FORM 11-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 11-K

 

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK

REPURCHASE AND SAVINGS AND SIMILAR PLANS

PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

x Annual Report pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2007.

 

¨ Transition Report pursuant to Section 15(d) of the Securities Exchange Act of 1934

Commission File Number: 000-17089

 

 

Boston Private Financial Holdings, Inc. 401(k) Profit Sharing Plan

Boston Private Financial Holdings, Inc.

Ten Post Office Square

Boston, Massachusetts 02109

 

 

 

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REQUIRED INFORMATION ATTACHED

 

1. Audited statements of Net Assets Available for Benefits in accordance with the financial reporting requirements of ERISA.

 

2. Audited statements of changes in Net Assets Available for Benefits in accordance with the financial reporting requirements of ERISA.

 

3. Written consent of Independent Registered Public Accounting Firm.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC. 401(k) PROFIT SHARING PLAN

 

By:

    BOSTON PRIVATE FINANCIAL HOLDINGS, INC. 401(k) PLAN COMMITTEE, as Plan Administrator

 

By:  

/s/ Gerald Raphel

Name:   Gerald Raphel
Title:   Senior Vice President – Human Resources
  Boston Private Financial Holdings, Inc.

Date: June 26, 2008

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Financial Statements and Supplemental Schedule

December 31, 2007 and 2006

(With Report of Independent Registered Public Accounting Firm Thereon)

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

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     Page

Report of Independent Registered Public Accounting Firm

    6

Statements of Net Assets Available for Benefits as of December 31, 2007 and 2006

    7

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2007 and 2006

    8

Notes to Financial Statements

    9 – 17

Supplemental Schedule

   

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

    18

All other schedules required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended (ERISA) have been omitted because there is no information to report.

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Report of Independent Registered Public Accounting Firm

The Plan Administrator

Boston Private Financial Holdings, Inc. 401(k) Profit Sharing Plan:

We have audited the accompanying statements of net assets available for benefits of Boston Private Financial Holdings, Inc. 401(k) Profit Sharing Plan (the Plan) as of December 31, 2007 and 2006, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2007 and 2006, and the changes in its net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule, Schedule H, Line 4i – Schedule of Assets (Held at End of Year), as of December 31, 2007 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but includes supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This schedule is the responsibility of the Plan’s management. This supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

/s/ KPMG

Boston, Massachusetts

June 26, 2008

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Statements of Net Assets Available for Benefits

December 31, 2007 and 2006

 

     2007    2006

Assets:

      

Cash and cash equivalents

    $ 149,396    147,869

Investments, at fair value (note 3):

      

Common stock – Boston Private Financial Holdings, Inc.

      2,341,662    2,601,244

Self directed brokerage assets

      6,741,000    5,889,088

Diversified investment funds

      57,911,160    40,856,995

Participant loans

      788,984    526,447
           

Total investments

      67,782,806    49,873,774
           

Receivables:

      

Employer contributions

      227,478    156,724

Employee contributions

      8,241    11,269

Other receivables

      2,020    1,256
           

Total receivables

      237,739    169,249
           

Total assets

      68,169,941    50,190,892
           

Net assets available for benefits

    $ 68,169,941    50,190,892
           

See accompanying notes to financial statements.

 

7

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Statements of Changes in Net Assets Available for Benefits

Years ended December 31, 2007 and 2006

 

     2007    2006

Additions:

      

Additions to net assets attributed to:

      

Investment income:

      

Dividends and interest income

    $ 404,635    325,288

Net appreciation of investments (note 3)

      3,867,300    4,401,592
           

Total investment income

      4,271,935    4,726,880
           

Contributions:

      

Participant

      6,752,107    5,158,444

Employer

      2,852,532    1,669,488

Rollover

      851,349    1,135,668

Other contributions

      73,682    762
           

Total contributions

      10,529,670    7,964,362

Assets transferred (note 1(a))

      6,754,580    4,443,995
           

Total additions

      21,556,185    17,135,237
           

Deductions:

      

Deductions from net assets attributed to:

      

Benefits paid to participants

      3,471,884    2,647,054

Expenses

      105,252    97,415
           

Total deductions

      3,577,136    2,744,469
           

Net increase in net assets

      17,979,049    14,390,768

Net assets available for benefits:

      

Beginning of year

      50,190,892    35,800,124
           

End of year

    $ 68,169,941    50,190,892
           

See accompanying notes to financial statements.

 

8

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

(1) Plan Description

The following description of Boston Private Financial Holdings, Inc. 401(k) Profit Sharing Plan (the Plan) provides general information only. Participants should refer to the Plan Document for a more complete description of the Plan’s provisions.

 

  (a) General

The Plan is a defined contribution plan with a salary reduction arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended (IRC), sponsored by Boston Private Financial Holdings, Inc. (the Company or Plan Sponsor). This Plan is a continuation of Boston Private Bank & Trust Company 401(k) Plan (the BPB&TC Plan). The Plan includes the following wholly owned subsidiaries: Boston Private Bank & Trust Company; Westfield Capital Management, LLC; RINET Company, LLC; Boston Private Value Investors, Inc.; and Borel Private Bank & Trust Company as well as the majority-owned subsidiary Sand Hill Advisors, LLC. In 2006, the assets of First State Bank of California 401(k) Plan (the FPB&T Plan) and KLS Professional Advisors Group, Inc. 401(k) Employee Savings Plan (the KLS Professional Advisors Plan) were merged into the Plan. Also, on January 1, 2006, the employees of Dalton Greiner, Harman, and Maher Co., LLC joined the Plan as new participants. In 2007, the assets of Gibraltar Bank 401(k) Savings Plan (the Gibraltar Plan) were merged into the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. Total assets transferred into the Plan in 2007 and 2006 were $6,754,580 and $4,443,995, respectively.

Employees who have attained the age of 21 and completed one hour of service are eligible to participate in the plan on the first day of the calendar quarter following their date of hire.

 

  (b) Contributions

In 2007 and 2006, participants could have contributed up to 25% of their eligible pre-tax compensation to the Plan but could not exceed the annual dollar limit allowed by the IRC ($15,500 in 2007 and $15,000 in 2006). For tax years beginning after December 31, 2001, participants who will be at least fifty years old by the end of the tax year may make additional contributions (catch-up contributions). The maximum amount of the annual catch-up contribution depends on the type of the plan involved as well as the tax year for which the contribution is being made. In 2007, eligible participants may have elected to contribute up to $5,000 of their compensation as a catch-up contribution.

Boston Private Bank & Trust Company, Westfield Capital Management, RINET Company, Inc., Sand Hill Advisors, Inc., Boston Private Value Investors, Borel Private Bank & Trust Company, First Private Bank & Trust, Dalton, Greiner, Hartman, Maher & Co., LLC, and KLS Professional Advisors Group, Inc. (the Participating Employers), at their discretion, may make a matching contribution equal to a set percentage. The percentage of the matching contribution is determined by the Participating Employer’s board of directors each year and only the participant’s contribution, up to a maximum of 6% of the participant’s annual compensation will be eligible for a matching contribution. Each Participating Employer, in addition to participating employer matching contributions, may elect to make a discretionary contribution. The amount of such contribution, if

 

9

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

any, will be determined and voted on by the board of directors of each Participating Employer. In addition, Participating Employers may elect to make a discretionary contribution in the form of shares of common stock of the Plan Sponsor. If such stock contribution is made by any Participating Employer in any Plan Year, it will be allocated on a per capita basis.

Participants may contribute to a separate rollover account certain amounts which have been distributed from another tax-qualified retirement plan or an individual retirement account. Participants are fully vested at all times for any amounts credited to the rollover account.

 

  (c) Vesting

Participants are immediately vested in their contributions and Company Stock plus earnings thereon. The Company has outlined the following vesting schedule for employer matching contributions to the Plan. Upon the completion of two years of service participants become 50% vested and are eligible to receive benefits in the employer matching contribution. Participants become 100% vested in the employer matching contribution at the earlier of completion of three years of service or attainment of normal retirement age. For employer discretionary contributions, participants become 20% vested at completion of one year of service and vest an additional 20% a year until they become fully vested at five years of service. In the event that a participant reaches normal retirement age before the completion of five years of service or employment is terminated due to retirement, death or disability, the participant becomes 100% vested. At any time, the participating employers may elect to set forth their own vesting schedule for their employees as they see fit. Vesting schedules set by the participating employers supersede the vesting schedule for the Plan.

If employment is terminated prior to normal retirement age for reason other than death or disability, the participant becomes vested in accordance with the following schedules:

 

Participating Employer Matching Contributions  

Years of Service

    Vesting
Percentage		  

Less than two years

    —   %

2 years

    50  

3 years

    100  

 

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

Participating Employer Discretionary Contributions  

Years of Service

    Vesting
Percentage		  

Less than one year

    —   %

1 year

    20  

2 years

    40  

3 years

    60  

4 years

    80  

5 years

    100  

 

  (d) Payment of Benefits

If the amount of the benefit exceeds $5,000, then the participant may elect to receive the benefit under one or any combination of the following methods:

 

  (a) Lump sum in cash (or in shares of Boston Private Financial Holdings, Inc. Common Stock to the extent vested accounts are invested in the BPFH Stock Fund);

 

  (b) Cash payments in quarterly installments over a period of five, ten or fifteen years;

 

  (c) Maintain vested account balances in the Plan and delay distribution until a participant’s 65th birthday or death, which ever is earlier;

 

  (d) Transfer vested account balances to the trustee of another tax-qualified retirement plan or the trustee or custodian of a participant’s individual retirement account; or

 

  (e) Purchase a nontransferable annuity contract from a life insurance company, providing monthly payments over a specified period of time not to exceed the participant’s life expectancy or the joint expectancy of the participant and the participant’s designated beneficiary.

If the amount of the benefit does not exceed $5,000 the participant may elect to receive the benefit under one of the following methods:

 

  (a) Lump sum cash payment;

 

  (b) Direct rollover to the trustee of another tax-qualified retirement plan, as elected by the participant.

 

11

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

If the amount of the benefit does not exceed $1,000 and the participant does not elect one of the above options, the administrative committee of the 401(k) Plan (the Committee), as appointed by the board of directors will direct Mass Mutual (the Trustee) to distribute the benefit to the participant in one lump sum payment in cash (or in shares of Boston Private Financial Holdings, Inc. Common Stock to the extent vested accounts are invested in the BPFH Stock Fund). However, if the benefit exceeds $1,000 but does not exceed $5,000 and the participant does not elect one of the above options the benefit is paid out in the following manner:

 

  (a) The distribution shall be made in one lump sum payment in cash (or in shares of Boston Private Financial Holdings, Inc. Common Stock to the extent vested accounts are invested in the BPFH Stock Fund) if the participant is age 65 or older;

 

  (b) The Committee shall direct the Trustee to pay the distribution in a direct rollover to an individual retirement plan designated by the Committee in accordance with the Section 401(a) (31) (B) if the participant is under age 65.

 

  (e) Participant Accounts

Each participant’s account is credited with the participant’s contribution, the employer’s contribution and Plan earnings or losses. Upon withdrawal from the Plan, participants are entitled to the amount they have contributed, their Company Stock account, the amount of their employer matching contributions and employer discretionary contributions in which they are vested and any earnings credited to their account.

 

  (f) Participant Loans

The Plan provides for participant loans with plan administrator approval. The maximum aggregate loan amount that may be outstanding at one time is 50% of a participant’s total vested account balance, not to exceed $50,000. The $50,000 maximum will be reduced by the participant’s highest outstanding loan balance in the previous 12 months, even if amounts have been repaid. A participant may not have more than two loans outstanding at any one time. The minimum loan amount allowed under the Plan is $1,000. Until otherwise determined by the trustee, the interest rate on all loans given shall be the prime rate plus 2%.

All loans are required to be repaid within five years of the date of the loan unless the purpose of the loan is to acquire a principal residence, in which case the repayment period can be up to twenty years. Defaults on loans are treated as a distribution of the participant’s account balance.

 

  (g) Participant Investment Options

Participants may elect to suspend contributions at any time. Although they can only change their future contributions during open enrollment, which is the first day of any quarter, participants may reallocate their prior and future contributions on a daily basis. Plan participants may direct their investments into shares in a number of diversified investment funds, in addition to the self directed brokerage account (SDBA).

 

12

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

  (h) Forfeitures

As of December 31, 2007 and 2006, forfeited nonvested accounts totaled $264,016 and $110,859, respectively. These amounts will be used to reduce future employer contributions. During 2007 and 2006, employer contributions were reduced by $87,688 and $94,148, respectively, from forfeited nonvested accounts.

 

  (i) Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to suspend or discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event the Plan terminates, participants will become fully vested in their employer contributions.

 

(2) Summary of Significant Accounting Policies

 

  (a) Basis of Presentation

The accompanying financial statements have been presented on the accrual basis of accounting.

 

  (b) Investment Valuation and Income Recognition

Investments are stated at fair value as determined by quoted market prices. The fair value of Boston Private Financial Holdings, Inc. Common Stock is based upon its quoted market price. The fair value of the diversified investment funds is measured by the net unit value, which is based on the fair value of the underlying assets of each fund. Participant loans are valued at the outstanding balance, which approximates fair value.

Purchases and sales of securities are reflected on the trade-date basis. Interest income is recognized on the accrual basis. Dividends are recorded on the ex-dividend date.

 

  (c) Administrative Expenses

Certain administrative expenses such as auditing and legal fees are paid directly by the Company and, accordingly, are not reflected in the accompanying financial statements. However, other administrative costs such as check charges for participant distributions and the annual fee for self directed brokerage accounts are paid for by the participants. Participant paid expenses are deducted directly from their account balance and, therefore, are reflected in the accompanying financial statements.

 

  (d) Payment of Benefits

Benefits are recorded when paid.

 

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

  (e) Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

 

  (f) Cash and Cash Equivalents

The Plan considers all highly liquid investments with an initial maturity of three months or less to be cash equivalents, excluding those Money Market Funds which are investment options for participants.

 

(3) Investments

The following table presents investments that represent 5% or more of the Plan’s net assets at the end of year:

 

     Number of
shares/units		    Fair value

December 31, 2007:

      

Self Directed Brokerage Assets*

    —      $ 6,741,001

MassMutual Select Fundamental Value Fund*

    32,031      5,020,673

MassMutual Select Indexed Equity Fund*

    36,298      4,262,450

MassMutual Government Money Market Fund*

    21,056      3,769,444

MassMutual Select Focused Value Fund*

    15,037      3,844,351

MassMutual Select Mid Cap Growth II Fund*

    23,018      6,030,727

MassMutual Premier Capital Appreciation Fund*

    19,786      3,728,833

MassMutual Select Overseas Fund*

    23,380      3,944,838

MassMutual Growth Fund

    16,094      3,493,498

MassMutual Premier Core Bond Fund*

    23,211      3,654,230

December 31, 2006:

      

Self Directed Brokerage Assets*

    —      $ 5,889,088

MassMutual Select Fundamental Value Fund*

    27,367      3,963,944

MassMutual Select Indexed Equity Fund*

    31,206      3,485,443

MassMutual Government Money Market Fund*

    19,903      3,406,145

MassMutual Select Focused Value Fund*

    13,505      3,392,023

MassMutual Select Mid Cap Growth II Fund*

    14,300      3,229,965

MassMutual Premier Capital Appreciation Fund*

    17,516      2,900,782

MassMutual Select Overseas Fund*

    17,644      2,857,935

MassMutual Growth Fund

    13,197      2,687,501

Boston Private Financial Holdings, Inc. Common Stock*

    92,210      2,601,244

MassMutual Premier Core Bond Fund*

    17,560      2,594,272

 

* Represents a party-in-interest to the Plan.

 

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

During 2007 and 2006, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated/ (depreciated) in value by $3,867,300 and $4,401,592, respectively, as shown in the following table:

 

     2007     2006  

Common stock – Boston Private Financial Holdings, Inc.

    $ (92,093 )   (179,601 )

Self directed brokerage assets

      424,602     388,108  

Diversified investment funds

      3,534,791     4,193,085  
              
   $ 3,867,300     4,401,592  
              

 

(4) Tax Status

The Plan received a favorable determination letter, dated March 23, 2004, from the Internal Revenue Service indicating that the Plan is qualified under IRC Section 401(a) and is exempt from federal income taxes under IRC Section 501(a). The Plan has been amended since receiving the determination letter; however, the plan administrator believes that the Plan is currently designed and is operating in accordance with its terms and in conformity with the applicable requirements of the IRC. None of the eight amendments that have been made to the Plan since March 23, 2004, are considered to be significant.

 

(5) Related-Party Transactions

There are several components of the Plan that qualify as related party transactions. Some Plan investments are shares of diversified investment funds managed by Mass Mutual Financial Group. As Mass Mutual Financial Group is the recordkeeper of the Plan it qualifies these transactions as party-in-interest transactions.

Certain Plan investments are shares of Boston Private Financial Holdings, Inc. Common Stock. Boston Private Financial Holdings, Inc. is the Plan Sponsor and, as such, transactions in BPFH Common Stock qualify as party-in-interest. Administrative expenses paid directly by the Company (Footnote 2(c)), as well as participant loans (Footnote 1(f)) qualify as party-in-interest transactions.

 

(6) Risk and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

 

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

(7) Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2007 and 2006 to Form 5500:

 

     2007     2006  

Net assets available for benefits per the financial statements

    $ 68,169,941     50,190,892  

Plan receivables (accrual accounting) not recorded on Form 5500:

     

Employer contributions

      (227,478 )   (156,724 )

Employee contributions

      (8,241 )   (11,269 )
              

Total current year receivables

      (235,719 )   (167,993 )
              

Plan liabilities recorded on Form 5500:

     

Employee distribution

      —       (7,476 )
              

Total current year liabilities

      —       (7,476 )
              

Net assets available for benefits per the Form 5500

    $ 67,934,222     50,015,423  
              

 

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

The following is a reconciliation of net increase in net assets per the financial statements for the years ended December 31, 2007 and 2006 to Form 5500:

 

     2007     2006  

Net increase in net assets per the financial statements

    $ 17,979,049     14,390,768  

Plan receivables (accrual accounting) not recorded on Form 5500:

     

Reverse prior year accrual – employer contributions

      156,724     146,543  

Reverse prior year accrual – employee contributions

      11,269     —    

Reverse prior year accrual – other contributions

      —       —    
              

Total prior year receivables

      167,993     146,543  
              

Employer contributions

      (227,478 )   (156,724 )

Employee contributions

      (8,241 )   (11,269 )
              

Change in total current year receivables not recorded

      (235,719 )   (167,993 )

Total net receivables not recorded

      (67,726 )   (21,450 )
              

Plan liabilities recorded on Form 5500:

     

Reverse prior year accrual – employee distribution

      7,476     —    

Employee distribution

      —       (7,476 )
              

Total liabilities

      7,476     (7,476 )
              

Net increase in plan assets per the Form 5500

      17,918,799     14,361,842  
              

The majority of reconciling items occur because the Form 5500 is maintained on a cash basis whereas the financial statements are maintained on an accrual basis. The DOL, however, requires that amounts allocated to accounts of persons who have elected to withdraw from the Plan, but have not yet been paid, should not be reported as liabilities on the financial statements but reported on Form 5500 as such.

 

(8) Subsequent Event

In January 2008, the employees of Anchor Capital Advisors, LLC and Anchor Russell Capital Advisors, LLC joined the Plan as new participants.

As of June 24, 2008 the value of the shares of Boston Private Financial Holdings common stock held in the Plan at December 31, 2007 was $520,561.

 

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BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

401(k) PROFIT SHARING PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2007

 

(a)

  

(b) Identity of issuer, borrower, lessor, or similar party

    (c) Description of investments      **
(d) Cost		      (e) Current
value
*  

Self Directed Brokerage Assets

    —     units of participation      —        $ 6,741,001
*  

MassMutual Select Fundamental Value Fund

    32,031   units of participation      —          5,020,673
*  

MassMutual Select Indexed Equity Fund

    36,298   units of participation      —          4,262,449
*  

MassMutual Government Money Market Fund

    21,056   units of participation      —          3,769,444
*  

MassMutual Select Focused Value Fund

    15,037   units of participation      —          3,844,350
*  

MassMutual Select Mid Cap Growth II Fund

    23,018   units of participation      —          6,030,727
*  

MassMutual Premier Capital Appreciation Fund

    19,786   units of participation      —          3,728,833
*  

MassMutual Select Overseas Fund

    23,380   units of participation      —          3,944,838
 

MassMutual Growth Fund

    16,094   units of participation      —          3,493,498
*  

Boston Private Financial Holdings, Inc. Common Stock

    86,472   shares      —          2,341,662
*  

MassMutual Premier Core Bond Fund

    23,211   units of participation      —          3,654,229
 

MassMutual Destination Retirement 2020 Fund

    10,053   units of participation      —          2,476,049
*  

MassMutual Premier Global Fund

    8,930   units of participation      —          2,633,874
 

MassMutual Small-& Mid-Cap Value Fund

    16,424   units of participation      —          2,841,746
*  

MassMutual Select Blue Chip Growth Fund

    9,070   units of participation      —          2,373,519
 

MassMutual Destination Retirement 2030 Fund

    6,982   units of participation      —          1,726,395
 

MassMutual Quest Balanced Fund

    7,718   units of participation      —          1,121,679
 

MassMutual Destination Retirement 2040 Fund

    5,902   units of participation      —          1,611,590
 

MassMutual Destination Retirement 2010 Fund

    5,054   units of participation      —          639,167
*  

MassMutual Premier Short-Duration Bond Fund

    4,079   units of participation      —          601,840
 

MassMutual EuroPacific Growth Fund

    9,515   units of participation      —          1,818,436
*  

MassMutual Select OTC 100 Fund

    7,739   units of participation      —          407,335
 

MassMutual Destination Retirement Income Fund

    781   units of participation      —          187,599
 

MassMutual Equity Growth Fund

    10,707   units of participation      —          1,722,889
*  

MassMutual Select Small Co. Growth Fund

      units of participation      —          —  
                    
                   66,993,822
*  

Participant loans

    Interest rates ranging from 5.75% to 10.25%        788,984
                    
                 $ 67,782,806
                    

 

* Represents a party-in-interest to the Plan.

 

** Per ERISA guidelines, the cost of investments is not required to be included on this schedule.

See accompanying report of independent registered public accounting firm.

 

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