-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S6sNXaLCKaow7vKQgaXw3TbTTgtQOtnHksace4LeQkOVA+UMk9qtP9Mv2cYitXQr N/t3yrJybEHlhD2zHZXq8g== 0001193125-04-035315.txt : 20040305 0001193125-04-035315.hdr.sgml : 20040305 20040305123425 ACCESSION NUMBER: 0001193125-04-035315 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040305 EFFECTIVENESS DATE: 20040305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CDC NVEST CASH MANAGEMENT TRUST CENTRAL INDEX KEY: 0000317947 IRS NUMBER: 046447044 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02819 FILM NUMBER: 04651103 BUSINESS ADDRESS: STREET 1: 399 BOYLSTON STREET CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 8003997788 MAIL ADDRESS: STREET 1: 399 BOYLSTON STREET CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: NVEST CASH MANAGEMENT TRUST DATE OF NAME CHANGE: 20000202 FORMER COMPANY: FORMER CONFORMED NAME: NEW ENGLAND CASH MANAGEMENT TRUST DATE OF NAME CHANGE: 19920703 N-CSRS 1 dncsrs.txt CDC NVEST CASH MANAGEMENT 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: 811-2819 CDC Nvest Cash Management Trust - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 399 Boylston Street, Boston, Massachusetts 02116 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) John E. Pelletier, Esq. CDC IXIS Asset Management Distributors, L.P. 399 Boylston Street Boston, Massachusetts 02116 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (617) 449-2801 Date of fiscal year end: June 30, 2003 Date of reporting period: December 31, 2003 Item 1. Reports to Stockholders. The Registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows: CDC Nvest Cash Management Trust - Money Market Series [LOGO] CDC Nvest Funds/SM/ CDC IXIS Asset Management Distributors Semiannual Report December 31, 2003 CDC Nvest Cash Management Trust - Money Market Series Reich & Tang Asset Management TABLE OF CONTENTS Management Discussion and Performance ........Page 1 Schedule of Investments ............Page 3 Financial Statements ...Page 4 Cash Management Trust -- Money Market Series Portfolio Profile - -------------------------------------------------------------------------------- - ----------------------------------------------------- Objective: Seeks maximum current income consistent with preservation of capital and liquidity. - ----------------------------------------------------- Strategy: Invests primarily in high-quality, short-term, U.S. dollar-denominated money market investments issued by U.S. and foreign issuers. - ----------------------------------------------------- Manager: Molly J. Flewharty, Reich & Tang Asset Management - ----------------------------------------------------- Annualized Seven-Day Yield -- December 31, 2003 - -------------------------------------------------------------------------------- Class A, B & C CDC Nvest Cash Management Trust -- Money Market Series 0.26% Yields will fluctuate with changes in market conditions. The seven-day money market yield reflects the Fund's current earnings more closely than total return. Average Annual Total Returns -- December 31, 2003 - ------------------------------------------------------------------------------- Class A (Inception 7/10/78) 6 Months 1 Year 5 Years 10 Years Net Asset Value/1/ 0.11% 0.37% 3.02% 3.84% - ------------------------------------------------------------------------------- Class B (Inception 9/13/93) 6 Months 1 Year 5 Years 10 Years Net Asset Value/1/ 0.11% 0.37% 3.02% 3.84% - ------------------------------------------------------------------------------- Class C (Inception 3/1/98) 6 Months 1 Year 5 Years Since Inception Net Asset Value/1/ 0.11% 0.37% 3.03% 3.29% - ------------------------------------------------------------------------------- /1/ These returns include reinvestment of distributions, represent past performance and do not predict future results. The Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although it seeks to maintain a constant share price of $1.00, it is possible to lose money by investing in the Fund. 1 Cash Management Trust -- Money Market Series Management Discussion - -------------------------------------------------------------------------------- Historically low short-term interest rates continued to be the main story in the money markets during the closing six months of 2003. Although yields on money market instruments remain low, their relative price stability and liquidity continue to make money market funds a useful cash management tool. For the six months ended December 31, 2003, CDC Nvest Cash Management Trust-Money Market Series maintained a constant price of $1.00 per share and provided a total return of 0.11%, based on the net asset value of Class A shares and $0.0011 per share in reinvested dividends. The fund's seven-day SEC yield as of the end of December was 0.26%. Money market funds face challenging environment The fund's fiscal year began on July 1, 2003, right after the Federal Reserve Board lowered the Fed Funds Rate - the rate that member banks charge each other for overnight loans. Last June's 0.25% rate cut, which reflected the Fed's concerns about prospective deflation, left rates at 1.00%. There were no subsequent rate changes through the end of December. However, as 2003 drew to a close, improving economic data reinforced the perception that the U.S. economy was recovering. Moreover, at its December 2003 meeting, the Fed upgraded its outlook, indicating that it was no longer concerned about the risk of deflation, and giving rise to the prospect of a possible increase in interest rates to come. Fund positioned to help maximize income Throughout the period, we positioned the fund to generate as much income as possible given the low level of money market interest rates. Although longer-term money market securities offer higher yields than short-term issues, the prospect of an increase in interest rates in the near future made us decide not to risk locking the fund into longer-term securities. Consequently, we looked for opportunities in the 30- to 90-day range. As these securities mature, we will reinvest the proceeds in other securities with similar maturity ranges until the time seems right to lengthen maturities. At the start of the fund's fiscal year in July, its average maturity was 64 days. As of December 31, average maturity was 45 days. However, this does not reflect a change in our strategy; maturities shift every day as we buy and sell securities or as they mature. Manager focused on yield with minimal risk As always, commercial paper accounted for most of the fund's assets. These securities typically offer higher yields than other types of money market instruments, with only minimal additional risk. Also, because commercial paper is generally in strong supply, it offers more compelling value. Likelihood of interest-rate increase ahead Economic data has been promising enough to convince most market observers that the Fed is likely to raise interest rates sometime in the near future. The consensus is for a move in June 2004, but some observers believe it may be as late as 2005. Whatever their timetable, the Fed is likely to move gradually in an effort to ensure that the recovery does not stall. Our forecast is for an initial interest rate increase of 0.25%, with the potential for similar, modest rate hikes down the road. We expect to focus on securities that will mature in the first half of 2004 as we await the Fed's next move. In our opinion, unemployment will be a key indicator to watch because we don't believe the Fed will feel comfortable raising rates until businesses begin hiring again. This fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although it seeks to maintain a constant share price of $1.00, it is possible to lose money by investing in the fund. The portfolio manager's commentary reflects the conditions and actions taken during the reporting period, which are subject to change. A shift in opinion may result in strategic and other portfolio changes. See the fund's prospectus for details. - -------------------------------------------------------------------------------- NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE - -------------------------------------------------------------------------------- 2 Cash Management Trust -- Money Market Series Investments as of December 31, 2003 (unaudited) Principal Amount Description Value (a) - --------------------------------------------------------------------------- Investments -- 103.2% of Total Net Assets COMMERCIAL PAPER -- 83.1% Airline -- 1.8% $ 7,585,000 New York, NY, City Industrial Development Agency, LLC, 1.200%, 7/01/2008(c) $ 7,585,000 -------------- Asset-Backed -- 13.2% 5,000,000 Triple A One Funding Corp., 144A, 1.090%, 1/05/2004 4,999,394 10,000,000 Triple A One Funding Corp., 144A, 1.080%, 1/08/2004 9,997,900 15,000,000 Ciesco LP, 144A, 1.080%, 1/12/2004 14,995,050 10,000,000 Ticonderoga Funding LLC, 144A, 1.090%, 1/26/2004 9,992,431 15,000,000 Lockhart Funding LLC, 144A, 1.150%, 2/11/2004 14,980,354 -------------- 54,965,129 -------------- Banking -- 16.1% 5,000,000 Banco Continental de Panama SA, 1.120%, 2/10/2004 4,993,778 15,000,000 HBOS Treasury Services, 1.130%, 3/16/2004 14,964,687 15,000,000 Banco Rio de La Plata SA, 0.970%, 3/18/2004 14,968,880 5,000,000 HBOS Treasury Services, 1.105%, 3/19/2004 4,988,029 10,000,000 Banco Bilbao Vizcaya Argentaria Puerto Rico, 1.130%, 4/02/2004 9,971,122 2,250,000 Banco Bilbao Vizcaya Argentaria Puerto Rico, 1.190%, 4/02/2004 2,243,158 10,000,000 Banco Cuscatlan SA, 1.080%, 4/05/2004 9,971,500 5,000,000 Banco Bradesco SA, 144A, 1.240%, 6/14/2004 4,971,583 -------------- 67,072,737 -------------- Building -- 8.2% 1,125,000 Shayeson-Huff Properties LLC, 1.300%, 11/01/2016(c) 1,125,000 2,755,000 Cardiology Building Associates LLC, 1.200%, 10/01/2021(c) 2,755,000 2,700,000 J&M LLC, 1.348%, 10/01/2026(c) 2,700,000 17,450,000 MOB Management Two LLC, 1.400%, 12/01/2026(c) 17,450,000 5,100,000 VWS McAdory Market LLC, 1.300%, 7/01/2027(c) 5,100,000 1,965,000 Daniel Land Co., 1.348%, 10/01/2027(c) 1,965,000 3,130,000 MOB Management One LLC, 1.400%, 12/01/2031(c) 3,130,000 -------------- 34,225,000 -------------- Education -- 2.2% 9,000,000 Yale University, 1.070%, 2/02/2004 8,991,440 -------------- Financial Services -- 7.8% 5,000,000 Alliance & Leicester PLC, 144A, 1.035%, 1/07/2004 4,999,137 15,000,000 General Electric Capital Corp., 1.100%, 4/07/2004 14,955,542 5,000,000 General Electric Capital Corp., 1.230%, 10/15/2004 5,000,000 2,345,000 SSK Co. LLC, 1.300%, 11/01/2021(c) 2,345,000 2,035,000 Jobs Co. (The) LLC, 1.370%, 2/01/2022(c) 2,035,000 3,355,000 Alpine Capital Investments LLC, 1.310%, 9/15/2027(c) 3,355,000 -------------- 32,689,679 -------------- Health Care Providers -- 4.3% 18,000,000 Dean Health Systems, Inc., 1.090%, 1/08/2004 17,996,185 -------------- Hospital -- 0.5% 2,235,000 Birmingham, AL, Special Care Facilities Financing Authority, 1.348%, 9/01/2018(c) 2,235,000 -------------- Multi-Family -- 4.6% 2,500,000 New York, NY, City Housing Development Corp., 1.100%, 1/15/2034(c) 2,500,000 2,100,000 Florida Housing Finance Corp., 1.100%, 4/01/2034(c) 2,100,000 10,000,000 New York State Housing Finance Agency LLC, 1.100%, 11/01/2034(c) 10,000,000 4,544,838 Los Angeles, CA, Community Redevelopment Agency, 1.300%, 12/15/2034 4,544,838 -------------- 19,144,838 -------------- Public Power/Utility -- 4.5% $ 19,000,000 New Jersey Economic Development Authority LLC, 1.200%, 9/01/2021(c) $ 19,000,000 -------------- Single-Family -- 1.2% 5,000,000 Connecticut State Housing Finance Authority, 1.160%, 5/15/2033(c) 5,000,000 -------------- Special Purpose Entity -- 15.6% 20,000,000 Market Street Funding Corp, 144A, 1.100%, 1/09/2004 19,995,111 20,000,000 Special Purpose Accounts Receivable Cooperative Corp., 144A, 1.100%, 1/13/2004 19,992,667 10,000,000 Greyhawk Funding LLC, 144A, 1.115%, 1/20/2004 9,994,115 5,000,000 Greyhawk Funding LLC, 144A, 1.100%, 2/05/2004 4,994,653 10,000,000 Long Lane Master Trust IV, 144A, 1.120%, 2/17/2004 9,985,378 -------------- 64,961,924 -------------- U.S. Government Agencies -- 3.1% 5,000,000 Federal Home Loan Mortgage Corp., 1.170%, 3/25/2004 4,986,350 3,000,000 Federal Home Loan Mortgage Corp., 1.300%, 11/02/2004 3,000,000 5,000,000 Federal National Mortgage Association, 1.500%, 11/16/2004 5,000,000 -------------- 12,986,350 -------------- Total Commercial Paper (Cost $346,853,282) 346,853,282 -------------- MEDIUM TERM NOTE -- 4.4% 15,000,000 Caterpillar Financial Services Corp., 1.250%, 7/09/2004 15,000,000 -------------- Total Medium Term Note (Cost $15,000,000) 15,000,000 -------------- CERTIFICATES OF DEPOSIT -- 14.4% 10,000,000 Svenska Handelsbank NY, 1.080%, 1/15/2004 10,000,000 10,000,000 Credit Agricole Indosuez North America, Inc., 1.048%, 1/16/2004 9,999,989 10,000,000 Rabobank Nederland NV NY, 1.043%, 1/22/2004 10,000,000 10,000,000 Harris Trust & Savings, 1.320%, 3/01/2004 9,999,917 10,000,000 Abbey National Treasury Service, 1.040%, 3/08/2004 9,999,819 5,000,000 UBS AG, Stamford CT, 1.095%, 3/15/2004 4,999,875 5,000,000 Credit Agricole Indosuez SA, 1.310%, 4/15/2004(c) 5,000,000 -------------- Total Certificates of Deposit (Cost $59,999,600) 59,999,600 -------------- TIME DEPOSITS -- 2.1% 8,800,000 BNP Paribas SA, 0.938%, 1/02/2004 8,800,000 -------------- Total Time Deposits (Cost $8,800,000) 8,800,000 -------------- SHORT TERM INVESTMENT -- 0.0% 22,494 Repurchase Agreement with Investors Bank & Trust Co. dated 12/31/2003 at 0.75% to be repurchased at $22,495 on 1/02/2004, collateralized by $23,260 Federal National Mortgage Association Bond, 7.00%, due 4/02/2009 valued at $23,704 22,494 -------------- Total Short Term Investment (Cost $22,494) 22,494 -------------- Total Investments -- 103.2% (Identified Cost $430,675,376)(b) 430,675,376 Other assets less liabilities (13,300,558) -------------- Total Net Assets -- 100.0% $ 417,374,818 -------------- (a) See Note 2a of Notes to Financial Statements. (b) The aggregate cost for federal income tax purposes was $430,675,376. (c) Floating rate notes are instruments whose interest rates vary with changes in a designated base rate (such as the prime interest rate) on a specified date (such as coupon date or interest payment date). These instruments are payable on demand and are secured by letters of credit or other credit support agreements from major banks. Maturity dates shown represent the ultimate maturity of the note. 144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $129,897,773 or 31.1% of net assets. 3 See accompanying notes to financial statements. Statement of Assets & Liabilities December 31, 2003 (unaudited) ASSETS Investments, at value (Identified cost $430,675,376) $ 430,675,376 Receivable for: Shares sold 654,432 Interest 447,715 -------------- 431,777,523 -------------- LIABILITIES Payable for: Shares redeemed 13,770,951 Dividends payable 2,419 Accrued expenses: Management fees 151,736 Deferred Trustees' fees 168,957 Transfer agent 193,247 Accounting and administrative fees 44,453 Other expenses 70,942 -------------- 14,402,705 -------------- NET ASSETS $ 417,374,818 ============= Net assets consist of: Paid in capital $ 417,307,622 Undistributed (overdistributed) net investment income 67,382 Accumulated net realized gain (loss) on investments (186) -------------- NET ASSETS $ 417,374,818 ============== COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: Class A shares: Net assets $ 383,755,503 ============== Shares of beneficial interest 383,689,994 ============== Net asset value and redemption price per share $ 1.00 ============== Class B shares: Net assets $ 31,019,976 ============== Shares of beneficial interest 31,019,059 ============== Net asset value and redemption price per share $ 1.00 ============== Class C shares: Net assets $ 2,599,339 ============== Shares of beneficial interest 2,598,783 ============== Net asset value and redemption price per share $ 1.00 ============== See accompanying notes to financial statements. 4 Statement of Operations For the Six Months Ended December 31, 2003 (unaudited) INVESTMENT INCOME Interest $ 2,595,282 -------------- Expenses Management fees 905,217 Trustees' fees and expenses 48,432 Accounting and administrative 186,162 Custodian fees 43,563 Transfer agent 790,420 Audit and tax services 12,815 Legal fees 24,028 Shareholder reporting 28,352 Registration fees 33,894 Miscellaneous 18,525 -------------- Total expenses 2,091,408 -------------- Net investment income 503,874 -------------- REALIZED GAIN (LOSS) ON INVESTMENTS Realized gain (loss) on investments - net 250 -------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 504,124 ============== 5 See accompanying notes to financial statements. Statements of Changes in Net Assets Six Months Ended December 31, Year Ended 2003 June 30, (unaudited) 2003 ------------- ------------- FROM OPERATIONS Net investment income $ 503,874 $ 3,936,662 Net realized gain (loss) on investments 250 1,073 ------------- ------------- Increase (decrease) in net assets resulting from operations 504,124 3,937,735 ------------- ------------- FROM DISTRIBUTIONS TO SHAREHOLDERS: Net investment income Class A (463,100) (3,638,617) Class B (37,127) (283,294) Class C (3,647) (34,420) ------------- ------------- (503,874) (3,956,331) ------------- ------------- FROM CAPITAL SHARE TRANSACTIONS Proceeds from sale of shares (a) 271,806,176 626,533,663 Net asset value of shares issued in connection with the reinvestment of dividends from net investment income and distributions from net realized gains 618,688 3,848,644 Cost of shares redeemed (314,007,554) (703,454,020) ------------- ------------- Decrease in net assets derived from capital share transactions (41,582,690) (73,071,713) ------------- ------------- Total decrease in net assets (41,582,440) (73,090,309) NET ASSETS Beginning of period 458,957,258 532,047,567 ------------- ------------- End of period $ 417,374,818 $ 458,957,258 ============= ============= UNDISTRIBUTED NET INVESTMENT INCOME $ 67,382 $ 67,382 ============= ============= (a) Shares of the series are sold and redeemed at Net Asset Value ($1.00). See accompanying notes to financial statements. 6 Financial Highlights For a share outstanding throughout each period.
Income from investment Less operations: distributions: -------------------------------------- ------------------------------------------- Net asset Net realized value, and Dividends Distributions Net asset beginning Net unrealized Total from from net from net value, Total of investment gain (loss) on investment investment realized Total end of return the period income investments operations income capital gains distributions the period (%) ---------- ---------- -------------- ---------- ---------- ------------- ------------- ---------- ------ CASH MANAGEMENT TRUST- MONEY MARKET SERIES - ------------------------------------------ Class A,B,C 12/31/2003(b) $ 1.00 $ 0.0011 -- $ 0.0011 $ (0.0011) -- $ (0.0011) $ 1.00 0.1 6/30/2003 1.00 0.0076 -- 0.0076 (0.0076) -- (0.0076) 1.00 0.8 6/30/2002 1.00 0.0175 -- 0.0175 (0.0175)(a) -- (0.0175) 1.00 1.8 6/30/2001 1.00 0.0524 -- 0.0524 (0.0524)(a) -- (0.0524) 1.00 5.4 6/30/2000 1.00 0.0498 -- 0.0498 (0.0498)(a) -- (0.0498) 1.00 5.1 6/30/1999 1.00 0.0445 -- 0.0445 (0.0445)(a) -- (0.0445) 1.00 4.6
The subadviser to the Trust prior to June 1, 2001, was Back Bay Advisors, L.P. Effective June 1, 2001, Reich & Tang Asset Management, LLC became the subadviser to the Trust. (a) Including net realized gain (loss) on investments. (b) For the six months ended December 31, 2003 (unaudited). (c) Computed on an annualized basis for periods of less than one year. 7 See accompanying notes to financial statements. Ratios to average net assets: ---------------------- Net assets, Net end of Investment the period Expenses income (000's) (%) (%) - ----------- -------- ---------- $ 417,375 0.92(c) 0.22(c) 458,957 0.88 0.77 532,048 0.91 1.75 545,151 0.84 5.27 603,916 0.84 4.96 664,609 0.84 4.96 8 Notes to Financial Statements For the Six Months Ended December 31, 2003 (unaudited) 1. Organization. CDC Nvest Cash Management Trust (the "Trust") is organized as Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Declaration of Trust permits the Trustees to issue an unlimited number of shares of the Trust. CDC Nvest Cash Management Trust - Money Market Series (the "Money Market Fund") offers Class A, Class B and Class C shares. The Money Market Fund seeks maximum current income consistent with preservation of capital and liquidity. Shares of the Money Market Fund are sold without a front end sales charge. Shares acquired by exchange of shares of another CDC Nvest stock or bond fund may be subject to a contingent deferred sales charge. 2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The Trust's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America that require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. a. Security Valuation. The Trust employs the amortized cost method of security valuation as set forth in Rule 2a-7 under the 1940 Act which, in the opinion of the Trustees of the Trust, represents the fair value of the particular security. The amortized cost of a security is determined by valuing it at original cost and thereafter assumes a constant accretion/amortization to maturity of any discount/premium. b. Repurchase Agreements. The Trust, through its custodian, receives delivery of the underlying securities collateralizing repurchase agreements. It is the Trust's policy that the market value of the collateral be at least equal to 102% of the repurchase price including interest. The subadviser is responsible for determining that the value of the collateral is at all times at least equal to 102% of the repurchase price. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Trust's ability to dispose of the underlying security. c. Security Transactions and Related Investment Income. Security transactions are accounted for on trade date and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. d. Federal Income Taxes. The Trust intends to meet the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income. Accordingly, no provision for federal income tax has been made. Distributions from net investment income and short-term capital gains are treated as ordinary income for tax purposes. e. Dividends and Distributions to Shareholders. Dividends and distributions are declared daily to shareholders of record at the time and are paid monthly. Long-term gain distributions, if any, will be made annually. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to deferred Trustee fees. f. Other. The Money Market Fund invests primarily in a portfolio of money market instruments maturing in 397 days or less whose ratings are within the two highest rating categories of a nationally recognized rating agency or, if not rated, are believed to be of comparable quality. The ability of the issuers of the securities held by the Money Market Fund to meet their obligations may be affected by foreign, economic, political and legal developments in the case of foreign banks, foreign branches, or subsidiaries of U.S. banks, or domestic economic developments in a specific industry, state or region. 3. Investment Transactions. For the six months ended December 31, 2003, purchases and sales or maturities of short-term obligations (including securities purchased subject to repurchase agreements) were $4,010,449,188 and $4,037,516,782, respectively. 4. Management Fees and Other Transactions with Affiliates. a. Management Fees. CDC IXIS Asset Management Advisers, L.P. ("CDC IXIS Advisers") is the investment adviser to the Money Market Fund. Under the terms of the management agreement, the Money Market Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on the Trust's average daily net assets: Percentage of Average Daily Net Assets -------------------------------------------- First Next Next Next Over $500 $500 $500 $500 $2 Trust million million million million billion - ----------------- ------- ------- ------- ------- ------- Money Market Fund 0.400% 0.375% 0.325% 0.275% 0.225% 9 Notes to Financial Statements (continued) For the Six Months Ended December 31, 2003 (unaudited) For the six months ended December 31, 2003, management fees for the Trust were $905,217 (0.400% of average daily net assets). CDC IXIS Advisers has agreed to voluntarily waive its management fee (and, to the extent necessary bear other expenses of the Money Market Fund) in order to preserve the net asset value of the Money Market Fund at $1.00 per share. This expense limitation is voluntary and temporary and may be revised or terminated at any time without notice. For the six months ended December 31, 2003, no expenses were waived. CDC IXIS Advisers has entered into a subadvisory agreement on behalf of the Money Market Fund with Reich & Tang Asset Management, LLC ("Reich & Tang"). Payments to CDC IXIS Advisers are reduced by payments to the subadviser. CDC IXIS Advisers and Reich & Tang are wholly owned subsidiaries of CDC IXIS Asset Management North America, L.P. ("CDC IXIS North America"). Certain officers and directors of CDC IXIS Advisers are also officers or Trustees of the Trust. b. Accounting and Administrative Expense. CDC IXIS Asset Management Services, Inc. ("CIS"), a wholly owned subsidiary of CDC IXIS North America, performs certain accounting and administrative services for the Trust and has subcontracted with Investors Bank & Trust Company ("IBT"), to serve as subadministrator. Pursuant to the agreement between the Trust, CDC Nvest Funds Trust I, CDC Nvest Funds Trust II, CDC Nvest Funds Trust III, CDC Nvest Companies Trust I, Loomis Sayles Funds I, Loomis Sayles Funds II (the "Trusts"), and CIS, the Money Market Fund pays CIS its pro rata portion of a group fee for these services representing the higher amount based on the following calculations: (1) Percentage of Eligible Average Daily Net Assets ------------------------------------- First Next Over $5 billion $5 billion $10 billion ---------- ---------- ----------- 0.0675% 0.0625% 0.0500% or (2) The Money Market Fund's pro rata portion, allocated based on the combined assets of the Trusts, of the annual aggregate minimum fee of $5 million. For the six months ended December 31, 2003, the Trust paid $186,162 to CIS for accounting and administrative services. Prior to October 1, 2003, the annual rate as a percentage of average daily net assets was 0.0600% on the first $5 billion in average daily net assets, 0.0500% on the next $5 billion in average daily net assets, and 0.0450% on average daily net assets over $10 billion. The annual aggregate minimum fee was $3.4 million. c. Transfer Agent Fees. CIS is the transfer and shareholder servicing agent for the Money Market Fund and has subcontracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Money Market Fund pays CIS service fees for servicing shareholder accounts. Classes A, B and C pay service fees monthly representing the higher amount based on the following calculations: (1) An annual aggregate fee determined by applying an annual fee rate (see schedule below) to the eligible average daily net assets. Eligible assets are the average daily net assets of all accounts in the Money Market Fund. First Next Over $650 million $5 billion $5.65 billion ------------ ---------- ------------- 0.239% 0.200% 0.195% Each Class of shares is subject to a monthly class minimum of $1,500. or (2) An allocated portion, based on eligible assets, of an aggregate annual minimum fee of $1.2 million beginning September 15, 2003. For the period from July 1, 2003 to September 14, 2003, the aggregate anual minimum fee was $1.2 million. Effective January 1, 2004, the annual minimum fee changed to $1.4 million. In addition, pursuant to other servicing agreements, the classes pay service fees to other firms that provide similar services for their own shareholder accounts. For the six months ended December 31, 2003, the Trust paid $558,696 to CIS as compensation for its services as transfer agent. Additionally, the Trust paid CIS, BFDS and other firms out-of-pocket expenses. 10 Notes to Financial Statements (continued) For the Six Months Ended December 31, 2003 (unaudited) d. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of CDC IXIS Advisers, CDC IXIS Asset Management Distributors, L.P., CDC IXIS North America, CIS or their affiliates. Each other Trustee receives a retainer fee at the annual rate of $45,000 and meeting attendance fees of $4,500 for each meeting of the Board of Trustees attended. Each committee member receives an additional retainer fee at the annual rate of $7,000 while each committee chairman receives a retainer fee (beyond the $7,000 fee) at the annual rate of $5,000. The retainer fees assume four Board or Committee meetings per year; Trustees are compensated for each additional Board or Committee meeting in excess of four per year, at the rate of $4,500 and $1,750, respectively. These fees are allocated to the various series of the 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. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Each participating Trustee will receive an amount equal to the value that such deferred compensation would have been had it been invested in the Trust or certain other series of the Trusts on the normal payment date. Deferred amounts remain in the Trust until distributed in accordance with the Plan. e. Publishing Services. CIS performs certain desktop publishing services for the Trust. Fees for these services are presented in the statement of operations as shareholder reporting. For the six months ended December 31, 2003, the Trust paid $719 to CIS as compensation for these services. 11 This Page Intentionally Left Blank This Page Intentionally Left Blank This Page Intentionally Left Blank Item 2. Code of Ethics. The Trust has adopted a code of Ethics that applies to the Trust's principal executive officer, principal financial officer and persons performing similar functions. Item 3. Audit Committee Financial Expert. The Board of Trustees of the Trust has established an audit committee. Ms. Sandra O. Moose, Messrs. Edward A. Benjamin and Daniel M. Cain, all members of the audit committee serve as financial experts. Each of these individuals is also an Independent Trustee of the Trust. Item 4. Principal Accountant Fees and Services. Not applicable. Item 5 and Item 6. [Reserved.] Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. Item 8. [Reserved.] Item 9. Controls and Procedures The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust 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 significant changes or corrective actions with regard to significant deficiencies or material weaknesses in the Trust's internal controls or in other factors that could significantly affect the Trust's internal controls subsequent to the date of their evaluation. Item 10. Exhibits. (a) Code of Ethics. (b) Certifications of Principal Executive Officer and Principal Financial Officer. 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. CDC Nvest Cash Management Trust By: /s/ JOHN T. HAILER ---------------------------------- Name: John T. Hailer Title: President and Chief Executive Officer Date: February 24, 2004 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/ JOHN T. HAILER ---------------------------------- Name: John T. Hailer Title: President & Chief Executive Officer Date: February 24, 2004 By:/s/ NICHOLAS PALMERINO ----------------------------------- Name: Nicholas H. Palmerino Title: Treasurer Date: February 24, 2004 EXHIBIT INDEX (a) Code of Ethics of CDC Nvest Cash Management Trust (b)(1) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2 under the Investment Company Act of 1940 (b)(2) Certifications of principal executive officer and principal financial officer as required by Section 906 of the Sarbanes-Oxley Act of 2002. EX-99.CODEETH 3 dex99codeeth.txt CODE OF ETHICS CDC NVEST FUNDS TRUST I CDC NVEST FUNDS TRUST II CDC NVEST FUNDS TRUST III CDC NVEST CASH MANAGEMENT TRUST CDC NVEST TAX EXEMPT MONEY MARKET TRUST CDC NVEST COMPANIES TRUST I AEW REAL ESTATE INCOME FUND LOOMIS SAYLES FUNDS I LOOMIS SAYLES FUNDS II Dated August, 2003 CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS I. Covered Persons/Purpose of the Code This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the registered investment companies (each a "Fund" and, collectively, the "Funds") listed on Exhibit A and applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons," all covered persons are set forth in Exhibit B) for the purpose of promoting: . Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; . Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the registrant . Compliance with applicable governmental laws, rules and regulations; . The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code of violations of the Code; and . Accountability for adherence to the Code. Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest. II. Covered Persons Should Handle Ethically Actual and Apparent Conflicts of Interest Overview. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Person's, or a member of the Covered Person's family or household, receives improper personal benefits as a result of the Covered Person's position with the Fund. Certain conflicts of interest arise out of the relationships between Covered Persons and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940 (including the regulations thereunder, the "Investment Advisers Act"). For example, Covered Persons may not engage in certain transactions with the Fund because of their status as "affiliated persons" of the Fund. The Funds and their investment advisers; subadvisers; distributors and administrators (each a "Service Provider" and, collectively, the "Service Providers") compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this code. Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a Service Provider, or for each), be involved in establishing policies and implementing decisions that will have different effects on the Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees ("Boards") that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest. Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of a Fund. Each Covered Person must not: . use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Person would benefit personally to the detriment of the Fund; -2- . cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than the benefit the Fund; or . retaliate against any other Covered Person or any employee of the Funds or their Service Providers for reports of potential violations that are made in good faith. There are some conflict of interest situations that should always be approved by the Chief Legal Officer ("CLO") of the Fund (or, with respect to activities of the CLO if he/she is a Covered Person, by the President ). These conflict of interest situations are listed below: . service on the board of directors or governing board of a publicly traded entity; . acceptance of any investment opportunity, gift, gratuity or other thing of more than nominal value from any person or entity that does business, or desires to do business, with the Fund. This restriction shall not apply to (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100 or (ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable; . any ownership interest in, or any consulting relationship with, any entities doing business with a Fund, other than a Service Provider or an affiliate of a Service Provider. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; and . a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment with a Service Provider or its affiliate. This restriction shall not apply to or otherwise limit (i) the ownership of publicly traded securities so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding or (ii) the receipt by the Service Provider of research or other benefits in exchange for "soft dollars". III. Disclosure and Compliance . Each Covered Person should familiarize himself with the disclosure requirements generally applicable to a Fund; . Each Covered Person should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the -3- Fund, including to the Fund's Board and auditors, and to governmental regulators and self-regulatory organizations; . Each Covered Person should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and . It is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. IV. Reporting and Accountability Each Covered Person must: . upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the Funds that he/she has received, read, and understands the Code; . annually thereafter affirm to the Funds that he/she has complied with the requirements of the Code; and . notify the CLO of the Funds promptly if he/she knows of any violation of this Code (with respect to violations by the CLO if he/she is a Covered Person, the Covered Person shall report to the President). Failure to do so is itself a violation of this Code. The CLO of a Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers other than those this Code states can be granted by the CLO, sought by the CLO or Covered Person will be considered by the relevant Fund's Audit Committee (the "Committee"). The Funds will follow these procedures in investigating and enforcing this Code: . the CLO will take all appropriate action to investigate any potential violations reported, which may include the use of internal or external counsel, accountants or other personnel; . if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take any further action; . any matter that the CLO believes is a violation will be reported to the Committee; -4- . if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Person; . the Committee will be authorized to grant waivers, as it deems appropriate; and . any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. V. Other Policies and Procedures This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds and their Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code. VI. Amendments Any amendments to this Code with respect to a Fund, other than administrative amendments to Exhibits A and B, must be approved or ratified by a majority vote of the Fund's Board, including a majority of independent trustees. VII. Confidentiality All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board. VII. Internal Use The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion. -5- Exhibit A Registered Investment Companies CDC Nvest Funds Trust I CDC Nvest Funds Trust II CDC Nvest Funds Trust III CDC Nvest Cash Management Trust CDC Nvest Tax Exempt Money Market Trust CDC Nvest Companies Trust I AEW Real Estate Income Fund Loomis Sayles Funds I Loomis Sayles Funds II -6- Exhibit B Persons Covered by this Code of Ethics
- ------------------------------------------------------------------------------------------------------------- Trust Principal Executive Principal Financial Principal Accounting Officer Officer Officer - ------------------------------------------------------------------------------------------------------------- CDC Nvest John. T. Hailer, Nicholas H. Nicholas H. Funds Trust I Trustee, President and Palmerino, Treasurer Palmerino, Treasurer Chief Executive Officer - ------------------------------------------------------------------------------------------------------------- CDC Nvest John. T. Hailer, Nicholas H. Nicholas H. Funds Trust II Trustee, President and Palmerino, Treasurer Palmerino, Treasurer Chief Executive Officer - ------------------------------------------------------------------------------------------------------------- CDC Nvest John. T. Hailer, Nicholas H. Nicholas H. Funds Trust III Trustee, President and Palmerino, Treasurer Palmerino, Treasurer Chief Executive Officer - ------------------------------------------------------------------------------------------------------------- CDC Nvest John. T. Hailer, Nicholas H. Nicholas H. Companies Trustee, President and Palmerino, Treasurer Palmerino, Treasurer Trust I Chief Executive Officer - ------------------------------------------------------------------------------------------------------------- CDC Nvest John. T. Hailer, Trustee, Nicholas H. Nicholas H. Cash Management President and Chief Palmerino, Treasurer Palmerino, Treasurer Trust Executive Officer - ------------------------------------------------------------------------------------------------------------- CDC Nvest Tax John. T. Hailer, Trustee, Nicholas H. Nicholas H. Exempt Money President and Chief Palmerino, Treasurer Palmerino, Treasurer Market Trust Executive Officer - ------------------------------------------------------------------------------------------------------------- AEW Real Estate John. T. Hailer, Trustee, Nicholas H. Nicholas H. Income Fund President and Chief Palmerino, Treasurer Palmerino, Treasurer Executive Officer - ------------------------------------------------------------------------------------------------------------- Loomis Sayles Robert J. Blanding, Nicholas H. Palmerino, Nicholas H. Funds I and Trustee, Chief Executive Treasurer Palmerino, Treasurer Loomis Sayles Officer Funds II - -------------------------------------------------------------------------------------------------------------
-7- EX-99.CERT 4 dex99cert.txt SECTION 302 CERTIFICATIONS CDC Nvest Cash Management Trust Exhibit to SEC Form N-CSR Section 302 Certifications I, Nicholas H. Palmerino, certify that: 1. I have reviewed this report on Form N-CSR of CDC Nvest Cash Management Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materials respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows), of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made know to us by others within those entities, particularly during the period in which this report is being prepared; b. Evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing of this report (the "Evaluation Date"); and c. Presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to the significant deficiencies and material weaknesses. Date: February 25, 2004 /s/ NICHOLAS H. PALMERINO ------------------------- Nicholas H. Palmerino Treasurer CDC Nvest Cash Management Trust Exhibit to SEC Form N-CSR Section 302 Certifications I, John T. Hailer, certify that: 1. I have reviewed this report on Form N-CSR of CDC Nvest Cash Management Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materials respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows), of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made know to us by others within those entities, particularly during the period in which this report is being prepared; b. Evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing of this report (the "Evaluation Date"); and c. Presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to the significant deficiencies and material weaknesses. Date: February 25, 2004 /s/JOHN T. HAILER ------------------------------------ John T. Hailer President & Chief Executive Officer EX-99.906CERT 5 dex99906cert.txt SECTION 906 CERTIFICATIONS Exhibit (b)(2) CDC Nvest Cash Management Trust Section 906 Certification In connection with the report on Form N-CSR for the period ended December 31, 2003 for the Registrant (the "Report"), the undersigned each hereby certifies to the best of his knowledge, pursuant to section 906 of the Sarbanes-Oxely Act of 2002, that: 1. the Report complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as applicable; and 2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. By: By: President & Chief Executive Officer Treasurer CDC Nvest Cash Management Trust CDC Nvest Cash Management Trust /s/ JJOHN T. HAILER /s/ NICHOLAS H. PALMERINO - ------------------- ------------------------- John T. Hailer Nicholas H. Palmerino Date: February 25, 2004 Date: February 25, 2004 A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the CDC Nvest Cash Management Trust and will be retained by the CDC Nvest Cash Management Trust and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----