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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
--------------------------
Date of reporting period: 05/01/04 - 10/31/04
-------------------------
<Page>
FORM N-CSR(2 OF 3)
ITEM 1 REPORT TO SHAREHOLDERS.
<Page>
BOSTON ADVISORS MONEY MARKET FUNDS
- -------------------------------------------------------------------------
OCTOBER 31, 2004
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
MICHAEL J. VOGELZANG, CFA, PRESIDENT
TODD A. FINKELSTEIN, CFA, DIRECTOR OF FIXED INCOME
Over the period since the last shareholder report the economic recovery has
continued unabated. Recognizing the strength of the recovery, and its
sustainability, the Federal Reserve initiated a tightening of monetary policy in
late June. The initial increase in short-term interest rates of 25 basis points
(0.25%) took place June 30th, and as of this writing has been repeated three
additional times. The 100 basis point increase thus far has doubled the Federal
Funds target to 2.00% from 1.00% just a few months ago. Your funds have
benefited directly from these rate increases as maturing investments have been
reinvested at higher yields. 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:
Through June of 2003 the Federal Reserve pushed rates down to 1% and kept them
there longer than many investors thought would be the case. The Fed's logic
behind maintaining this very accommodative policy was improving productivity,
low capacity utilization, high(er) unemployment rates, and low inflation. Strong
productivity and excess manufacturing and employment capacity are characteristic
of the early stages of an economic expansion -- a sweet spot that allows for
economic improvement without inflation pressure. The passage of time has
provided evidence that productivity growth is slowing, capacity utilization
(while still low) is rising and unemployment is declining. All of these,
combined with rising commodity prices and a falling currency, suggest the
economy's emergence from early expansion into full swing. More importantly,
conditions are becoming increasingly ripe for a pick-up in inflation, the
recognition of which lies at the heart of the Fed's recent moves.
While the economy is far from being constrained (operating at full capacity and
full employment), inflation is beginning to get a toe-hold. Year-over-year
producer prices are rising over 4%, with core prices (less food and energy)
increasing 1.8%. Core prices are up from negative year-over-year levels just
last year. Rising producer prices often work their way through the economic
system, much like a snake that eats a mouse, and begin to affect changes in
consumer prices. As manufacturers try to prevent a margin squeeze they push
higher prices through the pipeline. Year-over-year CPI is up 3.2% . In an
environment of greater than 3% real GDP growth (Q3 was +3.9%) we believe it is
likely the Fed will continue to increase short-term rates well into 2005.
Improvement in the economy has brought a restoration of credit quality to levels
not seen in several years. This improvement has narrowed the yield spread over
Treasury Bills from taxable investments to historical lows. Looking ahead, there
appears to be little room for this trend to continue. However, we do not
anticipate meaningful spread widening in 2005 to enhance the funds' yields.
1
<Page>
BOSTON ADVISORS MONEY MARKET FUNDS
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OCTOBER 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
In summary, the economic environment we envision over the next six months is
ideally suited for money market funds: interest rates are expected to rise while
credit quality continues to improve. The funds in Boston Advisors Trust are well
positioned to benefit during this period.
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 (46%), U.S. Government Agency Obligations (21%),
certificates of deposit (16%), variable rate corporate notes (10%),
repurchase agreements (6%), 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 (98%), and
repurchase agreements (2%).
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 (65%), notes
and bonds (29%), and commercial paper (6%).
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 (66%), notes and bonds
(20%), and commercial paper (14%).
2
<Page>
BOSTON ADVISORS TRUST
AS OF 10/31/2004
BOSTON ADVISORS CASH RESERVES FUND
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<Table>
<Caption>
SECTOR BREAKDOWN
SECTORS ALLOCATION
Banking 30.50%
US Government Agency Obl. 26.90%
Asset-Backed 17.60%
Financial Services 10.00%
Broker 5.00%
Industrial 3.30%
Pharmaceuticals 2.00%
Beverages and Tobacco 1.60%
Canadian Provinces 1.20%
Telephone Systems 1.20%
Credit Card 0.90%
Transportation 0.60%
</Table>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<Table>
<Caption>
GEOGRAPHIC CONCENTRATION
COUNTRY ALLOCATION
United States 78.80%
Canada 6.70%
Switzerland 3.20%
United Kingdom 3.20%
Netherlands 2.30%
Ireland 2.00%
Germany 2.00%
France 1.80%
</Table>
3
<Page>
BOSTON ADVISORS TRUST
AS OF 10/31/2004
BOSTON ADVISORS US GOVERNMENT FUND
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<Table>
<Caption>
SECTOR BREAKDOWN
SECTORS ALLOCATION
FNMA 48.70%
FHLMC 36.40%
FHLB 10.40%
REPO 2.40%
FFCB 2.10%
</Table>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<Table>
<Caption>
GEOGRAPHIC CONCENTRATION
COUNTRY ALLOCATION
United States 100.00%
</Table>
4
<Page>
BOSTON ADVISORS TRUST
AS OF 10/31/2004
BOSTON ADVISORS TAX FREE FUND
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<Table>
<Caption>
SECTOR BREAKDOWN
SECTORS ALLOCATION
General Obligation 29.95%
Industrial 16.88%
Electric Utilities 14.04%
Housing 7.63%
Education 5.89%
Health 5.83%
Water & Sewer 5.39%
Public Improvements 2.90%
Miscellaneous 2.88%
Pollution Control 2.66%
Transportation 2.51%
Financial Services 1.69%
Tax Revenue 1.22%
</Table>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<Table>
<Caption>
GEOGRAPHIC CONCENTRATION
STATE ALLOCATION
Washington 12.33%
New York 10.90%
Illinois 10.85%
Georgia 7.62%
Pennsylvania 5.70%
California 5.01%
Massachusetts 4.87%
Texas 4.72%
Minnesota 2.89%
Virginia 2.86%
North Carolina 2.76%
Indiana 2.76%
Other 14.80%
</Table>
5
<Page>
BOSTON ADVISORS TRUST
AS OF 10/31/2004
BOSTON ADVISORS NEW YORK FUND
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<Table>
<Caption>
SECTOR BREAKDOWN
SECTORS ALLOCATION
General Obligation 20.00%
Industrial 17.88%
Housing 15.61%
Transportation 13.75%
Electric Utilities 7.31%
Financial Services 6.76%
Water & Sewer 5.27%
Miscellaneous 4.76%
Environment 3.32%
Education 2.72%
Public Improvements 1.13%
Health 1.00%
</Table>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<Table>
<Caption>
GEOGRAPHIC CONCENTRATION
STATE ALLOCATION
New York 99.52%
</Table>
6
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
CASH RESERVES FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- ------------------------------------------------------------------------------------------
ASSET-BACKED COMMERCIAL PAPER -- 16.1%
BANKING -- 16.1%
Ciesco LLC 1.880% 12/13/2004 $25,000,000 $ 24,945,167
Edison Asset Securitization LLC 1.850% 12/03/2004 30,000,000 29,950,667
Golden Funding Corp. 1.890% 12/07/2004 14,021,000 13,994,500
Lockhart Funding LLC 2.130% 03/23/2005 30,000,000 29,747,950
Starfish Global Funding LLC 1.790% 11/09/2004 37,500,000 37,485,083
Three Pillars Funding Corp. 1.800% 11/03/2004 21,151,000 21,148,885
Thunder Bay Funding, Inc. 1.860% 12/15/2004 30,000,000 29,931,800
Windmill Funding Corp. 1.940% 12/06/2004 15,000,000 14,971,708
--------------
TOTAL ASSET-BACKED COMMERCIAL PAPER $ 202,175,760
--------------
CERTIFICATES OF DEPOSIT -- 16.3%
BANKING -- 16.3%
Abbey National North America 1.900% 12/27/2004 25,000,000 25,000,000
Canadian Imperial Bank of Commerce 1.460% 11/17/2004 22,500,000 22,499,901
Credit Suisse NY Branch 1.530% 11/22/2004 20,000,000 20,000,000
First Tennessee Bank 1.650% 11/12/2004 20,000,000 19,998,937
SunTrust Banks, Inc. 2.060% 02/17/2005 37,500,000 37,500,000
Toronto Dominion Bank, Ltd. 1.880% 12/23/2004 30,000,000 30,000,000
Wells Fargo Bank NA 2.020% 01/31/2005 25,000,000 24,999,993
Wilmington Trust Corp. 2.020% 01/14/2005 25,000,000 25,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT $ 204,998,831
--------------
COMMERCIAL PAPER -- 29.7%
AUTOMOBILES -- 0.6%
Paccar Financial Corp. 1.970% 01/11/2005 8,100,000 8,068,529
--------------
BANKING -- 10.2%
Bank of America Corp. 1.870% 12/20/2004 25,000,000 24,936,368
Citicorp 2.000% 02/03/2005 25,000,000 24,869,444
Governor & Co. (The) of The Bank of
Ireland 1.810% 11/15/2004 25,000,000 24,982,403
ING (US) Funding LLC 1.880% 12/07/2004 29,000,000 28,945,480
Westdeutsche Landesbank 1.880% 12/16/2004 25,000,000 24,941,250
--------------
128,674,945
--------------
BEVERAGES, FOOD & TOBACCO -- 1.6%
Coca-Cola Co. (The) 1.800% 11/01/2004 20,000,000 20,000,000
--------------
BROKERS -- 1.6%
Credit Suisse First Boston USA, Inc. 1.980% 01/04/2005 20,000,000 19,929,600
--------------
</Table>
7
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
CASH RESERVES FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- ------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
CANADIAN PROVINCES -- 1.2%
Quebec Province 1.350% 01/11/2005 $15,000,000 $ 14,960,063
--------------
ELECTRIC UTILITIES -- 2.0%
National Rural Utilities Cooperative
Finance 1.820% 11/16/2004 25,000,000 24,981,042
--------------
FINANCIAL SERVICES -- 5.2%
CIT Group, Inc. 1.880% 12/15/2004 30,000,000 29,931,067
Household Finance Corp. 1.900% 11/17/2004 20,000,000 19,983,111
International Lease Finance Corp. 1.800% 11/09/2004 15,000,000 14,994,000
--------------
64,908,178
--------------
INDUSTRIAL - DIVERSIFIED -- 2.4%
General Electric Capital Corp. 2.020% 02/07/2005 30,000,000 29,835,033
--------------
INDUSTRIAL EQUIPMENT -- 0.9%
Caterpillar Financial Services Corp. 1.820% 11/08/2004 12,000,000 11,995,753
--------------
INSURANCE -- 2.0%
Marsh & McLennan Co., Inc. 1.870% 12/09/2004 25,000,000 24,950,653
--------------
PHARMACEUTICALS -- 2.0%
Bristol-Myers Squibb Co. 1.800% 11/08/2004 25,000,000 24,991,250
--------------
TOTAL COMMERCIAL PAPER $ 373,295,046
--------------
FIXED RATE CORPORATE OBLIGATION -- 1.2%
TELEPHONE SYSTEMS -- 1.2%
Vodafone Group PLC(1) 7.625% 02/15/2005 14,700,000 14,959,073
--------------
TOTAL FIXED RATE CORPORATE OBLIGATION $ 14,959,073
--------------
FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 12.6%
Federal Home Loan Bank 1.400% 03/08/2005 33,150,000 33,150,000
Federal Home Loan Bank 1.470% 02/04/2005 12,610,000 12,610,000
Federal Home Loan Bank 1.660% 04/21/2005 26,800,000 26,800,000
Federal Home Loan Mortgage Corporation 1.880% 12/21/2004 15,300,000 15,260,050
Federal National Mortgage Association 1.600% 12/29/2004 30,500,000 30,500,000
Federal National Mortgage Association 1.900% 12/22/2004 30,000,000 29,919,250
Federal National Mortgage Association 2.010% 02/01/2005 10,000,000 9,948,633
--------------
TOTAL FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS $ 158,187,933
--------------
VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 8.7%
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 8.7%
Federal Home Loan Mortgage
Corporation(1) 1.500% 01/07/2005 33,150,000 33,150,000
Federal Home Loan Mortgage
Corporation(1) 2.000% 02/14/2005 21,250,000 21,250,000
</Table>
8
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
CASH RESERVES FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- ------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
U.S. GOVERNMENT AGENCY OBLIGATIONS (CONTINUED)
Federal National Mortgage Association(1) 1.500% 02/14/2005 $33,150,000 $ 33,150,000
Federal National Mortgage Association(1) 1.770% 12/09/2004 21,250,000 21,246,346
--------------
TOTAL VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS $ 108,796,346
--------------
VARIABLE RATE NOTES -- 9.7%
BANKING -- 3.9%
Bank of Montreal/Chicago(1) 1.880% 11/29/2004 16,554,000 16,552,187
Banque Nationale de Paris/New York(1) 1.778% 12/09/2004 23,250,000 23,240,121
The Bank of New York Company, Inc.(1) 1.971% 11/29/2004 10,000,000 10,000,000
--------------
49,792,308
--------------
BROKERS -- 3.4%
Goldman Sachs Group, Inc.(1) 1.924% 11/16/2004 24,000,000 24,000,000
Merrill Lynch & Co.(1) 2.006% 11/11/2004 5,000,000 5,000,000
Morgan Stanley(1) 1.870% 11/15/2004 13,500,000 13,500,000
--------------
42,500,000
--------------
FINANCIAL SERVICES -- 2.4%
American Express Credit Corporation(1) 1.890% 11/05/2004 11,000,000 11,000,000
Tannehill Capital Co. LLC(1) 1.870% 04/20/2005 19,000,000 18,998,206
--------------
29,998,206
--------------
TOTAL VARIABLE RATE NOTES $ 122,290,514
--------------
REPURCHASE AGREEMENT -- 5.7%
UBS Painewebber Warburg Repurchase
Agreement, collateralized by Federal
Home Loan Banks with interest rates
ranging from 1.964% to 2.433%, maturity
dates ranging from 11/01/04 to 12/31/04
and an aggregate market value of
$72,304,669. 1.850% 11/01/2004 70,885,000 70,885,000
--------------
TOTAL INVESTMENTS -- 100.0% (COST $1,255,588,503) $1,255,588,503
NET OTHER ASSETS -- 0.0% 406,931
--------------
NET ASSETS -- 100.0% $1,255,995,434
==============
TOTAL COST FOR INCOME TAX PURPOSES $1,255,588,503
</Table>
NOTES TO SCHEDULE OF INVESTMENTS:
(1) The maturity date shown for security is next interest rate reset date.
The accompanying notes are an integral part of the financial statements.
9
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- ------------------------------------------------------------------------------------------
FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 86.3%
Federal Home Loan Bank 1.400% 04/01/2005 $ 4,700,000 $ 4,700,000
Federal Home Loan Bank 1.470% 03/01/2005 1,820,000 1,820,000
Federal Home Loan Bank 1.660% 05/16/2005 3,800,000 3,800,000
Federal Home Loan Bank 1.680% 11/05/2004 3,703,000 3,702,309
Federal Home Loan Bank 1.680% 11/10/2004 3,285,000 3,283,620
Federal Home Loan Mortgage Corporation 1.700% 11/02/2004 3,025,000 3,024,857
Federal Home Loan Mortgage Corporation 1.790% 11/16/2004 10,000,000 9,992,542
Federal Home Loan Mortgage Corporation 1.800% 12/14/2004 5,000,000 4,989,250
Federal Home Loan Mortgage Corporation 1.880% 12/15/2004 3,334,000 3,326,339
Federal Home Loan Mortgage Corporation 1.880% 12/21/2004 2,050,000 2,044,647
Federal Home Loan Mortgage Corporation 1.885% 12/14/2004 1,800,000 1,795,947
Federal Home Loan Mortgage Corporation 1.960% 01/04/2005 5,055,000 5,037,386
Federal Home Loan Mortgage Corporation 1.980% 01/24/2005 5,500,000 5,474,590
Federal Home Loan Mortgage Corporation 1.990% 01/18/2005 5,000,000 4,978,442
Federal Home Loan Mortgage Corporation 2.000% 01/18/2005 1,158,000 1,152,982
Federal Home Loan Mortgage Corporation 2.000% 02/15/2005 5,000,000 4,970,556
Federal Home Loan Mortgage Corporation 2.050% 01/25/2005 6,056,000 6,026,687
Federal National Mortgage Association 1.150% 11/12/2004 4,000,000 3,998,595
Federal National Mortgage Association 1.260% 11/12/2004 1,905,000 1,904,267
Federal National Mortgage Association 1.600% 12/29/2004 4,700,000 4,700,000
Federal National Mortgage Association 1.675% 11/17/2004 3,950,000 3,947,059
Federal National Mortgage Association 1.690% 11/03/2004 4,000,000 3,999,625
Federal National Mortgage Association 1.750% 11/05/2004 10,000,000 9,998,056
Federal National Mortgage Association 1.750% 11/24/2004 4,300,000 4,295,192
Federal National Mortgage Association 1.760% 11/01/2004 3,150,000 3,150,000
Federal National Mortgage Association 1.760% 11/08/2004 6,200,000 6,197,878
Federal National Mortgage Association 1.800% 12/01/2004 3,415,000 3,409,878
Federal National Mortgage Association 1.850% 12/08/2004 4,400,000 4,391,634
Federal National Mortgage Association 1.900% 12/22/2004 5,000,000 4,986,542
Federal National Mortgage Association 1.900% 02/04/2005 1,334,000 1,327,312
Federal National Mortgage Association 1.910% 12/22/2004 3,900,000 3,889,447
Federal National Mortgage Association 1.990% 01/12/2005 1,600,000 1,593,632
Federal National Mortgage Association 2.000% 01/24/2005 3,000,000 2,986,000
Federal National Mortgage Association 2.010% 01/26/2005 5,000,000 4,975,992
Federal National Mortgage Association 2.050% 01/24/2005 1,900,000 1,890,912
Federal National Mortgage Association 2.100% 04/29/2005 1,721,000 1,703,030
------------
TOTAL FIXED RATE U.S. GOVERNMENT AGENCY OBLIGATIONS $143,465,205
------------
</Table>
10
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- ------------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS -- 11.3%
Federal Farm Credit Bank(1) 1.823% 08/04/2004 $ 3,430,000 $ 3,427,515
Federal Home Loan Mortgage
Corporation(1) 1.500% 01/07/2005 4,700,000 4,700,000
Federal Home Loan Mortgage
Corporation(1) 2.000% 02/14/2005 3,000,000 3,000,000
Federal National Mortgage Association(1) 1.500% 02/14/2005 4,700,000 4,700,000
Federal National Mortgage Association(1) 1.770% 12/09/2004 3,000,000 2,999,484
------------
TOTAL VARIABLE RATE U.S. GOVERNMENT AGENCY OBLIGATIONS $ 18,826,999
------------
REPURCHASE AGREEMENT -- 2.5%
UBS Painewebber Warburg Repurchase
Agreement, collateralized by Federal
Home Loan Bank with a yield to maturity
of 2.433%, maturity date of 11/01/04 and
an aggregate market value of
$4,159,168.11. 1.850% 11/01/2004 4,076,000 4,076,000
------------
TOTAL INVESTMENTS -- 100.1% (COST $166,368,204) $166,368,204
NET OTHER ASSETS -- (0.1%) (91,672)
------------
NET ASSETS -- 100.0% $166,276,532
============
TOTAL COST FOR INCOME TAX PURPOSES $166,368,204
NOTES TO SCHEDULE OF INVESTMENTS:
</Table>
(1) The maturity date shown for security is next interest rate reset date.
The accompanying notes are an integral part of the financial statements.
11
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- -----------------------------------------------------------------------------------------
MUNICIPAL INTEREST BEARING COMMERCIAL PAPER -- 5.6%
Indiana State Development Finance
Authority 1.700% 02/03/2005 $1,000,000 $ 1,000,000
Municipal Electricity Authority of
Georgia 1.710% 11/15/2004 1,500,000 1,500,000
Venango, PA, Industrial Development
Authority 1.700% 12/10/2004 2,000,000 2,000,000
-----------
TOTAL MUNICIPAL INTEREST BEARING COMMERCIAL PAPER $ 4,500,000
-----------
FIXED RATE MUNICIPAL OBLIGATIONS -- 29.2%
Amherst, MA, School Improvements 3.000% 07/08/2005 1,505,000 1,518,136
Arlington, TX, Independent School
District 5.750% 02/15/2021 1,480,000 1,499,263
Augusta-Richmond County Coliseum
Authority, GA 2.000% 02/01/2005 475,000 476,176
Bernalillo County, NM, Public
Improvements 6.500% 08/01/2005 420,000 434,898
Chicago Board of Education, (Chicago
School Reform) 5.750% 12/01/2004 1,000,000 1,003,736
Cook County, IL, Community Consolidated
School District No. 54 4.375% 01/03/2005 2,000,000 2,009,938
Denton, TX, Public Improvements 5.400% 02/15/2005 250,000 252,966
Du Page County, IL, (Stormwater) Public
Improvements 4.000% 01/03/2005 1,245,000 1,251,180
Fairbanks North Star Boro, AK, School
Improvements 8.000% 11/01/2004 675,000 675,000
Grand County, CO, School District No. 2
East Grand 5.000% 12/01/2004 400,000 401,280
Griswold, CT, Refunding Bonds 5.000% 04/15/2005 605,000 613,839
Harford County, MD, Public Improvements 5.125% 03/01/2005 600,000 606,603
Hennepin County, MN, Public Improvements 2.500% 12/01/2004 500,000 500,547
Jackson County, MO, Consolidated School
District No. 2 5.000% 03/01/2005 400,000 405,148
Jefferson County, CO, Public
Improvements 5.000% 11/01/2004 500,000 500,000
Kershaw County, SC, School District 3.000% 07/15/2005 1,275,000 1,287,399
King & Snohomish Counties, WA, School
District No. 417 5.250% 12/01/2004 1,000,000 1,003,282
Kitsap County, WA, School District No.
303 Bainbridge Island 2.000% 12/01/2004 415,000 415,320
Lexington, MA, School Improvements 2.850% 02/01/2005 1,350,000 1,355,357
Mendham Township, NJ 2.000% 12/17/2004 1,221,000 1,221,337
Milton, MA 3.000% 08/05/2005 1,000,000 1,009,428
Milwaukee, WI, Area Technical College
District 4.875% 12/01/2004 1,000,000 1,003,144
Northwest Education Services District
No. 189, WA 2.000% 12/01/2004 185,000 185,128
Otsego, MN, Sewer & Water Utility
Improvements 4.500% 02/01/2005 355,000 357,993
Spokane County, WA, School District No.
356 Central Valley 2.000% 12/01/2004 230,000 230,172
Texas State Public Finance Authority 5.750% 02/01/2015 505,000 510,629
</Table>
12
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
FIXED RATE MUNICIPAL OBLIGATIONS (CONTINUED)
Utica, MI, Community Schools 2.000% 05/02/2005 $1,000,000 $ 1,001,326
Washington State 3.000% 01/03/2005 1,500,000 1,503,910
-----------
TOTAL FIXED RATE MUNICIPAL OBLIGATIONS $23,233,135
-----------
DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 9.1%
Cuyahoga County, OH, (Multiple
Obligors)(1) 1.740% 11/01/2004 1,625,000 1,625,000
Farmington, NM, Pollution Control,
(Arizona Public Service Co.)(1) 1.740% 11/01/2004 700,000 700,000
Illinois Development Finance Authority,
(YMCA of Metro Chicago)(1) 1.740% 11/01/2004 1,800,000 1,800,000
Long Island Power Authority, NY(1) 1.700% 11/01/2004 950,000 950,000
Long Island Power Authority, NY(1) 1.710% 11/01/2004 1,050,000 1,050,000
New York, NY, City Municipal Water
Finance Authority(1) 1.700% 11/01/2004 400,000 400,000
New York, NY, City Transitional Finance
Authority(1) 1.760% 11/01/2004 250,000 250,000
Sweetwater County, WY, (Pacificorp)(1) 1.780% 11/01/2004 450,000 450,000
-----------
TOTAL DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS $ 7,225,000
-----------
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 55.7%
Baltimore, MD, Industrial Development
Authority, (Baltimore Capital
Acquisition)(1) 1.770% 11/03/2004 1,500,000 1,500,000
California Economic Development
Financing Authority, (KQED, Inc.)(1) 1.770% 11/03/2004 800,000 800,000
California State Department of Water
Resources(1) 1.770% 11/04/2004 3,200,000 3,200,000
Collier County, FL, Industrial
Development Authority, (Redlands
Christian Migrant Association, Inc.)(1) 1.820% 11/04/2004 1,000,000 1,000,000
Decatur, AL, Industrial Development
Board(1) 1.870% 11/04/2004 900,000 900,000
Delaware Valley, PA, Regional Financial
Authority(1) 1.760% 11/03/2004 1,000,000 1,000,000
District of Columbia, (14th & Irving
Ventures/Enterprise Zone 14th &
Irving)(1) 1.820% 11/04/2004 1,020,000 1,020,000
Elmhurst, IL, (Joint Commission on
Accredation of Healthcare
Organizations)(1) 1.750% 11/04/2004 1,090,000 1,090,000
Emporia, VA, Industrial Development
Authority, (Toll Virginia II, LP)(1) 1.820% 11/04/2004 950,000 950,000
Florida Housing Finance Agency(1) 1.720% 11/03/2004 1,000,000 1,000,000
Forsyth County, GA, Development
Authority, (Selecto Scientific, Inc.)(1) 1.820% 11/04/2004 400,000 400,000
Gwinnett County, GA, Water & Sewer
Authority(1) 1.780% 11/03/2004 1,500,000 1,500,000
Hampton, VA, Redevelopment & Housing
Authority(1) 1.730% 11/03/2004 1,335,000 1,335,000
</Table>
13
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS (CONTINUED)
Harris County, TX, Health Facilities
Development Authority, (Gulf Coast
Regional Blood Center)(1) 1.800% 11/04/2004 $ 500,000 $ 500,000
Illinois Educational Facilities
Authority, (Columbia College)(1) 1.760% 11/03/2004 1,500,000 1,500,000
Indiana Municipal Power Agency(1) 1.760% 11/03/2004 1,200,000 1,200,000
King County, WA, Sewer(1) 1.750% 11/03/2004 1,500,000 1,500,000
Lehigh County, PA, Industrial
Development Authority, (Allegheny
Electric Co-op, Inc.)(1) 1.780% 11/03/2004 110,000 110,000
Lenexa, KS, (DCI, Inc.)(1) 1.870% 11/04/2004 870,000 870,000
Mecklenburg County, NC, (Mecklenburg
County School)(1) 1.770% 11/04/2004 2,200,000 2,200,000
Metropolitan Atlanta Rapid Transit
Authority, GA(1) 1.720% 11/03/2004 1,000,000 1,000,000
Michigan State Strategic Fund, (Grayling
Generating Station LP)(1) 1.790% 11/03/2004 859,000 859,000
New York State Local Government
Assistance Corp.(1) 1.720% 11/03/2004 2,300,000 2,300,000
New York, NY(1) 1.750% 11/03/2004 1,000,000 1,000,000
New York, NY, City Transitional Finance
Authority(1) 1.750% 11/03/2004 100,000 100,000
New York, NY, Public Improvements(1) 1.750% 11/03/2004 1,145,000 1,145,000
Northeastern Pennsylvania Hospital &
Education Authority(1) 1.760% 11/04/2004 1,440,000 1,440,000
Pima County, AZ, Industrial Development
Authority, (Tucson Power Co.)(1) 1.790% 11/03/2004 1,500,000 1,500,000
San Antonio, TX, Airport System, (Cessna
Aircraft Co. (The))(1) 1.870% 11/04/2004 1,000,000 1,000,000
Seattle, WA, Municipal Light & Power(1) 1.690% 11/03/2004 1,400,000 1,400,000
Seattle, WA, Water System(1) 1.690% 11/03/2004 900,000 900,000
South Louisiana Port Commission,
(Occidental Petroleum Corp.)(1) 1.780% 11/03/2004 1,325,000 1,325,000
St. Paul, MN, Housing & Redevelopment
Authority, (District Energy of St.
Paul)(1) 1.780% 11/03/2004 1,450,000 1,450,000
Valdosta-Lowndes County, GA, Industrial
Development Authority, (Reames Cos.)(1) 1.820% 11/04/2004 600,000 600,000
Vancouver, WA, Housing Authority(1) 1.870% 11/04/2004 800,000 800,000
Washington State Public Power Supply
System(1) 1.750% 11/03/2004 1,900,000 1,900,000
Westchester County, NY, Industrial
Development Agency, (Levister
Redevelopment Co. LLC)(1) 1.760% 11/04/2004 1,500,000 1,500,000
</Table>
14
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS (CONTINUED)
Winder-Barrow Industrial Building
Authority, GA, Industrial Development,
(Bankhead Highway Investments)(1) 1.820% 11/04/2004 $ 600,000 $ 600,000
-----------
TOTAL WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS $44,394,000
-----------
MONEY MARKET FUND -- 0.0%
Merrill Lynch Institutional Tax Exempt
Money Market(1) 10/13/2005 1,783 1,783
-----------
TOTAL INVESTMENTS -- 99.6% (COST $79,353,918) $79,353,918
NET OTHER ASSETS -- 0.4% 306,457
-----------
NET ASSETS -- 100.0% $79,660,375
===========
TOTAL COST FOR INCOME TAX PURPOSES $79,353,918
NOTES TO SCHEDULE OF INVESTMENTS:
</Table>
(1) The maturity date shown for security is next interest rate reset date.
The accompanying notes are an integral part of the financial statements.
15
<Page>
BOSTON ADVISORS TRUST STATE TABLE
- -------------------------------------------------------------------------
TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STATE (AS A % OF MARKET VALUE OF INVESTMENTS) PERCENTAGE
- ---------------------------------------------------------
Washington................................ 12.4%
New York.................................. 11.0%
Illinois.................................. 10.9%
Georgia................................... 7.7%
Pennsylvania.............................. 5.7%
California................................ 5.0%
Massachusetts............................. 4.9%
Texas..................................... 4.7%
Minnesota................................. 2.9%
Virginia.................................. 2.9%
Indiana................................... 2.8%
North Carolina............................ 2.8%
Maryland.................................. 2.7%
Florida................................... 2.5%
Michigan.................................. 2.3%
Ohio...................................... 2.0%
Arizona................................... 1.9%
Louisiana................................. 1.7%
South Carolina............................ 1.6%
New Jersey................................ 1.5%
New Mexico................................ 1.4%
District of Columbia...................... 1.3%
Wisconsin................................. 1.3%
Colorado.................................. 1.1%
Alabama................................... 1.1%
Kansas.................................... 1.1%
Alaska.................................... 0.9%
Connecticut............................... 0.8%
Wyoming................................... 0.6%
Missouri.................................. 0.5%
National Tax Exempt Mutual Fund........... 0.0%
</Table>
16
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NEW YORK MUNICIPAL MONEY MARKET FUND
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
- -----------------------------------------------------------------------------------------
MUNICIPAL INTEREST BEARING COMMERCIAL PAPER -- 13.8%
Long Island Power Authority, NY 1.170% 12/08/2004 $2,000,000 $ 2,000,000
Metropolitan Transportation Authority,
NY 1.130% 11/09/2004 4,000,000 4,000,000
Metropolitan Transportation Authority,
NY 1.700% 02/10/2005 2,000,000 2,000,000
New York State 1.250% 12/26/2005 5,000,000 5,000,000
New York State Dormitory Authority,
(Mount Sinai School of Medicine) 1.170% 11/09/2004 2,300,000 2,300,000
New York State Thruway Authority 1.680% 02/11/2005 3,500,000 3,500,000
New York, NY, City Municipal Water
Finance Authority 1.250% 11/04/2004 2,000,000 2,000,000
------------
TOTAL MUNICIPAL INTEREST BEARING COMMERCIAL PAPER $ 20,800,000
------------
FIXED RATE MUNICIPAL OBLIGATIONS -- 20.1%
Huntington, NY, Public Improvements 2.000% 11/19/2004 3,000,000 3,001,137
Islip, NY, Public Improvements 2.000% 11/24/2004 1,000,000 1,000,481
Ithaca City, NY 3.000% 08/05/2005 5,000,000 5,053,010
New York, NY, City Municipal Water
Finance Authority 6.000% 06/15/2005 1,000,000 1,037,200
New York, NY, City Transitional Finance
Authority 5.000% 11/01/2004 5,000,000 5,000,000
New York, NY, Refunding Bonds 6.500% 02/15/2005 1,890,000 1,915,310
New York, NY, Refunding Bonds 6.500% 02/15/2005 2,515,000 2,548,678
North Hempstead, NY 5.000% 05/16/2005 1,000,000 1,018,435
North Shore Central School District, NY 3.000% 06/23/2005 2,000,000 2,018,297
Nyack, NY, Union Free School District 2.000% 01/14/2005 1,500,000 1,501,944
Port Washington, NY, Union Free School
District, (School Reconstruction) 2.000% 12/02/2004 2,000,000 2,001,439
Smithtown, NY, Central School District 3.000% 06/29/2005 2,000,000 2,018,834
Southampton, NY, Union Free School
District 3.000% 06/23/2005 2,000,000 2,018,947
------------
TOTAL FIXED RATE MUNICIPAL OBLIGATIONS $ 30,133,712
------------
DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 6.0%
Jay Street Development Corp., NY, (Jay
Street)(1) 1.660% 11/01/2004 1,700,000 1,700,000
Nassau County, NY, Industrial
Development Agency, (Cold Spring Harbor
Lab)(1) 1.710% 11/01/2004 3,405,000 3,405,000
New York, NY, City Transitional Finance
Authority(1) 1.760% 11/01/2004 150,000 150,000
New York, NY, Industrial Development
Agency, (Lycee Francais de New York)(1) 1.700% 11/01/2004 1,800,000 1,800,000
Port Authority, NY/NJ, (Versatile
Structure Obligation)(1) 1.740% 11/01/2004 2,000,000 2,000,000
------------
TOTAL DAILY VARIABLE RATE MUNICIPAL OBLIGATIONS $ 9,055,000
------------
</Table>
17
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NEW YORK MUNICIPAL MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS -- 59.8%
Franklin County, NY, Industrial
Development Agency, (Trudeau Institute,
Inc.)(1) 1.740% 11/03/2004 $1,870,000 $ 1,870,000
Long Island Power Authority, NY(1) 1.740% 11/03/2004 4,000,000 4,000,000
Metropolitan Transportation Authority,
NY(1) 1.750% 11/04/2004 2,000,000 2,000,000
Nassau County, NY, Interim Finance
Authority(1) 1.710% 11/03/2004 1,900,000 1,900,000
New York State Dormitory Authority,
(Mental Health Services)(1) 1.750% 11/04/2004 1,500,000 1,500,000
New York State Energy Research &
Development Authority, (Long Island
Lighting Co.)(1) 1.780% 11/03/2004 5,000,000 5,000,000
New York State Housing Finance Agency(1) 1.750% 11/03/2004 5,000,000 5,000,000
New York State Housing Finance Agency(1) 1.750% 11/03/2004 1,500,000 1,500,000
New York State Housing Finance Agency,
(14th Street Associates, LP)(1) 1.760% 11/03/2004 3,000,000 3,000,000
New York State Housing Finance Agency,
(42/9 Residential LLC)(1) 1.780% 11/03/2004 2,600,000 2,600,000
New York State Housing Finance Agency,
(Normandie CT)(1) 1.700% 11/03/2004 3,400,000 3,400,000
New York State Housing Finance Agency,
(Tribeca)(1) 1.760% 11/03/2004 2,000,000 2,000,000
New York State Local Government
Assistance Corp.(1) 1.720% 11/03/2004 3,500,000 3,500,000
New York State Local Government
Assistance Corp.(1) 1.720% 11/03/2004 1,800,000 1,800,000
New York State Local Government
Assistance Corp.(1) 1.730% 11/03/2004 1,870,000 1,870,000
New York, NY, City Housing Development
Corp., (96th Street Associates, LP)(1) 1.740% 11/03/2004 2,000,000 2,000,000
New York, NY, City Housing Development
Corp., (Multiple Obligors)(1) 1.770% 11/03/2004 2,000,000 2,000,000
New York, NY, City Industrial
Development Agency, (Planned
Parenthood)(1) 1.750% 11/04/2004 4,800,000 4,800,000
New York, NY, City Transitional Finance
Authority(1) 1.750% 11/03/2004 3,130,000 3,130,000
New York, NY, Public Improvements(1) 1.730% 11/03/2004 2,000,000 2,000,000
New York, NY, Public Improvements(1) 1.740% 11/03/2004 2,500,000 2,500,000
New York, NY, Public Improvements(1) 1.750% 11/03/2004 1,500,000 1,500,000
Niagara Falls, NY, Bridge Commission(1) 1.730% 11/03/2004 5,900,000 5,900,000
Oneida County, NY, Industrial
Development Agency(1) 1.700% 11/03/2004 4,630,000 4,630,000
Oneida Indian Nation(1) 1.780% 11/03/2004 7,500,000 7,500,000
Onondaga County, NY, Industrial
Development Agency, (Solvay Paperboard
LLC)(1) 1.870% 11/04/2004 4,700,000 4,700,000
Suffolk County, NY, Water Authority(1) 1.750% 11/03/2004 4,900,000 4,900,000
Triborough Bridge & Tunnel Authority(1) 1.740% 11/04/2004 1,300,000 1,300,000
</Table>
18
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NEW YORK MUNICIPAL MONEY MARKET FUND (CONTINUED)
SCHEDULE OF INVESTMENTS - OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
SECURITY DESCRIPTION RATE MATURITY PRINCIPAL AMORTIZED COST
WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS (CONTINUED)
Westchester County, NY, Industrial
Development Agency, (Levister
Redevelopment Co. LLC)(1) 1.760% 11/04/2004 $2,000,000 $ 2,000,000
------------
TOTAL WEEKLY VARIABLE RATE MUNICIPAL OBLIGATIONS $ 89,800,000
------------
MONEY MARKET FUND -- 0.0%
Blackrock Provident Institutional New
York Money Market Fund 11/01/2004 171 171
------------
TOTAL INVESTMENTS -- 99.7% (COST $149,788,883) $149,788,883
NET OTHER ASSETS -- 0.3% 466,829
------------
NET ASSETS -- 100.0% $150,255,712
============
TOTAL COST FOR INCOME TAX PURPOSES $149,788,883
NOTES TO SCHEDULE OF INVESTMENTS:
</Table>
(1) The maturity date shown for security is next interest rate reset date.
The accompanying notes are an integral part of the financial statements.
19
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
AS OF OCTOBER 31, 2004 (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 $1,255,588,503, $166,368,204,
$79,353,918 and $149,788,883,
respectively) $1,255,588,503 $166,368,204 $79,353,918 $149,788,883
Cash 802 462 -- 7,422
Interest receivable 1,761,941 66,544 378,510 597,753
Prepaid expenses 64,143 21,881 18,055 5,130
-------------- ------------ ----------- ------------
TOTAL ASSETS 1,257,415,389 166,457,091 79,750,483 150,399,188
-------------- ------------ ----------- ------------
LIABILITIES
Dividends payable 486,050 56,772 22,464 55,981
Due to bank -- -- 11,281 --
Payable to the Investment Advisor 423,715 44,612 12,409 10,162
Payable to affiliate for Trustees'
fees 66 66 66 66
Payable to Distributor 254,560 34,703 15,910 32,772
Payable to Transfer Agent 121,026 15,673 2,881 10,027
Accrued expense and other payables 134,538 28,733 25,097 34,468
-------------- ------------ ----------- ------------
TOTAL LIABILITIES 1,419,955 180,559 90,108 143,476
-------------- ------------ ----------- ------------
NET ASSETS $1,255,995,434 $166,276,532 $79,660,375 $150,255,712
============== ============ =========== ============
NET ASSETS CONSIST OF:
Paid-in capital 1,255,995,434 166,256,269 79,660,375 150,255,712
Accumulated net investment income 314 20,263 -- --
Accumulated net realized loss on
investment transactions (314) -- -- --
-------------- ------------ ----------- ------------
TOTAL NET ASSETS $1,255,995,434 $166,276,532 $79,660,375 $150,255,712
============== ============ =========== ============
NET ASSETS
Class 1 1,235,620,018 166,276,532 79,660,375 150,255,712
Class 2 20,375,416 -- -- --
-------------- ------------ ----------- ------------
TOTAL $1,255,995,434 $166,276,532 $79,660,375 $150,255,712
SHARES OUTSTANDING
Class 1 1,235,620,018 166,276,532 79,660,375 150,255,712
Class 2 20,375,416 -- -- --
-------------- ------------ ----------- ------------
TOTAL 1,255,995,434 166,276,532 79,660,375 150,255,712
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
20
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 2004 (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 $8,944,763 $1,241,524 $482,027 $ 961,211
EXPENSES
Investment advisor fee 3,498,363 500,622 216,530 438,650
Distribution and service fees
Class 1 1,561,035 227,556 98,423 199,386
Legal fees 23,010 23,010 23,010 28,240
Printing 58,196 8,263 3,679 6,358
Audit fees 12,467 12,467 12,467 12,467
Custodian and fund accounting expense 222,102 36,887 18,618 51,448
Transfer agency expense 713,298 90,286 17,076 58,539
Registration expense 4,637 4,743 6,983 439
Insurance expense 30,814 8,390 1,793 4,099
Trustees fees and expense 7,718 7,718 7,718 7,718
Miscellaneous 254 252 252 254
---------- ---------- -------- ---------
Total expenses 6,131,894 920,194 406,549 807,598
Reduction of investment advisor
expense (873,519) (100,994) (52,227) (289,193)
---------- ---------- -------- ---------
Net expenses 5,258,375 819,200 354,322 518,405
---------- ---------- -------- ---------
Net investment income 3,686,388 422,324 127,705 442,806
---------- ---------- -------- ---------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $3,686,388 $ 422,324 $127,705 $ 442,806
========== ========== ======== =========
</Table>
See Notes to Financial Statements
21
<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, 2004 YEAR ENDED OCTOBER 31, 2004 YEAR ENDED
(UNAUDITED) APRIL 30, 2004 (UNAUDITED) APRIL 30, 2004
---------------- --------------- ---------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 3,686,388 $ 4,528,148 $ 422,324 $ 446,369
--------------- --------------- ------------- -------------
Net increase in net assets resulting
from operations 3,686,388 4,528,148 422,324 446,369
--------------- --------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class 1 (3,600,968) (4,378,990) (422,324) (446,369)
Class 2 (85,420) (149,158) -- --
--------------- --------------- ------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (3,686,388) (4,528,148) (422,324) (446,369)
--------------- --------------- ------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST (EACH A $1.00 PER SHARE)
Proceeds from sale of shares
Class 1 2,121,476,863 4,833,027,671 314,706,365 713,467,996
Class 2 29,922,713 47,662,853 -- --
Net Asset Value of shares issued to
shareholders in payment of
distributions declared
Class 1 3,210,225 4,369,618 373,023 457,672
Class 2 80,295 150,286 -- --
Cost of shares redeemed
Class 1 (2,146,187,805) (4,843,412,819) (329,296,993) (723,683,825)
Class 2 (38,201,971) (46,269,166) -- --
--------------- --------------- ------------- -------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS (29,699,680) (4,471,557) (14,217,605) (9,758,157)
--------------- --------------- ------------- -------------
NET DECREASE IN NET ASSETS (29,699,680) (4,471,557) (14,217,605) (9,758,157)
NET ASSETS
At beginning of period 1,285,695,114 1,290,166,671 180,494,137 190,252,294
--------------- --------------- ------------- -------------
At end of period $ 1,255,995,434 $ 1,285,695,114 $ 166,276,532 $ 180,494,137
=============== =============== ============= =============
Accumulated undistributed net investment
income included in net assets $ 314 $ 314 $ 20,263 $ 20,263
=============== =============== ============= =============
</Table>
See Notes to Financial Statements
22
<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
------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
OCTOBER 31, 2004 APRIL 30, OCTOBER 31, 2004 APRIL 30,
(UNAUDITED) 2004 (UNAUDITED) 2004
---------------- ------------- ---------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 127,705 $ 121,018 $ 442,806 $ 460,358
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 127,705 121,018 442,806 460,358
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class 1 (127,705) (121,018) (442,806) (460,358)
------------- ------------- ------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (127,705) (121,018) (442,806) (460,358)
------------- ------------- ------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST (EACH A $1.00 PER SHARE)
Proceeds from sale of shares
Class 1 112,295,114 237,899,013 303,786,248 514,722,265
Net Asset Value of shares issued to
shareholders in payment of
distributions declared
Class 1 109,016 125,701 398,564 458,005
Cost of shares redeemed
Class 1 (113,219,170) (237,808,912) (291,987,039) (508,146,781)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM FUND SHARE TRANSACTIONS (815,040) 215,802 12,197,773 7,033,489
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS (815,040) 215,802 12,197,773 7,033,489
NET ASSETS
At beginning of period 80,475,415 80,259,613 138,057,939 131,024,450
------------- ------------- ------------- -------------
At end of period $ 79,660,375 $ 80,475,415 $ 150,255,712 $ 138,057,939
============= ============= ============= =============
Accumulated undistributed net investment
income included in net assets $ -- $ -- $ -- $ --
============= ============= ============= =============
</Table>
See Notes to Financial Statements
23
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
CASH RESERVES FUND
-----------------------------------------------------------------------------------------------
FOR THE SIX FOR FOR FOR FOR
MONTHS ENDED THE YEAR THE YEAR THE YEAR THE PERIOD
OCTOBER 31, 2004 ENDED ENDED ENDED ENDED
(UNAUDITED) APRIL 30, 2004 APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
---------------- -------------- -------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF
PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- ---------- ---------- ----------
INCREASE IN NET ASSETS FROM
OPERATIONS
Net investment income 0.003 0.003 0.008 0.022 0.050
---------- ---------- ---------- ---------- ----------
Net increase from investment
operations 0.003 0.003 0.008 0.022 0.050
---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income (0.003) (0.003) (0.008) (0.022) (0.050)
---------- ---------- ---------- ---------- ----------
Total distributions (0.003) (0.003) (0.008) (0.022) (0.050)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========== ========== ==========
TOTAL RETURN 0.29%(2) 0.35%(4) 0.81% 2.25% 5.07%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) $1,235,620 $1,257,121 $1,263,136 $1,346,260 $1,146,333
Ratio of net operating
expenses to average net
assets 0.83%(3) 0.83% 0.85% 0.90% 0.90%(3)
Ratio of net investment
income to average net assets 0.57%(3) 0.35% 0.81% 2.17% 5.42%(3)
Ratio of expense to average
net assets prior to waived
fees and reimbursed expenses 0.97%(3) 0.97% 0.99% 0.99% 1.03%(3)
Ratio of net investment
income to average net assets
prior to waived fees and
reimbursed expenses 0.43%(3) 0.21% 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.
(4) The effect of losses resulting from compliance violations and the
subadviser reimbursement of such losses were less than 0.01%.
See Notes to Financial Statements
24
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 2
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
CASH RESERVES FUND
-----------------------------------------------------------------------------------------------
FOR THE SIX FOR FOR FOR FOR
MONTHS ENDED THE YEAR THE YEAR THE YEAR THE PERIOD
OCTOBER 31, 2004 ENDED ENDED ENDED ENDED
(UNAUDITED) APRIL 30, 2004 APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
---------------- -------------- -------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF
PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- ------- ------- ------- -------
INCREASE IN NET ASSETS FROM
OPERATIONS
Net investment income 0.004 0.005 0.010 0.025 0.020
------- ------- ------- ------- -------
Net increase from investment
operations 0.004 0.005 0.010 0.025 0.020
------- ------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income (0.004) (0.005) (0.010) (0.025) (0.020)
------- ------- ------- ------- -------
Total distributions (0.004) (0.005) (0.010) (0.025) (0.020)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ======= ======= ======= =======
TOTAL RETURN 0.38%(2) 0.53%(4) 1.02% 2.50% 2.01%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) $20,375 $28,574 $27,030 $19,898 $19,003
Ratio of net operating
expenses to average net
assets 0.65%(3) 0.65% 0.65% 0.65% 0.66%(3)
Ratio of net investment
income to average net assets 0.72%(3) 0.53% 0.99% 2.44% 5.22%(3)
Ratio of expense to average
net assets prior to waived
fees and reimbursed expenses 0.72%(3) 0.72% 0.75% 0.74% 0.83%(3)
Ratio of net investment
income to average net assets
prior to waived fees and
reimbursed expenses 0.65%(3) 0.46% 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.
(4) The effect of losses resulting from compliance violations and the
subadviser reimbursement of such losses were less than 0.01%.
See Notes to Financial Statements
25
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
U.S. GOVERNMENT MONEY MARKET FUND
-----------------------------------------------------------------------------------------------
FOR THE SIX FOR FOR FOR FOR
MONTHS ENDED THE YEAR THE YEAR THE YEAR THE PERIOD
OCTOBER 31, 2004 ENDED ENDED ENDED ENDED
(UNAUDITED) APRIL 30, 2004 APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
---------------- -------------- -------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF
PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
INCREASE IN NET ASSETS FROM
OPERATIONS
Net investment income 0.002 0.002 0.007 0.022 0.049
-------- -------- -------- -------- --------
Net increase from investment
operations 0.002 0.002 0.007 0.022 0.049
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income (0.002) (0.002) (0.007) (0.022) (0.049)
-------- -------- -------- -------- --------
Total distributions (0.002) (0.002) (0.007) (0.022) (0.049)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
TOTAL RETURN 0.24% 0.23% 0.71% 2.20% 4.98%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) $166,277 $180,494 $190,252 $194,813 $112,373
Ratio of net operating
expenses to average net
assets 0.90%(3) 0.90% 0.90% 0.90% 0.90%(3)
Ratio of net investment
income to average net assets 0.46%(3) 0.23% 0.72% 2.10% 5.34%(3)
Ratio of expense to average
net assets prior to waived
fees and reimbursed expenses 1.01%(3) 0.98% 0.98% 1.01% 1.07%(3)
Ratio of net investment
income to average net assets
prior to waived fees and
reimbursed expenses 0.35%(3) 0.15% 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
26
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
TAX FREE MONEY MARKET FUND
-----------------------------------------------------------------------------------------------
FOR THE SIX FOR FOR FOR FOR
MONTHS ENDED THE YEAR THE YEAR THE YEAR THE PERIOD
OCTOBER 31, 2004 ENDED ENDED ENDED ENDED
(UNAUDITED) APRIL 30, 2004 APRIL 30, 2003 APRIL 30, 2002 APRIL 30, 2001(1)
---------------- -------------- -------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF
PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- ------- ------- ------- -------
INCREASE IN NET ASSETS FROM
OPERATIONS
Net investment income 0.002 0.001 0.005 0.013 0.027
------- ------- ------- ------- -------
Net increase from investment
operations 0.002 0.001 0.005 0.013 0.027
------- ------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income (0.002) (0.001) (0.005) (0.013) (0.027)
------- ------- ------- ------- -------
Total distributions (0.002) (0.001) (0.005) (0.013) (0.027)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ======= ======= ======= =======
TOTAL RETURN 0.16%(2) 0.15% 0.48% 1.30% 2.77%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) $79,660 $80,475 $80,260 $85,138 $73,525
Ratio of net operating
expenses to average net
assets 0.90%(3) 0.86% 0.90% 0.90% 0.90%(3)
Ratio of net investment
income to average net assets 0.32%(3) 0.15% 0.46% 1.24% 2.99%(3)
Ratio of expense to average
net assets prior to waived
fees and reimbursed expenses 1.03%(3) 0.97% 0.98% 1.02% 1.09%(3)
Ratio of net investment
income to average net assets
prior to waived fees and
reimbursed expenses 0.19%(3) 0.04% 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
27
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS - CLASS 1
- --------------------------------------------------------------------------------
<Table>
<Caption>
BOSTON ADVISORS
NEW YORK MUNICIPAL MONEY MARKET FUND
-----------------------------------------------------------
FOR THE SIX FOR FOR
MONTHS ENDED THE YEAR THE PERIOD
OCTOBER 31, 2004 ENDED ENDED
(UNAUDITED) APRIL 30, 2004 APRIL 30, 2003(1)
---------------- -------------- ---------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
-------- -------- --------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income 0.003 0.003 0.005
-------- -------- --------
Net increase from investment operations 0.003 0.003 0.005
-------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.003) (0.003) (0.005)
-------- -------- --------
Total distributions (0.003) (0.003) (0.005)
-------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
======== ======== ========
TOTAL RETURN 0.28%(2) 0.33% 0.53%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) $150,256 $138,058 $131,024
Ratio of net operating expenses to
average net assets 0.65%(3) 0.65% 0.65%(3)
Ratio of net investment income to
average net assets 0.56%(3) 0.32% 0.60%(3)
Ratio of expense to average net assets
prior to waived fees and reimbursed
expenses 1.01%(3) 1.01% 1.10%(3)
Ratio of net investment income (loss)
to average net assets prior to waived
fees and reimbursed expenses 0.20%(3) (0.04)% 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
28
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2004 (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
29
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
OCTOBER 31, 2004 (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, 2005, to the extent necessary that
the total expenses of each Fund do not exceed the percentage of average daily
net assets as follows:
<Table>
Cash Reserves Fund
Class 1 0.90%
Class 2 0.65%
U.S. Government Money Market Fund 0.90%
Tax Free Money Market Fund 0.90%
New York Municipal Money Market Fund 0.65%
</Table>
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.
30
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
OCTOBER 31, 2004 (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 period ended October 31, 2004, 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 $1,561,035, $225,556, and $98,423, respectively.
Advest retained the full amount of each Fund's payment. For the period ended
October 31, 2004, 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 Adviser
and the Subadviser are both indirect wholly-owned subsidiaries of AXA, SA. AXA,
SA is one of the largest diversified financial services companies in the world
and is located in Paris, France. 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 -- ADDITIONAL INFORMATION
On May 20, 2004, the Trust held a joint special meeting of shareholders of the
Funds ("Shareholder Meeting"). Shareholders of each Fund were asked to consider
a proposal to approve a new investment advisory agreement between the Funds and
Boston Advisors, Inc. ("Proposal 1"). For each of Cash Reserves Fund and U.S.
Government Money Market Fund, shareholders were asked to consider a proposal to
approve a new subadvisory agreement among the Cash Reserves Fund, U.S.
Government Money Market Fund, Boston Advisors, Inc. and MONY Capital
Management, Inc. ("Proposal 2"). For each Fund, shareholders were asked to elect
five trustees to serve on the board of trustees until their successors have been
duly elected and qualified ("Proposal 3").
31
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
The results of the Shareholder Meeting were as follows:
PROPOSAL 1
Cash Reserves Fund:
For: 1,264,397,289.54 (equal to 97.74% of outstanding shares);
Against: 8,768,532.01 (equal to 0.68% of outstanding shares);
Abstain: 8,515,385.99 (equal to 0.66% of outstanding shares).
U.S. Government Money Market Fund:
For: 177,647,655.74 (equal to 96.93% of outstanding shares);
Against: 978,618.94 (equal to 0.53% of outstanding shares);
Abstain: 5,931,450.78 (equal to 3.24% of outstanding shares).
Tax Free Money Market Fund:
For: 80,268,177.15 (equal to 98.89% of outstanding shares);
Against: 338,834.68 (equal to 0.42% of outstanding shares);
Abstain: 338,508.22 (equal to 0.42% of outstanding shares).
New York Municipal Money Market Fund:
For: 137,398,029.24 (equal to 97.92% of outstanding shares);
Against: 734,292.41 (equal to 0.52% of outstanding shares);
Abstain: 1,973,828.49 (equal to 1.40% of outstanding shares).
PROPOSAL 2
Cash Reserves Fund:
For: 1,263,049,269.52 (equal to 97.62% of outstanding shares);
Against: 10,264,608.28 (equal to 0.79% of outstanding shares);
Abstain: 8,667,329.74 (equal to 0.67% of outstanding shares).
U.S. Government Money Market Fund:
For: 177,441,250.87 (equal to 96.82% of outstanding shares);
Against: 1,162,890.67 (equal to 0.64% of outstanding shares);
Abstain: 5,953,583.92 (equal to 3.25% of outstanding shares).
PROPOSAL 3
The shareholders of the Funds have voted jointly for each nominee as follows:
Mr. Anathan: 1,668,885,353.82 (equal to 98.87% of shares voted);
Mr. Botwinick: 1,669,197,185.64 (equal to 98.89% of shares voted);
Mr. Chang: 1,669,702,186.20 (equal to 98.92% of shares voted);
Mr. Peach: 1,669,788,000.81 (equal to 98.93% of shares voted);
Ms. Zuckerwise: 1,669,316,874.17 (equal to 98.90% of shares voted).
32
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
The votes withheld for each nominee are as follows:
Mr. Anathan: 19,005,249.37 (equal to 1.13% of shares voted);
Mr. Botwinick: 18,693,417.55 (equal to 1.11% of shares voted);
Mr. Chang: 18,188,417.00 (equal to 1.08% of shares voted);
Mr. Peach: 18,102,602.38 (equal to 1.07% of shares voted);
Ms. Zuckerwise: 18,573,729.03 (equal to 1.10% of shares voted).
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.
Information regarding how the Trust voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
(i) without charge, upon request, by calling 1-800-573-5903; and on the
Commission's website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Commission
for the first and third quarters of each fiscal year on Form N-Q. The Trusts
Form N-Q is available without charge, upon request by calling 1-800-523-5903;
and on the Commission's website at http://www.sec.gov. The Trust's Form N-Q may
be reviewed and copied at the Commission's Public Reference Room in Washington,
D.C. and information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330.
33
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FUND EXPENSES
OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
The Funds incur ongoing operating expenses during the normal course of business,
such as management fees, shareholder service fees, 12b-1 fees and other
expenses. The following tables, assuming a $1,000 investment in a class of
shares, disclose the ending account value and operating expenses incurred for
the six months ended October 31, 2004, based on, (1) the classes' actual return
and actual expenses, and (2) a hypothetical annualized 5% return and the
classes' actual expenses:
<Table>
<Caption>
CASH RESERVES FUND
CLASS 1
- --------------------------------------------------------------------------
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED *
--------- --------- ----------
1) Actual $1,000.00 $1,002.90 $4.19
2) Hypothetical 1,000.00 1,021.52 4.23
</Table>
* Expenses are calculated using the Class 1 annualized expense ratio for
the six months ended October 31, 2004 of 0.83%, multiplied by the
average account value over the period, multiplied by the number of days
in the period, divided by the number of days in the year.
<Table>
<Caption>
CASH RESERVES FUND
CLASS 2
- --------------------------------------------------------------------------
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED *
--------- --------- ----------
1) Actual $1,000.00 $1,003.80 $3.28
2) Hypothetical 1,000.00 1,021.93 3.31
</Table>
* Expenses are calculated using the Class 2 annualized expense ratio for
the six months ended October 31, 2004 of 0.65%, multiplied by the
average account value over the period, multiplied by the number of days
in the period, divided by the number of days in the year.
<Table>
<Caption>
U.S. GOVERNMENT
MONEY MARKET FUND
CLASS 1
- --------------------------------------------------------------------------
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED *
--------- --------- ----------
1) Actual $1,000.00 $1,002.40 $4.54
2) Hypothetical 1,000.00 1,020.67 4.58
</Table>
* Expenses are calculated using the Class 1 annualized expense ratio for
the six months ended October 31, 2004 of 0.90%, multiplied by the
average account value over the period, multiplied by the number of days
in the period, divided by the number of days in the year.
34
<Page>
BOSTON ADVISORS TRUST
- -------------------------------------------------------------------------
FUND EXPENSES (CONTINUED)
OCTOBER 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TAX FREE MONEY
MARKET FUND
CLASS 1
- --------------------------------------------------------------------------
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED *
--------- --------- ----------
1) Actual $1,000.00 $1,001.60 $4.54
2) Hypothetical 1,000.00 1,020.67 4.58
</Table>
* Expenses are calculated using the Class 1 annualized expense ratio for
the six months ended October 31, 2004 of 0.90%, multiplied by the
average account value over the period, multiplied by the number of days
in the period, divided by the number of days in the year.
<Table>
<Caption>
NEW YORK MUNICIPAL
MONEY MARKET FUND
CLASS 1
- --------------------------------------------------------------------------
OPERATING
BEGINNING ENDING EXPENSE
VALUE VALUE INCURRED *
--------- --------- ----------
1) Actual $1,000.00 $1,002.80 $3.28
2) Hypothetical 1,000.00 1,021.93 3.31
</Table>
* Expenses are calculated using the Class 1 annualized expense ratio for
the six months ended October 31, 2004 of 0.65%, multiplied by the
average account value over the period, multiplied by the number of days
in the period, divided by the number of days in the year.
A shareholder can estimate expenses incurred for the six months ended October
31, 2004 on their investment in a particular class of shares by dividing their
investment value at October 31, 2004 by $1,000 and then multiplying that result
by the operating expenses of the class owned as calculated above. A shareholder
can also use this information to compare ongoing expenses of investing in the
Funds with those of other mutual funds.
35
<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 SCHEDULE OF INVESTMENTS
Not applicable to this filing.
ITEM 7 DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8 PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to this filing.
ITEM 9 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable to this filing.
ITEM 10 CONTROLS AND PROCEDURES.
(a) The Registrant's Principal Executive Officer and Principal Financial
Officer concluded that the Registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940) were effective as of a date within 90 days prior to the filing
date of this report (the "Evaluation Date"), based on their evaluation
of the effectiveness of the Registrant's disclosure controls and
procedures as of the Evaluation Date.
(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the
period covered by this report that has materially affected, or is
reasonably likely to materially affect, the Registrant's internal
control over financial reporting.
<Page>
ITEM 11 EXHIBITS:
a)(1) Code of ethics is not applicable to this filing.
(a)(2) Certification of 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)) is attached
hereto as Exhibit 99CERT.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 as required by Rule 30a-2(b), under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange
Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of
Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto
as Exhibit 99.906CERT.
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 December 27, 2004
------------------------------
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 December 27, 2004
------------------------------
By: /s/ Ronald B. Maggiacomo
-----------------------------------------------------------
Ronald B. Maggiacomo, Chief Financial Officer
Date December 27, 2004
---------------------------------