Supplement to the
Fidelity® Select Portfolios®
Consumer Discretionary Portfolio
Class A, Class M, Class C, Class I, and Class Z
April 29, 2026
Summary Prospectus

Effective September 1, 2026, the following information replaces similar information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Jordan Michaels (Co-Portfolio Manager) has managed the fund since 2022.

It is expected that Mr. Michaels will transition off of the fund effective on or about November 30, 2026. At that time, Mr. Shuleva will assume sole portfolio manager responsibilities for the fund.

Ben Shuleva (Co-Portfolio Manager) has managed the fund since 2026.

ACPR-SUSTK-0826-100 1.9923514.100 August 27, 2026

Supplement to the
Fidelity® Select Portfolios®
Consumer Discretionary Portfolio
April 29, 2026
Summary Prospectus

Effective September 1, 2026, the following information replaces similar information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Jordan Michaels (Co-Portfolio Manager) has managed the fund since 2022.

It is expected that Mr. Michaels will transition off of the fund effective on or about November 30, 2026. At that time, Mr. Shuleva will assume sole portfolio manager responsibilities for the fund.

Ben Shuleva (Co-Portfolio Manager) has managed the fund since 2026.

CPR-SUSTK-0826-102 1.9880381.102 August 27, 2026