CDC NVEST EQUITY FUNDS

Supplement  dated  February 1, 2004 to CDC Nvest Equity Funds Classes A, B and C
Prospectus dated May 1, 2003, as may be supplemented from time to time

On November 21, 2003, the Board of Trustees of CDC Nvest Funds approved a change
to the load  structure  of the Class C shares  of the Funds to remove  the 1.00%
front-end sales charge payable by the investor.

Effective  February  1, 2004,  the Class C columns in the  Example  table in the
"Fund Fees &  Expenses"  section are revised to reflect the removal of the 1.00%
front-end sales charge on Class C shares as follows:


                                                                                                   

- ------------- --------------------- ------------------------ ------------------------- ------------------- ------------------
                                                                                       HARRIS ASSOCIATES
                                                                                         FOCUSED VALUE        CGM ADVISOR
                                       WESTPEAK CAPITAL         HARRIS ASSOCIATES       FUND (FORMERLY,     TARGETED EQUITY
              AEW REAL ESTATE FUND        GROWTH FUND         GROWTH AND INCOME FUND      SELECT FUND)           FUND
- ------------- --------------------- ------------------------ ------------------------- ------------------- ------------------
- ------------- --------------------- ------------------------ ------------------------- ------------------- ------------------
                    CLASS C                 CLASS C                  CLASS C                CLASS C             CLASS C
- ------------- --------------------- ------------------------ ------------------------- ------------------- ------------------
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------
                 (1)        (2)        (1)          (2)         (1)          (2)         (1)       (2)       (1)       (2)
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------
   1 year       $328       $228        $353        $253         $334         $234       $348      $248       $326     $226
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------
  3 years       $894       $894        $779        $779         $721         $721       $782      $782       $697     $697
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------
  5 years      $1,583     $1,583      $1,331      $1,331       $1,235       $1,235     $1,342    $1,342     $1,195   $1,195
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------
  10 years     $3,421     $3,421      $2,836      $2,836       $2,646       $2,646     $2,869    $2,869     $2,565   $2,565
- ------------- ---------- ---------- ----------- ------------ ----------- ------------- -------- ---------- --------- --------


(1)    Assumes redemption at end of period.

(2)    Assumes no redemption at end of period.

The  example is based on the Net  Expenses  for the  1-year  period for AEW Real
Estate Fund and Focused Value Fund  illustrated  in the Example and on the Total
Annual Fund Operating Expenses for the remaining  periods.  The example is based
on Total Annual Fund Operating Expenses for the other Funds for all periods.
















                                                                      SP216-0104


                             CDC NVEST EQUITY FUNDS
                              CDC NVEST STAR FUNDS
              CDC NVEST CASH MANAGEMENT TRUST - MONEY MARKET SERIES

Supplement  dated  February 1, 2004 to CDC Nvest Equity Funds Classes A, B and C
Prospectus,  CDC Nvest  Equity  Funds Class Y  Prospectus,  CDC Nvest Star Funds
Classes A, B and C Prospectus, CDC Nvest Star Funds Class Y Prospectus all dated
May 1, 2003 and CDC Nvest Cash Management Trust - Money Market Series Prospectus
dated November 1, 2003, each as may be supplemented from time to time


IN THE SECTION ENTITLED "RESTRICTIONS ON BUYING, SELLING AND EXCHANGING SHARES,"
THE FOLLOWING  TEXT  REPLACES THE FIRST  PARAGRAPH OF THE  SUB-SECTION  ENTITLED
"PURCHASE AND EXCHANGE RESTRICTIONS":

The Funds  reserve  the right to suspend or change  the terms of  purchasing  or
exchanging shares.  Each Fund and the Distributor reserve the right to refuse or
limit  any  purchase  or  exchange  order  for  any  reason,  including  if  the
transaction  is  deemed  not to be in the best  interests  of the  Fund's  other
shareholders or possibly disruptive to the management of the Fund.

LIMITS ON  FREQUENT  TRADING.  Without  limiting  the right of each Fund and the
Distributor  to  refuse  any  purchase  or  exchange  order,  each  Fund and the
Distributor may (but are not obligated to) restrict  purchases and exchanges for
the accounts of "market  timers." With respect to  exchanges,  an account may be
deemed to be one of a market  timer if (i) more than two  exchange  purchases of
any Fund are made for the account over a 90-day  interval as  determined  by the
Fund; or (ii) the account makes one or more exchange  purchases of any Fund over
a 90-day interval as determined by the Fund in an aggregate  amount in excess of
1% of the Fund's total net assets.  With respect to new  purchases of a Fund, an
account may be deemed to be one of a market  timer if (i) more than twice over a
90-day  interval  as  determined  by the  Fund,  there is a  purchase  in a Fund
followed by a subsequent redemption; or (ii) there are two purchases into a Fund
by an account,  each followed by a subsequent  redemption over a 90-day interval
as determined  by the Fund in an aggregate  amount in excess of 1% of the Fund's
total net assets.  The preceding are not exclusive  lists of activities that the
Funds and the Distributor may consider to be "market timing."

TRADE ACTIVITY MONITORING.  Trading activity is monitored selectively on a daily
basis in an effort to detect excessive short-term trading activities.  If a Fund
or the  Distributor  believes that a shareholder or financial  intermediary  has
engaged in market timing or other excessive,  short-term  trading  activity,  it
may, in its discretion,  request that the shareholder or financial  intermediary
stop  such  activities  or refuse  to  process  purchases  or  exchanges  in the
accounts. In its discretion,  a Fund or the Distributor may restrict or prohibit
transactions by such identified  shareholders or intermediaries.  In making such
judgments,  the  Funds  and the  Distributor  seek to act in a manner  that they
believe is consistent with the best interests of all shareholders. The Funds and
the Distributor  also reserve the right to notify  financial  intermediaries  of
your trading activity.  Because the Funds and the Distributor will not always be
able to detect  market  timing  activity,  investors  should not assume that the
Funds  will be able to detect or  prevent  all  market  timing or other  trading
practices that may disadvantage the Funds. For example, the ability of the Funds
and the  Distributor  to  monitor  trades  that are  placed by  omnibus or other
nominee  accounts is severely  limited in those  instances  in which the broker,
retirement plan  administrator or fee-based program sponsor maintains the record
of a Fund's underlying beneficial owners.


                                                                      SP218-0204