# EDGAR Filing Document

**Accession Number:** 0001691570
**File Stem:** 0001398344-26-010165
**Filing Date:** 2026-6
**Character Count:** 195204
**Document Hash:** 3913e1f20d286e258e0ecc5a0b1e591a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010165.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001398344-26-010165

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**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:** 261054646

**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<br> 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, 2026</u>**

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

(a) ---

| | |
|:---|:---|
| ![](fp0098453-3_i.jpg) | <br> USQ Core Real Estate Fund |

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Annual Report

March 31, 2026

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

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| | |
|:---|:---|
| Letter to Shareholders | 1 |
| Schedule of Investments | 5 |
| Statement of Assets & Liabilities | 6 |
| Statement of Operations | 7 |
| Statements of Changes in Net Assets | 8 |
| Statement of Cash Flows | 10 |
| Financial Highlights | 11 |
| Notes to Financial Statements | 12 |
| Report of Independent Registered Public Accounting Firm | 21 |
| Supplemental Information to the Annual Report | 22 |
| Additional Information | 26 |
| Trustees & Officers | 27 |
| Privacy Policy | 28 |

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2026 (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, 2026 (the "Reporting Period"). The report includes a discussion of Fund performance, a schedule of the Fund's investments, and its audited financial statements.

As you are aware, the Fund has undergone certain operational changes since the last annual report was presented. The Plan of Liquidation was approved by the Board of Trustees in October 2025, and management has begun to sell the Fund's portfolio of private equity real estate investments. Although repurchases are currently suspended, periodic liquidating distributions will be made to shareholders as sufficient funds become available in the Fund. No action is required on your part, shareholders can expect to receive pro-rata distributions as the Liquidation Plan advances.

**Market Review** 

The Reporting Period was defined by extreme volatility followed by a resilient economy. The announcement of "Liberation Day" tariffs on April 2, 2025 triggered a sharp spring selloff, with the S&P 500 dropping nearly 12% in four days. Markets later staged a historic rebound after a 90-day reprieve and more targeted trade negotiations stabilized sentiment. Growth in 2025 was heavily driven by the "AI/Technology Diffusion" theme and record-high U.S. defense spending. After a long pause, the Fed initiated a measured easing cycle, cutting interest rates three times in late 2025 (September, November, and December) by a total of 0.75%. A 43-day federal government shutdown (October–November) introduced further volatility and delayed critical economic data, making the Fed's "data-dependent" path more challenging. The Fed paused its rate-cutting cycle, maintaining the federal funds rate at 3.5%–3.75%. Geopolitical tensions erupted at the end of February with U.S.-Israeli strikes on Iran. This led to the closure of the Strait of Hormuz, causing WTI crude oil to surpass $100 per barrel and briefly raised G20 inflation projections to 4.0% for 2026. While Fed officials are still signaling a long-term bias toward cutting, market expectations by late March had dropped to zero rate cuts for the remainder of 2026.

Despite this complex environment, the S&P 500 Index demonstrated resilience with a total return of +17.80% during the Reporting Period. Conversely, the fixed income market faced headwinds; the Bloomberg U.S. Aggregate Bond Index posted a one-year total return of +4.35%, despite enduring its worst month in years with a -4.5% drop in April 2025. While yields initially fell in February 2026, a late-quarter spike in inflation concerns drove the 10-year Treasury yield back up to 4.3% by March. The commercial real estate sector regained its footing with the NCREIF Fund Index – Open-end Diversified Core Equity (the "NFI-ODCE") gaining +3.11% over the Reporting Period and is poised for continued recovery. Fundamentals are stabilizing due to lower new supply, and increased transaction volume has created greater clarity on values. We believe commercial real estate performance is well-positioned to remain positive, supported by robust income, strengthening fundamentals, and a significant pullback in new supply.

**Manager Discussion of Fund Performance** 

For the year ended March 31, 2026, the Fund's Class I shares delivered a total return of +0.99%. During the same period, broad-based equity markets delivered a positive return of +17.80% (S&P 500 Index), while fixed income posted a return of +4.35% (Bloomberg U.S. Aggregate Bond Index).

There were no new investments made during the Reporting Period and management placed full redemption requests for the entire portfolio. We have successfully exited eight investments and the Fund is currently receiving partial redemption payments from the remaining investments, except for the U.S. Government Building Fund which is currently gated.

In June and September of 2025, the Fund made normal quarterly distributions to shareholders totaling $0.438 per share of Class I. In connection with the approval of the Plan of Liquidation in October, the Fund discontinued its practice of making targeted 1% quarterly distributions. The first liquidating distribution payment was made on December 30, 2025 in the amount of $0.56 per share. On March 6, 2026, the Fund made a second distribution payment of $4.886 per share. We expect a majority of these distributions will be treated

Annual Report \| March 31, 2026 1

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2026 (Unaudited)** |

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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. See additional disclosures below regarding the character of the distributions. We are currently unable to confirm the amount or timing of future distributions to shareholders. However, shareholders should be prepared for the possibility that final liquidation may not occur until 2027, or later.

Below are the Fund's current sector allocations and geographic weightings, which have not changed materially since the beginning of the Reporting Period.

![](fp0098453-3_2.jpg)

*Portfolio sector and geographic weightings are with respect to the portion of the Fund invested in private funds as of 4/1/26 and are subject to change. Diversification does not ensure profit or prevent losses.* 

**Growth of Assumed $10,000 Investment** 

*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* 

Annual Report \| March 31, 2026 2

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2026 (Unaudited)** |

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*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. An investment cannot be made in an index, which is unmanaged and has returns that do not reflect any trading, management, or other costs.* 

**The Fund's performance\* compared to its benchmarks for the periods ended March 31, 2026.** 

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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)<sup>1</sup> | 0.99% | -4.68% | 1.03% | 2.20% |
| &nbsp;&nbsp;S&P 500 Index | 17.80% | 18.32% | 12.06% | 13.76% |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 4.35% | 3.63% | 0.31% | 1.68% |
| &nbsp;&nbsp;MSCI U.S. REIT Index | 6.79% | 9.13% | 5.80% | 5.96% |
| &nbsp;&nbsp;NFI-ODCE<sup>2</sup> | 3.11% | -2.81% | 2.34% | 3.23% |

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*1* &nbsp;&nbsp;&nbsp;&nbsp;*Effective as of the close of business on December 12, 2025, the outstanding Class L shares of the Fund were converted to Class I shares of the Fund.* 

*2* &nbsp;&nbsp;&nbsp;&nbsp;*Since Inception performance of the NFI-ODCE is as of 10/2/2017, due to quarterly calculation of the index.* 

*\** *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. The Fund's Amended and Restated Expense Limitation Agreement with Union Square Capital Partners, LLC was terminated effective after the close of business on October 31, 2025. Class I has a total annual operating expense of 1.01%, per the prospectus supplement dated October 31, 2025 to the prospectus dated July 29, 2025.* 

***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.*** 

Management remains focused on liquidating the remaining portfolio expeditiously while preserving value for shareholders.

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| |
|:---|
| ![](fp0098453-3_3.jpg) <br>|
| G. Keith Downing<br> President and Treasurer |

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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, 2026 3

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Letter to Shareholders** |
|  | **March 31, 2026 (Unaudited)** |

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**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 117 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, apartment, 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.

● There currently is no secondary market for the Fund's shares and the Adviser does not expect that a secondary market will develop.

**Other Important Disclosures** 

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.

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

Annual Report \| March 31, 2026 4

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Schedule of Investments** |
|  | **March 31, 2026**  |

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| | | |
|:---|:---|:---|
| Description | Shares | Fair Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENTS — 93.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Real Estate Funds — 93.6% <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEW Core Property (U.S.), LP <sup>(b)</sup> | 7445 | $7668329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARA Core Property Fund, LP <sup>(b)</sup> | 22 | 2652680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASB Allegiance Real Estate Fund, LP <sup>(b)</sup> | 3544 | 4709388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings Core Property Fund LP <sup>(b)</sup> | 30867 | 3522979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGO Daily Value Fund - Class F <sup>(b)</sup> | 165399 | 2096880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGO Diversified US Property Fund LP <sup>(b)</sup> | 2678 | 6618958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock US Core Property Fund, LP <sup>(b)(c)</sup> |  | 8810854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE U.S. Core Partners, LP <sup>(b)</sup> | 6985921 | 10382862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIM UII Onshore, LP <sup>(b)</sup> | 6070 | 7364981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarion Lion Properties Fund, LP <sup>(b)</sup> | 8542 | 12891872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GWL US Property Fund LP <sup>(b)(c)</sup> |  | 10315715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Core Real Estate - U.S.A., LP <sup>(b)</sup> | 21 | 3196940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lion Industrial Trust <sup>(b)</sup> | 738 | 2772127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Property Fund, LLC <sup>(b)</sup> | 434 | 8267923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Enhanced Property Fund, LP <sup>(b)</sup> | 111867 | 1470848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRISA LP <sup>(b)</sup> | 3403 | 7305503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund, LP <sup>(b)</sup> | 1924 | 5480626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RREEF America II LP <sup>(b)</sup> | 42987 | 5470758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RREEF Core Plus Industrial Fund LP <sup>(b)</sup> | 17968 | 3994984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Property Fund <sup>(b)</sup> | 576474 | 6720070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trumbull Property Fund LP <sup>(b)</sup> | 625 | 5525856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Real Estate Investment Fund, LLC <sup>(b)</sup> | 3107 | 3612149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Real Property Income Fund, LP <sup>(c)(d)</sup> |  | 36207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Government Building Fund <sup>(b)(c)</sup> |  | 5280200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE INVESTMENTS (Cost $127,770,044)** |  | 136169689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MONEY MARKET FUNDS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Government & Agency - Institutional Class, 3.58% <sup>(e)</sup> | 326255 | $326255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan US Government Money Market Fund - Class Premier, 3.30% <sup>(e)</sup> | 1226607 | 1226607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $1,552,862)** |  | 1552862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 94.7% (Cost $129,322,906)** |  | $**137722551** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Assets in Excess of Liabilities — 5.3%**  |  | 7692038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS — 100.0%** |  | $**145414589** |

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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, 2026 the value of these investments was $136,169,689 or 93.6% 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;*Partnership is not designated in units. Ownership interest in each security is less than 2.5% at March 31, 2026.* 

<sup>*(d)*</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>*(e)*</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The rate shown represents the 7-day annualized yield as of March 31, 2026.*<sup></sup>

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

Annual Report \| March 31, 2026 5

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Statement of Assets & Liabilities** |
|  | **March 31, 2026**  |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value (cost $129,322,906) | $137722551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 631816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 7274540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 35286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid assets and other assets | 9535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 145673728 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser, net of waiver (Note 3) | 84621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable (Note 3) | 47620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees payable | 37273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees payable (Note 3) | 34485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees payable (Note 3) | 21310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees payable | 13311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees payable | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders payable | 4705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees payable | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 4814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 259139 |
| &nbsp;&nbsp;**Net assets** | $145414589 |

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*Commitments and Contingencies (See Note 7).* 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $129608739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 15805850 |
| &nbsp;&nbsp;**Net assets** | $145414589 |
| &nbsp;&nbsp;**Class I** |  |
| &nbsp;&nbsp;Net assets applicable to outstanding shares | $145414589 |
| &nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares authorized, no par value) | 8902161 |
| &nbsp;&nbsp;Net asset value per share outstanding | $16.33 |

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

Annual Report \| March 31, 2026 6

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Statement of Operations** |
|  | **Year Ended March 31, 2026** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $595374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior year dividend income reclassification (Note 2) | (789972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 8063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | (186535) |
| &nbsp;&nbsp;**Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 1290068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense (Note 8) | 923884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees - Class I | 229390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator fees | 151904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 108714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 108174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 80144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 78000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 68612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 34908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees and expenses | 24891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 22647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3121336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived/expense reimbursement by Adviser (Note 3) | (184655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Fund Expenses | 2936681 |
| &nbsp;&nbsp;**Net Investment Income/(Loss)** | (3123216) |
| &nbsp;&nbsp;**Realized and Unrealized Gain/(Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long term capital gain distributions | 993293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments | 1322981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 2316274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments | 3031536 |
| &nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments** | 5347810 |
| &nbsp;&nbsp;**Increase/(Decrease) in Net Assets Resulting from Operations** | $2224594 |

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

Annual Report \| March 31, 2026 7

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

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| | | |
|:---|:---|:---|
|  | **Year Ended <br> March 31, 2026** | **Year Ended <br> March 31, 2025** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(3123216) | $(1992736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 2316274 | (3171540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 3031536 | 4572127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in Net Assets Resulting from Operations | 2224594 | (592149) |
| &nbsp;&nbsp;**Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1208289) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L | (85) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (51445887) | (8248899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L | (3602) | (7908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in net assets from distributions | (52657863) | (8256807) |
| &nbsp;&nbsp;**Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 6721807 | 15882099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 1135281 | 2283670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (34293488) | (35271243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Class L exchange (Note 1) | 179903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued in fund reorganization |  | 100234375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (26256497) | 83128901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class L** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 1090 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 2597 | 4743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed |  | (88014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed from exchange to Class I Shares (Note 1) | (179903) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued in fund reorganization |  | 147779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (176216) | 65996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (76865982) | 74345941 |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 222280571 | 147934630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $145414589 | $222280571 |

---

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

Annual Report \| March 31, 2026 8

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> March 31, 2026** | **Year Ended <br> March 31, 2025** |
| &nbsp;&nbsp;**Other Information** |  |  |
| &nbsp;&nbsp;**Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 10105978 | 6407209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 307723 | 710500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 52377 | 102707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1572165) | (1569912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from Class L exchange (Note 1) | 8248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in fund reorganization |  | 4455474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (1203817) | 3698769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending shares | 8902161 | 10105978 |
| &nbsp;&nbsp;**Class L** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 8079 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 50 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 119 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  | (3953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed in exchange to Class I Shares (Note 1) | (8248) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in fund reorganization |  | 6546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (8079) | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending shares |  | 8079 |

---

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

Annual Report \| March 31, 2026 9

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Statement of Cash Flows** |
|  | **As of March 31, 2026** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Cash Flow from Operating Activities:** |  |
| &nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | $2224594 |
| &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 | (81087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 99118538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales of short-term investments | 620511 |
| &nbsp;&nbsp;Long term capital gain distributions | (993293) |
| &nbsp;&nbsp;Net realized (gain)/loss on investments | (1322981) |
| &nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation of investments | (3031536) |
| &nbsp;&nbsp;Return of capital distributions received | 5032774 |
| &nbsp;&nbsp;Long term capital gain distributions received | 993293 |
| &nbsp;&nbsp;(Increase)/decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | (5980789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 14669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 525352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (30723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 28650 |
| &nbsp;&nbsp;Increase/(decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser, net of waiver | (18820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees payable | (12477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees payable | (11754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable | 20073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees payable | 11568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders payable | (9545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees payable | 13311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (10540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (18197) |
| &nbsp;&nbsp;**Net cash provided by/(used in) in operating activities** | 97081591 |
| &nbsp;&nbsp;**Cash Flows from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 6902800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment on shares redeemed | (34473390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash distributions paid | (51519985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from line of credit borrowings/(paydowns) | (17991016) |
| &nbsp;&nbsp;**Net cash provided by financing activities** | (97081591) |
| &nbsp;&nbsp;**Net increase/(decrease) in cash** |  |
| &nbsp;&nbsp;**Cash, beginning of year** |  |
| &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 $1,137,878. |  |

---

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

Annual Report \| March 31, 2026 10

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund - Class I<sup>(1)</sup>** | **Financial Highlights** |
|  | For a Share Outstanding Throughout the Years Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> March 31, 2026** | **Year Ended <br> March 31, 2025** | **Year Ended <br> March 31, 2024** | **Year Ended <br> March 31, 2023** | **Year Ended <br> March 31, 2022** |
| &nbsp;&nbsp;**Net Asset Value, Beginning of Year<sup>(2)</sup>** | $21.98 | $23.07 | $27.67 | $29.86 | $24.81 |
| &nbsp;&nbsp;**Income from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(3)</sup> | (0.34) | (0.24) | (0.13) | (0.02) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.58 | 0.05 | (3.45) | (0.97) | 6.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.24 | (0.19) | (3.58) | (0.99) | 6.14 |
| &nbsp;&nbsp;**Distributions to Shareholders** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.15) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.14) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital | (5.75) | (0.90) | (0.87) | (0.83) | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (5.89) | (0.90) | (1.02) | (1.20) | (1.09) |
| &nbsp;&nbsp;**Increase/(Decrease) in Net Asset Value** | (5.65) | (1.09) | (4.60) | (2.19) | 5.05 |
| &nbsp;&nbsp;**Net Asset Value, End of Year<sup>(2)</sup>** | $16.33 | $21.98 | $23.07 | $27.67 | $29.86 |
| &nbsp;&nbsp;**Total Return<sup>(2)(4)</sup>** | 1.18% | (0.81)% | (13.19)% | (3.53)% | 25.29% |
| &nbsp;&nbsp;**Supplemental Data and Ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $145415 | $222102 | $147814 | $201147 | $189503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, including interest expense |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waiver<sup>(5)</sup> | 1.57% | 1.85% | 1.39% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after waiver<sup>(5)</sup> | 1.48% | 1.68% | 1.16% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, excluding interest expense |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waiver<sup>(5)</sup> | 1.11% | 1.13% | 1.16% | 1.08% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after waiver<sup>(5)</sup> | 1.02% | 0.96% | 0.94% | 0.92% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waiver<sup>(5)</sup> | (1.67)% | (1.22)% | (0.71)% | (0.23)% | (0.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after waiver<sup>(5)</sup> | (1.58)% | (1.06)% | (0.49)% | (0.07)% | (0.39)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.04% | 0.03% | 1.09% | 4.12% | 0.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Effective as of the close of business on December 12, 2025, the outstanding Class L shares of the Fund were converted to Class I shares of the Fund. See Note 1.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* &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;*(3)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Calculated using the average shares method.*  

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* &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;*(5)* &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, 2026 11

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2026**  |

---

**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.

On October 29, 2025, the Fund, based upon the recommendation of the Adviser, approved a plan of liquidation for the Fund (the "Liquidation Plan"). After considering a variety of factors, the Board of Trustees of the Fund concluded that it would be advisable and in the best interest of the Fund and its shareholders that the Fund be closed and liquidated. As a result of the adoption of the Liquidation Plan, the Fund is no longer actively pursuing its stated investment objective. Shareholders will receive one or more payments representing the shareholder's proportionate interest in the net assets of the Fund, after the Fund has paid or provided for all taxes, expenses and any other liabilities, subject to any required withholdings. While the Fund has begun liquidating its portfolio, at this time, there is no estimate of when the liquidation will be completed.

Sales of the Fund's shares were suspended effective October 29, 2025. Effective as of the close of business on December 12, 2025, the outstanding Class L shares of the Fund were converted to Class I shares of the Fund.

Effective October 31, 2025, the Fund's quarterly repurchase offers and the Fund's target 1% quarterly dividend practice were suspended through the final distribution of the Fund's assets pursuant to the Liquidation Plan.

**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.

Annual Report \| March 31, 2026 12

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2026**  |

---

**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 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).

Annual Report \| March 31, 2026 13

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2026**  |

---

*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.

*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 | $— | $— | $36207 | $136133482 | $136169689 |
| &nbsp;&nbsp;Short-Term Investments | 1552862 |  |  |  | 1552862 |
| &nbsp;&nbsp;Total | $1552862 | $— | $36207 | $136133482 | $137722551 |

---

&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, 2025** | **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> 2026<sup>(b)</sup>** | **Ending <br> Fair Value <br> March 31, <br> 2026** |
| &nbsp;&nbsp;U.S. Real Property Income Fund, LP | $585495 | $(147635) | $(401653) | $— | $— | $36207 |
| &nbsp;&nbsp;Total  | $585495 | $(147635) | $(401653) | $— | $— | $36207 |

---

&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.

Annual Report \| March 31, 2026 14

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2026**  |

---

**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.

**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, 2025, 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, 2026, the Fund has estimated approximately 13.4%, 15.5%, and 71.1% of the distributions from private investment funds to be investment income, capital gains, and return of capital, respectively. The Fund

Annual Report \| March 31, 2026 15

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2026**  |

---

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.

**Segment Reporting** 

The Fund has one reportable segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund operates under one operating segment and reporting unit. In connection with the adoption of ASU 2023-07, the Fund's Treasurer and Principal Financial Officer acts as the Fund's CODM and is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements. The Fund's adoption of this guidance did not have a material impact on the Fund's financial position, results of operations or cash flows.

**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, 2026, the Fund accrued $1,290,068 in management fees.

Pursuant to an Amended and Restated Expense Limitation Agreement, through October 31, 2025 the Adviser had 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 Fund's Amended and Restated Expense Limitation Agreement with the Adviser was terminated by mutual agreement by the Fund and the Adviser, with the consent of the Board, effective after the close of business on October 31, 2025. As a result, the Adviser is no longer obligated to waive its fees and/or pay Fund expenses. Since the inception of the Fund, the Adviser has not recouped any previously waived fees for the Fund and the Adviser will not seek recoupment of the previously waived fees in the future. The Adviser continued to voluntarily waive its fees through November 30, 2025. Fees waived under this voluntary waiver are not subject to recoupment by the Adviser.

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)), served as the Fund's distributor through October 31, 2025. 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, 2026, the Fund had not incurred any 12b-1 fees. The Fund has also adopted a

Annual Report \| March 31, 2026 16

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2026**  |

---

shareholder servicing plan applicable to Class I and Class L shares. 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, 2026, the Fund incurred shareholder servicing fees of $229,390 for Class I.

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, 2026 amounted to $81,087 and $99,118,538, 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** |
| $(1564731) | $1564731 |

---

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, 2025, the Fund deferred, on a tax basis, late-year investment losses of $2,624,118.

As of March 31, 2026, 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 | $122496866 |
| &nbsp;&nbsp;Gross tax unrealized appreciation | $21471034 |
| &nbsp;&nbsp;Gross tax unrealized depreciation | (6245349) |
| &nbsp;&nbsp;Net tax unrealized appreciation (depreciation) | $15225685 |

---

Annual Report \| March 31, 2026 17

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2026**  |

---

As of September 30, 2025, 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 | (2624118) |
| &nbsp;&nbsp;Unrealized appreciation on investments | $18048258 |
| &nbsp;&nbsp;Total accumulated earnings | $15424140 |

---

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

During the tax years ended September 30, 2025 and September 30, 2024, the tax character of distributions paid by the Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | **Tax Year Ended <br> September 30, 2025** | **Tax Year Ended <br> September 30, 2024** |
| &nbsp;&nbsp;Ordinary income | $— | $— |
| &nbsp;&nbsp;Long-term capital gain | 2160416 | 2026586 |
| &nbsp;&nbsp;Return of capital | 6477212 | 4891174 |
|  | $8637628 | $6917760 |

---

**6. REPURCHASE OFFERS** 

Prior to October 31, 2025, the Fund operated as an interval fund pursuant to Rule 23c-2 under the 1940 Act and, as such, had 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 was no guarantee that shareholders would be able to sell all of the shares they desired to sell in a quarterly repurchase offer, although each shareholder had the right to require the Fund to purchase at least 5% of such shareholder's shares in each quarterly repurchase. Liquidity was provided to shareholders only through the Fund's quarterly repurchases. Shareholders were notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the "Repurchase Request Deadline"). Shares were repurchased at the NAV per share determined as of the close of regular trading on the Repurchase Request Deadline. Effective October 31, 2025, the Fund discontinued its policy of making quarterly repurchase offers.

During the year ended March 31, 2026, the Fund completed three repurchase offers. In each 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 4, 2025 | &nbsp;&nbsp;July 3, 2025 | &nbsp;&nbsp;October 3, 2025 |
| &nbsp;&nbsp;**Repurchase Request Deadline** | &nbsp;&nbsp;April 25, 2025 | &nbsp;&nbsp;July 25, 2025 | &nbsp;&nbsp;October 24, 2025 |
| &nbsp;&nbsp;**Repurchase Pricing Date** | &nbsp;&nbsp;April 25, 2025 | &nbsp;&nbsp;July 25, 2025 | &nbsp;&nbsp;October 24, 2025 |
| &nbsp;&nbsp;**Amount Repurchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12579250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10741429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10415236 |
| &nbsp;&nbsp;**Shares Repurchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481518 |

---

Annual Report \| March 31, 2026 18

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2026**  |

---

**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 NAV 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, 2026, 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> 2026** |
| &nbsp;&nbsp;1/2/2018 | $7410524 | $7668329 | &nbsp;&nbsp;AEW Core Property (U.S.), LP | Quarterly | $0 |
| &nbsp;&nbsp;10/2/2017 | 2376891 | 2652680 | &nbsp;&nbsp;ARA Core Property Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 5615616 | 4709388 | &nbsp;&nbsp;ASB Allegiance Real Estate Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 3628881 | 3522979 | &nbsp;&nbsp;Barings Core Property Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;10/18/2019 | 1938506 | 2096880 | &nbsp;&nbsp;BGO Daily Value Fund – Class F | Daily | 0 |
| &nbsp;&nbsp;10/2/2017 | 5513815 | 6618958 | &nbsp;&nbsp;BGO Diversified US Property Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 9743513 | 8810854 | &nbsp;&nbsp;BlackRock US Core Property Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 7840800 | 10382862 | &nbsp;&nbsp;CBRE U.S. Core Partners, LP | Quarterly | 0 |
| &nbsp;&nbsp;7/1/2021 | 7685222 | 7364981 | &nbsp;&nbsp;CIM UII Onshore, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 12054671 | 12891872 | &nbsp;&nbsp;Clarion Lion Properties Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 9923167 | 10315715 | &nbsp;&nbsp;GWL US Property Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;10/1/2018 | 3802053 | 3196940 | &nbsp;&nbsp;Invesco Core Real Estate – U.S.A., LP | Quarterly | 0 |
| &nbsp;&nbsp;7/1/2020 | 1643209 | 2772127 | &nbsp;&nbsp;Lion Industrial Trust | Quarterly | 0 |
| &nbsp;&nbsp;6/30/2022 | 8304875 | 8267923 | &nbsp;&nbsp;Prime Property Fund, LLC | Quarterly | 0 |
| &nbsp;&nbsp;7/1/2019 | 1371670 | 1470848 | &nbsp;&nbsp;Principal Enhanced Property Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 5265345 | 7305503 | &nbsp;&nbsp;PRISA LP | Quarterly | 0 |
| &nbsp;&nbsp;1/1/2020 | 3612193 | 5480626 | &nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund, LP | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 4935300 | 5470758 | &nbsp;&nbsp;RREEF America II LP | Quarterly | 0 |
| &nbsp;&nbsp;4/1/2019 | 2325906 | 3994984 | &nbsp;&nbsp;RREEF Core Plus Industrial Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;4/1/2022 | 7676840 | 6720070 | &nbsp;&nbsp;Strategic Property Fund | Quarterly | 0 |
| &nbsp;&nbsp;10/2/2017 | 6653616 | 5525856 | &nbsp;&nbsp;Trumbull Property Fund LP | Quarterly | 0 |
| &nbsp;&nbsp;10/1/2019 | 3556660 | 3612149 | &nbsp;&nbsp;U.S. Real Estate Investment Fund, LLC | Quarterly | 0 |
| &nbsp;&nbsp;7/2/2018 | 94974 | 36207 | &nbsp;&nbsp;U.S. Real Property Income Fund, LP |  | 0 |
| &nbsp;&nbsp;11/1/2018 | 4795797 | 5280200 | &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 November 19, 2025, the Fund's credit facility with Royal Bank of Canada ("RBC") was terminated. The Fund paid off all fees and no longer has any outstanding obligations under the RBC arrangement as of the termination date. From April 1, 2025 through September 10, 2025, borrowings under the RBC agreement were subject to a maximum borrowing amount of $50 million. On September 10, 2025,

Annual Report \| March 31, 2026 19

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Notes to Financial Statements** |
|  | **March 31, 2026**  |

---

the Fund entered into an amendment to the credit agreement which decreased the lender's total commitment from $50 million to $40 million. Borrowings under the arrangement bore interest at the 3-month SOFR plus 1.75% at the time of borrowing. During April 1, 2025 through November 19, 2025, the Fund incurred $509,369 of interest and $414,515 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 period ended November 19, 2025 were $13,163,672 and 6.00%, respectively. The largest amount outstanding during the period ended November 19, 2025 was $26,575,299.

**9. RISKS AND UNCERTAINTIES** 

In the normal course of business, the Fund faces certain risks and uncertainties. For a comprehensive list of potential risks the Fund may be subject to, please refer to the Supplemental Information included at the end of this Report and the Fund's Prospectus and Statement of Additional Information.

**10. SUBSEQUENT EVENTS** 

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, 2026 20

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Report of Independent Registered Public Accounting Firm** |
|  | **March 31, 2026** |

---

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, 2026, 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, 2026, 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, 2026, 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.

![](fp0098453-3_21.jpg)

COHEN & COMPANY, LTD.<br> Cleveland, Ohio <br> May 29, 2026

Annual Report \| March 31, 2026 21

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Supplemental Information to the Annual Report** |
|  | **March 31, 2026 (Unaudited)** |

---

*The following information in this annual report is a summary of certain changes since October 31, 2025. This information may not reflect all of the changes that have occurred since you purchased the USQ Core Real Estate Fund (the "Fund").* 

After careful consideration, the Board of Trustees of USQ Core Real Estate Fund concluded that it was in the best interests of the Fund and its shareholders that the Fund liquidate. Effective October 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund will not accept any request to purchase shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund will not pursue its stated investment objective

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund's targeted 1% quarterly dividend practice is discontinued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Fund's automatic dividend reinvestment program is terminated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund will not invest at least 80% of its net assets in real estate securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Fund will not conduct quarterly repurchase offers

The Fund began liquidating its portfolio and will invest in cash equivalents until all assets have been distributed to shareholders. Because the Fund's portfolio is composed primarily of illiquid securities that are not listed on an exchange, or traded in an active secondary market, liquidation of the portfolio is expected to take over a year.

Trustees Fairchild and Mooney have concluded their service to the Fund and references to them in the Prospectus and Statement of Additional Information should be disregarded.

Michael D. Achterberg and Thomas E. Miller have concluded their roles as Secretary and President and Principal Executive Officer, respectively. Mary K. Ziegler assumed the role of Secretary in addition to her current role of Chief Compliance, AML Compliance Officer. G. Keith Downing assumed the role of President and Principal Executive Officer in addition to his current role of Treasurer and Principal Financial Officer.

Effective October 31, 2025, G. Keith Downing serves as portfolio manager of the Fund and references to Mr. Achterberg and Mr. Miller in the Prospectus and Statement of Additional Information should be disregarded. As of October 31, 2025 Mr. Downing owned Fund shares in the range of $100,001–$500,000 based upon per share net asset value ("NAV"). Mr. Downing does not serve as a portfolio manager for any other accounts. Mr. Downing's principal occupation is Chief Operating Officer of the Adviser, a position held since the Adviser's 2017 inception.

The Fund terminated the Distribution agreement with Quasar Distributors, LLC effective October 31, 2025.

On December 12, 2025, the Fund's Class L shares were merged into Class I shares. References to Class L in the Prospectus and Statement of Additional Information should be disregarded.

The Board of Trustees terminated the Amended and Restated Expense Limitation Agreement with the Fund's investment adviser. As a result, the Adviser is no longer obligated to waive its fees and/or pay certain Fund expenses.

<u><u>Investment Objective</u></u>

The Fund's investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. As noted above, effective October 31, 2025, the Fund will not pursue its stated investment objective as it is in liquidation mode.

Annual Report \| March 31, 2026 22

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Supplemental Information to the Annual Report** |
|  | **March 31, 2026 (Unaudited)** |

---

<u><u>Investment Policies</u></u>

Historically, the Fund pursued its investment objective by strategically investing across private institutional real estate investment funds ("Private Investment Funds"), and may have also invested in a broad set of public real estate securities, including exchange traded funds ("ETFs"), index mutual funds ("Index Funds") and closed-end funds and mutual funds (collectively with ETFs and Index Funds, "Public Investment Funds"), that invest principally, directly or indirectly, in real estate. Consequently, while the Fund is in the process of liquidation, its portfolio will be composed, in part, of securities purchased pursuant to its investment policies that were in place prior to the commencement of the liquidation process.

Both the Board of Trustees and shareholders representing a majority of shares approved discontinuing the Fund's prior policy to invest at least 80% of its net assets in real estate securities; and its policy to operate as an interval fund making quarterly offers to repurchase at least 5% of Fund shares pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended ("1940 Act").

The following are fundamental investment policies of the Fund. Fundamental policies may not be changed without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund may not borrow money, except as the 1940 Act may permit. The Fund may borrow money for investment purposes, for temporary liquidity, or to finance the repurchase of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund may not issue senior securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund may not purchase securities on margin, but may sell securities short and write call options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Fund may not underwrite securities of other issuers in connection with the disposition of its portfolio securities. The Fund may invest in restricted securities (those that must be registered under the Securities Act before they may be offered or sold to the public) to the extent permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund may not invest more than 25% of the market value of its assets in the securities of companies or entities engaged in any one industry, except the real estate industry. This limitation does not apply to investment in the securities of the U.S. government, its agencies or instrumentalities, as well as to investments in investment companies that primarily invest in such securities. Under normal circumstances, the Fund invests over 25% of its total assets in the securities of companies or entities in the real estate industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Fund may not purchase or sell commodities or commodity contracts, including futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Fund may not make loans to others.

<u><u>Investment Risks</u></u>

*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.

Annual Report \| March 31, 2026 23

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Supplemental Information to the Annual Report** |
|  | **March 31, 2026 (Unaudited)** |

---

There are also special risks associated with particular real estate sectors or real estate operations generally, as described below:

*Retail Properties.* Retail properties are affected by the overall health of the economy and may be adversely affected by, among other things, the growth of alternative forms of retailing, bankruptcy, departure or cessation of operations of a tenant, a shift in consumer demand due to demographic changes, changes in spending patterns, and lease terminations. Many retail properties were adversely affected by mandated shutdowns imposed by state and local governments in response to the COVID-19 pandemic. Any additional shutdowns could have a similarly adverse impact. There continues to be uncertainty in the retail environment that could have an adverse impact on the value of retail properties.

*Office Properties.* Office properties are affected by the overall health of the economy, and other factors such as a downturn in the businesses operated by their tenants, obsolescence, and non-competitiveness.

*Industrial Properties.* Industrial properties are affected by the overall health of the economy and other factors such as downturns in the manufacture, processing, and shipping of goods.

*Residential Properties.* The value and successful operation of a multifamily property may be affected by a number of factors such as the location of the property, the ability of the management team, the level of mortgage interest rates, the presence of competing properties, adverse economic conditions in the locale, oversupply, and rent control laws or other laws affecting such properties. Changes in rent control or rent stabilization laws and regulations could adversely affect property values. Among other consequences, changes in rent control or rent stabilization laws could prevent property owners from raising rents sufficiently to offset increases in operating costs or from removing delinquent tenants.

*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 in 2022, 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 investment in Private Investment Funds will 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 incentive 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 an incentive fee. Private Investment Funds are not publicly traded and therefore may not be as liquid as other types of investments. 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 and also may employ leverage such that their returns are more than one times that of their benchmark which will amplify losses suffered by the Fund when compared to unleveraged investments. For example, the Private Investment Funds need not have independent boards, shareholder approval of advisory contracts may not be required, they may leverage to an unlimited extent, and they may engage in joint transactions with affiliates. The majority of Private

Annual Report \| March 31, 2026 24

---

| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Supplemental Information to the Annual Report** |
|  | **March 31, 2026 (Unaudited)** |

---

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. 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. 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.

*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, 2026 25

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Additional Information** |
|  | **March 31, 2026 (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, 2026 26

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Trustees & Officers** |
|  | **March 31, 2026 (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 one individual, who is not an "interested person" 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;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;**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;President and Principal Executive Officer; Treasurer and Principal Financial Officer | &nbsp;&nbsp;Indefinite; Since October 2025 and Since 2017, respectively | &nbsp;&nbsp;Mr. Downing is Chief Operating Officer of the Fund's investment adviser (Union Square Capital Partners, LLC, the "Adviser") since its inception in 2017.  |
| Mary K. Ziegler \* (1972) <br>235 Whitehorse Lane<br> Suite 200<br> Kennett Square, PA 19348 | &nbsp;&nbsp;Secretary; Chief Compliance Officer, AML Compliance Officer | &nbsp;&nbsp;Indefinite; Since October 2025 and Since 2018, respectively | &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 2019 to May 2020, Ms. Ziegler served as the Global Head of Compliance for Chatham Financial Corp., and from July 2019 to November 2019 she also served as Interim Chief Compliance Officer.  |

---

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

Annual Report \| March 31, 2026 27

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| | |
|:---|:---|
| **USQ Core Real Estate Fund** | **Privacy Policy** |
|  | **March 31, 2026 (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, 2026 28

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Investment Adviser

Union Square Capital Partners, LLC

235 Whitehorse Lane, Suite 200

Kennett Square, PA 19348

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

---

| | |
|:---|:---|
| ![](fp0098453-3_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>|

---

&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. Mrs. 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. "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 3/31/2026 | FYE 3/31/2025 |
| (a) Audit Fees | $30000 | $34000 |
| (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 3/31/2026 | FYE 3/31/2025 |
| 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 3/31/2026</u> <u>FYE 3/31/2025</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: Mrs. Havilah Mann.

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

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

(b) Not applicable.

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

Not applicable to closed-end management investment companies.

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

Not applicable to closed-end management investment companies.

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

Not applicable to closed-end management investment companies.

 

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

Not applicable to closed-end management investment companies.

 

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

Not applicable as the investment advisory contract was not approved during the past six-month period.

**<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>**

 

G. Keith Downing

G. Keith Downing has served as the Chief Executive Officer of the Adviser since October 2025 and Chief Operating Officer since inception of the Adviser. Previously, Keith was the Director of Fund Administration at Nationwide Financial's Investment Management Group. Before Nationwide, Keith was the Director of Client Service at Clearbrook Financial and held various positions at SEI Investment Inc. including Product Manager, Account Director, Business Manager, and Staff Accountant. Keith obtained his bachelor's degree in accounting at Lynchburg College and earned his Master of Business Administration from Villanova University

Portfolio Manager Compensation

The portfolio manager receives his compensation from the Adviser in the form of salary, bonus, retirement plan benefits, and restricted stock. The 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, 2026, Mr. Downing managed no other accounts in addition to the Fund. As of March 31, 2026, Mr. Downing owned shares of the Fund with a value between $100,001 and $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>**

(a) Not applicable.

(b) Not applicable.

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

[*(a)*](fp0098453-1_ex99code.htm) [(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.*](fp0098453-1_ex99code.htm)

 

Filed herewith.

&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)).*](fp0098453-1_ex99cert.htm)

Filed herewith.

&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)*](fp0098453-1_ex99906cert.htm) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*](fp0098453-1_ex99906cert.htm)

 

Furnished herewith.

**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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | USQ Core Real Estate Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title)\* | /s/ G. Keith Downing |
|  | G. Keith Downing, Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date | May 29, 2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title)\* | /s/ G. Keith Downing |
|  | G. Keith Downing, Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date | May 29, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title)\* | /s/ G. Keith Downing |
|  | G. Keith Downing, Principal Financial Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date | May 29, 2026 |

---

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

## Ex-99.Code

EX.99.CODE ETH

**Union Square Capital Partners, LLC**<br> **ADVISORY CODE OF ETHICS**<br> **2022**<br>**Effective November 2022**<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.

**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:

● 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

● "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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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;&nbsp;&nbsp;&nbsp;&nbsp;o 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;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;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;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;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

● 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;

● 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:

(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.

(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.

(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.

(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.

(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.

(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 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>

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

<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.

APPENDIX A-2 - Reportable Fund INFORMATION (effective January 2026)

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| | | | |
|:---|:---|:---|:---|
| **Covered<br> Adviser** | **Fund Ticker<br> 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 |

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## Ex-99.Cert

EX.99.CERT

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

I, G. Keith Downing, certify that:

1. I have reviewed this report on Form N-CSR of the 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: | May 29, 2026 | /s/ G. Keith Downing |
|  |  | G. Keith Downing<br> Principal Executive Officer<br> Principal Financial Officer |

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## 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, 2026 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/ G. Keith Downing | /s/ G. Keith Downing |
| G. Keith Downing<br> Principal Executive Officer,<br> Principal Financial Officer,<br> USQ Core Real Estate Fund | G. Keith Downing<br> Principal Executive Officer,<br> Principal Financial Officer,<br> USQ Core Real Estate Fund |
| Dated: | May 29, 2026 |

---

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.