# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0001379491-23-000049
**Filing Date:** 2023-1
**Character Count:** 14318
**Document Hash:** 2b50ffab002755d81f87fe6b918455e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001379491-23-000049.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001379491-23-000049

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SELECT PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000320351
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-69972
- **FILM NUMBER:** 23565569

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity Environment and Alternative Energy Fund (Series ID: S000007461)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000020435 | Fidelity Environment and Alternative Energy Fund | FSLEX           |

<u>**Fund**/Ticker</u> 

**Fidelity® Environment and Alternative Energy Fund**/FSLEX <br>

**Summary Prospectus**

**April 29, 2022**

**As Revised January 30, 2023**<br>

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at www.fidelity.com/funddocuments. You can also get this information at no cost by calling 1-800-FIDELITY or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's [prospectus](https://www.sec.gov/Archives/edgar/data/0000320351/000137949122001712/filing995.htm#PRO_proofplus7955) dated April 29, 2022, as supplemented on January 30, 2023, and [SAI](https://www.sec.gov/Archives/edgar/data/0000320351/000137949122001712/filing995.htm#SAI_proofplus7951) dated April 29, 2022 are incorporated herein by reference. ![Fidelity Investments](fipro_logo.jpg)

245 Summer Street, Boston, MA 02210<br>

**Fund Summary**

**Fund:<br>Fidelity® Environment and Alternative Energy Fund**

<br> **Investment Objective**

The fund seeks capital appreciation.

**Fee Table**

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. **In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of the fund.**

**Shareholder fees**

**(fees paid directly from your investment)**

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee | 0.53% |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.26% |
| **Total annual operating expenses** | 0.79% |

---

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $81 |
| 3 years | $252 |
| 5 years | $439 |
| 10 years | $978 |

---

**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 89% of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing primarily in common stocks.

* Normally investing at least 80% of assets in securities of companies principally engaged in business activities related to
 alternative and renewable energy, energy efficiency, pollution control, water infrastructure, waste and recycling technologies,
 or other environmental support services.

* Investing in domestic and foreign issuers.

* Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and
 economic conditions, to select investments.
 

* Employing sustainable investing exclusion criteria to avoid investments in issuers that are directly engaged in, and/or derive
 significant revenue from, certain industries. Please see "Fund Basics – Investment Details – Sustainable Investing
 Exclusions" for additional information.
 

**Principal Investment Risks**

* **Stock Market Volatility.** 
 Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or
 economic developments. Different parts of the market, including different market sectors, and different types of securities
 can react differently to these developments.
 

* **Sustainability Risk.** 
 Application of FMR's ESG ratings process and/or its sustainable investing exclusion criteria may affect the fund's exposure
 to certain issuers, sectors, regions, and countries and may affect the fund's performance depending on whether certain
 investments are in or out of favor. The criteria related to the fund's ESG ratings process and/or adherence to its sustainable
 investing exclusion criteria may result in the fund forgoing opportunities to buy certain securities when it might otherwise
 be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so.
 As a result, the fund's performance may at times be better or worse than the performance of funds that do not use ESG
 or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive
 ESG factors. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other
 investors' or advisers' views.
 

* **Foreign Exposure.** 
 Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory,
 market, or economic developments and can perform differently from the U.S. market.
 

* **Environment and Alternative Energy Industry Concentration.** 
 The environment and alternative energy industries can be significantly affected by government regulations and subsidies, changing
 supply and demand for traditional energy sources, and availability of funding for remedial cleanup or development of new technologies,
 and can be subject to risks associated with hazardous materials.
 

* **Issuer-Specific Changes.** 
 The value of an individual security or particular type of security can be more volatile than, and can perform differently
 from, the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.
 

In addition, the fund is classified as non-diversified under the Investment Company Act of 1940 (1940 Act), which means that it has the ability to invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.

**Performance**

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.fidelity.com for more recent performance information.

**Year-by-Year Returns** ![](img797967114.jpg)

---

| | | |
|:---|:---|:---|
| During the periods shown in the chart: | Returns | Quarter ended |
| Highest Quarter Return | 22.72% | December 31, 2020 |
| Lowest Quarter Return | (26.22)% | March 31, 2020 |
| Year-to-Date Return | (8.10)% | March 31, 2022 |

---

**Average Annual Returns**

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

---

| | | | |
|:---|:---|:---|:---|
| **For the periods ended December 31, 2021** | **Past 1 year** | **Past 5 years** | **Past 10 years** |
| **Fidelity® Environment and Alternative Energy Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 30.42% | 16.80% | 14.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 28.05% | 14.97% | 13.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 19.49% | 12.98% | 11.85% |
| S&P 500® Index<br>(reflects no deduction for fees, expenses, or taxes) | 28.71% | 18.47% | 16.55% |
| FTSE® Environmental Opportunities & Alternative Energy Index<br>(reflects no deduction for fees, expenses, or taxes) | 23.94% | 23.88% | 18.46% |

---

**Investment Adviser**

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Julia Pei (portfolio manager) has managed the fund since August 2021.

**Purchase and Sale of Shares**

You may buy or sell shares through a Fidelity<sup>®</sup> brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

**Internet**

**www.fidelity.com**

**Phone**

**Fidelity Automated Service Telephone (FAST<sup>®</sup>) 1-800-544-5555** 

**To reach a Fidelity representative 1-800-544-6666**

**Mail**

---

| | |
|:---|:---|
| **Additional purchases:**<br> **Fidelity Investments**<br>**P.O. Box 770001**<br>**Cincinnati, OH 45277-0003**<br>| **Redemptions:**<br> **Fidelity Investments**<br>**P.O. Box 770001**<br>**Cincinnati, OH 45277-0035**<br>|

---

**TDD- Service for the Deaf and Hearing Impaired**

**1-800-544-0118**

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information. <br>

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity<sup>®</sup> funds, such as prospectuses, annual and semi-annual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC.© 2023 FMR LLC. All rights reserved.

Any third-party marks that may appear above are the marks of their respective owners.

1.925642.120 ENV-SUM-0422-01

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