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Fidelity® Agricultural Productivity FARMX Sustainability

| Quantitative rating as of | See Fidelity Investment Hub

Sustainability Analysis

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Sustainable Summary

Fidelity® Agricultural Productivity Fund has a number of attributes that may meet the expectations of sustainability-focused investors, despite some issues worthy of attention.

Fidelity® Agricultural Productivity Fund's holdings are exposed to average levels of ESG risk relative to those of its peers in the Natural Resources Sector Equity category, thus earning it an average Morningstar Sustainability Rating of 3 globes. Competing funds in the category with ratings of 4 or 5 globes have less ESG risk in their holdings. Unlike impact, which measures positive environmental and societal outcomes attributable to an investment, ESG risk reflects the degree to which investments could be affected by material ESG issues like climate change and inequalities.

Currently, the fund's involvement in fossil fuels is negligible, and compares favorably with 18.28% for its average peer. No companies held by Fidelity® Agricultural Productivity Fund are recognized as being involved in controversies at a high or severe level. From bribery and corruption to workplace discrimination and environmental incidents, controversies can have significant financial repercussions, ranging from legal penalties to consumer boycotts. In addition, controversies can damage the reputation of both companies themselves and their shareholders.

One potential issue for a sustainability-focused investor is that Fidelity® Agricultural Productivity Fund doesn’t have an ESG-focused mandate. Funds with an ESG-focused mandate would have a higher probability to drive positive ESG outcomes.

Fidelity® Agricultural Productivity Fund's Carbon Risk Score of 14.15 is at the lower end of the medium carbon risk band. This score represents the asset-weighted carbon risk score of the portfolio's equity or corporate bond holdings, averaged over the trailing 12 months. This suggests the fund’s current holdings are moderately positioned to transition to a low-carbon economy. Such funds invest in companies that tend to operate in sectors less exposed to the transition (such as healthcare and IT) and/or companies in more carbon-intensive sectors (such as industrials and utilities) but that consider climate change in their business strategy and products, and therefore are positively aligned with the transition.

ESG Commitment Level Asset Manager

An ESG Commitment Level Asset Manager rating is not assigned to this investment.

Morningstar analysts award an ESG Commitment Level Asset Manager ratings to investments that also receive Morningstar Analyst Ratings. Not all investments currently have Asset Manager rating. Morningstar is expanding its coverage, prioritizing investments that are most relevant to investors.