RISK-ADJUSTED PERFORMANCE

Risk is measured by the volatility of investment returns. Money market funds historically offer low risk with low returns. Bonds and equities tend to deliver higher long-term returns than money market funds but with increasing levels of risk. The Gateway strategy is a risk-managed approach that offers returns comparable to equities and bonds, on a risk-adjusted basis.

The Gateway strategy also allows investors to target different levels of tax efficiency through our customized private account management services. Contact us for more information.

The following chart provides an illustration of this relative risk:

Risk-adjusted performance of the Gateway Composite

Gateway Index/RA performance shown in this illustration is an asset-weighted composite of discretionary accounts under Gateway's management which share the same investment objectives and hedging strategies. The composite was created in January 1993. Prior to January 1, 1993, not all fully discretionary portfolios were represented in composites. Results shown for 1988 through 1992 are those of one representative account.

Gateway Index/RA Composite performance reflects the deduction of investment advisory fees and the reinvestment of dividends and other earnings. A more detailed description of Gateway's fees is included in Form ADV, Part II. Past performance is no guarantee of future results. Annual Disclosure Presentation. Terms to know.