Supplement to the

Fidelity® Select Portfolios®

Telecommunications

Portfolio

April 29, 2023

Summary Prospectus

Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.

The following information replaces similar information for Telecommunications Portfolio found in the “Fund Summary” section under the “Fee Table” heading.

Annual Operating Expenses

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

Management fee	0.69%A,B
Distribution and/or Service (12b-1) fees	None
Other expenses	0.09%B
Total annual operating expenses	0.78%

^A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.24% was previously charged under the services agreements.

^B Adjusted to reflect current fees.

1 year	$ 80
3 years	$ 249
5 years	$ 433
10 years	$ 966

TEL-SUSTK-0324-101 1.9880374.101 March 1, 2024

Supplement to the

Fidelity® Select Portfolios®

Telecommunications Portfolio

Class A, Class M, Class C, Class I, and Class Z

April 29, 2023

Summary Prospectus

Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.

The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.

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	0.72%A,B	0.72%A,B	0.72%A,B	0.67%A,B	0.56%A,B
Distribution and/or Service (12b-1) fees	0.25%	0.50%	1.00%	None	None
Other expenses	0.09%B	0.09%B	0.09%B	0.09%B	0.09%B
Total annual operating expenses	1.06%	1.31%	1.81%	0.76%	0.65%

^A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.24% for Class A, 0.24% for Class M, 0.24% for Class C, 0.19% for Class I, and 0.08% for Class Z was previously charged under the services agreements.

^B Adjusted to reflect current fees.

	Class A				Class M				Class C				Class I				Class Z
	Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares
1 year	$	677	$	677	$	479	$	479	$	284	$	184	$	78	$	78	$	66	$	66
3 years	$	893	$	893	$	751	$	751	$	569	$	569	$	243	$	243	$	208	$	208
5 years	$	1,126	$	1,126	$	1,043	$	1,043	$	980	$	980	$	422	$	422	$	362	$	362
10 years	$	1,795	$	1,795	$	1,874	$	1,874	$	1,930	$	1,930	$	942	$	942	$	810	$	810

ATLC-SUSTK-0324-104 1.9880366.104 March 1, 2024