UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a- 6(e)(2)) [ ] Definitive Proxy Statement [X ] Definitive Additional Materials [ ] Soliciting Material Pursuant to 240.14a-11(c) or 240.14A-12 USP Real Estate Investment Trust (Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if other than Registrant) Payment of Filing Fee (Check the appropriate box): [X ] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. 1) Title of each class of securities to which transaction applies: _______________________________________________________________ 2) Aggregate number of securities to which transaction applies: _______________________________________________________________ 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: (Set forth the amount on which the filing fee is calculated and state how it was determined): _________________________________________________________________ 4) Proposed maximum aggregate value of transaction: _________________________________________________________________ 5) Total fee paid: _________________________________________________________________ [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: ______________________________________________________________________ 2) Form, Schedule or Registration Statement No.: ______________________________________________________________________ 3) Filing Party: ______________________________________________________________________ 4) Date Filed: ______________________________________________________________________ USP Real Estate Investment Trust 4333 Edgewood Road N.E. Cedar Rapids, Iowa 52499-5441 June 30, 1998 To the Shareholders: You have previously received a Proxy Statement dated June 5, 1998, of USP Real Estate Investment Trust (the "Trust") relating to the Trust's Annual Meeting scheduled to be held July 14, 1998. The section captioned "Principal Shareholders" contained in the Proxy Statement is hereby revised to read as follows: PRINCIPAL SHAREHOLDERS The following table sets forth information with respect to each person and group (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934) known by the Trust to be the beneficial owner of more than five percent (5%) of the outstanding shares of the Trust as of June 5, 1998. Name and Address Amount and Nature Percent of Beneficial Owner of Beneficial Ownership of Class AEGON USA, Inc. (1) 1,197,260 30.86% 4333 Edgewood Road N.E. Cedar Rapids, Iowa 52499 Turkey Vulture Fund XIII, Ltd(2) 363,681 9.37% (1) AEGON USA, Inc. is an indirect, wholly-owned subsidiary of AEGON N.V., a holding company organized under the laws of The Netherlands which is controlled by Vereninging AEGON, an association organized under the laws of The Netherlands. AEGON USA, Inc. has sole voting and investment powers with respect to the above Shares. (2) The Turkey Vulture Fund XIII, Ltd. (the "Fund") is managed by Richard M. Osborne, c/o Marc C. Krantz, Kohrman Jackson & Krantz P.L.L., 1375 East 9th Street, Cleveland, Ohio 44114. The table sets forth the number of Shares beneficially owned by the Fund as of April 24, 1998. This information was obtained from, and is qualified in its entirety by reference to, Schedule 13D (Amendment No. 4) dated April 24, 1998, filed with the Securities and Exchange Commission. Additionally, please be advised that subsequent to the date of the Proxy Statement, the Turkey Vulture Fund XIII, Ltd. has filed a Schedule 13D (Amendment No. 5) with the Securities and Exchange Commission dated June 22, 1998, indicating that the Fund now beneficially owns 408,381 Shares, which represents 10.53% of the outstanding shares of beneficial interest in the Trust. FOR THE BOARD OF TRUSTEES Maureen DeWald Vice President and Secretary