# EDGAR Filing Document

**Accession Number:** 0001691570
**File Stem:** 0000894189-25-013156
**Filing Date:** 2025-10
**Character Count:** 15929
**Document Hash:** df34ae5484d912ca98be649ad5e84ab8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013156.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0000894189-25-013156

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**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:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-217181
- **FILM NUMBER:** 251439844

**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

Filed Pursuant to Rule 424(b)(3)

File Nos. 333-217181

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| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **USQ Core Real Estate Fund**<br>**Shares of Beneficial Interest** <br>**Class I Shares (USQIX)**<br>**Class L Shares (USQSX)**<br>|

---

**Supplement dated October 31, 2025**

**to the Prospectus and Statement of Additional Information dated July 29, 2025**

After careful consideration, the Board of Trustees of USQ Core Real Estate Fund (the "Fund")

has concluded that it is in the best interests of the Fund and its shareholders that the Fund

liquidate.

Effective immediately:

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

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

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

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

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

**(6)The Fund will not conduct quarterly repurchase offers**

In the near term, the Fund will begin 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.

<u>Mechanics of Liquidation</u>

The Board of Trustees has adopted a plan of liquidation (the "Plan"). Under the Plan, the Fund

will pay ongoing operating expenses and discharge its liabilities while the investment adviser

seeks to convert the Fund's portfolio to cash by submitting redemption requests to the underlying

real estate funds held in the Fund's portfolio and/or by seeking out secondary market

transactions. The Fund expects to make quarterly distributions beginning in the first quarter of

2026. Distributions may consist of dividends, capital gains, or a return of capital.

During the liquidation process the Fund will continue to:

i.strike a daily net asset value per share (NAV);

ii.distribute all required shareholder reports with full portfolio transparency;

iii.report periodically on the progress of the liquidation to shareholders;

iv.maintain a Fund website;

v.maintain an investor services email address; and

vi.maintain a toll-free number for shareholder communications.

SHAREHOLDERS DO NOT NEED TO TAKE ANY ACTION AT THIS TIME

Additional information about the liquidation process and the Fund is provided in the appendix

below.

**\* \* \* \* \***

**Please retain this supplement for your reference.** 

**<u>Appendix</u>**

**Background**

Both the Board of Trustees and shareholders representing a majority of shares have approved discontinuing the

Fund's 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. The Board of Trustees has terminated the expense limitation agreement with

the Fund's investment adviser.

**Operation of the Fund**

The Fund's principal executive offices are located at 235 Whitehorse Lane, Suite 200, Kennett Square, PA 19348.

Like other funds, the Fund retains various organizations to perform specialized services. U.S. Bancorp Fund

Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), provides accounting and

administrative services and shareholder servicing to the Fund as transfer agent and dividend disbursing agent. Fund

Services' address is 615 E. Michigan Avenue, Milwaukee, Wisconsin 53202. Pursuant to a fund administration

servicing agreement and a fund accounting servicing agreement, Fund Services also performs certain administrative,

accounting and tax reporting functions for the Fund, including preparing and filing federal and state tax returns,

preparing and filing securities registration compliance filings with various states, compiling data for and preparing

notices to the SEC, assistance in the preparation of the Fund's registration statement under federal and state

securities laws, preparing financial statements for the Annual and Semi-Annual Reports to the SEC and current

investors, monitoring the Fund's expense accruals, and calculating the weekly NAV for the Fund from time to time,

monitoring the Fund's compliance with its investment objective and restrictions. U.S. Bank, N.A., is a custodian of

the assets of the Fund pursuant to a custody agreement between it and the Fund ("Custody Agreement"). U.S. Bank,

N.A., is compensated for its services to the Fund by fees paid on a per transaction basis, and the Fund also pays

certain of U.S. Bank, N.A.'s related out-of-pocket expenses. U.S. Bank, N.A.'s address is 1555 North Rivercenter

Drive, Milwaukee, Wisconsin 53212. UMB Bank, N.A. with principal offices at 1010 Grand Boulevard, Kansas

City, Missouri 64106 also serves as a custodian for securities of the Fund's portfolio. UMB Bank, N.A. is

compensated for its services to the Fund by fees paid on an assets held, services provided, and per transaction basis,

and the Fund also pays certain of UMB Bank, N.A.'s related out-of-pocket expenses. Quasar Distributors LLC

("Quasar" or the "Distributor"), 190 Middle St., Suite 301, Portland Maine 532020 acts as the distributor for shares

of the Fund on a best efforts basis pursuant to a distribution agreement between the Fund, the Adviser and the

Distributor. However, Quasar will conclude its service to the near future.

**The Fund's current officers are presented in the table below.**

---

| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth** <br>**and Address**<br>| **Position** <br>**with the** <br>**Fund**<br>| **Term of Office**<br>**and Length of** <br>**Time Served**<br>| **Principal Occupations During the Past Five Years** |
| G. Keith Downing \* <br>(1972)<br>235 Whitehorse Lane<br>Suite 200<br>Kennett Square, PA <br>19348<br>| President <br>and <br>Principal <br>Executive <br>Officer; <br>Treasurer <br>and <br>Principal <br>Financial <br>Officer<br>| Indefinite; Since <br>October 2025 and <br>Since 2017, <br>respectively<br>| Mr. Downing is Chief Operating Officer of the Fund's <br>investment adviser (Union Square Capital Partners, <br>LLC, the "Adviser") since its inception in2017. <br>|
| Mary K. Ziegler \* (1972)<br>235 Whitehorse Lane<br>Suite 200<br>Kennett Square, PA <br>19348<br>| Secretary; <br>Chief <br>Compliance <br>Officer, <br>AML<br>Compliance <br>Officer<br>| Indefinite; Since <br>October 2025 and <br>Since 2018, <br>respectively<br>| Ms. Ziegler is Chief Legal and Compliance Officer of <br>the Adviser since February 2018. She also serves as <br>General Counsel of Chatham Financial Corp., an affiliate <br>of the Adviser, since May 2020. From November 2019 to <br>May 2020, Ms. Ziegler served as the Global Head of <br>Compliance for Chatham Financial Corp., and from July <br>2019 to November 2019 she also served as Interim Chief <br>Compliance Officer. <br>|

---

**Trustees**

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.

**Portfolio Manager**

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 the date of this supplement Mr.

Downing owned Fund shares in the range of $100,001–$500,000 based upon per share net asset value. 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.

**Security Ownership of Management and Certain Beneficial Owners**

As of the Record Date, the Trustees and officers as a group beneficially owned less than 1% of the shares of the

Fund.

As of the Record Date, pursuant to the Fund's transfer agent's records, the record or beneficial owners of more than

5% of any outstanding class of shares of the Fund are listed in the following table.

*Class I Shares*

---

| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of**<br>**Ownership**<sup>(1)</sup><br>|
| National Financial Services LLC<br>499 Washington Blvd, Floor 4<br>Jersey City, NJ 07310-2010<br>| 46.68 | Record |
| Charles Schwab & Company, Inc.<br>Special Custody A/C FBO Customers<br>211 Main Street<br>San Francisco, CA 94105-1901<br>| 17.73 | Record |
| CFC Investments Corp<br>(Chatham Financial Corp <sup>(2)</sup>)<br>235 White Horse Lane<br>Kennett Square, PA 19348-2497<br>| 8.87 | Beneficial |
| Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0002<br>| 6.73 | Record |

---

*Class L Shares*

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| | | |
|:---|:---|:---|
| **Name and Address** | **%** <br>**Ownership**<br>| **Type of**<br>**Ownership**<sup>(1)</sup><br>|
| CFC Investments Corp<br>(Chatham Financial Corp <sup>(2)</sup>)<br>235 White Horse Lane<br>Kennett Square, PA 19348-2497<br>| 66.99 | Beneficial |
| Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0002<br>| 29.57 | Record |

---

(1) "Record" ownership means the shareholder of record, or the exact name of the shareholder on the account, i.e. "ABC Brokerage, Inc."

"Beneficial" ownership refers to the actual pecuniary, or financial, interest in the security, i.e. "Jane Doe Shareholder."

(2) Chatham Financial Corp. is the sole member of USQ Holding Company, LLC, which in turn is the sole member of the Adviser.

**Fees and Expenses of the Fund**

The following table describes the current fees and expenses that you may pay as a Class I shareholder if you buy and

hold shares of the Fund as well as estimated proforma fees and expenses assuming various liquidation-related

changes in fees and expenses been in place during the last fiscal year.

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| | | |
|:---|:---|:---|
| **Shareholder Transaction Expenses** | **Current** | **Proforma**<sup>2</sup> |
| Maximum Sales Load (as a percentage of offering price) |  |  |
| Repurchase Fee |  |  |
| Contingent Deferred Sales Charge |  |  |
| **Annual Expenses**<br>(as a percentage of net assets attributable to common shares) | **Annual Expenses**<br>(as a percentage of net assets attributable to common shares) |  |
| Management Fees | 0.65% | 0.65% |
| Interest Payments on Borrowed Funds | 0.72% | 0.00% |
| Other Expenses | 0.48% | 0.36% |
| Shareholder Servicing Expenses  | 0.11% | 0.11% |
| Distribution Fees  |  |  |
| Remaining Other Expenses | 0.37% | 0.25% |
| **Total Annual Expenses** | **1.85%** | **1.01%** |
| Fee Waiver and Expense Reimbursement | (0.17)%<sup>1</sup> | 0.00% |
| **Total Annual Expenses (after fee waiver and reimbursement)** | **1.68%** | **1.01%** |

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1The Adviser has contractually agreed to waive its advisory fees and/or assume expenses otherwise payable by the Fund to the extent

necessary to ensure that Total Annual Expenses for Class I (excluding taxes, interest, trading costs, Acquired Fund Fees and Expenses

("AFFE"), distribution fees, and shareholder servicing expenses) do not exceed 0.85% of average daily net assets (the "Expense

Limitation Agreement"). The Expense Limitation Agreement will continue indefinitely until revised or terminated by mutual

agreement by the Fund and the Adviser, with the consent of the Board. Under the Expense Limitation Agreement, the Adviser may

request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to

the Expense Limitation Agreement at a date not to exceed three years from the month in which the corresponding waiver or

reimbursement to the Fund was made. However, no reimbursement may be made unless the total annual expense ratio of the class

making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived

the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation.

2Assumes: (i) no interest expense, (ii) reduced operating expenses, and (iii) no expense limitation agreement.

***Example***

The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing

in other funds. The Example assumes that you invest $1,000 in the Fund for the time periods indicated and then

redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%

return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made

to the Fund's operating expenses due to the Expense Limitation Agreement for the 1 Year period only. Open-end

mutual funds present this example information with respect to investments of $10,000, rather than investments of

$1,000, as presented below for this closed-end fund. Although your actual costs may be higher or lower, based on

these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| **Current** | $17 | $57 | $98 | $216 |
| **Proforma** | $10 | $32 | $56 | $124 |

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**A copy of the Fund's most recent annual report or semi-annual report, including financial statements and**

**schedules, are available at no charge by contacting the Fund.**

<u>By Telephone</u> <u>By Mail</u> <u>By Internet</u> <br> <u>(833) 877-3863</u> <u>USQ Fundsc/o U.S. Bank Global FundServicesP.O. Box 219252Kansas City, Missouri 64121-9252</u> <u>http://www.usq.com</u>

**Other**

Class L shares will be converted to Class I shares I the near future. This conversion will be made based on relative

NAV such that Class L shareholders will receive Class I shares with the same value as their current Class L shares.

**U.S. Federal Income Tax Matters.**

For U.S. federal income tax purposes, the liquidation will be a taxable event, causing the shareholders of the Fund

that are subject to U.S. federal income tax to recognize any gain or loss in their Fund shares. The liquidating

distributions will generally be treated for U.S. federal income tax purposes as payments in exchange for the

shareholder's shares (except for any portion of a liquidating distribution that is treated as a dividend for U.S.

federal income tax purposes). A shareholder subject to U.S. federal income tax generally will recognize capital

gain or loss equal to the difference between (i) the amount of the distributions that is treated as payment in

exchange for the shareholder's shares, including the fair market value of any assets distributed in kind, and (ii) his

or her basis in such shares. A shareholder should consult with his/her tax advisor to discuss the Fund's liquidation

and the potential tax consequences to the shareholder.