fnrm 990-pf (200r) the rosalinde&arthur gilbert...

1 t •

Form 990 -POMB No 1545-0052

Return of Private Foundationor Section 4947(axl) Nonexempt Charitable Trust

Treated as a Private Foundation 2008Department of the Treasury Note : The foundation may be able to use a copy of this return to satisfy stateInternal Revenue Service (77) reporting requirements

For calendar year 2008 , or tax year beg innin g , 2008 , and endin g

G Check all that aDDly. Initial return Final return Amended return Address change Name change

Wtl)

Ui

Use the A Employer identification number

IRS label . THE ROSALINDE&ARTHUR GILBERT FOUNDATION 56-2305694Otherwise , (MERGED WITH FOUNDATION EIN 95-6059008) B Telephone number (see the instructions)

printor type . 2730 WILSHIRE BLVE SUITE 301 (310) 477-5252

See Specific SANTA MONICA, CA 90403 C If exemption application is pending , check hereInstructions.

D 1 Foreign organizations , check here .

H Check type of organization X Section 501(c)(3 exempt private foundation 2 Foreign organizations meeting the 85% test, check

Section 4947 (a)( 1 ) nonexem pt charitable trust Other taxable private foundation

qhere and attach computation

Fair market value of all assets at end of year J Accounting method X Cash Accrual E If private foundation status was terminated qunder section 5 1)(A), check here

(from Part ll, column (c), line 16) L] Other ( specify ) _ _ _ _ _ _ _ _ _ _ _ _ _ F If the foundationn

isIs

inIn a 60 - month termination

$ 157, 363, 370. (Part I. column (d) must be on cash basis under section 507( b)(1 )(B), check here Ili- Fl.Part I Analysis of Revenue and (a) Revenue and (b) Net investment (c) Adjusted net (d) Disbursements

Expenses (The total of amounts in expenses per books income income for charitablecolumns (b), (c), and (d) may not neces- purposessanly equal the amounts in column (a) (cash basis only)(see the instructions1 Contr i butions . gifts, grants , etc. received (att sch ) 1 , 650 , 000.2 Ck w II if the foundn is not req to att Sch B

3 Interest on savings and temporarycash investments

4 Dividends and interest from securities 2 , 120 , 635. 2 , 120 , 635.5a Gross rents 8 , 598 , 670. 8 1 598 , 670.b or(lossjal

income 6, 145,080.6a Net gain/( loss) from sale of assets not on line 1Q -12,722 ,133. Statement 1R

Eb Gross sales price for all 103494018.assets on line 6a

V 7 Capital gain net income (from Part IV, line 2) 0.

E 8 Net short- term capital gainNU 9 Income modificationsE 10a Gross sales less

returns andallowances

b Less. Cost ofgoods sold

c Gross profit /( loss) (att sch)11 Other income (attach schedule)

See Statement 2 591,466. 591,466.12 Total . Add lines 1 through 11 238 , 638 . 11 310 771. 0.13 Compensation of officers, directors , trustees, etc '19 -1 , 157 , 231 .

14 Other employee salaries and wages 539, 792. 366, 836. 172,956.15 Pension plans, employee benefits

A 16a Legal fees (attach schedule) -

M b Accounting fees (attach sch)

IN

c Other prof fees ( attach sch) See St 3 644, 544. 159, 456. 485,088.0 17 Interest 130, 146. 130, 146.E TR

18 T See Stmt.4 289,023. 39,593. 14,224.R

AT

A 19 t1, 029, 697. 1, 029, 697.

N V 12 O n^Y 71 , 684. 35 , 842. 35 , 842.G E

12

Tr If3e=9an etings 86 , 780. 86 , 780.A EN

22 Printing and publicationD p 23 exnem tscc dule)

EN 9ta ent 5 2,413,459. 2,379,200. 34,259.

Esopera ing and administrative

expenses . Add lines 13 through 23 5, 598, 202. 4, 298, 001. 1,064,995.25 Contributions , gifts, grants paid Part XV 8 , 611 , 011. 8 , 611 , 011.26 Total expenses and disbursements.

Add lines 24 and 25 14, 209, 213. 4,298 , 001. 0. 9, 6,006.27 Subtract line 26 from line 12:

a Excess of revenue over expensesand disbursements -13,970,575.

b Net investment income ( if negat ive. enter -0-) 7,0 27 7 0 .C Adjusted net income ( if negative, enter . 0-) 0.

KAA For rrivacv Art and Paperwork Reduction Act Notice, see the instructions .

Z

fTEEA0504L 09/17/08 Form JJU-I (LUU2f)

11 A

Fnrm 990-PF (200R) THE ROSALINDE&ARTHUR GILBERT FOUNDATION 56-2305694 Pane 2

Attached schedules and amounts in the description Beginning of year End of yearPart II Balance Sheets column should be for end-of-year amounts only

(See instructions) (a) Book Value (b) Book Value (c) Fair Market Value

..1 Cash - non-interest-bearing

2 Savings and temporary cash investments 5, 623, 880. 7, 480, 705. 7, 480, 705.

3 Accounts receivable----------

Less allowance for doubtful accounts

4 Pledges receivable b- - - _ _ _ _ - _ _ _

Less: allowance for doubtful accounts--- ----- -

5 Grants receivable

6 Receivables due from officers, directors, trustees, and otherdisqualified persons (attach schedule) (see the instructions)

7 Other notes and loans receivable (attach sch) 11 1,538,908.

S

_---------

Less: allowance for doubtful accounts ^_ _ _ _ _ _ 190, 034. 1, 538, 908. 1,538,908.S 8 Inventories for sale or use

ET 9 Prepaid expenses and deferred charges

S 10a Investments - U S. and state governmentobligations (attach schedule)

b Investments - corporate stock (attach schedule) 90, 710, 059. 59, 936, 917. 59,005,813.c Investments - corporate bonds (attach schedule) 500, 000. 250, 000. 250,000.

11 Investments - land, buildings, andequipment basis 84, 666, 187 .

Less accumulated depreciation(attach schedule) See. Stmt 6 ', ---7,016,282.- -7,

016, 282. 55, 735, 719. 77, 649, 905. 84, 666, 187 .12 Investments - mortgage loans

13 Investments - other (attach schedule) 4, 040, 986. 3, 981, 221. 3, 981, 221.14 Land, buildings, and equipment basis 11

----------Less accumulated depreciation(attach schedule)

15 Other assets (describe b* See Statement 7 )----------

560, 884. 440, 536. 440, 536.-------

16 Total assets (to be completed by all filers -see instructions Also, see page 1, item I 157, 361, 562. 151, 278, 192. 157, 363, 370.

L. 17 Accounts payable and accrued expenses

IA 18 Grants payable

B 19 Deferred revenue

IL 20 Loans from officers, directors, trustees, & other disqualified persons

I 21 Mortgages and other notes payable (attach schedule) . 9, 591, 177. 17,672,724.

T 22 Other liabilities (describe 01 See Statement 8 342, 223. 288, 451.ES 23 Total liabilities (add lines 17 through 22) 9, 933, 400. 17, 961, 175.

N F

Foundations that follow SFAS 117, check hereand complete lines 24 through 26 and lines 30 and 31.

24 UnrestrictedE UT N 25 Temporarily restricted

D 26 Permanently restricted

AS

BS AE LT A

Foundations that do not follow SFAS 117, check here Xand complete lines 27 through 31.

27 Capital stock, trust principal, or current funds

S N 28 Paid-in or capital surplus, or land, building, and equipment fund 115, 425. 115,425.CO E 29 Retained earnings, accumulated income, endowment, or other funds 147, 312, 737. 133, 201,592.

R S 30 Total net assets or fund balances (see the instructions) 147, 428, 162. 133, 317,017.31 Total liabilities and net assets/fund balances

(see the instructions) 157, 361, 562. 151, 278, 192.Fart III Analysis of (:han es in Net Assets or Fund Balances

1 Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree withend-of-year figure reported on prior year's return) . 1 147, 428, 162.

2 Enter amount from Part I, line 27a 2 -13, 970, 575.

3 Other increases not included in line 2 (itemize) 3------------------------------

4 Add lines 1, 2, and 3 4 133, 457, 587 .5 Decreases not included in line 2(Itemize) 'SeeStatement 9 5 140,570.

6 Total net assets or fund balances at end of year ( line 4 minus line 5) - PartII_column (b) , line 30 6 133, 317, 017 .

BAA TEEA03021. 09/17108 Form 990-PF (2008)

Form 990-PF (2008) THE ROSALINDE&ARTHUR GILBERT,FOUNLIATION 56-2305694

Part IV Capital Ga ins and Losses for Tax on Investment Income(a) List and describe the kind (s) of property sold (e g , real estate,

2-story brick warehouse , or common stock , 00 shares MLC Company)How acquired

P - PurchaseD - Donation

c Date acqu i red(month, day, year)

(d) Date sold(month, day, year)

1a SEE ATTACHED STMT P Various Various

b

c

d

e

(e) Gross sales price (f) Depreciation allowed(or allowable )

(g) Cost or other basisplus expense of sale

(h) Gain or (loss)(e) plus (f) minus (g)

a 102,494,018 . 115,723,168. -13,229,150.b

cd

e

Com p lete only for assets showing gain in column (h) and owned b the foundation on 12/31/69 (I) Gains (Column (h)(i) Fair Market Value

as of 12/31/69(j) Adjusted basisas of 12/31 /69

(k) Excess of column (I)over column 0), if any

gain minus column (k), but not lessthan -0-) or Losses (from column (h))

a -13 , 229 150.

b

c

d

e

2 Capital gain net income or (net capital loss) If gain , also enter in Part I, line 7If(loss), enter -0 - in Part I, line 7 2 - 13,229,150.

3 Net short - term capital gain or (loss) as defined in sections 1222(5) and (6)

If gain , also enter in Part I , line 8, column (c) (see the instructions) If (loss), enter -0-in Part I , line 8 3 0.

PartV Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income )

If section 4940(d)(2) applies, leave this part blank

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? F]Yes No

If 'Yes,' the foundation does not qualify under section 4940 (e) Do not complete this part

1 Enter the appropriate amount In each column for each year; see the instructions before making any entries

(a)Base period years

Calendar year (or tax yearbeginning in)

bAdjusted qualifying distributions

c)Net value of

nonchantable-use assets

(d)Distribution ratio

(column (b) divided by column (c))

2007 8,887 941. 194 048,009. 0.0458032006 6,966,405. 168,286,596. 0.0413962005 6,827 323. 144 219,197. 0.047340

2004 4,994,604. 128,515,755. 0.0388642003 376,953. 69,283,468. 0.005441

2 Total of line 1, column (d) 2 0.178844

3 Average distribution ratio for the 5-year base period - divide the total on linenumber of years the foundation has been in existence if less than 5 years

2 by 5, or by the3 0.035769

4 Enter the net value of noncharitable-use assets for 2008 from Part X, line 5 4 194, 041, 241 .

5 Multiply line 4 by line 3 5 6 , 940 , 661.

6 Enter 1 % of net investment income (1 % of Part I, line 27b) 6 70,128.

7 Add lines 5 and 6 7 7, 010, 789.

8 Enter qualifying distributions from Part XII, line 4 8 9, 676, 006.

If line 8 is equal to or greater than line 7, check the box in Part VI, line 1 b, and complete that part using a 1 % tax rate. See thePart VI Instructions.

BAA Form 990-PF (2008)

TEEA0303L 09/18/08

Form 990-PF (2008) THE ROSALINDE&ARTHUR GILBERT FOUNDATION 56-2305694

Part VI Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948 - see the instructions)

1 a Exempt operating foundations described in section 4940(d)(2), check here and enter ' N/A' on line 1

Date of ruling letter: _ _ (attach copy of ruling letter if necessary - see instructions)

b Domestic foundations that meet the section 4940(e) requirements in Part V, 1 70,128.

check here. 0 XM and enter I% of Part I, line 27b .

c All other domestic foundations enter 2% of line 27b Exempt foreign organizations enter 4% of Part I, line 12, column (b)

2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxablefoundations only Others enter - 0-) 2 0.

3 Add lines 1 and 2 3 70,128.

4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter - 0-) 4 0.

5 Tax based on investment income . Subtract line 4 from line 3. If zero or less , enter -0- 5 70,128.

6 Credits/Payments

a 2008 estimated tax pmts and 2007 overpayment credited to 2008 6a 107 ,432.b Exempt foreign organizations - tax withheld at source 6b

c Tax paid with application for extension of time to file (Form 8868) 6c

d Backup withholding erroneously withheld 6d

7 Total credits and payments . Add lines 6a through 6d 7 107 ,432.

8 Enter any penalty for underpayment of estimated tax Check here r] if Form 2220 is attached 8

9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed ' 9 0.

10 Overpayment . If line 7 is more than the total of lines 5 and 8, enter the amount overpaid ' 10 37,304.

11 Enter the amount of line 10 to be: Credited to 2009 estimated tax 37, 304 . Refunded " 11 0.

Part VII -A Statements Reg arding Activities

islation or did itndation attem t to influence an national state or local leth a d d the f1 D tYes Nop y , , guring ax ye r , i oua e

participate or intervene in any political campaign? . . 1 a X

b Did it spend more than $ 100 during the year (either directly or indirectly) for political purposes(see the instructions for definition)? 1 b X

If the answer is 'Yes' to la or 1b, attach a detailed description of the activities and copies of any materials publishedor distributed by the foundation in connection with the acti vities

c Did the foundation file Form 1120-POL for this year? 1 c X

d Enter the amount ( if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation $ 0. (2) On foundation managers B. $ 0.e Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed on

foundation managers I. $ 0.

2 Has the foundation engaged in any activities that have not previously been reported to the IRS? 2 X

If 'Yes,' attach a detailed description of the activities

lh l t th IRS t t t t3 H th f d t d t d t s governing ins rumen , aroun ion ma e any c anges , no previous y repor e , in i ic esas e a o eof incorporation , or bylaws, or other similar instruments ? If 'Yes,' attach a conformed copy of the changes 3 X

4a Did the foundation have unrelated business gross income of $1,000 or more during the year? 4a X

b If 'Yes,' has it filed a tax return on Form 990-T for this year?. . . 4b N IA

5 Was there a liquidation, termination, dissolution, or substantial contraction during the year? 5 X

If 'Yes,' attach the statement required by General Instruction T.

6 Are the requirements of section 508 (e) (relating to sections 4941 through 4945) satisfied either:

• By language in the governing instrument, or

th fll l th d t d t t t• B t t l t h t ff t d th t t con icive y amen e governing instrumen no man a ory irec ions ay s a e egis a ion t a e ec s so awith the state law remain in the governing instrument? 6 X

7 Did the foundation have at least $5,000 in assets at any time during the year? If 'Yes,' complete Part /l, column (c), and PartXV . 7 X

8a Enter the states to which the foundation reports or with which it is registered (see the instructions)

CA DE

lb If th 'Y ' t l 7 d t f hh th f d f F 990 PF t th Att Ge answer is es ine , oun a ion urnis e orney enerao as e a copy o orm - o e(or designate ) of each state as required by General Instruction G2 If 'No,' attach explanation 8b X

4942f t 3 49429 I h f l t f h h 5e meaning o sec ion (1)( ) or (1)(s t oundation c aiming status as a priva e operating oundation wit in t )efor calendar year 2008 or the taxable year beginning in 2008 (see instructions for Part XIV)? If 'Yes,' complete Part XIV 9 X

10 Did any persons become substantial contributors during the tax year ? If 'Yes,' attach a schedule listing their namesand addresses. 10 X


TEEA0304L 09/18/08

Form 990-PF 2008) THE ROSALINDE&ARTHUR GILBERT FOUNDATION 56-2305694 Part VII-A Statements Regarding Activities Continued

11 At any time during the year, did the foundation, directly or indirectly, own a controlled entitywithin the meaning of section 512(b)(13)' If 'Yes', attach schedule (see instructions) - 11 X

12 Did the foundation acquire a direct or indirect interest in any applicable insurance contract beforeAugust 17, 2008? 12 X

13 Did the foundation comply with the public inspection requirements for its annual returns and exemption application? 13 X

Website address P, N/A-----------------------------------------

14 The books are in care of ► THE R & A GILBERT FOUNDATION Telephone no 310-449-4500----------------------------- -------------

Located at ► 2730 WILSHIRE BLVD. , SUITE 301 SANTA MONICA ZIP + 4 ► 90403

15 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 - Check here N/A EF

and enter the amount of tax-exempt interest received or accrued during the year 15 N/A

Part VII-B I Statements Reg arding Activities for Which Form 4720 May Be Req uiredFile Form 4720 if any item is checked in the 'Yes' column , unless an exception applies. Yes No

1 a During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? 11 Yes No

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) adisqualified person? Yes X No

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? Yes X No

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? .. Yes X No

(5) Transfer any income or assets to a disqualified person (or make any of either availableIYes XNoualified erson)?for the benefit or use of a dis -q p

(6) Agree to pay money or property to a government official? (Exception . Check 'No' if thefoundation agreed to make a grant to or to employ the official for a period after termination

f t thf t t 90 d 11 Yes N Noermina ing wi ingovernmen service, i ays.)o

l 1 f th l f th t d b db If 'Y ' t 6 d d t f l t d escri in)-( i y un er e excep ions eany answer is es o a( ), i any o e ac s ai o quaRegulations section 53 4941(d)-3 or in a current notice regarding disaster assistance (see the instructions)? lb N A

Organizations relying on a current notice regarding disaster assistance check here 110.Ll

f th l th th d td th f t d b d tD d t escri in a, o er an excep e ac s,oun a ion engage in a prior year in any o e ac s ec i ethat were not corrected before the first day of the tax year beginning in 20087 1 c X

2 Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was aprivate operating foundation defined in section 4942(1)(3) or 4942()(5))

a At the end of tax year 2008, did the foundation have any undistributed income (lines 6dand 6e, Part XIII) for tax year(s) beginning before 2008? []Yes No

If 'Yes,' list the years P' 20 , 20 , 20 , 20

b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)ear's undistributed income? (If appl ing section 4942(a)(2) to(relatin to incorrect valuation of assets) to the yg y

all years listed, answer 'No' and attach statement - see the instructions.) 2b N Ac If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here

P, 20 ,20 ,20 ,20

3a Did the foundation hold more than a 2% direct or indirect interest in any businessthe ea ? [] Yes Not t t den erprise a any ime uring y r

b If 'Yes,' did it have excess business holdings in 2008 as a result of (1) any purchase by the foundationor disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approvedby the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest, or(3) the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, todetermine if the foundation had excess business holdings in 2008.) - 3b, N A

4a Did the foundation invest during the year any amount in a manner that would jeopardize itscharitable purposes? 4a X

b Did the foundation make any investment in a prior year (but after December 31, 1969) that couldbl d f f th fd h t th t h d t b d b t d ft e purpose rom jeopar irsjeopar ize i ari a a a no een remove y e ore e ay os c

the tax year beginning in 20087 4b X


TEEA0305L 01/02/09

Form 990-PF (2008) THE ROSALINDE&ARTHUR GILBERT FOUNDATION 56-2305694 Part VII - B Statements Regarding Activities for Which Form 4720 May Be Required (continued)5a During the year did the foundation pay or incur any amount to

(1) Carry on propaganda , or otherwise attempt to influence legislation (section 4945 (e))' 11 Yes E]No

(2) Influence the outcome of any specific public election (see section 4955), or to carryon, directly or indirectly , any voter registration drive? Yes

N No

(3) Provide a grant to an individual for travel , study , or other similar purposes ? Yes X No

(4) Provide a g rant to an organization other than a charitable, etc, organization described1 4940t 509 2 3 t d 2 ? 11 Y Xion ), ( ), or ( ), or sec (in sec (a)( ion )( ) (see instructions ) es ] No

(5) Provide for any purpose other than religious , charitable, scientific , literary, oreducational purposes or for the prevention of cruelty to children or animals? [ Yes X] No, ..

b If any answer is 'Yes' to 5a(1)-(5 ), did any of the transactions fail to qualify under the exceptionsl 53 4945d b d R t t t t d d t tion or in a currenescri e in egu a ions sec no ice regar er assis anceing isas

(see instructions)? 5b N A

Organizations relying on a current notice regarding disaster assistance check here

c If the answer is 'Yes ' to question 5a (4), does the foundation claim exemption from thetax because it maintained expenditure responsibility for the grant ? N/A [ Yes [ No

If 'Yes,' attach the statement required by Regulations section 53-4945-5(d).

6a Did the foundation , during the year, receive any funds, directly or indirectly , to pay premiumson a personal benefit contract ? [ Yes X No

b Did the foundation , during the year , pay premiums , directly or indirectly , on a personal benefit contract? X

If you answered ' Yes' to 6b , also file Form 8870.

7a At any time during the tax year , was the foundation a party to a prohibited tax shelter transaction ? 11 Yes j No

jb If es, did the foundation receive an roceeds or have an net income attributable to the transaction' 7b N A

Part vii inrormatlon HDoui uincers, uiirectors, t rusiees, Foundation managers , rtlgnly rain Employees,and Contractors

1 List all officers - directors- trustees- foundation mananers and their comnensation (see instructions).

(b) Title and average (c) Compensation (d) Contributions to (e) Expense account,

(a) Name and address hours per weekdevoted to position

O f not paid, enter -0-) employee benefitplans and deferred

other allowances

com pensation

-MARTIN BLANK, JR___-_______ Secretary 0. 0. 0.

2730 WILSHIRE BLVD. SUITE 301 0

SANTA MONICA , CA 90403

_RICHARD_ZIMAN _____________ CEO 0. 0. 0.

2730 WILSHIRE BLVD. SUITE 301 0SANTA MONICA , CA 90403

------------------------

-------------------------

7 Cnmoensatinn of five hinhest-naid emnlovees father than those included on line 1- see instructions). If none. enter 'NONE.'

(a) Name and address of each employee (b) Title and average (c) Compensation (d) Contributions to (e) Expense account,paid more than $50,000 hours per week employee benefit other allowances

devoted to position plans and deferredcom pensation

_RICHARD ZIMAN ________ ___2730 WILSHIRE BLVD, #301 CEOSANTA MONICA , CA 90403 40 173,077. 0. 0.SHELDON KATZER__________2730

_WILSHI RE BLVD, #301 EMPLOYEE

SANTA MONICA , CA 90403 40 192 308. 0. 0.___MARTIN BLANK ____ __

2730 WILSHIRE BLVD, #301 SECRETARYSANTA MONICA , CA 90403 40 220 000. 0.MONINA UMALI __2730 WILSH_IRE BLVD_ _301 EMPLOYEESANTA MONICA , CA 90403 40 96 , 309. 0. 0.SEAN OSTROVSKY_____2730 WILSHIRE BLVD., #301 EMPLOYEESANTA MONICA , CA 90403 0 79 , 180. 0. 0.

Total number of other employees paid over $50,000 0

BAA TEEA0306L 09/18/08 Form 990-PF (2008)

Form 990-PF (2008) THE ROSALINDE&ARTHUR GILBERT FOUNDATION 56-2305694 Part VIII Information About Officers, Directors, Trustees , Foundation Managers, Highly Paid Employees,

and Contractors (continued)

3 Five hi ghest-paid independent contractors for professional services - (see instructions). If none,enter 'NONE.

(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation

See Statement 10--------------------------------------

1,116,524.

--------------------------------------

--------------------------------------

--------------------------------------

--------------------------------------

Total number of others receiving over $50,000 for professional services 0

PartIX-A Summary of Direct Charitable Activities

List the foundation's four largest direct charitable activities during the tax year. Include relevant statistical information such as the number oforganizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses

1 N/A------------------------------------------------------

------------------------------------------------------

2------------------------------------------------------

------------------------------------------------------

3------------------------------------------------------

------------------------------------------------------

4

------------------------------------------------------

PartIX-B Summary of Program -Related Investments (see instructions)

Describe the two larg est program-related investments made by the foundation during the tax year on lines 1 and 2. Amount

1 N/A------------------------------------------------------

------------------------------------------------------

2------------------------------------------------------

------------------------------------------------------

All other program-related investments. See instructions

3------------------------------------------------------------------------------------------------------------

Total. Add lines 1 through 3 - 0.


TEEA0307L 09/18/08


Part X Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)

tl h t bl tf h l f d ty in carrying ou ari a e, e c, purposesassets not used (or or use) irec c1 Fair market value o e da Average monthly fair market value of securities 1 a 106, 891, 713 .

b Average of monthly cash balances 1 b 3,543,253.

c Fair market value of all other assets (see instructions) 1 c 86,561,218.d Total (add lines 1a, b, and c) . 1 d 196, 996, 184 .e Reduction claimed for blockage or other factors reported on lines la and 1c

(attach detailed explanation) 1 e 0.

2 Acquisition indebtedness applicable to line 1 assets 2 0.

3 Subtract line 2 from line ld 3 196, 996, 184 .

4 Cash deemed held for charitable activities Enter 1-1/2% of line 3(for greater amount, see instructions) 4 2, 954, 943.

5 Net value of noncharitable-use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 194, 041, 241 .

6 Minimum investment return . Enter 5% of line 5 6 9,702,062.

Part XI Distributable Amount (see instructions) (Section 49420)(3) and 0)(5) private operating foundationsand certain forei g n org anizations check here ► and do not com p lete this a rt.

1 Minimum investment return from Part X, line 6 1 9,702,062.

2a Tax on investment income for 2008 from Part VI, line 5 2a 70,128.

b Income tax for 2008. (This does not include the tax from Part VI) 2b

c Add lines 2a and 2b 2c 70,128.

3 Distributable amount before adjustments Subtract line 2c from line 1 3 9,631,934.4 Recoveries of amounts treated as qualifying distributions 4

5 Add lines 3 and 4 5 9,631,934.

6 Deduction from distributable amount (see instructions) 6

7 Distributable amount as adj usted Subtract line 6 from line 5 Enter here and on Part XIII, line 1 7 9,631,934.

Part X11 Qualifying Distributions (see instructions)

1 Amounts paid (including administrative expenses) to accomplish charitable, etc, purposes:a Expenses, contributions, gifts, etc - total from Part I, column (d), line 26 la 9,676,006.

b Program-related investments - total from Part IX-B 1 b

2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc, purposes 2

3 Amounts set aside for specific charitable projects that satisfy thea Suitability test (prior IRS approval required) 3a

b Cash distribution test (attach the required schedule) 3b

4 Qualifying distributions Add lines la through 3b. Enter here and on Part V, line 8, and Part XIII, line 4 4 9,676,006.

5 Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment incomeEnter 11% of Part I, line 27b (see instructions) 5 70,128.

6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 9,605,878.

Note : The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundationqualifies for the section 4940(e) reduction of tax in those years


TEEA0308L 01/02/09

9 9


PartXIII Undistributed Income (see instructions)

Corpus Years prior to 2007 2007 208

1 Distributable amount for 2008 from Part XI,line 7

2 Undistributed income, if any, as of the end of 2007.

a Enter amount for 2007 only

b Total for prior years: 20 20 120

3 Excess distributions carryover, if any, to 2008.

a From 2003

b From 2004

c From 2005

d From 2006

e From 2007

f Total of lines 3a through e

4 Qualifying distributions for 2008 from Part

XII, line 4 ► $ 9,676,006.

a Applied to 2007, but not more than line 2a

b Applied to undistributed income of prior years.(Election required - see instructions)

c Treated as distributions out of corpus(Election required - see instructions)

d Applied to 2008 distributable amount

e Remaining amount distributed out of corpus

5 Excess distributions carryover applied to 2008(If an amount appears in column (d), thesame amount must be shown in column (a).)

6 Enter the net total of each column asindicated below:

a Corpus. Add lines 3f, 4c, and 4e Subtract line 5.

b Prior years' undistributed income Subtractline 4b from line 2b

c Enter the amount of prior years' undistribut-ed income for which a notice of deficiencyhas been issued, or on which the section4942(a) tax has been previously assessed

d Subtract line 6c from line 6b Taxableamount - see instructions

e Undistributed income for 2007. Subtract line 4a fromline 2a Taxable amount - see instructions

f Undistributed income for 2008 Subtract lines4d and 5 from line 1 This amount must bedistributed in 2009

7 Amounts treated as distributions out ofcorpus to satisfy requirements imposedby section 170(b)(1)(F) or 4942(g)(3)(see instructions)

8 Excess distributions carryover from 2003 notapplied on line 5 or line 7 (see instructions)

9 Excess distributions carryover to 2009.Subtract lines 7 and 8 from line 6a

10 Analysis of line 9.

a Excess from 2004

b Excess from 2005

c Excess from 2006

d Excess from 2007

e Excess from 2008

BAA

9, 631, 934.

0.2,866,383.

0.

2,866,383.

0.

0.6,809,623.

0.0. 0.

0.

0.

0.

0.

0.

2,822,311.

0.

0.

0.

Form 990-PF (2008)

TEEA0309L 09/19/08

Form 990-PF (2008) THE ROSALINDE&ARTHUR GILBERT FOUNDATION 56-2305694 Part XIV Private Operatin g Foundations (see instructions and Part VII-A, q uestion 9) N/A

1 a If the foundation has received a ruling or determination letter that it is a private operating foundation, and the ruling111-is effective for 2008, enter the date of the ruling

b Check box to indicate whether the foundation is a private operating foundation described in section n 49420)(3) or 7 4942(1)(5)

2a Enter the lesser of the adjusted net Taxincome from Part I or the minimum (ainvestment return from Part X foreach year listed

b 85% of line 2a

c Qualifying distributions from Part XII,line 4 for each year listed . .

d Amounts included in line 2c not used directlyfor active conduct of exempt activities

e Qualifying distributions made directlyfor active conduct of exem p t activitiesSubtract line 2d from line 2c

3 Complete 3a, b, or c for thealternative test relied upon:

a 'Assets' alternative test - enter:

(1) Value of all assets

(2) Value of assets qualifying undersection 49420)(3)(8)(1)

b 'Endowment ' alternative test - enter 2/3 ofminimum investment return shown in Part X,line 6 for each year listed

c 'Support ' alternative test - enter

(1) Total support other than grossinvestment income ( interest,dividends, rents, paymentson securities loans (section512(a)(5 )), or royalties)

(2) Support from general public and 5 ormore exempt organizations as providedin section 4942(I)(3)(B)(in)

(3) Largest amount of support froman exempt organization

(4) Gross investment income

year Prior 3 years

2008 (b) 2007 (c) 2006 (d) 2005 (e) Total

Part XV Supplementary Information (Complete this part only if the organization had $5,000 or more inassets at any time durina the year - see instructions.)

1 Information Regarding Foundation Managers:a List any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation before theclose of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2) )

None

b List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the ownership ofa partnership or other entity) of which the foundation has a 10% or greater interest

None

2 Information Regarding Contribution , Grant , Gift, Loan , Scholarship, etc, Programs:

Check here 'IF] if the foundation only makes contributions to preselected charitable organizations and does not accept unsolicitedrequests for funds If the foundation makes gifts, grants, etc, (see instructions) to individuals or organizations under other conditions,complete items 2a, b, c, and d

a The name, address, and telephone number of the person to whom applications should be addressed:

b The form in which applications should be submitted and information and materials they should include:

c Any submission deadlines

d Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors:

BAA TEEA031OL 09/19/08 Form 990-PF (2008)

Form 990-PF (2008) THE ROSALINDE&ARTHUR GILBERT FOUNDATION 56-2305694 Part XV Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment

RecipientIf recipient is an individual ,show any relationship to FFoundation

un Purpose of grant orany foundation manager or d of contribution Amount

t b tb l recipientName and address (home or business ) con ri u orsu stantia

a Paid during the year

SEE ATTACHED STATEMENT N/A N/A CHARITABLE 8,611,011.

Total 3a 8, 611, 011.b Approved for future payment

Total 3bj

BAA TEEA0501L 09/19/08 Form 990-PF (2008)


Part XVI-A Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated Unrelated business income Excluded by section 512, 513, or 514

(a) (b) (C) (d) (e)Business Amount Exclu- Amount Related or exemptcode Sion function income

1 Program service revenue code see the instructions

a

b

cd

ef

g Fees and contracts from government agencies

2 Membership dues and assessments

3 Interest on savings and temporary cash investments

4 Dividends and interest from securities 14 2,120,635.5 Net rental income or (loss) from real estate:

a Debt-financed property

b Not debt-financed property 16 6 , 145,080.6 Net rental income or (loss) from personal property

7 Other investment income

8 Gain or (loss) from sales of assets other than inventory 14 -13 , 229 , 150. 507 , 017.9 Net income or (loss) from special events

10 Gross profit or (loss) from sales of inventory

11 Other revenue-

a INV IN REAL ESTATE PTSHPS 16 455,103.b OTHER INCOME 18 136,363.c

d

e

12 Subtotal Add columns (b), (d), and (e) -4,371,969. 507, 017.13 Total. Add line 12, columns (b), (d), and (e) 13 -3,864,952.(See worksheet in the instructions for line 13 to verify calculations

Part XVI-B Relationship of Activities to the Accomplishment of Exempt Purposes

BAA TEEA0502L 09/19/08 Form 990-PF (2008)

Form 990-PF 2008 THE ROSALINDE&ARTHUR GILBERT FOUNDATION 56-2305694

Part XVII Information Regarding Transfers To and Transactions and Relationships With NoncharitableExempt Organizations

Yes NoDid the organization directly or indirectly engage in any of the following with any other organizationdescribed in section 501(c) of the Code (other than section 501 (c)(3) organizations) or in section 527,relating to political organizations?

a Transfers from the reporting foundation to a nonchantable exempt organization of

(1) Cash 1 a ) X

(2) Other assets 1 a (2) X

b Other transactions:

(1) Sales of assets to a noncharitable exempt organization 1 b (1) X

(2) Purchases of assets from a noncharltable exempt organization 1 b (2) X

(3) Rental of facilities, equipment, or other assets 1 b (3) X

(4) Reimbursement arrangements 1 b (4) X

(5) Loans or loan guarantees 1 b (5) X

(6) Performance of services or membership or fundraising solicitations 1 b (6) X

c Sharing of facilities, equipment, mailing lists, other assets, or paid employees 1 c X

d If the answer to any of the above is 'Yes,' complete the following schedule Column (b) should always show the fair market value ofthe goods, other assets, or services given by the reporting foundation If the foundation received less than fair market value inany transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received

(a) Line no (b) Amount Involved (c) Name of noncharltable exempt organization (d) Description of transfers, transactions, and sharing arrangements

N/A

2a Is the foundation directl y or indirectly affiliated with , or related to, one or more tax-exempt organizationsdescribed in section 501(c) of the Code (other than section 501 (c)(3)) or in section 527 Yes X I No

b If 'Yes .' complete the followlna schedule

(a) Name of organization (b) Type of organization (c) Descri ption of relationshi p

N/A

Under penalties of perjury, I declare that I have amined this return, including accompanyingcomplete Declaration of preparer (other than t ayer r fiduciary) is based on all mformatioi

S

G Signature of officer or trusjjpL^

N

NE

Preparer'sPaid signature

R Pre-E

Baer's Firm's name (or G AN & L VAN, P

s ours if sel- p.One 1 400 W Olympicemployed)fOnly Blvd Ste 160(ZZIPP code

and Los Angeles, Cacod 90064

BAA

TEEA0503L

The Rosalinde and Arthur Gilbert Foundation EIN 56-2305694Realized Gains and Losses By CategoryFiscal Year Ending 12/31/2008

Short Term Capital Gains and Losses in Non-Taxable or Tax Deferred Accounts

Order Company Description Acquired Date Sold Quantity Cost Proceeds Gains/ (Losses)

Date Net475 Abn Amro Veredus Aggressive Growth Fund 01/2 Abn Amro Veredus Aggressive Growth Fund 1/10/2007 1/22/2008 2,397 276 42,719 46 28,671 42 (14,048.04)

1 Abn Amro Veredus Aggressive Growth Fund 01/2 Abn Amro Veredus Aggressive Growth Fund 12/26/2007 1/22/2008 3,455 567 52,040 84 41,328 58 (10,712 26)492 Artisan International Fu 01/22/08 Artisan International Fu 12/14/2006 1/22/2008 10,191 351 320,823 74 261,204 32 (59,619.42)493 Artisan International Fu 01/22/08 Artisan International Fu 1/10/2007 1/22/2008 275 287 7,774.10 7,055 61 (718.49)38 Artisan International Fu 01/22/08 Artisan International Fu 12/26/2007 1/22/2008 10,060 362 300,000 00 257,847 08 (42,152.92)

516 Artisan Intl Small Cap 01/22/08 Artisan Intl Small Cap 12/14/2006 1/22/2008 2,742 869 70,793 45 53,677.95 (17,115.50)530 Artisan Intl Small Cap 01/22/08 Artisan Intl Small Cap 1/10/2007 1/22/2008 8,639 097 181,939 39 169,067 13 (12,872 26)49 Artisan Intl Small Cap 01/22/08 Artisan Intl Small Cap 12/26/2007 1/22/2008 12,931 034 300,000 00 253,060 33 (46,939.67)

549 Artisan Small Cap Value 01/22/08 Artisan Small Cap Value 11/30/2005 1/22/2008 10,002 156 173,137 32 124,726 89 (48,410.43)550 Artisan Small Cap Value 01/22/08 Artisan Small Cap Value 1/10/2007 1/22/2008 14,253 136 250,000.00 177,736 60 (72,263.40)61 Artisan Small Cap Value 01/22/08 Artisan Small Cap Value 11/20/2007 1/22/2008 11,700 708 196,220 87 145,907 83 (50,313 04)

577 Barclays Russell 1000 Gr 01/30/08 Barclays Russell 1000 Gr 11/14/2006 1/30/2008 342,460 930 3,979,728.87 4,158,000 00 178,271 13586 Barclays Russell 1000 Va 01/30/08 Barclays Russell 1000 Va 11/14/2006 1/30/2008 108,993 810 1,965,573.66 1,901,469 92 (84,103.74)104 Barclays Russell 1000 Va 01/30/08 Barclays Russell 1000 Va 816/2007 1/30/2008 10,111 360 193,639 66 176,399.44 (17,240 22)105 Barclays Russell 1000 Va 01/30/08 Barclays Russell 1000 Va 11/27/2007 1/30/2008 5,538 370 100,000 00 96,620 57 (3,379 43)106 Barclays Russell 1000 Va 01/30/08 Barclays Russell 1000 Va 1/2/2008 1/30/2008 21,237 940 400,000 00 370,510 07 (29,489 93)669 K2 Overseas Investors I, Ltd 01/28/08 K2 Overseas Investors I, Ltd 7/1/2004 1/28/2008 130,178 248 146,350 05 200,000 00 53,649 95686 Nicholas Limited Edition 01/22/08 Nicholas Limited Edition 12/29/2006 1/22/2008 10,317 903 202,437 26 185,000 00 (17,437.26)701 Oakmark Intl Fund - 01122/08 Oakmark Intl Fund - 12/14/2006 1/22/2008 11,914 218 300,000.00 220,174 74 (79,825 26)702 Oakmark Intl Fund - 01/22/08 Oakmark Intl Fund - 1/10/2007 1/22/2008 35 299 879 30 652 33 (226 97)128 Oakmark Intl Fund - 01/22/08 Oakmark Intl Fund - 7130/2007 1/22/2008 5,615 874 150,000 00 103,781.35 (46,218 65)129 Oakmark Intl Fund - 01/22/08 Oakmark Intl Fund - 11/20/2007 1/22/2008 3,971 406 100,000 00 73,391.58 (28,608.42)157 OCM Mezzanine Fund - Gilbert 01/31/08 OCM Mezzanine Fund - Gilbert 1/17/2008 1/31/2008 9,251 827 10,032 00 10,032 00765 Osterweis Fund 01/25/08 Osterweis Fund 9/15/2003 1/25/2008 3,972 594 78,776.54 98,041 78 19,265.24766 Osterweis Fund 01/25/08 Osterweis Fund 9/15/2003 1/25/2008 17,543.659 347,890 76 432,969.40 85,078.64767 Osterweis Fund 01/25/08 Osterweis Fund 1/10/2007 1/25/2008 3,748 126 100,000 00 92,502 02 (7,497 98)192 Osterweis Fund 01/25/08 Osterweis Fund 11/20/2007 1/25/2008 7,191 658 200,000 00 177,486 80 (22,513 20)880 Ssga Emerging Markets Fu 01/22/08 Ssga Emerging Markets Fu 2/24/2006 1/22/2008 23,040 752 492,380 87 588,000 00 95,619 13892 Torrey Development Offshore F und, Ltd 01/08/0 Torrey Development Offshore Fund, Ltd 10/1/2004 1/8/2008 416 604 148,123 66 200,000 00 51,87634895 Tweedy Browne Global 01/24/08 Tweedy Browne Global 12/14/2006 1/2412008 8,323 874 260,786 97 220,000 00 (40,786.97)928 Undiscovered Mgrs Behavioral Value 01/22/08 Undiscovered Mgrs Behavioral Value 1/10/2007 1/22/2008 1,553 760 50,000 00 37.119 33 (12,880.67)386 Undiscovered Mgrs Behavioral Value 01/22/08 Undiscovered Mgrs Behavioral Value 11/20/2007 1/22/2008 15,064 072 449,059 99 359,880 67 (89.179 32)771 Osterweis Fund 02/14/08 Osterweis Fund 9/15/2003 2/14/2008 0 001 0 02 (002)612 Blue Sky Japan - Gilbert 02/29/08 Blue Sky Japan - Gilbert 7/28/2006 2/29/2008 91 390 32,786 01 17,822 52 (14,963.49)29 Argent Classic Convertible Arb Fund Ltd 03/06/01 Argent Classic Convertible Arb Fund Ltd 7/26/2007 3/6/2008 3,527 731 899,967 22 713,764 00 (188,203 22)32 Argent Classic Convertible Arb Fund Ltd 03/28/01 Argent Classic Convertible Arb Fund Ltd 7/26/2007 3/28/2008 392 113 100,032 78 79,336 00 (20,696 78)

630 Compass Holdings Ltd 03/31/08 Compass Holdings Ltd 4/1/2005 3/31/2008 0 780 2,04567 2,259 91 214 2415 Alpine Intl Real Estate 04/14/08 Alpine Intl Real Estate 1/23/2008 4/14/2008 1,180 289 39,693 12 40,000 00 306 88

Page 1 of 8

The Rosalinde and Arthur Gilbert Foundation EIN 56-2305694

Realized Gains and Losses By CategoryFiscal Year Ending 12/31/2008

Short Term Capital Gains and Losses In Non-Taxable or Tax Deferred Accounts

Order Company Description Acquired Date Sold Quantity Cost Proceeds Gains/ ( Losses)

75 Artisan Small Cap Value 04/14/08 Artisan Small Cap Value

92 Barclays Russell 1000 Gr 04/25/08 Barclays Russell 1000 Gr

589 Barclays Russell 1000 Va 04/25/08 Barclays Russell 1000 Va

666 Israel St 4th Jubilee Bd 04/02/08 Israel St 4th Jubilee Bd

177 Oppenheimer International Bond Fund A 04/14/C Oppenheimer International Bond Fund A

201 Pimco Commodity Real Return Strategy Fun 04/1 Pimco Commodity Real Return Strategy Fun

786 PIMCO Emerging Markets Bond Fund 04/14/ PIMCO Emerging Markets Bond Fund

811 PIMCO Investment Grade Corporate Bond Fu 04/ PIMCO Investment Grade Corporate Bond Fu

853 Pioneer High Yield Bond Fund - Y l 04/14/08 Pioneer High Yield Bond Fund - Y

265 Powershs Db Multi Sector 04/14/08 Powershs Db Multi Sector

312 Sector Spdr Tr Con Stpls 04/14/08 Sector Spdr Tr Con Stpls

353 Streettracks Gold TRUST 04/14/08 Streettracks Gold TRUST

400 Vanguard Energy Fd 04/14/08 Vanguard Energy Fd

444 Vanguard Total Bond 04/14/08 Vanguard Total Bond

160 OCM Mezzanine Fund - Gilbert 05/09/08 OCM Mezzanine Fund - Gilbert

161 OCM Mezzanine Fund - Gilbert 05/09/08 OCM Mezzanine Fund - Gilbert

615 Blue Sky Japan - Gilbert 07/17/08 Blue Sky Japan - Gilbert




98 Barclays Russell 1000 Gr -08/13/08 Barclays Russell 1000 Gr





165 OCM Mezzanine Fund - Gilbert , 08/07/08 OCM Mezzanine Fund - Gilbert

4 Abn Amro Veredus Aggressive Growth Fund 09/2 Abn Amro Veredus Aggressive Growth Fund





18 Alpine Intl Real Estate 09/29/08 Alpine Intl Real Estate

497 Artisan International Fu 09/29/08 Artisan International Fu





534 Artisan Intl Small Cap 09/29/08 Artisan Intl Small Cap



11/20/2007 4/14/2008 17,910 000 300,350 70 246,083 40 (54,267 30)

4/22/2008 4/25/2008 210 750 2,599.46 2,512 47 (86 99)

11/14/2006 4/25/2008 138.930 2,50544 2.36509 (140.35)

4/4/2006 4/2/2008 2,500 000 250,000 00 255,260.42 5,260 421/30/2008 4/14/2008 26,696.165 174,592 92 181,000 00 8,407.08

1/23/2008 4/14/2008 9,833 507 162,351 20 189,000 00 26,648 80

2/8/2005 4/14/2008 12,418 906 137,104 72 134 ,000 00 (3,104 72)

2/8/2005 4/14/2008 16,110 582 172,544 33 169,000 00 (3,544 33)

4/22/2004 4/14/2008 10 ,653.266 126,773 87 106,000 00 (20,773.87)

1/23/2008 4/14/2008 974 . 000 33,551 17 37,72396 4,172.79

1/23/2008 4/ 14/2008 1,348 000 36,018 56 37,394 11 1,37555

1/30/2008 4/14/2008 819 000 74 , 497 83 74,660.11 162.28

1/23/2008 4/14/2008 2,607 738 182,411.27 213 , 000 00 30,588 73

1/30/2008 4/14/2008 247,121.951 2 ,540,413 66 2,533,000 00 (7,413.66)

1/17/2008 5/9/2008 18,415 120 19 , 968 00 19,643 41 (324 59)

4/21/2008 5/9/2008 6 , 397.858 6 , 824 59 6,824.59

7/28/2006 7/17/2008 229 231 82,236 15 48,264 50 (33,971 65)

7/28/2006 7/25/2008 217 . 338 77,969 67 42,222.94 (35,746 73)

11/14/2006 8/13/2008 567,041.210 6 , 589,570 01 6,744 , 937 05 155,367.04

4/22/2008 8/13/2008 263 980 3 , 25602 3 , 17987 (76.15)

4/22/2008 8/ 13/2008 150,323 710 1,854,144.52 1,788 ,095 72 (66,048 80)

11/14/2006 8/13/2008 209 920 3 , 785 66 3,456 08 (329 58)

11/14/2006 8/13/2008 492,507 810 8,881,792 27 7,921,799 50 (959,992 77)

4/22/2008 8/13/2008 6,373 710 113,000 00 102 , 518 68 (10,481.32)

7/28/2006 8/27/2008 158 . 909 57 , 008.17 29,813 39 (27,194 78)

7/16/2008 8/7/2008 24 , 165 950 26 , 500.00 26,500 00

12/26/2007 9/22/2008 13 , 191 111 198,658 13 148,400 00 (50,258 13)

12/17/2002 9/29/2008 2,990.362 33 , 731 28 31,189.48 (2,54180)

4/3/2003 9/29/2008 12 , 853 783 140,234.77 134,064 95 (6,169.82)

12/26/2007 9/29/2008 3 , 273.641 49,301.03 34,14408 (15,156.95)

4/15/2008 9/29/2008 4,477 .612 54,000 00 46 , 701 49 (7,298 51)

1/23/2008 9/29/2008 6 , 998 461 235,358 24 136,400 00 (98,958.24)

10/15/2002 9/29/2008 9 , 028.487 135,246 73 177,138 92 41 , 892.19

6/10/2005 9/29/2008 5 , 096 235 109,772 90 99,988 13 (9,784 77)

1/10/2007 9/29/2008 5,036 328 142,225 90 98,812 76 (43,413.14)

4/15/2008 9/29/2008 4 , 175 905 113,000 00 81,931 26 (31,068.74)

9/22/2008 9/29/2008 4,354 176 95,400 00 85,428 93 (9,971 07)

1/31/2005 9/29/2008 16 ,077 302 286 , 175 98 226,046 86 (60,129.12)

6/10/2005 9/29/2008 4 , 759 284 85,429 14 66 , 915.53 (18,513.81)

11/30/2005 9/29/2008 1,209 696 22,004 37 17,008 33 (4,996.04)

°-4ge 2 of 8

The Rosalinde and Arthur Gilbert Foundatidn EIN 56-2305694Realized Gains and Losses By CategoryFiscal Year Ending 12/31/2008



537 Artisan Intl Small Cap 09.'29/08 Artisan Intl Small Cap 1/10/2007 9/29/2008 10,354 255 218,060 61 145,580 83 (72,479 78)

52 Artisan Intl Small Cap 09/29/08 Artisan Intl Small Cap 4/15/2008 9/29/2008 6,240 999 130,000 00 87,748 45 (42,251.55)554 Artisan Small Cap Value 09/22/08 Artisan Small Cap Value 11/13/2003 9/22/2008 225 275 3,31379 3.27325 (40 54)

555 Artisan Small Cap Value 09/22/08 Artisan Small Cap Value 11/13/2003 9/22/2008 959 159 14,109.23 13,936 58 (172.65)556 Artisan Small Cap Value 09/22/08 Artisan Small Cap Value 12/15/2003 9/22/2008 5,810 438 89,538 85 84,425 67 (5,113 18)78 Artisan Small Cap Value b9/22/08 Artisan Small Cap Value 11120/2007 9/22/2008 204 438 3,428 43 2,970.48 (457 95)79 Artisan Small Cap Value 09/22/08 Artisan Small Cap Value 12/26/2007 9/22/2008 28.691 949 410,581 79 416,894 02 6,312 23

560 Artisan Small Cap Value ()9/29/08 Artisan Small Cap Value 9/16/2003 9/29/2008 29,961 797 423,360.19 407,180 82 (16,179.37)83 Artisan Small Cap Value 09/29/08 Artisan Small Cap Value 12/26/2007 9/29/2008 6,248 652 89,418 21 84,919.18 (4,499.03)

633 Dreyfus Emerging Markets 09/29/08 Dreyfus Emerging Markets 9/17/2002 9/29/2008 10,710 876 119,426 27 144,489 71 25,06344634 Dreyfus Emerging Markets 09/29/08 Dreyfus Emerging Markets 1/10/2007 9/29/2008 8,549 251 173,378 82 115,329 40 (58,049 42)116 Dreyfus Emerging Markets 09/29/08 Dreyfus Emerging Markets 1/29/2008 9/29/2008 4,822 616 87,000.00 65,057 09 (21.942.91)117 Dreyfus Emerging Markets 09/29/08 Dreyfus Emerging Markets 4/15/2008 9/29/2008 2,459 893 46,000 00 33,183 96 (12,816.04)118 Dreyfus Emerging Markets ' 09/29/08 Dreyfus Emerging Markets 9/22/2008 9/29/2008 6,504 065 96,000 00 87,739 84 (8,260 16)689 Nicholas Limited Edition 09/22/08 Nicholas Limited Edition 12/29/2006 9/22/2008 14,247 741 279,540 68 268,000 00 (11,540.68)692 Nicholas Limited Edition 09/29/08 Nicholas Limited Edition 12/29/2006 9/29/2008 14,241 898 279,426 04 246,100 00 (33,326.04)706 Oakmark Intl Fund - 09/22/08 Oakmark Intl Fund - 1/10/2007 9/22/2008 8,216 409 204,670 75 138,200 00 (66,470 75)709 Oakmark Intl Fund - 09/29/08 Oakmark Intl Fund - 6/10/2005 9/29/2008 5,957 898 128,571 43 89,904 68 (38,666 75)710 Oakmark Intl Fund - 09129/08 Oakmark Intl Fund - 12/19/2005 9/29/2008 91 541 2,058.75 1,381.35 (677.40)711 Oakmark Intl Fund - 09/29/08 Oakmark Intl Fund - 12/19/2005 9/29/2008 2,508.722 56,421 16 37,856 62 (18,564 54)712 Oakmark Intl Fund - 09/29/08 Oakmark Intl Fund - 12/19/2005 9/29/2008 4,110 474 92,444 55 62,027 05 (30,417 50)713 Oakmark Intl Fund - 09/29/08 Oakmark Intl Fund - 1/10/2007 9/29/2008 3,791 648 94,449.95 57,215 97 (37,233.98)133 Oakmark Intl Fund - 09/29108 Oakmartc Intl Fund - 12/26/2007 9/29/2008 19,543 693 409,244 93 294,914 33 (114,330 60)168 OCM Mezzanine Fund - Gilbert 09/23/08 OCM Mezzanine Fund - Gilbert 12/17/2007 9/23/2008 19,461 570 20,701 02 22,000 00 1,29898731 Oppenheimer International Bond Fund A 09/19/C Oppenheimer International Bond Fund A 4/26/2004 9/19/2008 8,859 535 49,170 42 53,33440 4,16398732 Oppenheimer International Bond Fund A 09/19/C Oppenheimer International Bond Fund A 2/8/2005 9/19/2008 56,239 316 329,000 00 338,560 69 9,560.69733 Oppenheimer International Bond Fund A 09/19/C Oppenheimer International Bond Fund A 3/22/2005 9/19/2008 32,702 238 190,000 00 196,867 47 6,86747734 Oppenheimer International Bond Fund A 09/19/C Oppenheimer International Bond Fund A 4/1/2005 9/19/2008 781 128 4,499.30 4,702.39 20309735 Oppenheimer International Bond Fund A 09/19/C Oppenheimer International Bond Fund A 6/10/2005 9/19/2008 12,798.635 75,000 00 77,047 78 2,047.78736 Oppenheimer International Bond Fund A 09/19/0 Oppenheimer International Bond Fund A 2/24/2006 9/19/2008 4,515 050 27,000 00 27,180.60 180.60737 Oppenheimer International Bond Fund A 09/19/C Oppenheimer International Bond Fund A 1110/2007 9119/2008 10,135 135 60,000 00 61,013 51 1,01351738 Oppenheimer International Bond Fund A 09/19/C Oppenheimer International Bond Fund A 7/30/2007 9/19/2008 6,965 432 43,603 60 41,931 90 (1,671.70)180 Oppenheimer International Bond Fund A 09/19/C Oppenheimer International Bond Fund A 1/30/2008 9/19/2008 20,857 352 136,407.08 125,561 26 (10,845.82)183 Oppenheimer International Bond Fund A 09/19/C Oppenheimer International Bond Fund A 9/19/2008 9/19/2008 27,822.784 167,493 16 167,493 16774 Osterweis Fund 09/23/08 Osterweis Fund 9/15/2003 9/23/2008 8,630 110 171,135 08 207,627 81 36,492 73195 Osterweis Fund 09/23/08 Osterweis Fund 4/15/2008 9/23/2008 1,610954 40,00000 38,757 19 (1,24281)777 Osterwets Fund 09/30/08 Osterweis Fund 9/15/2003 9/30/2008 12,674 119 251,327 78 294,785 00 43,457.22204 Pimco Commodity Real Return Strategy Fun 09/2 Pimco Commodity Real Return Strategy Fun 1/23/2008 9/22/2008 26,725 260 441,234.05 410,500 00 (30,734 05)207 Pimco Commodity Real Return Strategy Fun 09/2 Pimco Commodity Real Return Strategy Fun 1/23/2008 9/29/2008 9,841 270 162,479 37 136,400 00 (26,079 37)792 PIMCO Emerging Markets Bond Fund 09/19/ PIMCO Emerging Markets Bond Fund 4/23/2004 9/19/2008 8,949 215 91,550.47 86.628 40 (4,922.07)

page 3 of 8

The Rosalinde and Arthur Gilbert Foundation EIN 56 -2305694

Realized Gains and Losses By CategoryFiscal Year Ending 12131/2008



789 PIMCO Emerging Markets Bond Fund 09/19/ PIMCO Emerging Markets Bond Fund 2/8/2005 9/19/2008 46,276 746 510,895 28 447,958 90 (62,936 38)

793 PIMCO Emerging Markets Bond Find 09/19/ PIMCO Emerging Markets Bond Fund 3/22/2005 9/19/2008 18,850 141 200,000 00 182,469 37 (17,530 63)

794 PIMCO Emerging Markets Bond Fund 09/19/ PIMCO Emerging Markets Bond Fund 6/13/2005 9/19/2008 3,629 764 40,000 00 35,136.12 (4,863 88)


796 PIMCO Emerging Markets Bond Fund 09/19/ PIMCO Emerging Markets Bond Fund 7/30/2007 9/19/2008 9,363 296 100,000 00 90,636 71 (9,363.29)


217 PIMCO Emerging Markets Bond Fund 09/19/ PIMCO Emerging Markets Bond Fund 1/28/2008 9/19/2008 37.523 277 403,000 00 363,225 31 (39,774.69)

814 PIMCO Investment Grade Corporate Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 4/23/2004 9/19/2008 113,496 167 1,195,114 64 1,113,397.40 (81,717 24)

821 PIMCO Investment Grade Corporate Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 4/23/2004 9/19/2008 76,437 356 804,885 36 749,850 46 (55,034 90)

835 PIMCO Investment Grade Corpora*e Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 5/3/2004 9/19/2008 134 684 1,41284 1,321 25 (91 59)

836 PIMCO Investment Grade Corporate Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 6/1/2004 9/19/2008 587 026 6,081 59 5,758.73 (322 86)837 PIMCO Investment Grade Corpora;e'Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 7/1/2004 9/19/2008 631 414 6,55408 6,194 17 (359.91)815 PIMCO Investment Grade Corporate Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 2/8/2005 9/19/2008 12,486 026 133,725.34 122,487.92 (11,237 42)

838 PIMCO Investment Grade Corporate Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 3/22/2005 9/19/2008 38,632 574 400,000 00 378,985 55 (21,014.45)816 PIMCO Investment Grade Corporate Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 6/13/2005 9/19/2008 9,469 697 100,000 00 92,897 73 (7,102.27)817 PIMCO Investment Grade Corporate Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 1/10/2007 9/19/2008 208.617 2,15501 2,04653 (108 48)

839 PIMCO Investment Grade Corporate Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 1/10/2007 9/19/2008 9,767 756 100,900 92 95,821 69 (5,079.23)242 PIMCO Investment Grade Corporate Bond Fu 09/ PIMCO Investment Grade Corporate Bond Fu 1/25/2008 9/19/2008 69,201.878 737,000 00 678,870 42 (58,129.58)856 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 4/22/2004 9/18/2008 73.380 347 873,226 13 687,573 86 (185,652 27)857 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 7/27/2004 9/18/2008 506 869 5,85941 4,74936 (1,110.05)866 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 7/27/2004 9/18/2008 507 780 5,824 24 4,757.90 (1,066 34)858 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 7/30/2004 9/18/2008 131 008 1,532 79 1,22754 (305 25)867 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 8/2/2004 9/18/2008 513 003 5,89440 4,80684 (1,087 56)859 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 9/1/2004 9/18/2008 513 413 5,92992 4,810.68 (1,119.24)860 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 10/1/2004 9/18/2008 516 933 6,042.95 4,843.66 (1,199.29)861 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 11/1/2004 9/18/2008 461.047 5,394.25 4,32001 (1,074 24)862 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 2/8/2005 9/18/2008 27,574.695 317,109.00 258,374.89 (58,734.11)868 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 2/8/2005 9/18/2008 8,338.348 72,891 00 59,390 32 (13,500 68)869 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 3/22/2005 9/18/2008 16,725 352 190,000 00 156,71654 (33,283.46)870 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 6/13/2005 9/18/2008 12,658 228 140,000.00 118,607.60 (21,392 40)871 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 2/24/2006 9/18/2008 4,014 599 44,000 00 37,616 79 (6,383.21)872 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 1/10/2007 9/18/2008 11,131 725 120,000 00 104,304.28 (15,695.74)873 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 7/30/2007 9/18/2008 8,968 610 100,000 00 84,035.88 (15,964 12)253 Pioneer High Yield Bond Fund - Y 09/18/08 Pioneer High Yield Bond Fund - Y 1/28/2008 9/18/2008 12,522 702 125,101 79 117,337 72 (7,764 07)269 Powershs Db Multi Sector '09/26/08 Powershs Db Multi Sector

1

1/23/2008 9/26/2008 4,167 000 143,539 77 136,148 46 (7,391 31)283 Sector Spdr Health Fund 09/26/08 Sector Spdr Health Fund 1/23/2008 9/26/2008 10,583 000 350,297 30 328,071 16 (22,226 14)316 Sector Spdr Tr Con Stpls 09/26/08 Sector Spdr Tr Con Stpls 9/22/2008 9/26/2008 11,810 000 329,380 90 328,434 25 (946 65)330 Sector Spdr Util Select 09/26/08 Sector Spdr Util Select 1/23/2008 9/26/2008 9,614 000 375,507 80 328,123 98 (47,383 82)883 Ssga Emerging Markets Fu 09/29/08 Ssga Emerging Markets Fu 2/24/2006 9/29/2008 18,656 057 398,679 94 329,09284 (69,587 10)344 Ssga Emerging Markets Fu 09/29/08 Ssga Emerging Markets Fu 4/15/2008 9/29/2008 6,616 052 183,000 00 116,707 16 (66,292 84)

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The Rosalinde and Arthur Gilbert Foundation EIN 56-2305694

Realized Gains and Losses By CategoryFiscal Year Ending 12/31/2008

Short Term Capital Gains and Losses in Non-Taxable or Tax Deferred Accounts


357 Streettracks Gold TRUST 09/19/08 Streettracks Gold TRUST 1/30/2008 9/19/2008 5,911.000 537,676 06 505,560 85 (32,115 21)

361 Streettracks Gold TRUST 09/26/08 Streettracks Gold TRUST 1/30/2008 9/26/2008 1.568.000 142,628 33 136,701 39 (5,926 94)

909 Tweedy Browne Global 09/23/08 Tweedy Browne Global 12/14/2006 9/23/2008 6,282 105 196,81834 149,200 00 (47,61834)

912 Tweedy Browne Global ' 09/30/08 Tweedy Browne Global 9/15/2003 9/30/2008 15,025.776 271,966 56 338,230.21 66,263 65

913 Tweedy Browne Global 109/30/08 Tweedy Browne Global 6/10/2005 9/30/2008 3,265 306 80,000 00 73,502 04 (6,497 96)

914 Tweedy Browne Global 109/30/08 Tweedy Browne Global 12/30/2005 9/30/2008 1,183 667 31,248.80 26,644.34 (4,604.46)

915 Tweedy Browne Global 109/30/08 Tweedy Browne Global 2/24/2006 9/30/2008 2,133 713 60,000 00 48,029 88 (11,970.12)

916 Tweedy Browne Global i 09/30/08 Tweedy Browne Global 12/14/2006 9/30/2008 1,353 166 42,394.69 30,459.77 (11,934.92)383 Tweedy Browne Global 09/30/08 Tweedy Browne Global 4/15/2008 9/30/2008 1,174 312 32,000 00 26,433 76 (5,566.24)

931 Undiscovered Mgrs Behavioral Value 09/22/08 Undiscovered Mgrs Behavioral Value 12/15/2003 9/22/2008 1,937 439 48,300 35 47,312 26 (988.09)

932 Undiscovered Mgrs Behavioral Value' 09/22/08 Undiscovered Mgrs Behavioral Value 3/22/2005 9/22/2008 6,748.755 187,277 96 164,804.60 (22,473.36)

389 Undiscovered Mgrs Behavioral Value 09/22/08 Undiscovered Mgrs Behavioral Value 11/20/2007 9/22/2008 1,708 823 50,940.01 41,729 46 (9,210 55)

390 Undiscovered Mgrs Behavioral Value 09/22/08 Undiscovered Mgrs Behavioral Value 12/26/2007 9/22/2008 7,049 700 200,000 00 172,153.68 (27.846.32)

936 Undiscovered Mgrs Behavioral Value 09/29/08 Undiscovered Mgrs Behavioral Value 10/15/2002 9/29/2008 13,259.108 206,311 72 287,324 87 81,013.15

937 Undiscovered Mgrs Behavioral Value 09/29/08 Undiscovered Mgrs Behavioral Value 12/17/2002 9/29/2008 3,954 653 65,093.59 85,697.33 20,603.74

938 Undiscovered Mgrs Behavioral Value 09/29/08 Undiscovered Mgrs Behavioral Value 12/15/2003 9/29/2008 2,274 354 56,699 65 49,285 25 (7,414 40)

939 Undiscovered Mgrs Behavioral Value 09/29/08 Undiscovered Mgrs Behavioral Value 12/17/2003 9/29/2008 1,453.022 35,540 93 31,486 99 (4,053.94)

394 Undiscovered Mgrs Behavioral Value 09/29/08 Undiscovered Mgrs Behavioral Value 4/15/2008 9/29/2008 1,767 677 42,000.00 38,305.56 (3,694.44)

403 Vanguard Energy Fd 69/22/08 Vanguard Energy Fd 1/23/2008 9/22/2008 6,504 841 455,013 62 463,600 00 8,586 38

406 Vanguard Energy Fd 09/29/08 Vanguard Energy Fd 1/23/2008 9/29/2008 2,253 428 157,627 28 136,400 00 (21,227 28)

415 Vanguard Growth Index Fund - Institution 09/19/0 Vanguard Growth Index Fund - Institution 8/13/2008 9/19/2008 28,862 772 882,912 19 835,000.00 (47,912.19)

418 Vanguard Growth Index Fund - Institution 09/29/0 Vanguard Growth Index Fund - Institution 8/13/2008 9/29/2008 69,619 757 2,129,668 37 1,776,000 00 (353,668 37)

427 Vanguard Index Tr Value Portfolio - Inst 09/22/08 Vanguard Index Tr Value Portfolio - Inst 8/13/2008 9/22/2008 27,837 965 610,764 95 591,000 00 (19,764.95)

430 Vanguard Index Tr Value Portfolio - Inst 09/29/08 Vanguard Index Tr Value Portfolio - Inst 8/13/2008 9/29/2008 91,973 071 2,017,889 18 1,776,000.00 (241,889.18)

953 Vanguard Total Bond 09/19/08 Vanguard Total Bond 4/26/2004 9/19/2008 56,171.045 571,821.24 559,463.61 (12,357.63)

954 Vanguard Total Bond 09/19/08 Vanguard Total Bond 5/3/2004 9/19/2008 165.046 1,67522 1,64386 (31 36)

955 Vanguard Total Bond 09/19/08 Vanguard Total Bond 7/9/2004 9/19/2008 1,008 975 10,180 56 10,049 39 (131.17)

956 Vanguard Total Bond 09/19/08 Vanguard Total Bond 8/2/2004 9/19/2008 269.802 2,738.47 2,68723 (51.24)

957 Vanguard Total Bond 09119108 Vanguard Total Bond 4/12/2005 9/19/2008 42,364 532 430,000 00 421,950 74 (8,049 26)

458 Vanguard Total Bond 09/19/08 Vanguard Total Bond 10/30/2007 9/19/2008 173,795 181 1,750,117 47 1,731,000 00 (19,117.47)

461 Vanguard Total Bond 09/19/08 Vanguard Total Bond 10/30/2007 9/19/2008 7,221.779 72,723 31 71,928.92 (794.39)

462 Vanguard Total Bond 09/19/08 Vanguard Total Bond 1/30/2008 9/19/2008 66,594 002 684,58634 663,276.25 (21,310 09)

627 Bristol International Fund-Gilbert 10/31/08 Bristol International Fund-Gilbert 8/30/2007 10/31/2008 '41516 154,987 32 127,455 19 (27,532 13)

728 0CM Mezzanine Fund - Gilbert 10/30/08 OCM Mezzanine Fund - Gilbert 1011/2007 10130/2008 10,826.508 11,516 01 12,238 65 722.64171 OCM Mezzanine Fund - Gilbert 10/30/08 OCM Mezzanine Fund - Gilbert 4/21/2008 10/30/2008 17,038 912 18,175 41 19,261 35 1.08594

483 Abn Amro Veredus Aggressive Growth Fund 11/2 Abn Amro Veredus Aggressive Growth Fund 2/11/2003 11/24/2008 45,439 699 454,177 00 314,442 71 (139,734 29)

484 Abn Amro Veredus Aggressive Growth Fund 11/2 Abn Amro Veredus Aggressive Growth Fund 3/27/2003 11/24/2008 13,933 649 147,000 00 96,420.85 (50,579 15)

485 Abn Amro Veredus Aggressive Growth Fund 11/2 Abn Amro Veredus Aggressive Growth Fund 4/3/2003 11/24/2008 3,186 547 34,765 23 22,050.91 (12,714 32)21 Alpine Intl Real Estate 11%24/08 Alpine Intl Real Estate 1/23/2008 11/24/2008 10,524 789 353,94864 100,932 73 (253,015 91)

22 Alpine Intl Real Estate 11124/08 Alpine Intl Real Estate 9/22/2008 11/24/2008 6,463 467 149,500 00 61,984 65 (87,515 35)

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,t

The Rosalinde and Arthur Gilbert Foundation EIN 56-2305694Realised Gains and Losses By CategoryFiscal Year Ending 12/31/2008



503 Artisan International Fu 11/24/08 Artisan International Fu 10/15/2002 11/24/2008 998 353 14,955 33 14,120 42 (834 91)

504 Artisan International Fu 11/24/08 Artisan International Fu 11/14/2002 11/24/2008 424 729 6,290 24 6,00724 (283.00)

505 Artisan International Fu 11/24/08 Artisan International Fu 11/1512002 11/24/2008 16,464 367 245,813.00 232,867 23 (12,945.77)

506 Artisan International Fu 11/24/08 Artisan International Fu 12/17/2002 11/24/2008 11,470 985 170,000 00 162,242 28 (7,757 72)

507 Artisan International Fu 11124108 Artisan International Fu 2/11/2003 11/24/2008 30,506 018 392,217 62 431,468 26 39,250.64

508 Artisan International Fu 11/24/08 Artisan International Fu 3/27/2003 11/24/2008 7,269 231 94,500 00 102,813 89 8,31389509 Artisan International Fu 11/24/08 Artisan International Fu 4/3/2003 11/24/2008 8,561 644 112,500 00 121,093 41 8,593 41541 Artisan Intl Small Cap 11/24/08 Artisan Intl Small Cap 1/31/2005 11/24/2008 89,596.855 1,594,824 02 885,508 01 (709,316.01)542 Artisan Intl Small Cap 11/24/08 Artisan Intl Small Cap 2/25/2005 11/24/2008 0 002 0 02 0.0255 Artisan Intl Small Cap 11/24/08 Artisan Intl Small Cap 9/22/2008 11/24/2008 13,979 785 221,300 00 138,165.70 (83,134.30)

563 Artisan Small Cap Value 11/24/08 Artisan Small Cap Value 9/15/2003 11/24/2008 46,087 772 647,072 32 413,868 19 (233,204.13)564 Artisan Small Cap Value t 1/24/08 Artisan Small Cap Value 9/16/2003 11/24/2008 55,445 139 783,439 81 497,897 35 (285,542.46)571 Ashmore Emerging Markets - Gilbert 8/311 11110/1 Ashmore Emerging Markets - Gilbert 8131/ 12/31/2005 11/10/2008 1,283 739 10,667 65 12,028.69 1,361 04572 Ashmore Emerging Markets - Gilbert 8/31/ 11/10/1 Ashmore Emerging Markets - Gilbert 8/31/ 8/31/2006 11/10/2008 44,510 537 369,874.87 417,065 83 47,190 96573 Ashmore Emerging Markets - Gilbert 8/31/ 11/10/1 Ashmore Emerging Markets - Gilbert 8/31/ 11/30/2006 11/10/2008 4,153 150 38.908 79 38,915 21 6 4289 Ashmore Emerging Markets - Gelber. 8/311 11/1011 Ashmore Emerging Markets - Gilbert 8/31/ 11/30/2007 11/10/2008 3,414 099 34,123 58 31,990 27 (2,133 31)

638 Dreyfus Emerging Markets 11/24/08 Dreyfus Emerging Markets 9/17/2002 11/24/2008 2,415 094 26,928.30 22,073 96 (4,854.34)639 Dreyfus Emerging Markets ° 11/24/08 Dreyfus Emerging Markets 10/15/2002 11/24/2008 16,177 196 163,87500 147,859 57 (16,01543)640 Dreyfus Emerging Markets 11/24/08 Dreyfus Emerging Markets 11/15/2002 11/24/2008 14,952 099 163,875 00 136,662 18 (27,212 82)641 Dreyfus Emerging Markets 11/24/08 Dreyfus Emerging Markets 12/30/2002 11/24/2008 707 666 7,82679 6,46807 (1,358.72)642 Dreyfus Emerging Markets 11/24/08 Dreyfus Emerging Markets 2/11/2003 11/24/2008 44,907 504 497,380 66 410.454 59 (86,926.07)643 Dreyfus Emerging Markets 11/24/08 Dreyfus Emerging Markets 4/2/2003 11/24/2008 6,000 000 63,000 00 54,840 00 (8,160 00)644 Dreyfus Emerging Markets 11/24/08 Dreyfus Emerging Markets 4/3/2003 11/24/2008 7,035.647 75,000 00 64,305.81 (10,694.19)662 Israel St 11/01/08 Israel St 1/29/2004 1111/2008 250,000 000 250,000 00 250,000 00695 Nicholas Limited Edition 11/24/08 Nicholas Limited Edition 12/29/2006 11/24/2008 37,362 001 733,042.45 456,190.03 (276,852.42)125 Nicholas Limited Edition 11/24/08 Nicholas Limited Edition 4/15/2008 11/24/2008 1,282.051 23,000.00 15,65384 (7,346.16)717 Oakmark Intl Fund - 11/24/08 Oakmark Intl Fund - 10/15/2002 11/24/2008 19,855.654 245,813 00 227,347.24 (18,465.76)718 Oakmark Intl Fund - 11/24/08 Oakmark Intl Fund - 11/15/2002 11/24/2008 18,664 016 241,325.72 213,702.98 (27,622.74)719 Oakmark Intl Fund - 11/24/08 Oakmark Intl Fund - 2/11/2003 11/24/2008 32,956 129 382.032 83 377,347 68 (4,685 15)720 Oakmark Intl Fund - 11/24/08 Oakmark Intl Fund - 3/27/2003 11/24/2008 8,001 693 94,500.00 91,61938 (2,880 62)721 Oakmark Intl Fund - 11/24/08 Oakmark Intl Fund - 413/2003 11/24/2008 9,437 919 112,500 00 108,064 17 (4,435 83)136 Oakmark Intl Fund - 11/24/08 Oakmark Intl Fund - 12/26/2007 11/24/2008 4,334 053 90,755 07 49,624 91 (41,130 16)150 Oakmark Intl Fund - 11/24/08 Oakmark Intl Fund - 4/15/2008 11/24/2008 2,521.459 47,000.00 28,870 71 (18,129.29)742 Oppenheimer International Bond Fund A 11124/C Oppenheimer International Bond Fund A 4/26/2004 11/24/2008 169,086 411 938,429.58 951,956 50 13,526 92743 Oppenheimer International Bond Fund A 11/24/C Oppenheimer International Bond Fund A 5/3/2004 11/24/2008 59 167 325 42 333 11 7 69744 Oppenheimer International Bond Fund A 11/24/C Oppenheimer International Bond Fund A 6/1/2004 11/24/2008 417 949 2,277 82 2,35305 75 23758 Oppenheimer International Bond Fund A 11/241C Oppenheimer International Bond Fund A 7/1/2004 11/24/2008 416 991 2,27260 2,347 66 75.06186 Oppenheimer International Bond Fund A 11/24/C Oppenheimer International Bond Fund A 10/1/2008 11/24/2008 59,345 638 353,700 00 334,115 94 (19,584 06)780 Osterweis Fund 11%25/08 Osterweis Fund 9/15/2003 11/25/2008 35,580 463 705,560 58 648,616 84 (56,943 74)210 Pimco Commodity Real Return Strategy Fun 11/2 Pimco Commodity Real Return Strategy Fun 1/23/2008 11/24/2008 29,735 638 490,935 38 259,592 12 (231,343.26)

°'ge6of8




800 PIMCO Emerging Markets Bond Fund 11/24/ PIMCO Emerging Markets Bond Fund 4/23/2004 11/24/2008 59,476 982 608,449 53 465,110 00 (143,339.53)801 PIMCO Emerging Markets Bond Fund 11/24/ PIMCO Emerging Markets Bond Fund 5/3/2004 11/24/2008 62 880 623 77 491 72 (132 05)802 PIMCO Emerging Markets Bond Fund 11/24/ PIMCO Emerging Markets Bond Fund 6/1/2004 11/24/2008 269 124 2,637.41 2,104 55 (532 86)803 PIMCO Emerging Markets Bond Fund 11/24/ PIMCO Emerging Markets Bond Fund 7/1/2004 11/24/2008 281 401 2,797 12 2,200 56 (596 56)804 PIMCO Emerging Markets Bond Fund 11/24/ PIMCO Emerging Markets Bond Fund 8/2/2004 11/2412008 68 805 69906 538 06 (161 00)234 PIMCO Emerging Markets Bond Fund 11/24/ PIMCO Emerging Markets Bond Fund 9/19/2008 11/24/2008 46,276 746 447,958.90 381,884.15 (86,074.75)235 PIMCO Emerging Markets Bond Fund 11/24/ PIMCO Emerging Markets Bond Fund 10/1/2008 11/24/2008 37,507 953 353,700 00 293,312 19 (60,387.81)843 PIMCO Investment Grade Corporate Bond Fu 11/ PIMCO Investment Grade Corporate Bond Fu 11/9/2005 11/24/2008 17,073 171 175,000 00 159,463 42 (15,536 58)844 PIMCO Investment Grade Corporate Bond Fu 11/ PIMCO Investment Grade Corporate Bond Fu 1/10/2007 11/24/2008 7,448 603 76,944.07 69,569.95 (7,374 12)845 PIMCO Investment Grade Corporate Bond Fu 11/ PIMCO Investment Grade Corporate Bond Fu 7/3/2007 11/24/2008 19,821 606 200,000.00 185,133 80 (14,866.20)846 PIMCO Investment Grade Corporate Bond Fu 11/ PIMCO Investment Grade Corporate Bond Fu 7/30/2007 11/24/2008 39,800 995 400,000.00 371,741.29 (28,258 71)245 PIMCO Investment Grade Corporate Bond Fu 11/ PIMCO Investment Grade Corporate Bond Fu 9/19/2008 11/24/2008 126,190 810 1,237,931 85 1,178,622 17 (59,309 68)246 PIMCO Investment Grade Corporate Bond Fu 11/ PIMCO Investment Grade Corporate Bond Fu 10/1/2008 11/24/2008 73,753.910 707,300 00 688,861 52 (18,438 48)256 Pioneer High Yield Bond Fund - Y 11/24/08 Pioneer High Yield Bond Fund - Y 1/28/2008 11/24/2008 39,629 450 395,898 21 246,098 89 (149,799.32)257 Pioneer High Yield Bond Fund - Y 11/24/08 Pioneer High Yield Bond Fund - Y 9/18/2008 11/24/2008 73,380347 687,573 85 455,691 95 (231,881.90)258 Pioneer High Yield Bond Fund - Y 11/24/08 Pioneer High Yield Bond Fund - Y 10/1/2008 11/24/2008 40,842 956 353,700 00 253,634 76 (100,065.24)273 Powershs Db Multi Sector 11/24/08 Powershs Db Multi Sector 1/23/2008 11/24/2008 12,029 000 414,360 42 294,468 26 (119,892 16)275 Powershs Db Multi Sector ,11/24/08 Powershs Db Multi Sector 9/22/2008 11/24/2008 975 000 32,481 34 23,867 87 (8,613 47)287 Sector Spdr Health Fund 111/24/08 Sector Spdr Health Fund 1/23/2008 11/24/2008 7,577 000 250,798 70 181,543 90 (69,254 80)289 Sector Spdr Health Fund '11/24/08 Sector Spdr Health Fund 4/1512008 11/24/2008 1,161 000 36,432 11 27,81740 (8,614 71)304 Sector Spdr Health Fund 11/24/08 Sector Spdr Health Fund 9/22/2008 11/24/2008 22,791 000 707,432 64 546,069 30 (161,363 34)320 Sector Spdr Tr Con Stpls .11/24/08 Sector Spdr Tr Con Stpls 1/23/2008 11/24/2008 21,872 000 584,419 84 508,302 43 (76,117.41)322 Sector Spdr Tr Con Stpls 111/24/08 Sector Spdr Tr Con Stpls 9/22/2008 11/24/2008 12,799 000 356,964 11 297,447 09 (59,517 02)334 Sector Spdr Util Select 11/24/08 Sector Spdr Utd Select 1/23/2008 11124/2008 21,716 000 848,192.99 625,200.13 (222.992.86)336 Sector Spdr Util Select 11/24/08 Sector Spdr Utit Select 9/22/2008 11/24/2008 6,615 000 228,812.85 190,444 78 (38,368.07)886 Ssga Emerging Markets Fu 11/24/08 Ssga Emerging Markets Fu 2/24/2006 11/24/2008 54,773 573 1,170,511.26 558,142.71 (612,368.55)347 Ssga Emerging Markets Fu 11/24/08 Ssga Emerging Markets Fu 9/22/2008 11/24/2008 13,893 894 277,600.00 141,578 78 (136 021 22)376 Streettracks Gold TRUST 11/24/08 Streettracks Gold TRUST 1/3012008 11/24/2008 6,152 000 559,597 89 499,040 06

,

(60 557 83)920 Tweedy Browne Global 11/25/08 Tweedy Browne Global 9/15/2003 11/25/2008 13,744 734 248,779 69 243,694.13

,

(5,085 56)921 Tweedy Browne Global 111/25/08 Tweedy Browne Global943 Undiscovered M rs Behavioral Value 11/24/08 U d h l Vd M B l

9/15/2003 11/2512008 53,577 348 969,750 00 949,926 38 (19,823 62)g n iscovere grs aviorae a ue

944 U d M h l lB10/15/2002 11/24/2008 11,339 221 176,438 28 160,109 80 (16,328 48)

n iscovered grs aviorae Va ue 11/24/08 Undiscovered Mgrs Behavioral Value 2/11/2003 11/24/2008 27,375 590 395,647 36 386,543 33 (9,104.03)945 Undiscovered Mgrs Behavioral Value 11/24/08 Undiscovered Mgrs Behavioral Value 3/27/2003 11/24/2008 9,760 956 147,000 00 137,824 70 (9,175 30)946 Undiscovered Mgrs Behavioral Value; 11/24/08 Undiscovered Mgrs Behavioral Value 4/3/2003 11/24/2008 11,430 438 175,000 00 161,397 78 (13,602.22)409 Vanguard Energy Fd 11/24/08 Vanguard Energy Fd 1/23/2008 11/24/2008 6,603 972 461,947 83 294,008 83 (167,939.00)421 Vanguard Growth Index Fund - Institution 11/24/0 Vanguard Growth Index Fund - Institution 8/13/2008 11/24/2008 180,439 876 5,519,655 80 3,482,489 61 (2,037,166 19)433 Vanguard Index Tr Value Portfolio - Inst 11/24/08 Vanguard Index Tr Value Portfolio - Inst 8/13/2008 11/24/2008 245,894.034 5,394,915 11 3,681,033 69 (1,713,881.42)651 East Capital Balkan Fund - Gilbert 12/03/08 East Capital Balkan Fund - Gilbert 3/31/2006 12/3/2008 58,726 585 162,500 00 79,920 38 (82,579 62)654 East Capital Baltic Fund - Gilbert 12/03108 East Capital Baltic Fund - Gilbert 3/31/2006 12/3/2008 9,205 383 75,000.00 40,400 01 (34,599 99)655 East Capital Baltic Fund - Gilbert 12/03/08 East Capital Baltic Fund - Gilbert 6/30/2007 12/3/2008 40 341 471 59 177 05 (294 54)

page 7 of 8


Short Term Capital Gains and Losses In Non -Taxable or Tax Deferred Accounts


122 East Capital Baltic Fund - Gilbert 12/03/08 East Capital Baltic Fund - Gilbert 6/30/2008 12/3/2008 65 185 697 48 286 08 (411 40)

659 East Capital Eastern European Fund - Gil 12/03/0 East Capital Eastern European Fund - Gil 3/31/2006 12/3/2008 30,954 621 162 ,500.00 76,964 04 (85,535 96)439 Vanguard Interm Term U S 12/01/08 Vanguard Interm Term U S 9/23/2008 12/1/2008 657,565 217 7,562,000 00 7,930, 236.52 368,236 52440 Vanguard Interm Term U S 12/01/08 Vanguard Interm Term U S 9/30/2008 12/1/2008 220,590 278 2,541,200 00 2,660,318 75 119,118 75

961 Vanguard Total Bond 12/01/08 Vanguard Total Bond 3/22/2005 12/1/2008 72,425 480 729,324 58 720,633 53 (8,691 05)962 Vanguard Total Bond 12/01/08 Vanguard Total Bond 10/30/2007 12/1/2008 297,524 269 2,996,069 40 2,960,366 47 (35,702 93)

982 Whitebox Convertible Arb Fund Ltd - Gi 12/05/01 Whitebox Convertible Arb Fund Ltd - Gi 7/26/2007 12/5/2008 172 004 210,740 71 158,615 68 (52,125 03)HERACLES FUND, CLASS A SERIES 1/08 11/30/08 650,000 00 607,029 37 (42,970.63)FORUM ABSOLUTE RETURN FUND 12/31/08 112,478 72 150,000 00 37,521 28KS INTERNATIONAL INC 12/31/08 950,000 00 754,763.96 (195.236 04)LIMITED PARTNERSHIP VALUE PARTNERS CHINA 12/31/08 325,000 00 446.136 28 121,136 28THE HERMITAGE FUND 12/31/08 110,733 25 66,552 57 (44,180 68)

41,00Long Term Gains (Sales) 57,489,437 25 52,484 602 14 (5 , 004 ,835 11)Total Gains (Sales) 115,723,120 60 102.493,9 71 32 (1 3,2 29,149 28)

page 8 of 8

2008 Federal Statements Page 1THE ROSALINDE&ARTHUR GILBERT FOUNDATION(MERGED WITH FOUNDATION EIN 95-6059008) 56-2305694

Statement 1Form 990- PF, Part I, Line 6aNet Gain (Loss) from Noninventory Sales Per BooksAssets Not Included in Part IV

Description: BLDG - 2919 S. TANAGERDate Acquired: 9/02/2003How Acquired: PurchaseDate Sold: 9/30/2008To Whom Sold:Gross Sales Price: 1,000,000.Cost or Other Basis: 540,000.Basis Method: CostExpenses of Sale: 13,073.Depreciation: 60,090.

Gain (Loss) 507,017.

Total 507,017.

Statement 2Form 990- PF, Part I , Line 11Other Income

(a) (b) Net (c)Revenue Investment Adjusted

per Books Income Net Income

INV IN REAL ESTATE PTSHPS $ 455,103.OTHER INCOME 136,363.

Total $ 591,466.$ 0.$ 0.

Statement 3Form 990-PF, Part I , Line 16cOther Professional Fees

(a) (b) Net (c) (d)Expenses Investment Adjusted Charitableper Books Income Net Income Purposes

LEGAL AND AUDIT $ 151,161. $ 75,581. $ 75,580.PROFESSIONAL FEES 493,383. 83,875. 409,508.

Total $ 644,544. $ 159,456. $ 0. $ 485,088.

Statement 4Form 990- PF, Part I , Line 18Taxes


FEDERAL EXCISE TAXES $ 235,206.OTHER TAXES AND LICENSES 1,026. $ 1,026.PAYROLL TAXES 52 791. $ 39,593. 13,198.,

Total 289,023. $ 39,593. $ 0. $ 14,224.


Statement 5Form 990- PF, Part I , Line 23Other Expenses


Amortization $ 134,487. $ 134,487. N/AAUTOMOBILE 16,562. 8,281. $ 8,281.DUES AND SUBSCRIPTIONS 28,047. 14,023. 14,024.INSURANCE 23,929. 21,058. 2,871.INVESTMENT MANAGEMENT FEES 684,697. 684,697.LOSS ON PURCHASE DEPOSI T OF N EDWARD

200, 000. 200,000.OFFICE 36,331. 27,248. 9,083.Rental Expenses 1 289 406.

Total 2,413,459.1 , 289 , 406.2,379,200. 0. 34,259.

Statement 6Form 990-PF, Part II, Line 11Investments - Land , Building s, and Equipment

Accum. Book Fair MarketCategory Basis Deprec. Value Value

Buildings $ 51,572,836. $ 6,380,877. $ 45,191,959. $ 51,572,836.Improvements 2,031,326. 635,405. 1,395,921. 2,031,326.Land 31,062,025. 31,062,025. 31,062,025.

Total $ 84,666,187. $ 7,016,282. $ 77,649,905. $ 84,666,187.

Statement 7Form 990-PF, Part II, Line 15Other Assets

Fair MarketBook Value Value

Net Intangible Assets $ 440,536. $ 440,536.Total T-440,536. $ 440,536.

Statement 8Form 990-PF, Part II, Line 22Other Liabilities

SECURITY DEPOSITS $ 200,209.DUE TO NORTH FACE 88,242.

Total $ 288,451.


Statement 9Form 990-PF, Part III, Line 5Other Decreases

BOOK>TAX DEPRN/AMORT $ 140,570.Total $ 140,570.

Statement 10Form 990-PF , Part VIII, Line 3Compensation of Five Highest Paid Contractors

Name and Address Tv-De of Service Compensation

GAYTAN, BAUMBLATT & LEEVAN ACCOUNTING 80,330.11400 W. OLYMPIC BLVD., SUITE 1600LOS ANGELES, CA 90064

GEORGINA ASSET MNGT INVESTMENT SERVICES 684,697.270 18TH STSANTA MONICA, CA 90402

JANIS MINTON CONSULTING 174,000.2444 WILSHIRE , #622SANTA MONICA, CA 90403

SAMUEL ASSOCIATES SOFTWARE 107,500.2730 WILSHIRE BLVD., #301SANTA MONICA, CA 90403

TESSA CARMEN DE ROY CONSULTING 69,997.2730 WILSHIRE BLVD #301SANTA MONICA, CA 90403

Total $ 1,116,524.

2008 Federal Supporting Detail Page 1THE ROSALINDE&ARTHUR GILBERT FOUNDATION(MERGED WITH FOUNDATION EIN 95-6059008) 56-2305694

Net Investment Income / Adj. Net IncomeOther income

INVESTMENT IN REAL ESTATE PARTNERSHIPS $ 455,103.OTHER INCOME 136,363.

Total $ 591,466.

fnrm 990-pf (200r) the rosalinde&arthur gilbert...

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