<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000060332
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
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
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
<PAGE> PAGE 2
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
<PAGE> PAGE 3
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
008 A00AA01 CAPITAL GROWTH MANAGEMENT LIMITED PARTNERS
008 B00AA01 A
008 C00AA01 801-35935
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02110
010 A00AA01 CAPITAL GROWTH MANAGEMENT LIMITED PARTNERSHI
010 B00AA01 801-35935
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
012 A00AA01 STATE STREET BANK & TRUST COMPANY
012 B00AA01 85-5003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02102
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02102
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 6
019 C00AA00 CGMFUNDSAA
020 A000001 LEWCO SECS AGENT FOR WERT
020 B000001 13-2765944
020 C000001 514
020 A000002 SALOMON SMITH BARNEY INC
020 B000002 11-2418191
020 C000002 453
020 A000003 GOLDMAN SACHS & CO.
020 B000003 13-5108880
020 C000003 384
<PAGE> PAGE 4
020 A000004 DONALDSON, LUFKIN & JENRE
020 B000004 13-5033225
020 C000004 378
020 A000005 ROBINSON HUMPHREY
020 B000005 58-1472560
020 C000005 286
020 A000006 FURMAN, SELZ,MAGERDIETZ
020 B000006 13-2753731
020 C000006 239
020 A000007 LEHMAN BROS INC.
020 B000007 13-2518466
020 C000007 222
020 A000008 LAZARD FRERES & CO.
020 B000008 13-2681394
020 C000008 190
020 A000009 PRUDENTIAL SECURITIES INC.
020 B000009 22-2347336
020 C000009 180
020 A000010 MERRILL LYNCH PIERCE FENN
020 B000010 13-5674085
020 C000010 166
021 000000 5423
022 A000001 AMERICAN EXPRESS CREDIT CORP.
022 B000001 13-2518466
022 C000001 530130
022 D000001 0
022 A000002 BANC AMERICA SECURITY LLC
022 B000002 94-1687665
022 C000002 138183
022 D000002 97061
022 A000003 GOLDMAN SACHS & CO
022 B000003 13-5108880
022 C000003 122562
022 D000003 60342
022 A000004 SOUNDVIEW TECHNOLOGY GRO
022 B000004 13-2998183
022 C000004 11599
022 D000004 116014
022 A000005 CHEVRON TRANSPORTATION CO.
022 B000005 25-0527925
022 C000005 121710
022 D000005 0
022 A000006 LEHMAN BROS INC.
022 B000006 13-2518466
022 C000006 70919
022 D000006 28027
022 A000007 SALOMON SMITH BARNEY INC.
022 B000007 11-2418191
022 C000007 29292
022 D000007 30533
022 A000008 BEAR STEARNS SECURITIES CO
<PAGE> PAGE 5
022 B000008 13-4946705
022 C000008 40515
022 D000008 6813
022 A000009 MORGAN STANLEY AND CO. INC
022 B000009 13-2655998
022 C000009 5724
022 D000009 35171
022 A000010 FURMAN, SELZ, MAGERDIETZ
022 B000010 13-2753731
022 C000010 29767
022 D000010 4179
023 C000000 1177916
023 D000000 388925
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
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 NATIONAL UNION FIRE INSURANCE OF PITTSBURG
080 C00AA00 30000
081 A00AA00 Y
081 B00AA00 5
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
<PAGE> PAGE 6
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 1169
028 A020100 0
028 A030100 0
028 A040100 9468
028 B010100 573
028 B020100 0
028 B030100 0
028 B040100 6961
028 C010100 800
028 C020100 0
028 C030100 0
028 C040100 6160
028 D010100 1304
028 D020100 0
028 D030100 0
028 D040100 6123
028 E010100 1061
028 E020100 0
028 E030100 0
028 E040100 9926
028 F010100 804
028 F020100 13663
028 F030100 0
028 F040100 16566
028 G010100 5714
028 G020100 13663
028 G030100 0
028 G040100 55204
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
034 000100 N
<PAGE> PAGE 7
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 Y
040 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 500000
048 A020100 1.000
048 B010100 500000
048 B020100 0.950
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 1000000
048 K020100 0.800
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 N
054 C000100 N
054 D000100 N
<PAGE> PAGE 8
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2500
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
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
<PAGE> PAGE 9
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
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 2069785
071 B000100 2178781
071 C000100 618695
071 D000100 335
072 A000100 12
072 B000100 135
072 C000100 9430
072 D000100 0
072 E000100 0
072 F000100 6128
072 G000100 57
072 H000100 0
072 I000100 209
072 J000100 120
072 K000100 0
<PAGE> PAGE 10
072 L000100 24
072 M000100 45
072 N000100 30
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 33
072 S000100 49
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 5
072 X000100 6700
072 Y000100 0
072 Z000100 2865
072AA000100 11716
072BB000100 0
072CC010100 27062
072CC020100 0
072DD010100 2622
072DD020100 0
072EE000100 13267
073 A010100 0.1100
073 A020100 0.0000
073 B000100 0.5600
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 2885
074 D000100 0
074 E000100 0
074 F000100 632456
074 G000100 0
074 H000100 0
074 I000100 750
074 J000100 2875
074 K000100 0
074 L000100 376
074 M000100 0
074 N000100 639342
074 O000100 1954
074 P000100 530
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 4321
074 S000100 0
074 T000100 632537
074 U010100 24140
074 U020100 0
<PAGE> PAGE 11
074 V010100 26.20
074 V020100 0.00
074 W000100 0.0000
074 X000100 9282
074 Y000100 0
075 A000100 0
075 B000100 618793
076 000100 0.00
063 A000200 0
063 B000200 0.0
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 557355928
<INVESTMENTS-AT-VALUE> 636090456
<RECEIVABLES> 3250611
<ASSETS-OTHER> 444
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 639341511
<PAYABLE-FOR-SECURITIES> 1953663
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4850776
<TOTAL-LIABILITIES> 6804439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 557539898
<SHARES-COMMON-STOCK> 24140456
<SHARES-COMMON-PRIOR> 28197266
<ACCUMULATED-NII-CURRENT> 243258
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3980612)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 78734528
<NET-ASSETS> 632537072
<DIVIDEND-INCOME> 9430258
<INTEREST-INCOME> 135187
<OTHER-INCOME> 0
<EXPENSES-NET> 6700328
<NET-INVESTMENT-INCOME> 2865117
<REALIZED-GAINS-CURRENT> 11715570
<APPREC-INCREASE-CURRENT> 27062257
<NET-CHANGE-FROM-OPS> 41642944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2621859
<DISTRIBUTIONS-OF-GAINS> 13266691
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 772324
<NUMBER-OF-SHARES-REDEEMED> 5359335
<SHARES-REINVESTED> 530201
<NET-CHANGE-IN-ASSETS> (70880892)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2429491)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6128531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6700328
<AVERAGE-NET-ASSETS> 618793294
<PER-SHARE-NAV-BEGIN> 24.95
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 1.80
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 0.56
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.20
<EXPENSE-RATIO> 1.08
</TABLE>
February 8, 2000
To the Board of Trustees and the Shareholders of the
CGM Capital Development Fund
In planning and performing our audit of the financial
statements of the CGM Capital Development Fund (the "Fund")
for the year ended December 31, 1999, we considered its
internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal
control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as
defined above as of December 31, 1999.
This report is intended solely for the information and use of
the Board of Trustees, management and the Securities and
Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
Boston, Massachusetts