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OMB APPROVAL
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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 811-09675
----------------------------------
Boston Advisors Trust
-----------------------------------------------------------
(Exact name of registrant as specified in charter)
One Federal Street, Boston, MA 02110
-------------------------------------------------------- ------------
(Address of principal executive offices (Zip code)
Michael J. Vogelzang, Chief Executive Officer
One Federal Street, Boston, MA 02110
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(Name and address of agent for service)
Registrant's telephone number, including area code: 800-523-5903
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Date of fiscal year end: 04/30/2003
----------------------------
Date of reporting period: 05/01/02 - 04/30/03
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<Page>
ITEM 1 (REPORT TO SHAREHOLDERS): The Annual Report is attached.
<Page>
APRIL 30, 2003
ANNUAL REPORT
MICHAEL J. VOGELZANG, CFA, PRESIDENT
Over the past six months the Boston Advisors Funds navigated safely through
roiled and troubled economic terrain, starting with fears of war and ending with
fears of deflation. In this Annual Report to shareholders we review the domestic
investing environment and discuss the nature and characteristics of the
portfolios within the Boston Advisors Trust.
ECONOMIC AND INVESTING ENVIRONMENTS:
Economic growth stalled during the last two quarters as consumers focused
attention on the war in Iraq, rising unemployment, and the growing potential for
general price deflation. The war's end did not bring the widely anticipated
reinvigoration in consumer spending, resulting in year-over-year 1st quarter
economic growth slowing to 2.1%. During the same period unemployment rose to
6.0% while core consumer prices declined to 1.5% year-over-year.
Weak economic growth allowed the Federal Reserve to maintain its target for
short-term interest rates. Since the end of formal hostilities in Iraq, evidence
has continued to point toward sub-par growth and the potential of declining
prices (turning into deflation) has risen to a point of concern. In its May 6th
press release the Federal Open Market Committee (FOMC) acknowledged that "the
timing and extent of [economic] improvement remain uncertain" and that "the
upside and downside risks to the attainment of sustainable growth are roughly
equal". Importantly, the FOMC noted "the probability of an unwelcome substantial
fall in inflation... exceeds that of a pickup in inflation from its already low
level."
Most central banks have accepted an (informal) inflation target of about 2%.
With core consumer prices in the U.S. beneath this level, and other measures of
inflation such as producer prices even lower, it is likely the Fed will find it
necessary to reduce rates further to head off deflation. Putting aside the
cynical motivation to lower short-term interest rates to stimulate the economy
and further a political agenda, the Fed's concern about deflation has pushed
interest rates lower in anticipation of further Fed action.
Money market yields declined over the last two quarters in response to the
lagged reinvestment effect of the November 1/2% interest rate cut. While the
current Fed Funds target is 1.25%, the market is already anticipating an
additional 25 basis point decline at the June 25th FOMC meeting. It is clear the
Fed is bringing its full power to bear in combating price deflation and to
breathe new life into the economy. We are optimistic about the Fed's success.
PORTFOLIO REVIEWS
CASH RESERVES FUND
- - The Portfolio invests only in high-quality obligors as ranked by nationally
recognized statistical rating organizations. This emphasis on quality,
coupled with broad diversification among issuers and sectors, enhances the
fund's stability and liquidity -- important considerations in this
challenging economic environment. As of April 30th, the portfolio consisted
of commercial paper (43%), certificates of deposit (19%), variable rate notes
(11%), repurchase agreements (8%), U.S. Government Agency Obligations (7%),
bankers' acceptances (2%), corporate debt (1%), and money market funds (9%).
Money market funds are used as a higher yielding alternative to overnight
repurchase agreements for a portion of the overnight investments.
1
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U.S. GOVERNMENT FUND
- - The Portfolio invests exclusively in short-term U.S. government securities,
including those guaranteed by any of its agencies or instrumentalities, and
repurchase agreements based upon these securities. As of April 30th, the
portfolio consisted of U.S. government agency obligations (83%), of which
variable rates were 18%, repurchase agreements (13%), and money market funds
(4%).
TAX FREE FUND
- - The Portfolio invests in high quality short-term municipal obligations as
ranked by nationally recognized statistical rating organizations. This high
quality, coupled with broad diversification among issuers and sectors, helps
provide stability and liquidity in today's challenging economic environment.
As of April 30th, the portfolio consisted of daily and weekly floating rate
issues (69%), notes and bonds (17%), commercial paper (5%), prerefunded
obligations (5%), and money market funds (4%).
NEW YORK MUNICIPAL FUND
- - The Portfolio invests only in high-quality short-term municipal securities
with income exempt from regular federal income tax and from New York State
and New York City personal income taxes. As of April 30th, the portfolio
consisted of daily and weekly floating-rate issues (75%), commercial paper
(18%), and notes and bonds (7%).
2
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BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
CASH RESERVES FUND
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- -------------------------------------------------------------------------------------------
ASSET-BACKED COMMERCIAL PAPER -- 16.1%
BANKING -- 13.8%
Golden Funding Corporation 1.270% 05/12/2003 $ 25,512,000 $ 25,502,100
Montauk Funding Corporation 1.250% 05/13/2003 15,000,000 14,993,750
Starfish Global Funding LLC 1.260% 05/14/2003 35,915,000 35,898,659
Stellar Funding Group 1.260% 05/01/2003 16,917,000 16,917,000
Tannehill Capital Co. LLC 1.300% 07/23/2003 30,000,000 29,998,655
Three Pillars Funding Corporation 1.260% 05/09/2003 24,460,000 24,453,151
Windmill Funding Corporation 1.270% 05/08/2003 30,000,000 29,992,591
--------------
177,755,906
--------------
FINANCIAL SERVICES -- 2.3%
Lockhart Funding LLC 1.360% 07/30/2003 30,000,000 29,898,000
--------------
TOTAL ASSET-BACKED COMMERCIAL PAPER 207,653,906
--------------
BANKERS ACCEPTANCE -- 1.5%
BANKING -- 1.5%
Wachovia Bank, NA 1.260% 08/21/2003 20,000,000 19,921,600
--------------
TOTAL BANKERS ACCEPTANCE 19,921,600
--------------
CERTIFICATES OF DEPOSIT -- 18.6%
BANKING -- 18.6%
Bank of America Corporation 1.250% 06/25/2003 20,000,000 20,000,000
Canadian Imperial Bank 1.280% 05/06/2003 25,000,000 25,000,035
Chase Manhattan Bank 1.300% 07/10/2003 30,000,000 30,000,000
Deutsche Bank AG Euro 1.350% 05/21/2003 25,000,000 25,000,137
Dresdner U.S. Finance Corporation 2.225% 07/02/2003 35,000,000 35,053,293
First Tennessee Bank 1.250% 07/22/2003 30,000,000 30,000,000
Landesbank Hessen-Thueringen 1.310% 07/15/2003 25,000,000 25,000,513
Toronto-Dominion Bank NY 1.250% 10/15/2003 30,000,000 30,000,000
Wilmington Trust Company 3.650% 10/17/2003 20,000,000 20,218,914
--------------
TOTAL CERTIFICATES OF DEPOSIT 240,272,892
--------------
COMMERCIAL PAPER -- 27.2%
BANKING -- 9.2%
Abbey National NA LLC 1.260% 05/23/2003 25,000,000 24,980,750
Bank of Ireland 1.250% 05/12/2003 25,000,000 24,990,452
HBOS Treasury Services 1.265% 06/02/2003 15,000,000 14,983,133
Societe Generale North America 1.260% 08/08/2003 23,500,000 23,418,573
Westdeutsche Landesbank 1.310% 06/13/2003 30,000,000 29,953,059
--------------
118,325,967
--------------
</Table>
3
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BOSTON ADVISORS TRUST
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CASH RESERVES FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
- -------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
COMMERCIAL PAPER (CONTINUED)
BEVERAGES, FOOD & TOBACCO -- 1.1%
Coca-Cola Enterprises 1.280% 06/04/2003 $ 14,850,000 $ 14,832,048
--------------
BROKERS -- 2.3%
Goldman Sachs Group, Inc. 1.220% 05/23/2003 30,000,000 29,977,633
--------------
COMPUTERS & INFORMATION -- 1.2%
IBM Corporation 1.700% 05/02/2003 15,000,000 14,999,291
--------------
ELECTRIC UTILITIES -- 2.2%
FPL Group Capital, Inc. 1.300% 05/28/2003 27,970,000 27,942,729
--------------
FINANCIAL SERVICES -- 3.5%
Household Finance Corporation 1.260% 07/18/2003 20,000,000 19,945,400
The CIT Group, Inc. 1.260% 05/15/2003 25,000,000 24,987,750
--------------
44,933,150
--------------
INDUSTRIAL - DIVERSIFIED -- 3.1%
General Electric Capital International
Funding 1.300% 07/08/2003 40,000,000 39,901,777
--------------
MISCELLANEOUS -- 4.6%
Canadian Wheat Board 1.260% 08/21/2003 25,000,000 24,902,000
Quebec Province 1.250% 10/10/2003 35,000,000 34,803,125
--------------
59,705,125
--------------
TOTAL COMMERCIAL PAPER 350,617,720
--------------
CORPORATE DEBT -- 0.8%
BANKING -- 0.8%
Bank One Corporation 6.875% 06/15/2003 10,000,000 10,066,669
--------------
TOTAL CORPORATE DEBT 10,066,669
--------------
FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 7.4%
Federal Home Loan Bank 1.375% 05/12/2004 17,000,000 17,000,000
Federal Home Loan Bank 1.425% 03/08/2004 33,800,000 33,800,000
Federal Home Loan Bank 1.450% 05/14/2004 29,500,000 29,500,000
Federal National Mortgage Association 5.260% 10/02/2003 15,000,000 15,211,873
--------------
TOTAL FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS 95,511,873
--------------
MONEY MARKET FUNDS -- 9.1%
Merrill Lynch Premier Institutional Fund 1.240% 58,597,787 58,597,787
Merrimac Cash Series, Premium Class 1.260% 58,840,980 58,840,980
--------------
TOTAL MONEY MARKET FUNDS 117,438,767
--------------
VARIABLE RATE NOTES -- 10.7%
AUTOMOBILES -- 1.2%
American Honda Finance Corporation(1) 1.299% 07/21/2003 15,000,000 14,999,289
--------------
</Table>
4
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BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
CASH RESERVES FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
- -------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
VARIABLE RATE NOTES (CONTINUED)
BANKING -- 2.9%
Bayerische Landesbank Girozentrale NY(1) 1.303% 06/09/2003 $ 20,000,000 $ 20,004,491
Key Bank N.A.(1) 1.499% 07/29/2003 17,000,000 17,023,828
--------------
37,028,319
--------------
BEVERAGES, FOOD & TOBACCO -- 0.8%
Coca-Cola Enterprises(1) 1.570% 07/28/2003 10,000,000 10,025,023
--------------
BROKERS -- 1.5%
Credit Suisse First Boston USA Inc.(1) 1.490% 05/27/2003 15,000,000 15,014,881
Merrill Lynch & Co(1) 1.358% 05/12/2003 5,000,000 5,000,000
--------------
20,014,881
--------------
COMMERCIAL SERVICES -- 1.5%
International Lease Finance
Corporation(1) 1.533% 06/09/2003 20,000,000 20,000,000
--------------
FINANCIAL SERVICES -- 0.9%
American Express Credit(1) 1.332% 05/06/2003 11,000,000 11,000,000
--------------
TRANSPORTATION -- 1.9%
Paccar Financial Corporation(1) 1.360% 07/28/2003 25,000,000 25,020,695
--------------
TOTAL VARIABLE RATE NOTES 138,088,207
--------------
REPURCHASE AGREEMENT -- 8.5%
UBS PaineWebber Warburg Repurchase
Agreement, collateralized by Federal
Farm Credit Banks, Federal Home Loan
Banks, Freddie Mac Discount Notes and
Federal Home Loan Mortgage Corporation
issues, with interest rates ranging from
1.400% to 7.000%, maturity dates ranging
from 1/08/04 to 1/15/26 and an aggregate
market value of $111,007,956. 1.300% 05/01/2003 109,501,000 109,501,000
--------------
TOTAL INVESTMENTS -- 99.9% (COST $1,289,072,634) 1,289,072,634
NET OTHER ASSETS -- 0.1% 1,094,037
--------------
NET ASSETS -- 100.0% $1,290,166,671
==============
TOTAL COST FOR INCOME TAX PURPOSES $1,289,072,634
</Table>
NOTES TO SCHEDULE OF INVESTMENTS:
(1) The maturity date shown for security is next reset date.
The accompanying notes are an integral part of the financial statements.
5
<Page>
BOSTON ADVISORS TRUST
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U.S. GOVERNMENT MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- ------------------------------------------------------------------------------------------
FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 67.7%
Federal Farm Credit Bank 1.300% 08/04/2003 $ 5,000,000 $ 4,982,848
Federal Farm Credit Bank 1.340% 07/22/2003 5,000,000 4,984,739
Federal Farm Credit Bank 4.375% 05/01/2003 2,000,000 2,000,000
Federal Home Loan Bank 1.180% 05/07/2003 10,000,000 9,998,033
Federal Home Loan Bank 1.185% 05/02/2003 9,085,000 9,084,701
Federal Home Loan Bank 1.375% 05/12/2004 3,000,000 3,000,000
Federal Home Loan Bank 1.425% 03/08/2004 5,600,000 5,600,000
Federal Home Loan Bank 1.450% 05/14/2004 3,700,000 3,700,000
Federal Home Loan Bank 3.160% 10/29/2003 5,000,000 5,046,965
Federal Home Loan Mortgage Corporation 1.200% 05/20/2003 4,000,000 3,997,467
Federal Home Loan Mortgage Corporation 1.730% 10/09/2003 5,000,000 4,961,316
Federal Home Loan Mortgage Corporation 2.920% 11/14/2003 5,000,000 5,044,373
Federal Home Loan Mortgage Corporation 3.050% 11/28/2003 3,000,000 3,024,961
Federal Home Loan Mortgage Corporation 5.750% 07/15/2003 1,860,000 1,876,522
Federal Home Loan Mortgage Corporation 6.375% 11/15/2003 4,209,000 4,318,276
Federal National Mortgage Association 1.160% 06/09/2003 6,450,000 6,441,894
Federal National Mortgage Association 1.190% 06/11/2003 10,000,000 9,986,447
Federal National Mortgage Association 1.200% 05/09/2003 6,300,000 6,298,320
Federal National Mortgage Association 1.200% 05/21/2003 3,190,000 3,187,873
Federal National Mortgage Association 1.200% 06/10/2003 9,324,000 9,311,568
Federal National Mortgage Association 1.230% 05/15/2003 5,000,000 4,997,608
Federal National Mortgage Association 1.230% 05/21/2003 4,000,000 3,997,267
Federal National Mortgage Association 1.255% 07/02/2003 10,000,000 9,978,386
Federal National Mortgage Association 1.270% 05/07/2003 3,000,000 2,999,365
------------
TOTAL FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS 128,818,929
------------
VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 14.9%
Federal Home Loan Bank 1.089% 06/17/2003 5,000,000 4,999,195
Federal Home Loan Bank 1.093% 12/12/2003 15,000,000 14,991,689
Federal Home Loan Bank 1.240% 09/19/2003 8,360,000 8,358,659
------------
TOTAL VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS 28,349,543
------------
MONEY MARKET FUND -- 4.0%
Merrill Lynch Government Fund 1.160% 7,611,195 7,611,195
------------
</Table>
6
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
- ------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
REPURCHASE AGREEMENT -- 13.3%
UBS Painewebber Warburg Repurchase
Agreement, collateralized by Federal
Home Loan Banks with interest rates
ranging from 3.850% to 5.350%, maturity
dates ranging from 6/17/05 to 11/20/12
and an aggregate market value of
$25,824,477. 1.300% 05/01/2003 $25,314,000 $ 25,314,000
------------
TOTAL INVESTMENTS -- 99.9% (COST $190,093,667) 190,093,667
NET OTHER ASSETS -- 0.1% 158,627
------------
NET ASSETS -- 100.0% $190,252,294
============
TOTAL COST FOR INCOME TAX PURPOSES $190,093,667
</Table>
The accompanying notes are an integral part of the financial statements.
7
<Page>
BOSTON ADVISORS TRUST
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TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- -----------------------------------------------------------------------------------------
PREREFUNDED MUNICIPAL OBLIGATIONS -- 5.7%
Dade County School Board 5.750% 08/01/2003 $1,000,000 $ 1,010,923
Florida State Board of Education Cap
Outlay 5.750% 01/01/2004 1,000,000 1,041,175
Metropolitan Pier & Exposition Authority
Illinois 6.500% 06/15/2003 1,000,000 1,026,120
St. Louis Regional Convention & Sports
Complex Authority 7.900% 08/15/2003 1,000,000 1,018,151
Wisconsin State 5.100% 05/01/2003 500,000 500,000
-----------
TOTAL PREREFUNDED MUNICIPAL OBLIGATIONS 4,596,369
-----------
MUNICIPAL INTEREST BEARING COMMERCIAL PAPER -- 5.6%
Clark County Nevada 1.050% 05/02/2003 1,000,000 1,000,000
Indiana Development Finance Authority 1.100% 07/11/2003 1,000,000 1,000,000
Municipal Electric Authority of Georgia 1.050% 05/14/2003 1,500,000 1,500,000
San Antonio, Texas Sales Tax 1.070% 07/01/2003 1,000,000 1,000,000
-----------
TOTAL MUNICIPAL INTEREST BEARING COMMERCIAL PAPER 4,500,000
-----------
FIXED RATE MUNICIPAL OBLIGATIONS -- 17.4%
Arlington, Texas 2.500% 08/15/2003 1,165,000 1,168,345
Dallas Texas City Managers Office 4.750% 02/15/2004 500,000 514,483
Grand Strand Water & Sewer Authority 5.000% 06/01/2003 1,040,000 1,043,068
Harris County Flood Control District 3.000% 10/01/2003 1,000,000 1,008,162
Highland Park TX Independent School
District 5.500% 02/15/2004 500,000 517,060
Madison Area Technical College 3.000% 08/01/2003 1,000,000 1,003,934
Memphis, Tennessee 3.000% 08/01/2003 1,050,000 1,055,198
Metropolitan Government Nashville &
Davidson County Health & Educational
Facilities 5.000% 10/15/2003 1,420,000 1,445,383
Pima County Arizona Community College 5.000% 07/01/2003 1,000,000 1,005,814
Scottsdale, Arizona 7.000% 07/01/2003 650,000 656,005
St. Paul, Minnesota 2.000% 03/01/2004 785,000 791,286
Sudbury, Massachusetts 2.000% 04/01/2004 750,000 755,797
Tulsa County OK Independent School
District 4.000% 05/01/2003 1,000,000 1,000,000
Tulsa County OK Independent School
District 4.500% 03/01/2004 1,000,000 1,027,963
Washington Suburban Sanitation District 4.375% 06/01/2003 1,000,000 1,002,635
-----------
TOTAL FIXED RATE MUNICIPAL OBLIGATIONS 13,995,133
-----------
DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 12.3%
Beltrami County MN Environmental
Control(1) 1.450% 05/01/2003 2,000,000 2,000,000
California State(1) 1.400% 05/01/2003 900,000 900,000
Clarksville Public Building Authority(1) 1.400% 05/01/2003 800,000 800,000
Maryland State Energy Solid Waste
Disposal(1) 1.400% 05/01/2003 1,200,000 1,200,000
</Table>
8
<Page>
BOSTON ADVISORS TRUST
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TAX FREE MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS (CONTINUED)
Massachusetts Health & Educational
Facilities Authority(1) 1.350% 05/01/2003 $1,500,000 $ 1,500,000
Missouri State Health & Educational
Facilities Authority(1) 1.350% 05/01/2003 1,450,000 1,450,000
Montgomery County Public Building
Authority Pooled Financing(1) 1.400% 05/01/2003 1,000,000 1,000,000
Phoenix Arizona Industrial Development
Authority(1) 1.400% 05/01/2003 1,000,000 1,000,000
-----------
TOTAL DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS 9,850,000
-----------
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 57.2%
Baltimore MD Industrial Development
Authority(1) 1.350% 05/01/2003 1,500,000 1,500,000
California Economic Development
Financing Authority(1) 1.300% 05/07/2003 900,000 900,000
Capital Health Facilities Development
Corporation(1) 1.400% 05/07/2003 1,000,000 1,000,000
Cuyahoga County Ohio Hospital(1) 1.100% 05/07/2003 2,000,000 2,000,000
Delaware Valley PA Regional Financial
Authority(1) 1.350% 05/07/2003 1,000,000 1,000,000
Durham, North Carolina(1) 1.400% 05/01/2003 1,000,000 1,000,000
Elmhurst, Illinois Joint Commission on
Accredation of Healthcare
Organizations(1) 1.350% 05/01/2003 1,165,000 1,165,000
Emporia Industrial Development
Authority(1) 1.450% 05/01/2003 950,000 950,000
Florida Gulf Coast University(1) 1.500% 05/01/2003 1,000,000 1,000,000
Florida Housing Finance Agency(1) 1.250% 05/07/2003 1,000,000 1,000,000
Hampton Redevelopment & Housing
Authority Multifamily(1) 1.350% 05/07/2003 1,335,000 1,335,000
Honolulu, Hawaii City & County(1) 1.300% 05/07/2003 2,000,000 2,000,000
Illinois Development Finance Authority
Pollution Control(1) 1.350% 05/07/2003 1,500,000 1,500,000
Illinois Educational Facilities
Authority(1) 1.350% 05/07/2003 1,500,000 1,500,000
Illinois State Toll Highway Authority(1) 1.400% 05/01/2003 1,500,000 1,500,000
Kansas City Industrial Development
Authority(1) 1.300% 05/01/2003 1,500,000 1,500,000
King County WA Sewer(1) 1.350% 05/07/2003 1,500,000 1,500,000
Lehigh County Industrial Development
Authority(1) 1.300% 05/07/2003 110,000 110,000
Lincoln Parish, Louisiana Exempt
Facility(1) 1.380% 05/07/2003 2,000,000 2,000,000
Louisiana Public Facilities Authority(1) 1.350% 05/07/2003 985,000 985,000
Metropolitan Atlanta Rapid
Transportation Authority(1) 1.250% 05/07/2003 1,000,000 1,000,000
Michigan State Strategic Fund Solidwaste
Disposal(1) 1.380% 05/07/2003 1,060,000 1,060,000
Oklahoma City Industrial & Cultural
Facilities Trust(1) 1.250% 05/01/2003 1,500,000 1,500,000
Philadelphia Hospitals & Higher
Education Facilities Authority(1) 1.350% 05/01/2003 1,000,000 1,000,000
Pima County Industrial Development
Authority(1) 1.350% 05/07/2003 1,500,000 1,500,000
Pinal County Industrial Development
Authority(1) 1.350% 05/07/2003 1,800,000 1,800,000
</Table>
9
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS (CONTINUED)
Seattle Washington Municipal Light &
Power(1) 1.300% 05/07/2003 $1,500,000 $ 1,500,000
Seattle Washington Water System(1) 1.150% 05/07/2003 900,000 900,000
South Carolina-Jobs- Economic
Development Authority(1) 1.450% 05/01/2003 1,000,000 1,000,000
South Louisiana Port Commission Marine
Terminals Facility(1) 1.400% 05/07/2003 1,325,000 1,325,000
St. Paul Minnesota Housing &
Redevelopment Authority District
Energy(1) 1.350% 05/07/2003 1,650,000 1,650,000
University Pittsburgh of the
Commonwealth System of Higher Education
Pennsylvania(1) 1.350% 05/07/2003 1,000,000 1,000,000
Vancouver Housing Authority(1) 1.500% 05/01/2003 1,000,000 1,000,000
Washington Higher Education Facilities
Authority(1) 1.350% 05/01/2003 1,000,000 1,000,000
Washington Public Power Supply System(1) 1.300% 05/07/2003 2,000,000 2,000,000
West Des Moines, Iowa Commercial
Development(1) 1.350% 05/07/2003 1,200,000 1,200,000
-----------
TOTAL WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS 45,880,000
-----------
MONEY MARKET FUNDS -- 4.0%
Alliance Institutional Tax Free
Portfolio(1) 1.190% 1,245,138 1,245,139
Merrill Lynch Institutional Tax Exempt
Money Market(1) 1.160% 1,967,654 1,967,654
-----------
TOTAL MONEY MARKET FUNDS 3,212,793
-----------
TOTAL INVESTMENTS -- 102.2% (COST $82,034,295) 82,034,295
NET OTHER ASSETS -- (2.2%) (1,774,682)
-----------
NET ASSETS -- 100.0% $80,259,613
===========
TOTAL COST FOR INCOME TAX PURPOSES $82,034,295
</Table>
NOTES TO SCHEDULE OF INVESTMENTS:
(1) The maturity date shown for security is next reset date.
The accompanying notes are an integral part of the financial statements.
10
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS STATE TABLE - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
STATE (AS A % OF MARKET VALUE OF INVESTMENTS) PERCENTAGE
- ---------------------------------------------------------
Washington 9.6%
Illinois 8.2%
Arizona 7.3%
Texas 6.4%
Minnesota 5.4%
Louisiana 5.3%
Tennessee 5.2%
Florida 4.9%
Missouri 4.8%
Maryland 4.5%
Oklahoma 4.3%
National Tax Exempt Mutual Fund 3.9%
Pennsylvania 3.8%
Georgia 3.1%
Virginia 2.8%
Massachusetts 2.8%
South Carolina 2.5%
Ohio 2.4%
Hawaii 2.4%
California 2.2%
Wisconsin 1.8%
Iowa 1.5%
Michigan 1.3%
Indiana 1.2%
Nevada 1.2%
North Carolina 1.2%
</Table>
11
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NEW YORK MUNICIPAL MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- -----------------------------------------------------------------------------------------
MUNICIPAL INTEREST BEARING COMMERCIAL PAPER -- 17.6%
Metropolitan Transportation Authority
New York 1.050% 06/12/2003 $4,000,000 $ 4,000,000
Metropolitan Transportation Authority
New York 1.050% 07/07/2003 6,000,000 6,000,000
New York City Muni Water 1.050% 07/17/2003 1,600,000 1,600,000
New York City Muni Water 1.100% 07/17/2003 1,000,000 1,000,000
New York State 1.050% 07/18/2003 5,000,000 5,000,000
New York State Dormitory Authority 1.050% 05/21/2003 2,000,000 2,000,000
New York State Thruway Authority 1.050% 10/14/2003 3,500,000 3,500,000
------------
TOTAL MUNICIPAL INTEREST BEARING COMMERCIAL PAPER 23,100,000
------------
FIXED RATE MUNICIPAL OBLIGATIONS -- 7.1%
Bath Central School District 3.125% 06/15/2003 425,000 425,894
Erie County New York 2.500% 09/17/2003 1,000,000 1,004,017
Half Hollow Hills Central School 2.250% 06/26/2003 2,000,000 2,002,671
Lindenhurst Union Free School District 2.250% 06/26/2003 2,000,000 2,002,884
New York State Dormitory Authority 6.000% 08/01/2003 1,875,000 1,896,793
Patchogue-Medford Union Free School
District 2.250% 06/26/2003 2,000,000 2,002,884
------------
TOTAL FIXED RATE MUNICIPAL OBLIGATIONS 9,335,143
------------
DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 7.0%
Jay Street Development Corporation(1) 1.260% 05/01/2003 1,700,000 1,700,000
New York NY City Transitional Finance
Authority(1) 1.400% 05/01/2003 900,000 900,000
New York NY City Transitional Finance
Authority(1) 1.400% 05/01/2003 2,600,000 2,600,000
New York, NY(1) 1.300% 05/01/2003 3,900,000 3,900,000
------------
TOTAL DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS 9,100,000
------------
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 67.9%
Babylon NY(1) 1.250% 05/07/2003 1,600,000 1,600,000
Long Island Power Authority(1) 1.350% 05/07/2003 4,000,000 4,000,000
Long Island Power Authority(1) 1.350% 05/07/2003 1,000,000 1,000,000
Nassau County, New York Interim Finance
Authority(1) 1.300% 05/07/2003 2,500,000 2,500,000
Nassau County, New York Interim Finance
Authority(1) 1.300% 05/07/2003 2,000,000 2,000,000
New York City Trust for Cultural
Resources(1) 1.250% 05/07/2003 1,790,000 1,790,000
New York NY City Housing Development
Corp.(1) 1.250% 05/01/2003 1,800,000 1,800,000
New York NY City Housing Development
Corp. Multifamily Housing(1) 1.400% 05/07/2003 1,000,000 1,000,000
New York NY City Housing-400 West 59th
Street Partners(1) 1.380% 05/07/2003 4,100,000 4,100,000
New York NY City Housing-Queenswood
Apartments(1) 1.320% 05/07/2003 6,600,000 6,600,000
</Table>
12
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NEW YORK MUNICIPAL MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS (CONTINUED)
New York NY City Industrial Development
Agency Civic Facility - Planned
Parenthood Federation of America,
Inc.(1) 1.300% 05/01/2003 $5,000,000 $ 5,000,000
New York NY City Transitional Finance
Authority(1) 1.270% 05/07/2003 2,500,000 2,500,000
New York State Energy Research &
Development Authority Electric
Facilities(1) 1.400% 05/07/2003 5,000,000 5,000,000
New York State Energy Research &
Development Authority Pollution
Control(1) 1.250% 05/07/2003 1,500,000 1,500,000
New York State Housing Finance Agency(1) 1.320% 05/07/2003 3,500,000 3,500,000
New York State Housing Finance Agency(1) 1.400% 05/07/2003 3,000,000 3,000,000
New York State Housing Finance Agency(1) 1.400% 05/07/2003 2,000,000 2,000,000
New York State Local Government
Assistance Corp.(1) 1.350% 05/07/2003 4,900,000 4,900,000
New York, NY(1) 1.320% 05/07/2003 2,000,000 2,000,000
Niagara Falls NY Bridge Toll(1) 1.250% 05/07/2003 5,900,000 5,900,000
Oneida County NY Industrial Development
Agency(1) 1.300% 05/07/2003 4,835,000 4,835,000
Oneida Indian Nation(1) 1.300% 05/07/2003 5,500,000 5,500,000
Onondaga County Industrial Development
Agency(1) 1.500% 05/01/2003 5,000,000 5,000,000
Suffolk County NY Water Authority(1) 1.300% 05/07/2003 5,000,000 5,000,000
Triborough Bridge & Tunnel Authority
NY(1) 1.300% 05/07/2003 3,500,000 3,500,000
Triborough Bridge & Tunnel Authority
NY(1) 1.320% 05/01/2003 2,500,000 2,500,000
Triborough Bridge & Tunnel Authority
NY(1) 1.350% 05/07/2003 930,000 930,000
------------
TOTAL WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS 88,955,000
------------
MONEY MARKET FUNDS -- 0.3%
Dreyfus New York Municipal Cash
Management Fund 1.100% 367,953 367,953
------------
TOTAL INVESTMENTS -- 99.9% (COST $130,858,096) 130,858,096
NET OTHER ASSETS -- 0.1% 166,354
------------
NET ASSETS -- 100.0% $131,024,450
============
TOTAL COST FOR INCOME TAX PURPOSES $130,858,096
</Table>
NOTES TO SCHEDULE OF INVESTMENTS:
(1) The maturity date shown for security is next reset date.
The accompanying notes are an integral part of the financial statements.
13
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS BOSTON ADVISORS BOSTON ADVISORS BOSTON ADVISORS
CASH U.S. GOVERNMENT TAX FREE NEW YORK MUNICIPAL
RESERVES FUND MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND
--------------- ----------------- ----------------- ------------------
ASSETS
Investments in securities, at value
(Cost $1,179,571,634, $164,779,667,
$82,034,295 and $130,858,096,
respectively) $1,179,571,634 $164,779,667 $82,034,295 $130,858,096
Repurchase agreements, at value (Cost
$109,501,000, $25,314,000, $0 and $0,
respectively) 109,501,000 25,314,000 -- --
-------------- ------------ ----------- ------------
TOTAL INVESTMENTS 1,289,072,634 190,093,667 82,034,295 130,858,096
-------------- ------------ ----------- ------------
Cash 9,825 359 -- --
Interest receivable 2,240,159 374,744 343,965 308,676
Prepaid expenses 44,178 14,880 14,674 5,517
-------------- ------------ ----------- ------------
TOTAL ASSETS 1,291,366,796 190,483,650 82,392,934 131,172,289
-------------- ------------ ----------- ------------
LIABILITIES
Payable for investments purchased -- -- 2,024,316 --
Dividends payable 261,244 36,045 12,755 33,512
Payable to the Investment Advisor 398,359 85,491 29,208 26,398
Payable to affiliate for Trustees'
fees 132 132 132 65
Payable to Distributor 263,743 40,304 16,714 28,544
Payable to Transfer Agent 125,103 15,799 2,981 13,967
Accrued expense and other payables 151,544 53,585 47,215 45,353
-------------- ------------ ----------- ------------
TOTAL LIABILITIES 1,200,125 231,356 2,133,321 147,839
-------------- ------------ ----------- ------------
NET ASSETS $1,290,166,671 $190,252,294 $80,259,613 $131,024,450
============== ============ =========== ============
NET ASSETS CONSIST OF:
Paid-in capital 1,290,166,671 190,232,031 80,259,613 131,024,450
Accumulated net investment income 314 20,263 -- --
Accumulated net realized loss on
investment transactions (314) -- -- --
-------------- ------------ ----------- ------------
TOTAL NET ASSETS $1,290,166,671 $190,252,294 $80,259,613 $131,024,450
============== ============ =========== ============
NET ASSETS
Class 1 1,263,136,265 190,252,294 80,259,613 131,024,450
Class 2 27,030,406 -- -- --
-------------- ------------ ----------- ------------
TOTAL 1,290,166,671 190,252,294 80,259,613 131,024,450
SHARES OUTSTANDING
Class 1 1,263,136,265 190,252,294 80,259,613 131,024,450
Class 2 27,030,406 -- -- --
-------------- ------------ ----------- ------------
TOTAL 1,290,166,671 190,252,294 80,259,613 131,024,450
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
Class 1 $1.00 $1.00 $1.00 $1.00
Class 2 1.00 -- -- --
</Table>
See Notes to Financial Statements
14
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
YEAR ENDED APRIL 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS BOSTON ADVISORS BOSTON ADVISORS BOSTON ADVISORS
CASH U.S. GOVERNMENT TAX FREE NEW YORK MUNICIPAL
RESERVES FUND MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND(1)
--------------- ----------------- ----------------- ------------------------
INVESTMENT INCOME
Interest $21,948,997 $3,272,577 $1,249,112 $1,499,575
EXPENSES
Investment advisor fee 7,246,446 1,113,077 503,390 660,378
Distribution and service fees
Class 1 3,236,908 505,944 228,814 300,172
Legal fees 4,809 4,809 4,809 38,188
Printing 148,734 21,989 10,593 27,100
Audit fees 21,221 21,681 21,681 23,130
Administration, custodian and fund
accounting expense 469,645 77,685 38,372 97,059
Transfer agency expense 1,592,289 199,636 36,801 120,649
Registration expense 98,190 36,763 30,308 16,848
Insurance expense 243,249 2,602 17,297 28,425
Trustees fees and expense 8,006 8,006 8,006 7,940
Miscellaneous 989 989 989 872
----------- ---------- ---------- ----------
Total expenses 13,070,486 1,993,181 901,060 1,320,761
Reduction of expenses (1,871,470) (171,782) (77,331) (540,314)
----------- ---------- ---------- ----------
Net expenses 11,199,016 1,821,399 823,729 780,447
----------- ---------- ---------- ----------
Net investment income 10,749,981 1,451,178 425,383 719,128
----------- ---------- ---------- ----------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $10,749,981 $1,451,178 $ 425,383 $ 719,128
=========== ========== ========== ==========
</Table>
(1) Fund commenced operations on June 11, 2002.
See Notes to Financial Statements
15
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS BOSTON ADVISORS
CASH U.S. GOVERNMENT
RESERVES FUND MONEY MARKET FUND
-------------------------------- ------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2003 APRIL 30, 2002
--------------- --------------- -------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 10,749,981 $ 27,258,358 $ 1,451,178 $ 3,685,378
--------------- --------------- ------------- -------------
Net increase in net assets resulting
from operations 10,749,981 27,258,358 1,451,178 3,685,378
--------------- --------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class 1 (10,525,024) (26,757,977) (1,451,178) (3,685,378)
Class 2 (224,957) (500,381) -- --
--------------- --------------- ------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (10,749,981) (27,258,358) (1,451,178) (3,685,378)
--------------- --------------- ------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST (EACH AT $1.00 PER SHARE)
Proceeds from sale of shares
Class 1 4,284,616,395 3,901,149,149 639,218,663 587,705,828
Class 2 43,456,266 34,339,004 -- --
Net Asset Value of shares issued to
shareholders in payment of
distributions declared
Class 1 10,665,082 27,430,087 1,497,543 3,697,942
Class 2 226,282 533,889 -- --
Cost of shares redeemed
Class 1 (4,378,404,786) (3,728,652,888) (645,276,954) (508,963,919)
Class 2 (36,550,260) (33,977,992) -- --
--------------- --------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM FUND SHARE TRANSACTIONS (75,991,021) 200,821,249 (4,560,748) 82,439,851
--------------- --------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS (75,991,021) 200,821,249 (4,560,748) 82,439,851
NET ASSETS
At beginning of year 1,366,157,692 1,165,336,443 194,813,042 112,373,191
--------------- --------------- ------------- -------------
At end of year $ 1,290,166,671 $ 1,366,157,692 $ 190,252,294 $ 194,813,042
=============== =============== ============= =============
Accumulated undistributed net investment
income included in net assets $ 314 $ 314 $ 20,263 $ --
=============== =============== ============= =============
</Table>
See Notes to Financial Statements
16
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS BOSTON ADVISORS
TAX FREE NEW YORK MUNICIPAL
MONEY MARKET FUND MONEY MARKET FUND
------------------------------ ------------------
FOR THE
YEAR ENDED YEAR ENDED PERIOD ENDED
APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2003(1)
-------------- -------------- ------------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 425,383 $ 1,036,014 $ 719,128
------------- ------------- -------------
Net increase in net assets resulting
from operations 425,383 1,036,014 719,128
------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class 1 (425,383) (1,036,014) (719,128)
------------- ------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (425,383) (1,036,014) (719,128)
------------- ------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST (EACH AT $1.00 PER SHARE)
Proceeds from sale of shares
Class 1 262,943,995 264,375,796 603,293,770
Net Asset Value of shares issued to
shareholders in payment of
distributions declared
Class 1 431,793 1,068,011 665,414
Cost of shares redeemed
Class 1 (268,254,514) (253,830,256) (472,934,734)
------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM FUND SHARE TRANSACTIONS (4,878,726) 11,613,551 131,024,450
------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS (4,878,726) 11,613,551 131,024,450
NET ASSETS
At beginning of year 85,138,339 73,524,788 --
------------- ------------- -------------
At end of year $ 80,259,613 $ 85,138,339 $ 131,024,450
============= ============= =============
Accumulated undistributed net investment
income included in net assets $ -- $ -- $ --
============= ============= =============
</Table>
(1) Fund commenced operations on June 11, 2002.
See Notes to Financial Statements
17
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
CASH RESERVES FUND
---------------------------------------------------------
FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED PERIOD ENDED
APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
-------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.000 $ 1.000 $ 1.000
---------- ------------ ----------------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.008 0.022 0.050
---------- ------------ ----------------
Net increase from investment operations 0.008 0.022 0.050
---------- ------------ ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.008) (0.022) (0.050)
---------- ------------ ----------------
Total distributions (0.008) (0.022) (0.050)
---------- ------------ ----------------
NET ASSET VALUE, END OF YEAR $ 1.000 $ 1.000 $ 1.000
========== ============ ================
TOTAL RETURN 0.81% 2.25% 5.07%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's) $1,263,136 $ 1,346,260 $ 1,146,333
Ratio of net operating expenses to
average net assets 0.85% 0.90% 0.90%(3)
Ratio of net investment income to
average net assets 0.81% 2.17% 5.42%(3)
Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses 0.99% 0.99% 1.03%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses 0.67% 2.08% 5.29%(3)
</Table>
(1) For the period from commencement of offering of Class 1 shares, June 5,
2000 to April 30, 2001.
(2) Not Annualized.
(3) Annualized.
See Notes to Financial Statements
18
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 2
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
CASH RESERVES FUND
---------------------------------------------------------
FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED PERIOD ENDED
APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
-------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.000 $ 1.000 $ 1.000
------- ------- -------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.010 0.025 0.020
------- ------- -------
Net increase from investment operations 0.010 0.025 0.020
------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.010) (0.025) (0.020)
------- ------- -------
Total distributions (0.010) (0.025) (0.020)
------- ------- -------
NET ASSET VALUE, END OF YEAR $ 1.00 $ 1.00 $ 1.00
======= ======= =======
TOTAL RETURN 1.02% 2.50% 2.01%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's) $27,030 $19,898 $19,003
Ratio of net operating expenses to
average net assets 0.65% 0.65% 0.66%(3)
Ratio of net investment income to
average net assets 0.99% 2.44% 5.22%(3)
Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses 0.75% 0.74% 0.83%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses 0.89% 2.35% 5.05%(3)
</Table>
(1) For the period from commencement of offering of Class 2 shares, December
13, 2000 to April 30, 2001.
(2) Not Annualized.
(3) Annualized.
See Notes to Financial Statements
19
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
U.S. GOVERNMENT MONEY MARKET FUND
---------------------------------------------------------
FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED PERIOD ENDED
APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
-------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.000 $ 1.000 $ 1.000
-------- ----------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.007 0.022 0.049
-------- ----------- ---------------
Net increase from investment operations 0.007 0.022 0.049
-------- ----------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.007) (0.022) (0.049)
-------- ----------- ---------------
Total distributions (0.007) (0.022) (0.049)
-------- ----------- ---------------
NET ASSET VALUE, END OF YEAR $ 1.000 $ 1.000 $ 1.000
======== =========== ===============
TOTAL RETURN 0.71% 2.20% 4.98%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's) $190,252 $ 194,813 $ 112,373
Ratio of net operating expenses to
average net assets 0.90% 0.90% 0.90%(3)
Ratio of net investment income to
average net assets 0.72% 2.10% 5.34%(3)
Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses 0.98% 1.01% 1.07%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses 0.64% 1.99% 5.17%(3)
</Table>
(1) For the period from commencement of offering of Class 1 shares, June 5,
2000 to April 30, 2001.
(2) Not Annualized.
(3) Annualized.
See Notes to Financial Statements
20
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
TAX FREE MONEY MARKET FUND
---------------------------------------------------------
FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED PERIOD ENDED
APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
-------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.000 $ 1.000 $ 1.000
------- ----------- --------------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.005 0.013 0.027
------- ----------- --------------
Net increase from investment operations 0.005 0.013 0.027
------- ----------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.005) (0.013) (0.027)
------- ----------- --------------
Total distributions (0.005) (0.013) (0.027)
------- ----------- --------------
NET ASSET VALUE, END OF YEAR $ 1.000 $ 1.000 $ 1.000
======= =========== ==============
TOTAL RETURN 0.48% 1.30% 2.77%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's) $80,260 $ 85,138 $ 73,525
Ratio of net operating expenses to
average net assets 0.90% 0.90% 0.90%(3)
Ratio of net investment income to
average net assets 0.46% 1.24% 2.99%(3)
Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses 0.98% 1.02% 1.09%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses 0.38% 1.12% 2.80%(3)
</Table>
(1) For the period from commencement of offering of Class 1 shares, June 5,
2000 to April 30, 2001.
(2) Not Annualized.
(3) Annualized.
See Notes to Financial Statements
21
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
NEW YORK
MUNICIPAL MONEY
MARKET FUND
-----------------
FOR THE
PERIOD ENDED
APRIL 30, 2003(1)
-----------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000
--------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.005
--------
Net increase from investment operations 0.005
--------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.005)
--------
Total distributions (0.005)
--------
NET ASSET VALUE, END OF PERIOD $ 1.000
========
TOTAL RETURN 0.53%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) $131,024
Ratio of net operating expenses to
average net assets 0.65%(3)
Ratio of net investment income to
average net assets 0.60%(3)
Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses 1.10%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses 0.15%(3)
</Table>
(1) For the period from commencement of offering of Class 1 shares, June 11,
2002 to April 30, 2003.
(2) Not Annualized.
(3) Annualized.
See Notes to Financial Statements
22
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2003
- --------------------------------------------------------------------------------
1 -- SIGNIFICANT ACCOUNTING POLICIES
Boston Advisors Trust (the "Trust") is a diversified, open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Trust was established as a Massachusetts Business Trust on
September 30, 1999. The Trust currently offers four Funds: Boston Advisors Cash
Reserves Fund (the "Cash Reserves Fund"), Boston Advisors U.S. Government Money
Market Fund (the "U.S. Government Money Market Fund"), Boston Advisors Tax Free
Money Market Fund (the "Tax Free Money Market Fund"), and Boston Advisors New
York Municipal Money Market Fund (the "New York Municipal Money Market Fund"),
(each, a Fund). The investment objective of the Funds seeks to preserve capital
and maintain liquidity, consistent with seeking maximum current income.
Additionally the Tax Free Money Market Fund seeks to generate income that is
substantially exempt from federal income taxes and the New York Municipal Money
Market Fund seeks to generate income that is substantially exempt from federal
income tax and personal income taxes imposed by New York State and New York
municipalities. The Cash Reserves Fund has issued two classes of shares
(Class 1 and Class 2 shares). Class 1 shares have a 12b-1 distribution fee.
There are no other class specific expenses for either share class. The following
is a summary of significant accounting policies consistently followed by the
Funds in the preparation of their financial statements. The policies are in
conformity with accounting principles generally accepted in the United States of
America.
A. SECURITY VALUATION -- Each Fund values investment securities utilizing the
amortized cost valuation method permitted by Rule 2a-7 of the Investment
Company Act of 1940, pursuant to which each fund must comply with certain
conditions. This pricing method involves initially valuing a fund security at
its cost and thereafter assuming a constant amortization to maturity of any
discount or premium.
B. INCOME -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or accretion of discount.
C. EXPENSES -- The Trust accounts separately for the assets, liabilities and
operations of each Fund. Direct expenses of each Fund are charged to that
fund while general expenses are allocated among the Trust's respective
portfolios based on their respective net assets.
The investment income and expenses of each Fund (other than class specific
expenses) and realized gains and losses on investments of each fund are
allocated to each class of shares based upon their relative net asset value
on the date income is earned or expenses and realized gains or losses are
incurred.
D. REPURCHASE AGREEMENTS -- Each Funds' custodian and other banks acting in a
sub-custodian capacity take possession of the collateral pledged for
investments in repurchase agreements. The underlying collateral is valued
daily on a mark-to-market basis to determine that the value, including
accrued interest, exceeds the repurchase price. In the event of the seller's
default of the obligation to repurchase, each Fund has a right to liquidate
the collateral and apply the proceeds in satisfaction of the obligation.
Under certain circumstances, in the event of default or bankruptcy by the
other party to the agreement, realization and/or retention of the collateral
may be subject to legal proceedings.
E. USE OF ESTIMATES -- The preparation of the financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and
23
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2003
- --------------------------------------------------------------------------------
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and
expense during the reporting period. Actual results could differ from those
estimates.
F. OTHER -- Investment transactions are accounted for on a trade-date basis.
Gains and losses on securities are determined on the basis of identified
cost.
2 -- TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
Each Fund's policy is to comply with the provisions of the Internal Revenue Code
(the "Code") applicable to regulated investment companies and to distribute to
shareholders each year substantially all of its net investment income, including
any net realized gain on investments. Accordingly, no provision for federal
income or excise tax is necessary.
The net investment income of each Fund is declared as a dividend daily, and paid
monthly, to shareholders of record at the close of business on record date. Net
realized gains on portfolio securities, if any, are distributed at least
annually. Distributions are paid in the form of additional shares of the same
Fund or, at the election of the shareholder, in cash. For U.S. Government Money
Market Fund and Tax Free Money Market Fund, certain distributions may be paid
from net interest earned and designated as tax exempt interest. Such
distributions are not includable by shareholders as income subject to federal
and/or state taxes, but may be subject to federal alternative minimum tax.
24
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2003
- --------------------------------------------------------------------------------
Income dividends and capital gain distributions are determined in accordance
with U.S. federal income tax regulations which may differ from accounting
principles generally accepted in the United States of America. During the year
ended April 30, 2003, the tax basis of distributions paid were as follows:
<Table>
<Caption>
ORDINARY INCOME TAX-EXEMPT INCOME
--------------- -----------------
Cash Reserves Fund
Class 1 $10,966,549 --
Class 2 232,032 --
U.S. Government Money Market Fund 1,523,862 --
Tax Free Money Market Fund -- $441,796
New York Municipal Money Market Fund -- 685,616
</Table>
<Table>
<Caption>
As of April 30, 2003, the components of distributable earnings on a tax basis were as follows:
- -----------------------------------------------------------------------------------------------------
NEW YORK
U. S. GOVERNMENT TAX FREE MUNICIPAL
CASH RESERVES MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND FUND
------------- ---------------- ------------ ------------
Undistributed Ordinary Income $261,558 $56,308 $12,755 $33,512
Undistributed Long-Term Gain (Loss) -- -- -- --
</Table>
<Table>
<Caption>
At April 30, 2003, the Funds had capital loss carry forwards to offset future gains, if any, to the extent
permitted by the Code, of the following:
- -----------------------------------------------------------------------------------------------------------
AMOUNT EXPIRATION DATE
-------------------- -----------------------------
Cash Reserves Fund $314 2009
</Table>
3 -- INVESTMENT ADVISER FEE
Boston Advisors, Inc. (the "Advisor"), a wholly owned subsidiary of The Advest
Group, Inc. ("Advest Group"), serves as the investment advisor to the Funds,
providing management, investment advisory and other services. In exchange, the
Funds have agreed to pay the Advisor a monthly advisory fee at an annual rate of
0.55% of each Fund's average daily net assets. For the Cash Reserves Fund, the
Advisor has agreed to waive its advisory fee and reimburse the Fund for its
expenses through September 1, 2003, to the extent necessary that the total
expenses of the Fund do not exceed 0.83% and 0.65% of the average daily net
assets of Class 1 and Class 2, respectively. Prior to August 30, 2002, the Cash
Reserves Fund was reimbursed to the extent necessary that the total expenses of
the Fund did not exceed 0.90% of the average daily net assets of Class 1. For
the the U.S. Government Money Market Fund and the Tax Free Money Market Fund the
Advisor has also agreed to waive its advisory fee and reimburse each Fund for
its expenses through September 1, 2003, to the extent necessary that the total
expenses of the Fund do not exceed 0.90% of the average daily net assets of
Class 1. For the New York Municipal Money Market Fund the Advisor agreed to
waive its advisory fee to the extent necessary that the total expenses of the
Fund do not exceed 0.65% of the average daily net assets. The Advisor reserves
the right to be reimbursed for management fees waived and fund
25
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2003
- --------------------------------------------------------------------------------
expenses paid by it during the prior two years to the extent that a Fund's
expense ratio falls below the expense limitations as of June 30, 2003.
4 -- DISTRIBUTION PLAN
Advest, Inc. ("Advest"), a wholly owned subsidiary of The Advest Group, Inc.
("Advest Group"), serves as the distributor to the Funds. The Funds have adopted
a Rule 12b-1 distribution plan (the "Plan") authorizing each Fund's Class 1
shares to pay service fees equal to 0.25% of the Class 1 average daily net
assets. Advest may pay up to the entire fee under the Plan to its own
representatives or to other dealers providing services in connection with the
sale of each Fund's shares. To the extent the fee is not paid to others, Advest
may retain this fee as compensation for its services and expenses incurred in
accordance with the Plan. For the year ended April 30, 2003, the distribution
fees payable to Advest by the the Cash Reserves Fund, the U.S. Government Money
Market Fund, the Tax Free Money Market Fund and the New York Municipal Money
Market Fund amounted to $3,236,908, $505,944, $228,814 and $300,172,
respectively. Advest voluntarily agreed to reimburse the New York Municipal
Money Market Fund the full amount of the Fund's distribution fees for the period
ended April 30, 2003.
5 -- TRANSFER AGENT FEE
Advest Transfer Services, Inc. ("ATS"), a subsidiary of the Advest Group, serves
as the Funds' shareholder servicing agent and transfer agent. ATS receives
account fees and asset-based fees that vary according to account size and type
of account.
6 -- ADMINISTRATION, CUSTODIAN AND FUND ACCOUNTING FEE
Investors Bank & Trust ("Investors Bank") serves as the Trust's administrator,
custodian and fund accounting agent. As compensation for its services, Investors
Bank receives out-of-pocket costs, transaction fees, and asset based fees, which
are accrued daily and paid monthly. Fees for such services paid to Investors
Bank by the Funds are reflected as custodian and fund accounting expense in the
statement of operations.
7 -- INVESTMENT SUB-ADVISORY FEE
On October 2, 2002, the Board of Trustees of the Trust unanimously approved and
voted to recommend that the shareholders of the Cash Reserves Fund and the U.S.
Government Money Market Fund approve a subadvisory agreement (the "Subadvisory
Agreement") among the Funds, the Advisor and MONY Capital Management, Inc. (the
"Subadviser"). The Advisor and the Subadviser are both wholly-owned subsidiaries
of The MONY Group Inc., a diversified financial services company offering
insurance, brokerage, asset management and other financial services. The
subadvisory relationship with the Funds commenced on December 2, 2002.
The Subadvisory Agreement provides that the Advisor will pay the Subadviser a
fee equal to 0.03% of each Fund's average daily net assets. The Funds will not
pay any fee directly to the Subadviser.
8 -- SHAREHOLDER MEETING (UNAUDITED)
On November 13, 2002, the Trust held a joint special meeting of shareholders of
the Cash Reserves Fund and the U.S. Government Money Market Fund to consider for
approval a proposed investment sub-advisory
26
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
APRIL 30, 2003
- --------------------------------------------------------------------------------
agreement between MONY Capital Management, Inc., Boston Advisors, Inc., the Cash
Reserves Fund and the U.S. Government Money Market Fund. The results of the
shareholder vote were as follows:
<Table>
Cash 1,297,759,687 shares or 98.27% of the
Reserves shares voting voted in favor; 14,184,715
Fund: shares or 1.07% of the shares voting
voted against; and 8,636,449 shares or
0.65% of the shares voting abstained.
U.S.
Government 198,260,691 shares or 98.55% of the
Money shares voting voted in favor; 1,743,193
Market shares or 0.87% of the shares voting
Fund: voted against; and 1,176,758 shares or
0.58% of the shares voting abstained.
</Table>
27
<Page>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders of Boston Advisors Cash Reserves Fund, Boston Advisors U.S.
Government Money Market Fund, Boston Advisors Tax Free Money Market Fund, and
Boston Advisors New York Municipal Money Market Fund, and the Board of Trustees
of Boston Advisors Trust:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Boston Advisors Cash Reserves Fund,
Boston Advisors U.S. Government Money Market Fund, Boston Advisors Tax Free
Money Market Fund, and Boston Advisors New York Municipal Money Market Fund
(each a fund of Boston Advisors Trust, hereafter referred to as the "Fund") at
April 30, 2003, and the results of each of their operations, the changes in
their net assets and their financial highlights for the periods presented, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Fund's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at April 30, 2003 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 16, 2003
28
<Page>
SUPPLEMENTAL TAX INFORMATION (UNAUDITED)
A total of 7.0% and 69.1% of the dividends distributed by the Boston Advisors
Cash Reserves Fund and the Boston Advisors U.S. Government Money Market Fund,
respectively, during the fiscal year was derived from interest on U.S.
Government securities which is generally exempt from state income tax. The
detailed analysis of the percentage of investments as follows:
<Table>
<Caption>
BOSTON ADVISORS
BOSTON ADVISORS U.S. GOVERNMENT MONEY
CASH RESERVES FUND MARKET FUND
------------------ ----------------------
U.S Treasury Obligations 0.0% 0.0%
GNMA 0.0% 0.0%
FNMA 3.2% 25.0%
FHLMC 1.6% 19.3%
Other U.S. Government Agency Obligations 2.2% 24.8%
Other 93.0% 30.9%
</Table>
Additionally, 100% of the dividends distributed by the Boston Advisors Tax Free
Money Market Fund and the Boston Advisors New York Municipal Money Market Fund
during the fiscal year was derived from Municipal securities which are exempt
from state income tax.
The fund will notify shareholders in January 2004 of amounts for use in
preparing 2003 income tax returns.
29
<Page>
TRUSTEES AND OFFICERS (UNAUDITED)
The Trust's Board of Trustees provides broad supervision over the affairs of the
Trust. The officers of the Trust are responsible for the Trust's operations. The
Trustees and executive officers of the Trust are listed below, together with
their principal occupations during the past five years.
INTERESTED TRUSTEES
<Table>
<Caption>
NUMBER OF
TERM OF PRINCIPAL PORTFOLIOS IN OTHER
NAME, OFFICE(1) OCCUPATION(S) TRUST COMPLEX DIRECTORSHIPS
ADDRESS AND POSITION(S) AND LENGTH OF DURING PAST OVERSEEN BY HELD BY
AGE HELD WITH TRUST TIME SERVED 5 YEARS TRUSTEE TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------
Allen G. Botwinick Chairman of the Trustee and Chairman Executive Vice Four Advest, Inc.
90 State House Square Board and Trustee of the Board since President of
Hartford, CT 06103 March 2000 Administration and
Age: 60 Operations, The
Advest Group, Inc.
and Advest, Inc.
Michael J. Vogelzang President, Chief Trustee, President Boston Four Advest, Inc.
One Federal Street Executive Officer and Chief Executive Advisors, Inc.,
Boston, MA 02110 and Trustee Officer since March President and Chief
Age: 42 2000 Investment Officer,
4/99 - present;
Senior Vice
President and Chief
Investment Officer,
8/97 - 4/99.
</Table>
DISINTERESTED TRUSTEES
<Table>
<Caption>
NUMBER OF
TERM OF PRINCIPAL PORTFOLIOS IN OTHER
NAME, OFFICE(1) OCCUPATION(S) TRUST COMPLEX DIRECTORSHIPS
ADDRESS AND POSITION(S) AND LENGTH OF DURING PAST OVERSEEN BY HELD BY
AGE HELD WITH TRUST TIME SERVED 5 YEARS TRUSTEE TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------
Mone Anathan III Trustee Trustee since March Harvard Divinity Four Brookstone, Inc.
99 Garden Street 2000 School, Student, (specialty
Cambridge, MA 02136 9/97 - present; retailer)
Age: 64
Hugh A. Dunlap, Jr. Trustee Trustee since March Retired, 5/95 - Four None
29 Lowell Road 2000 present.
Brookline, MA 02445
Age: 71
</Table>
30
<Page>
<Table>
<Caption>
NUMBER OF
TERM OF PRINCIPAL PORTFOLIOS IN OTHER
NAME, OFFICE(1) OCCUPATION(S) TRUST COMPLEX DIRECTORSHIPS
ADDRESS AND POSITION(S) AND LENGTH OF DURING PAST OVERSEEN BY HELD BY
AGE HELD WITH TRUST TIME SERVED 5 YEARS TRUSTEE TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------
Ezekiel Russell Peach, Jr. Trustee Trustee since March Retired, 12/99 - Four Wentworth 84
137 Atlantic Avenue 2000 present; Robert, Irrevocable
Marblehead, MA 01945 Finnegan & Lynah, Trust
Age: 68 PC (public
accounting),
partner/ principal,
1968 - 12/99.
</Table>
(1) Each Trustee will hold office until his successor is elected or the
Trust is terminated; except that (a) any Trustee may resign by written
instrument signed by him and delivered to the other Trustees or to any
Trust officer, which will take effect upon delivery or upon such later
date as is specified; (b) any Trustee may be removed at any time with or
without cause by written instrument, signed by at least two-thirds of
the number of Trustees prior to such removal, specifying the date when
such removal will become effective; (c) any Trustee who requests in
writing to be retired or who has become incapacitated by illness or
injury may be retired by written instruments signed by a majority of the
other Trustees, specifying the date of his retirement; or (d) a Trustee
may be removed at any special meeting of the shareholders of the Trust
by a vote of two-thirds of the outstanding shares of beneficial interest
of the Trust.
OFFICERS
<Table>
<Caption>
PRINCIPAL
NAME, TERM OF OFFICE(2) OCCUPATION(S)
ADDRESS AND POSITION(S) AND LENGTH OF DURING PAST
AGE HELD WITH TRUST TIME SERVED 5 YEARS
- ----------------------------------------------------------------------------------------
Todd A. Finkelstein Vice President Vice President since Boston
One Federal Street March 2000 Advisors, Inc.,
Boston, MA 02110 Senior Vice
Age: 42 President and
Director of Fixed
Income, 8/98 -
present; BankBoston,
Vice President and
Senior Investment
Officer, 12/94 -
8/98.
Donna C. McAdam Treasurer and Treasurer and Chief Boston
One Federal Street Chief Financial Financial Officer Advisors, Inc., Vice
Boston, MA 02110 Officer since March 2000 President and Chief
Age: 55 Operating Officer,
4/87 - present.
Annellen McNamara Assistant Assistant Treasurer Director, Mutual
Investors Bank & Trust Treasurer since March 2002 Fund Administration,
200 Clarendon Street Investors Bank &
Boston, MA 02116 Trust Company,
Age: 36 6/02 - present;
Senior Manager,
1/00 - 5/02; Manager
1996 - 1999.
John DelPrete Secretary Secretary since June Senior Associate
Investors Bank & Trust 2001 Counsel, Mutual Fund
200 Clarendon Street Administration,
Boston, MA 02116 Investors Bank &
Age: 34 Trust Company,
1/01 - present;
Associate Counsel,
5/97 - 12/00.
Ellen O'Leary Assistant Assistant Secretary Associate Counsel,
Investors Bank & Trust Secretary since September 2002 Mutual Fund
200 Clarendon Street Administration,
Boston, MA 02116 Investors Bank &
Age: 29 Trust Company,
1999 - present; Fund
Accountant, 1996 -
1999.
</Table>
(2) Officers are elected to hold such office until their successor is
elected and qualified to carry out the duties and responsibilities of
their office, or until he or she resigns or is removed from office.
31
<Page>
FORM N-CSR(2 OF 3)
ITEM 2 (CODE OF ETHICS): Not applicable to this filing.
ITEM 3 (AUDIT COMMITTEE FINANCIAL EXPERT): Not applicable to this filing.
ITEM 4 (PRINCIPAL ACCOUNTANT FEES AND SERVICES): Not applicable to this filing.
ITEM 5 (RESERVED)
ITEM 6 (RESERVED)
ITEM 7 (DISCLOSURE OF PROXY VOTING POLICIES & PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES): Not applicable to this filing.
ITEM 8 (RESERVED)
ITEM 9 (CONTROLS AND PROCEDURES):
SUB-ITEM 9a - Within the 90-day period immediately preceding the
filing of this Report, the Trust's Chief Executive Officer and Principal
Financial Officer have each evaluated the effectiveness of the Trust's
"Disclosure Controls and Procedures" and have concluded that they were
effective. As such term is used above, the Trust's Controls and Procedures
are controls and other procedures of the Trust that are designed to ensure
that information required to be disclosed by the Trust in the reports that
it files or submits under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported, within the time periods specified in the
Security Exchange Commission's rules and forms. Disclosure Controls and
Procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by the Trust in such reports
is accumulated and communicated to the Trust's management, including its
principal executive officer or officers and principal financial officer or
officers, or persons performing similar functions, as appropriate to allow
timely decisions regarding required disclosure.
SUB-ITEM 9b - There were no significant changes in the Trust's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses
ITEM 10 (EXHIBITS):
SUB-ITEM 10a - Not applicable to this filing
SUB-ITEM 10b - Certification Exhibits are attached.
<Page>
FORM N-CSR(3 OF 3)
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.
Boston Advisors Trust
By: /s/ Michael J. Vogelzang
----------------------------------------------------------
Michael J. Vogelzang, Chief Executive Officer
Date June 23, 2003
---------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities, and on
the dates indicated.
By: /s/ Michael J. Vogelzang
-------------------------------------------------
Michael J. Vogelzang, Chief Executive Officer
Date June 23, 2003
---------------------
By: /s/ Donna C. McAdam
-------------------------------------------------
Donna C. McAdam, Chief Financial Officer
Date June 23, 2003
------------------------