Fidelity Core Real Estate Fund

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Resignation of Simon Fisk On August 10, 2026, Simon Fisk provided Fidelity Core Real Estate Fund (the “Company”) with notice of his resignation, effective as of September 30, 2026 (the “Effective Date”), from his positions as the Vice President of the Company and as a director and Vice President of Fidelity CRET Trustee LLC, the Company’s sole trustee (the “Trustee”). Mr. Fisk’s decision to resign was not the result of any disagreement relating to the Trustee’s or the Company’s operations, policies or practices. Appointment of Vipul Gautam On August 10, 2026, in connection with Mr. Fisk’s resignation as the Company’s Vice President and as a director and Vice President of the Trustee, the Trustee and its sole member appointed Vipul Gautam to serve as the Company’s Vice President and as a director and Vice President of the Trustee, respectively, in each case effective as of the Effective Date. Mr. Gautam’s biography is set forth below. Vipul Gautam Mr. Gautam, 42, is the Head of Direct Real Estate and Private Equity Multi-Strat Product and Investment Services at Fidelity, where he is responsible for alternative investment product development, fund formation, investor relations, and investment services for Private Equity Multi-Strategy and Direct Real Estate funds. Prior to assuming his current role in 2022, Mr. Gautam was Senior Vice President and Research Director at Fidelity Institutional Wealth Advisor LLC, where he was responsible for the open-architecture asset selection and manager research advice that supports Institutional Intermediaries and Defined Contribution Plan Sponsor clients, as well as serving as a Senior Vice President and Research Director at Fidelity’s Workplace Investing division, from 2016 to 2020. Prior to joining Fidelity in 2016, Mr. Gautam was Vice President at Morgan Stanley & Co. from 2013 to 2016, and a Vice President at Bank of America Merrill Lynch from 2009 to 2013. Mr. Gautam received both a B.S. and M.S. in Computer Engineering from Polytechnic Institute of New York University. There are no family relationships between Mr. Gautam and any trustee or executive officer of the Company and there are no transactions between him and the Company that would be required to be reported under Item 404(a) of Regulation S-K.