<Page>
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Expires: November 30, 2005
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hours per response....... 5.0
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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
-------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-523-5903
------------------
Date of fiscal year end: 04/30/2004
--------------------------
Date of reporting period: 05/01/03 - 10/31/03
-------------------------
<Page>
ITEM 1 REPORT TO SHAREHOLDERS.
(Semi-Annual Report for the period 5/1/03 through 10/31/03 is filed
herewith)
<Page>
BOSTON ADVISORS MONEY MARKET FUNDS
- -------------------------------------------------------------------------
OCTOBER 31, 2003
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
MICHAEL J. VOGELZANG, CFA, PRESIDENT
The last six months have seen the economy move solidly into recovery mode as
geopolitical uncertainties have stabilized (eg: Iraq), cyclical corporate
reorganizations have declined resulting in less job loss and improving corporate
profits, and liquidity in the capital markets has improved with the strength in
the equity market. Throughout this period of economic improvement the Boston
Advisors family of money market funds has continued to provide safety and
stability. In this Semi-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, as measured by quarterly Gross Domestic Product (GDP), has
increased at an ever accelerating pace this year. First quarter growth at 1.4%
was quickly dismissed by 3.3% in the second quarter and 8.2% in the third
quarter. This growth has been rewarded in the equity markets, with the S&P 500
up over 21% this year through October. Equity market strength improves corporate
access to capital, which in-turn relieves some of the downward pressure on
corporate credit quality. This improvement in credit quality serves to reduce
corporations' cost of funds, and dovetails nicely with the other reductions in
cost structure over recent years. This process becomes self-reinforcing and is
very characteristic of the early stages of a cyclical economic expansion. While
we do not expect GDP to continue to grow at its current pace, we believe 4%
average annualized growth is a reasonable expectation for the full calendar
years 2003 and 2004 and represents a healthy expansion.
A healthy expansion does not necessitate an increase in short-term interest
rates by the Federal Reserve, at least not in the short-run. In setting monetary
policy the Federal Reserve has many considerations. Paramount among them is the
prospect for a rise in inflation given the stimulative effects of maintaining
low interest rates. Another important consideration is how sustainable the
positive impact of recent fiscal stimulation will be, specifically the tax cut
and child tax credit. We believe that the economy is far from being resource
constrained, a situation in which growth becomes inflationary. With respect to
the sustainability of the positive effects of fiscal policy, the jury is still
out. Against this backdrop the Fed is unlikely to increase interest rates over
the next six months, providing time for the economic picture to become crystal
clear.
Since the June 25th reduction in the Fed's target rate for Fed Funds to 1.00%
from 1.25% short-term interest rates have remained stable. Early in the year
maturing investments in money market portfolios were reinvested at lower rates,
this reflecting the rapid decline in interest rates to that point. Over the last
several months maturing investments are being reinvested at roughly the same
interest rate levels and the funds yields have stabilized. We do not anticipate
any significant increase in the funds yields until the Fed begins to tighten
monetary policy in the latter half of 2004.
1
<Page>
BOSTON ADVISORS MONEY MARKET FUNDS
- -------------------------------------------------------------------------
OCTOBER 31, 2003 (CONTINUED)
- --------------------------------------------------------------------------------
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 today's
economic environment. As of October 31st, the portfolio consisted of
commercial paper (47%), U.S. Government Agency Obligations (23%), variable
rate corporate notes (13%), repurchase agreements (9%), certificates of
deposit (7%), and corporate debt (1%).
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 October 31st, the
portfolio consisted of U.S. government agency obligations (86%), of which
variable rates were 18% (16% of the portfolio), and repurchase agreements
(14%).
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 environment. As of October 31st,
the portfolio consisted of daily and weekly floating rate issues (72%), notes
and bonds (21%), commercial paper (4%), prerefunded obligations (2%), and
money market funds (1%).
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 October 31st, the portfolio
consisted of daily and weekly floating-rate issues (75%), commercial paper
(15%), notes and bonds (9%), and money market funds (1%).
2
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
CASH RESERVES FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- ---------------------------------------------------------------------------------------------
ASSET-BACKED COMMERCIAL PAPER -- 16.8%
Ciesco LP 1.050% 11/26/2003 $ 13,000,000 $ 12,990,521
Edison Asset Securitization 1.100% 01/06/2004 35,000,000 34,929,417
Golden Funding Corporation 1.080% 12/15/2003 17,688,000 17,664,652
Golden Funding Corporation 1.090% 12/04/2003 10,050,000 10,039,958
Lockhart Funding LLC 1.160% 01/05/2004 30,000,000 29,937,167
Starfish Global Funding LLC 1.060% 11/21/2003 12,161,000 12,153,838
Starfish Global Funding LLC 1.060% 12/02/2003 20,000,000 19,981,745
Tannehill Capital Co. LLC 1.140% 11/24/2003 32,500,000 32,499,251
Three Pillars Funding Corporation 1.060% 11/26/2003 30,000,000 29,977,917
Windmill Funding Corporation 1.060% 11/20/2003 15,683,000 15,674,226
--------------
TOTAL ASSET-BACKED COMMERCIAL PAPER $ 215,848,692
--------------
CERTIFICATES OF DEPOSIT -- 7.2%
BANKING -- 7.2%
Canadian Imperial Bank of Commerce NY 1.460% 11/17/2004 22,500,000 22,497,650
Citibank NY State N.A. 1.075% 11/26/2003 30,000,000 30,000,000
First Tennessee Bank 1.070% 11/03/2003 18,000,000 17,999,979
U.S. Trust Co. of New York 1.160% 12/29/2003 22,550,000 22,550,000
--------------
TOTAL CERTIFICATES OF DEPOSIT $ 93,047,629
--------------
COMMERCIAL PAPER -- 30.2%
AUTOMOBILES -- 1.6%
Toyota Motor Credit Co. 1.050% 12/18/2003 20,000,000 19,972,583
--------------
BANKING -- 12.0%
Alliance & Leicester Plc. 1.075% 11/20/2003 25,000,000 24,985,816
Bank of Ireland 1.065% 12/23/2003 22,500,000 22,465,387
Royal Bank of Scotland 1.045% 12/12/2003 17,200,000 17,179,530
Societe Generale North America 1.045% 12/01/2003 30,000,000 29,973,875
Wells Fargo & Company 1.050% 12/01/2003 35,000,000 34,969,375
Westdeutsche Landesbank 1.070% 12/09/2003 25,000,000 24,971,764
--------------
154,545,747
--------------
BEVERAGES, FOOD & TOBACCO -- 1.3%
Coca-Cola Enterprises 1.070% 11/18/2003 16,129,000 16,120,850
--------------
BROKERS -- 5.1%
Credit Suisse First Boston USA, Inc. 1.530% 11/22/2004 20,000,000 20,000,000
Morgan Stanley, Dean Witter & Co. 1.050% 11/17/2003 25,000,000 24,988,333
Morgan Stanley, Dean Witter & Co. 1.070% 11/25/2003 20,000,000 19,985,733
--------------
64,974,066
--------------
ELECTRIC UTILITIES -- 3.8%
FPL Group Capital Inc 1.080% 11/12/2003 14,888,000 14,883,087
</Table>
3
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
CASH RESERVES FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- ---------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
ELECTRIC UTILITIES (CONTINUED)
National Rural Utilities Cooperative
Finance Corporation 1.060% 11/21/2003 $ 34,649,000 $ 34,628,596
--------------
49,511,683
--------------
FINANCIAL SERVICES -- 3.7%
CIT Group Inc. 1.060% 11/12/2003 17,609,000 17,603,297
CIT Group Inc. 1.060% 11/14/2003 10,000,000 9,996,172
Household International, Inc. 1.050% 11/20/2003 20,000,000 19,988,917
--------------
47,588,386
--------------
INDUSTRIAL - DIVERSIFIED -- 2.7%
General Electric Capital International
Funding 1.060% 11/12/2003 35,000,000 34,988,664
--------------
TOTAL COMMERCIAL PAPER $ 387,701,979
--------------
CORPORATE DEBT -- 1.0%
TELEPHONE SYSTEMS -- 1.0%
SBC Communications, Inc. 4.180% 06/05/2004 12,500,000 12,716,481
--------------
TOTAL CORPORATE DEBT $ 12,716,481
--------------
FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 20.7%
Federal Home Loan Bank 1.470% 09/24/2004 23,800,000 23,800,000
Federal Home Loan Mortgage Corporation 1.030% 12/09/2003 10,000,000 9,989,128
Federal Home Loan Mortgage Corporation 1.075% 11/06/2003 25,000,000 24,996,268
Federal Home Loan Mortgage Corporation 1.400% 11/03/2004 21,250,000 21,250,000
Federal Home Loan Mortgage Corporation 6.375% 11/15/2003 22,000,000 22,044,312
Federal National Mortgage Association 1.250% 07/07/2004 65,000,000 65,000,000
Federal National Mortgage Association 1.250% 08/30/2004 30,500,000 30,500,000
Federal National Mortgage Association 1.300% 08/30/2004 36,325,000 36,289,322
Federal National Mortgage Association 6.500% 08/15/2004 30,700,000 31,973,509
--------------
TOTAL FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS $ 265,842,539
--------------
VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.7%
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.7%
Federal Home Loan Mortgage Corporation 1.110% 01/07/2004 21,250,000 21,250,000
--------------
TOTAL VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS $ 21,250,000
--------------
VARIABLE RATE NOTES -- 13.4%
BANKING -- 3.3%
Bayerische Landesbank Girozentrale NY(1) 1.131% 12/08/2003 20,000,000 20,001,842
Key Bank N.A.(1) 1.349% 01/26/2004 12,500,000 12,505,583
The Bank of New York Company, Inc.(1) 1.110% 11/27/2003 10,000,000 10,000,000
--------------
42,507,425
--------------
</Table>
4
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
CASH RESERVES FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- ---------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
BEVERAGES, FOOD & TOBACCO -- 0.8%
Coca-Cola Enterprises(1) 1.411% 01/26/2004 $ 10,000,000 $ 10,012,269
--------------
BROKERS -- 3.5%
Credit Suisse First Boston USA, Inc.(1) 1.280% 11/25/2003 15,000,000 15,005,754
Goldman Sachs Group, Inc.(1) 1.190% 11/03/2003 25,000,000 25,000,000
Merrill Lynch & Co(1) 1.245% 11/11/2003 5,000,000 5,000,000
--------------
45,005,754
--------------
COMMERCIAL SERVICES -- 1.6%
International Lease Finance
Corporation(1) 1.442% 12/08/2003 20,000,000 20,000,000
--------------
FINANCIAL SERVICES -- 2.3%
American Express Credit Corporation(1) 1.090% 11/24/2003 19,000,000 19,000,000
American Express Credit Corporation(1) 1.161% 11/07/2003 11,000,000 11,000,000
--------------
30,000,000
--------------
TRANSPORTATION -- 1.9%
Paccar Financial Corporation(1) 1.201% 01/26/2004 25,000,000 25,010,146
--------------
TOTAL VARIABLE RATE NOTES $ 172,535,594
--------------
REPURCHASE AGREEMENT -- 8.9%
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
1.250% to 5.190%, maturity dates ranging
from 6/01/04 to 1/02/07 and an aggregate
market value of $116,018,686. 1.050% 11/03/2003 114,953,000 114,953,000
--------------
TOTAL INVESTMENTS -- 99.9% (COST $1,283,895,914) $1,283,895,914
NET OTHER ASSETS -- 0.1% 1,087,142
--------------
NET ASSETS -- 100.0% $1,284,983,056
==============
TOTAL COST FOR INCOME TAX PURPOSES $1,283,895,914
</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
- -------------------------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- --------------------------------------------------------------------------------------------
FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 70.0%
Federal Home Loan Bank 1.010% 11/26/2003 $ 7,750,000 $ 7,744,564
Federal Home Loan Bank 1.050% 11/14/2003 7,600,000 7,597,118
Federal Home Loan Bank 1.470% 09/24/2004 2,950,000 2,950,000
Federal Home Loan Mortgage Corporation 0.990% 12/15/2003 10,000,000 9,987,900
Federal Home Loan Mortgage Corporation 1.030% 12/05/2003 4,600,000 4,595,525
Federal Home Loan Mortgage Corporation 1.030% 12/09/2003 4,675,000 4,669,917
Federal Home Loan Mortgage Corporation 1.070% 11/21/2003 5,000,000 4,997,028
Federal Home Loan Mortgage Corporation 1.080% 01/08/2004 4,500,000 4,490,820
Federal Home Loan Mortgage Corporation 1.400% 11/03/2004 3,000,000 3,000,000
Federal Home Loan Mortgage Corporation 2.920% 11/14/2003 5,000,000 5,002,929
Federal Home Loan Mortgage Corporation 3.050% 11/28/2003 3,000,000 3,003,194
Federal Home Loan Mortgage Corporation 5.000% 05/15/2004 5,000,000 5,100,202
Federal Home Loan Mortgage Corporation 6.375% 11/15/2003 7,409,000 7,423,172
Federal National Mortgage Association 1.020% 11/05/2003 5,147,000 5,146,417
Federal National Mortgage Association 1.030% 12/01/2003 5,000,000 4,995,708
Federal National Mortgage Association 1.045% 12/17/2003 5,000,000 4,993,324
Federal National Mortgage Association 1.050% 12/03/2003 1,900,000 1,898,227
Federal National Mortgage Association 1.050% 12/09/2003 10,900,000 10,887,919
Federal National Mortgage Association 1.055% 12/10/2003 9,720,000 9,708,891
Federal National Mortgage Association 1.250% 07/07/2004 6,000,000 6,000,000
Federal National Mortgage Association 1.250% 08/30/2004 4,700,000 4,700,000
Federal National Mortgage Association 1.300% 08/30/2004 3,100,000 3,096,197
Federal National Mortgage Association 6.500% 08/15/2004 4,654,000 4,847,055
------------
TOTAL FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS $126,836,107
------------
VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 15.5%
Federal Home Loan Bank 1.010% 12/12/2003 15,000,000 14,998,486
Federal Home Loan Mortgage Corporation 1.110% 10/07/2005 3,000,000 3,000,000
Federal National Mortgage Association 1.110% 01/09/2004 10,000,000 9,978,725
------------
TOTAL VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS $ 27,977,211
------------
</Table>
6
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- --------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
REPURCHASE AGREEMENT -- 14.3%
UBS Painewebber Warburg Repurchase
Agreement, collateralized by Federal
Home Loan Banks with interest rates
ranging from 1.225% to 1.250%, maturity
dates ranging from 6/1/04 to 7/6/04 and
an aggregate market value of
$26,286,159. 1.050% 11/03/2003 25,910,000 25,910,000
------------
TOTAL INVESTMENTS -- 99.8% (COST $180,723,318) $180,723,318
NET OTHER ASSETS -- 0.2% 420,608
------------
NET ASSETS -- 100.0% $181,143,926
============
TOTAL COST FOR INCOME TAX PURPOSES $180,723,318
</Table>
The accompanying notes are an integral part of the financial statements.
7
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- -------------------------------------------------------------------------------------------
PREREFUNDED MUNICIPAL OBLIGATIONS -- 1.3%
Florida State Board of Education Cap
Outlay 5.750% 01/01/2004 $1,000,000 $ 1,017,763
-----------
MUNICIPAL INTEREST BEARING COMMERCIAL PAPER -- 3.3%
Indiana Development Finance Authority 0.900% 11/03/2003 1,000,000 1,000,000
Municipal Electric Authority of Georgia 0.900% 11/14/2003 1,500,000 1,500,000
-----------
TOTAL MUNICIPAL INTEREST BEARING COMMERCIAL PAPER $ 2,500,000
-----------
FIXED RATE MUNICIPAL OBLIGATIONS -- 21.2%
Austin Texas Electric Utility System 4.000% 11/15/2003 1,000,000 1,001,157
Brookline, Massachusetts 2.000% 05/13/2004 1,000,000 1,005,244
Dallas Texas City Managers Office 4.750% 02/15/2004 500,000 505,294
Delaware Transportation Authority 5.500% 07/01/2004 1,000,000 1,029,600
Deschutes & Jefferson Counties 5.500% 06/01/2004 1,160,000 1,190,132
Fairfax County VA 4.500% 06/01/2004 500,000 510,324
Florence County SC 3.000% 03/01/2004 1,000,000 1,006,577
Highland Park TX Independent School
District 5.500% 02/15/2004 500,000 506,235
Hopkinton, Massachusetts 1.500% 07/08/2004 1,115,102 1,119,254
Pierce County WA School District No 10
Tacoma 4.000% 06/01/2004 1,000,000 1,017,151
Santa Fe NM Gross Receipts Tax 6.500% 06/01/2004 1,280,000 1,320,738
Spring Branch TX Independent School
District 6.500% 02/01/2004 1,000,000 1,013,420
St. Paul, Minnesota 2.000% 03/01/2004 785,000 787,494
Sudbury, Massachusetts 2.000% 04/01/2004 750,000 752,624
Travis County TX 4.000% 03/01/2004 1,680,000 1,696,987
Tulsa County OK Independent School
District 4.500% 03/01/2004 1,000,000 1,011,094
Virginia State Public Building Authority 6.250% 03/01/2004 500,000 508,670
-----------
TOTAL FIXED RATE MUNICIPAL OBLIGATIONS $15,981,995
-----------
DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 6.6%
Beltrami County MN Environmental
Control(1) 1.200% 11/03/2003 1,000,000 1,000,000
Illinois Health Facilities Authority(1) 1.150% 11/03/2003 1,500,000 1,500,000
Missouri State Health & Educational
Facilities Authority(1) 1.150% 11/03/2003 1,445,000 1,445,000
Phoenix AZ Industrial Development
Authority(1) 1.200% 11/03/2003 1,000,000 1,000,000
-----------
TOTAL DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS $ 4,945,000
-----------
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 66.2%
Baltimore MD Industrial Development
Authority(1) 1.080% 11/05/2003 1,500,000 1,500,000
California Economic Development
Financing Authority(1) 1.000% 11/05/2003 900,000 900,000
Delaware Valley PA Regional Financial
Authority(1) 1.120% 11/05/2003 1,000,000 1,000,000
Durham, North Carolina(1) 1.170% 11/06/2003 1,000,000 1,000,000
</Table>
8
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- -------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS (CONTINUED)
Elmhurst, Illinois(1) 1.100% 11/06/2003 $1,130,000 $ 1,130,000
Emporia Industrial Development
Authority(1) 1.150% 11/06/2003 950,000 950,000
Florida Gulf Coast University(1) 1.150% 11/06/2003 1,000,000 1,000,000
Florida Housing Finance Agency(1) 0.950% 11/05/2003 1,000,000 1,000,000
Forsyth County GA Development
Authority(1) 1.150% 11/06/2003 500,000 500,000
Hampton Redevelopment & Housing
Authority Multifamily(1) 1.000% 11/05/2003 1,335,000 1,335,000
Harris County TX Health Facilities
Development(1) 1.100% 11/06/2003 500,000 500,000
Honolulu, Hawaii City & County(1) 1.070% 11/05/2003 2,000,000 2,000,000
Illinois Development Finance Authority
Pollution Control(1) 1.050% 11/05/2003 1,500,000 1,500,000
Illinois Educational Facilities
Authority(1) 1.120% 11/05/2003 1,500,000 1,500,000
Indiana Municipal Power Agency(1) 1.120% 11/05/2003 1,200,000 1,200,000
King County WA Sewer(1) 1.100% 11/05/2003 1,500,000 1,500,000
Lehigh County Industrial Development
Authority(1) 0.950% 11/05/2003 110,000 110,000
Lincoln Parish, Louisiana Exempt
Facility(1) 1.100% 11/05/2003 2,500,000 2,500,000
Louisiana Public Facilities Authority(1) 1.100% 11/05/2003 960,000 960,000
Maricopa County AZ Industrial
Development Authority(1) 1.130% 11/06/2003 950,000 950,000
Maryland State Health & Higher
Educational Facilities Authority(1) 1.050% 11/05/2003 2,100,000 2,100,000
Metropolitan Atlanta Rapid
Transportation Authority(1) 0.980% 11/05/2003 1,000,000 1,000,000
Michigan State Strategic Fund Solidwaste
Disposal(1) 1.100% 11/05/2003 961,000 961,000
New Hampshire State Business Finance
Authority(1) 1.150% 11/06/2003 1,500,000 1,500,000
Oklahoma City Industrial & Cultural
Facilities Trust(1) 1.000% 11/06/2003 1,500,000 1,500,000
Pima County Industrial Development
Authority(1) 1.050% 11/05/2003 1,500,000 1,500,000
Pinal County Industrial Development
Authority(1) 1.050% 11/05/2003 1,800,000 1,800,000
San Antonio TX Airport System(1) 1.200% 11/06/2003 1,000,000 1,000,000
Seattle Washington Municipal Light &
Power(1) 1.070% 11/05/2003 1,400,000 1,400,000
Seattle Washington Water System(1) 0.870% 11/05/2003 900,000 900,000
South Carolina Jobs Economic Development
Authority(1) 1.150% 11/06/2003 1,000,000 1,000,000
South Dakota Housing Development
Authority(1) 1.080% 11/06/2003 2,000,000 2,000,000
South Louisiana Port Commission Marine
Terminals Facility(1) 1.050% 11/05/2003 1,325,000 1,325,000
St. Paul Minnesota Housing &
Redevelopment Authority District
Energy(1) 1.050% 11/05/2003 1,650,000 1,650,000
</Table>
9
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- -------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS (CONTINUED)
University Pittsburgh of the
Commonwealth System of Higher Education
Pennsylvania(1) 1.100% 11/05/2003 $1,000,000 $ 1,000,000
Valdosta-Lowndes County GA Industrial
Development Authority(1) 1.150% 11/06/2003 900,000 900,000
Vancouver Housing Authority(1) 1.200% 11/06/2003 1,000,000 1,000,000
Washington Higher Education Facilities
Authority(1) 1.000% 11/06/2003 1,000,000 1,000,000
Washington Public Power Supply System(1) 1.090% 11/05/2003 2,000,000 2,000,000
West Des Moines, Iowa Commercial
Development(1) 1.050% 11/05/2003 1,200,000 1,200,000
-----------
TOTAL WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS $49,771,000
-----------
MONEY MARKET FUNDS -- 1.1%
Alliance Institutional Tax Free
Portfolio(1) 0.880% 723,475 723,475
Merrill Lynch Institutional Tax Exempt
Money Market(1) 0.880% 93,799 93,800
-----------
TOTAL MONEY MARKET FUNDS $ 817,275
-----------
TOTAL INVESTMENTS -- 99.7% (COST $75,033,033) $75,033,033
NET OTHER ASSETS -- 0.3% 189,335
-----------
NET ASSETS -- 100.0% $75,222,368
===========
TOTAL COST FOR INCOME TAX PURPOSES $75,033,033
</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 STATE TABLE
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STATE (AS A % OF MARKET VALUE OF INVESTMENTS) PERCENTAGE
- ---------------------------------------------------------
Washington................................ 11.7%
Texas..................................... 8.3%
Illinois.................................. 7.5%
Arizona................................... 7.0%
Louisiana................................. 6.4%
Georgia................................... 5.2%
Maryland.................................. 4.8%
Minnesota................................. 4.6%
Virginia.................................. 4.4%
Florida................................... 4.0%
Massachusetts............................. 3.8%
Oklahoma.................................. 3.3%
Indiana................................... 2.9%
Pennsylvania.............................. 2.8%
South Carolina............................ 2.7%
Hawaii.................................... 2.7%
South Dakota.............................. 2.7%
New Hampshire............................. 2.0%
Missouri.................................. 1.9%
New Mexico................................ 1.8%
Iowa...................................... 1.6%
Oregon.................................... 1.6%
Delaware.................................. 1.4%
North Carolina............................ 1.3%
Michigan.................................. 1.3%
California................................ 1.2%
National Tax Exempt Mutual Fund........... 1.1%
</Table>
11
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NEW YORK MUNICIPAL MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- ------------------------------------------------------------------------------------------
MUNICIPAL INTEREST BEARING COMMERCIAL PAPER -- 15.4%
Long Island Power Authority 0.950% 02/09/2004 $2,000,000 $ 2,000,000
Metropolitan Transportation Authority 0.900% 11/10/2003 4,000,000 4,000,000
Metropolitan Transportation Authority 0.950% 02/06/2004 2,000,000 2,000,000
New York State 0.950% 12/09/2003 7,000,000 7,000,000
New York State Dormitory Authority -
Mount Sinai School of Medicine 0.850% 01/13/2004 2,300,000 2,300,000
New York State Thruway Authority 0.900% 12/05/2003 3,500,000 3,500,000
------------
TOTAL MUNICIPAL INTEREST BEARING COMMERCIAL PAPER $ 20,800,000
------------
FIXED RATE MUNICIPAL OBLIGATIONS -- 9.0%
Jericho NY Union Free School District 1.150% 06/25/2004 1,400,000 1,403,146
Lindenhurst Union Free School District 1.500% 06/24/2004 2,000,000 2,007,152
Municipal Assistance Corp For City NY,
NY 6.000% 07/01/2004 1,425,000 1,471,908
New York State Thruway Authority 6.400% 04/01/2004 5,000,000 5,110,186
North Hempstead NY 1.750% 04/29/2004 1,135,000 1,138,891
Oyster Bay - East Norwich NY Central
School District 1.500% 06/29/2004 1,000,000 1,003,593
------------
TOTAL FIXED RATE MUNICIPAL OBLIGATIONS $ 12,134,876
------------
DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 6.7%
Jay Street Development Corporation(1) 1.070% 11/03/2003 1,700,000 1,700,000
New York City Industrial Development
Agency - Lycee Francais De New York(1) 1.120% 11/03/2003 1,500,000 1,500,000
New York NY City Transitional Finance
Authority(1) 1.150% 11/03/2003 2,500,000 2,500,000
New York NY City Transitional Finance
Authority(1) 1.150% 11/03/2003 700,000 700,000
New York State Dormitory Authority(1) 1.150% 11/03/2003 1,700,000 1,700,000
New York State Job Development
Authority(1) 1.200% 11/03/2003 1,000,000 1,000,000
------------
TOTAL DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS $ 9,100,000
------------
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 68.3%
Long Island Power Authority(1) 1.000% 11/05/2003 4,000,000 4,000,000
Nassau County, New York Interim Finance
Authority(1) 0.950% 11/05/2003 2,000,000 2,000,000
New York City Trust for Cultural
Resources(1) 1.050% 11/05/2003 1,790,000 1,790,000
New York NY City Housing Development
Corp - Tribeca Equity Partners LP(1) 1.050% 11/05/2003 1,000,000 1,000,000
New York NY City Housing Development
Corp. Multifamily Housing Revenue -
Clinton 54 LLC(1) 1.080% 11/05/2003 5,000,000 5,000,000
New York NY City Housing - 400 West 59th
Street Partners(1) 1.080% 11/05/2003 2,000,000 2,000,000
</Table>
12
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NEW YORK MUNICIPAL MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<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) 1.000% 11/06/2003 $5,000,000 $ 5,000,000
New York NY City Transitional Finance
Authority(1) 1.050% 11/05/2003 3,430,000 3,430,000
New York State Dormitory Authority -
Cornell University(1) 1.020% 11/06/2003 2,900,000 2,900,000
New York State Energy Research &
Development Authority Electric
Facilities(1) 1.050% 11/05/2003 5,000,000 5,000,000
New York State Housing Finance Agency(1) 1.080% 11/05/2003 1,500,000 1,500,000
New York State Housing Finance Agency(1) 1.100% 11/05/2003 5,000,000 5,000,000
New York State Housing Finance Agency -
14th Street Associates LP(1) 1.050% 11/05/2003 3,000,000 3,000,000
New York State Housing Finance Agency -
Tribeca(1) 1.050% 11/05/2003 2,000,000 2,000,000
New York State Housing Finance Agency
Revenue(1) 1.050% 11/05/2003 3,500,000 3,500,000
New York State Housing Finance Agency
Revenue - 153rd Street Associates LLC(1) 1.000% 11/05/2003 5,000,000 5,000,000
New York State Local Government
Assistance Corp.(1) 1.000% 11/05/2003 1,600,000 1,600,000
New York State Local Government
Assistance Corp.(1) 1.050% 11/05/2003 4,900,000 4,900,000
New York, NY(1) 1.020% 11/05/2003 2,000,000 2,000,000
New York, NY(1) 1.050% 11/05/2003 1,500,000 1,500,000
Niagara Falls NY Bridge Toll(1) 1.060% 11/05/2003 5,900,000 5,900,000
Oneida County NY Industrial Development
Agency(1) 1.050% 11/05/2003 4,835,000 4,835,000
Oneida Indian Nation(1) 1.050% 11/05/2003 5,500,000 5,500,000
Onondaga County Industrial Development
Agency(1) 1.150% 11/06/2003 5,000,000 5,000,000
Suffolk County NY Water Authority(1) 1.100% 11/05/2003 5,000,000 5,000,000
Triborough Bridge & Tunnel Authority
NY(1) 1.000% 11/06/2003 3,700,000 3,700,000
------------
TOTAL WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS $ 92,055,000
------------
</Table>
13
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NEW YORK MUNICIPAL MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- ------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
MONEY MARKET FUNDS -- 0.5%
Blackrock Provident Institutional New
York Money Fund 0.876% 582,534 582,534
Dreyfus New York Municipal Cash
Management Fund 0.820% 75,942 75,942
------------
TOTAL MONEY MARKET FUNDS $ 658,476
------------
TOTAL INVESTMENTS -- 99.9% (COST $134,748,352) $134,748,352
NET OTHER ASSETS -- 0.1% 108,621
------------
NET ASSETS -- 100.0% $134,856,973
============
TOTAL COST FOR INCOME TAX PURPOSES $134,748,352
</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.
14
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
AS OF OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<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 $1,168,942,914, $154,813,318,
$75,033,033 and $134,748,352,
respectively) $1,168,942,914 $154,813,318 $75,033,033 $134,748,352
Repurchase agreements, at value (Cost
$114,953,000, $25,910,000, $0 and $0,
respectively) 114,953,000 25,910,000 -- --
Cash 202 962 -- --
Interest receivable 2,224,714 590,446 273,204 214,853
Prepaid expenses 53,788 23,263 17,081 6,861
-------------- ------------ ----------- ------------
TOTAL ASSETS 1,286,174,618 181,337,989 75,323,318 134,970,066
-------------- ------------ ----------- ------------
LIABILITIES
Dividends payable 177,629 18,044 3,744 17,604
Payable to the Investment Advisor 439,578 67,175 23,489 34,056
Payable to affiliate for Trustees'
fees 169 169 169 103
Payable to Distributor 263,536 39,025 16,311 30,022
Payable to Transfer Agent 134,751 15,592 3,379 9,746
Accrued expense and other payables 175,899 54,058 53,858 21,562
-------------- ------------ ----------- ------------
TOTAL LIABILITIES 1,191,562 194,063 100,950 113,093
-------------- ------------ ----------- ------------
NET ASSETS $1,284,983,056 $181,143,926 $75,222,368 $134,856,973
============== ============ =========== ============
NET ASSETS CONSIST OF:
Paid-in capital 1,284,983,056 181,123,663 75,222,368 134,856,973
Accumulated net investment income 314 20,263 -- --
Accumulated net realized loss on
investment transactions (314) -- -- --
-------------- ------------ ----------- ------------
TOTAL NET ASSETS $1,284,983,056 $181,143,926 $75,222,368 $134,856,973
============== ============ =========== ============
NET ASSETS
Class 1 1,257,252,164 181,143,926 75,222,368 134,856,973
Class 2 27,730,892 -- -- --
-------------- ------------ ----------- ------------
TOTAL 1,284,983,056 181,143,926 75,222,368 134,856,973
SHARES OUTSTANDING
Class 1 1,257,252,164 181,143,926 75,222,368 134,856,973
Class 2 27,730,892 -- -- --
-------------- ------------ ----------- ------------
TOTAL 1,284,983,056 181,143,926 75,222,368 134,856,973
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
15
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
<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
--------------- ----------------- ----------------- ------------------
INVESTMENT INCOME
Interest $7,846,208 $1,160,993 $412,304 $ 696,933
EXPENSES
Investment advisor fee 3,585,634 547,052 227,410 404,816
Distribution and service fees
Class 1 1,594,152 248,660 103,368 184,007
Legal fees 19,810 19,810 19,810 25,730
Printing 68,753 10,247 4,282 7,242
Audit fees 11,355 11,355 11,355 11,355
Custodian and fund accounting expense 225,008 33,796 16,781 49,744
Transfer agency expense 741,626 95,311 18,267 56,869
Registration expense 13,848 10,081 9,577 504
Insurance expense 40,369 4,497 2,600 4,740
Trustees fees and expense 4,537 4,537 4,537 4,537
Miscellaneous 252 252 252 252
---------- ---------- -------- ----------
Total expenses 6,305,344 985,598 418,239 749,796
Reduction of investment advisor
expense (919,988) (90,422) (71,377) (271,627)
---------- ---------- -------- ----------
Net expenses 5,385,356 895,176 346,862 478,169
---------- ---------- -------- ----------
Net investment income 2,460,852 265,817 65,442 218,764
---------- ---------- -------- ----------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $2,460,852 $ 265,817 $ 65,442 $ 218,764
========== ========== ======== ==========
</Table>
See Notes to Financial Statements
16
<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
--------------------------------- --------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
OCTOBER 31, 2003 YEAR ENDED OCTOBER 31, 2003 YEAR ENDED
(UNAUDITED) APRIL 30, 2003 (UNAUDITED) APRIL 30, 2003
---------------- --------------- ---------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 2,460,852 $ 10,749,981 $ 265,817 $ 1,451,178
--------------- --------------- -------------- --------------
Net increase in net assets resulting
from operations 2,460,852 10,749,981 265,817 1,451,178
--------------- --------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class 1 (2,381,944) (10,525,024) (265,817) (1,451,178)
Class 2 (78,908) (224,957) -- --
--------------- --------------- -------------- --------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (2,460,852) (10,749,981) (265,817) (1,451,178)
--------------- --------------- -------------- --------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST
Proceeds from sale of shares
Class 1 2,233,881,779 4,284,616,395 350,153,853 639,218,663
Class 2 23,173,253 43,456,266 -- --
Net Asset Value of shares issued to
shareholders in payment of
distributions declared
Class 1 2,403,504 10,665,082 278,501 1,497,543
Class 2 80,047 226,282 -- --
Cost of shares redeemed
Class 1 (2,242,169,383) (4,378,404,786) (359,540,722) (645,276,954)
Class 2 (22,552,815) (36,550,260) -- --
--------------- --------------- -------------- --------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS (5,183,615) (75,991,021) (9,108,368) (4,560,748)
--------------- --------------- -------------- --------------
NET DECREASE IN NET ASSETS (5,183,615) (75,991,021) (9,108,368) (4,560,748)
NET ASSETS
At beginning of period 1,290,166,671 1,366,157,692 190,252,294 194,813,042
--------------- --------------- -------------- --------------
At end of period $ 1,284,983,056 $ 1,290,166,671 $ 181,143,926 $ 190,252,294
=============== =============== ============== ==============
Accumulated undistributed net investment
income included in net assets $ 314 $ 314 $ 20,263 $ 20,263
=============== =============== ============== ==============
</Table>
See Notes to Financial Statements
17
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS BOSTON ADVISORS
TAX FREE NEW YORK MUNICIPAL
MONEY MARKET FUND MONEY MARKET FUND
-------------------------------- -----------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED FOR THE
OCTOBER 31, 2003 YEAR ENDED OCTOBER 31, 2003 PERIOD ENDED
(UNAUDITED) APRIL 30, 2003 (UNAUDITED) APRIL 30, 2003(1)
---------------- -------------- ---------------- -----------------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 65,442 $ 425,383 $ 218,764 $ 719,128
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 65,442 425,383 218,764 719,128
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class 1 (65,442) (425,383) (218,764) (719,128)
------------- ------------- ------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (65,442) (425,383) (218,764) (719,128)
------------- ------------- ------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST
Proceeds from sale of shares
Class 1 122,102,531 262,943,995 280,978,859 603,293,770
Net Asset Value of shares issued to
shareholders in payment of
distributions declared
Class 1 72,874 431,793 227,093 665,414
Cost of shares redeemed
Class 1 (127,212,650) (268,254,514) (277,373,429) (472,934,734)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM FUND SHARE TRANSACTIONS (5,037,245) (4,878,726) 3,832,523 131,024,450
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS (5,037,245) (4,878,726) 3,832,523 131,024,450
NET ASSETS
At beginning of period 80,259,613 85,138,339 131,024,450 --
------------- ------------- ------------- -------------
At end of period $ 75,222,368 $ 80,259,613 $ 134,856,973 $ 131,024,450
============= ============= ============= =============
</Table>
(1) Fund commenced operations on June 11, 2002.
See Notes to Financial Statements
18
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
CASH RESERVES FUND
-----------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED FOR THE FOR THE FOR THE
OCTOBER 31, 2003 YEAR ENDED YEAR ENDED PERIOD ENDED
(UNAUDITED) APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
---------------- -------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- ---------- ----------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.002 0.008 0.022 0.050
---------- ---------- ---------- ----------
Net increase from investment operations 0.002 0.008 0.022 0.050
---------- ---------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.002) (0.008) (0.022) (0.050)
---------- ---------- ---------- ----------
Total distributions (0.002) (0.008) (0.022) (0.050)
---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========== ==========
TOTAL RETURN 0.19%(2) 0.81% 2.25% 5.07%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) $1,257,252 $1,263,136 $1,346,260 $1,146,333
Ratio of net operating expenses to
average net assets 0.83%(3) 0.85% 0.90% 0.90%(3)
Ratio of net investment income to
average net assets 0.38%(3) 0.81% 2.17% 5.42%(3)
Ratio of expense to average net assets
prior to waived fees and reimbursed
expenses 0.97%(3) 0.99% 0.99% 1.03%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses 0.24%(3) 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
19
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 2
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
CASH RESERVES FUND
-----------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED FOR THE FOR THE FOR THE
OCTOBER 31, 2003 YEAR ENDED YEAR ENDED PERIOD ENDED
(UNAUDITED) APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
---------------- -------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- ------- ------- -------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.003 0.010 0.025 0.020
------- ------- ------- -------
Net increase from investment operations 0.003 0.010 0.025 0.020
------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.003) (0.010) (0.025) (0.020)
------- ------- ------- -------
Total distributions (0.003) (0.010) (0.025) (0.020)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= =======
TOTAL RETURN 0.28%(2) 1.02% 2.50% 2.01%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) $27,731 $27,030 $19,898 $19,003
Ratio of net operating expenses to
average net assets 0.65%(3) 0.65% 0.65% 0.66%(3)
Ratio of net investment income to
average net assets 0.34%(3) 0.99% 2.44% 5.22%(3)
Ratio of expense to average net assets
prior to waived fees and reimbursed
expenses 0.72%(3) 0.75% 0.74% 0.83%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses 0.27%(3) 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
20
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
U.S. GOVERNMENT MONEY MARKET FUND
-----------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED FOR THE FOR THE FOR THE
OCTOBER 31, 2003 YEAR ENDED YEAR ENDED PERIOD ENDED
(UNAUDITED) APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
---------------- -------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- --------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.001 0.007 0.022 0.049
-------- -------- -------- --------
Net increase from investment operations 0.001 0.007 0.022 0.049
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.001) (0.007) (0.022) (0.049)
-------- -------- -------- --------
Total distributions (0.001) (0.007) (0.022) (0.049)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ========
TOTAL RETURN 0.13%(2) 0.71% 2.20% 4.98%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) $181,144 $190,252 $194,813 $112,373
Ratio of net operating expenses to
average net assets 0.90%(3) 0.90% 0.90% 0.90%(3)
Ratio of net investment income to
average net assets 0.27%(3) 0.72% 2.10% 5.34%(3)
Ratio of expense to average net assets
prior to waived fees and reimbursed
expenses 0.99%(3) 0.98% 1.01% 1.07%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses 0.18%(3) 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
21
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
TAX FREE MONEY MARKET FUND
-----------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED FOR THE FOR THE FOR THE
OCTOBER 31, 2003 YEAR ENDED YEAR ENDED PERIOD ENDED
(UNAUDITED) APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
---------------- -------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- ------- ------- -------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.001 0.005 0.013 0.027
------- ------- ------- -------
Net increase from investment operations 0.001 0.005 0.013 0.027
------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.001) (0.005) (0.013) (0.027)
------- ------- ------- -------
Total distributions (0.001) (0.005) (0.013) (0.027)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ======= ======= =======
TOTAL RETURN 0.08%(2) 0.48% 1.30% 2.77%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) $75,222 $80,260 $85,138 $73,525
Ratio of net operating expenses to
average net assets 0.84%(3) 0.90% 0.90% 0.90%(3)
Ratio of net investment income to
average net assets 0.16%(3) 0.46% 1.24% 2.99%(3)
Ratio of expense to average net assets
prior to waived fees and reimbursed
expenses 1.01%(3) 0.98% 1.02% 1.09%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses (0.01)%(3) 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
22
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
NEW YORK MUNICIPAL
MONEY MARKET FUND
-----------------------------------------
FOR THE SIX
MONTHS ENDED FOR THE
OCTOBER 31, 2003 PERIOD ENDED
(UNAUDITED) APRIL 30, 2003(1)
---------------- ---------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000
-------- --------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.002 0.005
-------- --------
Net increase from investment operations 0.002 0.005
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.002) (0.005)
-------- --------
Total distributions (0.002) (0.005)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000
======== ========
TOTAL RETURN 0.15%(2) 0.53%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) $134,857 $131,024
Ratio of net operating expenses to
average net assets 0.65%(3) 0.65%(3)
Ratio of net investment income to
average net assets 0.30%(3) 0.60%(3)
Ratio of expense to average net assets
prior to waived fees and reimbursed
expenses 1.01%(3) 1.10%(3)
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses (0.06)%(3) 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
23
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
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"). Each Fund's investment objective is to seek 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 the personal income taxes imposed by New York State and New York
municipalities. The Cash Reserves Fund issues two classes of shares (Class 1 and
Class 2 shares). Class 1 shares of each Fund 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 Fund's 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
24
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
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
3186, as amended (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.
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.
3 -- INVESTMENT ADVISOR 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 each 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 each Fund, the
Advisor has agreed to contractually waive its advisory fee and reimburse each
Fund for its expenses through September 1, 2004, to the extent necessary that
the total expenses of each Fund do not exceed 0.90% and 0.65% of the average
daily net assets of Class 1 and Class 2 shares, respectively. For the Cash
Reserves Fund, the Advisor has agreed to voluntarily waive its advisory fee and
reimburse the Cash Reserves Fund for its expenses to the extent necessary that
the total expenses of the Cash Reserves Fund do not exceed 0.83% of the average
daily net assets of Class 1 shares. For the New York Fund, the Advisor has
agreed to voluntarily waive its advisory fee to the extent necessary that the
total expenses of the New York Fund do not exceed 0.65% of the average daily net
assets of Class 1 shares. The Advisor reserves the right to reduce its fees from
time to time on a voluntary basis. Such additional voluntary limitation may be
discontinued at any time in the Advisor's discretion. Any such voluntary expense
limitation will have the effect of increasing a Fund's return and yield. The
Advisor also reserves the right to be reimbursed for management fees waived and
fund expenses paid by it during the prior two years to the extent that a Fund's
expense ratio falls below any expense limitations.
25
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
OCTOBER 31, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
4 -- DISTRIBUTION PLAN
Advest, Inc. ("Advest"), a wholly owned subsidiary of the 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 six months ended October 31, 2003, the distribution fees paid to Advest
by the Cash Reserves Fund, the U.S. Government Money Market Fund, and the Tax
Free Money Market Fund amounted to $1,594,359, $249,938, and $103,771,
respectively. Advest retained the full amount of each Fund's payment. For the
six months ended October 31, 2003, the distribution fee for the New York
Municipal Money Market Fund has been waived due to expense limitations.
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 Company ("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
MONY Capital Management, Inc. (the "Subadviser") serves as the subadviser for
the Cash Reserves Fund and the U.S. Government Money Market Fund. The Advisor
and 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 subadivsory 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 -- ADDITIONAL INFORMATION
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling 1-800-523-5903; and on the Commission's website
at (ii) http://www.sec.gov.
26
<Page>
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 AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6 [RESERVED]
ITEM 7 DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8 [RESERVED]
ITEM 9 CONTROLS AND PROCEDURES.
(a) The Registrant's Principal Executive Officer and Principal Financial
Officer concluded that the Registrant's disclosure controls and
procedures are effective based on their evaluation of the Registrant's
disclosure controls and procedures as of a date within 90 days prior to
the filing date of this report (the "Evaluation Date").
(b) There were no significant changes in the Registrant's internal
controls or in other factors that could significantly affect internal
controls subsequent to the Evaluation Date, including any corrective
actions with regard to significant deficiencies and material weaknesses.
ITEM 10 (EXHIBITS):
(a)(1) Code of Ethics Described in Item 2: Not applicable to this
filing.
(a)(2) Certifications of the Principal Executive Officer and Principal
Financial Officer of the Registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940 (17 CFR 270.30a-2(a) are attached
hereto as Exhibit 99CERT.302
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 are attached hereto as Exhibit 99CERT.906.
<Page>
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 12/30/03
-----------------------
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 12/30/03
-----------------------
By: /s/ Donna C. McAdam
--------------------------------------------------
Donna C. McAdam, Chief Financial Officer
Date 12/30/03
-----------------------