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            <AddressLine1Txt>303 E WACKER DR STE 2108</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
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          <Amt>1560</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1223711</TotalGrantOrContriPdDurYrAmt>
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        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>469949</ExclusionAmt>
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        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>1040587</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>VK INDUSTRIAL I</Desc>
          <ExclusionCd>16</ExclusionCd>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>VK INDUST. I--NET LTCG</Desc>
          <ExclusionCd>18</ExclusionCd>
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        <OtherRevenueDescribedGrp>
          <Desc>VK INDUSTRIAL I--27-2288155</Desc>
          <BusinessCd>531120</BusinessCd>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>VK INDUSTRIAL I SEC 1231 GA</Desc>
          <BusinessCd>531120</BusinessCd>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>VK INDUSTRIAL I CHARITABLE</Desc>
          <BusinessCd>531120</BusinessCd>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>1510536</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1510536</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
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        <CategoryTxt>ACCOUNTING</CategoryTxt>
        <Amt>2130</Amt>
        <NetInvestmentIncomeAmt>2130</NetInvestmentIncomeAmt>
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        <BondNm>KOVITZ--CORPORATE BONDS</BondNm>
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      <InvestmentsCorporateBondsGrp>
        <BondNm>KOVITZ--MORTGAGE BACKED SECURITIES</BondNm>
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      <InvestmentsCorporateStockGrp>
        <StockNm>KOVITZ--CLOSED-END FUNDS</StockNm>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ADR</StockNm>
        <EOYBookValueAmt>177705</EOYBookValueAmt>
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    <InvestmentsGovtObligationsSch documentId="RetDoc5">
      <USGovtObligationsBookVlEOYAmt>289906</USGovtObligationsBookVlEOYAmt>
      <StateLocalSecBookVlEOYAmt>332428</StateLocalSecBookVlEOYAmt>
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    <InvestmentsOtherSchedule2 documentId="RetDoc6">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>KOVITZ DIVERSIFIED REAL ESTATE FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1049977</BookValueAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>KOVITZ DIVERSIFIED ADR</CategoryOrItemTxt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherAssetsSchedule documentId="RetDoc7">
      <OtherAssetsScheduleGrp>
        <Desc>KOVITZ DIVERSIFIED REAL ESTASTE FUND</Desc>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
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      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ILLINOIS CHARITABLE TRUST BUR</Desc>
        <RevenueAndExpensesPerBooksAmt>15</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>15</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SECRETARY OF STATE</Desc>
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        <NetInvestmentIncomeAmt>10</NetInvestmentIncomeAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>NONDEDUCTIBLE EVENT FEE</Desc>
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      <OtherExpensesScheduleGrp>
        <Desc>NONDEDUCTIBLE EXPENSE</Desc>
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      <OtherExpensesScheduleGrp>
        <Desc>IL 990 T 2018 LATE PAYMENT/IN</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FED 990 T LATE PAYMENT/INTERE</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>30</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>30</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="RetDoc9">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED INCREASE IN INVESTMENTS</Desc>
        <Amt>2415073</Amt>
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    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc10">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT FEES - KOVITZ</CategoryTxt>
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        <NetInvestmentIncomeAmt>10000</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT EXPENSES-MANAGEMENT F</CategoryTxt>
        <Amt>154365</Amt>
        <NetInvestmentIncomeAmt>154365</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc11">
      <TaxesDetail>
        <CategoryTxt>FED TAX ON UNRELATED BUSINESS IN</CategoryTxt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX--2021 BALANCE</CategoryTxt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX--2022 ESTIMAT</CategoryTxt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX PAID</CategoryTxt>
        <Amt>1951</Amt>
        <NetInvestmentIncomeAmt>1951</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>IL TAX ON UNRELATED BUSINESS INC</CategoryTxt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>IL 990 T--2020 ESTIMATES</CategoryTxt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>