable new positions in 2021 included Iberdrola, MercadoLibre, , and Sanofi. Iberdrola is the world’s leading utility in wind and solar generation with about 20% of generation capacity coming from alternative energy. The company has divested completely from coal and has doubled its offshore wind pipeline in the last 18 months and expects to double its renewable capacity by 2030. It’s very well positioned to address increasing demand for alternative energy. The company has a very strong forward thinking and stable management team with a strong track record; the spread between the company’s return on capital employed (ROCE) and cost of capital has been increasing as a result of the de-risking of its generation capacity; the investment team expects this spread differential to continue to increase, leading to higher returns. The company has strong customer relationships and diversified geographic end markets. From a valuation perspective, the company is trading at an attractive valuation in absolute and relative terms, offers an attractive dividend, and is trading at what the team believes is a very significant discount to intrinsic value. Additionally, a potential spin-off of the company’s alternative energy generation assets later this year could unlock value for shareholders.

From a thematic perspective, MercadoLibre, another new position, is positively exposed to long-term secular growth in e-commerce and fintech. The company is the largest e-commerce company in Latin America, controlling 28% of the market. Penetration of e-commerce in Latin America is low at 6%, relative to the rest of the world at 18%; the region is seeing strong growth and MercadoLibre is well positioned to address this. Within fintech, almost 50% of the Latin American population is unbanked with currently 80% of transactions being paid for in cash. Access to affordable financial services is critical for poverty reduction and economic growth and MercadoLibre addresses this long-term secular trend with an integrated digital platform. From a fundamental perspective, the company benefits from economies of scale, being the largest in its market and has built up customer trust and a strong brand image. Additionally, the company has built an extensive shipping service that is both significantly faster and cheaper. Further, its integrated marketplace and payment platform increases customer convenience leading to more loyal customers. From a sustainability perspective, although some percentage of its sales are of used goods (benefiting a circular economy) and its digital payment platform allows for access to affordable financial services (reducing poverty, providing for decent work and economic growth), the impact the company creates is currently fairly low. From a risk perspective, the company manages risks around privacy and the environment adequately. From a valuation perspective, the market is underestimating the long-term revenue growth potential for the company both with regards to growth of e-commerce and digital payments in the region. Additionally, the company has spent significantly in recent years to build its shipping and logistic capabilities; as the capex spend declines in future years, margin expansion opportunity is significant given the scalability of the company’s operations.

Sanofi is a global pharmaceutical company based in France. It has a diversified business with General Medicines including Diabetes and Cardiovascular (41% sales), Specialty Care including rare diseases, oncology and immunology (30% sales), Consumer Healthcare (12% sales), and Vaccines (16% sales) in 2020.

Sanofi is well positioned to benefit from the long-term Transition Demographics. Aging populations in developed countries and high population growth in emerging countries provide long-term structural demand for medicines. For example, it is estimated that there will be more than 640 million diabetes patients by 2040 (up from 415 million in 2015), and diabetes is associated with 15% of global all-cause mortality among people 20-79 years old.

From a sustainability analysis point of view, Sanofi clearly contributes favorably to global health, and thus the United Nation’s Sustainable Development Goal 3 (Health & Well-being), with the development and production of pharmaceutical products improving quality of life and reducing global disease burden. In particular, it addresses the Access To Medicine (ATM) and Rare and Tropical Diseases sustainability opportunities, with a strategy aimed at rare diseases and vaccines for tropical conditions. The vaccine business accounted for around 16% of its total revenue in 2020 (up from around 10% in 2011). From a risk perspective, Sanofi is aware

15 |

of the key sustainability challenges it is exposed to - in particular, ethical issues in R&D, marketing and product safety - and succeeds in showing responsible management policies for most of them. Its Sustainability Opinion is “Positive” within Mirova.

With its new management team from 2019, Sanofi initialized a long-term business plan to drive top line revenue growth, improve operating margins and enhance its R&D and pipeline. Its top line growth is expected to be mainly driven by existing leading medicines, vaccines and late-stage pipeline assets. It complements internal R&D investment within its innovative platform with M&A and collaboration with other pharmaceutical companies. It has also set a clear margin target of 32%+ in 2025.

We are starting to see initial encouraging progress on this strategic plan. These long-term turnaround opportunities are not yet taken into account by the actual very attractive valuation. We took this opportunity to introduce a small position into the portfolio.

Outlook

2022 looks like it will be another positive but volatile year. While the global economy is expected to continue its recovery, many uncertainties remain the same, with no real improvement in sight for probably another six months. Covid-19, inflation and supply chain issues, central bank action, and geopolitical issues (Russia/Ukraine and US/China) are expected to be main sources of bad news for equity markets.

The Omicron variant drives the number of Covid-19 cases past previous peaks in most countries, despite higher vaccination rates. The severeness of the variant is not yet fully known, but the fact that it is far more contagious than any previous variant is expected to put more pressure on health care systems, which may lead many countries to take restrictive actions. While many sectors are now adjusted to working from home, others need clients and employees to be on-premises to function properly, and will no doubt feel the financial consequences. Eventually, we will need to learn how to live with the presence of Covid-19, but even if and when things go back to some level of normality, many of the sectors which have been hit hardest may find it difficult to secure enough employees, and even if they do it will likely be at much higher wages. Shortages in the labor market mean that there will not only be a war for talent, but high competition for employees in general. Wage inflation will put pressure on margins, especially in areas where wages are traditionally relatively low, which means that the expected economic recovery may not translate into similar earnings growth. Inflation and supply chain issues (bottlenecks in production and transportation) are expected to ease somewhat during the second half of 2022 but will likely continue to negatively impact revenue and earnings growth during the first half of the year across most sectors.

Much of the strong equity market performance of the past few years has been driven by a combination of low interest rates and central banks injecting money into the economy. Higher valuation levels in all asset classes were the result, but we expect this support to be weaker in 2022. A slowing of the rate at which central banks buy back bonds (tapering), combined with higher inflation for longer should create upward pressure on interest rates. This in turn could push equity valuations lower, reversing the trend of the past few years. On a relative basis, this could benefit the traditional Energy and Financials sectors. Regionally, this could be short-term bad news for the US market. The US has significantly outperformed Europe and emerging markets in the past few years, and its valuation premium over those markets is at a very high level. Even considering that the US economy is more flexible than the European markets and may show higher growth, one needs to be aware that many US companies are active globally, and equally that many European companies are generating revenues from the US as well.

We do expect that many of the issues which may impact 2022 will ease in the second half of the year. Covid-19 vaccination rates and development of vaccines that are more effective against new variants should allow economies to fully reopen. This in turn may ease the pressure on inflation and the supply chains more generally. With interest rates expected to stabilize or normalize at that stage, we expect the focus will return to structural, less cyclical growth. The recent United National Climate Change Conference (COP26) may have been disappointing in terms of hard short-term commitments, but it still provided a strong pathway for growth in renewable energy for decades to come. Many fossil fuel companies are now entering the space and creating more competition, but the pie is more than big enough to share with additional players. Renewable energy companies have significantly underperformed in 2021, due to a combination of high valuations coming into the year, less favorable regulation in some key markets, and supply chain issues impacting margins in the wind sector. These issues are expected to persist somewhat during the first half of the year but should ease during the second half. The underperformance during 2021 and resulting lower valuation levels provide, in our opinion, an excellent opportunity to add to those positions. Health care remains another high conviction sector. Political pressure on drug prices has eased during the Covid-19 pandemic, and a greater focus on R&D provides many growth opportunities, including for manufacturers of analytical and testing equipment. Many traditional pharma companies have not benefited from the higher general market valuation levels during the past few years, which could also offer some protection during a period of rising interest rates. We do expect the transition of our economy to a more digital model to continue and anticipate e-retail and digital payment solutions to continue to benefit. We also expect that supply chain issues in the car manufacturing sector will ease during the year, and that the transition of the car fleet towards more electric cars will continue to offer good opportunities for manufacturers of energy-efficient car components. But generally, given the expected high volatility and continued high risks to a quick but sustained economic recovery, we remain prudent, and prefer companies with high quality characteristics such as relatively low levels of debt and high visibility on recurring revenue streams.

| 16

MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND

Covid-19 stimulus spending is expected to provide a robust platform for long-term economic growth, as many governments try to stimulate their local economies by targeting investments in infrastructure. Areas like water infrastructure, sustainable and local energy production, health care, education and transport infrastructure cannot be outsourced to other low-cost countries, thus creating local jobs while offering the additional benefit of providing platforms for companies to innovate and grow. The Covid-19 crisis has also accelerated the transition toward a more digital economy. While many companies are facing high costs to deal with this transition, others are expected to benefit from it, especially solution providers in areas like cloud computing, e-retail, and fin tech. Fin tech could also be disruptive for traditional banking models, offering solutions for financial inclusion of the poorest of our population, particularly in emerging markets. Climate change awareness is high, especially after the natural disasters which have hit many parts of the world in the past several months. With November’s 2021 COP 26, we would expect many governments and multinational companies to announce strong and increased targets for renewable energy production, with multiple opportunities for renewable and traditional energy players, as the latter are also increasing their footprint in the renewable energy and hydrogen space.

Even after the recent correction in equity markets, valuations still don’t look cheap. Risks are visible at many levels which could create high volatility. A potential collapse of the Chinese property market and financial system could have serious ripple effects in the rest of the world. The Delta and Omicron variants of Covid-19 are very contagious and not enough people in developing countries are vaccinated yet, while in many emerging countries vaccination has barely started. Problems in global supply chains, including shortages in the labor market, put upward pressure on prices while possibly also having a negative impact on revenue growth, as growth may be slower than expected even if demand is increasing. Wage inflation and higher raw material and energy prices may put pressure on profit margins, especially in sectors where wages are typically not high, such as hospitality and manufacturing. Higher inflation typically leads to higher interest rates. The political impasse on the debt ceiling in the US may also push interest rates higher. All this could have a negative impact on equity valuations, especially for companies with high earnings and cash flow growth as future earnings are worth less in a high interest rate environment. A potential interest rate-driven correction could provide a good buying opportunity if the fundamental outlook of companies has not changed, but for some companies higher interest rates could also mean higher costs and lower growth.

Hypothetical Growth of $100,000 Investment in Class Y Shares²

December 28, 2018 (inception) through December 31, 2021

LOGO

17 |

Top Ten Holdings as of December 31, 2021



Security Name			% of Net Assets
	1	Novo Nordisk A/S, Class B		5.08	%
	2	ASML Holding NV		5.06
	3	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		4.39
	4	KBC Group NV		4.20
	5	Adyen NV		3.89
	6	Kubota Corp.		3.66
	7	Legal & General Group PLC		3.55
	8	AIA Group Ltd.		3.41
	9	Croda International PLC		3.19
	10	Kingspan Group PLC		3.15

Average Annual Total Returns – December 31, 2021²



	1 Year			Life of Fund			Expense Ratios³
	1 Year			Life of Fund			Gross			Net

Class Y (Inception 12/28/18)
NAV		6.39	%		18.46	%		6.51	%		1.00	%

Class A (Inception 12/28/18)
NAV		6.22			18.19			5.69			1.26
With 5.75% Maximum Sales Charge		0.12			15.88

Class N (Inception 12/28/18)
NAV		6.47			18.52			1.83			0.93

Comparative Performance
MSCI EAFE Index (Net)¹		11.26			13.61

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1	The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index designed to measure large and mid-cap equity performance in developed markets, excluding the U.S. and Canada. The Index includes countries in Europe, Australasia, and the Far East.

2	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

| 18

MIROVA U.S. SUSTAINABLE EQUITY FUND



Managers		Symbols

Jens Peers, CFA^®		Class A MUSAX

Hua Cheng, CFA^® PhD		Class C MUSCX

Amber Fairbanks, CFA^®		Class N MUSNX

Mirova US LLC		Class Y MUSYX

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

2021 was generally a very positive year for global equity investors, albeit with high levels of volatility. Low interest rates and central bank support through bond buy-back programs provided an almost endless level of money supply for the economy and markets. This has pushed up valuations in equity markets, especially in high growth sectors and the U.S. market in general. Inflation and concerns that this favorable low interest rate environment may soon come to an end have led to a sector and style rotation during 2021. Traditional energy companies and banks benefited the most, also helped by the higher oil prices and higher interest rates respectively. Renewable energy stocks underperformed significantly, having entered the year with relatively high valuations. Increased competition from oil and gas companies, combined with supply chain issues (raw material price inflation and transportation issues), further impacted margins negatively in the wind sector, and less favorable proposed regulation in California adversely impacted solar companies. Growth stocks posted generally strong results, but we also saw that many of the large technology stocks are not immune to wage inflation and supply chain issues either.

In the real world, natural disasters caused human and economic tragedies. Wildfires in southern Europe and California, floods in Germany, Austria and Belgium, and Hurricane Ida are major examples of this year’s climate change-related disasters, with a combined economic cost of well over 100 billion U.S. dollars. Markets didn’t blink, at least not until September when it became clear that Chinese property developer China Evergrande, a group with 260 billion U.S. dollars in debt, was in financial trouble; fears of another Lehman scenario led to a quick correction in equity prices globally. Elsewhere in the market, oil and gas prices continued their upward trajectory as demand increased while supply did not follow the same path. This caused some bankruptcies in the U.K. utility sector. A shortage of drivers in the transportation sector and a general lack of employees in many sectors created shortages and wage inflation. Despite all of this, earnings growth in developed markets was, on average, stronger than expected in 2021, pushing global equity markets to all-time high levels in November. However, the year ended as it started, with high volatility as some economies found themselves again in lockdown because of concerns around the Omicron variant of the Covid-19 virus.

Performance Results

For the 12 months ended December 31, 2021, Class Y shares of the Mirova U.S. Sustainable Equity Fund returned 29.97% at net asset value. The Fund outperformed its benchmark the S&P 500® Index, which returned 28.71%.

Explanation of Fund Performance

Outperformance of the strategy is attributable to solid stock selection, particularly in Health Care. Eli Lilly performed strongly after positive trial results of its Alzheimer’s drug, and Thermo Fisher and Danaher rose on continued spending on healthcare during the pandemic and positive outlooks for longer-term healthcare spending. Stock selection in Industrials also contributed positively, with water flow and regulation product manufacturer Watts Water and waste disposal company Waste Management both performing well for the year.

Over the course of 2021, detracting from performance were First Solar and Sunrun who both declined along with other solar stocks on a proposed California decrease in net metering rates, potentially reducing the attractive economics for installing residential solar panels for California residents. Additionally, corporate sponsored childcare provider Bright Horizons, detracted from performance. While the earnings for the quarter were stronger than expected, a lack of visibility into the trajectory of occupancy levels at their childcare centers pressured the stock.

The portfolio invests in companies offering solutions to and/or expected to benefit from the demographic, technological, environmental and governance-related transitions that are expected to transform the world’s economies and societies during the next decade.

The portfolio remains overweight in Technology and Health Care. due to trends like the digitalization of our economy, which saw strong growth as a result of Covid-19, are expected to continue to grow strongly Also, support for the health care sector is expected to

19 |

show solid growth as a reaction to Covid-19 in the short-term and due to an aging population and continued focus on health and well-being in the longer-term. There is also an underweight position in the more defensive Consumer Staples sector, which to some extent is offset by an overweight position in Materials (mainly natural food ingredients). With many governments still committed to keeping global warming limited to a 2-degree Celsius scenario, we expect climate change to remain a driver of political debate and the portfolio will continue to shy away from fossil fuel extraction in favor of renewables and companies focused on energy efficiency. The team continues to prefer companies with strong balance sheets, solid management teams, and positive exposure to long-term secular trends.

During the second quarter of 2021 the investment team made several changes to the portfolio, they exited their position in Ormat Technologies Inc. and added both Sunrun Inc. and Avalara.

During the fourth quarter of 2021 the investment team took opportunities to make several changes to the portfolio, they exited positions in both Alphabet Inc. and Eaton Corp., while taking the opportunity to trim their position in both Adobe and Nvidia Corp., and adding to existing positions in Ball Corp., Mastercard, Avalara Inc., Roper Technologies Inc., Sunrun, and Xylem.

Outlook

2022 looks like it will be another positive but volatile year. While the global economy is expected to continue its recovery, many uncertainties remain the same, with no real improvement in sight for probably another six months. Covid-19, inflation and supply chain issues, central bank action, and geopolitical issues (Russia/Ukraine and U.S./China) are expected to be main sources of bad news for equity markets.

The Omicron variant drives the number of Covid-19 cases past previous peaks in most countries, despite higher vaccination rates. The severeness of the variant is not yet fully known, but the fact that it is far more contagious than any previous variant is expected to put more pressure on health care systems, which may lead many countries to take restrictive actions. While many sectors are now adjusted to working from home, others need clients and employees to be on-premises to function properly, and will no doubt feel the financial consequences. Eventually, we will need to learn how to live with the presence of Covid-19, but even if and when things go back to some level of normality, many of the sectors which have been hit hardest may find it difficult to secure enough employees, and even if they do it will likely be at much higher wages. Shortages in the labor market mean that there will not only be a war for talent, but high competition for employees in general. Wage inflation will put pressure on margins, especially in areas where wages are traditionally relatively low, which means that the expected economic recovery may not translate into similar earnings growth. Inflation and supply chain issues (bottlenecks in production and transportation) are expected to ease somewhat during the second half of 2022 but will likely continue to have a negative impact on revenue and earnings growth during the first half of the year across most sectors.

Much of the strong equity market performance of the past few years has been driven by a combination of low interest rates and central banks injecting money into the economy. Higher valuation levels in all asset classes were the result, but we expect this support to be weaker in 2022. A slowing of the rate at which central banks buy back bonds (tapering), combined with higher inflation for longer should create upward pressure on interest rates. This in turn could push equity valuations lower, reversing the trend of the past few years. On a relative basis, this could benefit the traditional energy and financials sectors. Regionally, this could be short-term bad news for the U.S. market. The U.S. has significantly outperformed Europe and emerging markets during the past few years, and its valuation premium over those markets is at a very high level. Even considering that the U.S. economy is more flexible than the European markets and may show higher growth, one needs to be aware that many U.S. companies are active globally, and equally that many European companies are generating revenues from the U.S. as well.

We do expect that many of the issues which may impact 2022 will ease in the second half of the year. Covid-19 vaccination rates and the development of vaccines that are more effective against the new variants should allow economies to fully reopen. This in turn may ease the pressure on inflation and the supply chains more generally. With interest rates expected to stabilize or normalize at that stage, we expect that the focus will return to structural, less cyclical growth. The recent COP26 climate conference may have been disappointing in terms of hard short-term commitments, but it still provided a strong pathway for growth in renewable energy for decades to come. Many fossil-fuel companies are now entering the space and creating more competition, but the pie is more than big enough to share with additional players. Renewable energy companies have significantly underperformed in 2021, due to a combination of high valuations coming into the year, less favorable regulation in some key markets, and supply chain issues impacting margins in the wind sector. These issues are expected to persist somewhat during the first half of the year but should ease during the second half. The underperformance during 2021 and resulting lower valuation levels provide in our opinion an excellent opportunity to add to those positions. Health Care remains another high conviction sector. Political pressure on drug prices has eased during the Covid-19 pandemic, and a greater focus on R&D provides many growth opportunities, including for manufactures of analytical and testing equipment. Many traditional pharma companies have not benefited from the higher general market valuation levels during the past few years, which could also offer some protections during a period of rising interest rates. We do expect the transition of our economy to a more digital model to continue and anticipate e-retail and digital payment solutions to continue to benefit. We also

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MIROVA U.S. SUSTAINABLE EQUITY FUND

expect that supply chain issues in the car manufacturing sector will ease during the year, and that the transition of the car fleet towards more electric cars will continue to offer good opportunities for manufactures of energy-efficient car components. But generally, given the expected high volatility and continued high risks to a quick but sustained economic recovery, we remain prudent, and prefer companies with high quality characteristics such as relatively low levels of debt and high visibility on recurring revenue streams.

Hypothetical Growth of $100,000 Investment in Class Y Shares³

December 15, 2020 (inception) through December 31, 2021

LOGO

Top Ten Holdings as of December 31, 2021



Security Name			% of Net Assets
	1	Microsoft Corp.		7.92	%
	2	Danaher Corp.		6.37
	3	Thermo Fisher Scientific, Inc.		6.18
	4	NextEra Energy, Inc.		4.70
	5	Roper Technologies, Inc.		4.68
	6	MasterCard, Inc., Class A		4.60
	7	NVIDIA Corp.		4.59
	8	eBay, Inc.		4.36
	9	Ecolab, Inc.		4.04
	10	American Water Works Co., Inc.		3.97

21 |

Average Annual Total Returns – December 31, 2021³



	1 Year			Life of Fund			Expense Ratios⁴
	1 Year			Life of Fund			Gross			Net

Class Y (Inception 12/15/20)
NAV		29.97	%		31.13	%		2.03	%		0.80	%

Class A (Inception 12/15/20)
NAV		29.65			30.82			2.28			1.05
With 5.75% Maximum Sales Charge		22.22			23.60

Class C (Inception 12/15/20)
NAV		28.62			29.82			3.03			1.80
With CDSC¹		27.62			29.82

Class N (Inception 12/15/20)
NAV		29.99			31.15			1.88			0.75

Comparative Performance
S&P 500^® Index²		28.71			29.25

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

S&P 500® Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors. It also measures the performance of the large cap segment of the U.S. equities market.

3	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

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ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Fund is actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Investment Managers or any of its related or affiliated companies (collectively “Natixis Affiliates”) and does not sponsor, endorse or participate in the provision of any Natixis Affiliates services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at im.natixis.com/funddocuments. A hard copy may be requested from the Fund at no charge by calling 800-225-5478.

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.

23 |

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Funds’ prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from July 1, 2021 through December 31, 2021. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown for your class.

The second line in the table for each class of fund shares provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges. Therefore, the second line in the table of each fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning funds. If transaction costs were included, total costs would be higher.


GATEWAY FUND	BEGINNING ACCOUNT VALUE 7/1/2021		ENDING ACCOUNT VALUE 12/31/2021		EXPENSES PAID DURING PERIOD* 7/1/2021 – 12/31/2021
Class A
Actual		$1,000.00		$1,037.40		$4.83
Hypothetical (5% return before expenses)		$1,000.00		$1,020.47		$4.79
Class C
Actual		$1,000.00		$1,033.50		$8.71
Hypothetical (5% return before expenses)		$1,000.00		$1,016.64		$8.64
Class N
Actual		$1,000.00		$1,039.00		$3.34
Hypothetical (5% return before expenses)		$1,000.00		$1,021.93		$3.31
Class Y
Actual		$1,000.00		$1,038.70		$3.60
Hypothetical (5% return before expenses)		$1,000.00		$1,021.68		$3.57

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.94%, 1.70%, 0.65% and 0.70% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).

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GATEWAY EQUITY CALL PREMIUM FUND	BEGINNING ACCOUNT VALUE 7/1/2021		ENDING ACCOUNT VALUE 12/31/2021		EXPENSES PAID DURING PERIOD* 7/1/2021 – 12/31/2021
Class A
Actual		$1,000.00		$1,071.30		$4.75
Hypothetical (5% return before expenses)		$1,000.00		$1,020.62		$4.63
Class C
Actual		$1,000.00		$1,066.50		$8.65
Hypothetical (5% return before expenses)		$1,000.00		$1,016.84		$8.44
Class N
Actual		$1,000.00		$1,072.20		$3.29
Hypothetical (5% return before expenses)		$1,000.00		$1,022.03		$3.21
Class Y
Actual		$1,000.00		$1,072.00		$3.45
Hypothetical (5% return before expenses)		$1,000.00		$1,021.88		$3.36

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.91%, 1.66%, 0.63% and 0.66% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).


MIROVA GLOBAL GREEN BOND FUND	BEGINNING ACCOUNT VALUE 7/1/2021		ENDING ACCOUNT VALUE 12/31/2021		EXPENSES PAID DURING PERIOD* 7/1/2021 – 12/31/2021
Class A
Actual		$1,000.00		$989.40		$4.71
Hypothetical (5% return before expenses)		$1,000.00		$1,020.47		$4.79
Class N
Actual		$1,000.00		$990.90		$3.21
Hypothetical (5% return before expenses)		$1,000.00		$1,021.98		$3.26
Class Y
Actual		$1,000.00		$990.70		$3.46
Hypothetical (5% return before expenses)		$1,000.00		$1,021.73		$3.52

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.94%, 0.64% and 0.69% for Class A, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).

25 |


MIROVA GLOBAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 7/1/2021		ENDING ACCOUNT VALUE 12/31/2021		EXPENSES PAID DURING PERIOD* 7/1/2021 – 12/31/2021
Class A
Actual		$1,000.00		$1,077.90		$6.34
Hypothetical (5% return before expenses)		$1,000.00		$1,019.11		$6.16
Class C
Actual		$1,000.00		$1,073.40		$10.24
Hypothetical (5% return before expenses)		$1,000.00		$1,015.33		$9.96
Class N
Actual		$1,000.00		$1,079.80		$4.77
Hypothetical (5% return before expenses)		$1,000.00		$1,020.62		$4.63
Class Y
Actual		$1,000.00		$1,079.20		$5.03
Hypothetical (5% return before expenses)		$1,000.00		$1,020.37		$4.89

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 1.96%, 0.91% and 0.96% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).


MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 7/1/2021		ENDING ACCOUNT VALUE 12/31/2021		EXPENSES PAID DURING PERIOD* 7/1/2021 – 12/31/2021
Class A
Actual		$1,000.00		$1,015.20		$6.15
Hypothetical (5% return before expenses)		$1,000.00		$1,019.11		$6.16
Class N
Actual		$1,000.00		$1,016.40		$4.63
Hypothetical (5% return before expenses)		$1,000.00		$1,020.62		$4.63
Class Y
Actual		$1,000.00		$1,015.60		$4.88
Hypothetical (5% return before expenses)		$1,000.00		$1,020.37		$4.89

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 0.91% and 0.96% for Class A, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).

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MIROVA U.S. SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 7/1/2021		ENDING ACCOUNT VALUE 12/31/2021		EXPENSES PAID DURING PERIOD* 7/1/2021 – 12/31/2021
Class A
Actual		$1,000.00		$1,135.20		$5.65
Hypothetical (5% return before expenses)		$1,000.00		$1,019.91		$5.35
Class C
Actual		$1,000.00		$1,131.10		$9.67
Hypothetical (5% return before expenses)		$1,000.00		$1,016.13		$9.15
Class N
Actual		$1,000.00		$1,136.30		$4.04
Hypothetical (5% return before expenses)		$1,000.00		$1,021.43		$3.82
Class Y
Actual		$1,000.00		$1,137.10		$4.31
Hypothetical (5% return before expenses)		$1,000.00		$1,021.17		$4.08

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 0.75% and 0.80% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 365 (to reflect the half-year period).

27 |

Portfolio of Investments – as of December 31, 2021

Gateway Fund


Shares		Description	Value (†)
	Common Stocks — 99.8% of Net Assets
		Aerospace & Defense — 1.2%
	148,078	Boeing Co. (The)(a)(b)	$	29,811,063
	41,278	HEICO Corp.(b)		5,953,113
	552,963	Raytheon Technologies Corp.(b)		47,587,996
	24,274	TransDigm Group, Inc.(a)(b)		15,445,061

				98,797,233

		Air Freight & Logistics — 0.6%
	36,648	GXO Logistics, Inc.(a)(b)		3,328,738
	216,722	United Parcel Service, Inc., Class B(b)		46,452,193

				49,780,931

		Airlines — 0.3%
	153,012	Alaska Air Group, Inc.(a)(b)		7,971,925
	714,692	JetBlue Airways Corp.(a)(b)		10,177,214
	144,851	United Airlines Holdings, Inc.(a)(b)		6,341,577

				24,490,716

		Auto Components — 0.1%
	36,852	Autoliv, Inc.(b)		3,810,865
	106,265	Goodyear Tire & Rubber Co. (The)(a)(b)		2,265,570

				6,076,435

		Automobiles — 2.7%
	1,177,145	Ford Motor Co.(b)		24,449,302
	339,114	General Motors Co.(a)(b)		19,882,254
	164,484	Tesla, Inc.(a)(b)		173,823,401

				218,154,957

		Banks — 4.1%
	266,138	Associated Banc-Corp(b)		6,012,057
	2,206,566	Bank of America Corp.(b)		98,170,121
	607,150	Citigroup, Inc.(b)		36,665,789
	876,691	JPMorgan Chase & Co.(b)		138,824,020
	16,401	Signature Bank(b)		5,305,232
	980,841	Wells Fargo & Co.(b)		47,060,751

				332,037,970

		Beverages — 1.4%
	494,297	Keurig Dr Pepper, Inc.(b)		18,219,787
	245,539	Monster Beverage Corp.(a)(b)		23,581,566
	429,766	PepsiCo, Inc.(b)		74,654,652

				116,456,005

		Biotechnology — 1.8%
	431,146	AbbVie, Inc.(b)		58,377,168
	151,355	Amgen, Inc.(b)		34,050,334
	42,405	Biogen, Inc.(a)(b)		10,173,808
	25,167	Exact Sciences Corp.(a)(b)		1,958,748
	83,007	Ionis Pharmaceuticals, Inc.(a)(b)		2,525,903
	61,950	Moderna, Inc.(a)(b)		15,734,061
	21,063	Seagen, Inc.(a)(b)		3,256,340
	86,533	Vertex Pharmaceuticals, Inc.(a)(b)		19,002,647

				145,079,009

		Building Products — 0.3%
	355,197	Carrier Global Corp.(b)		19,265,885
	20,800	Lennox International, Inc.(b)		6,746,688

				26,012,573

		Capital Markets — 2.2%
	404,895	Charles Schwab Corp. (The)(b)		34,051,669
	17,521	FactSet Research Systems, Inc.(b)		8,515,381
	247,065	Intercontinental Exchange, Inc.(b)		33,791,080
	507,716	Morgan Stanley(b)		49,837,403
	41,804	MSCI, Inc.(b)		25,612,893
	63,999	S&P Global, Inc.(b)		30,203,048

				182,011,474

		Chemicals — 1.6%
	83,434	Ashland Global Holdings, Inc.(b)	$	8,982,504
	104,391	Celanese Corp.(b)		17,543,952
	335,148	Corteva, Inc.(b)		15,845,797
	357,600	Dow, Inc.(b)		20,283,072
	125,392	Eastman Chemical Co.(b)		15,161,147
	63,650	Ingevity Corp.(a)(b)		4,563,705
	167,820	LyondellBasell Industries NV, Class A(b)		15,478,039
	192,960	Mosaic Co. (The)(b)		7,581,398
	115,834	Olin Corp.(b)		6,662,772
	95,921	RPM International, Inc.(b)		9,688,021
	195,010	Valvoline, Inc.(b)		7,271,923

				129,062,330

		Commercial Services & Supplies — 0.8%
	122,157	Copart, Inc.(a)(b)		18,521,444
	69,341	Waste Connections, Inc.(b)		9,449,098
	244,724	Waste Management, Inc.(b)		40,844,436

				68,814,978

		Communications Equipment — 1.0%
	1,336,023	Cisco Systems, Inc.(b)		84,663,777

		Construction Materials — 0.3%
	48,861	Martin Marietta Materials, Inc.(b)		21,524,248

		Consumer Finance — 0.6%
	121,623	Ally Financial, Inc.(b)		5,790,471
	180,444	Discover Financial Services(b)		20,852,108
	445,997	Synchrony Financial(b)		20,689,801

				47,332,380

		Containers & Packaging — 0.5%
	73,855	Avery Dennison Corp.(b)		15,994,777
	86,722	Crown Holdings, Inc.(b)		9,593,188
	120,587	Sonoco Products Co.(b)		6,980,782
	213,615	WestRock Co.(b)		9,475,961

				42,044,708

		Distributors — 0.2%
	107,529	Genuine Parts Co.(b)		15,075,566

		Diversified Consumer Services — 0.1%
	67,454	Service Corp. International(b)		4,788,559

		Diversified Financial Services — 1.7%
	432,825	Berkshire Hathaway, Inc., Class B(a)(b)		129,414,675
	133,431	Voya Financial, Inc.(b)		8,847,810

				138,262,485

		Diversified Telecommunication Services — 0.9%
	319,876	Liberty Global PLC, Class C(a)(b)		8,985,317
	541,642	Lumen Technologies, Inc.(b)		6,797,607
	1,053,394	Verizon Communications, Inc.(b)		54,734,352

				70,517,276

		Electric Utilities — 1.0%
	323,243	Alliant Energy Corp.(b)		19,869,747
	396,896	American Electric Power Co., Inc.(b)		35,311,837
	138,237	Evergy, Inc.(b)		9,484,441
	349,526	FirstEnergy Corp.(b)		14,536,786
	153,399	OGE Energy Corp.(b)		5,887,454

				85,090,265

		Electrical Equipment — 0.6%
	197,284	Eaton Corp. PLC(b)		34,094,621
	50,567	Hubbell, Inc.(b)		10,531,589

				44,626,210

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of December 31, 2021

Gateway Fund – (continued)


Shares		Description	Value (†)
		Electronic Equipment, Instruments & Components — 0.8%
	97,069	CDW Corp.(b)	$	19,877,790
	375,436	Corning, Inc.(b)		13,977,482
	26,442	Teledyne Technologies, Inc.(a)(b)		11,552,245
	33,350	Zebra Technologies Corp., Class A(a)(b)		19,849,920

				65,257,437

		Energy Equipment & Services — 0.3%
	681,335	Halliburton Co.(b)		15,582,132
	273,059	Helmerich & Payne, Inc.(b)		6,471,498

				22,053,630

		Entertainment — 1.8%
	81,510	Live Nation Entertainment, Inc.(a)(b)		9,755,932
	108,915	Netflix, Inc.(a)(b)		65,614,753
	7,222	Roku, Inc.(a)		1,648,060
	447,756	Walt Disney Co. (The)(a)(b)		69,352,927

				146,371,672

		Food & Staples Retailing — 1.7%
	26,487	Casey’s General Stores, Inc.(b)		5,227,209
	128,445	Costco Wholesale Corp.(b)		72,918,227
	115,434	U.S. Foods Holding Corp.(a)(b)		4,020,566
	396,050	Walmart, Inc.(b)		57,304,475

				139,470,477

		Food Products — 0.8%
	94,003	Bunge Ltd.(b)		8,776,120
	74,762	Lamb Weston Holdings, Inc.		4,738,416
	698,295	Mondelez International, Inc., Class A(b)		46,303,941
	52,500	Post Holdings, Inc.(a)(b)		5,918,325

				65,736,802

		Gas Utilities — 0.0%
	76,973	UGI Corp.(b)		3,533,830

		Health Care Equipment & Supplies — 3.0%
	481,273	Abbott Laboratories(b)		67,734,362
	221,229	Baxter International, Inc.(b)		18,990,297
	554,460	Boston Scientific Corp.(a)(b)		23,553,461
	257,529	Edwards Lifesciences Corp.(a)(b)		33,362,882
	13,103	Insulet Corp.(a)(b)		3,486,315
	124,239	Intuitive Surgical, Inc.(a)(b)		44,639,073
	277,192	Medtronic PLC(b)		28,675,512
	55,109	STERIS PLC(b)		13,414,082
	24,419	Teleflex, Inc.(b)		8,021,153

				241,877,137

		Health Care Providers & Services — 3.0%
	83,702	Anthem, Inc.(b)		38,799,225
	391,630	CVS Health Corp.(b)		40,400,551
	109,787	HCA Healthcare, Inc.(b)		28,206,476
	16,707	Molina Healthcare, Inc.(a)(b)		5,314,163
	250,704	UnitedHealth Group, Inc.(b)		125,888,506
	65,316	Universal Health Services, Inc., Class B(b)		8,468,873

				247,077,794

		Health Care Technology — 0.1%
	35,189	Veeva Systems, Inc., Class A(a)(b)		8,990,086

		Hotels, Restaurants & Leisure — 1.7%
	10,433	Booking Holdings, Inc.(a)(b)		25,031,167
	153,850	Hilton Grand Vacations, Inc.(a)(b)		8,017,123
	168,770	Hilton Worldwide Holdings, Inc.(a)(b)		26,326,432
	228,480	McDonald’s Corp.(b)		61,248,634
	174,700	Melco Resorts & Entertainment Ltd., Sponsored ADR(a)		1,778,446
	163,196	Restaurant Brands International, Inc.(b)		9,902,733
		Hotels, Restaurants & Leisure — continued
	12,225	Vail Resorts, Inc.(b)	$	4,008,578
	208,390	Wendy’s Co. (The)(b)		4,970,101

				141,283,214

		Household Durables — 0.3%
	2,420	NVR, Inc.(a)(b)		14,299,465
	129,073	Toll Brothers, Inc.(b)		9,343,595

				23,643,060

		Household Products — 1.5%
	104,647	Clorox Co. (The)(b)		18,246,251
	644,259	Procter & Gamble Co. (The)(b)		105,387,887

				123,634,138

		Industrial Conglomerates — 1.3%
	205,207	3M Co.(b)		36,450,920
	265,630	General Electric Co.(b)		25,094,066
	213,732	Honeywell International, Inc.(b)		44,565,259

				106,110,245

		Insurance — 1.9%
	577,052	Aflac, Inc.(b)		33,694,066
	62,761	American Financial Group, Inc.(b)		8,618,340
	99,871	Aon PLC, Class A(b)		30,017,228
	117,173	Arch Capital Group Ltd.(a)(b)		5,208,340
	187,556	Arthur J. Gallagher & Co.(b)		31,822,626
	161,064	Brown & Brown, Inc.(b)		11,319,578
	74,687	Fidelity National Financial, Inc.(b)		3,897,168
	229,450	Lincoln National Corp.(b)		15,662,257
	3,155	Markel Corp.(a)(b)		3,893,270
	25,430	RenaissanceRe Holdings Ltd.(b)		4,306,062
	329,593	Unum Group(b)		8,098,100

				156,537,035

		Interactive Media & Services — 6.5%
	28,078	Alphabet, Inc., Class A(a)(b)		81,343,089
	90,761	Alphabet, Inc., Class C(a)(b)		262,625,122
	71,062	Match Group, Inc.(a)(b)		9,397,950
	511,335	Meta Platforms, Inc., Class A(a)(b)		171,987,527
	205,999	Twitter, Inc.(a)(b)		8,903,277

				534,256,965

		Internet & Direct Marketing Retail — 3.7%
	90,698	Amazon.com, Inc.(a)(b)		302,417,969
	2,538	MercadoLibre, Inc.(a)(b)		3,422,239

				305,840,208

		IT Services — 4.0%
	147,645	Automatic Data Processing, Inc.(b)		36,406,304
	24,277	Block, Inc., Class A(a)(b)		3,920,978
	114,609	DXC Technology Co.(a)		3,689,264
	19,886	EPAM Systems, Inc.(a)(b)		13,292,797
	187,497	MasterCard, Inc., Class A(b)		67,371,422
	190,802	Paychex, Inc.(b)		26,044,473
	300,792	PayPal Holdings, Inc.(a)(b)		56,723,355
	2,346	Shopify, Inc., Class A(a)(b)		3,231,357
	12,519	Twilio, Inc., Class A(a)(b)		3,296,753
	84,449	VeriSign, Inc.(a)(b)		21,434,845
	423,256	Visa, Inc., Class A(b)		91,723,808

				327,135,356

		Leisure Products — 0.0%
	19,460	Polaris, Inc.(b)		2,138,849

		Life Sciences Tools & Services — 1.7%
	151,143	Danaher Corp.(b)		49,727,558
	19,491	ICON PLC(a)(b)		6,036,363

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of December 31, 2021

Gateway Fund – (continued)


Shares		Description	Value (†)
		Life Sciences Tools & Services — continued
	50,834	Illumina, Inc.(a)(b)	$	19,339,287
	92,656	Thermo Fisher Scientific, Inc.(b)		61,823,789

				136,926,997

		Machinery — 1.5%
	183,760	Caterpillar, Inc.(b)		37,990,542
	89,903	Cummins, Inc.(b)		19,611,441
	93,353	Deere & Co.(b)		32,009,810
	62,061	Parker-Hannifin Corp.(b)		19,742,845
	121,067	Pentair PLC(b)		8,841,523
	63,733	Timken Co. (The)(b)		4,416,060

				122,612,221

		Media — 0.8%
	1,105,162	Comcast Corp., Class A(b)		55,622,803
	33,220	Liberty Broadband Corp., Class C(a)(b)		5,351,742
	532,406	Sirius XM Holdings, Inc.(b)		3,380,778

				64,355,323

		Metals & Mining — 0.3%
	116,378	Southern Copper Corp.(b)		7,181,686
	137,093	Steel Dynamics, Inc.(b)		8,509,363
	127,374	Worthington Industries, Inc.(b)		6,962,263

				22,653,312

		Multi-Utilities — 1.4%
	318,845	Ameren Corp.(b)		28,380,394
	480,848	Consolidated Edison, Inc.(b)		41,025,951
	335,214	Public Service Enterprise Group, Inc.(b)		22,368,830
	249,784	WEC Energy Group, Inc.(b)		24,246,533

				116,021,708

		Multiline Retail — 0.5%
	101,909	Nordstrom, Inc.(a)(b)		2,305,181
	182,363	Target Corp.(b)		42,206,093

				44,511,274

		Oil, Gas & Consumable Fuels — 2.4%
	61,621	Cheniere Energy, Inc.(b)		6,249,602
	470,720	Chevron Corp.(b)		55,238,992
	503,248	ConocoPhillips(b)		36,324,441
	1,182,931	Exxon Mobil Corp.(b)		72,383,548
	61,365	HollyFrontier Corp.(b)		2,011,545
	340,048	Occidental Petroleum Corp.(b)		9,857,991
	254,599	ONEOK, Inc.(b)		14,960,237

				197,026,356

		Personal Products — 0.0%
	77,900	Herbalife Nutrition Ltd.(a)(b)		3,188,447

		Pharmaceuticals — 3.9%
	630,571	Bristol-Myers Squibb Co.(b)		39,316,102
	187,963	Eli Lilly & Co.(b)		51,919,140
	14,229	Jazz Pharmaceuticals PLC(a)(b)		1,812,775
	581,508	Johnson & Johnson(b)		99,478,573
	597,588	Merck & Co., Inc.(b)		45,799,144
	1,319,317	Pfizer, Inc.(b)		77,905,669

				316,231,403

		Professional Services — 0.3%
	29,915	Booz Allen Hamilton Holding Corp.(b)		2,536,493
	97,840	CoStar Group, Inc.(a)(b)		7,732,295
	63,383	ManpowerGroup, Inc.(b)		6,169,067
	66,920	TransUnion(b)		7,935,374

				24,373,229

		Real Estate Management & Development — 0.0%
	56,375	Zillow Group, Inc., Class C(a)(b)		3,599,544

		REITs – Apartments — 0.7%
	252,006	American Homes 4 Rent, Class A(b)	$	10,989,982
	85,332	Camden Property Trust(b)		15,247,122
	409,105	Invitation Homes, Inc.(b)		18,548,821
	265,036	UDR, Inc.(b)		15,899,509

				60,685,434

		REITs – Diversified — 0.8%
	115,876	American Tower Corp.(b)		33,893,730
	361,090	Duke Realty Corp.(b)		23,701,947
	100,874	W.P. Carey, Inc.(b)		8,276,712

				65,872,389

		REITs – Health Care — 0.3%
	260,504	Healthcare Realty Trust, Inc.(b)		8,242,347
	453,565	Medical Properties Trust, Inc.(b)		10,717,741
	450,523	Sabra Health Care REIT, Inc.(b)		6,100,081

				25,060,169

		REITs – Manufactured Homes — 0.3%
	143,552	Equity LifeStyle Properties, Inc.(b)		12,583,768
	68,343	Sun Communities, Inc.(b)		14,349,980

				26,933,748

		REITs – Mortgage — 0.1%
	515,972	Annaly Capital Management, Inc.(b)		4,034,901

		REITs – Office Property — 0.1%
	188,262	Douglas Emmett, Inc.(b)		6,306,777
	61,813	Kilroy Realty Corp.(b)		4,108,092

				10,414,869

		REITs – Single Tenant — 0.1%
	221,497	National Retail Properties, Inc.(b)		10,647,361

		REITs – Storage — 0.1%
	127,880	CubeSmart(b)		7,277,651

		Road & Rail — 1.1%
	115,540	Canadian Pacific Railway Ltd.(b)		8,311,948
	1,067,511	CSX Corp.(b)		40,138,414
	47,741	J.B. Hunt Transport Services, Inc.(b)		9,758,260
	47,143	Lyft, Inc., Class A(a)(b)		2,014,420
	62,946	Old Dominion Freight Line, Inc.(b)		22,558,587
	53,335	Uber Technologies, Inc.(a)(b)		2,236,337
	36,648	XPO Logistics, Inc.(a)(b)		2,837,655

				87,855,621

		Semiconductors & Semiconductor Equipment — 6.5%
	326,538	Advanced Micro Devices, Inc.(a)(b)		46,988,818
	170,421	Analog Devices, Inc.(b)		29,954,899
	201,281	Applied Materials, Inc.(b)		31,673,578
	100,260	Broadcom, Inc.(b)		66,714,007
	899,017	Intel Corp.(b)		46,299,376
	83,719	Marvell Technology, Inc.(b)		7,324,575
	304,535	Micron Technology, Inc.(b)		28,367,435
	522,599	NVIDIA Corp.(b)		153,701,592
	297,317	QUALCOMM, Inc.(b)		54,370,360
	106,600	Teradyne, Inc.(b)		17,432,298
	258,807	Texas Instruments, Inc.(b)		48,777,355

				531,604,293

		Software — 9.9%
	140,675	Adobe, Inc.(a)(b)		79,771,166
	38,046	Black Knight, Inc.(a)		3,153,633
	161,194	Cadence Design Systems, Inc.(a)(b)		30,038,502
	63,098	Fortinet, Inc.(a)(b)		22,677,421
	1,550,337	Microsoft Corp.(b)		521,409,340
	101,347	Nuance Communications, Inc.(a)(b)		5,606,516

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of December 31, 2021

Gateway Fund – (continued)


Shares		Description	Value (†)
		Software — continued
	417,592	Oracle Corp.(b)	$	36,418,198
	15,761	Palo Alto Networks, Inc.(a)(b)		8,775,094
	214,136	salesforce.com, Inc.(a)(b)		54,418,382
	52,154	ServiceNow, Inc.(a)(b)		33,853,683
	50,394	SS&C Technologies Holdings, Inc.(b)		4,131,300
	27,624	VMware, Inc., Class A(b)		3,201,069
	24,757	Workday, Inc., Class A(a)(b)		6,763,117
	13,721	Zoom Video Communications, Inc., Class A(a)		2,523,429

				812,740,850

		Specialty Retail — 2.2%
	169,038	American Eagle Outfitters, Inc.(b)		4,280,042
	17,696	Burlington Stores, Inc.(a)(b)		5,158,561
	106,125	Foot Locker, Inc.(b)		4,630,234
	262,502	Home Depot, Inc. (The)(b)		108,940,955
	234,164	Lowe’s Cos., Inc.(b)		60,526,711

				183,536,503

		Technology Hardware, Storage & Peripherals — 7.1%
	3,257,367	Apple, Inc.(b)		578,410,658
	63,335	Dell Technologies, Inc., Class C(a)(b)		3,557,527

				581,968,185

		Textiles, Apparel & Luxury Goods — 0.7%
	16,507	Lululemon Athletica, Inc.(a)(b)		6,461,665
	301,320	NIKE, Inc., Class B(b)		50,221,004

				56,682,669

		Tobacco — 0.5%
	835,913	Altria Group, Inc.(b)		39,613,917

		Trading Companies & Distributors — 0.1%
	38,324	GATX Corp.(b)		3,992,978

		Total Common Stocks (Identified Cost $2,885,578,416)		8,172,069,372


		Total Purchased Options — 0.6% (Identified Cost $80,664,612) (see detail below)		46,998,365


Principal Amount
	Short-Term Investments — 1.9%
$	153,204,394	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2021 at 0.000% to be repurchased at $153,204,394 on 1/03/2022 collateralized by $112,278,300 U.S. Treasury Bond, 4.375% due 11/15/2039 valued at $156,268,601 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $153,204,394)		153,204,394


		Total Investments — 102.3% (Identified Cost $3,119,447,422)		8,372,272,131
		Other assets less liabilities — (2.3)%		(187,729,566	)

		Net Assets — 100.0%	$	8,184,542,565


Purchased Options — 0.6%

Description	Expiration Date		Exercise Price	Contracts		Notional Amount		Cost		Value (†)
Index Options — 0.6%
S&P 500^® Index, Put(a)		2/18/2022	4,050		2,447	$	1,166,284,246	$	10,259,047	$	2,801,815
S&P 500^® Index, Put(a)		2/18/2022	4,100		2,446		1,165,807,628		10,555,713		3,130,880
S&P 500^® Index, Put(a)		2/18/2022	4,125		2,336		1,113,379,648		10,937,151		3,200,320
S&P 500^® Index, Put(a)		2/18/2022	4,150		2,427		1,156,751,886		10,248,008		3,531,285
S&P 500^® Index, Put(a)		3/18/2022	4,100		2,446		1,165,807,628		11,844,755		7,068,940
S&P 500^® Index, Put(a)		3/18/2022	4,300		2,447		1,166,284,246		10,863,457		10,901,385
S&P 500^® Index, Put(a)		4/14/2022	4,300		2,446		1,165,807,628		15,956,481		16,363,740

Total								$	80,664,612	$	46,998,365


Written Options — (2.4%)

Description	Expiration Date		Exercise Price	Contracts			Notional Amount			Premiums (Received)			Value (†)
Index Options — (2.4%)
S&P 500^® Index, Call		1/21/2022	4,700		(1,898	)	$	(904,620,964	)	$	(19,071,916	)	$	(20,175,740	)
S&P 500^® Index, Call		1/21/2022	4,775		(1,899	)		(905,097,582	)		(16,234,311	)		(9,950,760	)
S&P 500^® Index, Call		2/18/2022	4,600		(1,888	)		(899,854,784	)		(23,740,596	)		(42,121,280	)
S&P 500^® Index, Call		2/18/2022	4,650		(1,889	)		(900,331,402	)		(24,965,277	)		(34,436,470	)
S&P 500^® Index, Call		2/18/2022	4,700		(1,899	)		(905,097,582	)		(28,392,396	)		(27,345,600	)
S&P 500^® Index, Call		2/18/2022	4,800		(1,873	)		(892,705,514	)		(18,350,717	)		(14,497,020	)
S&P 500^® Index, Call		3/18/2022	4,800		(1,888	)		(899,854,784	)		(19,383,152	)		(20,862,400	)
S&P 500^® Index, Call		3/18/2022	4,850		(1,888	)		(899,854,784	)		(20,283,728	)		(15,604,320	)
S&P 500^® Index, Call		3/18/2022	4,900		(1,873	)		(892,705,514	)		(13,450,827	)		(11,125,620	)

Total										$	(183,872,920	)	$	(196,119,210	)



	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	REITs			Real Estate Investment Trusts

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of December 31, 2021

Gateway Fund – (continued)

Industry Summary at December 31, 2021


Software	9.9	%
Technology Hardware, Storage & Peripherals	7.1
Interactive Media & Services	6.5
Semiconductors & Semiconductor Equipment	6.5
Banks	4.1
IT Services	4.0
Pharmaceuticals	3.9
Internet & Direct Marketing Retail	3.7
Health Care Providers & Services	3.0
Health Care Equipment & Supplies	3.0
Automobiles	2.7
Oil, Gas & Consumable Fuels	2.4
Specialty Retail	2.2
Capital Markets	2.2
Other Investments, less than 2% each	39.2
Short-Term Investments	1.9

Total Investments	102.3
Other assets less liabilities (including open written options)	(2.3	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of December 31, 2021

Gateway Equity Call Premium Fund


Shares		Description	Value (†)
	Common Stocks — 97.7% of Net Assets
		Aerospace & Defense — 1.2%
	1,971	Boeing Co. (The)(a)(b)	$	396,802
	1,204	Lockheed Martin Corp.(b)		427,914
	5,526	Raytheon Technologies Corp.(b)		475,567

				1,300,283

		Air Freight & Logistics — 0.4%
	1,605	FedEx Corp.(b)		415,117
	492	GXO Logistics, Inc.(a)(b)		44,689

				459,806

		Airlines — 0.2%
	3,720	Delta Air Lines, Inc.(a)(b)		145,378
	5,618	JetBlue Airways Corp.(a)(b)		80,000

				225,378

		Auto Components — 0.2%
	858	Adient PLC(a)(b)		41,081
	1,374	Gentex Corp.(b)		47,884
	343	Lear Corp.(b)		62,752
	507	Magna International, Inc.(b)		41,036

				192,753

		Automobiles — 2.5%
	18,282	Ford Motor Co.(b)		379,717
	2,131	Tesla, Inc.(a)(b)		2,251,998

				2,631,715

		Banks — 4.0%
	21,899	Bank of America Corp.(b)		974,287
	5,696	Citigroup, Inc.(b)		343,981
	1,199	Comerica, Inc.(b)		104,313
	491	East West Bancorp, Inc.(b)		38,632
	7,331	Fifth Third Bancorp(b)		319,265
	1,351	First Republic Bank(b)		278,995
	8,675	JPMorgan Chase & Co.(b)		1,373,686
	375	SVB Financial Group(a)(b)		254,340
	11,396	Wells Fargo & Co.(b)		546,780

				4,234,279

		Beverages — 1.5%
	12,930	Coca-Cola Co. (The)(b)		765,585
	4,770	PepsiCo, Inc.(b)		828,597

				1,594,182

		Biotechnology — 1.5%
	5,522	AbbVie, Inc.(b)		747,679
	414	Alnylam Pharmaceuticals, Inc.(a)(b)		70,206
	2,150	Amgen, Inc.(b)		483,686
	585	Biogen, Inc.(a)(b)		140,353
	417	Exact Sciences Corp.(a)(b)		32,455
	488	Seagen, Inc.(a)(b)		75,445

				1,549,824

		Building Products — 0.9%
	1,115	A.O. Smith Corp.(b)		95,723
	3,686	Carrier Global Corp.(b)		199,928
	1,240	Fortune Brands Home & Security, Inc.(b)		132,556
	5,487	Johnson Controls International PLC(b)		446,148
	203	Lennox International, Inc.(b)		65,845

				940,200

		Capital Markets — 2.9%
	4,133	Bank of New York Mellon Corp. (The)(b)		240,045
	606	BlackRock, Inc.(b)		554,829
	833	Blackstone, Inc.(b)		107,782
	5,269	Charles Schwab Corp. (The)(b)		443,123
	237	FactSet Research Systems, Inc.(b)		115,184
		Capital Markets — continued
	1,366	Goldman Sachs Group, Inc. (The)(b)	$	522,563
	1,479	KKR & Co., Inc.(b)		110,186
	5,055	Morgan Stanley(b)		496,199
	429	MSCI, Inc.(b)		262,844
	2,437	Raymond James Financial, Inc.(b)		244,675

				3,097,430

		Chemicals — 1.6%
	849	AdvanSix, Inc.(b)		40,115
	922	Air Products & Chemicals, Inc.(b)		280,528
	729	Ashland Global Holdings, Inc.(b)		78,484
	2,066	Huntsman Corp.(b)		72,062
	1,996	Linde PLC(b)		691,474
	1,043	Nutrien Ltd.(b)		78,434
	1,644	PPG Industries, Inc.(b)		283,492
	848	RPM International, Inc.(b)		85,648
	1,880	Valvoline, Inc.(b)		70,105

				1,680,342

		Commercial Services & Supplies — 0.6%
	1,131	Waste Connections, Inc.(b)		154,122
	2,587	Waste Management, Inc.(b)		431,770

				585,892

		Communications Equipment — 0.9%
	1,006	Ciena Corp.(a)(b)		77,432
	13,997	Cisco Systems, Inc.(b)		886,990
	3,169	Telefonaktiebolaget LM Ericsson, Sponsored ADR(b)		34,447

				998,869

		Consumer Finance — 0.5%
	4,484	Ally Financial, Inc.(b)		213,483
	6,190	Synchrony Financial(b)		287,154

				500,637

		Containers & Packaging — 0.4%
	975	Crown Holdings, Inc.(b)		107,855
	1,388	Packaging Corp. of America(b)		188,976
	2,565	WestRock Co.(b)		113,783

				410,614

		Diversified Financial Services — 1.6%
	5,498	Berkshire Hathaway, Inc., Class B(a)(b)		1,643,902

		Diversified Telecommunication Services — 0.8%
	16,542	Verizon Communications, Inc.(b)		859,522

		Electric Utilities — 1.3%
	4,416	Alliant Energy Corp.(b)		271,451
	5,574	American Electric Power Co., Inc.(b)		495,919
	1,669	OGE Energy Corp.(b)		64,056
	8,308	Southern Co. (The)(b)		569,763

				1,401,189

		Electrical Equipment — 0.5%
	378	Acuity Brands, Inc.(b)		80,030
	3,379	Emerson Electric Co.(b)		314,146
	403	Hubbell, Inc.(b)		83,933
	1,368	Sensata Technologies Holding PLC(a)(b)		84,392

				562,501

		Electronic Equipment, Instruments & Components — 0.6%
	712	Arrow Electronics, Inc.(a)(b)		95,600
	1,274	Avnet, Inc.(b)		52,527
	1,111	CDW Corp.(b)		227,511
	4,536	Flex Ltd.(a)(b)		83,145
	1,991	Trimble, Inc.(a)(b)		173,595

				632,378

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of December 31, 2021

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Energy Equipment & Services — 0.1%
	6,809	NOV, Inc.(b)	$	92,262

		Entertainment — 1.6%
	760	Live Nation Entertainment, Inc.(a)(b)		90,964
	200	Madison Square Garden Entertainment Corp.(a)(b)		14,068
	475	Madison Square Garden Sports Corp.(a)(b)		82,522
	1,207	Netflix, Inc.(a)(b)		727,145
	51	Roku, Inc.(a)(b)		11,638
	4,931	Walt Disney Co. (The)(a)(b)		763,763

				1,690,100

		Food & Staples Retailing — 1.5%
	1,407	Costco Wholesale Corp.(b)		798,754
	2,216	Sysco Corp.(b)		174,067
	4,334	Walmart, Inc.(b)		627,086

				1,599,907

		Food Products — 0.7%
	1,103	Bunge Ltd.(b)		102,976
	1,836	Hain Celestial Group, Inc. (The)(a)(b)		78,232
	614	Ingredion, Inc.(b)		59,337
	4,997	Kellogg Co.(b)		321,907
	854	Post Holdings, Inc.(a)(b)		96,271
	1,107	TreeHouse Foods, Inc.(a)(b)		44,867

				703,590

		Gas Utilities — 0.1%
	1,531	UGI Corp.(b)		70,288

		Health Care Equipment & Supplies — 2.9%
	5,859	Abbott Laboratories(b)		824,596
	1,359	Alcon, Inc.		118,396
	329	Align Technology, Inc.(a)(b)		216,212
	479	Cooper Cos., Inc. (The)(b)		200,672
	1,558	Hologic, Inc.(a)(b)		119,280
	504	IDEXX Laboratories, Inc.(a)(b)		331,864
	201	Insulet Corp.(a)(b)		53,480
	5,308	Medtronic PLC(b)		549,113
	898	ResMed, Inc.(b)		233,911
	1,061	STERIS PLC(b)		258,258
	362	Teleflex, Inc.(b)		118,910

				3,024,692

		Health Care Providers & Services — 2.6%
	1,050	Anthem, Inc.(b)		486,717
	2,900	Centene Corp.(a)(b)		238,960
	1,572	Cigna Corp.(b)		360,978
	2,386	MEDNAX, Inc.(a)(b)		64,923
	260	Molina Healthcare, Inc.(a)(b)		82,701
	3,073	UnitedHealth Group, Inc.(b)		1,543,076

				2,777,355

		Health Care Technology — 0.1%
	428	Veeva Systems, Inc., Class A(a)(b)		109,345

		Hotels, Restaurants & Leisure — 2.1%
	149	Booking Holdings, Inc.(a)(b)		357,485
	4,286	Carnival Corp.(a)(b)		86,234
	222	Domino’s Pizza, Inc.(b)		125,281
	1,238	Hilton Grand Vacations, Inc.(a)(b)		64,512
	1,489	Hilton Worldwide Holdings, Inc.(a)(b)		232,269
	2,281	McDonald’s Corp.(b)		611,468
	2,401	MGM Resorts International(b)		107,757
	1,408	Restaurant Brands International, Inc.(b)		85,438
	3,705	Starbucks Corp.(b)		433,374
	905	Trip.com Group Ltd., ADR(a)(b)		22,281
	205	Vail Resorts, Inc.(b)		67,220

				2,193,319

		Household Durables — 0.3%
	2,869	PulteGroup, Inc.(b)	$	163,992
	2,218	Toll Brothers, Inc.(b)		160,561

				324,553

		Household Products — 1.4%
	1,269	Clorox Co. (The)(b)		221,263
	7,968	Procter & Gamble Co. (The)(b)		1,303,405

				1,524,668

		Industrial Conglomerates — 1.0%
	2,621	3M Co.(b)		465,568
	2,911	Honeywell International, Inc.(b)		606,973

				1,072,541

		Insurance — 1.2%
	3,115	Arch Capital Group Ltd.(a)(b)		138,462
	1,950	Chubb Ltd.(b)		376,955
	1,138	Cincinnati Financial Corp.(b)		129,652
	5,403	Manulife Financial Corp.(b)		103,035
	2,758	Prudential Financial, Inc.(b)		298,526
	301	RenaissanceRe Holdings Ltd.(b)		50,968
	801	Willis Towers Watson PLC(b)		190,230

				1,287,828

		Interactive Media & Services — 6.3%
	794	Alphabet, Inc., Class A(a)(b)		2,300,250
	745	Alphabet, Inc., Class C(a)(b)		2,155,724
	1,048	Match Group, Inc.(a)(b)		138,598
	6,280	Meta Platforms, Inc., Class A(a)(b)		2,112,278

				6,706,850

		Internet & Direct Marketing Retail — 3.7%
	1,169	Amazon.com, Inc.(a)(b)		3,897,843
	454	JD.com, Inc., ADR(a)(b)		31,812
	29	MercadoLibre, Inc.(a)(b)		39,104

				3,968,759

		IT Services — 4.2%
	2,469	Accenture PLC, Class A(b)		1,023,524
	458	Block, Inc., Class A(a)(b)		73,972
	274	EPAM Systems, Inc.(a)(b)		183,155
	615	FleetCor Technologies, Inc.(a)(b)		137,662
	1,125	Global Payments, Inc.(b)		152,077
	3,003	International Business Machines Corp.(b)		401,381
	600	Kyndryl Holdings, Inc.(a)(b)		10,860
	2,633	MasterCard, Inc., Class A(b)		946,090
	51	Shopify, Inc., Class A(a)(b)		70,247
	138	Twilio, Inc., Class A(a)(b)		36,341
	1,088	VeriSign, Inc.(a)(b)		276,156
	5,136	Visa, Inc., Class A(b)		1,113,022

				4,424,487

		Leisure Products — 0.1%
	590	Brunswick Corp.(b)		59,431
	515	Polaris, Inc.(b)		56,603

				116,034

		Life Sciences Tools & Services — 1.5%
	3,235	Avantor, Inc.(a)(b)		136,323
	264	Bio-Rad Laboratories, Inc., Class A(a)(b)		199,470
	384	ICON PLC(a)(b)		118,925
	760	Illumina, Inc.(a)(b)		289,134
	1,323	Thermo Fisher Scientific, Inc.(b)		882,759

				1,626,611

		Machinery — 1.4%
	471	AGCO Corp.(b)		54,646
	2,087	Caterpillar, Inc.(b)		431,466

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of December 31, 2021

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Machinery — continued
	1,140	Cummins, Inc.(b)	$	248,680
	1,260	Deere & Co.(b)		432,041
	616	IDEX Corp.(b)		145,573
	2,533	Otis Worldwide Corp.(b)		220,548

				1,532,954

		Media — 0.9%
	12,562	Comcast Corp., Class A(b)		632,245
	1,800	Discovery, Inc., Class A(a)		42,372
	2,292	Fox Corp., Class B(b)		78,547
	605	Liberty Broadband Corp., Class C(a)(b)		97,466
	10,823	Sirius XM Holdings, Inc.(b)		68,726

				919,356

		Metals & Mining — 0.4%
	1,700	Alcoa Corp.(b)		101,286
	3,584	Barrick Gold Corp.(b)		68,096
	929	Rio Tinto PLC, Sponsored ADR(b)		62,187
	590	Southern Copper Corp.(b)		36,409
	1,435	Steel Dynamics, Inc.(b)		89,070
	4,124	Vale S.A., Sponsored ADR(b)		57,819

				414,867

		Multi-Utilities — 0.8%
	4,959	Ameren Corp.(b)		441,401
	5,513	Public Service Enterprise Group, Inc.(b)		367,882

				809,283

		Multiline Retail — 0.5%
	2,476	Nordstrom, Inc.(a)(b)		56,007
	2,049	Target Corp.(b)		474,221

				530,228

		Oil, Gas & Consumable Fuels — 2.5%
	2,853	Canadian Natural Resources Ltd.(b)		120,539
	1,002	Cheniere Energy, Inc.(b)		101,623
	6,328	Chevron Corp.(b)		742,591
	5,654	ConocoPhillips(b)		408,106
	1,376	Devon Energy Corp.(b)		60,613
	542	Enbridge, Inc.(b)		21,181
	1,230	EQT Corp.(a)(b)		26,826
	12,758	Exxon Mobil Corp.(b)		780,662
	1,235	HollyFrontier Corp.(b)		40,483
	1,124	Ovintiv, Inc.(b)		37,879
	1,177	Pioneer Natural Resources Co.(b)		214,073
	3,117	Suncor Energy, Inc.(b)		78,018
	1,014	TC Energy Corp.		47,192

				2,679,786

		Pharmaceuticals — 4.0%
	1,543	AstraZeneca PLC, Sponsored ADR(b)		89,880
	7,839	Bristol-Myers Squibb Co.(b)		488,762
	2,239	Eli Lilly & Co.(b)		618,457
	331	Jazz Pharmaceuticals PLC(a)(b)		42,169
	7,283	Johnson & Johnson(b)		1,245,903
	7,817	Merck & Co., Inc.(b)		599,095
	454	Novartis AG, Sponsored ADR(b)		39,711
	16,562	Pfizer, Inc.(b)		977,986
	1,500	Teva Pharmaceutical Industries Ltd., Sponsored ADR(a)(b)		12,015
	5,916	Viatris, Inc.(b)		80,043

				4,194,021

		Professional Services — 0.5%
	869	CoStar Group, Inc.(a)(b)		68,677
	739	Leidos Holdings, Inc.(b)		65,697
	342	ManpowerGroup, Inc.(b)		33,287
		Professional Services — continued
	810	TransUnion(b)	$	96,050
	998	Verisk Analytics, Inc.(b)		228,272

				491,983

		Real Estate Management & Development — 0.0%
	176	Jones Lang LaSalle, Inc.(a)(b)		47,404

		REITs – Apartments — 0.9%
	1,056	American Campus Communities, Inc.(b)		60,498
	836	Camden Property Trust(b)		149,377
	566	Essex Property Trust, Inc.(b)		199,362
	5,655	Invitation Homes, Inc.(b)		256,398
	1,125	Mid-America Apartment Communities, Inc.(b)		258,120

				923,755

		REITs – Diversified — 1.1%
	1,679	Crown Castle International Corp.(b)		350,475
	1,197	Digital Realty Trust, Inc.(b)		211,714
	2,963	Duke Realty Corp.(b)		194,491
	723	Gaming & Leisure Properties, Inc.(b)		35,181
	698	SBA Communications Corp.(b)		271,536
	846	VICI Properties, Inc.(b)		25,473
	724	W.P. Carey, Inc.(b)		59,404

				1,148,274

		REITs – Health Care — 0.1%
	2,686	Medical Properties Trust, Inc.(b)		63,470

		REITs – Hotels — 0.1%
	2,742	Park Hotels & Resorts, Inc.(a)(b)		51,769

		REITs – Mortgage — 0.0%
	4,312	Annaly Capital Management, Inc.(b)		33,720

		REITs – Office Property — 0.1%
	1,073	Kilroy Realty Corp.(b)		71,312
	370	Orion Office REIT, Inc.(a)(b)		6,908

				78,220

		REITs – Single Tenant — 0.3%
	461	National Retail Properties, Inc.(b)		22,160
	3,708	Realty Income Corp.(b)		265,456

				287,616

		REITs – Storage — 0.2%
	984	Extra Space Storage, Inc.(b)		223,102

		Road & Rail — 1.2%
	1,142	Norfolk Southern Corp.(b)		339,985
	778	Old Dominion Freight Line, Inc.(b)		278,820
	2,250	Union Pacific Corp.(b)		566,842
	492	XPO Logistics, Inc.(a)(b)		38,096

				1,223,743

		Semiconductors & Semiconductor Equipment — 6.1%
	3,949	Advanced Micro Devices, Inc.(a)(b)		568,261
	2,341	Analog Devices, Inc.(b)		411,478
	3,515	Applied Materials, Inc.(b)		553,120
	134	ASML Holding NV, (Registered)(b)		106,683
	560	Enphase Energy, Inc.(a)(b)		102,446
	377	First Solar, Inc.(a)(b)		32,859
	11,487	Intel Corp.(b)		591,580
	1,569	Marvell Technology, Inc.(b)		137,272
	6,761	NVIDIA Corp.(b)		1,988,478
	1,256	NXP Semiconductors NV(b)		286,092
	2,536	ON Semiconductor Corp.(a)(b)		172,245
	3,473	QUALCOMM, Inc.(b)		635,107
	1,424	Teradyne, Inc.(b)		232,867
	3,476	Texas Instruments, Inc.(b)		655,122

				6,473,610

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of December 31, 2021

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Software — 9.7%
	1,531	Adobe, Inc.(a)(b)	$	868,169
	1,549	Cadence Design Systems, Inc.(a)(b)		288,656
	470	CDK Global, Inc.(b)		19,618
	331	Check Point Software Technologies Ltd.(a)(b)		38,581
	703	Fortinet, Inc.(a)(b)		252,658
	19,698	Microsoft Corp.(b)		6,624,831
	5,019	Oracle Corp.(b)		437,707
	282	Palo Alto Networks, Inc.(a)(b)		157,006
	2,777	salesforce.com, Inc.(a)(b)		705,719
	695	ServiceNow, Inc.(a)(b)		451,132
	498	SS&C Technologies Holdings, Inc.(b)		40,826
	745	Synopsys, Inc.(a)(b)		274,533
	441	VMware, Inc., Class A(b)		51,103
	287	Workday, Inc., Class A(a)(b)		78,403

				10,288,942

		Specialty Retail — 2.0%
	858	Advance Auto Parts, Inc.(b)		205,817
	346	Burlington Stores, Inc.(a)(b)		100,862
	933	Dick’s Sporting Goods, Inc.(b)		107,286
	1,370	Foot Locker, Inc.(b)		59,773
	3,410	Home Depot, Inc. (The)(b)		1,415,184
	392	Ulta Beauty, Inc.(a)(b)		161,637
	298	Williams-Sonoma, Inc.(b)		50,401

				2,100,960

		Technology Hardware, Storage & Peripherals — 7.2%
	40,771	Apple, Inc.(b)		7,239,706
	1,296	Dell Technologies, Inc., Class C(a)(b)		72,796
	7,897	Hewlett Packard Enterprise Co.(b)		124,536
	6,261	HP, Inc.(b)		235,852

				7,672,890

		Textiles, Apparel & Luxury Goods — 0.8%
	579	Carter’s, Inc.(b)		58,606
	232	Lululemon Athletica, Inc.(a)(b)		90,816
	3,968	NIKE, Inc., Class B(b)		661,347
	800	Skechers U.S.A., Inc., Class A(a)(b)		34,720
	2,600	Under Armour, Inc., Class C(a)		46,904

				892,393

		Tobacco — 0.9%
	7,499	Altria Group, Inc.(b)		355,378
	1,544	British American Tobacco PLC, Sponsored ADR(b)		57,761
	6,154	Philip Morris International, Inc.(b)		584,630

				997,769

		Water Utilities — 0.3%
	1,833	American Water Works Co., Inc.(b)		346,180

		Wireless Telecommunication Services — 0.2%
	3,935	America Movil SAB de CV, Series L, ADR(b)		83,068
	8,169	Vodafone Group PLC, Sponsored ADR(b)		121,963

				205,031

		Total Common Stocks (Identified Cost $53,082,361)		103,446,211


Principal Amount		Description	Value (†)
	Short-Term Investments — 2.8%
$	2,970,605	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2021 at 0.000% to be repurchased at $2,970,605 on 1/03/2022 collateralized by $2,177,100 U.S. Treasury Bond, 4.375% due 11/15/2039 valued at $3,030,081 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,970,605)	$	2,970,605


		Total Investments — 100.5% (Identified Cost $56,052,966)		106,416,816
		Other assets less liabilities — (0.5)%		(549,175	)

		Net Assets — 100.0%	$	105,867,641


Written Options — (2.3%)

Description	Expiration Date		Exercise Price	Contracts			Notional Amount			Premiums (Received)			Value (†)
Index Options — (2.3%)
S&P 500^® Index, Call		1/21/2022	4,700		(24	)	$	(11,438,832	)	$	(241,193	)	$	(255,120	)
S&P 500^® Index, Call		1/21/2022	4,775		(24	)		(11,438,832	)		(206,868	)		(125,760	)
S&P 500^® Index, Call		2/18/2022	4,600		(24	)		(11,438,832	)		(300,732	)		(535,440	)
S&P 500^® Index, Call		2/18/2022	4,650		(24	)		(11,438,832	)		(316,980	)		(437,520	)
S&P 500^® Index, Call		2/18/2022	4,700		(24	)		(11,438,832	)		(357,772	)		(345,600	)
S&P 500^® Index, Call		2/18/2022	4,800		(23	)		(10,962,214	)		(225,343	)		(178,020	)
S&P 500^® Index, Call		3/18/2022	4,800		(24	)		(11,438,832	)		(246,396	)		(265,200	)
S&P 500^® Index, Call		3/18/2022	4,850		(24	)		(11,438,832	)		(257,844	)		(198,360	)
S&P 500^® Index, Call		3/18/2022	4,900		(24	)		(11,438,832	)		(172,354	)		(142,560	)

Total										$	(2,325,482	)	$	(2,483,580	)



	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Security (or a portion thereof) has been pledged as collateral for open derivative contracts.

	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	REITs			Real Estate Investment Trusts

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of December 31, 2021

Gateway Equity Call Premium Fund – (continued)

Industry Summary at December 31, 2021


Software	9.7	%
Technology Hardware, Storage & Peripherals	7.2
Interactive Media & Services	6.3
Semiconductors & Semiconductor Equipment	6.1
IT Services	4.2
Banks	4.0
Pharmaceuticals	4.0
Internet & Direct Marketing Retail	3.7
Capital Markets	2.9
Health Care Equipment & Supplies	2.9
Health Care Providers & Services	2.6
Oil, Gas & Consumable Fuels	2.5
Automobiles	2.5
Hotels, Restaurants & Leisure	2.1
Specialty Retail	2.0
Other Investments, less than 2% each	35.0
Short-Term Investments	2.8

Total Investments	100.5
Other assets less liabilities (including open written options)	(0.5	)

Net Assets	100.0	%

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of December 31, 2021

Mirova Global Green Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 88.9% of Net Assets
		Canada — 1.8%
	1,000,000	Province of Ontario Canada, 1.950%, 1/27/2023, (CAD)(a)	$	800,530
	50,000	Province of Quebec Canada, 2.600%, 7/06/2025, (CAD)(a)		41,141

				841,671

		Chile — 2.3%
	500,000	Chile Government International Bond, 1.250%, 1/29/2040, (EUR)(a)		552,172
	500,000	Chile Government International Bond, 3.500%, 1/25/2050(a)		517,420

				1,069,592

		Denmark — 1.0%
	400,000	Orsted A/S, (fixed rate to 9/09/2027, variable rate thereafter), 1.750%, 12/09/3019, (EUR)(a)		465,077

		Finland — 1.2%
	500,000	Citycon OYJ, (fixed rate to 11/24/2024, variable rate thereafter), 4.496%, (EUR)(a)(b)		565,615

		France — 16.7%
	400,000	Altarea SCA, 1.750%, 1/16/2030, (EUR)(a)		446,040
	400,000	Covivio, 1.125%, 9/17/2031, (EUR)(a)		461,908
	500,000	Derichebourg S.A., 2.250%, 7/15/2028, (EUR)(a)		582,343
	800,000	Electricite de France S.A., 3.625%, 10/13/2025(a)		853,518
	400,000	Faurecia SE, 2.375%, 6/15/2029, (EUR)(a)		457,677
	2,500,000	France Government Bond OAT, 1.750%, 6/25/2039, 144A, (EUR)(a)		3,437,409
	100,000	Getlink SE, 3.500%, 10/30/2025, (EUR)(a)		117,220
	600,000	ICADE, 1.500%, 9/13/2027, (EUR)(a)		717,726
	600,000	Societe du Grand Paris EPIC, EMTN, 1.700%, 5/25/2050, (EUR)(a)		790,417

				7,864,258

		Germany — 4.0%
	500,000	BayWa AG, EMTN, 3.125%, 6/26/2024, (EUR)(a)		602,602
	300,000	E.ON SE, EMTN, 0.350%, 2/28/2030, (EUR)(a)		338,562
	500,000	EnBW Energie Baden-Wuerttemberg AG, (fixed rate to 3/30/2026, variable rate thereafter), 1.875%, 6/29/2080, (EUR)(a)		581,347
	300,000	Landesbank Baden-Wuerttemberg, Series 809, MTN, 0.375%, 7/29/2026, (EUR)(a)		343,377

				1,865,888

		Hungary — 1.7%
	700,000	Hungary Government International Bond, 1.750%, 6/05/2035, (EUR)(a)		828,707

		Indonesia — 2.2%
	500,000	Perusahaan Penerbit SBSN Indonesia III, 3.750%, 3/01/2023(a)		516,475
	500,000	Perusahaan Penerbit SBSN Indonesia III, MTN, 3.900%, 8/20/2024(a)		535,230

				1,051,705

		Ireland — 0.8%
	300,000	AIB Group PLC, EMTN, (fixed rate to 5/30/2026, variable rate thereafter), 2.875%, 5/30/2031, (EUR)(a)		360,031

		Italy — 7.3%
	400,000	A2A SpA, EMTN, 1.000%, 7/16/2029, (EUR)(a)		467,828
	600,000	Assicurazioni Generali SpA, EMTN, 2.124%, 10/01/2030, (EUR)(a)		713,898
	2,100,000	Italy Buoni Poliennali Del Tesoro, 1.500%, 4/30/2045, 144A, (EUR)(a)		2,243,268

				3,424,994

		Korea — 3.2%
	400,000	Kia Corp., 1.750%, 10/16/2026(a)	$	394,689
	600,000	Korea International Bond, Zero Coupon, 0.000%, 10/15/2026, (EUR)(a)(c)		682,106
	400,000	Korea Water Resources Corp., EMTN, 3.875%, 5/15/2023(a)		415,577

				1,492,372

		Lithuania — 2.3%
	500,000	AB Ignitis Grupe, EMTN, 1.875%, 7/10/2028, (EUR)(a)		608,869
	400,000	AB Ignitis Grupe, EMTN, 2.000%, 7/14/2027, (EUR)(a)		489,271

				1,098,140

		Luxembourg — 0.7%
	300,000	Eurofins Scientific SE, (fixed rate to 8/11/2022, variable rate thereafter), 2.875%, (EUR)(b)		345,229

		Mexico — 2.0%
	800,000	Mexico Government International Bond, 1.350%, 9/18/2027, (EUR)(a)		927,905

		Netherlands — 8.2%
	700,000	ABB Finance BV, EMTN, Zero Coupon, 0.271%-0.282%, 1/19/2030, (EUR)(a)(d)		765,607
	400,000	CTP NV, EMTN, 2.125%, 10/01/2025, (EUR)(a)		477,416
	600,000	de Volksbank NV, EMTN, (fixed rate to 10/22/2025, variable rate thereafter), 1.750%, 10/22/2030, (EUR)(a)		707,412
	700,000	Signify NV, 2.375%, 5/11/2027, (EUR)(a)		863,398
	150,000	TenneT Holding BV, EMTN, 1.250%, 10/24/2033, (EUR)(a)		179,483
	700,000	TenneT Holding BV, EMTN, 1.875%, 6/13/2036, (EUR)(a)		888,610

				3,881,926

		Singapore — 1.5%
	700,000	Vena Energy Capital Pte Ltd., EMTN, 3.133%, 2/26/2025(a)		713,411

		Spain — 7.0%
	400,000	Banco Bilbao Vizcaya Argentaria S.A., 1.000%, 6/21/2026, (EUR)(a)		466,293
	500,000	Bankinter S.A., 0.625%, 10/06/2027, (EUR)(a)		566,927
	500,000	Iberdrola International BV, (fixed rate to 2/22/2023, variable rate thereafter), 1.875%, (EUR)(a)(b)		580,362
	900,000	Spain Government Bond, 1.000%, 7/30/2042, 144A, (EUR)(a)		997,645
	600,000	Telefonica Europe BV, (fixed rate to 2/05/2027, variable rate thereafter), 2.502%, (EUR)(a)(b)		686,944

				3,298,171

		Supranationals — 7.8%
	3,500,000	European Investment Bank, 2.375%, 5/24/2027(a)		3,672,105

		United Kingdom — 6.9%
	500,000	Anglian Water Services Financing PLC, EMTN, 1.625%, 8/10/2025, (GBP)(a)		683,789
	500,000	SSE PLC, EMTN, 1.375%, 9/04/2027, (EUR)(a)		598,895
	1,500,000	United Kingdom Gilt, 0.875%, 7/31/2033, (GBP)(a)		1,994,325

				3,277,009

		United States — 10.3%
	500,000	Air Products & Chemicals, Inc., 2.050%, 5/15/2030(a)		502,933
	300,000	Arizona Public Service Co., 2.650%, 9/15/2050(a)		270,529
	600,000	Digital Dutch Finco BV, 1.500%, 3/15/2030, (EUR)(a)		708,037
	400,000	Digital Euro Finco LLC, 2.500%, 1/16/2026, (EUR)(a)		491,585
	300,000	Digital Intrepid Holding BV, 0.625%, 7/15/2031, (EUR)(a)		322,054
	400,000	Ford Motor Co., 3.250%, 2/12/2032(a)		409,600
	400,000	Southern Power Co., 4.150%, 12/01/2025(a)		435,019

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of December 31, 2021

Mirova Global Green Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United States — continued
	200,000	Thermo Fisher Scientific, Inc., 4.100%, 8/15/2047(a)	$	246,695
	700,000	Verizon Communications, Inc., 3.875%, 2/08/2029(a)		775,721
	600,000	Wabtec Transportation Netherlands BV, 1.250%, 12/03/2027, (EUR)(a)		689,231

				4,851,404

		Total Bonds and Notes (Identified Cost $42,412,324)		41,895,210


	Short-Term Investments — 6.7%
	3,173,547	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2021 at 0.000% to be repurchased at $3,173,547 on 1/03/2022 collateralized by $2,325,800 U.S. Treasury Bond, 4.375% due 11/15/2039 valued at $3,237,041 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $3,173,547)		3,173,547


		Total Investments — 95.6% (Identified Cost $45,585,871)		45,068,757
		Other assets less liabilities — 4.4%		2,056,317

		Net Assets — 100.0%	$	47,125,074


	(‡)			Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(b)			Perpetual bond with no specified maturity date.
	(c)			Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(d)			Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the value of Rule 144A holdings amounted to $6,678,322 or 14.2% of net assets.
	EMTN			Euro Medium Term Note
	MTN			Medium Term Note

	CAD			Canadian Dollar
	EUR			Euro
	GBP			British Pound

At December 31, 2021, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		3/22/2022		2	$	387,953	$	394,250	$	6,297
UK Long Gilt		3/29/2022		7		1,181,703		1,183,408		1,705
German Euro Bund		3/08/2022		16		3,177,222		3,121,675		(55,547	)
Euro-Buxl^® 30 Year Bond		3/08/2022		6		1,480,687		1,412,240		(68,447	)

Total									$	(115,992	)

At December 31, 2021, open short futures contracts were as follows:


Financial and Currency Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		3/22/2022		20	$	2,599,531	$	2,609,375	$	(9,844	)
British Pound		3/14/2022		27		2,257,369		2,283,356		(25,987	)
Canadian Dollar		3/15/2022		11		864,413		869,550		(5,137	)
Euro		3/14/2022		217		30,612,011		30,929,281		(317,270	)

Total									$	(358,238	)

Industry Summary at December 31, 2021


Government National	25.9	%
Industrial	13.1
Utility-Electric	12.1
Financial	9.3
Supranational	7.8
Special Purpose	7.7
Bank	5.2
Government Regional	3.5
Telephone	3.1
Government Agency	0.9
Transportation-Non Rail	0.3
Short-Term Investments	6.7

Total Investments	95.6
Other assets less liabilities (including futures contracts)	4.4

Net Assets	100.0	%

Currency Exposure Summary at December 31, 2021


Euro	59.8	%
United States Dollar	28.4
British Pound	5.6
Canadian Dollar	1.8

Total Investments	95.6
Other assets less liabilities (including futures contracts)	4.4

Net Assets	100.0	%

See accompanying notes to financial statements.

39 |

Portfolio of Investments — as of December 31, 2021

Mirova Global Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 95.5% of Net Assets
		Argentina — 1.1%
	9,099	MercadoLibre, Inc.(a)	$	12,269,092

		Belgium — 1.8%
	230,272	KBC Group NV		19,785,254

		Denmark — 8.2%
	297,813	Novo Nordisk A/S, Class B		33,452,103
	248,124	Orsted A/S, 144A		31,776,513
	882,863	Vestas Wind Systems A/S		26,887,703

				92,116,319

		France — 3.0%
	88,019	EssilorLuxottica S.A.		18,737,202
	72,849	Orpea S.A.		7,305,893
	265,612	Valeo S.A.		8,009,894

				34,052,989

		Germany — 5.1%
	49,206	Allianz SE, (Registered)		11,605,659
	51,806	SAP SE		7,291,150
	258,847	Symrise AG		38,282,083

				57,178,892

		Hong Kong — 2.0%
	2,201,751	AIA Group Ltd.		22,221,922

		Japan — 4.7%
	829,500	Sekisui House Ltd.		17,847,304
	607,350	Takeda Pharmaceutical Co. Ltd.		16,585,690
	436,600	Terumo Corp.		18,442,244

				52,875,238

		Netherlands — 4.1%
	9,649	Adyen NV, 144A(a)		25,328,621
	25,269	ASML Holding NV		20,240,970

				45,569,591

		Spain — 2.6%
	2,457,429	Iberdrola S.A.		29,095,900

		Switzerland — 1.3%
	18,497	Geberit AG, (Registered)		15,077,527

		Taiwan — 2.7%
	249,621	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		30,031,903

		United Kingdom — 4.3%
	4,625,696	Legal & General Group PLC		18,679,905
	1,110,417	Prudential PLC		19,202,269
	184,236	Unilever PLC		9,876,196

				47,758,370

		United States — 54.6%
	55,755	Adobe, Inc.(a)		31,616,430
	85,967	American Water Works Co., Inc.		16,235,728
	168,015	Aptiv PLC(a)		27,714,074
	182,528	Ball Corp.		17,571,971
	70,480	Bright Horizons Family Solutions, Inc.(a)		8,872,022
	136,144	Danaher Corp.		44,792,737
	648,468	eBay, Inc.		43,123,122
	182,747	Ecolab, Inc.		42,870,619
	86,442	Eli Lilly & Co.		23,877,009
	40,259	Estee Lauder Cos., Inc. (The), Class A		14,903,882
	37,493	Intuitive Surgical, Inc.(a)		13,471,235
	125,134	MasterCard, Inc., Class A		44,963,149
	157,943	Microsoft Corp.		53,119,390
	188,503	NextEra Energy, Inc.		17,598,640
	99,607	NVIDIA Corp.		29,295,415
		United States — continued
	140,490	Oracle Corp.	$	12,252,133
	65,594	Roper Technologies, Inc.		32,263,065
	67,577	Signature Bank		21,859,132
	266,006	Sunrun, Inc.(a)		9,124,006
	74,980	Thermo Fisher Scientific, Inc.		50,029,655
	126,999	Visa, Inc., Class A		27,521,953
	66,349	Watts Water Technologies, Inc., Series A		12,882,985
	133,389	Xylem, Inc.		15,996,009

				611,954,361

		Total Common Stocks (Identified Cost $907,416,405)		1,069,987,358


Principal Amount
	Short-Term Investments — 2.1%
$	23,460,001	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2021 at 0.000% to be repurchased at $23,460,001 on 1/03/2022 collateralized by $17,193,100 U.S. Treasury Bond, 4.375% due 11/15/2039 valued at $23,929,305 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $23,460,001)		23,460,001


		Total Investments — 97.6% (Identified Cost $930,876,406)		1,093,447,359
		Other assets less liabilities — 2.4%		27,234,632

		Net Assets — 100.0%	$	1,120,681,991


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the value of Rule 144A holdings amounted to $57,105,134 or 5.1% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

| 40

Portfolio of Investments — as of December 31, 2021

Mirova Global Sustainable Equity Fund – (continued)

Industry Summary at December 31, 2021


Software	9.3	%
IT Services	8.8
Life Sciences Tools & Services	8.5
Chemicals	7.2
Semiconductors & Semiconductor Equipment	7.1
Electric Utilities	7.0
Pharmaceuticals	6.6
Insurance	6.4
Internet & Direct Marketing Retail	4.9
Banks	3.8
Electrical Equipment	3.2
Auto Components	3.2
Industrial Conglomerates	2.9
Health Care Equipment & Supplies	2.8
Machinery	2.6
Personal Products	2.2
Other Investments, less than 2% each	9.0
Short-Term Investments	2.1

Total Investments	97.6
Other assets less liabilities	2.4

Net Assets	100.0	%

Currency Exposure Summary at December 31, 2021


United States Dollar	60.5	%
Euro	17.5
Danish Krone	8.2
Japanese Yen	4.7
British Pound	3.4
Hong Kong Dollar	2.0
Swiss Franc	1.3

Total Investments	97.6
Other assets less liabilities	2.4

Net Assets	100.0	%

See accompanying notes to financial statements.

41 |

Portfolio of Investments — as of December 31, 2021

Mirova International Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 96.8% of Net Assets
		Argentina — 1.2%
	268	MercadoLibre, Inc.(a)	$	361,371

		Australia — 1.0%
	92,274	Stockland		284,667

		Belgium — 5.0%
	14,550	KBC Group NV		1,250,154
	6,132	Umicore S.A.		250,151

				1,500,305

		Denmark — 11.1%
	13,450	Novo Nordisk A/S, Class B		1,510,783
	6,904	Orsted A/S, 144A		884,175
	30,081	Vestas Wind Systems A/S		916,121

				3,311,079

		France — 15.1%
	2,227	Air Liquide S.A.		388,398
	35,415	Credit Agricole S.A.		504,923
	10,545	Dassault Systemes SE		625,797
	2,345	EssilorLuxottica S.A.		499,196
	1,086	L’Oreal S.A.		517,819
	4,518	Orpea S.A.		453,102
	3,103	Sanofi		311,367
	18,779	Suez S.A.		423,535
	12,348	Valeo S.A.		372,371
	6,891	Worldline S.A., 144A(a)		383,554

				4,480,062

		Germany — 6.4%
	2,356	Allianz SE, (Registered)		555,683
	6,047	SAP SE		851,052
	3,287	Symrise AG		486,129

				1,892,864

		Hong Kong — 3.4%
	100,595	AIA Group Ltd.		1,015,289

		Ireland — 4.9%
	7,862	Kingspan Group PLC		937,819
	9,360	Smurfit Kappa Group PLC		515,889

				1,453,708

		Japan — 11.9%
	4,200	Kao Corp.		219,972
	48,900	Kubota Corp.		1,087,343
	22,400	Sekisui House Ltd.		481,952
	1,700	Shimano, Inc.		452,743
	18,238	Takeda Pharmaceutical Co. Ltd.		498,048
	14,600	Terumo Corp.		616,713
	4,400	West Japan Railway Co.		184,021

				3,540,792

		Netherlands — 8.9%
	441	Adyen NV, 144A(a)		1,157,625
	1,877	ASML Holding NV		1,503,514

				2,661,139

		Norway — 0.5%
	8,573	Telenor ASA		134,759

		Spain — 2.7%
	68,951	Iberdrola S.A.		816,378

		Switzerland — 2.9%
	1,052	Geberit AG, (Registered)		857,521

		Taiwan — 4.4%
	10,850	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		1,305,363

		United Kingdom — 17.4%
	6,924	Croda International PLC	$	948,390
	21,396	Halma PLC		927,706
	6,966	Johnson Matthey PLC		193,571
	32,165	Land Securities Group PLC		339,468
	261,344	Legal & General Group PLC		1,055,383
	47,802	Prudential PLC		826,633
	2,104	Spirax-Sarco Engineering PLC		457,895
	7,669	Unilever PLC		411,106

				5,160,152

		Total Common Stocks (Identified Cost $23,105,413)		28,775,449


Principal Amount
	Short-Term Investments — 0.9%
$	259,707	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2021 at 0.000% to be repurchased at $259,707 on 1/03/2022 collateralized by $190,400 U.S. Treasury Bond, 4.375% due 11/15/2039 valued at $264,998 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $259,707)		259,707


		Total Investments — 97.7% (Identified Cost $23,365,120)		29,035,156
		Other assets less liabilities — 2.3%		696,790

		Net Assets — 100.0%	$	29,731,946


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the value of Rule 144A holdings amounted to $2,425,354 or 8.2% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

| 42

Portfolio of Investments — as of December 31, 2021

Mirova International Sustainable Equity Fund – (continued)

Industry Summary at December 31, 2021


Insurance	11.7	%
Semiconductors & Semiconductor Equipment	9.4
Pharmaceuticals	7.9
Chemicals	7.6
Building Products	6.1
Banks	5.9
Electric Utilities	5.6
Machinery	5.2
IT Services	5.2
Software	5.0
Personal Products	3.8
Electronic Equipment, Instruments & Components	3.1
Electrical Equipment	3.1
REITs - Diversified	2.1
Health Care Equipment & Supplies	2.1
Other Investments, less than 2% each	13.0
Short-Term Investments	0.9

Total Investments	97.7
Other assets less liabilities	2.3

Net Assets	100.0	%

Currency Exposure Summary at December 31, 2021


Euro	44.4	%
British Pound	16.0
Japanese Yen	11.9
Danish Krone	11.1
United States Dollar	6.5
Hong Kong Dollar	3.4
Swiss Franc	2.9
Other, less than 2% each	1.5

Total Investments	97.7
Other assets less liabilities	2.3

Net Assets	100.0	%

See accompanying notes to financial statements.

43 |

Portfolio of Investments — as of December 31, 2021

Mirova U.S. Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 100.6% of Net Assets
		Auto Components — 2.8%
	851	Aptiv PLC(a)	$	140,373

		Banks — 3.3%
	522	Signature Bank		168,851

		Chemicals — 4.0%
	869	Ecolab, Inc.		203,859

		Commercial Services & Supplies — 3.6%
	1,087	Waste Management, Inc.		181,420

		Communications Equipment — 1.0%
	833	Cisco Systems, Inc.		52,787

		Containers & Packaging — 2.0%
	1,037	Ball Corp.		99,832

		Diversified Consumer Services — 1.3%
	517	Bright Horizons Family Solutions, Inc.(a)		65,080

		Diversified Telecommunication Services — 1.0%
	936	Verizon Communications, Inc.		48,635

		Electric Utilities — 4.7%
	2,545	NextEra Energy, Inc.		237,601

		Electrical Equipment — 0.9%
	1,377	Sunrun, Inc.(a)		47,231

		Electronic Equipment, Instruments & Components — 1.4%
	817	Trimble, Inc.(a)		71,234

		Health Care Equipment & Supplies — 3.2%
	457	Intuitive Surgical, Inc.(a)		164,200

		Household Products — 1.2%
	735	Colgate-Palmolive Co.		62,725

		Industrial Conglomerates — 4.7%
	481	Roper Technologies, Inc.		236,585

		Internet & Direct Marketing Retail — 4.4%
	3,315	eBay, Inc.		220,448

		IT Services — 8.1%
	183	Accenture PLC, Class A		75,862
	646	MasterCard, Inc., Class A		232,121
	456	Visa, Inc., Class A		98,820

				406,803

		Life Sciences Tools & Services — 12.6%
	978	Danaher Corp.		321,772
	468	Thermo Fisher Scientific, Inc.		312,268

				634,040

		Machinery — 6.3%
	700	Watts Water Technologies, Inc., Series A		135,919
	1,517	Xylem, Inc.		181,919

				317,838

		Personal Products — 3.3%
	445	Estee Lauder Cos., Inc. (The), Class A		164,739

		Pharmaceuticals — 2.8%
	521	Eli Lilly & Co.		143,911

		Semiconductors & Semiconductor Equipment — 9.5%
	967	First Solar, Inc.(a)		84,284
	788	NVIDIA Corp.		231,758
	1,358	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		163,381

				479,423

		Software — 14.5%
	348	Adobe, Inc.(a)		197,337
	399	Avalara, Inc.(a)		51,515
		Software — continued
	1,189	Microsoft Corp.	$	399,884
	976	Oracle Corp.		85,117

				733,853

		Water Utilities — 4.0%
	1,062	American Water Works Co., Inc.		200,569

		Total Common Stocks (Identified Cost $3,952,393)		5,082,037


Principal Amount
	Short-Term Investments — 0.2%
$	9,874	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2021 at 0.000% to be repurchased at $9,874 on 1/03/2022 collateralized by $7,300 U.S. Treasury Bond, 4.375% due 11/15/2039 valued at $10,160 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $9,874)		9,874


		Total Investments — 100.8% (Identified Cost $3,962,267)		5,091,911
		Other assets less liabilities — (0.8)%		(41,086	)

		Net Assets — 100.0%	$	5,050,825


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at December 31, 2021


Software	14.5	%
Life Sciences Tools & Services	12.6
Semiconductors & Semiconductor Equipment	9.5
IT Services	8.1
Machinery	6.3
Electric Utilities	4.7
Industrial Conglomerates	4.7
Internet & Direct Marketing Retail	4.4
Chemicals	4.0
Water Utilities	4.0
Commercial Services & Supplies	3.6
Banks	3.3
Personal Products	3.3
Health Care Equipment & Supplies	3.2
Pharmaceuticals	2.8
Auto Components	2.8
Containers & Packaging	2.0
Other Investments, less than 2% each	6.8
Short-Term Investments	0.2

Total Investments	100.8
Other assets less liabilities	(0.8	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 44

Statements of Assets and Liabilities

December 31, 2021


	Gateway Fund		Gateway Equity Call Premium Fund		Mirova Global Green Bond Fund
ASSETS
Investments at cost	$	3,119,447,422	$	56,052,966	$	45,585,871
Net unrealized appreciation (depreciation)		5,252,824,709		50,363,850		(517,114	)

Investments at value		8,372,272,131		106,416,816		45,068,757
Cash		463,379		5,769		—
Due from brokers (including variation margin on futures contracts) (Note 2)		—		—		1,394,440
Foreign currency at value (identified cost $0, $0 and $652,314, respectively)		—		—		657,831
Receivable for Fund shares sold		13,334,486		2,039,612		257,483
Receivable from investment adviser (Note 6)		—		—		17,789
Dividends and interest receivable		4,024,003		67,203		296,927
Unrealized appreciation on futures contracts (Note 2)		—		—		8,002
Prepaid expenses (Note 9)		448		5		2

TOTAL ASSETS		8,390,094,447		108,529,405		47,701,231

LIABILITIES
Options written, at value (premiums received $183,872,920, $2,325,482 and $0, respectively) (Note 2)		196,119,210		2,483,580		—
Payable for Fund shares redeemed		3,467,099		20,349		15,655
Unrealized depreciation on futures contracts (Note 2)		—		—		482,232
Management fees payable (Note 6)		4,008,908		32,194		—
Deferred Trustees’ fees (Note 6)		1,284,573		58,421		20,549
Administrative fees payable (Note 6)		292,814		3,691		1,700
Payable to distributor (Note 6d)		48,323		264		386
Audit and tax services fees payable		51,957		50,701		42,724
Other accounts payable and accrued expenses		278,998		12,564		12,911

TOTAL LIABILITIES		205,551,882		2,661,764		576,157

NET ASSETS	$	8,184,542,565	$	105,867,641	$	47,125,074

NET ASSETS CONSIST OF:
Paid-in capital	$	4,654,096,993	$	70,919,980	$	47,424,262
Accumulated earnings (loss)		3,530,445,572		34,947,661		(299,188	)

NET ASSETS	$	8,184,542,565	$	105,867,641	$	47,125,074

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,073,713,024	$	2,612,894	$	6,797,979

Shares of beneficial interest		26,378,724		156,857		670,621

Net asset value and redemption price per share	$	40.70	$	16.66	$	10.14

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	43.18	$	17.68	$	10.59

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	114,019,045	$	813,543	$	—

Shares of beneficial interest		2,821,874		49,258		—

Net asset value and offering price per share	$	40.41	$	16.52	$	—

Class N shares:
Net assets	$	504,299,257	$	436,979	$	8,109,637

Shares of beneficial interest		12,396,372		26,273		797,588

Net asset value, offering and redemption price per share	$	40.68	$	16.63	$	10.17

Class Y shares:
Net assets	$	6,492,511,239	$	102,004,225	$	32,217,458

Shares of beneficial interest		159,620,167		6,127,780		3,172,220

Net asset value, offering and redemption price per share	$	40.67	$	16.65	$	10.16

See accompanying notes to financial statements.

45 |

Statements of Assets and Liabilities (continued)

December 31, 2021


	Mirova Global Sustainable Equity Fund		Mirova International Sustainable Equity Fund		Mirova U.S. Sustainable Equity Fund
ASSETS
Investments at cost	$	930,876,406	$	23,365,120	$	3,962,267
Net unrealized appreciation		162,570,953		5,670,036		1,129,644

Investments at value		1,093,447,359		29,035,156		5,091,911
Foreign currency at value (identified cost $8,656,601, $574,019 and $0, respectively)		8,618,760		575,675		—
Receivable for Fund shares sold		16,848,786		112,562		—
Receivable from investment adviser (Note 6)		—		—		5,112
Receivable for securities sold		4,791,932		—		—
Dividends receivable		241,865		27,810		1,314
Tax reclaims receivable		672,883		58,363		—
Prepaid expenses (Note 9)		65		1		—

TOTAL ASSETS		1,124,621,650		29,809,567		5,098,337

LIABILITIES
Payable for securities purchased		2,347,143		—		—
Payable for Fund shares redeemed		785,255		1,241		—
Management fees payable (Note 6)		616,319		10,308		—
Deferred Trustees’ fees (Note 6)		39,300		11,585		2,950
Administrative fees payable (Note 6)		39,641		1,075		188
Payable to distributor (Note 6d)		7,730		14		8
Audit and tax services fees payable		42,486		42,323		41,932
Other accounts payable and accrued expenses		61,785		11,075		2,434

TOTAL LIABILITIES		3,939,659		77,621		47,512

NET ASSETS	$	1,120,681,991	$	29,731,946	$	5,050,825

NET ASSETS CONSIST OF:
Paid-in capital	$	917,159,229	$	24,310,970	$	3,755,687
Accumulated earnings		203,522,762		5,420,976		1,295,138

NET ASSETS	$	1,120,681,991	$	29,731,946	$	5,050,825

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	43,116,668	$	379,860	$	12,381

Shares of beneficial interest		2,100,413		26,480		985

Net asset value and redemption price per share	$	20.53	$	14.35	$	12.57

Offering price per share (100/94.25 of net asset value) (Note 1)	$	21.78	$	15.23	$	13.34

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	17,248,198	$	—	$	101,223

Shares of beneficial interest		878,907		—		8,117

Net asset value and offering price per share	$	19.62	$	—	$	12.47

Class N shares:
Net assets	$	219,678,737	$	27,569,056	$	4,892,755

Shares of beneficial interest		10,604,351		1,914,478		388,535

Net asset value, offering and redemption price per share	$	20.72	$	14.40	$	12.59

Class Y shares:
Net assets	$	840,638,388	$	1,783,030	$	44,466

Shares of beneficial interest		40,585,735		123,975		3,533

Net asset value, offering and redemption price per share	$	20.71	$	14.38	$	12.59

See accompanying notes to financial statements.

| 46

Statements of Operations

For the Year Ended December 31, 2021


	Gateway Fund			Gateway Equity Call Premium Fund			Mirova Global Green Bond Fund
INVESTMENT INCOME
Dividends	$	105,816,473		$	1,197,085		$	—
Interest		—			—			579,048
Less net foreign taxes withheld		(73,408	)		(4,324	)		—

		105,743,065			1,192,761			579,048

Expenses
Management fees (Note 6)		45,948,325			502,249			225,596
Service and distribution fees (Note 6)		3,797,535			12,414			16,115
Administrative fees (Note 6)		3,226,022			35,084			18,346
Trustees’ fees and expenses (Note 6)		385,249			21,669			16,092
Transfer agent fees and expenses (Notes 6 and 8)		4,298,979			29,262			35,859
Audit and tax services fees		51,768			50,702			42,726
Custodian fees and expenses (Note 7)		206,340			34,825			12,370
Interest expense (Note 11)		1,036			—			15,665
Legal fees (Note 9)		253,242			2,477			1,414
Registration fees		166,017			74,622			84,612
Regulatory filing fees (Note 7)		13,000			13,000			13,000
Shareholder reporting expenses		336,361			5,011			9,220
Miscellaneous expenses		185,536			16,865			14,457

Total expenses		58,869,410			798,180			505,472
Less waiver and/or expense reimbursement (Notes 6 and 7)		(2,382,973	)		(144,520	)		(188,408	)

Net expenses		56,486,437			653,660			317,064

Net investment income		49,256,628			539,101			261,984

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		24,159,462			816,922			499,144
Futures contracts		—			—			1,890,964
Options written		(573,866,563	)		(6,218,472	)		—
Foreign currency transactions (Note 2c)		265			(51	)		(71,202	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,271,357,435			18,758,911			(3,920,415	)
Futures contracts		—			—			134,931
Options written		42,892,077			308,851			—
Foreign currency translations (Note 2c)		101			3			(36,583	)

Net realized and unrealized gain (loss) on investments, futures contracts, options written and foreign currency transactions		764,542,777			13,666,164			(1,503,161	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	813,799,405		$	14,205,265		$	(1,241,177	)

See accompanying notes to financial statements.

47 |

Statements of Operations (continued)

For the Year Ended December 31, 2021


	Mirova Global Sustainable Equity Fund			Mirova International Sustainable Equity Fund			Mirova U.S. Sustainable Equity Fund
INVESTMENT INCOME
Dividends	$	12,408,368		$	558,518		$	45,305
Non-cash dividends (Note 2b)		766,475			29,875			—
Less net foreign taxes withheld		(856,412	)		(53,714	)		(605	)

		12,318,431			534,679			44,700

Expenses
Management fees (Note 6)		8,404,452			231,931			35,955
Service and distribution fees (Note 6)		251,362			560			179
Administrative fees (Note 6)		447,480			12,350			2,356
Trustees’ fees and expenses (Note 6)		48,563			14,657			12,790
Transfer agent fees and expenses (Notes 6 and 8)		856,657			3,998			3,136
Audit and tax services fees		42,643			42,328			41,934
Custodian fees and expenses (Note 7)		101,758			23,680			1,874
Interest expense (Note 11)		60,684			2,889			64
Legal fees (Note 9)		35,582			885			202
Registration fees		121,105			52,857			66,036
Regulatory filing fees (Note 7)		13,000			13,000			13,000
Shareholder reporting expenses		86,644			5,313			3,990
Miscellaneous expenses		56,373			17,115			14,570

Total expenses		10,526,303			421,563			196,086
Fee/expense recovery (Note 6)		11,260			—			—
Less waiver and/or expense reimbursement (Notes 6 and 7)		(320,689	)		(156,481	)		(154,335	)

Net expenses		10,216,874			265,082			41,751

Net investment income		2,101,557			269,597			2,949

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		150,957,057			274,548			433,439
Foreign currency transactions (Note 2c)		(649,118	)		(48,805	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		23,642,041			1,058,413			1,023,001
Foreign currency translations (Note 2c)		(95,079	)		(16,102	)		—

Net realized and unrealized gain on investments and foreign currency transactions		173,854,901			1,268,054			1,456,440

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	175,956,458		$	1,537,651		$	1,459,389

See accompanying notes to financial statements.

| 48

Statements of Changes in Net Assets


	Gateway Fund						Gateway Equity Call Premium Fund
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income	$	49,256,628		$	76,153,992		$	539,101		$	498,208
Net realized gain (loss) on investments, options written and foreign currency transactions		(549,706,836	)		46,860,691			(5,401,601	)		(3,316,965	)
Net change in unrealized appreciation (depreciation) on investments, options written and foreign currency translations		1,314,249,613			276,701,398			19,067,765			5,853,897

Net increase in net assets resulting from operations		813,799,405			399,716,081			14,205,265			3,035,140

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(4,616,139	)		(8,569,381	)		(7,926	)		(11,504	)
Class C		—			(262,085	)		(75	)		(567	)
Class N		(3,190,505	)		(4,232,561	)		(4,105	)		(5,747	)
Class Y		(41,377,637	)		(63,649,192	)		(532,807	)		(479,450	)

Total distributions		(49,184,281	)		(76,713,219	)		(544,913	)		(497,268	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		294,964,158			(1,355,251,327	)		32,303,743			(7,048,972	)

Net increase (decrease) in net assets		1,059,579,282			(1,032,248,465	)		45,964,095			(4,511,100	)
NET ASSETS
Beginning of the year		7,124,963,283			8,157,211,748			59,903,546			64,414,646

End of the year	$	8,184,542,565		$	7,124,963,283		$	105,867,641		$	59,903,546

See accompanying notes to financial statements.

49 |

Statements of Changes in Net Assets (continued)


	Mirova Global Green Bond Fund						Mirova Global Sustainable Equity Fund
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income	$	261,984		$	336,331		$	2,101,557		$	99,557
Net realized gain on investments, futures contracts and foreign currency transactions		2,318,906			479,266			150,307,939			14,487,944
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(3,822,067	)		1,935,396			23,546,962			109,269,573

Net increase (decrease) in net assets resulting from operations		(1,241,177	)		2,750,993			175,956,458			123,857,074

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(196,254	)		(169,497	)		(4,789,380	)		(119,993	)
Class C		—			—			(1,953,531	)		(49,885	)
Class N		(286,884	)		(504,197	)		(22,974,524	)		(227,737	)
Class Y		(956,524	)		(699,849	)		(94,376,354	)		(2,280,679	)

Total distributions		(1,439,662	)		(1,373,543	)		(124,093,789	)		(2,678,294	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		10,270,116			1,227,038			191,048,671			609,269,464

Net increase in net assets		7,589,277			2,604,488			242,911,340			730,448,244
NET ASSETS
Beginning of the year		39,535,797			36,931,309			877,770,651			147,322,407

End of the year	$	47,125,074		$	39,535,797		$	1,120,681,991		$	877,770,651

See accompanying notes to financial statements.

| 50

Statements of Changes in Net Assets (continued)


	Mirova International Sustainable Equity Fund						Mirova U.S. Sustainable Equity Fund
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Period Ended December 31, 2020(a)
FROM OPERATIONS:
Net investment income (loss)	$	269,597		$	96,908		$	2,949		$	(864	)
Net realized gain on investments and foreign currency transactions		225,743			1,661,085			433,439			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		1,042,311			1,732,345			1,023,001			106,643

Net increase in net assets resulting from operations		1,537,651			3,490,338			1,459,389			105,779

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(8,864	)		(6,930	)		(623	)		—
Class C		—			—			(5,097	)		—
Class N		(929,817	)		(1,544,820	)		(264,825	)		—
Class Y		(41,940	)		(6,899	)		(2,393	)		—

Total distributions		(980,621	)		(1,558,649	)		(272,938	)		—

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		12,545,607			(2,508,593	)		(1,244,405	)		5,003,000

Net increase (decrease) in net assets		13,102,637			(576,904	)		(57,954	)		5,108,779
NET ASSETS
Beginning of the year		16,629,309			17,206,213			5,108,779			—

End of the year	$	29,731,946		$	16,629,309		$	5,050,825		$	5,108,779

(a)	From commencement of operations on December 15, 2020 through December 31, 2020.

See accompanying notes to financial statements.

51 |

Financial Highlights

For a share outstanding throughout each period.


	Gateway Fund—Class A
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value, beginning of the period	$	36.76		$	34.69		$	31.65		$	33.47		$	30.84

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.30			0.37			0.34			0.39
Net realized and unrealized gain (loss)		3.93			2.08			3.05			(1.80	)		2.58

Total from Investment Operations		4.11			2.38			3.42			(1.46	)		2.97

LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.31	)		(0.38	)		(0.36	)		(0.34	)

Net asset value, end of the period	$	40.70		$	36.76		$	34.69		$	31.65		$	33.47

Total return(b)(c)		11.24	%		6.92	%		10.84	%		(4.39	)%		9.66	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,073,713		$	987,702		$	1,125,464		$	1,177,641		$	1,669,272
Net expenses(d)		0.94	%(e)		0.94	%		0.94	%		0.94	%		0.94	%
Gross expenses		0.98	%(e)		1.02	%		1.01	%		1.01	%		1.02	%
Net investment income		0.46	%		0.88	%		1.12	%		1.03	%		1.20	%
Portfolio turnover rate		11	%		22	%		12	%		10	%		34	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	A sales charge for Class A shares is not reflected in total return calculations.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Includes refund of prior year service fee of 0.01%. See Note 6b of Notes to Financial Statements.

See accompanying notes to financial statements.

| 52

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Fund—Class C
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value, beginning of the period	$	36.60		$	34.54		$	31.50		$	33.32		$	30.72

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.11	)		0.04			0.12			0.09			0.14
Net realized and unrealized gain (loss)		3.92			2.07			3.03			(1.80	)		2.57

Total from Investment Operations		3.81			2.11			3.15			(1.71	)		2.71

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.05	)		(0.11	)		(0.11	)		(0.11	)

Net asset value, end of the period	$	40.41		$	36.60		$	34.54		$	31.50		$	33.32

Total return(b)(c)		10.41	%		6.13	%		10.02	%		(5.15	)%		8.85	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	114,019		$	142,623		$	215,947		$	272,904		$	336,891
Net expenses(d)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%
Gross expenses		1.73	%		1.77	%		1.76	%		1.76	%		1.77	%
Net investment income (loss)		(0.30	)%		0.12	%		0.37	%		0.27	%		0.44	%
Portfolio turnover rate		11	%		22	%		12	%		10	%		34	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

53 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Fund—Class N
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	36.74		$	34.68		$	31.63		$	33.46		$	31.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29			0.40			0.47			0.44			0.32
Net realized and unrealized gain (loss)		3.94			2.07			3.06			(1.81	)		1.56

Total from Investment Operations		4.23			2.47			3.53			(1.37	)		1.88

LESS DISTRIBUTIONS FROM:
Net investment income		(0.29	)		(0.41	)		(0.48	)		(0.46	)		(0.31	)

Net asset value, end of the period	$	40.68		$	36.74		$	34.68		$	31.63		$	33.46

Total return(b)		11.57	%		7.25	%		11.17	%		(4.13	)%		5.93	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	504,299		$	369,829		$	369,793		$	179,727		$	126,262
Net expenses(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(e)
Gross expenses		0.67	%		0.70	%		0.69	%		0.70	%		0.74	%(e)
Net investment income		0.74	%		1.17	%		1.40	%		1.32	%		1.42	%(e)
Portfolio turnover rate		11	%		22	%		12	%		10	%		34	%(f)

*	From commencement of Class operations on May 1, 2017 through December 31, 2017.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Computed on an annualized basis for periods less than one year.

(f)	Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements.

| 54

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Fund—Class Y
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value, beginning of the period	$	36.73		$	34.67		$	31.63		$	33.46		$	30.83

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.27			0.38			0.46			0.43			0.47
Net realized and unrealized gain (loss)		3.94			2.07			3.04			(1.81	)		2.58

Total from Investment Operations		4.21			2.45			3.50			(1.38	)		3.05

LESS DISTRIBUTIONS FROM:
Net investment income		(0.27	)		(0.39	)		(0.46	)		(0.45	)		(0.42	)

Net asset value, end of the period	$	40.67		$	36.73		$	34.67		$	31.63		$	33.46

Total return(b)		11.49	%		7.19	%		11.12	%		(4.18	)%		9.93	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,492,511		$	5,624,810		$	6,446,007		$	6,508,061		$	6,392,640
Net expenses(c)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Gross expenses		0.73	%		0.77	%		0.76	%		0.76	%		0.77	%
Net investment income		0.70	%		1.12	%		1.37	%		1.28	%		1.44	%
Portfolio turnover rate		11	%		22	%		12	%		10	%		34	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

55 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class A
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value, beginning of the period	$	14.03		$	13.07		$	11.32		$	12.08		$	10.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.09			0.10			0.09			0.10
Net realized and unrealized gain (loss)		2.62			0.95			1.76			(0.76	)		1.18

Total from Investment Operations		2.69			1.04			1.86			(0.67	)		1.28

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.08	)		(0.11	)		(0.09	)		(0.09	)

Net asset value, end of the period	$	16.66		$	14.03		$	13.07		$	11.32		$	12.08

Total return(b)(c)		19.20	%		8.06	%		16.46	%		(5.60	)%		11.80	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,613		$	1,456		$	2,363		$	2,375		$	7,085
Net expenses(d)		1.03	%(e)(f)		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses		1.20	%		1.43	%		1.42	%		1.44	%		1.30	%
Net investment income		0.43	%		0.69	%		0.82	%		0.73	%		0.85	%
Portfolio turnover rate		5	%		15	%		17	%		58	%		19	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	A sales charge for Class A shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Effective July 1, 2021, the expense limit decreased from 1.20% to 0.93%.

(f)	Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

| 56

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class C
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value, beginning of the period	$	13.96		$	13.03		$	11.29		$	12.05		$	10.87

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.05	)		(0.01	)		0.01			0.00	(b)		0.01
Net realized and unrealized gain (loss)		2.61			0.95			1.74			(0.75	)		1.18

Total from Investment Operations		2.56			0.94			1.75			(0.75	)		1.19

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.01	)		(0.01	)		(0.01	)		(0.01	)

Net asset value, end of the period	$	16.52		$	13.96		$	13.03		$	11.29		$	12.05

Total return(c)(d)		18.28	%		7.23	%		15.54	%		(6.24	)%		10.95	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	814		$	741		$	727		$	849		$	648
Net expenses(e)		1.79	%(f)(g)		1.95	%		1.95	%		1.95	%		1.95	%
Gross expenses		1.96	%		2.17	%		2.17	%		2.19	%		2.05	%
Net investment income (loss)		(0.33	)%		(0.10	)%		0.07	%		0.02	%		0.10	%
Portfolio turnover rate		5	%		15	%		17	%		58	%		19	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Effective July 1, 2021, the expense limit decreased from 1.95% to 1.68%.

(g)	Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

57 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class N
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	14.01		$	13.06		$	11.32		$	12.09		$	11.34

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.12			0.13			0.13			0.10
Net realized and unrealized gain (loss)		2.61			0.95			1.76			(0.77	)		0.75

Total from Investment Operations		2.72			1.07			1.89			(0.64	)		0.85

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.12	)		(0.15	)		(0.13	)		(0.10	)

Net asset value, end of the period	$	16.63		$	14.01		$	13.06		$	11.32		$	12.09

Total return(b)		19.49	%		8.36	%		16.73	%		(5.32	)%		7.50	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	437		$	728		$	530		$	1		$	1
Net expenses(d)		0.77	%(e)		0.90	%		0.90	%		0.90	%		0.90	%(f)
Gross expenses		1.08	%		1.29	%		1.63	%		15.41	%		14.26	%(f)
Net investment income		0.70	%		0.95	%		1.03	%		1.04	%		1.22	%(f)
Portfolio turnover rate		5	%		15	%		17	%		58	%		19	%(g)

*	From commencement of Class operations on May 1, 2017 through December 31, 2017.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Effective July 1, 2021, the expense limit decreased from 0.90% to 0.63%.

(f)	Computed on an annualized basis for periods less than one year.

(g)	Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements.

| 58

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class Y
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value, beginning of the period	$	14.02		$	13.07		$	11.32		$	12.09		$	10.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.11			0.13			0.12			0.13
Net realized and unrealized gain (loss)		2.63			0.96			1.76			(0.76	)		1.19

Total from Investment Operations		2.73			1.07			1.89			(0.64	)		1.32

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.12	)		(0.14	)		(0.13	)		(0.12	)

Net asset value, end of the period	$	16.65		$	14.02		$	13.07		$	11.32		$	12.09

Total return(b)		19.43	%		8.38	%		16.67	%		(5.37	)%		12.21	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	102,004		$	56,979		$	60,794		$	67,125		$	73,255
Net expenses(c)		0.78	%(d)(e)		0.95	%		0.95	%		0.95	%		0.95	%
Gross expenses		0.95	%		1.17	%		1.17	%		1.19	%		1.05	%
Net investment income		0.67	%		0.90	%		1.06	%		1.01	%		1.10	%
Portfolio turnover rate		5	%		15	%		17	%		58	%		19	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(d)	Effective July 1, 2021, the expense limit decreased from 0.95% to 0.68%.

(e)	Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

59 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Green Bond—Class A
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	10.77		$	10.36		$	9.71		$	9.96		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.07			0.09			0.08			0.04
Net realized and unrealized gain (loss)		(0.37	)		0.71			0.80			(0.02	)		0.11

Total from Investment Operations		(0.33	)		0.78			0.89			0.06			0.15

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.18	)		(0.10	)		(0.31	)		(0.19	)
Net realized capital gains		(0.16	)		(0.19	)		(0.14	)		—			—

Total Distributions		(0.30	)		(0.37	)		(0.24	)		(0.31	)		(0.19	)

Net asset value, end of the period	$	10.14		$	10.77		$	10.36		$	9.71		$	9.96

Total return(b)(c)		(3.02	)%		7.61	%		9.16	%		0.64	%		1.46	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,798		$	5,674		$	2,549		$	814		$	139
Net expenses(e)		0.96	%(f)(g)		0.97	%(h)		0.96	%(i)		0.96	%(j)		0.96	%(k)(l)
Gross expenses		1.41	%(g)		1.43	%(h)		1.56	%(i)		1.75	%(j)		5.23	%(k)(l)
Net investment income		0.39	%		0.69	%		0.86	%		0.85	%		0.49	%(k)
Portfolio turnover rate		37	%		53	%		25	%		46	%		46	%

*	From commencement of operations on February 28, 2017 through December 31, 2017.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	A sales charge for Class A shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Periods less than one year are not annualized.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.92% and the ratio of gross expenses would have been 1.37%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.41%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.55%.

(j)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.74%.

(k)	Computed on an annualized basis for periods less than one year.

(l)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 5.22%.

See accompanying notes to financial statements.

| 60

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Green Bond—Class N
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	10.80		$	10.39		$	9.73		$	9.98		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.10			0.12			0.11			0.06
Net realized and unrealized gain (loss)		(0.36	)		0.71			0.80			(0.02	)		0.12

Total from Investment Operations		(0.29	)		0.81			0.92			0.09			0.18

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.21	)		(0.12	)		(0.34	)		(0.20	)
Net realized capital gains		(0.16	)		(0.19	)		(0.14	)		—			—

Total Distributions		(0.34	)		(0.40	)		(0.26	)		(0.34	)		(0.20	)

Net asset value, end of the period	$	10.17		$	10.80		$	10.39		$	9.73		$	9.98

Total return(b)		(2.73	)%		7.89	%		9.52	%		0.93	%		1.77	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	8,110		$	11,781		$	27,322		$	27,050		$	25,805
Net expenses(d)		0.67	%(e)(f)		0.67	%(g)		0.66	%(h)		0.66	%(i)		0.67	%(j)(k)
Gross expenses		1.05	%(f)		1.07	%(g)		1.08	%(h)		1.12	%(i)		1.11	%(j)(k)
Net investment income		0.69	%		0.96	%		1.17	%		1.13	%		0.75	%(j)
Portfolio turnover rate		37	%		53	%		25	%		46	%		46	%

*	From commencement of operations on February 28, 2017 through December 31, 2017.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Effective July 1, 2021, the expense limit decreased from 0.65% to 0.60%.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.63% and the ratio of gross expenses would have been 1.02%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.05%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.07%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.11%.

(j)	Computed on an annualized basis for periods less than one year.

(k)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.10%.

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Green Bond—Class Y
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	10.79		$	10.37		$	9.72		$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.10			0.11			0.12			0.06
Net realized and unrealized gain (loss)		(0.37	)		0.72			0.80			(0.03	)		0.11

Total from Investment Operations		(0.30	)		0.82			0.91			0.09			0.17

LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.21	)		(0.12	)		(0.34	)		(0.20	)
Net realized capital gains		(0.16	)		(0.19	)		(0.14	)		—			—

Total Distributions		(0.33	)		(0.40	)		(0.26	)		(0.34	)		(0.20	)

Net asset value, end of the period	$	10.16		$	10.79		$	10.37		$	9.72		$	9.97

Total return(b)		(2.69	)%		7.85	%		9.38	%		0.89	%		1.66	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	32,217		$	22,081		$	7,060		$	1,205		$	43
Net expenses(d)		0.71	%(e)(f)		0.72	%(g)		0.71	%(h)		0.71	%(i)		0.71	%(j)(k)
Gross expenses		1.16	%(f)		1.18	%(g)		1.28	%(h)		1.39	%(i)		3.62	%(j)(k)
Net investment income		0.63	%		0.94	%		1.10	%		1.19	%		0.71	%(j)
Portfolio turnover rate		37	%		53	%		25	%		46	%		46	%

*	From commencement of operations on February 28, 2017 through December 31, 2017.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Effective July 1, 2021, the expense limit decreased from 0.70% to 0.65%.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.67% and the ratio of gross expenses would have been 1.13%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.16%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.27%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.39%.

(j)	Computed on an annualized basis for periods less than one year.

(k)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 3.62%.

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class A
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value, beginning of the period	$	19.57		$	14.92		$	11.45		$	12.77		$	9.90

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.01	)		(0.02	)		0.03			0.00	(b)		(0.04	)
Net realized and unrealized gain (loss)		3.45			4.77			3.69			(0.84	)		3.06

Total from Investment Operations		3.44			4.75			3.72			(0.84	)		3.02

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.00	)(b)		(0.03	)		(0.00	)(b)		(0.03	)
Net realized capital gains		(2.48	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)

Total Distributions		(2.48	)		(0.10	)		(0.25	)		(0.48	)		(0.15	)

Net asset value, end of the period	$	20.53		$	19.57		$	14.92		$	11.45		$	12.77

Total return(c)(d)		17.82	%		32.07	%		32.63	%		(6.54	)%		30.44	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	43,117		$	33,625		$	12,884		$	6,360		$	3,260
Net expenses(e)		1.21	%(f)		1.20	%		1.21	%(g)		1.30	%(h)(i)		1.29	%
Gross expenses		1.24	%(f)		1.24	%		1.39	%(g)		1.39	%(h)		1.43	%
Net investment income (loss)		(0.03	)%		(0.14	)%		0.21	%		0.03	%		(0.36	)%
Portfolio turnover rate		40	%(j)		11	%		23	%		19	%		20	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	A sales charge for Class A shares is not reflected in total return calculations.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.24%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.38%.

(h)	Includes interest expense of less than 0.01%.

(i)	Effective December 28, 2018, the expense limit decreased from 1.30% to 1.20%.

(j)	The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class C
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value, beginning of the period	$	18.95		$	14.56		$	11.24		$	12.63		$	9.85

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.16	)		(0.13	)		(0.07	)		(0.09	)		(0.12	)
Net realized and unrealized gain (loss)		3.31			4.62			3.61			(0.82	)		3.02

Total from Investment Operations		3.15			4.49			3.54			(0.91	)		2.90

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.00	)(b)		—			—			—
Net realized capital gains		(2.48	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)

Total Distributions		(2.48	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)

Net asset value, end of the period	$	19.62		$	18.95		$	14.56		$	11.24		$	12.63

Total return(c)(d)		16.85	%		31.07	%		31.66	%		(7.20	)%		29.40	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	17,248		$	11,196		$	5,406		$	2,706		$	1,164
Net expenses(e)		1.96	%(f)		1.95	%		1.96	%(g)		2.05	%(h)(i)		2.04	%
Gross expenses		1.99	%(f)		1.99	%		2.14	%(g)		2.14	%(h)		2.18	%
Net investment loss		(0.79	)%		(0.84	)%		(0.52	)%		(0.72	)%		(1.02	)%
Portfolio turnover rate		40	%(j)		11	%		23	%		19	%		20	%

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 1.99%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 2.13%.

(h)	Includes interest expense of less than 0.01%.

(i)	Effective December 28, 2018, the expense limit decreased from 2.05% to 1.95%.

(j)	The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class N
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	19.71		$	14.99		$	11.49		$	12.81		$	11.29

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.05			0.01			0.06			(0.01	)		0.02
Net realized and unrealized gain (loss)		3.49			4.82			3.72			(0.79	)		1.66

Total from Investment Operations		3.54			4.83			3.78			(0.80	)		1.68

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.01	)		(0.06	)		(0.04	)		(0.04	)
Net realized capital gains		(2.48	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)

Total Distributions		(2.53	)		(0.11	)		(0.28	)		(0.52	)		(0.16	)

Net asset value, end of the period	$	20.72		$	19.71		$	14.99		$	11.49		$	12.81

Total return(b)		18.17	%		32.44	%		33.05	%		(6.26	)%		14.81	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	219,679		$	72,768		$	11,000		$	2,842		$	1
Net expenses(d)		0.91	%(e)(f)		0.90	%		0.90	%(g)		1.01	%(h)(i)		1.00	%(j)
Gross expenses		0.91	%(e)(f)		0.93	%		1.08	%(g)		1.08	%(h)		14.30	%(j)
Net investment income (loss)		0.24	%		0.08	%		0.46	%		(0.08	)%		0.29	%(j)
Portfolio turnover rate		40	%(k)		11	%		23	%		19	%		20	%(l)

*	From commencement of Class operations on May 1, 2017 through December 31, 2017.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 0.90%.

(f)	Includes fee/expense recovery of 0.01%.

(g)	Includes interest expense of less than 0.01%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.99% and the ratio of gross expenses would have been 1.07%.

(i)	Effective December 28, 2018, the expense limit decreased from 1.00% to 0.90%.

(j)	Computed on an annualized basis for periods less than one year.

(k)	The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

(l)	Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class Y
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Net asset value, beginning of the period	$	19.71		$	14.99		$	11.49		$	12.81		$	9.91

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.01			0.07			0.04			0.03
Net realized and unrealized gain (loss)		3.46			4.81			3.70			(0.85	)		3.02

Total from Investment Operations		3.51			4.82			3.77			(0.81	)		3.05

LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.00	)(b)		(0.05	)		(0.03	)		(0.03	)
Net realized capital gains		(2.48	)		(0.10	)		(0.22	)		(0.48	)		(0.12	)

Total Distributions		(2.51	)		(0.10	)		(0.27	)		(0.51	)		(0.15	)

Net asset value, end of the period	$	20.71		$	19.71		$	14.99		$	11.49		$	12.81

Total return(c)		18.06	%		32.42	%		32.99	%		(6.32	)%		30.75	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	840,638		$	760,181		$	118,032		$	69,705		$	63,359
Net expenses(d)		0.96	%(e)		0.95	%		0.96	%(f)		1.05	%(g)(h)		1.04	%
Gross expenses		0.99	%(e)		0.99	%		1.14	%(f)		1.15	%(g)		1.16	%
Net investment income		0.22	%		0.06	%		0.50	%		0.29	%		0.26	%
Portfolio turnover rate		40	%(i)		11	%		23	%		19	%		20	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 0.99%.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.13%.

(g)	Includes interest expense of less than 0.01%.

(h)	Effective December 28, 2018, the expense limit decreased from 1.05% to 0.95%.

(i)	The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova International Sustainable Equity Fund—Class A
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	13.95		$	12.51		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.08			(0.01	)		0.12			(0.00	)(b)
Net realized and unrealized gain (loss)		0.78			2.87			2.48			0.03

Total from Investment Operations		0.86			2.86			2.60			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.12	)		(0.12	)		—
Net realized capital gains		(0.37	)		(1.30	)		—			—

Total Distributions		(0.46	)		(1.42	)		(0.12	)		—

Net asset value, end of the period	$	14.35		$	13.95		$	12.51		$	10.03

Total return(c)(d)		6.22	%		23.18	%		25.97	%		0.30	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	380		$	76		$	4		$	1
Net expenses(f)		1.21	%(g)		1.26	%(h)		1.21	%(i)		1.20	%(j)
Gross expenses		2.08	%(g)		5.69	%(h)		107.91	%(i)		22.87	%(j)
Net investment income (loss)		0.57	%		(0.04	)%		1.09	%		(1.20	)%(j)
Portfolio turnover rate		8	%		11	%		8	%		0	%

*	From commencement of operations on December 28, 2018 through December 31, 2018.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	A sales charge for Class A shares is not reflected in total return calculations.

(d)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e)	Periods less than one year are not annualized.

(f)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 2.07%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 5.64%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 107.90%.

(j)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova International Sustainable Equity Fund—Class N
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	13.99		$	12.51		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.14			0.07			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		0.76			2.84			2.49			0.03

Total from Investment Operations		0.90			2.91			2.64			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.13	)		(0.16	)		—
Net realized capital gains		(0.37	)		(1.30	)		—			—

Total Distributions		(0.49	)		(1.43	)		(0.16	)		—

Net asset value, end of the period	$	14.40		$	13.99		$	12.51		$	10.03

Total return(c)		6.47	%		23.60	%		26.31	%		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	27,569		$	16,478		$	17,193		$	10,035
Net expenses(e)		0.91	%(f)		0.93	%(g)		0.92	%(h)		0.90	%(i)
Gross expenses		1.44	%(f)		1.83	%(g)		1.99	%(h)		22.55	%(i)
Net investment income (loss)		0.94	%		0.58	%		1.36	%		(0.90	)%(i)
Portfolio turnover rate		8	%		11	%		8	%		0	%

*	From commencement of operations on December 28, 2018 through December 31, 2018.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Periods less than one year are not annualized.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.43%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.80%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.75% and the ratio of gross expenses would have been 1.22%.

(i)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova International Sustainable Equity Fund—Class Y
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	13.98		$	12.50		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.08			0.03			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		0.80			2.88			2.48			0.03

Total from Investment Operations		0.88			2.91			2.63			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.13	)		(0.16	)		—
Net realized capital gains		(0.37	)		(1.30	)		—			—

Total Distributions		(0.48	)		(1.43	)		(0.16	)		—

Net asset value, end of the period	$	14.38		$	13.98		$	12.50		$	10.03

Total return(c)		6.39	%		23.60	%		26.21	%		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,783		$	75		$	9		$	1
Net expenses(e)		0.96	%(f)		1.00	%(g)		0.96	%(h)		0.95	%(i)
Gross expenses		1.83	%(f)		6.51	%(g)		94.13	%(h)		22.51	%(i)
Net investment income (loss)		0.52	%		0.21	%		1.36	%		(0.95	)%(i)
Portfolio turnover rate		8	%		11	%		8	%		0	%

*	From commencement of operations on December 28, 2018 through December 31, 2018.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Periods less than one year are not annualized.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.82%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 6.46%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 94.12%.

(i)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

69 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class A
	Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.04	)		(0.00	)(b)
Net realized and unrealized gain (loss)		3.06			0.21

Total from Investment Operations		3.02			0.21

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		—
Net realized capital gains		(0.66	)		—

Total Distributions		(0.66	)		—

Net asset value, end of the period	$	12.57		$	10.21

Total return(c)(d)		29.65	%		2.10	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	12		$	1
Net expenses(f)		1.05	%		1.05	%(g)
Gross expenses		8.99	%		23.61	%(g)
Net investment loss		(0.31	)%		(0.73	)%(g)
Portfolio turnover rate		9	%		0	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	A sales charge for Class A shares is not reflected in total return calculations.

(e)	Periods less than one year are not annualized.

(f)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(g)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

| 70

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class C
	Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.12	)		(0.01	)
Net realized and unrealized gain (loss)		3.04			0.22

Total from Investment Operations		2.92			0.21

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.66	)		—

Net asset value, end of the period	$	12.47		$	10.21

Total return(b)(c)		28.62	%		2.10	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	101		$	1
Net expenses(e)		1.80	%		1.80	%(f)
Gross expenses		9.37	%		24.34	%(f)
Net investment loss		(0.91	)%		(1.45	)%(f)
Portfolio turnover rate		9	%		0	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d)	Periods less than one year are not annualized.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

71 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class N
	Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			(0.00	)(b)
Net realized and unrealized gain (loss)		3.05			0.21

Total from Investment Operations		3.06			0.21

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		—
Net realized capital gains		(0.66	)		—

Total Distributions		(0.68	)		—

Net asset value, end of the period	$	12.59		$	10.21

Total return(c)		29.99	%		2.10	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,893		$	5,106
Net expenses(e)		0.75	%		0.75	%(f)
Gross expenses		3.50	%		17.07	%(f)
Net investment income (loss)		0.06	%		(0.39	)%(f)
Portfolio turnover rate		9	%		0	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Periods less than one year are not annualized.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

| 72

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class Y
	Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)(b)		(0.00	)		(0.00	)
Net realized and unrealized gain (loss)		3.06			0.21

Total from Investment Operations		3.06			0.21

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		—
Net realized capital gains		(0.66	)		—

Total Distributions		(0.68	)		—

Net asset value, end of the period	$	12.59		$	10.21

Total return(c)		29.97	%		2.10	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	44		$	1
Net expenses(e)		0.80	%		0.80	%(f)
Gross expenses		8.79	%		23.24	%(f)
Net investment loss		(0.01	)%		(0.36	)%(f)
Portfolio turnover rate		9	%		0	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Periods less than one year are not annualized.

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

73 |

Notes to Financial Statements

December 31, 2021

1. Organization. Gateway Trust and Natixis Funds Trust I (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Gateway Trust:

Gateway Fund

Gateway Equity Call Premium Fund

Natixis Funds Trust I:

Mirova Global Green Bond Fund (the “Global Green Bond Fund”)

Mirova Global Sustainable Equity Fund (the “Global Sustainable Equity Fund”)

Mirova International Sustainable Equity Fund (the “International Sustainable Equity Fund”)

Mirova U.S. Sustainable Equity Fund (the “U.S. Sustainable Equity Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares, except for Global Green Bond Fund and International Sustainable Equity Fund, which do not offer Class C shares.

Class A shares are sold with a maximum front-end sales charge of 5.75% for all Funds except for Global Green Bond Fund which are sold with a maximum front-end sales charge of 4.25%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

a. Valuation. Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available,

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Notes to Financial Statements (continued)

December 31, 2021

unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Domestic exchange-traded index option contracts are valued at the mean of the National Best Bid and Offer quotations as determined by the Options Price Reporting Authority.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Funds may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund.

As of December 31, 2021, securities held by the Funds were fair valued as follows:


Fund	Equity securities¹		Percentage of Net Assets
Global Sustainable Equity Fund	$	415,732,002		37.1	%
International Sustainable Equity Fund		26,685,180		89.8	%

¹	Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Dividends reinvested and stock dividends are reflected as non-cash dividends on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

c. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the

75 |

Notes to Financial Statements (continued)

December 31, 2021

fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

d. Futures Contracts. A Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Gross unrealized appreciation (depreciation) on futures contracts is recorded in the Statements of Assets and Liabilities as an asset (liability). The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced; however, in the event that a counterparty enters into bankruptcy, a Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

e. Option Contracts. Gateway Fund and Gateway Equity Call Premium Fund’s investment strategies make use of exchange-traded options. Exchange-traded options are standardized contracts and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to a Fund are reduced.

When a Fund writes an index call option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value until the option expires or a Fund enters into a closing purchase transaction. When an index call option expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. A Fund, as writer of an index call option, bears the risk of an unfavorable change in the market value of the index underlying the written option.

When a Fund purchases an index put option, it pays a premium and the index put option is subsequently marked-to-market to reflect current value until the option expires or a Fund enters into a closing sale transaction. Premiums paid for purchasing index put options which expire are treated as realized losses. When a Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing index put options is limited to the premium paid. Option contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

f. Due from Brokers. Transactions and positions in certain futures contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Global Green Bond Fund represents cash pledged as collateral for futures contracts (including variation margin, as applicable). In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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Notes to Financial Statements (continued)

December 31, 2021

g. Federal and Foreign Income Taxes. The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of December 31, 2021 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (EU reclaims) and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, EU reclaims may be subject to closing agreements with the Internal Revenue Service (IRS), which may materially reduce the reclaim amounts realized by the Funds. Fees and expenses associated with closing agreements will be reflected in the Statements of Operations when it is determined that a closing agreement with the IRS is required.

h. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as premium amortization, futures contract mark-to-market, non-deductible expenses, capital gain distribution received, return of capital distributions received, distribution re-designations and foreign currency gains and losses. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to wash sales, deferred Trustees’ fees, premium amortization, foreign currency gains and losses, future contract mark-to-market, capital gain distribution received and return of capital distributions received. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

77 |

Notes to Financial Statements (continued)

December 31, 2021

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended December 31, 2021 and 2020 was as follows:


	2021 Distributions						2020 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Gateway Fund	$	49,184,281	$	—	$	49,184,281	$	76,713,219	$	—	$	76,713,219
Gateway Equity Call Premium Fund		544,913		—		544,913		497,268		—		497,268
Global Green Bond Fund		901,804		537,858		1,439,662		703,410		670,133		1,373,543
Global Sustainable Equity Fund		14,908,515		109,185,274		124,093,789		262,732		2,415,562		2,678,294
International Sustainable Equity Fund		409,826		570,795		980,621		508,537		1,050,112		1,558,649
U.S. Sustainable Equity Fund		272,938		—		272,938		—		—		—

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of December 31, 2021, the components of distributable earnings on a tax basis were as follows:


	Gateway Fund			Gateway Equity Call Premium Fund			Global Green Bond Fund
Undistributed ordinary income	$	808,164		$	10,661		$	137,521
Undistributed long-term capital gains		—			—			453,642

Total undistributed earnings		808,164			10,661			591,163

Capital loss carryforward:
Short-term:
No expiration date		(1,184,785,617	)		(8,151,305	)		—
Long-term:
No expiration date		(573,854,387	)		(7,210,074	)		—

Total capital loss carryforward		(1,758,640,004	)		(15,361,379	)		—

Unrealized appreciation (depreciation)		5,289,561,985			50,356,798			(869,802	)

Total accumulated earnings (losses)	$	3,531,730,145		$	35,006,080		$	(278,639	)


	Global Sustainable Equity Fund		International Sustainable Equity Fund			U.S. Sustainable Equity Fund
Undistributed ordinary income	$	18,048,604	$	—		$	154,457
Undistributed long-term capital gains		23,761,658		—			13,987

Total undistributed earnings		41,810,262		—			168,444

Late-year ordinary and post-October capital loss deferrals*		—		(189,581	)		—

Unrealized appreciation		161,751,800		5,622,142			1,129,644

Total accumulated earnings	$	203,562,062	$	5,432,561		$	1,298,088

Under current tax law, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. International Sustainable Equity Fund is deferring capital and foreign currency losses.

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Notes to Financial Statements (continued)

December 31, 2021

As of December 31, 2021, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Gateway Fund			Gateway Equity Call Premium Fund			Global Green Bond Fund			Global Sustainable Equity Fund			International Sustainable Equity Fund			U.S. Sustainable Equity Fund
Federal tax cost	$	3,035,711,922		$	56,060,028		$	45,935,323		$	931,638,259		$	23,414,371		$	3,962,267

Gross tax appreciation	$	5,308,496,463		$	50,559,616		$	819,146		$	188,575,557		$	6,623,867		$	1,181,466
Gross tax depreciation		(18,934,619	)		(202,828	)		(1,685,712	)		(26,766,457	)		(1,003,082	)		(51,822	)

Net tax appreciation (depreciation)	$	5,289,561,844		$	50,356,788		$	(866,566	)	$	161,809,100		$	5,620,785		$	1,129,644

The difference between these amounts and those reported in the components of distributable earnings are primarily attributable to foreign currency mark-to-market.

i. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of December 31, 2021, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

j. Indemnifications. Under the Trusts’ organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

3. Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

Level 2 – prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

•

Level 3 – prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2021, at value:

Gateway Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	8,172,069,372	$	—	$	—	$	8,172,069,372
Purchased Options(a)		46,998,365		—		—		46,998,365
Short-Term Investments		—		153,204,394		—		153,204,394

Total	$	8,219,067,737	$	153,204,394	$	—	$	8,372,272,131

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Written Options(a)	$	(196,119,210	)	$	—	$	—	$	(196,119,210	)

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

79 |

Notes to Financial Statements (continued)

December 31, 2021

Gateway Equity Call Premium Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	103,446,211	$	—	$	—	$	103,446,211
Short-Term Investments		—		2,970,605		—		2,970,605

Total	$	103,446,211	$	2,970,605	$	—	$	106,416,816

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Written Options(a)	$	(2,483,580	)	$	—	$	—	$	(2,483,580	)

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Global Green Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	41,895,210	$	—	$	41,895,210
Short-Term Investments		—		3,173,547		—		3,173,547
Futures Contracts (unrealized appreciation)		8,002		—		—		8,002

Total	$	8,002	$	45,068,757	$	—	$	45,076,759

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(482,232	)	$	—	$	—	$	(482,232	)

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Global Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	19,785,254	$	—	$	19,785,254
Denmark		—		92,116,319		—		92,116,319
France		—		34,052,989		—		34,052,989
Germany		—		57,178,892		—		57,178,892
Hong Kong		—		22,221,922		—		22,221,922
Japan		—		52,875,238		—		52,875,238
Netherlands		—		45,569,591		—		45,569,591
Spain		—		29,095,900		—		29,095,900
Switzerland		—		15,077,527		—		15,077,527
United Kingdom		—		47,758,370		—		47,758,370
All Other Common Stocks(a)		654,255,356		—		—		654,255,356

Total Common Stocks		654,255,356		415,732,002		—		1,069,987,358

Short-Term Investments		—		23,460,001		—		23,460,001

Total	$	654,255,356	$	439,192,003	$	—	$	1,093,447,359

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

| 80

Notes to Financial Statements (continued)

December 31, 2021

International Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	284,667	$	—	$	284,667
Belgium		—		1,500,305		—		1,500,305
Denmark		—		3,311,079		—		3,311,079
France		423,535		4,056,527		—		4,480,062
Germany		—		1,892,864		—		1,892,864
Hong Kong		—		1,015,289		—		1,015,289
Ireland		—		1,453,708		—		1,453,708
Japan		—		3,540,792		—		3,540,792
Netherlands		—		2,661,139		—		2,661,139
Norway		—		134,759		—		134,759
Spain		—		816,378		—		816,378
Switzerland		—		857,521		—		857,521
United Kingdom		—		5,160,152		—		5,160,152
All Other Common Stocks(a)		1,666,734		—		—		1,666,734

Total Common Stocks		2,090,269		26,685,180		—		28,775,449

Short-Term Investments		—		259,707		—		259,707

Total	$	2,090,269	$	26,944,887	$	—	$	29,035,156

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

U.S. Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	5,082,037	$	—	$	—	$	5,082,037
Short-Term Investments		—		9,874		—		9,874

Total	$	5,082,037	$	9,874	$	—	$	5,091,911

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

4. Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments the Funds used during the period include written index call options, purchased index put options and futures contracts.

Through the use of index options, Gateway Fund and Gateway Equity Call Premium Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments. Each Fund seeks to provide an efficient trade-off between risk and reward, where risk is characterized by volatility or fluctuations in value over time. To meet this objective, the Funds invest in a broadly diversified portfolio of common stocks, while also writing index call options and, for Gateway Fund, purchasing index put options. Writing index call options can reduce a Fund’s volatility, provide a steady cash flow and be an important source of a Fund’s return, although it also may reduce a Fund’s ability to profit from increases in the value of its equity portfolio. Buying index put options, can protect a Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of stocks constituting the index decrease and decreases as those stocks increase in price. For Gateway Fund, the combination of the diversified stock portfolio, the steady cash flow from writing of index call options and the downside protection from purchased index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. For Gateway Equity Call Premium Fund, the combination of the diversified stock portfolio and the steady cash flow from writing of index call options is intended to moderate the volatility of returns relative to an all-equity portfolio. During the year ended December 31, 2021, Gateway Fund used written index call options and purchased index put options and Gateway Equity Call Premium Fund used written index call options in accordance with these strategies.

81 |

Notes to Financial Statements (continued)

December 31, 2021

Global Green Bond Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds. The Fund pursues its objective by primarily investing in fixed-income securities. In connection with its principal investment strategies, the Fund may also invest in various types of futures contracts for investment purposes. During the year ended December 31, 2021, Global Green Bond Fund used U.S. and foreign government bond futures to gain yield curve exposure.

Global Green Bond Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the year ended December 31, 2021, Global Green Bond Fund used U.S. and foreign government bond futures to manage duration.

Global Green Bond Fund is also subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may use futures contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. During the year ended December 31, 2021, Global Green Bond Fund used currency futures for hedging purposes.

The following is a summary of derivative instruments for Gateway Fund as of December 31, 2021, as reflected within the Statements of Assets and Liabilities:


Assets	Investments at value¹
Exchange-traded asset derivatives
Equity contracts	$	46,998,365

Liabilities	Options written at value
Exchange-traded liability derivatives
Equity contracts	$	(196,119,210	)

¹	Represents purchased options, at value.

Transactions in derivative instruments for Gateway Fund during the year ended December 31, 2021, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Investments²			Options written
Equity contracts	$	(461,819,950	)	$	(573,866,563	)

Net Change in Unrealized Appreciation (Depreciation) on:	Investments²			Options written
Equity contracts	$	4,084,260		$	42,892,077

²	Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

The following is a summary of derivative instruments for Gateway Equity Call Premium Fund as of December 31, 2021, as reflected within the Statements of Assets and Liabilities:


Liabilities	Options written at value
Exchange-traded liability derivatives
Equity contracts	$	(2,483,580	)

Transactions in derivative instruments for Gateway Equity Call Premium Fund during the year ended December 31, 2021, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Options written
Equity contracts	$	(6,218,472	)

Net Change in Unrealized Appreciation (Depreciation) on:	Options written
Equity contracts	$	308,851

| 82

Notes to Financial Statements (continued)

December 31, 2021

The following is a summary of derivative instruments for Global Green Bond Fund as of December 31, 2021, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Interest rate contracts	$	8,002

Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(133,838	)
Foreign exchange contracts		(348,394	)

Total exchange-traded liability derivatives	$	(482,232	)

Transactions in derivative instruments for Global Green Bond Fund during the year ended December 31, 2021, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(119,015	)
Foreign exchange contracts		2,009,979

Total	$	1,890,964


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(142,394	)
Foreign exchange contracts		277,325

Total	$	134,931

As the Funds value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds’ investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of option contract activity as a percentage of investments in common stocks, for Gateway Fund based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2021:


Gateway Fund	Call Options Written*			Put Options Purchased*
Average Notional Amount Outstanding		99.02	%		97.53	%
Highest Notional Amount Outstanding		99.19	%		99.19	%
Lowest Notional Amount Outstanding		98.87	%		96.40	%
Notional Amount Outstanding as of December 31, 2021		99.12	%		99.12	%

The volume of option contract activity as a percentage of investments in common stocks, for Gateway Equity Call Premium Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2021:


Gateway Equity Call Premium Fund	Call Options Written*
Average Notional Amount Outstanding		98.83	%
Highest Notional Amount Outstanding		99.17	%
Lowest Notional Amount Outstanding		98.40	%
Notional Amount Outstanding as of December 31, 2021		99.06	%

*	Notional amounts outstanding are determined by multiplying option contracts by the contract multiplier by the price of the option’s underlying index, the S&P 500^® Index.

83 |

Notes to Financial Statements (continued)

December 31, 2021

The volume of futures contract activity as a percentage of net assets for Global Green Bond Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2021:


Global Green Bond Fund	Futures
Average Notional Amount Outstanding		84.67	%
Highest Notional Amount Outstanding		90.83	%
Lowest Notional Amount Outstanding		79.87	%
Notional Amount Outstanding as of December 31, 2021		90.83	%

Notional amounts outstanding at the end of the prior period are included in the average notional amount outstanding.

Unrealized gain and/or loss on open futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of December 31, 2021:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Green Bond Fund	$	1,410,378	$	1,410,378

5. Purchases and Sales of Securities. For the year ended December 31, 2021, purchases and sales of securities (excluding short-term investments, option contracts and including paydowns) were as follows:


Fund	Purchases		Sales
Gateway Fund	$	823,695,993	$	1,476,587,250
Gateway Equity Call Premium Fund		27,648,578		3,846,923
Global Green Bond Fund		25,412,093		14,372,915
Global Sustainable Equity Fund		470,797,470		398,055,920
International Sustainable Equity Fund		13,675,597		2,043,549
U.S. Sustainable Equity Fund		491,893		1,814,524

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Gateway Investment Advisers, LLC (“Gateway Advisers”) serves as investment adviser to Gateway Fund and Gateway Equity Call Premium Fund. Gateway Advisers is a subsidiary of Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $5 billion			Next $5 billion			Over $10 billion
Gateway Fund		0.60	%		0.55	%		0.53	%
Gateway Equity Call Premium Fund		0.58	%		0.58	%		0.58	%

| 84

Notes to Financial Statements (continued)

December 31, 2021

Prior to July 1, 2021, Gateway Fund and Gateway Equity Call Premium Fund paid a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $5 billion			Next $5 billion			Over $10 billion
Gateway Fund		0.65	%		0.60	%		0.58	%
Gateway Equity Call Premium Fund		0.65	%		0.65	%		0.65	%

Mirova US LLC (“Mirova US”) serves as investment adviser to Global Green Bond Fund, Global Sustainable Equity Fund, International Sustainable Equity Fund and U.S. Sustainable Equity Fund. Mirova US is a wholly-owned subsidiary of Mirova, which is in turn a subsidiary of Natixis Investment Managers. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


Fund	Percentage of Average Daily Net Assets
Global Green Bond Fund		0.50	%
Global Sustainable Equity Fund		0.80	%
International Sustainable Equity Fund		0.80	%
U.S. Sustainable Equity Fund		0.65	%

Prior to July 1, 2021, Global Green Bond Fund paid a management fee at the annual rate of 0.55% of the Fund’s average daily net assets, calculated daily and payable monthly.

Gateway Advisers and Mirova US have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2022, except for Gateway Equity Call Premium Fund and Global Green Bond Fund, which are in effect until April 30, 2023, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the year ended December 31, 2021, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Gateway Fund		0.94	%		1.70	%		0.65	%		0.70	%
Gateway Equity Call Premium Fund		0.93	%		1.68	%		0.63	%		0.68	%
Global Green Bond Fund		0.90	%		—			0.60	%		0.65	%
Global Sustainable Equity Fund		1.20	%		1.95	%		0.90	%		0.95	%
International Sustainable Equity Fund		1.20	%		—			0.90	%		0.95	%
U.S. Sustainable Equity Fund		1.05	%		1.80	%		0.75	%		0.80	%

Prior to July 1, 2021, the expense limits as a percentage of average daily net assets under the expense limitation agreements for Gateway Equity Call Premium Fund and Global Green Bond Fund were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Gateway Equity Call Premium Fund		1.20	%		1.95	%		0.90	%		0.95	%
Global Green Bond Fund		0.95	%		—			0.65	%		0.70	%

Gateway Advisers and Mirova US shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fee or otherwise) on a class by class basis in later periods to the extent the annual operating expenses

85 |

Notes to Financial Statements (continued)

December 31, 2021

of a class fall below (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended December 31, 2021, the management fees and waiver of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Gross			Net
Gateway Fund	$	45,948,325	$	2,279,676	$	—	$	43,668,649		0.61	%		0.58	%
Gateway Equity Call Premium Fund		502,249		130,647		12,840		358,762		0.61	%		0.44	%
Global Green Bond Fund		225,596		187,094		—		38,502		0.52	%		0.09	%
Global Sustainable Equity Fund		8,404,452		—		—		8,404,452		0.80	%		0.80	%
International Sustainable Equity Fund		231,931		155,291		—		76,640		0.80	%		0.26	%
U.S. Sustainable Equity Fund		35,955		35,955		—		—		0.65	%		—	%

For the year ended December 31, 2021, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Class A		Class C		Class N		Class Y		Total
Gateway Fund	$	103,297	$	—	$	—	$	—	$	103,297
Global Sustainable Equity Fund		14,967		5,809		—		298,555		319,331

¹	Waiver/expense reimbursements are subject to possible recovery until December 31, 2022.

²	Voluntary management fee waivers are not subject to recovery under the expense limitation agreement described above.

In addition, Mirova US reimbursed non-class-specific expenses of U.S. Sustainable Equity Fund in the amount of $103,989 for the year ended December 31, 2021, which are subject to possible recovery until December 31, 2022.

For the year ended December 31, 2021, expense reimbursements related to the prior fiscal year were recovered as follows:


Fund	Recovered Expenses
Global Sustainable Equity Fund	$	11,260

b. Service and Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”) and a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”).

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds’ Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds’ Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Funds’ Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

| 86

Notes to Financial Statements (continued)

December 31, 2021

For the year ended December 31, 2021, the service and distribution fees for each Fund were as follows:


	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Gateway Fund	$	2,552,779	$	311,189	$	933,567
Gateway Equity Call Premium Fund		4,823		1,898		5,693
Global Green Bond Fund		16,115		—		—
Global Sustainable Equity Fund		101,135		37,557		112,670
International Sustainable Equity Fund		560		—		—
U.S. Sustainable Equity Fund		12		42		125

For the year ended December 31, 2021, Natixis Distribution refunded Gateway Fund $29,640 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

c. Administrative Fees. Natixis Advisors, LLC (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company (“State Street Bank”) to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the year ended December 31, 2021, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Gateway Fund	$	3,226,022
Gateway Equity Call Premium Fund		35,084
Global Green Bond Fund		18,346
Global Sustainable Equity Fund		447,480
International Sustainable Equity Fund		12,350
U.S. Sustainable Equity Fund		2,356

d. Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the year ended December 31, 2021, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


Fund	Sub-Transfer Agent Fees
Gateway Fund	$	3,792,321
Gateway Equity Call Premium Fund		18,839
Global Green Bond Fund		29,514
Global Sustainable Equity Fund		832,556
International Sustainable Equity Fund		662
U.S. Sustainable Equity Fund		18

87 |

Notes to Financial Statements (continued)

December 31, 2021

As of December 31, 2021, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):


Fund	Reimbursements of Sub-Transfer Agent Fees
Gateway Fund	$	48,323
Gateway Equity Call Premium Fund		264
Global Green Bond Fund		386
Global Sustainable Equity Fund		7,730
International Sustainable Equity Fund		14
U.S. Sustainable Equity Fund		8

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended December 31, 2021 was as follows:


Fund	Commissions
Gateway Fund	$	48,857
Gateway Equity Call Premium Fund		412
Global Green Bond Fund		739
Global Sustainable Equity Fund		14,716
International Sustainable Equity Fund		72

f. Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Effective January 1, 2022, each Independent Trustee (other than the Chairperson) will receive, in the aggregate, a retainer fee at the annual rate of $210,000. All other Trustees fees will remain unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

Certain officers and employees of Natixis Advisors and affiliates are also officers and/or Trustees of the Trusts.

| 88

Notes to Financial Statements (continued)

December 31, 2021

g. Affiliated Ownership. As of December 31, 2021, the percentage of each Fund’s net assets owned by Natixis and affiliates is as follows:


Global Green Bond Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		1.11	%
Natixis Sustainable Future 2020 Fund		1.01	%
Natixis Sustainable Future 2025 Fund		1.95	%
Natixis Sustainable Future 2030 Fund		2.19	%
Natixis Sustainable Future 2035 Fund		1.46	%
Natixis Sustainable Future 2040 Fund		0.96	%
Natixis Sustainable Future 2045 Fund		0.49	%
Natixis Sustainable Future 2050 Fund		0.35	%
Natixis Sustainable Future 2055 Fund		0.27	%
Natixis Sustainable Future 2060 Fund		0.18	%
Natixis Sustainable Future 2065 Fund		0.09	%

		10.06	%


International Sustainable Equity Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		0.64	%
Natixis Sustainable Future 2020 Fund		0.74	%
Natixis Sustainable Future 2025 Fund		1.98	%
Natixis Sustainable Future 2030 Fund		3.14	%
Natixis Sustainable Future 2035 Fund		3.22	%
Natixis Sustainable Future 2040 Fund		3.09	%
Natixis Sustainable Future 2045 Fund		3.36	%
Natixis Sustainable Future 2050 Fund		3.31	%
Natixis Sustainable Future 2055 Fund		2.58	%
Natixis Sustainable Future 2060 Fund		1.73	%
Natixis Sustainable Future 2065 Fund		0.94	%
Natixis and affiliates		67.97	%

		92.70	%

U.S. Sustainable Equity Fund	Percentage of Net Assets
Natixis and affiliates		96.88	%

Investment activities of affiliated shareholders could have material impacts on the Fund.

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Gateway Equity Call Premium Fund, Global Green Bond Fund, Global Sustainable Equity Fund, International Sustainable Equity Fund and U.S. Sustainable Equity Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through April 30, 2022, and is not subject to recovery under the expense limitation agreement described above.

For the year ended December 31, 2021, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Gateway Equity Call Premium Fund	$	1,033
Global Green Bond Fund		1,314
Global Sustainable Equity Fund		1,358
International Sustainable Equity Fund		1,190
U.S. Sustainable Equity Fund		751

89 |

Notes to Financial Statements (continued)

December 31, 2021

7. Custodian and Regulatory Filing Fees and Expenses. State Street Bank, custodian and sub-administrator to the Funds, agreed to waive its fees and expenses for the first 12 months of operations for U.S. Sustainable Equity Fund. For the year ended December 31, 2021, total fees waived for the Fund were $13,640.

8. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the year ended December 31, 2021, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
Gateway Fund	$	621,241	$	75,103	$	2,483	$	3,600,152
Gateway Equity Call Premium Fund		680		268		1,033		27,281
Global Green Bond Fund		6,701		—		1,314		27,844
Global Sustainable Equity Fund		38,780		14,547		1,358		801,972
International Sustainable Equity Fund		881		—		1,190		1,927
U.S. Sustainable Equity Fund		269		899		751		1,217

9. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $500,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid certain legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

Prior to April 8, 2021, each Fund (except U.S. Sustainable Equity Fund), together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit.

For the year ended December 31, 2021, Global Sustainable Equity Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $27,575,000 at a weighted average interest rate of 1.17%. Interest expense incurred on the line of credit was $3,585.

10. Risk. The Funds’ investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Global markets have experienced periods of high volatility triggered by the Covid-19 pandemic. The impact of this pandemic and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Such effects could impair the Funds’ ability to maintain operational standards, disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments and negatively impact the Funds’ performance.

11. Interest Expense. The Funds incur interest expense on cash (including foreign currency) overdrafts at the custodian bank and, for Global Green Bond Fund, foreign currency debit balances at brokers. Interest expense incurred for the year ended December 31, 2021 is reflected on the Statements of Operations.

12. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of December 31, 2021, based on management’s evaluation of the shareholder account base, the Funds had accounts

| 90

Notes to Financial Statements (continued)

December 31, 2021

representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 6g)			Total Percentage of Ownership
Gateway Equity Call Premium Fund		1		75.12	%		—			75.12	%
Global Green Bond Fund		4		37.54	%		10.06	%		47.60	%
Global Sustainable Equity Fund		1		15.80	%		—			15.80	%
International Sustainable Equity Fund		1		5.38	%		92.70	%		98.08	%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

13. Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:


	Year Ended December 31, 2021						Year Ended December 31, 2020
Gateway Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		4,103,014		$	159,384,742			4,933,210		$	166,881,524
Issued in connection with the reinvestment of distributions		100,047			3,909,189			226,078			7,452,654
Redeemed		(4,696,532	)		(182,041,657	)		(10,728,981	)		(357,437,934	)

Net change		(493,471	)	$	(18,747,726	)		(5,569,693	)	$	(183,103,756	)

Class C
Issued from the sale of shares		455,601		$	17,700,327			309,182		$	10,611,120
Issued in connection with the reinvestment of distributions		—			—			6,581			207,158
Redeemed		(1,530,271	)		(58,832,782	)		(2,670,540	)		(90,111,982	)

Net change		(1,074,670	)	$	(41,132,455	)		(2,354,777	)	$	(79,293,704	)

Class N
Issued from the sale of shares		5,482,060		$	215,874,763			3,665,849		$	124,426,497
Issued in connection with the reinvestment of distributions		44,030			1,726,281			59,627			1,984,767
Redeemed		(3,197,125	)		(126,136,905	)		(4,322,136	)		(146,692,114	)

Net change		2,328,965		$	91,464,139			(596,660	)	$	(20,280,850	)

Class Y
Issued from the sale of shares		37,955,789		$	1,477,701,403			41,200,429		$	1,389,182,842
Issued in connection with the reinvestment of distributions		867,558			33,970,801			1,586,091			52,425,527
Redeemed		(32,342,708	)		(1,248,292,004	)		(75,560,637	)		(2,514,181,386	)

Net change		6,480,639		$	263,380,200			(32,774,117	)	$	(1,072,573,017	)

Increase (decrease) from capital share transactions		7,241,463		$	294,964,158			(41,295,247	)	$	(1,355,251,327	)

91 |

Notes to Financial Statements (continued)

December 31, 2021

13. Capital Shares (continued).


	Year Ended December 31, 2021						Year Ended December 31, 2020
Gateway Equity Call Premium Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		119,601		$	1,838,974			89,776		$	1,165,671
Issued in connection with the reinvestment of distributions		486			7,707			973			11,345
Redeemed		(67,014	)		(1,010,211	)		(167,721	)		(2,061,010	)

Net change		53,073		$	836,470			(76,972	)	$	(883,994	)

Class C
Issued from the sale of shares		5,571		$	83,540			9,094		$	114,580
Issued in connection with the reinvestment of distributions		5			75			49			567
Redeemed		(9,350	)		(135,497	)		(11,920	)		(161,150	)

Net change		(3,774	)	$	(51,882	)		(2,777	)	$	(46,003	)

Class N
Issued from the sale of shares		2,094		$	31,390			16,338		$	204,818
Issued in connection with the reinvestment of distributions		263			4,105			475			5,747
Redeemed		(28,036	)		(439,160	)		(5,480	)		(64,140	)

Net change		(25,679	)	$	(403,665	)		11,333		$	146,425

Class Y
Issued from the sale of shares		2,374,121		$	36,711,691			870,053		$	10,700,287
Issued in connection with the reinvestment of distributions		8,278			130,618			12,901			152,845
Redeemed		(318,518	)		(4,919,489	)		(1,471,881	)		(17,118,532	)

Net change		2,063,881		$	31,922,820			(588,927	)	$	(6,265,400	)

Increase (decrease) from capital share transactions		2,087,501		$	32,303,743			(657,343	)	$	(7,048,972	)


	Year Ended December 31, 2021						Year Ended December 31, 2020
Global Green Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		330,121		$	3,478,742			357,151		$	3,820,987
Issued in connection with the reinvestment of distributions		18,695			191,969			14,237			152,385
Redeemed		(205,158	)		(2,165,159	)		(90,528	)		(963,417	)

Net change		143,658		$	1,505,552			280,860		$	3,009,955

Class N
Issued from the sale of shares		402,160		$	4,252,330			445,619		$	4,757,851
Issued in connection with the reinvestment of distributions		27,746			286,884			47,406			504,197
Redeemed		(723,427	)		(7,634,063	)		(2,032,767	)		(21,682,527	)

Net change		(293,521	)	$	(3,094,849	)		(1,539,742	)	$	(16,420,479	)

Class Y
Issued from the sale of shares		1,803,141		$	19,007,559			1,588,312		$	16,962,425
Issued in connection with the reinvestment of distributions		84,947			873,670			59,234			635,148
Redeemed		(763,186	)		(8,021,816	)		(280,739	)		(2,960,011	)

Net change		1,124,902		$	11,859,413			1,366,807		$	14,637,562

Increase from capital share transactions		975,039		$	10,270,116			107,925		$	1,227,038

| 92

Notes to Financial Statements (continued)

December 31, 2021

13. Capital Shares (continued).


	Year Ended December 31, 2021						Year Ended December 31, 2020
Global Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		730,171		$	15,268,213			1,075,867		$	18,317,282
Issued in connection with the reinvestment of distributions		137,134			2,803,008			4,893			76,869
Redeemed		(484,741	)		(10,404,320	)		(226,251	)		(3,533,077	)

Net change		382,564		$	7,666,901			854,509		$	14,861,074

Class C
Issued from the sale of shares		335,039		$	6,688,657			317,242		$	4,892,971
Issued in connection with the reinvestment of distributions		35,331			691,330			1,026			15,301
Redeemed		(82,377	)		(1,707,925	)		(98,713	)		(1,588,779	)

Net change		287,993		$	5,672,062			219,555		$	3,319,493

Class N
Issued from the sale of shares		7,851,561		$	166,251,848			3,265,184		$	55,475,365
Issued in connection with the reinvestment of distributions		1,098,456			22,677,782			13,079			223,484
Redeemed		(2,037,482	)		(42,874,998	)		(320,345	)		(5,566,304	)

Net change		6,912,535		$	146,054,632			2,957,918		$	50,132,545

Class Y
Issued from the sale of shares		23,278,352		$	494,418,241			33,728,583		$	589,402,217
Issued in connection with the reinvestment of distributions		3,260,207			67,203,764			100,746			1,724,842
Redeemed		(24,519,480	)		(529,966,929	)		(3,134,944	)		(50,170,707	)

Net change		2,019,079		$	31,655,076			30,694,385		$	540,956,352

Increase from capital share transactions		9,602,171		$	191,048,671			34,726,367		$	609,269,464


	Year Ended December 31, 2021						Year Ended December 31, 2020
International Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		20,848		$	301,831			4,616		$	62,533
Issued in connection with the reinvestment of distributions		621			8,864			505			6,930
Redeemed		(427	)		(6,066	)		(25	)		(337	)

Net change		21,042		$	304,629			5,096		$	69,126

Class N
Issued from the sale of shares		1,061,665		$	15,350,795			180,706		$	2,022,459
Issued in connection with the reinvestment of distributions		32,137			457,863			113,091			1,544,820
Redeemed		(356,899	)		(5,294,442	)		(490,369	)		(6,206,793	)

Net change		736,903		$	10,514,216			(196,572	)	$	(2,639,514	)

Class Y
Issued from the sale of shares		129,002		$	1,885,986			4,191		$	54,896
Issued in connection with the reinvestment of distributions		2,927			41,940			502			6,899
Redeemed		(13,329	)		(201,164	)		—			—

Net change		118,600		$	1,726,762			4,693		$	61,795

Increase (decrease) from capital share transactions		876,545		$	12,545,607			(186,783	)	$	(2,508,593	)

93 |

Notes to Financial Statements (continued)

December 31, 2021

13. Capital Shares (continued).


	Year Ended December 31, 2021						Period Ended December 31, 2020(a)
U.S. Sustainable Equity Fund	Shares			Amount			Shares		Amount
Class A
Issued from the sale of shares		835		$	10,270			100	$	1,000
Issued in connection with the reinvestment of distributions		50			623			—		—

Net change		885		$	10,893			100	$	1,000

Class C
Issued from the sale of shares		7,608		$	99,355			100	$	1,000
Issued in connection with the reinvestment of distributions		409			5,097			—		—

Net change		8,017		$	104,452			100	$	1,000

Class N
Issued from the sale of shares		—		$	—			500,000	$	5,000,000
Redeemed		(111,465	)		(1,400,000	)		—		—

Net change		(111,465	)	$	(1,400,000	)		500,000	$	5,000,000

Class Y
Issued from the sale of shares		16,848		$	195,494			100	$	1,000
Issued in connection with the reinvestment of distributions		190			2,393			—		—
Redeemed		(13,605	)		(157,637	)		—		—

Net change		3,433		$	40,250			100	$	1,000

Increase (decrease) from capital share transactions		(99,130	)	$	(1,244,405	)		500,300	$	5,003,000

(a)	From commencement of operations on December 15, 2020 through December 31, 2020.

| 94

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Gateway Trust and Natixis Funds Trust I and Shareholders of Gateway Fund, Gateway Equity Call Premium Fund, Mirova Global Green Bond Fund, Mirova Global Sustainable Equity Fund, Mirova International Sustainable Equity Fund and Mirova U.S. Sustainable Equity Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Gateway Fund and Gateway Equity Call Premium Fund (two of the funds constituting Gateway Trust), Mirova Global Green Bond Fund, Mirova Global Sustainable Equity Fund, Mirova International Sustainable Equity Fund and Mirova U.S. Sustainable Equity Fund (four of the funds constituting Natixis Funds Trust I) (hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2021, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.


Fund	Statements of operations	Statements of changes in net assets
Gateway Fund	For the year ended December 31, 2021	For the years ended December 31, 2021 and 2020
Gateway Equity Call Premium Fund	For the year ended December 31, 2021	For the years ended December 31, 2021 and 2020
Mirova Global Green Bond Fund	For the year ended December 31, 2021	For the years ended December 31, 2021 and 2020
Mirova Global Sustainable Equity Fund	For the year ended December 31, 2021	For the years ended December 31, 2021 and 2020
Mirova International Sustainable Equity Fund	For the year ended December 31, 2021	For the years ended December 31, 2021 and 2020
Mirova U.S. Sustainable Equity Fund	For the year ended December 31, 2021	For the year ended December 31, 2021 and the period from December 15, 2020 (commencement of operations) through December 31, 2020

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 22, 2022

We have served as the auditor of one or more of the investment companies in the Natixis Investment Company Complex since at least 1995. We have not been able to determine the specific year we began serving as auditor.

95 |

2021 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended December 31, 2021, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:


Fund	Qualifying Percentage
Gateway Fund		100.00	%
Gateway Equity Call Premium Fund		100.00	%
Global Sustainable Equity Fund		10.86	%
U.S. Sustainable Equity Fund		8.57	%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended December 31, 2021.


Fund	Amount
Global Green Bond Fund	$	537,858
Global Sustainable Equity Fund		109,185,274
International Sustainable Equity Fund		570,795

Qualified Dividend Income. For the fiscal year ended December 31, 2021, a percentage of the ordinary income dividends paid by the Funds are considered qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds paid a distribution during calendar year 2021, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:


Fund	Qualifying Percentage
Gateway Fund		100.00	%
Gateway Equity Call Premium Fund		100.00	%
Global Sustainable Equity Fund		85.73	%
International Sustainable Equity Fund		100.00	%
U.S. Sustainable Equity Fund		16.52	%

Foreign Tax Credit. For the year ended December 31, 2021, the Fund intends to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to:

Fund

Foreign Tax

Credit Pass-Through

Foreign Source
Income

International Sustainable Equity Fund

44,473

597,050

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Trustee and Officer Information

The tables below provide certain information regarding the Trustees and officers of Natixis Funds Trust I and Gateway Trust (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statement of Additional Information includes additional information about the Trustees of the Trusts and is available by calling Natixis Funds at 800-225-5478.


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES

Edmond J. English (1953)	Trustee since 2013 Chairperson of the Governance Committee and Contract Review Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	55 Director, Burlington Stores, Inc. (retail) and Director, Rue Gilt Groupe, Inc. (e-commerce retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired	55 Formerly, Director of Triumph Group (aerospace industry)	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

Wendell J. Knox (1948)	Trustee since 2009 Chairperson of the Contract Review Committee	Retired	55 Director, Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); Formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES – continued

Martin T. Meehan (1956)	Trustee since 2012 Audit Committee Member and Governance Committee Member	President, University of Massachusetts	55 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

Maureen B. Mitchell (1951)	Trustee since 2017 Audit Committee Member and Governance Committee Member	Retired	55 Director, Sterling Bancorp (bank)	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

James P. Palermo (1955)	Trustee since 2016 Audit Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	55 Director, FutureFuel.io (chemicals and biofuels)	Significant experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Chairperson of the Board of Trustees since January 2021 Trustee since 2009 Ex Officio member of the Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	55 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES – continued

Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member	Retired	55 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Kirk A. Sykes (1958)	Trustee since 2019 Contract Review Committee Member and Governance Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance)	55 Trustee, Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust); formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 for Natixis Funds Trust I and 2007 for Gateway Trust Chairperson of the Audit Committee	Retired; Formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	55 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

INTERESTED TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L.P.	55 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer	President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC	55 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC

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Trustee and Officer Information

¹	Each Trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

The Trustees of the Trusts serve as Trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the “Fund Complex”).

³	Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁴	Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC.

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years²

OFFICERS OF THE TRUSTS

Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since 2004 for Natixis Funds Trust I and 2007 for Gateway Trust	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC

Natalie R. Wagner (1979)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer Chief Legal Officer	Since May 2021 Since July 2021	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; Formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group

¹	Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with Natixis Distribution, LLC, Natixis Advisors, LLC or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer’s current position with such entity.

101 |

(b)	Not Applicable.

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Mr. Martin T. Meehan, Ms. Maureen Mitchell, Mr. James Palermo, Mr. Peter J. Smail and Ms. Cynthia L. Walker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services provided as reported as a part of (a) through (c) of this Item.


	Audit fees				Audit-related fees¹				Tax fees²				All other fees
		1/1/20- 12/31/20		1/1/21- 12/31/21		1/1/20- 12/31/20		1/1/21- 12/31/21		1/1/20- 12/31/20		1/1/21- 12/31/21		1/1/20- 12/31/20		1/1/21- 12/31/21
Gateway Trust	$	83,712	$	83,712	$	1,516	$	1,286	$	17,664	$	17,664	$	—	$	—

Audit-related fees consist of:

2020 & 2021 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

Tax fees consist of:

2020 & 2021 – review of the Registrant’s tax returns.

Aggregate fees billed to the Registrant for non-audit services during 2020 and 2021 were $19,180 and $18,950, respectively.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Gateway Investment Advisers, LLC (“Gateway”) and entities controlling, controlled by or under common control with Gateway (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

Audit-related fees

Tax fees

All other fees

1/1/20-

12/31/20

1/1/21-

12/31/21

1/1/20-

12/31/20

1/1/21-

12/31/21

1/1/20-

12/31/20

1/1/21-

12/31/21

Control Affiliates

—

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Gateway and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.


	Aggregate Non-Audit Fees
	1/1/20- 12/31/20		1/1/21- 12/31/21
Control Affiliates		$—	$	—

None of the services described above were approved pursuant to paragraph (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Registrant and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Trustee of the Registrant is authorized to pre-approve the engagement, but only for engagements to provide audit, audit related and tax services. This approval is subject to review by the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by the report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


(a)	(1)	Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).

(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 [17 CFR 270.30a-2(a)], filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002, filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Gateway Trust

By:		/s/ David L. Giunta

Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		February 22, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ David L. Giunta

Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		February 22, 2022

By:		/s/ Michael C. Kardok

Name:		Michael C. Kardok
Title:		Treasurer and Principal Financial and Accounting Officer
Date:		February 22, 2022