<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000060332
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 U
001 A000000 CGM CAPITAL DEVELOPMENT FUND
001 B000000 811-933
001 C000000 6178597714
002 A000000 ONE INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 CGM CAPITAL DEVELOPMENT FUND
007 C030100 N
020 A000001 CORRESPONDENT SERVICES INC.
020 C000001 310
020 A000002 WERTHEIM & CO., INC.
020 B000002 13-2697272
020 C000002 225
020 A000003 DONALDSON LUFKIN JENRETTE SECUTITIES CORP
020 B000003 13-5033225
020 C000003 221
020 A000004 UBS SECURITIES, INC.
020 B000004 13-2932996
020 C000004 187
020 A000005 LEHMAN BROTHERS INC.
020 C000005 161
020 A000006 GOLDMAN SACHS & CO
020 B000006 13-5108880
020 C000006 158
020 A000007 FOXX PITT KELTON
020 B000007 06-1058201
020 C000007 157
020 A000008 WILLIAM BLAIR & CO
020 B000008 36-2214610
020 C000008 141
020 A000009 DOMINICK INVESTOR SERVICES CORP.
020 B000009 13-2754747
020 C000009 129
020 A000010 SANFORD C. BERNSTEIN & CO.
<PAGE> PAGE 2
020 B000010 13-2625874
020 C000010 120
021 000000 3634
022 A000001 CHEVRON OIL FINANCE CORP.
022 B000001 25-1215100
022 C000001 267060
022 D000001 0
022 A000002 WERTHEIM & CO., INC.
022 B000002 13-2697272
022 C000002 111297
022 D000002 87067
022 A000003 AMERICAN EXPRESS CO.
022 B000003 13-2518466
022 C000003 192635
022 D000003 0
022 A000004 LEHMAN BROTHERS, INC.
022 C000004 113904
022 D000004 37889
022 A000005 CORRESPONDENT SERVICES, INC.
022 C000005 45659
022 D000005 93083
022 A000006 DONALDSON LUFKIN & JENRETTE & CO
022 B000006 13-5033225
022 C000006 74129
022 D000006 58689
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000007 13-5674085
022 C000007 62220
022 D000007 53365
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008 53470
022 D000008 43487
022 A000009 SOUNDVIEW FINANCIAL GROUP
022 C000009 29619
022 D000009 62588
022 A000010 WILLIAM BLAIR & CO.
022 B000010 36-2214610
022 C000010 24084
022 D000010 63947
023 C000000 1696465
023 D000000 1271232
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
<PAGE> PAGE 3
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 LLOYD'S OF LONDON
080 C00AA00 15000
081 A00AA00 Y
081 B00AA00 26
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 2345
028 A020100 0
028 A030100 0
028 A040100 2939
028 B010100 828
028 B020100 0
028 B030100 0
028 B040100 5112
028 C010100 1318
028 C020100 0
028 C030100 0
028 C040100 3972
028 D010100 2194
028 D020100 0
028 D030100 0
028 D040100 7996
028 E010100 2867
028 E020100 0
028 E030100 0
028 E040100 4986
028 F010100 2409
028 F020100 27524
028 F030100 0
028 F040100 6073
028 G010100 11961
028 G020100 27524
028 G030100 0
028 G040100 31078
<PAGE> PAGE 4
028 H000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
<PAGE> PAGE 5
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 1236770
071 B000100 1271232
071 C000100 456340
071 D000100 271
072 A000100 12
072 B000100 106
072 C000100 4163
072 D000100 0
072 E000100 0
072 F000100 3324
072 G000100 55
072 H000100 0
072 I000100 229
072 J000100 115
072 K000100 0
072 L000100 45
072 M000100 64
072 N000100 33
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 33
072 S000100 26
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 10
072 X000100 3937
072 Y000100 0
072 Z000100 332
072AA000100 30780
072BB000100 0
072CC010100 127282
072CC020100 0
072DD010100 326
072DD020100 0
072EE000100 30396
073 A010100 0.0180
073 A020100 0.0000
073 B000100 1.6800
073 C000100 0.0000
074 A000100 2
074 B000100 0
074 C000100 2620
074 D000100 0
074 E000100 0
074 F000100 519684
<PAGE> PAGE 6
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 21997
074 K000100 0
074 L000100 1101
074 M000100 0
074 N000100 545404
074 O000100 19140
074 P000100 340
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 4676
074 S000100 0
074 T000100 521248
074 U010100 19074
074 U020100 0
074 V010100 27.33
074 V020100 0.00
074 W000100 0.0000
074 X000100 10966
074 Y000100 0
075 A000100 0
075 B000100 460886
076 000100 0.00
SIGNATURE FRANK STRAUSS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000060332
<NAME> CGM CAPITAL DEVELOPMENT FUND
<SERIES>
<NUMBER> 1
<NAME> CGM CAPITAL DEVELOPMENT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 421124598
<INVESTMENTS-AT-VALUE> 522303375
<RECEIVABLES> 23098205
<ASSETS-OTHER> 1884
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 545403464
<PAYABLE-FOR-SECURITIES> 19139546
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5016148
<TOTAL-LIABILITIES> 24155694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 420087744
<SHARES-COMMON-STOCK> 19073918
<SHARES-COMMON-PRIOR> 19517949
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18751)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 101178777
<NET-ASSETS> 521247770
<DIVIDEND-INCOME> 4163296
<INTEREST-INCOME> 105685
<OTHER-INCOME> 0
<EXPENSES-NET> 3936706
<NET-INVESTMENT-INCOME> 332275
<REALIZED-GAINS-CURRENT> 30780337
<APPREC-INCREASE-CURRENT> 127281953
<NET-CHANGE-FROM-OPS> 158394565
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (325671)
<DISTRIBUTIONS-OF-GAINS> (30395964)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1007187
<NUMBER-OF-SHARES-REDEEMED> (2458372)
<SHARES-REINVESTED> 1007154
<NET-CHANGE-IN-ASSETS> 119571600
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (456974)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3323791
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3936706
<AVERAGE-NET-ASSETS> 460885609
<PER-SHARE-NAV-BEGIN> 20.58
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 8.43
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (1.68)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 27.33
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>