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ALREADY AN OUTSTANDING PERFORMER.
[Headline in largest type] CGM REALTY FUND. [Subhead in large type] [Black
background with black and white photo of fencer with one arm raised. Light grey
box prints over background and contains the following text in black type:] Just
one year old, CGM Realty Fund is already near the head of its class. Ranked #3
out of 18 real estate funds for one-year performance,* CGM Realty Fund offers
you the expertise of fund manager Ken Heebner and the potential for high current
income and long-term capital appreciation. [new paragraph] Call now for more
information and a prospectus. [Hairline rule] CGM REALTY FUND [Hairline rule]
[In smaller type, text reads:] The CGM Funds, 222 Berkeley Street, Suite 1013,
Boston, MA 02116 [In larger type follows the telephone number:] 1-800-598-0719
[Below grey box is logo: type and image of a fencer's foil (sword) drop out of a
black horizontal box surrounded by hairline rule. Type in this box reads:]
CAPITAL GROWTH MANAGEMENT [Fencer is standing on light grey floor. The following
text overprints that light grey floor in smaller type than is used on text of
ad, but still 8 point or larger:] *Through June 30, 1995, according to Lipper
Analytical Services, Inc., an independent mutual fund ranking agency. The Fund's
advisor is currently absorbing a portion of management fees and expenses.
Otherwise the total return would be lower. This information represents past
performance which is no guarantee of future results. The investment return and
principal value of your shares will fluctuate and you may have a gain or loss
when you sell shares. For more complete information, including management fees,
charges, and expenses, refer to the current prospectus which is available from
the address above. Read it carefully before you invest or send money. c 1995 CGM
[Entire ad is surrounded by a decorative border containing the following words
used as a repetitive pattern:] No-Load
