# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0000320351-25-000339
**Filing Date:** 2025-10
**Character Count:** 19586
**Document Hash:** 09b65c8441257fdaf573f85f0ff8dcf4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000320351-25-000339.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000320351-25-000339

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SELECT PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000320351

**ORGANIZATION NAME:**
- **EIN:** 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:** 251432693

**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

### Consumer Discretionary Portfolio (Series ID: S000007454)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000265477 | Fidelity Advisor Consumer Discretionary Fund: Class C | FFNSX           |
| C000265478 | Fidelity Advisor Consumer Discretionary Fund: Class M | FFNNX           |
| C000265479 | Fidelity Advisor Consumer Discretionary Fund: Class I | FFNQX           |
| C000265480 | Fidelity Advisor Consumer Discretionary Fund: Class Z | FFNUX           |
| C000265481 | Fidelity Advisor Consumer Discretionary Fund: Class A | FFNRX           |

Fidelity® Select Portfolios®

Consumer Discretionary Sector

**Consumer Discretionary Portfolio**

**<u>Class</u>**<u>/Ticker</u>

**Fidelity Advisor® Consumer Discretionary Fund**

**A**/FFNRX **M**/FFNNX **C**/FFNSX **I**/FFNQX **Z**/FFNUX

**Summary Prospectus**

**October 31, 2025**

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 fundresearch.fidelity.com/prospectus/sec. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to funddocuments@fmr.com. The fund's prospectus and SAI dated October 31, 2025 are incorporated herein by reference.

![](img118340_1.jpg)

245 Summer Street, Boston, MA 02210

**Fund Summary**

Fund**/Class:**

Consumer Discretionary Portfolio**/Fidelity Advisor® Consumer Discretionary Fund A, M, C, I, Z** 

**Investment Objective**

Consumer Discretionary Portfolio seeks capital appreciation.

**Fee Table**

The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 19 of the prospectus and in the sales charge waiver appendix to the prospectus.

**Shareholder fees**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |
| Maximum sales charge (load) on purchases (as a % of offering price) | 5.75%  | 3.50%  |  |  |  |
| Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption <br> proceeds) | None A<br>| None A<br>| 1.00% B<br>|  |  |

---

AClass A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% and 0.25%, respectively.

BOn Class C shares redeemed less than one year after purchase.

**Annual Operating Expenses**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |
| Management fee  | 0.70% A | 0.72% A | 0.71% A | 0.69% A | 0.56% A |
| Distribution and/or Service (12b-1) fees | 0.25%  | 0.50%  | 1.00%  |  |  |
| Other expenses | 0.03% A | 0.03% A | 0.03% A | 0.03% A | 0.03% A |
| **Total annual operating expenses** | 0.98%  | 1.25%  | 1.74%  | 0.72%  | 0.59%  |

---

ABased on estimated amounts for the current fiscal year.

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 the 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 and if you hold your shares:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class M** | **Class M** | **Class C** | **Class C** | **Class I** | **Class I** | **Class Z** | **Class Z** |
|  | Sell All<br> Shares | Hold<br> Shares | Sell All<br> Shares | Hold<br> Shares | Sell All<br> Shares | Hold<br> Shares | Sell All<br> Shares | Hold<br> Shares | Sell All<br> Shares | Hold<br> Shares |
| 1 year | $669 | $669 | $473 | $473 | $277 | $177 | $74 | $74 | $60 | $60 |
| 3 years | $869 | $869 | $733 | $733 | $548 | $548 | $230 | $230 | $189 | $189 |
| 5 years | $1086 | $1086 | $1012 | $1012 | $944 | $944 | $401 | $401 | $329 | $329 |
| 10 years | $1707 | $1707 | $1808 | $1808 | $1851 | $1851 | $894 | $894 | $738 | $738 |

---

**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 30% 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 the manufacture and distribution of consumer discretionary products and services.

These companies may include, for example, on-line retailers; department stores and specialty retailers including apparel, electronics, automotive, and home furnishing stores; manufacturers of auto parts and accessories, tire and rubber, autos, motorcycles, and scooters; manufacturers of consumer electronic products, including TVs and home audio equipment; manufacturers of household appliances and home furnishings; residential construction companies; manufacturers of leisure products; manufacturers of apparel, accessories, footwear, textiles, and luxury goods; gaming facility, hotel, cruise and travel agency owners and operators; restaurants and caterers; and companies providing educational, home security, legal, and personal services.

For purposes of the fund's policy to normally invest at least 80% of its assets in securities of companies principally engaged in the business activity or activities identified for the fund, Fidelity may consider a company to be principally engaged in the designated business activity or activities based on: (i) the level of a company's assets, income, sales, or profits that are committed to, derived from, or related to the designated business activity or activities, or (ii) whether a third party has given the company an industry or sector classification consistent with the designated business activity or activities. Whether a company is principally engaged in the designated business activity or activities can be determined under any of these factors.

Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.

* 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.

**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.

* *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.

* *Consumer Discretionary Industry Concentration.*

The consumer discretionary industries can be significantly affected by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes.

* *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 Consumer Discretionary Portfolio, a class of shares of the fund, from year to year and compares the performance of this class to the performance of a securities market index and an additional index over various periods of time. The additional index has 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 for Consumer Discretionary Portfolio, a class of shares of the fund.

Performance history will be available at institutional.fidelity.com for Class A, Class M, Class C, Class I, and Class Z after Class A, Class M, Class C, Class I, and Class Z have been in operation for one calendar year.

**Year-by-Year Returns\***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| 5.43%<br>| 4.35%<br>| 22.08%<br>| *-*0.94%<br>| 27.04%<br>| 35.69%<br>| 19.15%<br>| *-*34.83%<br>| 41.78%<br>| 24.61%<br>|

---

![](img118340_4.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Consumer Discretionary Portfolio:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | *31.89%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-26.29%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2022* |
| *Year-to-Date Return* | *5.16%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*September 30, 2025* |

---

*\* The returns shown above are for Consumer Discretionary Portfolio, a class of shares of the fund that is not offered through this prospectus. Class A, Class M, Class C, Class I, and Class Z would have substantially similar annual returns to Consumer Discretionary Portfolio because the classes are invested in the same portfolio of securities. Class A's, Class M's, Class C's, Class I's, and Class Z's returns would differ from Consumer Discretionary Portfolio's returns only to the extent that the classes do not have the same expenses.*

**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.

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year | &nbsp;&nbsp;Past 5<br> years | Past 10<br> years |
| **Consumer Discretionary Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Return Before Taxes** | &nbsp;&nbsp;24.61% | &nbsp;&nbsp;13.23% | &nbsp;&nbsp;12.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Return After Taxes on Distributions** | &nbsp;&nbsp;22.54% | &nbsp;&nbsp;11.67% | &nbsp;&nbsp;11.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Return After Taxes on Distributions and Sale of Fund Shares**<br>| &nbsp;&nbsp;16.04% | &nbsp;&nbsp;10.40% | &nbsp;&nbsp;9.86% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 24.48% | &nbsp;&nbsp; <br> 16.03% | &nbsp;&nbsp; <br> 14.04% |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02% | &nbsp;&nbsp; <br> 14.53% | &nbsp;&nbsp; <br> 13.10% |

---

*\* The returns shown above are for Consumer Discretionary Portfolio, a class of shares of the fund that is not offered through this prospectus. Class A, Class M, Class C, Class I, and Class Z would have substantially similar annual returns to Consumer Discretionary Portfolio because the classes are invested in the same portfolio of securities. Class A's, Class M's, Class C's, Class I's, and Class Z's returns would differ from Consumer Discretionary Portfolio's returns only to the extent that the classes do not have the same expenses.*

**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)**

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

**Purchase and Sale of Shares**

You may buy or sell shares through a retirement account or through an investment professional.

You may buy or sell shares in various ways:

**Internet**

**institutional.fidelity.com**

**Phone**

**To reach a Fidelity representative 1-877-208-0098**

**Mail**

---

| | |
|:---|:---|
| <br>**Fidelity Investments**<br> **P.O. Box 770002**<br> **Cincinnati, OH 45277-0081** | <br> *Overnight Express:*<br> **Fidelity Investments**<br> **100 Crosby Parkway**<br> **Covington, KY 41015** |

---

Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.

The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver.

The price to buy one share of Class C, Class I, or Class Z is its NAV.

Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.

The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC).

The price to sell one share of Class I or Class Z is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.

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.

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® 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 1-877-208-0098. 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, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved.

1.9921084.100 ACPR-SUM-1025