Gateway Investment Advisers LLC

Item 5 - Fees and Compensation

A. Describe how you are compensated for your advisory services. Provide your fee schedule.
Disclose whether the fees are negotiable.

Gateway’s standard fee for an account managed under the Gateway Flagship (Index/RA), Active
Index-Option Overwrite, or Quality Income strategies are as follows:

           0.425% on the first $5 million of assets
           0.325% on the next $5 million of assets
           0.250% on the next $40 million of assets
           0.225% on assets in excess of $50 million

Gateway’s standard fee for an account managed under the Active PutWrite strategy is 0.35%
on assets under management.

Accounts managed under the firm’s long/short extension strategies are charged a variable fee of
0.23% per unit of gross exposure, which is the total of all long and short positions. The fee scales
linearly with the leverage used. For example:

    Strategy        Long Exposure    Short Exposure   Gross Exposure     Fee Calculation       Annual
                                                                         (gross exposure     Management
                                                                             *0.23%)            Fee
 130/30             130%             30%              160%               160%* 0.23%       0.37%
 145/40             145%             40%              185%               185%* 0.23%       0.44%
 200/100            200%             100%             300%               300%* 0.23%       0.69%

 The annual fee for an account managed under the Single-Stock Heding strategy is 1.00%.

Fees for certain client accounts – including fees for Gateway’s registered investment company
clients, government-sponsored pension plan, and certain other institutional clients – can be and
have been negotiated on a case-by-case basis. Fees for some clients are based on prior
Gateway fee schedules or in connection with prior financial intermediary relationships and are
different than the fee schedules described above. Fees for certain other clients are negotiated
separately and are not based on the above standard schedules. Performance fee arrangements
can be negotiated for clients who meet the requirements outlined in Rule 205-3 under the
Investment Advisers Act of 1940 (“Advisers Act”), although no performance-based fee is
currently being charged for any account. There are inherent conflicts of interest because of

 Form ADV Part 2A                    Gateway Investment Advisers, LLC                    March 31, 2026

different types of client services and the fees paid by those clients. Gateway has policies and
procedures designed to mitigate those conflicts.

For separately managed accounts, Gateway determines the value of the account assets for the
purposes of investment performance and for some accounts fee calculations, as well. In
accordance with the firm’s Valuation of Securities policy, Gateway uses market quotations as its
main pricing source when valuing the assets in these accounts. In the rare instance where
reliable market quotations are not readily available, or if Gateway determines that the market
quotation for a particular security is unreliable or inaccurate, Gateway will determine a fair value
for that security based on the firm’s knowledge of the security, current market conditions and
any other considerations deemed appropriate. No single factor or approach will be used by
Gateway in every case of determining fair value, as each case is unique in nature. Gateway’s
objective in determining a fair value price will be to determine a price Gateway believes could
be reasonably received upon a current sale.

There are inherent conflicts of interest as a result of an investment manager valuing the assets
in a client’s account to determine the fee owed to the firm, including the incentive to inflate an
account’s assets under management. Gateway has policies and procedures designed to
mitigate those conflicts, including a policy which provides for personnel in both the Operations
and Investment Management areas of Gateway to be involved in determining a fair value price
in certain instances as well as oversight through Gateway’s Oversight Committee which includes
Gateway’s Compliance, Operations, and Investment Management personnel.

 B. Describe whether you deduct fees from clients’ assets or bill clients for fees incurred. If
 clients may select either method, disclose this fact. Explain how often you bill clients or deduct
 your fees.

 Depending on the client’s custodian, fees are billed by Gateway based on assets under
 management valued by Gateway or calculated by the custodian or Gateway using the
 custodian’s valuation. Depending on the agreement with the client’s custodian, fees are
 calculated on the market value, notional value or gross exposure of the assets under
 management either monthly or quarterly and billed either in advance or arrears. For certain
 accounts, Gateway may deduct its fees directly from a client account. In these instances, the
 client is made aware of the following:

       The client’s independent custodian sends statements at least quarterly to them showing
        the market values for each security included in the account, and all disbursements in their
        account including the amount of the investment management fees paid to Gateway;
       The client has provided authorization permitting Gateway to be directly paid by these
        terms. Gateway will send its invoice directly to the custodian; and
       If Gateway sends a copy of its invoice to a client, it will include a legend urging the client
        to compare information provided in Gateway’s statement with that from the qualified
        custodian.

In certain relationships Gateway will aggregate the fees for all of the clients served by the same
registered investment adviser and will collectively invoice the registered investment adviser the
...

Item 7 - Types of Clients

Describe the types of clients to whom you generally provide investment advice, such as
individuals, trusts, investment companies or pension plans. If you have any requirements for
opening or maintaining an account, such as a minimum account size, disclose the requirements.

Gateway provides investment advisory services to a broad range of individual and institutional
clients. The types of clients served include, but are not limited to:

             Individuals;
             Individual Retirement Accounts;
             U.S. Registered Investment Companies;
             A State government-sponsored pension fund;
             Corporations and other businesses;
             Trusts, Estates, Charitable Organizations and Endowments; and
             Variable Annuity Trusts.

Gateway generally requires a minimum of $10 million to open an account in the Flagship, Active
Index Option Overwrite, and Active PutWrite strategies. The Firm requires an account minimum
of $500,000 to open an account under the Quality Income strategy. The Firm requires a
minimum of $1 million to open an account under the Long/Short Extension and Single-Stock
Heding and Monetization strategies.