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[Black and white print ad features photograph of dueling fencers. Below the
fencers is a headline in white type:]
INTRODUCING CGM FOCUS FUND.
SO SELECTIVE, ONLY A FEW STOCKS ARE GOOD ENOUGH TO SURVIVE THE CUT.
Below the photograph are two columns of text which print in back against a white
background. The text columns are separated by a box which also contains black
text. The text columns read:] For more than 24 years, CGM's Ken Heebner has
carved out exceptional investment opportunities. Witness the performance of CGM
Capital Development Fund. And now, Ken is more focused than ever with his new
CGM Focus Fund. A different, flexibly managed equity fund that includes only a
handful of stocks with dramatic upside potential. If long-term growth of capital
is your goal, call toll-free for a CGM Focus Fund prospectus.
[Text inside box reads:]
Ken Heebner also manages CGM CAPITAL DEVELOPMENT FUND #1 growth fund over 15
years*
[A black and white graphic of a fencer (logo) appears under the text with
the following words:]
CGM FOCUS FUND (in large, bold black type)
Post Office Box 449, Boston, MA 02117 (in small black type)
1-800-345-4048 (in large black type)
[Below the body of the ad in smaller type is the following legend:]
*According to Lipper Analytical Services, Inc., an independent mutual fund
ranking agency, which ranks the 15-year performance of 113 growth funds. Lipper
ranks CGM Capital Development Fund #198 of 758 growth funds for 1-year
performance, #24 of 280 growth funds for 5-year performance, and #5 of 174
growth funds for 10-year performance through 6/30/97.
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. CGM Focus Fund has broader
investment flexibility than CGM Capital Development Fund.
[Entire ad is surrounded by a decorative border containing the words:] NO LOAD
