# EDGAR Filing Document

**Accession Number:** 0001691570
**File Stem:** 0001398344-25-011467
**Filing Date:** 2025-6
**Character Count:** 214959
**Document Hash:** 48804948093724b7e436069d07259506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011467.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001398344-25-011467

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USQ Core Real Estate Fund
- **CENTRAL INDEX KEY:** 0001691570

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23219
- **FILM NUMBER:** 251029731

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WHITEHORSE LANE, SUITE 200
- **CITY:** KENNETT SQUARE
- **STATE:** PA
- **ZIP:** 19348
- **BUSINESS PHONE:** (610) 925-3120

**MAIL ADDRESS:**
- **STREET 1:** 235 WHITEHORSE LANE, SUITE 200
- **CITY:** KENNETT SQUARE
- **STATE:** PA
- **ZIP:** 19348

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23219</u>**

**<u>USQ Core Real Estate Fund</u>**<br> (Exact name of registrant as specified in charter)

**<u>235 Whitehorse Lane, Suite 200</u>**<br> **<u>Kennett Square, PA 19348</u>**<br> (Address of principal executive offices) (Zip code)

**<u>Union Square Capital Partners, LLC</u>**

**<u>235 Whitehorse Lane, Suite 200</u>**

**<u>Kennett Square, PA 19348</u>**<br> (Name and address of agent for service)

**<u>(484) 731-3101</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| ![](fp0093282-3_i.jpg) | <br> USQ Core Real Estate Fund |

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Annual Report

March 31, 2025

*Must be preceded or accompanied by a prospectus.* 

The USQ Core Real Estate Fund is distributed by Quasar Distributors, LLC.

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|:---|:---|
| **USQ Core Real Estate Fund** | **TABLE OF CONTENTS** |

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| | |
|:---|:---|
| Letter to Shareholders | 1 |
| Schedule of Investments | 7 |
| Statement of Assets & Liabilities | 8 |
| Statement of Operations | 9 |
| Statements of Changes in Net Assets | 10 |
| Statement of Cash Flows | 11 |
| Financial Highlights | 12 |
| Notes to Financial Statements | 14 |
| Report of Independent Registered Public Accounting Firm | 25 |
| Additional Information | 26 |
| Trustees & Officers | 27 |
| Privacy Policy | 29 |

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2025 (Unaudited)** |

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Dear Shareholder,

We are pleased to present this annual report for the USQ Core Real Estate Fund (the "Fund") for the fiscal year ending March 31, 2025 (the "Reporting Period"). The report includes a discussion of Fund performance, a schedule of the Fund's investments, and its audited financial statements.

In managing the Fund, Union Square Capital Partners seeks to provide shareholders with current income and capital appreciation with moderate volatility and low correlation to the broader markets. We believe the Fund has continued to deliver in each of these four ways since inception. Although the last three years have been a challenging time for commercial real estate, and has lowered the Fund's annualized return since inception to +2.37%, we believe the 3rd quarter of 2024 was the inflection point for this cycle as the asset class turned positive. The table below reflects the Fund's return, volatility, correlation, and drawdown since its inception relative to the broad-based equity and fixed income markets as well as broad-based publicly traded REITs. As shown, the Fund has delivered non-correlated daily returns with much lower volatility than all three major asset classes, and a significantly smaller drawdown both public equity markets (both broad-based equities and U.S. REITs).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**9/28/2017 - 3/31/2025** | **Annualized <br> Return** | **Annualized <br> Std. Deviation** | **Correlation to <br> S&P 500 Index** | **Maximum Drawdown** | **Maximum Drawdown** |
| &nbsp;&nbsp;USQ Core Real Estate Fund Class I | +2.37% | 1.47% | +0.04 | -21.22% | 9/13/2024 |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | +1.33% | 6.22% | +0.02 | -18.41% | 10/24/2022 |
| &nbsp;&nbsp;S&P 500 Index | +13.23% | 23.24% | +1.00 | -33.79% | 3/23/2020 |
| &nbsp;&nbsp;MSCI U.S. REIT Index  | +5.85% | 27.17% | +0.74 | -44.03% | 3/23/2020 |

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***The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1-833-877-3863 or visit the Fund's website at www.usq.com.*** 

In early September 2024 USQ acquired the net assets of a similar interval fund pursuant to a reorganization event more fully described in the notes to financial statements. The acquired fund had a similar investment strategy with ~$100 million net assets primarily invested in the same investments held by USQ. It is expected the larger asset base should allow the Fund to participate in broader distribution arrangements and reduce the Fund's expense ratio for shareholders.

The Fund's private real estate allocation continues to be invested primarily in private real estate funds that are constituents of the NCREIF Fund Index – Open-end Diversified Core Equity (the "NFI-ODCE"). The NFI-ODCE is considered a premier institutional "core" real estate index in the industry. The Fund also has an allocation (~15%) to other core private funds to further enhance diversification and liquidity. These other institutional funds also adhere to the reporting standards of the NFI-ODCE.

**Market Review** 

Heading into the Reporting Period, investors were focused on when the Federal Reserve would begin to lower interest rates. Inflation had cooled and there were signs of weakening in the labor markets as well. Nevertheless, the Federal Reserve seemed reluctant to lower rates as the pace of inflation declines had slowed during the first quarter of 2024. While the Federal Reserve ultimately waited longer than anticipated, they did begin to lower rates with a 50-basis point cut in September. The Fed continued to cut rates throughout the rest of 2024 ultimately bringing the Fed Funds rate down by 1.00%. However, as inflation has been stickier than the Fed had hoped, they felt it prudent to hold rates steady until they see a further decline in inflation and are not forecasting another rate cut until the second half of 2025. Furthermore, since the announcement of tariffs as a key element of U.S. trade policy, the Federal Reserve has reiterated their belief that a wait and see approach is necessary to make sure that inflation does not become entrenched.

Annual Report \| March 31, 2025 1

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2025 (Unaudited)** |

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Even with the uncertainty that has come into the market in the first quarter of 2025, institutional core real estate fundamentals continued to be resilient as the Fund experienced a relatively small positive return (+0.43%) over the last six months of the Reporting Period. More importantly, the NFI-ODCE returns were slightly positive in the 3rd quarter of 2024 and have continued to be positive each subsequent quarter. We believe this was the inflection point for the asset class coming after seven quarters of negative returns. Historically speaking, the asset class has declined just three times in history, with this last decline being the second longest and second deepest on record. After returns turned positive in the past drawdowns, they tended to stay positive for many years. We believe that investors in commercial real estate could potentially experience a long period of positive returns.

We continue to believe that the Fund provides exposure to the highest quality core commercial real estate in the U.S. The Fund continues to deliver low volatility and correlation to broader markets, and a stable quarterly distribution. The Fund has provided a ballast to our investors' portfolios especially during downturns in the equity markets. For instance, the S&P 500 Index experienced negative returns in 8 of the 30 calendar quarters since the Fund's inception (7.5 years). Three of these negative quarterly returns were double-digit outliers: -13.5% Q4 2018, -19.6% Q1 2020, and -16.1% Q2 2022. The Fund provided a positive return in all but one of those 8 negative return quarters: Q3 2023 when each returned only -3.3%. For context, the Fund had 9 negative quarterly returns since inception, the worst being -5.2% in Q4 2022.

In this more volatile uncertain environment, we would also like to highlight that the NFI-ODCE managers utilize very low leverage (~26%) and the majority of their outstanding debt does not mature until after 2026. We believe that if investors are going to own commercial real estate, this is the type of real estate they should want to own.

**Manager Discussion of Fund Performance** 

Below is the Fund's current sector allocations and geographic weightings. The biggest change during the Reporting Period has been a 4.0% decline in the office sector weighting. Although office was the worst performing sector, most of the decline in its weighting was simply a result of the much lower office exposure provided by the new investments added to the Fund. The new investments from the reorganization similarly provided for increased weightings to the Industrial and Other sectors, which have been the strongest performing sectors in addition to Retail. We believe the Fund is well diversified and favorably positioned to be a beneficiary of existing trends in commercial real estate and the broader economic environment.

![](fp0093282-3_2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Portfolio sector and geographic weightings are with respect to the portion of the Fund invested in private funds as of<br> 4/1/25 and are subject to change. Diversification does not ensure profit or prevent losses.*

The industrial and retail property types were the strongest performers over the Reporting Period. Industrial properties (unlevered) experienced a slight decline of approximately -0.21% during the Reporting Period while retail properties (unlevered) increased by approximately +0.87%. Multi-family (unlevered) returns were also negative declining by approximately -0.73%. Office continued to decline (unlevered) and experienced negative returns of approximately -8.51%. Not surprisingly, the underlying funds that were overweighted to the industrial and retail property types were the strongest performers for the Reporting Period.

Annual Report \| March 31, 2025 2

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2025 (Unaudited)** |

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For the year ended March 31, 2025 the Fund's Class I and Class L shares delivered a total return of -0.64% and -0.53%, respectively. During the same period, broad-based equity markets delivered a positive return of +8.25% (S&P 500 Index), while fixed income posted a return of +4.88% (Bloomberg U.S. Aggregate Bond Index). This continued lack of correlation to the publicly traded markets serves as a reminder why we believe private real estate to be an important beneficial diversifier for multi-class portfolios over complete market cycles.

The Fund's distribution policy is to make quarterly distributions to shareholders. During the year ended March 31, 2025, the Fund's Class I and Class L made distributions to shareholders totaling $0.901 per share and $0.865, respectively, of which we expect substantially all will be treated as a return of capital for tax purposes given the Fund's investments in real estate which are generally exempt from corporate taxes and have favorable tax treatment on distributions. There is no assurance that the Fund will continue to declare distributions or that they will continue at these rates. See additional disclosures below.

**Growth of Assumed $10,000 Investmen**t

![](fp0093282-3_3.jpg)

**The Fund's performance compared to its benchmarks for the periods ended March 31, 2025.** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Year** | **5 Year** | **Since Inception <br> 9/27/2017** |
| &nbsp;&nbsp;USQ Core Real Estate Class I (USQIX) | -0.64% | -5.96% | 0.98% | 2.37% |
| &nbsp;&nbsp;USQ Core Real Estate Class L (USQSX)  | -0.53% | -5.86% | 1.06% | 2.42% |
| &nbsp;&nbsp;USQ Core Real Estate Class L (USQSX) – with Load<sup>1</sup> | -4.77% | -7.21% | 0.18% | 1.83% |
| &nbsp;&nbsp;S&P 500 Index | 8.25% | 9.06% | 18.59% | 13.23% |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 4.88% | 0.52% | -0.40% | 1.33% |
| &nbsp;&nbsp;MSCI U.S. REIT Index | 10.26% | -0.55% | 11.32% | 5.85% |
| &nbsp;&nbsp;NFI-ODCE | 1.17% | -5.07% | 2.01% | 3.24% |

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*1 The maximum sales charge for the Class L-Shares is 4.25%. Investors may be eligible for a reduction in sales charges.* 

***The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The investment return and principal value of the Fund will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 1-833-877-3863 or visit the Fund's website at www.usq.com.*** 

Annual Report \| March 31, 2025 3

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2025 (Unaudited)** |

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*Fund returns reflect actual fee waivers for the time periods represented. Had fees and expenses not been waived, returns would have been lower. See the prospectus for more information on current fees and expenses. All investing involves risk, including the possible loss of principal. Performance for periods less than one year is not annualized. Since Inception performance of the NFI-ODCE is as of 10/2/2017, due to quarterly calculation of the index. Class I gross expenses are 1.64% and net expenses are 1.42%. Class L gross expenses are 1.92% and net expenses are 1.70%. Net fees are based on a contractual fee waiver and reimbursement agreement that will continue indefinitely until terminated by mutual agreement of the Adviser and the Fund, including consent of the Fund's Board.* 

*The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance is not indicative of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Investing involves risk, including loss of principal. Fund performance includes reinvestment of distributions and reflects management fees and other expenses. The Fund return does not reflect the deduction of all fees, including third-party brokerage commissions or third-party investment advisory fees paid by investors to a financial intermediary for brokerage services. If the deduction of such fees was reflected, the performance would be lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data current to the most recent month end may be obtained by calling 1-833-877-3863. An investment cannot be made in an index, which is unmanaged and has returns that do not reflect any trading, management, or other costs. Index performance does not represent actual Fund or portfolio performance, nor does it represent actual performance of the Fund's Adviser.* 

**Outlook** 

While the environment has been challenging for commercial real estate over the past three years, we believe the 3rd quarter of 2024 was an inflection point. The Fund experienced negative returns over the Reporting Period of just -0.64% and we anticipate that 2025 will be a positive year for the Fund. Private real estate has consistently proven its ability to be a non-correlated asset and a true diversifier. As a reminder, for the calendar year 2022, private real estate was one of the few asset classes that delivered positive returns. In the current backdrop, with equity markets reaching all-time highs, commercial real estate presents an attractive entry point and should be considered in a well-balanced portfolio.

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| | |
|:---|:---|
| ![](fp0093282-3_4a.jpg) <br>| ![](fp0093282-3_4.jpg) |
| Thomas Miller, CFA<br> CEO and Chief Investment Officer | Michael Achterberg, CAIA<br> Senior Portfolio Manager |

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*This letter represents the opinions of the Fund's management and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security. The information provided is not intended to be, and is not, a forecast of future events, a guarantee of results, or investment advice.* 

Annual Report \| March 31, 2025 4

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2025 (Unaudited)** |

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**Definitions** 

**Correlation** is a statistic that measures the extent to which two asset classes (or securities) move in relation to each other. Two asset classes that have a high correlation move in the same direction as markets rise and fall. Two asset classes with negative or inverse correlation move in opposite directions as markets rise and fall. The closer the correlation statistic between two asset classes is to zero, the more independently the asset classes move with respect to each other.

**Leverage** refers to the total amount of debt financing on a property relative to its current market value.

**Max Drawdown** is the maximum observed loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum drawdown is an indicator of downside risk over a specified time period.

**Standard Deviation** measures volatility by calculating the daily dispersion of returns from the mean.

**Indexes** 

**Bloomberg U.S. Aggregate Bond Index** The Bloomberg U.S. Aggregate Bond Index is an unmanaged market value-weighted index for U.S. dollar denominated investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year.

**MSCI US REIT Index** is a free float-adjusted market capitalization index that is comprised of equity REITs. With 114 constituents, it represents about 99% of the US REIT universe and securities are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS<sup>®</sup>). It however excludes Mortgage REIT and selected Specialized REITs.

**NFI-ODCE** The NCREIF Fund Index — Open-end Diversified Core Equity (NFI-ODCE) consists of private real estate equity funds that meet certain criteria with respect to such things as leverage (less than 35%), operations (at least 75% invested in properties that are 75% or more leased), sector and geographic diversification, and investment in core real estate (at least 75% in office, industrial, residential, and retail properties).

**S&P 500 Index** S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

One cannot invest directly in an index.

**Risk Disclosures** 

Investing in the Fund's shares involves substantial risks, including the risks set forth in the "Risk Factors" section of this prospectus, which include, but are not limited to the following:

● Investing in real estate entails special risks, including (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. There are also special risks associated with particular real estate sectors, or real estate operations generally.

● The Fund is not intended to be a complete investment program, but instead as a way to help investors diversify into real estate. Diversification does not ensure a profit or guarantee against a loss.

Annual Report \| March 31, 2025 5

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2025 (Unaudited)** |

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● There currently is no secondary market for the Fund's shares and the Adviser does not expect that a secondary market will develop. Limited liquidity is provided to shareholders only through the Fund's quarterly Repurchase Offers for no less than 5% of the Fund's shares outstanding at net asset value. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly Repurchase Offer.

**Other Important Disclosures** 

The Fund's distribution policy is to make quarterly distributions to shareholders. The level of quarterly distributions (including any return of capital) is not fixed. However, this distribution policy is subject to change. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings, primarily Real Estate Investment Trusts. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. Distribution rates are not performance and there is no assurance that the Fund will continue to declare distributions or that they will continue at these rates.

By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund in which the Fund invests and will not have the ability to exercise any rights attributable to an investor in any such underlying fund.

*Before investing in the Fund, you should carefully consider the Fund's investment objectives, risks, fees, and expenses. For a copy of a prospectus which contains this and other information, please visit our website at www.usq.com or call 1-833-877-3863. Please read the Fund's prospectus carefully before investing.* 

The USQ Core Real Estate Fund is a continuously-offered, non-diversified, registered closed-end fund with limited liquidity.

The USQ Core Real Estate Fund is distributed by Quasar Distributors, LLC, which is not affiliated with Union Square Capital Partners, LLC or its affiliates.

Annual Report \| March 31, 2025 6

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|:---|:---|
| **USQ Core Real Estate Fund** | **Schedule of Investments** |
|  | **March 31, 2025**  |

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| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENTS — 106.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Real Estate Funds — 106.1%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEW Core Property (U.S.), LP <sup>(b)(c)</sup> | 9965 | $10243715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARA Core Property Fund, LP <sup>(b)(c)</sup> | 68 | 8150301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASB Allegiance Real Estate Fund, LP <sup>(b)(c)</sup> | 4169 | 5280848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bailard Real Estate Investment Trust, Inc. <sup>(b)(c)</sup> | 229023 | 7060782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings Core Property Fund LP <sup>(b)(c)</sup> | 62739 | 7100700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGO Daily Value Fund – Class F <sup>(b)(c)</sup> | 251712 | 3098544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGO Diversified US Property Fund LP <sup>(b)(c)</sup> | 2853 | 6843474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock US Core Property Fund, LP <sup>(b)(c)(d)</sup> |  | 10876226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE U.S. Core Partners, LP <sup>(b)(c)</sup> | 12743464 | 20868116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIM UII Onshore, LP <sup>(b)(c)</sup> | 6092 | 7425676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarion Lion Properties Fund, LP <sup>(b)(c)</sup> | 11693 | 17326796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GWL US Property Fund LP <sup>(b)(c)(d)</sup> |  | 11294054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Core Real Estate - U.S.A., LP <sup>(b)(c)</sup> | 24 | 4172376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco U.S. Income Fund, LP <sup>(b)(c)</sup> | 1906 | 2873129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lion Industrial Trust <sup>(b)(c)</sup> | 1686 | 6053907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Core Property Fund LP <sup>(b)(c)</sup> | 5960 | 13394237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Core Property Fund, LP <sup>(b)(c)</sup> | 1178 | 1669606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGIM Retirement Real Estate Fund II LP <sup>(b)</sup> | 722538 | 1227988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Property Fund, LLC <sup>(b)(c)</sup> | 510 | 9866450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Enhanced Property Fund, LP <sup>(b)(c)</sup> | 111867 | 1428387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRISA LP <sup>(b)(c)</sup> | 4996 | 10170294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund, LP <sup>(b)(c)</sup> | 1895 | 5306031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RREEF America II LP <sup>(b)(c)</sup> | 58683 | 7388218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RREEF Core Plus Industrial Fund LP <sup>(b)(c)</sup> | 22124 | 4930321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sentinel Real Estate Fund, LP <sup>(b)(c)</sup> | 45 | 4669453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Markets Fund, LP <sup>(b)(c)</sup> | 6387 | 10800245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Property Fund <sup>(b)(c)</sup> | 727977 | 8081516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Realty Core Property Fund, LP <sup>(b)(c)</sup> | 10137 | 13000050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trumbull Property Fund LP <sup>(b)(c)</sup> | 626 | 5463614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Real Estate Investment Fund, LLC <sup>(b)(c)</sup> | 3372 | 3903793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Real Property Income Fund, LP <sup>(d)(e)</sup> |  | 585495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Government Building Fund <sup>(b)(c)(d)</sup> |  | 5331055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE INVESTMENTS (Cost $230,517,288)** |  | 235885397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio - Class Institutional, 4.23% <sup>(f)</sup> | 709518 | $709518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Government & Agency - Class Institutional, 4.29% <sup>(f)</sup> | 1463855 | 1463855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $2,173,373)** |  | 2173373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 107.1% (Cost $232,690,661)** |  | $**238058770** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities in Excess of Other Assets — (7.1)%** |  | (15778199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS — 100.0%** |  | $**222280571** |

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*Percentages are stated as a percent of net assets.* <br>

*LLC - Limited Liability Company* 

*LP - Limited Partnership*<sup></sup>

<sup>*(a)*</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Securities considered illiquid and restricted. As of March 31, 2025 the value of these investments was $235,885,397 or 106.1% of the Fund's net assets.* 

<sup>*(b)*</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*In accordance with ASC 820-10, Private Investment Funds are valued using the practical expedient methodology* 

<sup>*(c)*</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Pledged as collateral for borrowings under a line of credit.* 

<sup>*(d)*</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Partnership is not designated in units. Ownership interest in each security is less than 2.5% at March 31, 2025.* 

<sup>*(e)*</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Fair Value estimated using Fair Valuation Procedures adopted by the Board of Trustees (See Notes to Financial Statements).* 

<sup>*(f)*</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The rate shown represents the 7-day annualized effective yield as of March 31, 2025.*<sup></sup>

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| March 31, 2025 7

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Statement of Assets & Liabilities** |
|  | **March 31, 2025**  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $232,690,661) | $238058770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 1157168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 1293751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 14669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid assets and other assets | 38185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 240567106 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Line of credit payable (Note 8) | 17991016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser, net of waiver (Note 3) | 103441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees payable | 49750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees payable (Note 3) | 33064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable (Note 3) | 27547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees payable (Note 3) | 22917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders payable | 14250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 10540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees payable | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees payable | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 23010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 18286535 |
| &nbsp;&nbsp;**Net assets** | $222280571 |

---

*Commitments and Contingencies (See Note 7).* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $209055672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 13224899 |
| &nbsp;&nbsp;**Net assets** | $222280571 |
| &nbsp;&nbsp;**Class I** |  |
| &nbsp;&nbsp;Net assets applicable to outstanding shares | $222101963 |
| &nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares authorized, no par value) | 10105978 |
| &nbsp;&nbsp;Net asset value per share outstanding | $21.98 |
| &nbsp;&nbsp;**Class L** |  |
| &nbsp;&nbsp;Net assets applicable to outstanding shares | $178608 |
| &nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares authorized, no par value) | 8079 |
| &nbsp;&nbsp;Net asset value per share outstanding | $22.11 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| March 31, 2025 8

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Statement of Operations** |
|  | **Year Ended March 31, 2025** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1095363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 85551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1180914 |
| &nbsp;&nbsp;**Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 1227648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 215634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense (Note 8) | 1352523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator fees | 158083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 120192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 106871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 86981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 78000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 57861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees and expenses | 33861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 31608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 19756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3489487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived/expense reimbursement by Adviser (Note 3) | (315837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Fund Expenses | 3173650 |
| &nbsp;&nbsp;**Net Investment Income/(Loss)** | (1992736) |
| &nbsp;&nbsp;**Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long term capital gain distributions | 915531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments | (4087071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (3171540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments | 4572127 |
| &nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments** | 1400587 |
| &nbsp;&nbsp;**Increase/(Decrease) in Net Assets Resulting from Operations** | $(592149) |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| March 31, 2025 9

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> March 31, 2025** | **Year Ended <br> March 31, 2024** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(1992736) | $(855570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (3171540) | 47237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 4572127 | (23375858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in Net Assets Resulting from Operations | (592149) | (24184191) |
| &nbsp;&nbsp;**Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (1012343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L |  | (761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (8248899) | (5880234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L | (7908) | (4421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in net assets from distributions | (8256807) | (6897759) |
| &nbsp;&nbsp;**Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 15882099 | 10609108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 2283670 | 2643614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (35271243) | (35527272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued in fund reorganization (Note 9) | 100234375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | 83128901 | (22274550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class L** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 1488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 4743 | 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (88014) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued in fund reorganization (Note 9) | 147779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | 65996 | 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 74345941 | (53351318) |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 147934630 | 201285948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $222280571 | $147934630 |
| &nbsp;&nbsp;**Other Information** |  |  |
| &nbsp;&nbsp;**Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 6407209 | 7268362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 710500 | 409159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 102707 | 104983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1569912) | (1375295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in fund reorganization (Note 9) | 4455474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 3698769 | (861153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending shares | 10105978 | 6407209 |
| &nbsp;&nbsp;**Class L** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 5207 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 67 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 212 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3953) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in fund reorganization (Note 9) | 6546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 2872 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending shares | 8079 | 5207 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| March 31, 2025 10

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Statement of Cash Flows** |
|  | **As of March 31, 2025** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Cash Flow from Operating Activities:** |  |
| &nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | $(592149) |
| &nbsp;&nbsp;Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments | (51393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 21903054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net purchases of short-term investments | (1921496) |
| &nbsp;&nbsp;Long term capital gain distributions | (915531) |
| &nbsp;&nbsp;Net realized (gain)/loss on investments | 4087071 |
| &nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation of investments | (4572127) |
| &nbsp;&nbsp;Return of capital distributions received | 4101909 |
| &nbsp;&nbsp;Long term capital gain distributions received | 915531 |
| &nbsp;&nbsp;(Increase)/decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser | 33521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | (1293751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 137615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | (459324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (16912) |
| &nbsp;&nbsp;Increase/(decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser, net of waiver | 43050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees payable | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees payable | (477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable | (4423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees payable | (6206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees payable | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders payable | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 10540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (22772) |
| &nbsp;&nbsp;**Net cash provided by/(used in) in operating activities** | 21384769 |
| &nbsp;&nbsp;**Cash Flows from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 15883587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment on shares redeemed | (35359257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash distributions paid | (5968394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from line of credit borrowings/(paydowns) | 3633960 |
| &nbsp;&nbsp;**Net cash provided by financing activities** | (21810104) |
| &nbsp;&nbsp;**Net increase/(decrease) in cash** | (425335) |
| &nbsp;&nbsp;**Cash, beginning of year** | 425335 |
| &nbsp;&nbsp;**Cash, end of year** | $— |
| &nbsp;&nbsp;Supplemental Disclosure of non-cash activity: |  |
| &nbsp;&nbsp;Non-cash financing activities not included herein consist of reinvestment of distributions of $2,288,413. |  |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| March 31, 2025 11

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund - Class I** | **Financial Highlights** |
|  | For a Share Outstanding Throughout the Years Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> March 31, 2025** | **Year Ended <br> March 31, 2024** | **Year Ended <br> March 31, 2023** | **Year Ended <br> March 31, 2022** | **Year Ended <br> March 31, 2021** |
| &nbsp;&nbsp;**Net Asset Value, Beginning of Year<sup>(1)</sup>** | $23.07 | $27.67 | $29.86 | $24.81 | $25.56 |
| &nbsp;&nbsp;**Income from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(2)</sup> | (0.24) | (0.13) | (0.02) | (0.11) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.05 | (3.45) | (0.97) | 6.25 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.19) | (3.58) | (0.99) | 6.14 | 0.25 |
| &nbsp;&nbsp;**Distributions to Shareholders** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.15) | (0.37) | (0.11) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital | (0.90) | (0.87) | (0.83) | (0.98) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.90) | (1.02) | (1.20) | (1.09) | (1.00) |
| &nbsp;&nbsp;**Increase/(Decrease) in Net Asset Value** | (1.09) | (4.60) | (2.19) | 5.05 | (0.75) |
| &nbsp;&nbsp;**Net Asset Value, End of Year<sup>(1)</sup>** | $21.98 | $23.07 | $27.67 | $29.86 | $24.81 |
| &nbsp;&nbsp;**Total Return<sup>(1)(3)</sup>** | (0.81)% | (13.19)% | (3.53)% | 25.29% | 0.88% |
| &nbsp;&nbsp;**Supplemental Data and Ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $222102 | $147814 | $201147 | $189503 | $81148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, including interest expense<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waiver<sup>(4)</sup> | 1.85% | 1.39% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after waiver<sup>(4)</sup> | 1.68% | 1.16% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, excluding interest expense<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waiver<sup>(4)</sup> | 1.13% | 1.16% | 1.08% | 1.31% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after waiver<sup>(4)</sup> | 0.96% | 0.94% | 0.92% | 0.91% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waiver<sup>(4)</sup> | (1.22)% | (0.71)% | (0.23)% | (0.79)% | (0.93)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after waiver<sup>(4)</sup> | (1.06)% | (0.49)% | (0.07)% | (0.39)% | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.03% | 1.09% | 4.12% | 0.13% | 5.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Calculated using the average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total returns shown are historical in nature and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. Had the Adviser not waived/reimbursed a portion of Fund expenses, total returns would have been lower.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Ratios do not include expenses of underlying private investment funds in which the Fund invests.* 

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| March 31, 2025 12

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund - Class L** | **Financial Highlights** |
|  | For a Share Outstanding Throughout the Years Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> March 31, 2025** | **Year Ended <br> March 31, 2024** | **Year Ended <br> March 31, 2023** | **Year Ended <br> March 31, 2022** | **Year Ended <br> March 31, 2021** |
| &nbsp;&nbsp;**Net Asset Value, Beginning of Year<sup>(1)</sup>** | $23.14 | $27.73 | $29.92 | $24.85 | $25.55 |
| &nbsp;&nbsp;**Income from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(2)</sup> | (0.22) | (0.10) | (0.05) | (0.07) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.06 | (3.47) | (0.94) | 6.23 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.16) | (3.57) | (0.99) | 6.16 | 0.30 |
| &nbsp;&nbsp;**Distributions to Shareholders** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.15) | (0.37) | (0.11) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital | (0.87) | (0.87) | (0.83) | (0.98) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.87) | (1.02) | (1.20) | (1.09) | (1.00) |
| &nbsp;&nbsp;**Increase/(Decrease) in Net Asset Value** | (1.03) | (4.59) | (2.19) | 5.07 | (0.70) |
| &nbsp;&nbsp;**Net Asset Value, End of Year<sup>(1)</sup>** | $22.11 | $23.14 | $27.73 | $29.92 | $24.85 |
| &nbsp;&nbsp;**Total Return<sup>(1)(3)</sup>** | (0.70)% | (13.13)% | (3.52)% | 25.33% | 1.04% |
| &nbsp;&nbsp;**Supplemental Data and Ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $179 | $120 | $139 | $150 | $115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, including interest expense<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waiver<sup>(4)</sup> | 1.79% | 1.29% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after waiver<sup>(4)</sup> | 1.62% | 1.07% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, excluding interest expense<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waiver<sup>(4)</sup> | 1.07% | 1.07% | 1.01% | 1.26% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after waiver<sup>(4)</sup> | 0.91% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waiver<sup>(4)</sup> | (1.17)% | (0.62)% | (0.33)% | (0.67)% | (0.93)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after waiver<sup>(4)</sup> | (1.00)% | (0.39)% | (0.17)% | (0.26)% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.03% | 1.09% | 4.12% | 0.13% | 5.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Calculated using the average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total returns shown are historical in nature and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. Had the Adviser not waived/reimbursed a portion of Fund expenses, total returns would have been lower.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Ratios do not include expenses of underlying private investment funds in which the Fund invests.* 

*The accompanying notes are an integral part of these financial statements.*

Annual Report \| March 31, 2025 13

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

**1. ORGANIZATION** 

The USQ Core Real Estate Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management company. The Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at net asset value ("NAV"). The Fund's investment adviser is Union Square Capital Partners, LLC (the "Adviser"). The investment objective of the Fund is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets.

The Fund is organized as a statutory trust under the laws of the State of Delaware. The Fund commenced operations on September 27, 2017.

The Fund acquired all of the assets and liabilities of PREDEX in tax-free reorganization on September 9, 2024. For more information regarding the reorganization see Note 9.

The Fund currently offers Class I and Class L shares (formerly Class IS). Class I shares are offered at NAV. Class L shares are offered at NAV plus a maximum sales charge of 4.25%. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing shareholder service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees and shareholder servicing expenses), and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services - Investment Companies.* 

**Valuation of Private Investment Funds** 

The private institutional real estate investment funds in which the Fund invests ("Private Investment Funds") are not publicly traded. The Private Investment Funds measure their investment assets at fair value and report a NAV per share on a calendar quarter basis. In accordance with ASC 820, the Fund applies the practical expedient to value its investments in Private Investment Funds at their respective NAVs at each quarter – as this method more accurately estimates the actual value of each Private Investment Fund at quarter-end. For non-calendar quarter-end days, the Adviser, as the Board of Trustees' "valuation designee" under 1940 Act Rule 2a-5, may consider certain information provided by a Private Investment Fund's investment manager to determine the estimated value of the Fund's holdings in such Private Investment Funds. The valuation provided by the investment manager as of a specific date may vary from the actual sale price that may be obtained if such investment were sold to a third party. To determine the estimated value of the Fund's investment in Private Investment Funds, the Adviser considers, among other things, information provided by the Private Investment Funds, including quarterly unaudited financial statements.

**Valuation of Public Investments** 

Readily marketable portfolio securities listed on the New York Stock Exchange ("NYSE") are valued at the last sale price reflected on the consolidated tape at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day. If no bid or ask prices are quoted on such day or if market prices may be unreliable because of events occurring after the close of trading, then the security is valued by such method as the Adviser shall determine in good faith to reflect its fair market value. Readily marketable securities not listed on the

Annual Report \| March 31, 2025 14

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

NYSE but listed on other domestic or foreign securities exchanges are valued in a like manner. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the consolidated tape at the close of the exchange representing the principal market for such securities. Securities trading on The NASDAQ Stock Market ("NASDAQ") are valued at the NASDAQ official closing price.

**Third-Party Pricing Agents** 

The Adviser may contract with independent, third-party pricing agents to provide primary and secondary valuation coverage. Generally, there will be only one primary pricing agent identified for each type of security within the Fund's portfolio.

**Use of Independent Brokers to Value Securities** 

If a security price cannot be obtained from an independent, third-party pricing agent, the Adviser shall seek to obtain a bid price from at least one independent broker. The Adviser shall report to the Board on any use of an independent broker to value securities.

**Fair Value Pricing Procedures** 

Securities for which market prices are not "readily available," or which cannot be valued using the methodologies described in these procedures, will be valued in accordance with the Adviser's Valuation Policy as approved by the Board. Notwithstanding the foregoing, a security shall not be required to be fair valued in accordance with the Adviser's Valuation Policy if the aggregate impact to the Fund's NAV would be less than $0.01. For purposes of measuring the $0.01 threshold, it is assumed that all securities that would otherwise be required to be fair valued were worthless to provide a hypothetical worst-case scenario. In such cases, the most recent available market value for such security may be used.

**Fair Value Measurements** 

In applying the valuation procedures described in this Valuation Policy, the Adviser maximizes the use of "observable" versus "unobservable" inputs in markets which are active or markets where there has not been a significant decrease in the volume and frequency of transactions, as stressed by ASC Topic 820. Observable inputs are defined as inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are defined as inputs that reflect the Adviser's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. To clarify observable versus unobservable inputs and increase consistency and comparability in Fair Value measurements, ASC Topic 820 establishes a Fair Value hierarchy (the "Fair Value Hierarchy") that prioritizes valuation inputs into three levels, which is utilized by the Adviser. The Fair Value Hierarchy is described below in further detail.

*Level 1* - Level 1 inputs ("Level 1 Inputs") are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Adviser has the ability to access at the valuation date. As defined in ASC Topic 820, an active market ("Active Market") for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The portfolio has investments in actively traded securities and therefore are valued through the use of Level 1 Inputs in accordance with the Fair Value Hierarchy. In accordance with ASC Topic 820, when applicable Level 1 Inputs are available for a particular security, the Fair Value of the security is equal to the quoted price multiplied by the quantity held. Adjustments are not applied to the quoted price due to the size of a position relative to trading volume (i.e., blockage).

*Level 2* - Level 2 inputs ("Level 2 Inputs") are inputs other than quoted prices included within Level 1 Inputs that are observable for the asset or liability, either directly or indirectly. Level 2 Inputs can include: quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.); and observable market-based inputs.

Annual Report \| March 31, 2025 15

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

*Level 3* - Level 3 inputs ("Level 3 Inputs") are unobservable inputs for the asset or liability. Unobservable inputs are used in the absence of observable inputs. Level 3 Inputs reflect the Adviser's own assumptions about the assumptions that market participants would use in pricing the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

These inputs are summarized in the three broad levels that follow.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Valued at Net <br> Asset Value<sup>(a)</sup>** | **Total** |
| &nbsp;&nbsp;Private Equity Real Estate Funds | $— | $— | $585495 | $235299902 | $235885397 |
| &nbsp;&nbsp;Short-Term Investments | 2173373 |  |  |  | 2173373 |
| &nbsp;&nbsp;Total | $2173373 | $— | $585495 | $235299902 | $238058770 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* &nbsp;&nbsp;&nbsp;&nbsp; *In accordance with ASC 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets & Liabilities.* 

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments in <br> Securities at Value** | **Beginning <br> Fair Value <br> March 31, 2024** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Sales or <br> Distributions** | **Net Realized <br> Gain (Loss)** | **Net Transfers <br> into Level 3 on <br> March 31, <br> 2025<sup>(b)</sup>** | **Ending <br> Fair Value <br> March 31, <br> 2025** |
| &nbsp;&nbsp;U.S. Real Property Income Fund, LP | $884349 | $(63972) | $(234882) | $— | $— | $585495 |
| &nbsp;&nbsp;Total  | $884349 | $(63972) | $(234882) | $— | $— | $585495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* &nbsp;&nbsp;&nbsp;&nbsp; *Transfers into or out of Level 3 can be attributed to changes in the availability of pricing sources and/or in the observability of significant inputs used to measure the fair value of those instruments. The inputs and techniques used in the determination of fair value for Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period.* 

**Use of Estimates** 

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies at the date of the financial statements. The Fund believes that these estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates.

**Indemnifications** 

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

Annual Report \| March 31, 2025 16

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

**Federal Income Taxes** 

The Fund intends to continue to qualify as a regulated investment company and comply with the provisions available to certain investment companies as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions from net investment income and from net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax provisions to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of September 30, 2024, the Fund's most recent tax year end, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statement of Operations. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**Investment Transactions** 

Investment security transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis.

**Distributions to Shareholders** 

Distributions from investment income are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and paid annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP. Shareholders will be informed of the tax characteristics of the distributions after the close of each fiscal year.

**Investment Income** 

Interest income is accrued and recorded on a daily basis including amortization of premiums, accretion of discounts, and income earned from money market funds. Dividend income is recorded on the ex-dividend date, except that certain dividends from private investment funds are recorded as soon as the information is available to the Fund. Distributions received from the Fund's investments in private investment funds generally are comprised of investment income, capital gains, and return of capital. For financial statement purposes, the Fund uses investment income, capital gains, and return of capital estimates to allocate the distribution income received. Such estimates are based on historical information available from each private investment and other industry sources. These estimates may subsequently be revised based on information received from the private investment funds after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Fund. The Fund estimates the allocation of investment income, capital gains, and return of capital for the distributions received from private investment funds with the Statement of Operations. For the year ended March 31, 2025, the Fund has estimated approximately 22.8%, 16.6%, and 60.6% of the distributions from private investment funds to be investment income, capital gains, and return of capital, respectively. The Fund records the character of distributions received during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on the information received from the private investment funds after their tax reporting periods conclude.

Annual Report \| March 31, 2025 17

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

**3. MANAGEMENT FEES AND OTHER RELATED PARTY TRANSACTIONS AND OTHER FEES** 

The Adviser serves as the investment adviser to the Fund. Under the terms of the Investment Advisory Agreement (the "Agreement"), the Adviser, subject to the supervision of the Board of Trustees (the "Board"), provides or arranges to be provided to the Fund such investment advice as it deems advisable and will furnish or arrange to be furnished a continuous investment program for the Fund consistent with the Fund's investment objectives and policies. As compensation for its management services, the Fund agrees to pay to the Adviser a monthly fee in dollars at the annual rate of 0.65% (as a percentage of daily net assets) on assets up to $500 million, 0.50% on assets of $500 million and more but less than $1 billion, 0.40% on assets of $1 billion and more but less than $5 billion, and 0.30% on assets of $5 billion and more, payable at the end of each calendar month. During the year ended March 31, 2025, the Fund accrued $1,227,648 in management fees.

The Adviser has contractually agreed to waive its fees and/or pay Fund expenses so that the total annual operating expenses of the Fund for Class I and Class L shares (excluding taxes, interest, trading costs, acquired fund fees and expenses, distribution fees, and shareholder servicing expenses), as a percentage of average daily net assets, do not exceed 0.85%. The Expense Limitation Agreement will continue indefinitely until revised or terminated by mutual agreement by the Fund and the Adviser, with the consent of the Board. Under the Expense Limitation Agreement, the Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the Expense Limitation Agreement at a date not to exceed three years from the month in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation.

Fees and reimbursed Fund expenses, including prior year expenses, are subject to potential recoupment by year of expiration. The Adviser's waived fees and reimbursed expenses that are subject to potential recoupment are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Period <br> Incurred** | **Amount <br> Waived** | **Amount <br> Recouped<sup>(a)</sup>** | **Amount Subject <br> to Potential Recoupment** | **Expiration <br> Date** |
| &nbsp;&nbsp;March 31, 2023 | $336001 | $— | $336001 | March 31, 2026 |
| &nbsp;&nbsp;March 31, 2024 | 388718 |  | 388718 | March 31, 2027 |
| &nbsp;&nbsp;March 31, 2025 | 315837 |  | 315837 | March 31, 2028 |
| &nbsp;&nbsp;Total | $1040556 | $— | $1040556 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* &nbsp;&nbsp;&nbsp;&nbsp; *Amounts to be recouped will be in compliance with the Expense Limitation Agreement, and will not cause the total Fund's expense ratio to exceed 0.85%.* 

Certain Officers of the Fund are also Officers of the Adviser. Officers, other than the Chief Compliance Officer, affiliated with the Adviser are not compensated by the Fund for their services. The Adviser also provides a Chief Compliance Officer to the Fund. For these services, the Fund pays the Adviser a monthly fee of $6,500, which is included in Compliance fees in the Statement of Operations.

Quasar Distributors, LLC ("Quasar"), a wholly-owned broker-dealer subsidiary of Foreside Distributors, LLC and an indirect subsidiary of Foreside Financial Group, LLC ("Foreside" (d/b/a ACA Group)), serves as the Fund's distributor. The Fund has adopted a plan of distribution consistent with Rule 12b-1 of the 1940 Act applicable to Class L shares. Under the plan, 12b-1 distribution fees at an annual rate up to 0.25% of average daily net assets of Class L shares may be paid to the distributor or others for distribution services. For the year ended March 31, 2025, the Fund had not incurred any 12b-1 fees. The Fund has also adopted a shareholder servicing plan applicable to Class I and Class L shares. Effective June 22, 2023, shareholder servicing fees at an annual rate up to a maximum of 0.25% and 0.25% of average daily net assets of Class I and Class L shares are paid for shareholder services, respectively. For the year ended March 31, 2025, the Fund incurred shareholder servicing fees of $215,634 for Class I and $107 for Class L.

Annual Report \| March 31, 2025 18

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

The custodians to the Fund are U.S. Bank, N.A. and UMB Bank, N.A. The administrator and transfer agent to the Fund is U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services ("Fund Services"). See the effect of expenses on Statement of Operations.

**4. INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended March 31, 2025 amounted to $51,393 and $21,903,054, respectively.

**5. TAX BASIS INFORMATION** 

The amount and character of income and capital gain distribution to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differences in the timing of recognition of gains or losses on investments. Permanent book and tax basis differences, if any, may result in reclassifications to total distributable earnings and additional paid-in capital.

The following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character.

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total <br> Distributable Earnings** |
| $(20658092) | $20658092 |

---

Under current tax law, net capital losses realized after October 31st and net ordinary losses incurred after December 31st may be deferred and treated as occurring on the first day of the following fiscal year. As of September 30, 2024, the Fund deferred, on a tax basis, late-year investment losses of $1,433,288.

As of March 31, 2025, the unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

---

| | |
|:---|:---|
|  | **Investments** |
| &nbsp;&nbsp;Cost of investments for tax purposes | $217819775 |
| &nbsp;&nbsp;Gross tax unrealized appreciation | $35744859 |
| &nbsp;&nbsp;Gross tax unrealized depreciation | (15505864) |
| &nbsp;&nbsp;Net tax unrealized appreciation (depreciation) | $20238995 |

---

As of September 30, 2024, the Fund's most recent tax year end, the tax basis of distributable earnings (accumulated deficit) were as follows:

---

| | |
|:---|:---|
|  | **Investments** |
| &nbsp;&nbsp;Undistributed ordinary income | $— |
| &nbsp;&nbsp;Undistributed long-term capital gains |  |
| &nbsp;&nbsp;Tax accumulated earnings | $— |
| &nbsp;&nbsp;Accumulated capital and other losses | (1472567) |
| &nbsp;&nbsp;Unrealized appreciation on investments | $15629073 |
| &nbsp;&nbsp;Total accumulated earnings | $14156506 |

---

Difference between book and tax basis net unrealized appreciation relates to outstanding partnership basis adjustments.

Annual Report \| March 31, 2025 19

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

During the tax years ended September 30, 2024 and September 30, 2023, the tax character of distributions paid by the Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | **Tax Year Ended <br> September 30, 2024** | **Tax Year Ended <br> September 30, 2023** |
| &nbsp;&nbsp;Ordinary income | $— | $— |
| &nbsp;&nbsp;Long-term capital gain | 2026586 | 2918998 |
| &nbsp;&nbsp;Return of capital | 4891174 | 5029475 |
|  | $6917760 | $7948473 |

---

**6. REPURCHASE OFFERS** 

The Fund operates as an interval fund pursuant to Rule 23c-2 under the 1940 Act and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at NAV, of no less than 5% and no more than 25% of the Fund's shares outstanding on the Repurchase Request Deadline (as defined below). There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholder's shares in each quarterly repurchase. Liquidity will be provided to shareholders only through the Fund's quarterly repurchases. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the "Repurchase Request Deadline"). Shares will be repurchased at the NAV per share determined as of the close of regular trading on the Repurchase Request Deadline.

During the year ended March 31, 2025, the Fund completed four repurchase offers. In this offer, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. The result of the repurchase offers are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commencement Date** | &nbsp;&nbsp;April 5, 2024 | &nbsp;&nbsp;July 5, 2024 | &nbsp;&nbsp;October 4, 2024 | &nbsp;&nbsp;January 3, 2025 |
| &nbsp;&nbsp;**Repurchase Request Deadline** | &nbsp;&nbsp;April 26, 2024 | &nbsp;&nbsp;July 26, 2024 | &nbsp;&nbsp;October 25, 2024 | &nbsp;&nbsp;January 24, 2025 |
| &nbsp;&nbsp;**Repurchase Pricing Date** | &nbsp;&nbsp;April 26, 2024 | &nbsp;&nbsp;July 26, 2024 | &nbsp;&nbsp;October 25, 2024 | &nbsp;&nbsp;January 24, 2025 |
| &nbsp;&nbsp;**Amount Repurchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7431140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7061403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13527649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7339065 |
| &nbsp;&nbsp;**Shares Repurchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330872 |

---

**7. RESTRICTED SECURITIES** 

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objective and investment strategies. Investments in restricted securities are valued at net asset value as practical expedient for fair value, or fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

As of March 31, 2025, the Fund invested in the following restricted securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial <br> Acquisition <br> Date** | **Cost** | **Fair Value** | **Private Investment Funds** | **Redemption <br> Frequency<sup>(1)</sup>** | **Commitments <br> as of <br> March 31, <br> 2025** |
| &nbsp;&nbsp;1/2/2018 | $10257790 | $10243715 | &nbsp;&nbsp;AEW Core Property (U.S.), LP | Quarterly | $0 |
| &nbsp;&nbsp;10/2/2017 | 8024806 | 8150301 | &nbsp;&nbsp;ARA Core Property Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 6765445 | 5280848 | &nbsp;&nbsp;ASB Allegiance Real Estate Fund, LP | Quarterly | 0 |

---

Annual Report \| March 31, 2025 20

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Initial <br> Acquisition <br> Date** | **Cost** | **Fair Value** | **Private Investment Funds** | **Redemption <br> Frequency<sup>(1)</sup>** | **Commitments <br> as of <br> March 31, <br> 2025** |
| &nbsp;&nbsp;4/1/2021 | $6485567 | $7060782 | &nbsp;&nbsp;Bailard Real Estate Investment Trust, Inc. | Quarterly | $0 |
| &nbsp;&nbsp;10/2/2017 | 8013783 | 7100700 | &nbsp;&nbsp;Barings Core Property Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;10/18/2019 | 3095470 | 3098544 | &nbsp;&nbsp;BGO Daily Value Fund – Class F | Daily | 0 |
| &nbsp;&nbsp;10/2/2017 | 5892777 | 6843474 | &nbsp;&nbsp;BGO Diversified US Property Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 12462054 | 10876226 | &nbsp;&nbsp;BlackRock US Core Property Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 19192107 | 20868116 | &nbsp;&nbsp;CBRE U.S. Core Partners, LP | Quarterly | 0 |
| &nbsp;&nbsp;7/1/2021 | 7961637 | 7425676 | &nbsp;&nbsp;CIM UII Onshore, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 17279262 | 17326796 | &nbsp;&nbsp;Clarion Lion Properties Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 11466586 | 11294054 | &nbsp;&nbsp;GWL US Property Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;10/1/2018 | 4420421 | 4172376 | &nbsp;&nbsp;Invesco Core Real Estate – U.S.A., LP | Quarterly | 0 |
| &nbsp;&nbsp;4/1/2019 | 2682191 | 2873129 | &nbsp;&nbsp;Invesco U.S. Income Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;7/1/2020 | 3785138 | 6053907 | &nbsp;&nbsp;Lion Industrial Trust | Quarterly | 0 |
| &nbsp;&nbsp;7/1/2019 | 13192390 | 13394237 | &nbsp;&nbsp;Madison Core Property Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;10/1/2018 | 1494684 | 1669606 | &nbsp;&nbsp;MetLife Core Property Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;2/28/2022 | 1334075 | 1227988 | &nbsp;&nbsp;PGIM Retirement Real Estate Fund II LP | Daily | 0 |
| &nbsp;&nbsp;6/30/2022 | 10280601 | 9866450 | &nbsp;&nbsp;Prime Property Fund, LLC | Quarterly | 0 |
| &nbsp;&nbsp;7/1/2019 | 1421665 | 1428387 | &nbsp;&nbsp;Principal Enhanced Property Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 8516692 | 10170294 | &nbsp;&nbsp;PRISA LP | Quarterly | 0 |
| &nbsp;&nbsp;1/1/2020 | 3566240 | 5306031 | &nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 7177906 | 7388218 | &nbsp;&nbsp;RREEF America II LP | Quarterly | 0 |
| &nbsp;&nbsp;4/1/2019 | 2984704 | 4930321 | &nbsp;&nbsp;RREEF Core Plus Industrial Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;9/21/2018 | 4205806 | 4669453 | &nbsp;&nbsp;Sentinel Real Estate Fund, LP | Daily | 0 |
| &nbsp;&nbsp;10/2/2017 | 9354102 | 10800245 | &nbsp;&nbsp;Smart Markets Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;4/1/2022 | 9762917 | 8081516 | &nbsp;&nbsp;Strategic Property Fund | Quarterly | 0 |
| &nbsp;&nbsp;1/2/2020 | 13063416 | 13000050 | &nbsp;&nbsp;TA Realty Core Property Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 6820710 | 5463614 | &nbsp;&nbsp;Trumbull Property Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;10/1/2019 | 3989019 | 3903793 | &nbsp;&nbsp;U.S. Real Estate Investment Fund, LLC | Quarterly | 0 |
| &nbsp;&nbsp;7/2/2018 | 531586 | 585495 | &nbsp;&nbsp;U.S. Real Property Income Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;11/1/2018 | 5035741 | 5331055 | &nbsp;&nbsp;US Government Building Fund | Quarterly | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* &nbsp;&nbsp;&nbsp;&nbsp; *Redemption notices for the Private Investment Funds is 90 days or less. While redemptions can be requested at the frequency listed above, there is no guarantee the Fund will be paid all or any of the redemption amount at the time requested. Each of the following Private Investment Funds can temporarily suspend redemptions or pay out a pro-rata portion of redemption requests if the general partner or its respective Board deems it in the best interest of its shareholders.* 

**8. LINE OF CREDIT** 

On September 9, 2024, as a result of the Fund's reorganization (See Note 9), the USQ Core Real Estate Fund assumed the liabilities under PREDEX's secured line of credit with Royal Bank of Canada ("RBC") and consolidated the outstanding balances into a single $50 million secured line of credit with RBC (compared to $30 million under the Fund's previous line of credit with RBC).

As of March 31, 2025, the Fund has a secured line of credit of up to $50 million with RBC for the purpose of liquidity subject to the limitations of the 1940 Act for borrowings. Borrowings under the arrangement bear interest at the 3-month SOFR plus 1.75% at the time of borrowing. As collateral for borrowings under the line of credit, the Fund grants RBC a first position security interest in and lien on the securities held by the Fund in a collateral account. During the year ended March 31, 2025, the Fund incurred $908,960

Annual Report \| March 31, 2025 21

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

of interest and $443,563 of commitment fees, which is included in interest expense in the financial statements. Average borrowings and the average interest rate for the days the line of credit was outstanding during the year ended March 31, 2025 were $14,061,311 and 6.38%, respectively. As of March 31, 2025, the Fund had $17,991,016 in outstanding borrowings with an effective interest rate of 6.05%. The largest amount outstanding during the year ended March 31, 2025 was $27,072,378. The line of credit with RBC has a maturity of May 2, 2025.

**9. FUND REORGANIZATION** 

After the close of business on September 6, 2024, the USQ Core Real Estate Fund ("USQ") acquired the net assets of PREDEX pursuant to an Agreement and Plan of Reorganization as approved by the Board of Trustees on June 13, 2024. The purpose of the transaction was to combine two funds with similar investment strategies and investments into a single fund having a larger asset base that may allow the combined fund to participate in broader distribution arrangements which may grow the size of the combined fund and reduce the overall expenses of the combined fund and benefit shareholders. The reorganization was accomplished with tax-free exchanges resulting in the issuance of 4,455,474 Class I shares and 6,546 Class L shares by USQ in exchange for the outstanding shares of PREDEX. The exchange ratio was 1.03999 for Class I shares and 1.03962 for Class L shares. The net asset values of USQ's Class I and Class L shares on the close of business September 6, 2024, both before and after the reorganization, were $22.50 and $22.57, respectively. PREDEX's net assets at the reorganization date of $100,382,154, including $4,657,862 of unrealized appreciation, were combined with those of USQ. Assuming the acquisition had been completed on April 1, 2024, the beginning of the annual reporting period of USQ, proforma results of operations for the fiscal period ended March 31, 2025, would include net investment loss of $2,009,799, and net realized and change in unrealized gain/(loss) of $(1,468,325) resulting in a decrease of net assets from operations of $3,478,124. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization date, it is not practicable to separate amounts of revenue and earnings of PREDEX that have been included in USQ's statement of operations since the reorganization date. Prior to the reorganization date, the net assets of USQ totaled $135,268,582. Immediately after the reorganization, the net assets of USQ totaled $235,650,736.

**10. RISKS AND UNCERTAINTIES** 

In the normal course of business, the Fund faces certain risks and uncertainties. Set forth below is a summary of certain principal risks associated with the Fund. The following is not intended to be a complete list of all the potential risks associated with the Fund. For a more comprehensive list of potential risks the Fund may be subject to, please refer to the Fund's Prospectus and Statement of Additional Information.

*Valuation of Private Investment Funds.* Private Investment Funds are not publicly traded. Accordingly, the Adviser may consider information provided by the institutional asset manager to determine the estimated value of the Fund's investment therein. The valuation provided by an institutional asset manager as of a specific date may vary from the actual sale price that may be obtained if such investment were sold to a third party, if a secondary market for such investment existed. For information about the value of the Fund's investment in Private Investment Funds, the Adviser will be dependent on information provided by the Private Investment Funds, including quarterly unaudited financial statements which if inaccurate could adversely affect the Adviser's ability to value accurately the Fund's shares. Accordingly, there can be no assurance that the stated NAV of the Fund, as calculated based on such information, will be accurate on any given date, nor can there be any assurance that the sale of any property would be at a price equivalent to the last estimated value of such property. Further, the NAV of the Fund, as determined based on the fair value of its investments in Private Investment Funds, may vary from the amount the Fund would realize on the withdrawal of its investments from the Private Investment Funds. Such discrepancies can result in shareholders experiencing a windfall or shortfall, or dilution of their interest in the Fund.

Annual Report \| March 31, 2025 22

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

*Real Estate Industry Concentration Risk.* The Fund does not invest in real estate directly, but, because the Fund concentrates its investments in securities of real estate investment trusts ("REITs") and other real estate industry issuers, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The value of companies engaged in the real estate industry is affected by: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding, and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values, or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. There are also special risks associated with particular real estate sectors, or real estate operations generally. To the extent that a significant portion of the Fund is invested directly or indirectly in real estate located in a particular geographic region or in a particular property type, the Fund is subject to greater risks of adverse developments specific to that geographic region or property type.

*Interest Rate Risk.* Rising interest rates may cause the value of the Fund's portfolio to decline, due to higher costs of capital for real estate companies, which could negatively impact a real estate company's ability to meet its payment obligations. Additionally, real estate companies may use leverage (and some may be highly leveraged), which increases investment risk and the risks normally associated with debt financing and could adversely affect a real estate company's operations and market value in periods of rising interest rates. Increases in interest rates also typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. The risks associated with rising interest rates are heightened in view of the US Federal Reserve Bank's decision to raise the federal funds rates, and may continue to raise interest rates if considered necessary to reduce inflation to acceptable levels.

*Use of Leverage by Underlying Funds.* The Underlying Funds in which the Fund invests may utilize financial leverage, subject to the limitations of their charters and operative documents. In the case of Private Investment Funds, such funds are not subject to the limitations imposed by the Investment Company Act of 1940 regarding the use of leverage with respect to which registered investment companies, including the Fund, are subject. Leverage by Underlying Funds has the effect of potentially increasing losses.

*Private Investment Fund Risk.* The Fund's investments in Private Investment Funds require it to bear a pro rata share of the vehicles' expenses, including management and performance fees. The fees the Fund pays to invest in a Private Investment Fund may be higher than if the manager of the Private Investment Fund managed the Fund's assets directly. The performance fees paid by certain Private Investment Funds potentially create an incentive for its manager to make investments that are riskier and/or more speculative than those it might have made in the absence of a performance fee. Furthermore, Private Investment Funds, like the other Underlying Funds in which the Fund may invest, are subject to specific risks, depending on the nature of the vehicle, including the frequency and amount of redemptions paid to the Fund, and also may employ leverage such that their returns are more than one times that of their benchmark which could amplify losses suffered by the Fund when compared to unleveraged investments. With respect to the frequency and amounts of redemptions paid to the Fund, there is no guarantee that the Fund will be paid all or any of the redemption amount at the time requested. Further, each of the Private Investment Funds can suspend redemptions or pay a pro-rata portion of redemption requests if the general partner or its respective board deems it in the best interest of its shareholders. Shareholders of Private Investment Funds are not entitled to the protections of the 1940 Act. For example, Private Investment Funds need not have independent boards, shareholder approval of advisory contracts may not be required, the funds may leverage to an unlimited extent, and the funds may engage in joint transactions with affiliates. The majority of Private Investment Funds permit redemptions only quarterly (the others are more frequent) and these withdrawal limitations restrict the Adviser's ability to terminate investments in Private Investment Funds. If values are falling, the Fund may not be able to sell its Private Investment Funds and the value of Fund shares will decline. These characteristics present additional risks for shareholders.

Annual Report \| March 31, 2025 23

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2025**  |

---

*Market Risk.* An investment in the Fund's shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund's shares represents an indirect investment in the securities owned by the Fund. The value of these securities may move up or down, sometimes rapidly and unpredictably. The market value of the Fund's investments may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause an investment to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy, or the market as a whole. U.S. and international markets have experienced, and may continue to experience, volatility, which may increase risks associated with an investment in the Fund. Certain social, political, economic, environmental, and other conditions and events (such as natural disasters and weather-related phenomena generally, epidemics and pandemics such as COVID-19 and its lingering effects, war, terrorism, conflicts, and social unrest) may adversely interrupt the global economy and result in prolonged periods of significant market volatility. The market value of securities in which the Fund invests is based upon the market's perception of value and is not necessarily an objective measure of the securities' value. In some cases, for example, the stock prices of individual companies have been negatively impacted even though there may be little or no apparent degradation in the financial condition or prospects of the issuers. Similarly, the debt markets have experienced substantially lower valuations, reduced liquidity, price volatility, credit downgrades, increased likelihood of default, and valuation difficulties. As a result of this significant volatility, many of the following risks associated with an investment in the Fund may be increased. Continuing market volatility may have adverse effects on the Fund.

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In this reporting period, the fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**12. SUBSEQUENT EVENTS** 

The Fund completed a quarterly repurchase offer on April 25, 2025, which resulted in 571,784 of Fund shares being repurchased for $12,579,250.

Effective April 23, 2025, the Fund extended its $50 million secured line of credit with Royal Bank of Canada ("RBC") through May 1, 2026. The terms of the Credit Agreement remain unchanged.

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements other than the above.

Annual Report \| March 31, 2025 24

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Report of Independent Registered Public Accounting Firm** |
|  | **March 31, 2025** |

---

To the Shareholders and Board of Trustees of<br> USQ Core Real Estate Fund

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of USQ Core Real Estate Fund (the "Fund") as of March 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodians and underlying fund administrators. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2017.

![](fp0093282-3_25.jpg)

COHEN & COMPANY, LTD.<br> Cleveland, Ohio <br> May 30, 2025

Annual Report \| March 31, 2025 25

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Additional Information** |
|  | **March 31, 2025 (Unaudited)** |

---

**1. PROXY VOTING POLICIES AND VOTING RECORD** 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities owned by the Fund and information regarding how the Fund voted proxies relating to the portfolio securities during the most recent 12-month period ended June 30 is available to shareholders without charge by visiting the Securities and Exchange Commission's ("SEC") web site at www.sec.gov.

**2. QUARTERLY PORTFOLIO HOLDINGS** 

The Fund files a complete listing of portfolio holdings for the Fund with the SEC as of first and third quarters of each fiscal year on Form N-PORT, within 60 days after the end of the period. The filings are available on the SEC's website at http://www.sec.gov.

Annual Report \| March 31, 2025 26

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Trustees & Officers** |
|  | **March 31, 2025 (Unaudited)** |

---

**Management of the Fund** 

**Board of Trustees** 

The management and affairs of the Fund are supervised by the Board. The Board currently consists of three individuals, all of whom are not "interested persons" of the Fund, as that term is defined in the 1940 Act (the "Independent Trustees"). The Board establishes policies for the operation of the Fund and appoints the officers who conduct the daily business of the Fund. The current Trustees and officers of the Fund and their years of birth are listed below with their addresses, present positions with the Fund, term of office with the Fund and length of time served, principal occupations over at least the last five years and other directorships/trusteeships held.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> Year of Birth<br> and Address** | &nbsp;&nbsp;**Position<br> with the<br> Fund** | &nbsp;&nbsp;**Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupations<br> During the Past Five Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee** | &nbsp;&nbsp;**Other Directorship/<br> Trusteeship Positions<br> held by Trustee<br> During the Past 5 Years** |
| &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  |
| &nbsp;&nbsp;Gregory Fairchild (1963) <br>235 Whitehorse Lane<br> Suite 200<br> Kennett Square, PA 19348 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Since 2017 | &nbsp;&nbsp;Dr. Fairchild is Professor at the University of Virginia, Darden GSBA. Dean and CEO, UVA \| Northern Virginia (2021 to present). | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Havilah Mann, CPA (1975) <br>235 Whitehorse Lane<br> Suite 200<br> Kennett Square, PA 19348 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Since 2017 | &nbsp;&nbsp;Ms. Mann is a Certified Public Accountant, Fractional Chief Financial Officer and Business Development Advisor of HSM Resources (accounting infrastructure and internal control consulting services). | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Edward P. Mooney Jr. (1970) <br>235 Whitehorse Lane<br> Suite 200<br> Kennett Square, PA 19348 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Since 2020 | &nbsp;&nbsp;Mr. Mooney is a private investor and a Limited Partner of Golden Angels Investors LLC (since 2018). Previously, Mr. Mooney was a Managing Director with Artisan Partners Limited Partnership (investment management) until his retirement in 2014.  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Board of Directors, Christian Brothers Investment Services (2016 to present) and Board of Managers, Ocean Square Asset Management (2017 to 2018). |

---

Annual Report \| March 31, 2025 27

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Trustees & Officers** |
|  | **March 31, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, <br> Year of Birth <br> and Address** | &nbsp;&nbsp;**Position <br> with the <br> Fund** | &nbsp;&nbsp;**Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupations <br> During the Past Five Years** |
| &nbsp;&nbsp;**Officers Who Are Not Trustees** | &nbsp;&nbsp;**Officers Who Are Not Trustees** | &nbsp;&nbsp;**Officers Who Are Not Trustees** | &nbsp;&nbsp;**Officers Who Are Not Trustees** |
| G. Keith Downing\* (1972) <br>235 Whitehorse Lane<br> Suite 200<br> Kennett Square, PA 19348 | &nbsp;&nbsp;Treasurer and Principal Financial Officer | &nbsp;&nbsp;Indefinite; Since 2017 | &nbsp;&nbsp;Mr. Downing is Chief Operating Officer of the Adviser since its inception.  |
| Thomas E. Miller, CFA\* (1983) <br>235 Whitehorse Lane<br> Suite 200<br> Kennett Square, PA 19348 | &nbsp;&nbsp;President and Principal Executive Officer | &nbsp;&nbsp;Indefinite; President and Chief Executive Officer since 2021; Chief Investment Officer since 2017 | &nbsp;&nbsp;Dr. Miller is Chief Executive Officer of the Adviser since 2021. Dr. Miller is Chief Investment Officer of the Adviser since inception. From 2017 to 2021, Dr. Miller served as Vice President of the Fund.  |
| Mary K. Ziegler\* (1972) <br>235 Whitehorse Lane<br> Suite 200<br> Kennett Square, PA 19348 | &nbsp;&nbsp;Chief Compliance Officer and AML Compliance Officer | &nbsp;&nbsp;Indefinite; Since 2018 | &nbsp;&nbsp;Ms. Ziegler is Chief Legal and Compliance Officer of the Adviser since February 2018. She also serves as General Counsel of Chatham Financial Corp., an affiliate of the Adviser, since May 2020. From November to May 2020, Ms. Ziegler served as the Global Head of Compliance for Chatham Financial Corp., and from July 2019 to November she also served as Interim Chief Compliance Officer. From June 2012 to February 2018, Ms. Ziegler was Chief Compliance Officer of TFS Capital LLC (investment adviser).  |
| Michael Achterberg\* (1963) <br>235 Whitehorse Lane<br> Suite 200<br> Kennett Square, PA 19348 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Indefinite; Since Dec. 2022 | &nbsp;&nbsp;Senior Portfolio Manager, Union Square Capital Partners, LLC, Aug. 2022 to present. President, PREDEX Capital Management, LLC, June 2018 to July 2022; Chief Operating Officer, PREDEX Capital Management, LLC, Mar. 2013 to May 2018. |

---

*\** *Each Officer of the Fund serves at the pleasure of the Board.* 

Annual Report \| March 31, 2025 28

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Privacy Policy** |
|  | **March 31, 2025 (Unaudited)**  |

---

As the investment adviser for USQ Core Real Estate Fund (the "Fund"), Union Square Capital Partners, LLC (the "Adviser") invests the assets of the Fund and manages their day-to-day business. We appreciate your business and the trust you have placed in us. Our privacy philosophy reflects the value of your trust. We are committed to protecting the personal data we obtain about you. On behalf of the Fund and the Adviser (collectively, "USQ"), we make the following assurance of your privacy.

<u><u>**Not Using Your Personal Data for our Financial Gain**</u></u>

USQ has never sold shareholder information to any other party, nor have we disclosed such data to any other organization, except as permitted by law. We have no plans to do so in the future. We will notify you prior to making any change in this policy.

<u><u>**How We Do Use Your Personal and Financial Data**</u></u>

We use your information primarily to complete your investment transactions. We may also use it to communicate with you about other financial products that we offer.

<u><u>**The Information We Collect About You**</u></u>

You typically provide personal information when you complete a USQ account application or when you request a transaction that involves USQ, either directly or through a brokerage firm. This information may include your:

● Name, address, and phone numbers

● Social security or taxpayer identification number

● Birth date and beneficiary information (for IRA applications)

● Basic trust document information (for trusts only)

● Account balance

● Investment activity

<u><u>**How We Protect Your Personal Information**</u></u>

As emphasized above, we do not sell information about current or former shareholders or their accounts to third parties. We occasionally share such information to the extent permitted by law to complete transactions at your request, or to make you aware of related financial products that we offer. Here are the details:

● To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals, or groups that are not affiliated with USQ. For example, if you ask to transfer assets from another financial institution to USQ, we will need to provide certain information about you to that company to complete the transaction.

● In certain instances, we may contract with non-affiliated companies to perform services for us, such as processing orders for share purchases and repurchases and distribution of shareholder letters. Where necessary, we will disclose information about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities (in the case of shareholder letters, only your name and address) and only for that purpose. We require these third parties to treat your private information with the same high degree of confidentiality that we do.

● Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example, to protect your account from fraud).

<u><u>**How We Safeguard Your Personal Information**</u></u>

We restrict access to your information to those USQ representatives who need to know the information to provide products or services to you. We maintain physical, electronic, and procedural safeguards to protect your personal information.

<u><u>**Purchasing Shares of the Fund through Brokerage Firms**</u></u>

USQ shareholders may purchase their shares through brokerage firms. Please contact those firms for their own policies with respect to privacy issues.

<u><u>**What You Can Do**</u></u>

For your protection, we recommend that you do not provide your account information, user name, or password to anyone except a USQ representative as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

<u><u>**We'll Keep You Informed**</u></u>

If we change our privacy policy with regard to disclosing your confidential information, we are required by law to notify you and provide you with a revised notice. You can access our privacy policy from our website.

Annual Report \| March 31, 2025 29

Investment Adviser

Union Square Capital Partners, LLC

235 Whitehorse Lane, Suite 200

Kennett Square, PA 19348

Distributor

Quasar Distributors, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, OH 43215

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

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| | |
|:---|:---|
| ![](fp0093282-3_30.jpg) | USQ Core Real Estate Fund<br> 235 Whitehorse Lane Suite 200 Kennett Square, PA 19348<br> www.usq.com 1-833-877-3863<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Havilah Mann is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| (a) Audit Fees | $34000 | $30000 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $5250 | $5250 |
| (d) All Other Fees |  |  |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, LTD. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u>Non-Audit Related Fees</u> <u>FYE 3/31/2025</u> <u>FYE 3/31/2024</u> <br> Registrant None None <br> <u>Registrant's Investment Adviser</u> <u>None</u> <u>None</u>

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Gregory Fairchild, Havilah Mann, and Edward Mooney Jr.

**<u>Item 6. Investments.</u>**

(a) Schedule
 of Investments is included as part of the report to shareholders filed under Item 1 of
 this Form.

(b) Not
 applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

**PROXY VOTING**

**Policy**

Adviser accepts responsibility for voting proxies for portfolio securities held within Client accounts, unless otherwise required by law, regulation or contract. If the Adviser decides to accept proxy voting responsibility, it will establish written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about Adviser's proxy policies and practices. The Adviser may utilize the services of a third-party voting agent.

**Background & Description**

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. The purpose of these proxy voting policies and procedures are to set forth the principles, guidelines and procedures by which an adviser may vote the securities owned by its clients for which Adviser exercises voting authority and discretion (the "**Proxies**"). These policies and procedures have been designed to ensure that Proxies are voted in the best interests of clients in accordance with fiduciary duties and Rule 206(4)-6 under the Advisers Act. Investment Advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an Adviser addresses material conflicts that may arise between an Adviser's interests and those of its clients; (b) to disclose to clients how they may obtain information from the Adviser with respect to the voting of proxies for their securities; (c) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the Adviser's proxy voting activities when the Adviser does have proxy voting authority. Responsibility for voting the Proxies is generally established by advisory agreements or comparable documents with clients, and proxy voting guidelines are tailored to reflect these specific contractual obligations. In addition, proxy guidelines reflect the fiduciary standards and responsibilities for accounts subject to the Employment Retirement Income Security Act of 1974, as amended ("**ERISA**") set out idol Bulletin 94-2. These policies and procedures apply to any Client that has contractually delegated authority and discretion for proxy voting to the Adviser. These proxy voting policies and procedures are available to all Clients upon request, subject to the provision that these policies and procedures are subject to change at any time without notice.

**Responsibility**

The Investment Committee is responsible for ensuring that the appropriate written documentation and disclosures are in place representing that the Adviser votes proxies. The Investment Committee will be responsible for the implementation and monitoring of Adviser's Proxy Voting Policies and Procedures, including associated practices, disclosures and recordkeeping, as well as oversight of a third-party voting agent, if applicable. The Investment Committee may delegate responsibility for the performance of these activities but oversight and ultimate responsibility remain with the Investment Committee.

**Procedures**

Adviser has adopted various procedures to implement the firm's Proxy Voting policy and reviews to monitor and ensure that the firm's policy is observed, implemented properly and amended or updated, as appropriate. The procedures are as follows:

PROXY VOTING GUIDELINES

The guiding principle by which Adviser votes on all matters submitted to security holders is the maximization of the ultimate economic value of our Clients' holdings. Adviser does not permit voting decisions to be influenced in any manner that is contrary to, or dilutive of, the guiding principle set forth above. It is our policy to avoid situations where there is any conflict of interest or perceived conflict of interest affecting our voting decisions. Any conflicts of interest, regardless of whether actual or perceived, will be addressed in accordance with these policies and procedures.

It is the general policy of Adviser to vote on all matters presented to security holders in any Proxy, and these policies and procedures have been designed with that in mind. However, Adviser reserves the right to abstain on any particular vote or otherwise withhold its vote on any matter if in the judgment of Adviser, the costs associated with voting such Proxy outweigh the benefits to Clients or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of our Clients, in the judgment of Adviser. While the guidelines included in the procedures are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration Adviser's contractual obligations to our Clients and all other relevant facts and circumstances at the time of the vote (such that these guidelines may be overridden to the extent Adviser believes appropriate). Adviser may vote proxies related to the same security differently for each Client.

In the event that Adviser acts as investment adviser to a closed-end and/or open-end registered investment company and is responsible for voting their proxies, such proxies will be voted in accordance with any applicable investment restrictions of the fund and, to the extent applicable, any proxy voting procedures or resolutions or other instructions approved by an authorized person of the Fund Client.

Absent any legal or regulatory requirement to the contrary, it is generally the policy of Adviser to maintain the confidentiality of the particular votes that it casts on behalf of its Clients. Any registered investment companies managed by Adviser disclose the votes cast on their behalf in accordance with all legal and regulatory requirements. Any Client of Adviser can obtain details of how Adviser has voted the securities in its account by contacting a service representative at Adviser. Adviser does not, however, generally disclose the results of voting decisions to third parties.

CONFLICTS OF INTEREST IN CONNECTION WITH PROXY VOTING

The Investment Committee has responsibility to monitor proxy voting decisions for any conflicts of interest, regardless of whether they are actual or perceived. In addition, all Supervised Persons are expected to perform their tasks relating to the voting of Proxies in accordance with the principles set forth above, according the first priority to the economic interests of Adviser's Clients. If at any time any Supervised Person becomes aware of any potential or actual conflict of interest or perceived conflict of interest regarding the voting policies and procedures described herein or any particular vote on behalf of any Client, he or she should contact any member of the Investment Committee or the CCO. If any Supervised Person is pressured or lobbied either from within or outside of Adviser with respect to any particular voting decision, he or she should contact any member of the Investment Committee or the CCO. The full Investment Committee will use its best judgment to address any such conflict of interest and ensure that it is resolved in the best interest of the Clients. The Investment Committee may cause any of the following actions to be taken in that regard:

● vote the relevant Proxy in accordance with the vote indicated by these guidelines;

● vote the relevant Proxy as an exception to these guidelines, provided that the reasons behind the voting decision are in the best interest of the Client, are reasonably documented and are approved by the CCO; or

● direct a third-party Proxy Voter to vote in accordance with its independent assessment of the matter.

COMMITTEE RESPONSIBILITIES

The administration of these Proxy Voting policies and procedures is governed by the Investment Committee.

The Investment Committee has regular meetings, and may meet other times as deemed necessary by the Chair or any member of the Investment Committee. At each regular meeting, minutes will be taken and on an annual basis the Investment Committee will review the existing proxy voting guidelines and recommend any changes to those guidelines. In addition, the Investment Committee will review any exceptions that have occurred since the previous meeting of the Investment Committee. On all matters, the Investment Committee will make its decisions by a vote of a majority of its members. Any matter for which there is no majority agreement among members of the Investment Committee shall be referred to Operating Committee or its designee.

PROXY VOTING PROCEDURES

The Adviser is not required to vote every Fund security, and refraining from voting should not necessarily be construed as a violation of the Adviser's fiduciary obligations. The Adviser will not ignore or neglect its security voting responsibilities, but there may be times when refraining from voting is in a Fund's best interest.

Upon receipt of a proxy solicitation by the Adviser, either directly or as provided by the Administrator, will present to the Investment Committee members the terms of the solicitation. The Investment Committee will determine whether or how the proxy should be voted, in accordance with the Adviser's Proxy Voting Policies and Procedures. The Investment Committee will document the result of the discussion in its meeting minutes and the Adviser will coordinate the voting of the proxy with the Administrator.

The above Proxy Voting Policies and Procedures are designed to ensure that Client Account proxies are properly voted, material conflicts are avoided and fiduciary obligations are fulfilled. Because Supervised Persons are discouraged from engaging in any material business other than providing investment management services to Client Accounts, it is highly unlikely that any specific Client Account proxy will result in a material conflict of interest between Adviser and any Supervised Person.

In the unlikely event that (i) a specific proxy is not addressed by any of the guidelines above, and (ii) Adviser or any of its Supervised Persons has a material conflict with Client Accounts in connection with the voting of proxies, as determined by Adviser, in its sole discretion, Adviser shall (A) prohibit any conflicted Supervised Person from participating in and/or having any influence on Adviser's evaluation of the proxy vote; (B) vote in accordance with the proxy voting recommendations of a majority of Client Accounts; or (C) follow the proxy voting recommendation of an independent third-proxy voting specialist.

<u>Procedure for Documentation</u>

Adviser shall maintain: (i) its voting policies and procedures; (ii) corporate action and proxy statements received; (iii) records how and when votes were submitted; (iv) records of its Client's requests for voting information; and (v) any documents prepared by Adviser that were material to making a decision on how to vote. All votes will be documented and maintained by the Adviser.

Rule 30b1-4 under the Investment Company Act requires registered investment companies to file their complete proxy voting records on "Form N-PX" for the 12-month period ended June 30 by August 31 of each year. The Fund CCO will review all reports on Form N-PX and oversee the timely filings of all such reports on Form N-PX.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

**Thomas E. Miller, CFA**

Dr. Thomas E. Miller, CFA has served as the Chief Executive Officer of the Adviser since 2021 and Chief Investment Officer since inception of the Adviser. Previously, Dr. Miller was Head of Manager Research at Nationwide Investment Management Group where he was responsible for the oversight and implementation of the Quantitative Research, Qualitative Review, Risk Analysis, and Monitoring process for the Nationwide Funds, a $60 billion mutual fund family. Dr. Miller's responsibilities included the selection, monitoring, and de-selection of the investment managers utilized across multiple platforms. Prior to leading the Manager Strategies team, Dr. Miller was an Associate Vice President, Product Management and Research at Nationwide Investment Management Group. In that role, he was responsible for the day to day management of the Product Management team, which oversaw over 100 investment products that support Nationwide Financial's retirement, annuity, life insurance and retail mutual fund businesses. Prior to joining Nationwide, Dr. Miller held positions at The Vanguard Group Inc. and Delaware Investments. Dr. Miller holds a Bachelor's degree in Business from the Pennsylvania State University, an MBA from West Chester University, and earned his Doctorate from Drexel University's LeBow School of Business. He also holds the Chartered Financial Analyst Designation (CFA).

**Michael D. Achterberg**

Michael D. Achterberg, CAIA serves as Senior Portfolio Manager of the Adviser, a position held since August 2022. Previously, Mr. Achterberg served as President of PREDEX Capital Management, LLC from May 2018 through July 2022 and Chief Operating Officer of PREDEX Capital Management, LLC from March 2013 through May 2018. Mr. Achterberg has 30 years of experience in the fund management industry. He has extensive experience in fund management including due diligence, allocation of capital and general supervision for multi-manager funds. Previously, Mr. Achterberg served as Chief Financial Officer for more than two years at CITIC Securities International Partners ("CSIP") where Michael managed the valuations and investor reporting for the Hong Kong private equity advisor. He also was the FINOP for the U.S. broker-dealer which provided comprehensive advisory services relating to M&A and corporate finance for inbound and outbound transactions involving China. Prior to that Mr. Achterberg was a partner for fifteen years at Strome Investment Management. Until 1994 he was a CPA and Audit Manager for Coopers & Lybrand working exclusively in the investment industry with advisers and funds. While there he served on the national quality review program for the Investment Company practice. Mr. Achterberg holds a Bachelor's degree in Business from California State University, Long Beach. He also holds the Chartered Alternative Investment Analyst Association designation (CAIA).

<u>Portfolio Manager Compensation</u>

The portfolio managers receive their compensation from the Adviser in the form of salary, bonus, retirement plan benefits, and restricted stock. Each portfolio manager's bonus is variable and generally is based on (1) an evaluation of the portfolio manager's ability to remain compliant with investment management guidelines and regulatory requirements, and (2) the results of a peer and/or management review of the portfolio manager, which takes into account skills and attributes such as team participation, investment process, communication and professionalism. In evaluating investment performance, the Adviser generally considers the performance of mutual funds and other accounts managed by the portfolio manager, if any, relative to the benchmarks and peer groups.

The size of the overall bonus pool each year is determined by the Adviser and depends on, among other factors, the levels of compensation generally in the investment management industry (based on market compensation data) and the Adviser's profitability for the year, which is largely determined by assets under management. Part of the bonus is based on a qualitative assessment of an individual's contribution to the management of the fund in addition to compliance with investment guidelines and regulatory mandates.

As of March 31, 2025, the Portfolio Managers' ownership of the Fund was as follows:

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Shares Owned** |
| Thomas E. Miller | $100,001 to $500,000 |
| Michael D. Achterberg | $100,001 to $500,000 |

---

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

(a) The
 Registrant's Principal Executive Officer and Principal Financial Officer have reviewed
 the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940 (the "Act")) as of a date within
 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act
 and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based
 on their review, such officers have concluded that the disclosure controls and procedures
 are effective in ensuring that information required to be disclosed in this report is
 appropriately recorded, processed, summarized and reported and made known to them by
 others within the Registrant and by the Registrant's service provider.

(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Act) that occurred during the period covered by this report
 that have materially affected, or are reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

The registrant did not engage in securities lending activities during the fiscal year reported on this Form N-CSR.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

Not applicable.

**<u>Item 19. Exhibits.</u>**

*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* [Filed herewith.](fp0093282-1_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* [Filed herewith.](fp0093282-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* There was no change in the registrant's independent public accountant for the period covered by this report.

*(b)* *Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Furnished herewith.](fp0093282-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | USQ Core Real Estate Fund |
| By (Signature and Title)\* |  |
|  | Thomas E. Miller, Principal Executive Officer |
| Date |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* |  |
|  | Thomas E. Miller, Principal Executive Officer |
| Date |  |
| By (Signature and Title)\* |  |
|  | G. Keith Downing, Principal Financial Officer |
| Date |  |

---

*\** *Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

EX.99.CODE ETH

<br>**Union Square Capital Partners , LLC**<br>**ADVISORY CODE OF ETHICS** <br>**2023**<br>**Effective November 2023**<br>

**Union Square Capital Partners, LLC** (hereinafter, "USQ" or the "Adviser"), in accordance with the requirements of Rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act"), has approved and adopted this Code of Ethics (the "Code"). This Code sets forth the general fiduciary principles and standards of business conduct to which all of the Adviser's Supervised Persons & Access Persons are subject. This Code further sets forth policies and procedures that are reasonably designed to prevent Supervised Persons & Access Persons, as defined herein, from engaging in conduct prohibited by the Advisers Act and establishes reporting requirements for these Supervised Persons & Access Persons. Certain capitalized terms used in this Code and not defined in the text herein, such as "Access Persons," are defined in Appendix A-1. It is common for an individual to be considered both a Supervised Person & Access Person, although they may be considered either one or the other.

**About the Adviser**

The Adviser is an investment adviser registered with the Securities and Exchange Commission ("SEC") pursuant to the Advisers Act. USQ acts as investment adviser to one or more closed-end investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act") (the "Registered Funds") and may act as investment adviser to private funds (the "Private Funds"), jointly ("Reportable Funds"). A current list of all Funds for which USQ serves as adviser ("Reportable Funds") is attached as Appendix A-2. This list should be interpreted to include any new Funds managed by the Adviser, regardless of whether Appendix A-2 has been updated.

**Who is Covered by the Code**

This Code applies generally to all partners, officers, directors (or other persons occupying a similar status or performing similar functions), and employees of the Adviser, and other persons who provide investment advice on behalf of the Adviser and is subject to the supervision and control of the Adviser (hereinafter "Supervised Persons") as determined by the Adviser's Chief Compliance Officer ("CCO"), and certain sections apply only to Access Persons as defined in Appendix A-1. The Code will not apply to those parties that are either consultants, affiliated employees or part time employees (including summer interns) who are performing non-investment related duties for the firm and have agreed to sign a non-disclosure agreement ("NDA") and comply with the Adviser's Inside Information Policy. It is the responsibility of each Supervised Person or Access Person to immediately report to the Adviser's CCO, any known or suspected violations of this Code, the Compliance Manual and the policies and procedures contained therein, or of any other activity of any person that could constitute a violation of law. If you are aware of any activity in this regard, you should contact the CCO immediately. Failure to report a potential violation could result in disciplinary action against the non-reporting Supervised Person or Access Person. The Adviser will ensure that Supervised Persons & Access Persons are not subject to retaliation in their employment as a result of reporting a known or suspected violation. The CCO may determine, in the CCO's sole discretion, that any Access Person may be designated as an Exempt Access Person. Any such Exempt Access Person is exempt from the preclearance and reporting obligations of Access Persons as set forth in this Code.

**Things You Need to Know to Use this Code**

There are three forms of reporting that Supervised Persons and/or Access Persons must engage in under this Code; the initial and annual submission of information on the Adviser's automated compliance system as well as electronic submission of a quarterly transactions report. Information regarding access to the automated compliance system is available from the CCO or CCO's designee.

All Supervised Persons & Access Persons must acknowledge within the automated compliance system that they have received, read and understood this Code and renew that acknowledgment on an annual basis.

As part of the annual renewal, Supervised Persons & Access Persons will be required to make certifications that they have complied-in-fact with this Code during the prior year.

The CCO has the authority to grant written waivers of the provisions of this Code in appropriate instances. However, (i) it is expected that waivers will be granted only in rare instances and, (ii) some provisions of the Code are prescribed by SEC rules and cannot be waived. These provisions include, but are not limited to, the requirements that Access Persons file reports and obtain pre-approval of investments in IPOs and Limited Offerings.

The CCO will review the terms and provisions of this Code at least annually and make amendments as necessary. Any amendments to this Code will be provided to all Supervised Persons & Access Persons.

GENERAL FIDUCIARY PRINCIPLES

It is the policy of the Adviser to act in the best interest of its clients and on the principles of full disclosure, good faith and fair dealing. The Adviser recognizes that it has a fiduciary duty to its clients. Acting as a fiduciary requires that the Adviser, consistent with its other statutory and regulatory obligations, act <u>solely</u> in the clients' best interests when providing investment advice and engaging in other activities on behalf of clients. The Adviser and its Supervised Persons & Access Persons must seek to avoid situations which may result in potential or actual conflicts of interest with these duties. To this end, the following principles apply:

● The Adviser and all Supervised Persons & Access Persons must always observe the highest standards of integrity and fair dealing and conduct their personal and business dealings in accordance with the letter, spirit and intent of all relevant laws and regulations;

● The Adviser must have a reasonable basis for the investment advice and decisions it makes for its clients;

● The Adviser must ensure that its investment decisions are consistent with client's investment objectives, policies and any disclosures made to clients;

● Supervised Persons & Access Persons must refrain from entering into transactions, including personal securities transactions, that are inconsistent with the interests of clients;

● Supervised Persons & Access Persons should not take inappropriate advantage of their positions and may not, directly or indirectly, use client opportunities for personal gain; and

● Supervised Persons & Access Persons must be loyal to the clients and place the interests of the clients above their own.

● The Adviser treats violations of this Code very seriously. If a Supervised Person or an Access Person violates this Code, the Adviser may take disciplinary measures against them, including, without limitation, imposing penalties or fines, reducing compensation, demotions, requiring unwinding of trades, requiring disgorgement of trading gains, suspending or terminating employment, or any combination of the foregoing.

● Improper trading activity can constitute a violation of this Code. Supervised Persons & Access Persons can also violate this Code, however, by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. A Supervised Person or an Access Person's conduct can violate this Code even if no clients are harmed by that conduct.

If there is any doubt or uncertainty about what this Code requires or permits, ask the CCO. Do <u>NOT</u> guess at the answer.

COMPLIANCE WITH THE FEDERAL SECURITIES LAWS

Supervised Persons are required to comply with applicable federal securities laws at all times. Examples of applicable federal securities laws include:

● the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the SEC rules promulgated thereunder;

● the Investment Advisers Act of 1940 and the SEC rules promulgated thereunder;

● the Investment Company Act of 1940 and the SEC rules promulgated thereunder;

● title V of the Gramm-Leach-Bliley Act of 1999 (privacy and security of client non-public information); and

● the Bank Secrecy Act, as it applies to mutual funds and investment advisers, and the SEC and Department of the Treasury rules promulgated thereunder.

CONFLICTS OF INTEREST

All Supervised Persons & Access Persons must avoid establishing financial interests or outside affiliations which may create a conflict, or appear to create a conflict, between the Supervised Person & Access Person's personal interests and the interests of the Adviser or its clients. A potential conflict of interest exists whenever a Supervised Person or Access Person has a direct financial or other personal interest in any transaction or proposed transaction involving the Adviser or any of its clients. A conflict of interest may also exist where the Supervised Person or Access Person has an indirect interest in a transaction, for example, because the transaction will benefit someone with whom the Supervised Person or Access Person has a friendship or other personal relationship.

In such situations, Supervised Persons & Access Persons must disclose the conflict to the CCO and recuse themselves from the decision-making process with respect to the transaction in question and from influencing or appearing to influence the relationship between the Adviser or any of its clients and the customer involved. Supervised Persons & Access Persons may not use non-public knowledge of a pending or currently considered securities transaction for a client to profit personally, directly or indirectly, as a result.

CONFLICT OF INTEREST BETWEEN THE ADVISER AND CLIENTS

In certain instances, the Adviser's relationship with a client may require the Adviser to place the client's interest above its own interests. If a Supervised Person or Access Person becomes aware of a situation where the Adviser's pursuit of its own interests in a transaction appears to conflict with its obligations to a client, he or she should bring the situation to the immediate attention of the CCO.

THE APPEARANCE OF A CONFLICT OF INTEREST MUST BE AVOIDED

All Supervised Persons & Access Persons are expected to be objective in making business decisions and to consider any improper interest or influence that could arguably impair that objectivity. In determining whether there is an appearance of conflict, each Supervised Person & Access Person should determine whether a reasonable, disinterested observer (*i.e.*, investor, supplier, broker, an acquaintance, examiner or a government representative) would have any grounds to believe:

&nbsp;&nbsp;&nbsp;&nbsp;

● That the Adviser was serving its own interests or one client's interests at the expense of another; or

● That business with clients or the Adviser was done on the basis of friendship, family ties, the giving and receiving of gifts, or to curry favor with some specific entity or individual rather than on the merits.

If a Supervised Person or Access Person's participation in a decision-making process would raise the appearance of conflict of interest, the Supervised Person or Access Person should inform his or her manager immediately.

OUTSIDE BUSINESS ACTIVITIES

All Supervised Persons & Access Person board memberships, advisory positions, trade group positions, management positions, or any involvement with public or private companies must be fully disclosed and submitted for prior approval to the CCO, with the exception of purely charitable or civic involvements which do not impinge on the Supervised Person or Access Person's work commitment to an Adviser. Approval must be obtained through the CCO and will ordinarily require consideration by Senior Management of the Adviser. The Adviser can deny approval for any reason. This prohibition does not apply to service to any parent, subsidiary or affiliate of the Adviser, although such service must be disclosed to the CCO and will ordinarily require consideration by Senior Management of the Adviser.

No Supervised Person or Access Person shall serve on the board of directors of a publicly traded company, unless the Access Person receives prior authorization from the Adviser's CCO based upon a determination that the board service would be consistent with the interests of the Adviser's clients. In the event the board service is authorized, the Adviser will ensure appropriate controls are in place to mitigate and disclose any associated conflicts of interest.

PREFERENTIAL TREATMENT

Supervised Persons & Access Persons must make investment decisions, undertake commitments, and perform their duties and obligations without favoritism of any kind and award business or contracts strictly on the basis of merit. A Supervised Person or Access Person should not actively seek nor accept a discount on any item for personal use from a business contact. If such a person extends preferential treatment (for example, offers a discount) to a Supervised Person or Access Person in a personal transaction, the Supervised Person or Access Person must have the preferential treatment pre-approved by the CCO before proceeding with the transaction.

BORROWING

Supervised Persons & Access Persons should borrow only from reputable organizations that regularly lend money. Borrowing from relatives, however, is not subject to restriction. Participating in a leveraged stock purchase plan offered to employees by the Adviser or its parent or one of its subsidiaries, is permissible and not subject to restriction. If a Supervised Person or Access Person borrows from any financial institution, the loan must not involve favored treatment of any kind based upon their employment with Adviser.

GIFTS AND GRATUITIES

No Supervised Person or Access Person may give or accept (on his or her own behalf or on behalf of the Adviser) any gift or other accommodation which has a value in excess of a *de minimis* amount (currently $100) to/from any vendor, broker, public company, securities salesman, client or prospective client of the Adviser (a "business contact"). No Supervised Person or Access Person may give or accept cash gifts or cash equivalents to/from any such person. This prohibition applies equally to gifts to or from members of the Family/Household of a Supervised Person or Access Person. Any gifts or accommodations in excess of the *de minimis* amount must be submitted to the CCO for prior approval. The CCO will maintain documentation of all such requests and resulting approvals or denials.

No Supervised Person or Access Person may give on their own behalf or on behalf of the Adviser any gift or other accommodation to a business contact that may be construed as an improper attempt to influence the recipient. These policies are not intended to prohibit normal business entertainment.

ENTERTAINMENT AND MEALS

Payment for entertainment or meals where the Supervised Person or Access Person is not accompanied by the person purchasing the entertainment or meals is considered a gift, subject to the rules discussed above. Acceptance of meals and entertainment where the host is present is generally permitted. However, the acceptance of particularly lavish entertainment or entertainment with excessive frequency is generally inappropriate and should be refused. Entertainment in poor taste or that adversely reflects on the individuals attending the event is considered inappropriate and also should be refused. Individuals involved in the purchase of equipment, supplies, and services may not accept entertainment or meals from a vendor or potential vendor except if business is to be discussed. Under no circumstances should entertainment be accepted which may affect or be construed to affect any future dealing with that person. All meals and entertainment accepted pursuant to this policy must be submitted to the CCO and will be maintained in a log.

STANDARDS OF BUSINESS CONDUCT

GENERAL

Supervised Persons & Access Persons are expected to conduct themselves at all times in a manner consistent with the highest professional standards. Each Supervised Person or Access Person accordingly must devote his or her attention and skills to the performance of his or her responsibilities and avoid activities that interfere with that responsibility or that are detrimental to the Adviser and its reputation.

COMMUNICATIONS WITH CLIENTS

All communications with clients, whether verbal or written, must convey information clearly and fairly. Supervised Persons must comply with Adviser's policies and procedures regarding Advertising and Performance Reporting. Exaggerated, unwarranted or misleading statements or claims are prohibited.

DISCLOSURE OF CONFIDENTIAL INFORMATION

In the course of conducting business, Supervised Persons & Access Persons may become privy to confidential information about Adviser, its present and prospective clients, and service providers. It is a violation of this Code, and in some cases, may be a violation of law, for any Supervised Person or Access Person to disclose to anyone other than another Supervised Person or Access Person any confidential information obtained while in the course of conducting business on behalf of the Adviser. Disclosure to other Supervised Persons or Access Persons should be made only when and to the extent necessary to further the legitimate business purposes of the Adviser. Supervised Persons & Access Persons may not use any such information in connection with their personal investments or investments of others subject to their control.

CLIENT AND INVESTOR INFORMATION

Clients and investors have the right to expect the Adviser and its Supervised Persons & Access Persons to treat information concerning their business dealings in the strictest confidence. Accordingly, no one may divulge investor confidences except in accordance with the Adviser's privacy policy and unless the party to whom a disclosure is made is legitimately entitled to the information (*i.e.*, needs to know the information in furtherance of the investor's business) or the investor gives prior consent to the disclosure. Any such prior consent should be documented in advance of disclosure.

COMPANY INFORMATION

Confidential information about Adviser, its parent or other affiliated companies, that is obtained by a Supervised Person or Access Person, including its clients, products, processes, financial condition, plans, patents, or licenses may not be disclosed to persons outside of the organization, except with the approval of senior management and to further the legitimate business purposes of the Adviser.

Discretion should always be used when handling confidential client information or company information, and such information should never be disseminated to an unauthorized person. Supervised Persons & Access Persons are reminded that when it is necessary to carry sensitive information off the firm's premises, they should take appropriate care for its security. Specifically, Supervised Persons & Access Persons should avoid casually displaying documents or engaging in confidential business conversations in public places, including, but not limited to, elevators, hallways, restrooms, airports, and in public transportation. Supervised Persons or Access Persons who take documents off the premises to work at home should return all such materials to Adviser upon completion of the particular at-home project. Any questions about the confidential nature of information or whether confidential information may be disclosed should immediately be referred to the CCO.

CORPORATE ASSETS

All information, products and services connected to or generated by the Adviser as a business are considered corporate assets to which the Adviser has ownership rights. Corporate property utilized or developed by Supervised Persons or Access Persons during their employment, including, but not limited to, files, analysis, reference materials, reports, written or e-mail correspondence, trade secrets, client lists, strategies, computer hardware and software, data processing systems, computer programs and databases, remains exclusively the Adviser's property both during employment and after the Access Person leaves the firm. Accordingly, all Supervised Persons & Access Persons are expected to protect the Adviser's ownership or property including all information, products, and services and to return all information to the Adviser at the termination of employment.

Further, Supervised Persons & Access Persons are prohibited from misusing the Adviser's corporate assets (including use of assets for a non-business purpose, uploading files to personal drives or devices, theft, inflation of expenses, etc.) and from misusing or removing those assets from the premises upon leaving the firm. Before beginning employment with the Adviser, each Supervised Person or Access Person should give his or her manager a copy of any non-competition, non-disclosure or non-pirating agreement to which the Supervised Person or Access Person is bound at the time of hiring. Any questions about this requirement should be raised with Senior Management.

MONEY LAUNDERING

Pursuant to the Adviser's Anti-Money Laundering Policies and Procedures, every Supervised Person bears responsibility for recognizing suspicious transaction or investor activity that may constitute money laundering (including the structuring of deposits) and that may involve proceeds from unlawful activities such as drug trafficking or racketeering. In particular, Supervised Persons should be aware that even the simple receipt of funds, including through wire transfers, which are derived from illegal activities can subject them to prosecution for money laundering. Any suspicious deposit or customer activity which causes a Supervised Person concern about the source of an investor's funds should be promptly reported to the CCO.

BRIBERY

Under federal law, it is illegal for the Adviser or any Supervised Person to pay, offer to pay, or authorize a payment of any money or other thing of value to:

● an official of a local, state, federal or foreign government or an agency of a local, state, federal or foreign government;

● a political party or official thereof, or a candidate for political office; or

● any other person the payor knows or has reason to know will pay or give the money or value to those listed above

where the purpose is to influence the recipient to take or refrain from taking any official action or to induce the recipient to use his or her influence to affect governmental action to obtain, retain, or direct business for the Adviser. Offering or making any such remuneration or consideration to a domestic or foreign government official, political party or candidate for political office is strictly prohibited. All Supervised Persons must immediately report all invitations to accept a bribe or any proposal or suggestion of a similar illegal nature to the CCO or CCO's designee.

POLITICAL CONTRIBUTIONS / PAY-TO-PLAY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "Pay-to-play"
 refers to the practice whereby an Adviser or its employees make political contributions
 or gifts for the purpose of obtaining or retaining advisory contracts with government
 entities. General fiduciary principles under the Advisers Act require the Adviser to
 take reasonable steps to ensure that any political contributions made by it or its employees
 are not intended to obtain or retain advisory business. The SEC adopted a rule that substantially
 restricts contribution and solicitation practices of investment advisers and certain
 of their related persons. The rule has three key elements:

○ It prohibits an investment adviser from providing advisory services for compensation – either directly or through a pooled investment vehicle – for two years, if the adviser or certain of its executives or employees make a political contribution to an elected official who is in a position to influence<sup>1</sup> the selection of the adviser.

○ It prohibits an advisory firm and certain executives and employees from soliciting or coordinating campaign contributions from others – a practice referred to as "bundling" – for an elected official who is in a position to influence the selection of the adviser. It also prohibits solicitation and coordination of payments to political parties in the state or locality where the adviser is seeking business.

<sup>1</sup> The concept of 'influence' may be interpreted very broadly. (footnote added)

&nbsp;&nbsp;&nbsp;&nbsp;

○ It prohibits an adviser from paying a third party, such as a solicitor or placement agent, to solicit a government client on behalf of the investment adviser, unless that third party is an SEC-registered investment adviser or broker-dealer subject to similar pay to play restrictions.

The rule includes a *de minimis* provision that permits contributions of up to $350 for candidates for whom the contributor is entitled to vote, and $150 for candidates for whom the contributor is not entitled to vote. All requests in excess of $150 must be pre-cleared as indicated below, regardless of whether the Supervised Person is able to vote for the candidate.

Political contributions or gifts from the Adviser, their Supervised Persons and solicitors to persons who may be in a position to affect the award of business to the Adviser may raise various legal and regulatory issues. For instance, the SEC as well as many states and municipalities have rules disqualifying an adviser from managing assets for certain governmental entities if the adviser, any employee or an adviser's solicitor have contributed to certain political organizations, candidates or state officials for office.

To avoid violating such rules, as well as to avoid the appearance of impropriety, all political contributions must be in compliance with the following procedures:

*<u>Pre-Approval of Contributions in Excess of $150.00</u>* <u>–</u> When making contributions, Supervised Persons must be sensitive when considering a contribution to a political party, PAC or person who is, or may in the future be, in a position to affect the award of business to the Adviser. Therefore, prior to making any political contribution or gift (including subscriptions, loans or deposit of money or anything of value given) to any political party (*e.g.*, Republican, Democratic, Independent), Political Action Committees ("PAC") or to any state or local official as defined by this policy in excess of $150 (whether in a lump sum or series of contributions in any calendar year), the Supervised Person should seek approval from the CCO or CCO's designee.

*<u>Quarterly Reporting</u>* - All Supervised Persons will be requested to include as part of their Quarterly Transaction Report (submitted via the Adviser's automated compliance system) their political contributions during the quarter. These contributions may include subscriptions, loans or deposits of money or anything of value given to any political party (*e.g.*, Republican, Democratic, Independent), PAC or to any state official as defined by this policy.

State officials are defined in this policy as any person, who was, at the time of the political contribution or gift, a candidate for governor, treasurer or a legislative seat. A PAC is defined as a private group organized to elect or defeat government officials in order to promote legislation that is often favorable to that group's purpose or mission. The quarterly report will ask the Supervised Person to disclose the name of recipient, amount of the contribution or gift value, office and state of the campaign and the date of the contribution. Additionally, each Supervised Person will indicate whether they are entitled to vote for the recipient of their political contribution.

*<u>Separation of Political and Employment Activities</u>* - All political activities of Supervised Persons must be kept separate from employment and expenses may not be charged to the Adviser. Supervised Persons may not conduct political activities during working hours or use the Adviser's facilities for political campaign purposes without the prior written approval of the CCO or CCO's designee.

*<u>No Contribution on Behalf of the Adviser</u>* – Supervised Persons may not make political contributions on behalf of the Adviser to any political party, or in connection with any federal, state, or local campaigns, except with the prior written approval of the CCO or CCO's designee.

RELATIONS WITH REGULATORS

It is the Adviser's policy to cooperate with government authorities and regulators during routine audits and examinations, as well as inquiries and investigations. The CCO or CCO's designee must immediately be made aware of any requests from government authorities or regulators and should be involved in responding to all such inquiries in order to be certain that the Adviser is providing complete and accurate information to regulators, as well as to ensure awareness of pending inquiries that may require the maintenance of certain records.

PROHIBITION ON USE OF INSIDE INFORMATION

The Adviser and its personnel may have access to confidential information about clients, investment advice provided to clients, securities transactions being affected for client accounts and other sensitive information. In addition, from time to time, the Adviser or its personnel may come into possession of information that is "material" and "nonpublic" (each as defined below) concerning a company or the trading market for its securities.

Section 204A of the Advisers Act requires that an adviser establish, maintain and enforce written policies and procedures reasonably designed to prevent an adviser and its access persons from misusing material, nonpublic information. Supervised Person & Access Person violations of the laws against insider trading and tipping can expose the Adviser and any Access Person involved to severe criminal and civil liability. In addition, the Adviser and its personnel have ethical and legal responsibilities to maintain the confidences of the Adviser's clients, and to protect as valuable assets confidential and proprietary information it has developed or that has been entrusted to it.

Although the Adviser respects the rights of their Supervised Persons & Access Persons to engage in personal investment activities, it is important to avoid any appearance of impropriety and remain in full compliance with the law and the highest standards of ethics. Accordingly, Supervised Persons & Access Persons must exercise good judgment when engaging in securities transactions and when relating to others information obtained as a result of employment with the Adviser. If a Supervised Person or an Access Person has any doubt whether a particular situation requires refraining from making an investment or sharing information with others, this doubt should be resolved against taking this action.

It is unlawful for the Adviser or any of its Supervised Persons or Access Persons to use this information for manipulative, deceptive or fraudulent purposes. The kinds of activities prohibited include "front-running," "scalping" and trading on inside information. "Front-running" refers to a practice whereby a person takes a position in a security in order to profit based on his or her advance knowledge of upcoming trading by clients in that security which is expected to affect the market price. "Scalping" refers to a similar abuse of client accounts and means the practice of taking a position in a security before recommending it to clients or effecting transactions on behalf of clients, and then selling out the Supervised Persons or Access Person's personal position after the price of the security has risen on the basis of the recommendation or client transactions.

Depending upon the circumstances, the Adviser and any Supervised Person or Access Person involved may be exposed to potential insider trading or tipping liability under the federal securities laws if the Adviser or any Supervised Person or Access Person advises clients concerning, or executes transactions in, securities for which the Adviser possesses material, nonpublic information. In addition, the Adviser as a whole may be deemed to possess material, nonpublic information known by any of its Supervised Person & Access Persons, unless it has implemented procedures to prevent the flow of that information to others within the Adviser. The Adviser has implemented these procedures, called "Information Barrier" procedures.

An Information Barrier is a set of written policies and procedures designed to control and prevent the dissemination of nonpublic information concerning an issuer of securities between the various separate departments (or entities) which regularly come into possession of, or generate, this information. An Information Barrier also controls the dissemination of nonpublic information within a particular department (or entity).

An effective Information Barrier permits sales, trading, risk arbitrage and other activities to continue in the ordinary course of business even though another department is in possession of inside information. It is critical that all Supervised Persons & Access Persons follow the specific Information Barrier policies and procedures set out below.

Supervised Persons & Access Persons are prohibited from disclosing material, nonpublic and other confidential information to any person inside the Adviser, except to the extent that the person has a bona fide "need to know" in order to carry out the Adviser's business, including management and supervisory functions and the administration of Adviser's compliance policies and procedures.

Even after trading in a security has been restricted, the dissemination of material, nonpublic, or confidential information concerning or relating to the security should continue to be on a need-to-know basis only.

Without limiting this general prohibition, Supervised Persons & Access Persons involved in transactional or other activities for any department (or entity) which results in the receipt or generation of material, nonpublic or confidential information ("Transactional Supervised Persons & Access Persons") must be particularly careful that they do not transmit this information to Supervised Persons & Access Persons involved with trading activities and other non-transactional Access Persons ("Non-Transactional Access Persons"). Transactional Supervised Persons & Access Persons (or other Supervised Persons & Access Persons possessing inside information) may not give, and Non-Transactional Supervised Person & Access Persons may not ask for, this information. As a general matter, Transactional Supervised Person & Access Persons should not discuss specific issuers of securities or transactions that are or might become the subject of a firm assignment with Non-Transactional Supervised Persons or Access Persons.

**Policy**

The Adviser has adopted the following policies and procedures to (i) ensure the propriety of Supervised Person & Access Person trading activity; (ii) protect and segment the flow of material, nonpublic and other confidential information relating to client advice and securities transactions, as well as other confidential information; (iii) avoid possible conflicts of interest; and (iv) identify trades that may violate the prohibitions against insider trading, tipping, front-running, scalping and other manipulative and deceptive devices contained in federal and state securities laws and rules.

No Supervised Person or Access Person shall engage in transactions in any securities while in possession of material, nonpublic information regarding the securities (so-called "insider trading"). Nor shall any Supervised Person or Access Person communicate this material, nonpublic information to any person who might use the information to purchase or sell securities (so-called "tipping"). The term "securities" includes options or derivative instruments on those securities and other securities that are convertible into or exchangeable for those securities.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *"Material."* The question of whether information is "material" is not always easily
 resolved. Generally speaking, information is "material" where there is a substantial
 likelihood that a reasonable investor could consider the information important in deciding
 whether to buy or sell the securities in question, or where the information, if disclosed,
 could be viewed by a reasonable investor as having significantly altered the "total
 mix" of information available. Where the nonpublic information relates to a possible
 or contingent event, materiality depends upon a balancing of both the probability that
 the event will occur and the anticipated magnitude of the event in light of the totality
 of the activities of the issuer involved. Common, but by no means exclusive, examples
 of "material" information include information concerning a company's
 sales, earnings, dividends, significant acquisitions or mergers and major litigation.
 So-called "market information," such as information concerning impending securities
 transactions may also, depending upon the circumstances, be "material." Because
 materiality determinations are often challenged with the benefit of hindsight, if a Supervised
 Person or Access Person has any doubt whether certain information is "material,"
 this doubt should be resolved against trading or communicating this information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *"Nonpublic."* Information is "nonpublic" until it has been made available to investors
 generally. In this respect, one must be able to point to some fact to show that the information
 is generally public, such as inclusion in reports filed with the SEC or press releases
 issued by the issuer of the securities, or reference to this information in publications
 of general circulation such as The Wall Street Journal or The New York Times. In general,
 information may be presumed to have been made available to investors after two business
 days from the formal release of this information. Information gained from non-traditional
 sources (i.e., "alternative data") or from expert networks should also be
 considered nonpublic and treated as such under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *"Advisory Information."* Information concerning (i) what securities investment managers
 are following; (ii) specific recommendations investment managers make to clients; (iii)
 prospective securities transactions of the Adviser's clients; or (iv) clients'
 current holdings (together, "Advisory Information") is strictly confidential.
 Under some circumstances, Advisory Information may be material and nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Prohibitions.* In handling information obtained as a result of employment with the Adviser, Supervised
 Persons & Access Persons:

● Shall not disclose material, nonpublic or other confidential information (including Advisory Information) to anyone, inside or outside the Adviser (including Immediate Family members), except on a strict need-to-know basis and under circumstances that make it reasonable to believe that the information will not be misused or improperly disclosed by the recipient;

● Shall refrain from recommending or suggesting that any person engage in transactions in any security while in possession of material, nonpublic information about that security;

● Shall abstain from transactions, for their own personal accounts or for the account of any client, in any security while in possession of material, nonpublic information regarding that security; and

&nbsp;&nbsp;&nbsp;&nbsp;

● No Supervised Person or Access Person shall intentionally seek, receive or accept information that he believes may be material and nonpublic except with the written approval of, and subject to any and all restrictions imposed by, the CCO.

**Protection of Material, Nonpublic Information**

On occasion, a company may, as a means to seek investors in restricted or private placement securities issued by it, send to the Adviser materials that contain material, nonpublic or other confidential information. Typically, these materials will be accompanied by a transmittal letter (and an inner, sealed package) that indicates the confidential nature of the enclosed materials and that the opening of the inner package constitutes an agreement to maintain the confidentiality of the information. In this circumstance, any Supervised Person or Access Person receiving any of these materials should not open the inner package, but should immediately consult with the CCO.

If a Supervised Person or Access Person should come into possession of information concerning any company or the market for its securities that the Supervised Person or Access Person believes may be material and nonpublic, the Supervised Person or Access Person should notify the CCO immediately. In addition, the Supervised Person or Access Person shall refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which the information relates, without the prior written approval of the CCO.

**Protection of Other Confidential Information**

Information relating to past, present, or future activities of the Adviser, its affiliates or clients that has not been publicly disclosed shall not be disclosed to persons, within or outside of the Adviser, except for a proper firm purpose. Supervised Person & Access Persons are expected to use their own good judgment in relating to others information in these areas.

In addition, information relating to another Supervised Person or Access Person's medical, financial, employment, legal, or personal affairs is confidential and may not be disclosed to any person, within or outside of the Adviser, without the Supervised Person or Access Person's consent or for a proper purpose authorized by the CCO.

**Procedures to Safeguard Material, Nonpublic and Other Confidential Information**

In handling material, nonpublic and other confidential information, including Advisory Information, Supervised Person & Access Persons shall take appropriate steps to safeguard the confidentiality of this information. When not in use, all documents (whether in paper or electronic form) containing confidential information should be stored in secure areas. Under no circumstances should confidential documents be left on desks, counter tops, or floors where others can see them. Nor should any Supervised Person or Access Person review or work on any confidential documents in any setting that would permit others to see the documents, such as in airplanes or public spaces.

RESTRICTIONS ON PERSONAL TRADING ACTIVITY

GENERAL POLICIES

No Supervised Person or Access Person shall, in connection with the direct or indirect purchase or sale of a Security "held or to be acquired" by a client:

● employ any device, scheme or artifice to defraud the client;

&nbsp;&nbsp;&nbsp;&nbsp;

● make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements, in light of the circumstances under which they are made, not misleading;

● engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the client; or

● engage in any manipulative practice with respect to the client.

No Supervised Person or Access Persons, nor any member of their Immediate Family/Household, may trade with respect to a particular security or issuer at a time when that person knows or should know that he or she is in possession of material nonpublic information about the issuer or security.

PRE-CLEARANCE OF INVESTMENTS IN IPOS OR LIMITED OFFERINGS

Access Persons may not directly or indirectly acquire Beneficial Ownership in any Securities in an IPO, Initial Coin Offering (ICO) or a Limited Offering without obtaining, in advance of the transaction, clearance from Adviser's CCO or CCO's designee. In order to obtain pre-clearance, the Access Person must submit a request to the CCO or CCO's designee, through the Adviser's automated compliance system. The CCO or CCO's designee must review each request for approval and record the decision regarding the request through the Adviser's automated compliance system. The general standards for granting or denying pre-clearance are whether the securities are under active or potential consideration for client accounts, and whether any conflict of interest exists between the Adviser and its clients. The CCO shall also consider whether the investment opportunity should be reserved for the Reportable Funds and their shareholders, and whether the opportunity is being offered to an individual by virtue of his or her position with the Adviser. The CCO or CCO's designee retains authority to grant pre-clearance in exceptional circumstances for good cause. If pre-clearance is obtained for an IPO or ICO, the approval is valid for the day on which it is granted and the immediately following business day. The CCO or her designee may revoke a pre-clearance any time after it is granted and before the transaction is executed.

Access Persons who have been authorized to acquire securities in a Limited Offering must disclose that investment when they play a part in any Reportable Fund's subsequent consideration of an investment in the issuer. In such circumstances, the Reportable Fund's decision to purchase securities of the issuer should be subject to an independent review by investment personnel of the Adviser with no personal interest in the issuer.

RESTRICTIONS ON PERSONAL SECURITIES TRANSACTIONS BY ACCESS PERSONS

Each Access Person shall direct his or her broker to enable the electronic submission into the Adviser's automated compliance system of trade confirmations for transactions within securities accounts in which the Access Person has a direct or indirect Beneficial Ownership interest other than those holding only Exempt Securities. Private securities transactions and holdings shall be reported by the Access Person on appropriate forms and/or within the Adviser's automated compliance system. It is the responsibility of each Access Person to ensure that authorization to obtain electronic data is provided. Any accounts not eligible for electronic submission of trades will be reviewed by the CCO on a case-by-case basis.

Access Persons may not buy or sell Securities, other than Exempt Securities, for any account in which he or she has any direct or indirect Beneficial Ownership, unless such person obtains, in advance of the transaction, clearance for that transaction from the CCO or CCO's designee. The general standards for granting or denying pre-clearance are discussed below, although the CCO or CCO's designee retains authority to grant or deny pre-clearance in other circumstances, in CCO's sole discretion.

When and how pre-clearance must be obtained

Access Persons must obtain pre-clearance prior to acquiring or disposing of a direct or indirect Beneficial Ownership interest in any Security, other than Exempt Securities.

In order to obtain pre-clearance, an Access Person must submit to the CCO or CCO's designee a request through the Adviser's automated compliance system. If the transaction is approved, that approval is valid for the day on which it is granted and the immediately following business day only, unless explicitly extended by the CCO, in her sole discretion. The CCO or her designee may revoke a pre-clearance any time after it is granted and before the transaction is executed.

When will pre-clearance be denied

Pre-clearance may be denied in instances when the Adviser is trading or considering the Security at issue for a client account. Additionally, pre-clearance will be denied for a Security contained within a Restricted or Watch List. The CCO or CCO's designee retains the right to deny pre-clearance for any reason whatsoever, without disclosure of the basis for the denial to the Access Person.

BLACK OUT

No Access Person may buy or sell any Security on a day during which it is included within Adviser's trading rotation for any client account, including any rebalancing. In addition, no Access Person may purchase or sell any Securities other than Exempt Securities which were purchased or sold by a Reportable Fund within seven (7) days of the purchase or sale of the security by the Reportable Fund. Any profits realized on trades within the proscribed periods are required to be disgorged.

RESTRICTED OR WATCH LIST

The Adviser may maintain a Restricted or Watch list containing the names of Securities which are determined to be at risk for potential conflicts of interest. The contents of the Restricted or Watch List are to be maintained exclusively by the CCO or CCO's designee. The basis for denials related to a Security's presence on the Restricted or Watch Lists are not required to be disclosed to the Access Person seeking pre-clearance. Any Restricted and Watch Lists are available on the Adviser's automated compliance system.

REPORTING REQUIREMENTS & PROCEDURES

In order to provide the Adviser with information to enable it to determine with reasonable assurance whether the provisions of this Code are being observed by its Access Persons, the following reporting requirements regarding personal securities transactions apply.

INITIAL HOLDINGS REPORTS:

Within ten days after a person becomes an Access Person, such person shall submit to the CCO or CCO's designee (through the Adviser's automated compliance system) a holdings report containing, at a minimum, (a) the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Security (other than an Exempt Security) in which the person have any direct or indirect beneficial ownership; (b) the name of any broker, dealer or bank with whom the person maintains an account in which any Securities other than Exempt Securities are held for the person's direct or indirect benefit; and (c) the date the person submits the report. The holdings report must be current as of a date no more than 45 days prior to the date the person became an Access Person. Initial holdings should be contained within an account statement from the financial institution which should be uploaded into the automated compliance system.

ANNUAL HOLDINGS REPORTS:

In accordance with the Adviser's standard compliance calendar, an Access Person shall certify the accuracy and completeness of reports of current holdings available through the Adviser's automated compliance system, as of a date no more than thirty (30) days prior to the date the report is submitted. Each annual holdings system report must contain, at a minimum, (a) the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Security (other than an Exempt Security) in which the person have any direct or indirect beneficial ownership; (b) the name of any broker, dealer or bank with whom the person maintains an account in which any Securities other than Exempt Securities are held for the person's direct or indirect benefit; and (c) the date the person submits the report.

QUARTERLY TRANSACTION REPORT:

Each Access Person shall certify the accuracy and completeness of reports showing all transactions in Securities (other than Exempt Securities) in which the person have, or by reason of such transaction acquires, any direct or indirect beneficial ownership, as well as all accounts established with brokers, dealers or banks during the quarter in which any Securities, other than Exempt Securities, were held for the direct or indirect beneficial interest of the person and any gifts or political contributions made during the preceding quarter. Such reports shall be submitted through the automated compliance system no later than 30 days after the end of each calendar quarter. Each quarterly transaction report must contain, at a minimum, (a) the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount, and, as applicable, the exchange ticker symbol or CUSIP number, of each Security (other than an Exempt Security) involved; (b) the nature of the transaction (*i.e.*, purchase, sale or another type of acquisition or disposition); (c) the price of the Security at which the transaction was effected; (d) the name of the broker, dealer or bank with or through which the transaction was effected; and (e) the date that the report is submitted by the person.

RECORDKEEPING

In accordance with Rule 17j-1 under the 1940 Act, the Adviser shall maintain records at its principal place of business in the manner and to the extent set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 copy of each code of ethics that is in effect, or at any time within the past five years
 was in effect, must be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 record of any violation of the code of ethics and of any action taken as a result of
 the violation must be maintained in an easily accessible place for at least five years
 after the end of the fiscal year in which the violation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 copy of each report made by an Access Person, including any information provided in lieu
 of the reports, must be maintained for at least five years after the end of the fiscal
 year in which the report is made or the information is provided, the first two years
 in an easily accessible.

&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 record of all persons, currently or within the past five years, who are or were required
 to make reports, or who are or were responsible for reviewing these reports, must be
 maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 copy of each annual report to the Board of a Reportable Fund must be maintained for at
 least five years after the end of the fiscal year in which it is made, the first two
 years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A
 record of any decision, and the reasons supporting the decision, to approve the acquisition
 by Access Persons of securities offered in an IPO or a Limited Offering, must be maintained
 for at least five years after the end of the fiscal year in which the approval is granted.

ADMINISTRATION OF THE CODE

The CCO or CCO's designee is responsible for the Administration of the Code of Ethics. He or she may delegate duties related to its administration, however ultimate responsibility remains with the CCO.

Confidentiality

The Adviser will endeavor to maintain the confidentiality of all requests and reports and any other information filed pursuant to this Code. Such reports and related information, however, may be produced to the SEC and other regulatory agencies.

APPENDIX A-1. *DEFINITIONS*

The definitions and terms used in this Code are intended to mean the same as they do under the Advisers Act and the other federal securities laws. If a definition hereunder conflicts with the definition in the Advisers Act or other federal securities laws, or if a term used in this Code is not defined, the definitions and meanings in the Advisers Act or other federal securities laws, as applicable, should be followed.

<u>Access Person</u> means: Any Supervised Person (i) who has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or (ii) who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic, or (iii) any other person (whether or not an Access Person of the Adviser, such as a consultant) who is subject to Adviser's supervision and control who have access to nonpublic information regarding any purchase or sale of securities of any client, or have access to nonpublic information about the portfolio holdings of any client, or (iv) who is designated by the CCO, in CCO's discretion, to be an Access Person. All of Adviser's officers and members are presumed to be access persons.

<u>Automatic Investment Plan</u> means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan. However, any transaction that overrides the pre-set schedule or allocations of the automatic investment plan is not considered to be under the Automatic Investment Plan.

<u>Beneficial Ownership or Beneficially Owns</u> means the same as it does under Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1(a)(2) thereunder. Specifically, a person is the "beneficial owner" of any securities in which he or she have a direct or indirect pecuniary (monetary) interest. Beneficial Ownership includes, but is not limited to securities or accounts held in the name or for the benefit of the following:

● a member of an Access Person's Immediate Family/Household (spouse, domestic partner, child or parents) who lives in an Access Person's household (including children who are temporarily living outside of the household for school, military service or other similar situation);

● a relative of the person who lives in an Access Person's household and over whose purchases, sales, or other trading activities an Access Person directly or indirectly exercises influence;

● a relative whose financial affairs an Access Person "controls", whether by contract, arrangement, understanding or by convention (such as a relative he or she traditionally advises with regard to investment choices, invests for or otherwise assists financially);

● an investment account over which an Access Person have investment control or discretion;

● a trust or other arrangement that names an Access Person as a beneficiary; and

● a non-public entity (partnership, corporation or otherwise) of which an Access Person is a director, officer, partner or Access Person, or in which he owns 10% or more of any class of voting securities, a "controlling" interest as generally defined by securities laws, or over which he exercises effective control.

<u>Control</u> means the power to exercise a controlling influence over the management or policies of the Adviser. Any person who owns beneficially, either directly or through one or more controlled companies, more than 25 per centum of the voting securities of the Adviser shall be presumed to control the Adviser. A natural person shall be presumed not to be a controlled person within the meaning of this title. Any such presumption may be rebutted by evidence, but except as hereinafter provided, shall continue until a determination to the contrary made by the SEC by order either on its own motion or on application by an interested person.

<u>Exempt-Access Person</u> is an individual who falls under the definition of *Access Person* that the CCO has determined: (1) does not have access to nonpublic information with respect to *Client* holdings, transactions or securities recommendations; and (2) is not involved in the recommendation process**.** *Exempt-Access Persons* must, prior to being so designated and at least annually thereafter, certify to the CCO, as to the relevant facts and circumstances that formed the basis of the CCO's above-described determination.

<u>Exempt Security means: unless such security is included on the Adviser's Restricted or Watch List</u> (i) direct obligations of the U.S. Government (or any other "government security" as that term is defined in the 1940 Act), bankers' acceptances, bank certificates of deposit, commercial paper and High-Quality Short-Term Debt Instruments, including repurchase agreements, and shares of registered open-end investment companies (including shares issued by money market funds, shares of exchange-traded securities issued by pooled investment vehicles, such as exchange traded funds ("**ETFs**"), exchange traded notes ("**ETNs**") and closed-end funds), other than Reportable Funds, (ii) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds, (iii) securities purchased or sold in any account over which the Access Person has no direct or indirect influence or control, (iv) securities purchased or sold in a transaction that is non-volitional on the part of the Access Person, including mergers, recapitalizations, tender offers or similar transactions, (v) securities acquired as a part of an Automatic Investment Plan, and (vi) any instrument that is not a security as defined in Section 202(a)(18) of the Advisers Act. These instruments include, but are not limited to:

● Futures contracts (does *NOT* include securities futures);

● Options on futures contracts (does *NOT* include securities futures);

● General partnership interests, provided generally that the interest entitles the owner to exercise management control over the partnership;

● Direct interests in real estate.

<u>Immediate Family/Household</u> means a member of such person's immediate family (spouse, domestic partner, child or parents) who lives in the person's household (including children who are temporarily living outside of the household for school, military service or other similar situation), and a relative of the person who lives in such person's household and over whose purchases, sales, or other trading activities an Access Person directly or indirectly exercises influence.

<u>High Quality Short-Term Debt Instrument</u> means any instrument that have a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized statistical rating organization (*e.g.*, Moody's Investors Service).

<u>IPO</u> (*i.e.*, initial public offering) means an offering of securities registered under the Securities Act of 1933 the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

<u>Limited Offering</u> means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2), Section 4(a)(5) of the Securities Act of 1933, or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act of 1933 (*e.g.*, private placements).

<u>Purchase or Sale of a Security</u> includes, among other things, the writing of an option to purchase or sell a security. The purchase or sale of a security in an account in which a person is deemed to have a Beneficial Ownership or a Beneficial Interest is deemed to be a purchase or sale of a Security by such a person.

<u>Reportable Fund</u> means (1) any investment companies other than money market funds that are registered under the Investment Company Act or (2) any Private Fund, for which the Adviser serves as an investment adviser or whose investment adviser or principal underwriter controls the Adviser, is controlled by the Adviser, or is under common control with the Adviser. A Reportable Fund includes registered investment companies that are sub-advised by the Adviser.<sup>2</sup>

<u>Security or Securities</u> means any note, stock, treasury stock, Security Future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, digital assets sold in initial coin offerings or similar presales, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.

<u>Security Future and Securities Futures Product</u> The term security futures product (SFP) encompasses security futures and options on security futures. The term **security future** includes both futures on a single security (called single stock futures) and futures on narrow-based security indexes. With the passage of the Commodity Futures Modernization Act of 2000 (CFMA), broad-based security index futures, which are not considered security futures products, continue to trade under the sole jurisdiction of the CFTC, while security futures products are subject to the joint jurisdiction of the CFTC and the Securities Exchange Commission (SEC).

<u>Supervised Person</u> Any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of the Adviser, or other person who provides investment advice on behalf of the Adviser and is subject to the supervision and control of the Adviser.

<sup>2</sup> Any interest in a **Reportable Fund** is subject to the reporting requirements of this Code.

APPENDIX A-2 - REPORTABLE FUND INFORMATION (effective August 1, 2022)

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| | | | |
|:---|:---|:---|:---|
| **Covered Adviser** | **Fund Ticker Symbol** | **Name of Reportable Fund** | **Type of Fund** |
| USQ | USQIX | USQ Core Real Estate Fund – Class I | Closed-End Registered Fund under Investment Company Act of 1940 |
| USQ | USQSX | USQ Core Real Estate Fund – Class IS | Closed-End Registered Fund under Investment Company Act of 1940 |
| USQ | PRDEX | PREDEX – Class I | Closed-End Registered Fund under Investment Company Act of 1940 |
| USQ | PTDEX | PREDEX – Class T | Closed-End Registered Fund under Investment Company Act of 1940 |
| USQ | PWDEX | PREDEX – Class W | Closed-End Registered Fund under Investment Company Act of 1940 |

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## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Thomas E. Miller, certify that:

1. I
 have reviewed this report on Form N-CSR of USQ Core Real Estate Fund;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/4/2025 | /s/ Thomas E. Miller |
|  |  | Thomas E. Miller<br> Principal Executive Officer |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, G. Keith Downing, certify that:

1. I
 have reviewed this report on Form N-CSR of USQ Core Real Estate Fund;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/4/2025 | /s/ G. Keith Downing |
|  |  | G. Keith Downing<br> Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the USQ Core Real Estate Fund, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the USQ Core Real Estate Fund for the year ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the USQ Core Real Estate Fund for the stated period.

---

| | | |
|:---|:---|:---|
| /s/ Thomas E. Miller | /s/ Thomas E. Miller | /s/ G. Keith Downing |
| <br> Thomas E. Miller<br> Principal Executive Officer,<br> USQ Core Real Estate Fund | <br> Thomas E. Miller<br> Principal Executive Officer,<br> USQ Core Real Estate Fund | <br> G. Keith Downing<br> Principal Financial Officer,<br> USQ Core Real Estate Fund |
| Dated: | 6/4/2025 |  |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by USQ Core Real Estate Fund for purposes of Section 18 of the Securities Exchange Act of 1934.