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[Black and white print advertisement.]
AMERICA'S #1 REAL ESTATE FUND[Headline in largest white type against black
background.]
FOR ONE- AND TWO-YEAR PERFORMANCE*[Sub-head in second largest white type against
black background.]
[Black background with black and white photo of victorious fencer with left arm
raised. White box prints over background and contains the following text in
black type:]
Since inception, CGM Realty Fund has ranked among the top performing funds in
the Lipper real estate fund category. Ranked #1 out of 46 real estate funds for
one-year performance and #1 of 22 real estate funds for two-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.
Call now for more information and a prospectus.
[bar chart with four bars appears next]
two text lines over bars read: TOTAL RETURN FOR THE PERIODS ENDED 12/31/96
[over left two bars:] One Year [over right two bars:] Two Years
[the bar to the far left is a light grey bar with the number 30.8% in black type
inside the bar. Beneath the bar is the label:]
Lipper Real Estate Fund Average
[the bar second from the left is black and the number 44.1% drops out to white
inside the bar. Beneath the bar is the label:]
CGM Realty Fund
[the bar third from the left is also a light grey bar with the number 51.9% in
black type inside the bar. Beneath the bar is the label:]
Lipper Real Estate Fund Average
[the bar furthest to the right is black and the number 72.5% drops out to white
inside the bar. Beneath the bar is the label:]
CGM Realty Fund
[Beneath the chart is the following disclosure (please note that numbers in
disclosure are the same size as total return numbers in the chart; text of
disclosure is slightly smaller than that of ad body copy).]
44.1%, 31.4% and 23.1% are the average annual total returns for the one and
two-year periods ended 12/31/96 and from inception (May 13, 1994) through
12/31/96.
[a line drawing of a fencer in a box with black and white striped background
appears below and to the left. (logo) to the right (still in the white box)
reads:]
CGM REALTY FUND
The CGM Funds
222 Berkeley Street, Suite 1013
Boston, MA 02116
[a phone number appears next and prints in a larger size than does the ad body
copy.]
1-800-598-0765
[Beneath the floor on which the fencer stands is the following text in black
type against a pale background (slightly smaller type size than ad body copy):]
*Through 12/31/96, according to Lipper Analytical Services Inc., an independent
mutual fund ranking agency. The Fund's adviser 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 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.
[Entire ad is surrounded by a decorative border containing the following words
used as a repetitive pattern:] NO-LOAD
Copyright 1997 CGM
