# EDGAR Filing Document

**Accession Number:** 0001691570
**File Stem:** 0000894189-25-014179
**Filing Date:** 2025-11
**Character Count:** 14947
**Document Hash:** 3bc9835affecb5e3f577a22edd6d6e08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014179.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0000894189-25-014179

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23219
- **FILM NUMBER:** 251507110

**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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** USQ Core Real Estate Fund

- **b. Investment Company Act file number:** 811-23219

- **c. CIK number of Registrant:** 0001691570

- **d. LEI of Registrant:** 549300NGJLL0OESME135

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 Whitehorse Lane

  - **City:** Kennett Square

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19348

  - **Telephone number:** 484-731-3101

**Item A.2. Information about the Series.**

- **a. Name of Series:** USQ Core Real Estate Fund

- **c. LEI of Series:** 549300NGJLL0OESME135

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $210097078.72

**Total Liabilities:** $7424697.57

**Net Assets:** $202672381.15

**Cash Not Reported:** $1198266.96

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.18%               | 0.05%                | 0.08%                |
| Class ID N/A | -0.14%               | 0.05%                | 0.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-968018.72              | $749344.55                                 |
| Month 2  | $-351084.24              | $563736.05                                 |
| Month 3  | $-98670.81               | $1672216.99                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                       | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   | Balance   | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| RREEF AMERICA II LP                        | RREEF AMERICA II LP                        | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 54409     | NS      | $6861647.14   | 3.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MADISON CORE PROPERTY FUND LP              | MADISON CORE PROPERTY FUND LP              | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 4522      | NS      | $10141883.10  | 5.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BAILARD REAL ESTATE INVESTMENT TRUST, INC. | BAILARD REAL ESTATE INVESTMENT TRUST, INC. | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 196734    | NS      | $6138343.64   | 3.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PRREF II LP                                | PRREF II LP                                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 594764    | NS      | $1036726.13   | 0.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BLACKROCK US CORE PROPERTY FUND, L.P.      | BLACKROCK US CORE PROPERTY FUND, L.P.      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $9668609.25   | 4.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| U.S. REAL PROPERTY INCOME FUND LP          | U.S. REAL PROPERTY INCOME FUND LP          | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $220146.76    | 0.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PRINCIPAL ENHANCED PROPERTY FUND L.P.      | PRINCIPAL ENHANCED PROPERTY FUND L.P.      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 111867    | NS      | $1432125.87   | 0.71%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fidelity Government Portfolio              | Fidelity Government Portfolio              | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        | 101180    | NS      | $101180.24    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| TA REALTY CORE PROPERTY FUND, LP           | TA REALTY CORE PROPERTY FUND, LP           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 6229      | NS      | $7940824.04   | 3.92%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ASB ALLEGIANCE REAL ESTATE FUND, LP        | ASB ALLEGIANCE REAL ESTATE FUND, LP        | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 4023      | NS      | $5223335.50   | 2.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BGO DIVERSIFIED US PROPERTY FUND           | BGO DIVERSIFIED US PROPERTY FUND           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 2782      | NS      | $6826094.77   | 3.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SENTINEL REAL ESTATE FUND LP               | SENTINEL REAL ESTATE FUND LP               | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 35        | NS      | $3717216.34   | 1.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PRIME PROPERTY FUND, LLC                   | PRIME PROPERTY FUND, LLC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 477       | NS      | $9150870.12   | 4.52%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BARINGS CORE PROPERTY FUND, LP             | BARINGS CORE PROPERTY FUND, LP             | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 38913     | NS      | $4416779.64   | 2.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| INVESCO CORE REAL ESTATE-U.S.A.            | INVESCO CORE REAL ESTATE-U.S.A.            | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 21        | NS      | $3691247.36   | 1.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| U.S. REAL ESTATE INVESTMENT FUND LLC       | U.S. REAL ESTATE INVESTMENT FUND LLC       | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 3335      | NS      | $3880035.64   | 1.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CIM UII ONSHORE, L.P.                      | CIM UII ONSHORE, L.P.                      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 6086      | NS      | $7405098.73   | 3.65%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CBRE U.S. CORE PARTNERS, LP                | CBRE U.S. CORE PARTNERS, LP                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 12743464  | NS      | $19173191.78  | 9.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PRISA LP                                   | PRISA LP                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 4419      | NS      | $9254603.89   | 4.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| UBS TRUMBULL PROPERTY FUND LP              | UBS TRUMBULL PROPERTY FUND LP              | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 626       | NS      | $5542763.31   | 2.73%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LION INDUSTRIAL TRUST                      | LION INDUSTRIAL TRUST                      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 1567      | NS      | $5717918.60   | 2.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| INVESCO U.S. INCOME FUND L.P.              | INVESCO U.S. INCOME FUND L.P.              | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 1906      | NS      | $2872450.65   | 1.42%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PROLOGIS TARGETED U.S. LOGISTICS FUND LP   | PROLOGIS TARGETED U.S. LOGISTICS FUND LP   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 1914      | NS      | $5369448.65   | 2.65%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Invesco Government & Agency Po             | Invesco Government & Agency Portfolio      | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        | 171403    | NS      | $171403.08    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| CLARION LION PROPERTIES FUND, LP           | CLARION LION PROPERTIES FUND, LP           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 10042     | NS      | $15093489.54  | 7.45%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GWL USPF LP                                | GWL USPF LP                                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $10794750.83  | 5.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SMART MARKETS FUND, L.P.                   | SMART MARKETS FUND, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 3862      | NS      | $6623845.89   | 3.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| STRATEGIC PROPERTY FUND                    | STRATEGIC PROPERTY FUND                    | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 689590    | NS      | $7811676.15   | 3.85%             |  |  |  | Yes           | N/A                | On Loan: No      |
| RREEF CORE PLUS INDUSTRIAL FUND L.P.       | RREEF CORE PLUS INDUSTRIAL FUND L.P.       | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 21098     | NS      | $4686220.28   | 2.31%             |  |  |  | Yes           | N/A                | On Loan: No      |
| US GOVERNMENT BUILDING FUND                | US GOVERNMENT BUILDING FUND                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $5289697.95   | 2.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AEW CORE PROPERTY (U.S.), L.P.             | AEW CORE PROPERTY (U.S.), L.P.             | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 9015      | NS      | $9305823.99   | 4.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ARA CORE PROPERTY FUND                     | ARA CORE PROPERTY FUND                     | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 64        | NS      | $7777593.10   | 3.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| METLIFE CORE PROPERTY FUND, LP             | METLIFE CORE PROPERTY FUND, LP             | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 1178      | NS      | $1673969.84   | 0.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BGO DAILY VALUE FUND LP CLASS F            | BGO DAILY VALUE FUND LP CLASS F            | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 204135    | NS      | $2568482.15   | 1.27%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-11-20

**Name of Applicant:** USQ Core Real Estate Fund

**Signature:** /s/Keith Downing

**Name of Signer:** USQ Core Real Estate Fund

**Title:** Treasurer and Principal Financial Officer