Note 1. Organization and Business Purpose

Fidelity Core Real Estate Fund, a Maryland statutory trust, (the “Company”) acquires and actively manages a diversified portfolio of stabilized, income-generating real estate assets located in the United States. On February 1, 2023, the Company commenced its ongoing continuous private offering of common shares of beneficial interest (the “Offering”). The Company is offering up to $750 million in common shares of beneficial interest (“common shares”), provided that the Trustee, as defined below, may increase the amount of common shares offered and may terminate the offering at any time. The Company owns all or substantially all of its investments through Fidelity Core Real Estate Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). Fidelity CRET Trustee LLC, a Delaware limited liability company, is the sole trustee (the “Trustee”) of the Company. The Company is externally managed by Fidelity Diversifying Solutions LLC, a Delaware limited liability company and an affiliate of the Trustee (the “Investment Manager” or “FDS”).

Fidelity Service Company, Inc. (the “Administrator” or “FSC”) serves as the Company’s Administrator. FMR LLC (“FMR”) is the parent company of the Trustee, the Investment Manager, and the Administrator. The Company invests in real estate securities and real estate debt to serve as a cash management strategy before investing the Offering proceeds into longer-term real estate assets. All investments are made through the Company’s wholly owned subsidiary FCREF Liquidity Vehicle LLC. The Company has elected to be taxed as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “IRC”), commencing with its taxable year ended December 31, 2023. The Company consolidates FCREF TRS LLC, which it has elected to treat as a taxable REIT subsidiary (“TRS”).