Natixis Cash Management Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-02819

Natixis Cash Management Trust

(Exact name of Registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: June 30

Date of reporting period: December 31, 2010

Item 1. Reports to Stockholders.

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

SEMIANNUAL REPORT

December 31, 2010

Natixis Cash Management Trust – Money Market Series

Reich & Tang Asset Management, LLC

TABLE OF CONTENTS

Investment Resultspage  1

Portfolio of Investments page 4

Financial Statements page 5

NATIXIS CASH MANAGEMENT TRUST��— MONEY MARKET SERIES

Expense Ratios³

as stated in the most recent prospectus

Share Class	Gross Expense  Ratio*			Net Expense  Ratio**
A		0.72	%		0.65	%
B		0.72			0.65
C		0.72			0.65

* Before fee waivers and/or expense reimbursements.

** After fee waivers and/or expense reimbursements. Fee waivers and/or expense reimbursements are contractual and are set to expire 8/31/11. Contracts are reevaluated on an annual basis.

1 These returns include reinvestment of distributions, represent past performance and do not predict future results. Returns do not reflect taxes shareholders might owe on any fund distributions. Periods of less than one year are not annualized.

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

3 The fund’s adviser, Natixis Asset Management Advisors, L.P., has temporarily agreed to waive its management fee and/or reimburse certain expenses to the extent necessary to maintain a constant net asset value of $1.00 per share. This agreement is voluntary and may be terminated at any time. This agreement is not reflected as part of the Net Expense Ratio in the current prospectus.

Annualized Seven-Day Yield — December 31, 2010

Class A, B & C 0.00 % 

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 Returns¹ — December 31, 2010²

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A (Inception 7/10/78)
Net Asset Value		0.02	%		0.02	%		2.42	%		1.99	%
Class B (Inception 9/13/93)
Net Asset Value		0.02			0.02			2.42			1.99
Class C (Inception 3/1/98)
Net Asset Value		0.02			0.02			2.43			1.99

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ADDITIONAL INFORMATION

PROXY VOTING INFORMATION

A description of the fund’s proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the fund’s website at ga.natixis.com; and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2010 is available from the fund’s website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

NOT FDIC INSURED MAY LOSE VALUE NO BANK  GUARANTEE

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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. In addition, the fund may assess a minimum balance fee of $20 on an annual basis for accounts that fall below the required minimum to establish an account. Certain exemptions may apply. These costs are described in more detail in the fund’s prospectus. The examples below are intended to help you understand the ongoing costs of investing in the fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for 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, 2010 through December 31, 2010. 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 = 8.6) and multiply the result by the number in the Expenses Paid During the Period column as shown below 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. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

NATIXIS CASH MANAGEMENT TRUST – MONEY MARKET SERIES	BEGINNING ACCOUNT VALUE 7/1/2010		ENDING ACCOUNT VALUE 12/31/2010		EXPENSES PAID DURING PERIOD* 7/1/2010 – 12/31/2010
Class A
Actual		$1,000.00		$1,000.20		$1.92
Hypothetical (5% return before expenses)		$1,000.00		$1,023.29		$1.94
Class B
Actual		$1,000.00		$1,000.20		$1.92
Hypothetical (5% return before expenses)		$1,000.00		$1,023.29		$1.94
Class C
Actual		$1,000.00		$1,000.20		$1.92
Hypothetical (5% return before expenses)		$1,000.00		$1,023.29		$1.94

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.38% for Class A, B and C, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period). The fund’s adviser, Natixis Asset Management Advisors, L.P., has temporarily agreed to waive its management fee and/or reimburse certain expenses to the extent necessary to maintain a constant net asset value of $1.00 per share. This agreement is voluntary and may be terminated at any time.

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Portfolio of Investments – as of December 31, 2010 (Unaudited)

Natixis Cash Management Trust — Money Market Series

Principal Amount		Description	Value (†)
	Certificates of Deposit — 44.0% of Net Assets
$	9,500,000	Standard Chartered Bank (NY), 0.320%, 1/05/2011	$	9,500,000
	9,500,000	Credit Industriel et Commercial (NY), 0.400%, 1/06/2011		9,500,000
	2,700,000	UniCredit Bank AG (NY), 0.550%, 1/21/2011		2,700,015
	10,000,000	Svenska Handelsbanken (NY), 0.460%, 1/27/2011		10,000,072
	7,000,000	Bank of Nova Scotia (TX), 0.250%, 2/09/2011		7,000,000
	5,000,000	Landesbank Hessen Thueringen Girozentrale, 0.320%, 2/14/2011		5,000,061
	5,000,000	Bank of Tokyo-Mitsubishi UFJ (NY), 0.260%, 2/15/2011		5,000,062
	5,000,000	Skandinaviska Enskilda Banken (NY), 0.300%, 2/15/2011		5,000,000
	9,500,000	KBC Bank NV (NY), 0.625%, 2/22/2011		9,501,026
	10,000,000	Dexia Credit Local SA (NY), 0.561%, 6/29/2011(b)		10,000,000
		Total Certificates of Deposit (Identified Cost $73,201,236)		73,201,236
	Time Deposits — 28.2%
	5,400,000	UBS Securities LLC, 0.100%, 1/03/2011		5,400,000
	8,300,000	BNP Paribas, 0.100%, 1/03/2011		8,300,000
	8,300,000	Royal Bank of Canada, 0.125%, 1/03/2011		8,300,000
	8,300,000	National Bank of Canada, 0.170%, 1/03/2011		8,300,000
	8,300,000	Commerzbank AG, 0.180%, 1/03/2011		8,300,000
	8,300,000	Citibank, 0.190%, 1/03/2011		8,300,000
		Total Time Deposits (Identified Cost $46,900,000)		46,900,000
	Financial Company Commercial Paper — 17.5%
	8,000,000	Societe Generale North America, 0.250%, 1/04/2011(c)		7,999,833
	10,000,000	Nordea North America, Inc., 0.440%, 1/14/2011(c)		9,998,411
	5,000,000	Santander Central Hispano Finance (DE), 0.500%, 1/25/2011(c)		4,998,333
	6,000,000	General Electric Capital Corp., 0.220%, 2/16/2011(c)		5,998,314
		Total Financial Company Commercial Paper (Identified Cost $28,994,891)		28,994,891
	Variable Rate Demand Notes — 5.5%
	1,615,000	Kansas City, MO Special Obligation Bond, (Credit Support: JPMorgan Chase), 0.410%, 3/01/2028(d)		1,615,000
	7,500,000	New Jersey State Housing & Mortgage Finance Agency, (Credit Support: Bank of America), 0.430%, 11/01/2039(d)		7,500,000
		Total Variable Rate Demand Notes (Identified Cost $9,115,000)		9,115,000
	Asset Backed Commercial Paper — 5.4%
	9,000,000	Chesham Finance LLC, 0.400%, 1/06/2011, 144A(c) (Identified Cost $8,999,500)		8,999,500

	Description	Value (†)
	Total Investments — 100.6% (Identified Cost $167,210,627)(a)	$	167,210,627
	Other assets less liabilities — (0.6)%		(952,918	)
	Net Assets — 100.0%	$	166,257,709
(†)	See Note 2 of Notes to Financial Statements.
(a)	The aggregate cost for federal income tax purposes was $167,210,627.
(b)	Security payable on demand at par including accrued interest with seven days notice. The interest rate changes monthly based upon 1 month Libor. The spread to 1 month Libor changes each month. The rate shown is the rate in effect at the date of this statement.
(c)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(d)	Security payable on demand at par including accrued interest (usually with seven days notice). The interest rate is adjustable and is based on bank prime rates or other interest rate adjustment indices. The rate shown is the rate in effect at the date of this statement.
144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2010, the total value of this security amounted to $8,999,500 or 5.4% of net assets.

Investment Summary at December 31, 2010 (Unaudited)

Certificates of Deposit	44.0	%
Time Deposits	28.2
Financial Company Commercial Paper	17.5
Variable Rate Demand Notes	5.5
Asset Backed Commercial Paper	5.4
Total Investments	100.6
Other assets less liabilities	(0.6	)
Net Assets	100.0	%

See accompanying notes to financial statements.

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Statement of Assets and Liabilities

December 31, 2010 (Unaudited)

ASSETS
Investments, at amortized cost approximating value	$	167,210,627
Cash		93,716
Receivable for Fund shares sold		36,683
Receivable from investment adviser (Note 5)		1,716
Interest receivable		62,412
TOTAL ASSETS		167,405,154
LIABILITIES
Payable for Fund shares redeemed		733,225
Deferred Trustees’ fees (Note 5)		239,322
Administrative fees payable (Note 5)		7,097
Other accounts payable and accrued expenses		167,801
TOTAL LIABILITIES		1,147,445
NET ASSETS	$	166,257,709
NET ASSETS CONSIST OF:
Paid-in capital	$	166,459,952
Distributions in excess of net investment income		(202,243	)
NET ASSETS	$	166,257,709
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	146,631,151
Shares of beneficial interest		146,597,001
Net asset value and offering price per share	$	1.00
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	11,913,932
Shares of beneficial interest		11,915,616
Net asset value and offering price per share	$	1.00
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	7,712,626
Shares of beneficial interest		7,712,745
Net asset value and offering price per share	$	1.00

See accompanying notes to financial statements.

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Statement of Operations

For the Six Months Ended December 31, 2010 (Unaudited)

NET INVESTMENT INCOME
Interest	$	385,455
Expenses
Management fees (Note 5)		348,119
Administrative fees (Note 5)		46,717
Trustees’ fees and expenses (Note 5)		22,782
Transfer agent fees and expenses (Note 5)		225,648
Audit and tax services fees		13,373
Custodian fees and expenses		21,977
Legal fees		2,178
Registration fees		31,513
Shareholder reporting expenses		25,542
Miscellaneous expenses		21,016
Total expenses		758,865
Less expense offset (Note 5)		(44,493	)
Less waiver and/or expense reimbursement (Note 5)		(340,169	)
Net expenses		374,203
Net investment income		11,252
REALIZED GAIN ON INVESTMENTS		7,566
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,818

See accompanying notes to financial statements.

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Statement of Changes in Net Assets

	Six Months Ended December 31, 2010 (Unaudited)			Year Ended June 30, 2010
FROM OPERATIONS:
Net investment income	$	11,252		$	62,503
Net realized gain on investments		7,566			2,583
Net increase in net assets resulting from operations		18,818			65,086
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(26,943	)		(54,162	)
Class B		(2,117	)		(4,529	)
Class C		(1,335	)		(3,812	)
Total distributions		(30,395	)		(62,503	)
FROM CAPITAL SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares		83,068,754			174,934,072
Net asset value of shares issued in connection with the reinvestment of distributions		29,195			60,057
Cost of shares redeemed		(124,090,310	)		(222,902,881	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS		(40,992,361	)		(47,908,752	)
Net decrease in net assets		(41,003,938	)		(47,906,169	)
NET ASSETS
Beginning of the period		207,261,647			255,167,816
End of the period	$	166,257,709		$	207,261,647
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(202,243	)	$	(190,666	)

See accompanying notes to financial statements.

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Financial Highlights

For a share outstanding throughout each period

			Income (Loss) from Investment Operations:					Less Distributions:
	Net asset value, beginning of the period		Net investment income			Total from investment operations		Dividends from net investment income			Net asset value, end of the period
Class A
12/31/2010(g)	$	1.00	$	0.0002	(k)	$	0.0002	$	(0.0002	)	$	1.00
6/30/2010		1.00		0.0003	(a)		0.0003		(0.0003	)		1.00
6/30/2009		1.00		0.0146	(a)		0.0146		(0.0146	)		1.00
6/30/2008		1.00		0.0376	(a)		0.0376		(0.0376	)		1.00
6/30/2007		1.00		0.0469	(a)		0.0469		(0.0469	)		1.00
6/30/2006		1.00		0.0351	(a)		0.0351		(0.0351	)		1.00
Class B
12/31/2010(g)		1.00		0.0002	(k)		0.0002		(0.0002	)		1.00
6/30/2010		1.00		0.0003	(a)		0.0003		(0.0003	)		1.00
6/30/2009		1.00		0.0146	(a)		0.0146		(0.0146	)		1.00
6/30/2008		1.00		0.0376	(a)		0.0376		(0.0376	)		1.00
6/30/2007		1.00		0.0469	(a)		0.0469		(0.0469	)		1.00
6/30/2006		1.00		0.0351	(a)		0.0351		(0.0351	)		1.00
Class C
12/31/2010(g)		1.00		0.0002	(k)		0.0002		(0.0002	)		1.00
6/30/2010		1.00		0.0003	(a)		0.0003		(0.0003	)		1.00
6/30/2009		1.00		0.0146	(a)		0.0147		(0.0147	)		1.00
6/30/2008		1.00		0.0376	(a)		0.0376		(0.0376	)		1.00
6/30/2007		1.00		0.0469	(a)		0.0469		(0.0469	)		1.00
6/30/2006		1.00		0.0351	(a)		0.0351		(0.0351	)		1.00

(a) Including net realized gain (loss) of less than $.0001 per share.

(b) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower. Periods of less than one year, if applicable, are not annualized.

(c) Computed on an annualized basis for periods less than one year, if applicable.

(d) Represents expenses net of minimum balance fees deducted from shareholder accounts and retained by the Fund, if applicable.

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

(f) Amount rounds to less than 0.01% per share, if applicable.

(g) For the six months ended December 31, 2010 (Unaudited).

(h) The effect of voluntary fee waiver and/or reimbursement of Fund expenses by the adviser was 0.27%, 0.27% and 0.27% for Class A, B and C, respectively. See Note 5 of Notes to Financial Statements.

(i) The effect of voluntary fee waiver and/or reimbursement of Fund expenses by the adviser was 0.32%, 0.32% and 0.31% for Class A, B and C, respectively. See Note 5 of Notes to Financial Statements.

(j) Includes fee/expense recovery of 0.01%, 0.01% and less than 0.01% Class A, B and C, respectively.

(k) Including net realized gain of $.0001 per share.

See accompanying notes to financial statements.

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				Ratios to Average Net Assets:
Total return (%)(b)		Net assets, end of the period (000’s)		Gross expenses (%)(c)			Net expenses (%)(c)(d)(e)			Net investment income (%)(c)(f)
	0.02	$	146,631		0.76			0.38	(h)		0.01
	0.03		181,903		0.73			0.34	(i)		0.03
	1.47		219,446		0.65	(j)		0.63	(j)		1.47
	3.83		219,428		0.68			0.63			3.76
	4.79		221,143		0.71			0.67			4.69
	3.56		233,270		0.82			0.82			3.45
	0.02		11,914		0.76			0.38	(h)		0.01
	0.03		14,438		0.73			0.34	(i)		0.03
	1.47		18,668		0.65	(j)		0.63	(j)		1.43
	3.83		15,478		0.68			0.63			3.76
	4.79		17,127		0.71			0.67			4.69
	3.56		20,425		0.82			0.82			3.45
	0.02		7,713		0.76			0.38	(h)		0.00
	0.03		10,921		0.72			0.35	(i)		0.03
	1.48		17,053		0.63	(j)		0.61	(j)		1.42
	3.83		4,549		0.68			0.63			3.76
	4.79		1,913		0.71			0.67			4.69
	3.56		2,121		0.82			0.82			3.45

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Notes to Financial Statements

December 31, 2010 (Unaudited)

1.  Organization.  Natixis Cash Management Trust – Money Market Series (the “Fund”) is the only series of Natixis Cash Management Trust (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (“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, without par value.

The Fund seeks maximum current income consistent with preservation of capital and liquidity. The Fund offers Class A and Class C shares. Effective at the close of business on December 3, 2010 Class A and Class C shares are no longer offered to new investors. Effective October 12, 2007, Class B shares are no longer offered. Existing Class B shareholders may continue to reinvest dividends into Class B shares and exchange their Class B shares for Class B shares of other Natixis Funds subject to existing exchange privileges as described in the prospectus. The classes of the Fund enable shareholders of another Natixis Fund or Loomis Sayles Fund to invest in the Fund through an exchange of shares. The classes of the Fund are identical except for different exchange privileges.

Shares of the Fund are sold without a front-end sales charge. Shares acquired by exchange of shares from another Natixis Fund or Loomis Sayles Fund may be subject to a contingent deferred sales charge (“CDSC”) if the shares exchanged were subject to a CDSC. For exchanges into the Fund, the holding period for determining the CDSC for Class B and Class C shares will be suspended and resume only when an exchange into an applicable Fund occurs.

Expenses of the Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class. Shares of each class will receive their pro rata share of the net assets of the Fund when the Fund is 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 the Fund in the preparation of its financial statements. The Fund’s financial statements 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 Fund’s financial statements.

a.  Valuation.  The Fund 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. By using amortized cost valuation, the Fund seeks to maintain a constant net asset value of $1.00 per share despite minor shifts in the market value of its portfolio securities.

b.  Repurchase Agreements.  It is the 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 the Fund’s ability to dispose of the underlying securities.

c.  Investment Transactions and Related Investment Income.  Investment 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 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. Management has performed an analysis of the Fund’s tax positions for the open tax years as of December 31, 2010 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years 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 six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. 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.

e.  Dividends and Distributions to Shareholders.  Dividends and distributions, if any, are declared daily to shareholders of record at the time and are paid monthly. Net capital gain distributions, if any, will be made annually. 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

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Notes to Financial Statements (continued)

December 31, 2010 (Unaudited)

generally accepted in the United States of America. Permanent book and tax basis differences relating to shareholder distributions, net investment income, and net realized gains will result in reclassifications to the capital accounts. Distributions from net investment income and short-term capital gains are treated as ordinary income for tax purposes.

During the year ended June 30, 2010 distributions of $87,369 were paid to shareholders from ordinary income on a tax basis. Differences between the distribution amount for the year ended June 30, 2010 and that reported in the Statement of Changes in Net Assets for the same period are attributable to the use of equalization for tax purposes.

f.  Other.  The Fund invests primarily in a portfolio of money market instruments maturing in 397 days or less (45 days or less for second-tier securities) and whose ratings are generally within the two highest rating categories of a nationally recognized rating agency. The ability of the issuers of the securities held by the Fund to meet their obligations may be affected by foreign, economic, political and legal developments in the case of non-U.S. banks, non-U.S. branches, or subsidiaries of U.S. banks, or domestic economic developments in a specific industry, state or region.

g.  Indemnifications.  Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

3.  Fair Value Measurements.  In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the 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.);

• 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 the 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 Fund’s investments as of December 31, 2010, at amortized cost:

Asset Valuation Inputs

Description(a)	Level 1		Level 2		Level 3		Total
Investments in Securities	$	—	$	167,210,627	$	—	$	167,210,627

(a) Major categories of the Fund’s investments are included in the Portfolio of Investments.

4.  Investment Transactions.   For the six months ended December 31, 2010, purchases and proceeds from sales or maturities of short-term obligations (including securities purchased subject to repurchase agreements) were $5,565,030,430 and $5,606,502,968, respectively.

|  12

Notes to Financial Statements (continued)

December 31, 2010 (Unaudited)

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) serves as the investment adviser to the Fund. Under the terms of the management agreement, the Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on the Fund’s average daily net assets:

Percentage of Average Daily Net Assets
First $250 million	Next $250 million		Next $500 million		Next $500 million		Next $500 million		Over $2 billion
0.35%		0.33%		0.31%		0.26%		0.25%		0.20%

Natixis Advisors has entered into a subadvisory agreement on behalf of the Fund with Reich & Tang Asset Management, LLC (“Reich & Tang”). Payments to Natixis Advisors are reduced by the amount of payments to Reich & Tang. Natixis Advisors and Reich & Tang are wholly-owned subsidiaries of Natixis Global Asset Management, L.P. (“Natixis US”), which is part of Natixis Global Asset Management, an international asset management group based in Paris, France. Certain officers and directors of Natixis Advisors are also officers or Trustees of the Fund.

Natixis Advisors has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. This undertaking is in effect until August 31, 2011 and will be reevaluated on an annual basis. Management fees payable, as reflected on the Statement 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 Statement of Assets and Liabilities as receivable from investment adviser. The expense limits as a percentage of average daily net assets under the expense limitation agreement are 0.65% for Class A, Class B and Class C shares of the Fund.

Natixis Advisors shall be permitted to recover expenses it has borne under the expense limitation agreement (whether through waiver of its management fee or otherwise) on a class by class basis in later periods to the extent the expenses of a class fall below a class’ expense limit, 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.

Natixis Advisors has temporarily agreed to waive its management fee and/or reimburse certain expenses (in addition to fees waived and/or expenses reimbursed under the expense limitation agreement) to the extent necessary to maintain a constant net asset value of $1.00 per share. This agreement is voluntary and may be terminated at any time. Fees waived and/or expenses reimbursed pursuant to this voluntary agreement cannot be recovered by Natixis Advisors in later periods.

For the six months ended December 31, 2010, the management fees and waivers of management fees for the Fund were as follows:

Gross Management Fees	Contractual Waiver of Management Fees1	Voluntary Waiver of Management Fees	Net Management Fees	Percentage of Average Daily Net Assets
				Gross	Net
$348,119	$67,736	$272,433	$7,950	0.35%	0.01%

¹ Contractual management fee waivers are subject to possible recovery until June 30, 2012.

No expenses were recovered during the six months ended December 31, 2010 under the terms of the expense limitation agreement.

b.  Distribution Agreement.  Natixis Distributors, L.P. (“Natixis Distributors”), a wholly-owned subsidiary of Natixis US, is the Fund’s distributor pursuant to a distribution agreement, although it receives no compensation from the Fund for such services.

c.  Administrative Fees.  Natixis Advisors provides certain administrative services for the Fund and contracts with State Street Bank and Trust Company (“State Street Bank”) to serve as sub-administrator. Pursuant to an agreement among the Trust, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and Natixis Advisors, the Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion

13  |

Notes to Financial Statements (continued)

December 31, 2010 (Unaudited)

and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis. New funds are subject to a fee for the first twelve months of operations of $75,000 plus $12,500 per additional class and an additional $75,000 if managed by multiple subadvisers.

For the six months ended December 31, 2010, the Fund paid $46,717 in administrative fees to Natixis Advisors.

d.  Sub-Transfer Agent Fees.  Natixis Distributors has entered into agreements with financial intermediaries to provide certain recordkeeping, processing, shareholder communications and other services to customers of the intermediaries and has agreed to compensate the intermediaries for providing those services. Certain services would be provided by the Fund if the shares of those customers were registered directly with the Fund’s transfer agent. Accordingly, the Fund agreed to pay a portion of the intermediary fees attributable to shares of the Fund held by the intermediaries (which generally are a percentage of the value of shares held) not exceeding what the Fund would have paid their transfer agent had each customer’s shares been registered directly with the transfer agent instead of held through the intermediaries. Natixis Distributors pays the remainder of the fees.

For the six months ended December 31, 2010, the Fund paid $5,355 in sub-transfer agent fees, which are reflected in transfer agent fees and expenses in the Statement of Operations.

e.  Trustees Fees and Expenses.  The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distributors, Natixis US or their affiliates. The Chairperson of the Board receives a retainer fee at the annual rate of $250,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $80,000. 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, each committee chairman receives an additional retainer fee at an annual rate of $15,000. Each Contract Review and Governance 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 $7,500 for each Committee meeting that he or she attends in person and $3,750 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 Hansberger International Series 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. Deferred amounts remain in the Fund 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 Hansberger International Series 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 Hansberger International Series, and are normally reflected as Trustees’ fees and expenses in the Statement of Operations. The portions of the accrued obligations allocated to the Fund under the Plan are reflected as Deferred Trustees’ fees in the Statement of Assets and Liabilities.

f.  Minimum Balance Fees.  An annual minimum balance fee of $20 may apply to accounts that fall below the minimum amount required to establish an account, in order to reduce the impact of small accounts on transfer agent fees. These fees are reflected as expense offsets on the Statement of Operations.

6.  Line of Credit.  The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each fund that participates in the line of credit. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. 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.

For the six months ended December 31, 2010, the Fund had no borrowings under these agreements.

|  14

Notes to Financial Statements (continued)

December 31, 2010 (Unaudited)

7.  Capital Shares.  The Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares at a constant net asset value of $1.00 per share were as follows:

	Six Months Ended December 31, 2010		Year Ended June 30, 2010
Class A
Issued from the sale of shares	79,927,346		158,662,089
Issued in connection with the reinvestment of distributions	25,920		52,320
Redeemed	(115,214,804	)	196,260,115	)
Net change	(35,261,538	)	(37,545,706	)
Class B
Issued from the sale of shares	808,818		1,805,127
Issued in connection with the reinvestment of distributions	2,038		4,306
Redeemed	(3,334,005	)	(6,040,082	)
Net change	(2,523,149	)	(4,230,649	)
Class C
Issued from the sale of shares	2,332,590		14,466,856
Issued in connection with the reinvestment of distributions	1,237		3,431
Redeemed	(5,541,501	)	(20,602,684	)
Net change	(3,207,674	)	(6,132,397	)
Increase (decrease) from capital share transactions	(40,992,361	)	(47,908,752	)

8.  Subsequent Event.  On November 19, 2010, the Board of Trustees approved the liquidation and termination of the Fund. It is expected that the sale of the Fund’s assets and the corresponding liquidating distributions to shareholders will be completed on or about February 16, 2011.

15  |

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

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 registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1)	Not applicable.
(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)], filed herewith as Exhibits (a)(2)(1) and (a)(2)(2).
(a) (3)	Not applicable.
(b)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are 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.

Natixis Cash Management Trust
By:	/s/ David L. Giunta
Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	February 23, 2011

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 23, 2011

By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	February 23, 2011