Ariel Appreciation Fund Investor Class

  • Symbol: CAAPX
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Summary

Morningstar® Snapshot*

AS OF 10/31/2017; Morningstar Category: Mid-Cap Value
Returns 2 out of 5, Below Average Returns
LOWAVGHIGH
Expenses 3 out of 5, Average Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWERHIGHER

*Data provided by Morningstar

Performance

 2 More Information
AS OF 10/31/2017
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yrs 5 Yrs 10 Yrs
YTD (Daily)* +11.19% 1 Yr +17.42% 3 Yrs +5.87% 5 Yrs +13.69% 10 Yrs +7.99%
*AS OF 11/22/2017; Value is cumulative

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 10/31/2017; Morningstar Category: Mid-Cap Value
Shows growth of hypothetical $10,000 investment in Ariel Appreciation Fund Investor Class compared to Russell Midcap Value,Russell MidCap,Mid-Cap Value over the selected time period
Ariel Appreciation Fund Investor Class
Mid-Cap Value

Compare Chart| Fund Facts Search

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Manager(s)

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John W. Rogers since 9/30/2002 Timothy R. Fidler since 11/10/2009

Fund Overview

Objective

The investment seeks long-term capital appreciation.

Strategy

The fund invests in mid-capitalization undervalued companies that show strong potential for growth. It invests primarily in equity securities of U.S. companies, and the fund generally will invest in companies with market capitalizations between $2 billion and $15 billion, measured at the time of initial purchase. The fund seeks to invest in quality companies in industries in which Ariel has expertise. These industries include the financial services and consumer discretionary sectors, in which sectors the fund often will invest a significant portion of its assets.

Risk

Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Additional Disclosures

This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund.

Details

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Morningstar Category
Mid-Cap Value
Fund Inception
12/1/1989
Glossary definition opens in new window.NAV
11/22/2017
$46.63
Glossary definition opens in new window.Exp Ratio (Gross)
2/1/2017
1.12%
($11.20 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
2/1/2017
1.12%
($11.20 per $1000)
Minimum to Invest 5
$2,500.00
Glossary definition opens in new window.Turnover Rate
9/30/2016
14%
Glossary definition opens in new window.Portfolio Net Assets ($M)
10/31/2017
$1,664.95
Glossary definition opens in new window.Share Class Net Assets ($M)
10/31/2017
$1,417.44
12 Month Low-High
10/31/2017
$46.34 - $51.84

Top 10 Holdings

 6 More Information
AS OF 9/30/2017
Top 10 Holdings

Quarter-End Average Annual Total Returns

 3, 2 More Information
AS OF 9/30/2017; Fund Inception 12/1/1989 Glossary definition opens in new window.

Expense Ratio (Gross):
1.12% AS OF 2/1/2017
1 Yr 3 Yrs 5 Yrs 10 Yrs Life
Glossary definition opens in new window.Before Taxes
Ariel Appreciation Fund Investor Class 12.41% 7.08% 13.10% 8.07% 10.76%
Russell Midcap Value 13.37% 9.19% 14.33% 7.85% 11.55%
Russell MidCap 15.32% 9.54% 14.26% 8.08% 11.30%
Mid-Cap Value 14.83% 7.90% 12.71% 6.85% --
Glossary definition opens in new window.After Taxes on Distributions
Ariel Appreciation Fund Investor Class 10.11% 4.30% 10.41% 6.32% 9.34%
Mid-Cap Value 12.74% 5.90% 10.80% 5.60% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Ariel Appreciation Fund Investor Class 8.11% 4.92% 9.86% 6.09% 8.97%
Mid-Cap Value 8.53% 5.49% 9.54% 5.11% --

Performance & Risk

Average Annual Total Returns

 7, 3, 2 More Information
AS OF 10/31/2017; Fund Inception 12/1/1989
1 Yr 3 Yrs 5 Yrs 10 Yrs Life
Ariel Appreciation Fund Investor Class 17.42% 5.87% 13.69% 7.99% 10.73%
Russell Midcap Value 17.12% 8.26% 14.49% 7.90% 11.54%
Russell MidCap 21.09% 9.04% 14.87% 8.09% 11.33%
Mid-Cap Value 18.48% 7.28% 12.99% 6.84% --
Rank in Morningstar Category 63% 80% 48% 27% --
# of Funds in Morningstar Category 412 373 319 227 --

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 10/31/2017; Morningstar Category: Mid-Cap Value
Ariel Appreciation Fund Investor Class
Mid-Cap Value
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
This Fund -1.40% -40.74% 62.96% 19.61% -7.35% 19.35% 46.21% 8.15% -6.22% 12.66% 8.61%
Benchmark -1.42% -38.44% 34.21% 24.75% -1.38% 18.51% 33.46% 14.75% -4.78% 20.00% 8.30%
Benchmark-2 5.60% -41.46% 40.48% 25.48% -1.55% 17.28% 34.76% 13.22% -2.44% 13.80% 13.60%
Category 0.83% -36.77% 35.41% 21.92% -3.96% 16.60% 35.14% 9.31% -5.41% 18.06% 8.36%
+/- Benchmark 0.02% -2.30% 28.75% -5.14% -5.97% 0.84% 12.75% -6.60% -1.44% -7.34% 0.31%
+/- Benchmark-2 -7.00% 0.72% 22.48% -5.87% -5.80% 2.07% 11.45% -5.07% -3.78% -1.14% -4.99%
+/- Category -2.23% -3.97% 27.55% -2.31% -3.39% 2.75% 11.07% -1.16% -0.81% -5.40% 0.25%

Compare Chart| Fund Facts Search

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Quarter-End Average Annual Total Returns

 3, 2 More Information
AS OF 9/30/2017; Fund Inception 12/1/1989 Glossary definition opens in new window.

Expense Ratio (Gross):
1.12% AS OF 2/1/2017
1 Yr 3 Yrs 5 Yrs 10 Yrs Life
Glossary definition opens in new window.Before Taxes
Ariel Appreciation Fund Investor Class 12.41% 7.08% 13.10% 8.07% 10.76%
Russell Midcap Value 13.37% 9.19% 14.33% 7.85% 11.55%
Russell MidCap 15.32% 9.54% 14.26% 8.08% 11.30%
Mid-Cap Value 14.83% 7.90% 12.71% 6.85% --
Glossary definition opens in new window.After Taxes on Distributions
Ariel Appreciation Fund Investor Class 10.11% 4.30% 10.41% 6.32% 9.34%
Mid-Cap Value 12.74% 5.90% 10.80% 5.60% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Ariel Appreciation Fund Investor Class 8.11% 4.92% 9.86% 6.09% 8.97%
Mid-Cap Value 8.53% 5.49% 9.54% 5.11% --

Cumulative Total Returns

 2 More Information
AS OF 10/31/2017
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Ariel Appreciation Fund Investor Class 11.19% 8.61% 0.35% 0.31% 1.57%
Russell Midcap Value -- 8.30% 0.80% 1.62% 4.18%
Russell MidCap -- 13.60% 1.67% 3.67% 7.22%
Mid-Cap Value -- 8.36% 0.84% 2.76% 4.69%
*AS OF 11/22/2017

Fund Risk and Return

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AS OF 10/31/2017; Morningstar Category: Mid-Cap Value
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWERHIGHER

Risk

Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Historical Fund Performance

 2 More Information
Most recent year's data as of: 10/31/2017
Year Total Returns Capital Gains Glossary definition opens in new window.Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2017 8.61% $5.60799 -- $1,417.44
2016 12.66% $3.40741 $0.30165836 $1,486.02
2015 -6.22% $4.92965 $0.50179124 $1,549.90
2014 8.15% $6.1616 $0.374113 $1,871.81
2013 46.21% $3.63636 $0.42313613 $1,957.29
2012 19.35% -- -- $1,239.18
2011 -7.35% -- -- $1,244.52
2010 19.61% -- -- $1,479.19
2009 62.96% -- -- $1,401.33
2008 -40.74% -- -- $928.67

Ratings

Morningstar Ratings

AS OF 10/31/2017; Morningstar Category: Mid-Cap Value
Overall
3 out of 5 stars
Out of 373 funds
3 Yrs
2 out of 5 stars
Out of 373 funds
5 Yrs
3 out of 5 stars
Out of 319 funds
10 Yrs
3 out of 5 stars
Out of 227 funds

The Morningstar RatingTM for funds, or "star rating", is calculated for funds with at least a three-year history. (Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes.) It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

Past performance is no guarantee of future results.

Lipper Ranking

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AS OF 10/31/2017; LIPPER PEER GROUP: Mid-Cap
1 Yr
#858 out of 1,009 funds
5 Yrs
#364 out of 778 funds
10 Yrs
#156 out of 585 funds

The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds. Multiple share classes of a fund have a common portfolio but impose different expense structures.

Past performance is no guarantee of future results.

Composition

Major Market Sectors

 6 More Information
AS OF 9/30/2017
Glossary definition opens in new window.Portfolio Weight Mid-Cap Value
Financial Services 32.10% 20.15%
Consumer Cyclical 21.12% 13.67%
Healthcare 16.47% 7.24%
Industrials 14.70% 14.71%
Energy 4.12% 7.77%
Consumer Defensive 3.58% 5.37%
Technology 3.51% 11.05%
Real Estate 2.30% 6.73%
Basic Materials 2.12% 6.05%
Communication Services 0.00% 0.97%
Utilities 0.00% 6.31%

Asset Allocation

 6 More Information
AS OF 9/30/2017; Morningstar Category: Mid-Cap Value
Fund Category Average
Cash 0.89% 3.48%
Convertibles 0.00% 0.00%
Domestic Bond 0.00% 0.10%
Preferred Stock 0.00% 0.04%
Foreign Bond 0.00% 0.00%
Foreign Stock 0.00% 4.15%
Others 0.00% -0.02%
Domestic Stock 99.11% 92.23%

Top 10 Holdings

 6 More Information
AS OF 9/30/2017

Equity StyleMap®*

 8 More Information
AS OF 9/30/2017
Capitalization
LG
MD current
SM
Value Blend Growth
Style
Current
Historical

Mid-Cap Value

Invest in companies with market values between $2 billion and $10 billion that fund managers believe are undervalued by the market. Value can be determined by a variety of measures, including price-to-earnings ratio, price-to-book ratio, or dividend yield.

*98.39%  Fund Assets Covered

Regional Diversification

 9, 6 More Information
AS OF 9/30/2017
Africa
0.00%
Asia - Developed
0.00%
Asia - Emerging
0.00%
Australasia
0.00%
Canada
0.00%
Europe - Emerging
0.00%
United States
100.00%
Eurozone
0.00%
Japan
0.00%
Latin America
0.00%
Middle East
0.00%
United Kingdom
0.00%
Europe - ex Euro
0.00%

Country Diversification

 6 More Information
AS OF 9/30/2017
United States
100.00%

Fees and Distributions

Expenses & Fees

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1.12%
($11.20 per $1000)
2/1/2017

See prospectus for more information on Fees, Expenses & Loads.

Minimums

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Initial Investment
$2,500.00
Additional Investment
$250.00
Initial IRA Investment
$2,500.00
Additional IRA Investment
$250.00
Initial Group Retirement Investment 5
$500.00
Additional Group Retirement Investment
$250.00

Distribution

Dividend History

Date Per Share Amount Reinvestment Price
12/29/16 $0.30165836 $47.20
12/30/15 $0.50179124 $45.34
11/19/15 $0. --
12/30/14 $0.374113 $54.12

Capital Gains History

Date Per Share Amount Reinvestment Price
11/16/17 $5.60799 $46.08
11/17/16 $3.40741 $46.78
11/19/15 $4.92965 $47.54
11/20/14 $6.1616 $53.23

Pricing

More Information
AS OF 10/31/2017
12 Month Low-High
$46.34 - $51.84
On 10/31/2017
$51.09

Price History By Month

More Information

Actual Values: Oct. 2017 to Oct. 2016

Close Low High
Oct $51.09 $51.03 $51.84
Sep $50.91 $48.86 $50.91
Aug $49.22 $48.49 $50.89
Jul $50.93 $50.41 $51.67
Jun $50.87 $49.66 $50.93
May $49.48 $48.96 $50.43
Apr $50.30 $49.23 $50.52
Mar $50.50 $49.48 $50.66
Feb $49.97 $48.19 $50.31
Jan $48.38 $47.52 $48.80
Dec $47.04 $46.82 $48.86
Nov $46.98 $46.34 $50.16
Oct $46.98 $46.98 $49.11

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Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

1. No Transaction Fee funds are available without paying a transaction fee. No Transaction Fee funds will also be offered without a load or on a load waived basis. However, the fund may charge a short term trading fee or a redemption fee. Other fees and expenses, including those which apply to a continued investment in the fund, are described in the fund's current prospectus. Fidelity Brokerage Services LLC ("FBS"), or its affiliates, receives compensation in connection with (i) access to, purchase or redemption of, and/or maintenance of positions in mutual funds and other investment products ("funds"), (ii) infrastructure needed to support such funds as well as additional compensation for shareholder services, start-up fees, infrastructure support and maintenance, and other programs and/or (iii) a fund's attendance at events for FBS's clients and/or representatives, and opportunities for the fund to promote its products and services. This compensation may take the form of sales loads and 12b-1 fees described in the prospectus and/or additional compensation paid by the fund, its investment adviser or an affiliate. Additional information about the source(s) and amount(s) of this compensation as well as any other remuneration received by FBS or its affiliates will be furnished upon request.

2. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been lower.

3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment of dividends.

4. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for products with underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of the underlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results. This chart is not intended to imply any future performance of the investment product.

5. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), and Non-Fidelity Prototype Retirement accounts are $500 or higher. Additional investments into Regular, IRA, and Group accounts are $250 or higher.

6. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity and fixed income portions are different.

Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment options reports its holdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some report them in this section as an to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equity and bond allocations shown. If the allocation without the foreign component (or round to) 100%, then international (or foreign) is a subset of the equity and bond percentage shown.

7. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. % Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. Past performance is no guarantee of future results.

8. Equity StyleMap depictions of mutual fund characteristics are produced using data and calculations provided by Morningstar, Inc. StyleMapsSM estimate characteristics of a fund's equity holdings over two dimensions: market capitalization and valuation. The percentage of fund assets represented by these holdings is indicated beside each StyleMap. Current StyleMap characteristics are calculated each time Morningstar receives updated portfolio holdings from a fund and are denoted with a dot. Historical StyleMap characteristics are calculated for the shorter of either the past 3 years or the life of the fund, and are represented by the shading of the box(es) previously occupied by the dot. StyleMap characteristics represent an approximate profile of the fund's equity holdings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historical data, and are not predictive of the fund's future investments. Although the data are gathered from reliable sources, accuracy and completeness cannot be guaranteed.

9. Please note Regional Diversification information is based on the equity components only.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.