<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000060335
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 CGM TRUST
001 B000000 811-82
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 4
007 C010100 1
007 C020100 CGM MUTUAL FUND
007 C030100 N
007 C010200 2
007 C020200 CGM FIXED INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 CGM AMERICAN TAX FREE FUND
007 C030300 N
007 C010400 4
007 C020400 CGM REALTY FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000001 13-5674085
020 C000001 282
020 A000002 WERTHEIM & CO., INC.
020 B000002 13-2697272
020 C000002 471
020 A000003 ALEX BROWN & SONS
020 B000003 52-0256630
020 C000003 213
020 A000004 GOLDMAN SACHS & CO.
020 B000004 13-5108880
<PAGE> PAGE 2
020 C000004 200
020 A000005 DONLADSON LUFKIN JENRETTE & CO.
020 B000005 13-5033225
020 C000005 294
020 A000006 PAINE WEBBER INC.
020 B000006 13-2638166
020 C000006 192
020 A000007 ROBINSON HUMPHREY
020 B000007 58-1472560
020 C000007 194
020 A000008 LEHMAN BROTHERS
020 C000008 708
020 A000009 WILLIAM BLAIR & CO.
020 B000009 36-2214610
020 C000009 310
020 A000010 PRUDENTIAL SECURITIES INC.
020 B000010 22-2347336
020 C000010 347
021 000000 5803
022 A000001 SALOMAN BROTHERS INC.
022 B000001 13-3082694
022 C000001 580778
022 D000001 29361
022 A000002 AMERICAN EXPRESS CO.
022 B000002 13-2518466
022 C000002 627340
022 D000002 0
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 93292
022 D000003 210160
022 A000004 WERTHEIM & CO., INC.
022 B000004 13-2697272
022 C000004 126577
022 D000004 326245
022 A000005 ALEX BROWN & SONS
022 B000005 52-0256630
022 C000005 134456
022 D000005 82396
022 A000006 DONALDSON LUFKIN JENRETTE & CO.
022 B000006 13-5033225
022 C000006 193890
022 D000006 128747
022 A000007 MONTGOMERY SECURITIES
022 B000007 94-1701676
022 C000007 95464
022 D000007 110385
022 A000008 WILLIAM BLAIR & CO.
022 B000008 58-1472560
022 C000008 155628
022 D000008 70726
<PAGE> PAGE 3
022 A000009 CHEVRON OIL
022 B000009 25-1215010
022 C000009 469830
022 D000009 0
022 A000010 LEHMAN BROTHERS
022 C000010 185976
022 D000010 121717
023 C000000 4400528
023 D000000 2521363
077 A000000 Y
077 B000000 N
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
024 000100 N
028 A010100 15194
028 A020100 0
028 A030100 0
028 A040100 19779
028 B010100 11085
028 B020100 0
028 B030100 0
028 B040100 15288
028 C010100 8967
028 C020100 0
028 C030100 0
028 C040100 14862
028 D010100 8641
028 D020100 5539
028 D030100 0
028 D040100 13001
028 E010100 5290
028 E020100 0
028 E030100 0
028 E040100 12669
028 F010100 6241
<PAGE> PAGE 4
028 F020100 0
028 F030100 0
028 F040100 13051
028 G010100 55418
028 G020100 5539
028 G030100 0
028 G040100 88650
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 500000
048 A020100 0.900
048 B010100 500000
048 B020100 0.800
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 0.750
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
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
<PAGE> PAGE 5
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
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 2257896
071 B000100 2322620
071 C000100 961621
071 D000100 235
072 A000100 6
072 B000100 9417
072 C000100 9823
072 D000100 0
072 E000100 0
072 F000100 5126
<PAGE> PAGE 6
072 G000100 43
072 H000100 0
072 I000100 668
072 J000100 84
072 K000100 0
072 L000100 32
072 M000100 52
072 N000100 11
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 17
072 S000100 10
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 7
072 X000100 6050
072 Y000100 0
072 Z000100 13190
072AA000100 188410
072BB000100 0
072CC010100 0
072CC020100 89665
072DD010100 5723
072DD020100 0
072EE000100 382
073 A010100 0.1500
073 A020100 0.0000
073 B000100 0.0100
073 C000100 0.0000
074 A000100 2
074 B000100 0
074 C000100 313099
074 D000100 24875
074 E000100 0
074 F000100 965732
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 64566
074 K000100 0
074 L000100 4703
074 M000100 0
074 N000100 1372977
074 O000100 76044
074 P000100 900
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
<PAGE> PAGE 7
074 R040100 1372
074 S000100 0
074 T000100 1294661
074 U010100 37879
074 U020100 0
074 V010100 34.18
074 V020100 0.00
074 W000100 0.0000
074 X000100 65934
074 Y000100 0
075 A000100 0
075 B000100 1244776
076 000100 0.00
024 000200 N
025 A000201 DELETE
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 2621
028 A020200 0
028 A030200 0
028 A040200 1074
028 B010200 1484
028 B020200 199
028 B030200 0
028 B040200 979
028 C010200 1429
028 C020200 191
028 C030200 0
028 C040200 1356
028 D010200 706
028 D020200 188
028 D030200 0
028 D040200 689
028 E010200 619
028 E020200 186
028 E030200 0
028 E040200 759
028 F010200 1128
028 F020200 187
028 F030200 0
028 F040200 726
028 G010200 7987
028 G020200 951
028 G030200 0
028 G040200 5583
<PAGE> PAGE 8
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 200000
048 A020200 0.650
048 B010200 300000
048 B020200 0.350
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 500000
048 K020200 0.400
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 Y
062 B000200 6.8
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 2.6
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 2.3
062 N000200 0.0
062 O000200 0.0
062 P000200 51.8
062 Q000200 0.0
062 R000200 36.5
063 A000200 0
063 B000200 7.1
<PAGE> PAGE 9
064 A000200 N
064 B000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 38948
071 B000200 31165
071 C000200 34604
071 D000200 90
072 A000200 6
072 B000200 1223
072 C000200 392
072 D000200 0
072 E000200 0
072 F000200 136
072 G000200 5
072 H000200 0
072 I000200 36
<PAGE> PAGE 10
072 J000200 28
072 K000200 0
072 L000200 11
072 M000200 12
072 N000200 12
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 14
072 S000200 16
072 T000200 0
072 U000200 3
072 V000200 0
072 W000200 0
072 X000200 273
072 Y000200 95
072 Z000200 1437
072AA000200 0
072BB000200 500
072CC010200 0
072CC020200 99
072DD010200 1182
072DD020200 0
072EE000200 0
073 A010200 0.3200
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 2
074 B000200 0
074 C000200 4126
074 D000200 23601
074 E000200 16020
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 10
074 J000200 1065
074 K000200 0
074 L000200 936
074 M000200 0
074 N000200 45760
074 O000200 1994
074 P000200 14
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 96
074 S000200 0
074 T000200 43656
<PAGE> PAGE 11
074 U010200 3792
074 U020200 0
074 V010200 11.51
074 V020200 0.00
074 W000200 0.0000
074 X000200 2708
074 Y000200 0
075 A000200 0
075 B000200 42283
076 000200 0.00
028 A010300 484
028 A020300 0
028 A030300 0
028 A040300 271
028 B010300 170
028 B020300 48
028 B030300 0
028 B040300 199
028 C010300 225
028 C020300 48
028 C030300 0
028 C040300 85
028 D010300 358
028 D020300 49
028 D030300 0
028 D040300 369
028 E010300 34
028 E020300 50
028 E030300 0
028 E040300 167
028 F010300 286
028 F020300 49
028 F030300 0
028 F040300 66
028 G010300 1557
028 G020300 244
028 G030300 0
028 G040300 1157
028 H000300 0
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
<PAGE> PAGE 12
062 I000300 4.4
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 92.7
062 P000300 0.0
062 Q000300 0.0
062 R000300 2.9
063 A000300 0
063 B000300 10.7
064 A000300 N
064 B000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 8788
<PAGE> PAGE 13
071 B000300 8952
071 C000300 12361
071 D000300 71
072 A000300 6
072 B000300 397
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 38
072 G000300 2
072 H000300 0
072 I000300 12
072 J000300 25
072 K000300 0
072 L000300 8
072 M000300 11
072 N000300 10
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 10
072 S000300 16
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 132
072 Y000300 132
072 Z000300 397
072AA000300 53
072BB000300 0
072CC010300 0
072CC020300 79
072DD010300 331
072DD020300 0
072EE000300 0
073 A010300 0.2400
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 4
074 B000300 0
074 C000300 580
074 D000300 12160
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 201
074 K000300 0
<PAGE> PAGE 14
074 L000300 226
074 M000300 0
074 N000300 13171
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 55
074 S000300 0
074 T000300 13116
074 U010300 1382
074 U020300 0
074 V010300 9.49
074 V020300 0.00
074 W000300 0.0000
074 X000300 889
074 Y000300 0
075 A000300 0
075 B000300 12732
076 000300 0.00
028 A010400 84962
028 A020400 0
028 A030400 0
028 A040400 9776
028 B010400 48998
028 B020400 0
028 B030400 0
028 B040400 18589
028 C010400 50176
028 C020400 0
028 C030400 0
028 C040400 9799
028 D010400 22767
028 D020400 2424
028 D030400 0
028 D040400 26332
028 E010400 11085
028 E020400 0
028 E030400 0
028 E040400 13888
028 F010400 15196
028 F020400 0
028 F030400 0
028 F040400 12386
028 G010400 233184
028 G020400 2424
028 G030400 0
028 G040400 90770
028 H000400 0
<PAGE> PAGE 15
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
<PAGE> PAGE 16
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 313044
071 B000400 168523
071 C000400 272095
071 D000400 62
072 A000400 6
072 B000400 81
072 C000400 7655
072 D000400 0
072 E000400 0
072 F000400 1167
072 G000400 12
072 H000400 0
072 I000400 174
072 J000400 46
072 K000400 0
072 L000400 19
072 M000400 13
072 N000400 33
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 11
072 S000400 16
072 T000400 0
072 U000400 7
072 V000400 0
072 W000400 0
072 X000400 1498
072 Y000400 125
072 Z000400 6363
072AA000400 14715
072BB000400 0
072CC010400 0
072CC020400 1361
072DD010400 2904
072DD020400 0
072EE000400 0
073 A010400 0.1400
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 4
074 B000400 0
074 C000400 1425
<PAGE> PAGE 17
074 D000400 0
074 E000400 0
074 F000400 318891
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 6106
074 K000400 0
074 L000400 6409
074 M000400 26
074 N000400 332861
074 O000400 7740
074 P000400 197
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 1545
074 S000400 0
074 T000400 323379
074 U010400 20822
074 U020400 0
074 V010400 15.53
074 V020400 0.00
074 W000400 0.0000
074 X000400 20432
074 Y000400 0
075 A000400 0
075 B000400 276821
076 000400 0.00
SIGNATURE FRANK STRAUSS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000060335
<NAME> CGM TRUST
<SERIES>
<NUMBER> 01
<NAME> CGM MUTUAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1176485415
<INVESTMENTS-AT-VALUE> 1303705671
<RECEIVABLES> 69269295
<ASSETS-OTHER> 1602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1372976568
<PAYABLE-FOR-SECURITIES> 76043732
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2271531
<TOTAL-LIABILITIES> 78315263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 971247276
<SHARES-COMMON-STOCK> 37878615
<SHARES-COMMON-PRIOR> 38722072
<ACCUMULATED-NII-CURRENT> 8007597
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 188186176
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 127220256
<NET-ASSETS> 1294661305
<DIVIDEND-INCOME> 9823433
<INTEREST-INCOME> 9416590
<OTHER-INCOME> 0
<EXPENSES-NET> 6049891
<NET-INVESTMENT-INCOME> 13190132
<REALIZED-GAINS-CURRENT> 188409601
<APPREC-INCREASE-CURRENT> (89664789)
<NET-CHANGE-FROM-OPS> 111934944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5722820
<DISTRIBUTIONS-OF-GAINS> 381525
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1705023
<NUMBER-OF-SHARES-REDEEMED> 2725129
<SHARES-REINVESTED> 176649
<NET-CHANGE-IN-ASSETS> 78138415
<ACCUMULATED-NII-PRIOR> 540285
<ACCUMULATED-GAINS-PRIOR> 158100
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5125909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6049891
<AVERAGE-NET-ASSETS> 1244775773
<PER-SHARE-NAV-BEGIN> 31.42
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> 2.57
<PER-SHARE-DIVIDEND> 0.15
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 34.18
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000060335
<NAME> CGM MUTUAL FUND
<SERIES>
<NUMBER> 02
<NAME> CGM FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 42665804
<INVESTMENTS-AT-VALUE> 43756738
<RECEIVABLES> 2000689
<ASSETS-OTHER> 2282
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45759709
<PAYABLE-FOR-SECURITIES> 1993607
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109667
<TOTAL-LIABILITIES> 2103274
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42782087
<SHARES-COMMON-STOCK> 3791867
<SHARES-COMMON-PRIOR> 3502607
<ACCUMULATED-NII-CURRENT> 286586
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (503172)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1090934
<NET-ASSETS> 43656435
<DIVIDEND-INCOME> 391823
<INTEREST-INCOME> 1223120
<OTHER-INCOME> 0
<EXPENSES-NET> 178225
<NET-INVESTMENT-INCOME> 1436718
<REALIZED-GAINS-CURRENT> (500350)
<APPREC-INCREASE-CURRENT> (98585)
<NET-CHANGE-FROM-OPS> 837783
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1181972
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 693257
<NUMBER-OF-SHARES-REDEEMED> 487369
<SHARES-REINVESTED> 83372
<NET-CHANGE-IN-ASSETS> 3010614
<ACCUMULATED-NII-PRIOR> 31840
<ACCUMULATED-GAINS-PRIOR> (2822)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 136290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 273309
<AVERAGE-NET-ASSETS> 42282864
<PER-SHARE-NAV-BEGIN> 11.60
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> (0.16)
<PER-SHARE-DIVIDEND> 0.32
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.51
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000060335
<NAME> CGM TRUST
<SERIES>
<NUMBER> 03
<NAME> CGM AMERICAN TAX FREE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 12466610
<INVESTMENTS-AT-VALUE> 12739767
<RECEIVABLES> 426368
<ASSETS-OTHER> 4267
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13170402
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54839
<TOTAL-LIABILITIES> 54839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13835108
<SHARES-COMMON-STOCK> 1381727
<SHARES-COMMON-PRIOR> 1313412
<ACCUMULATED-NII-CURRENT> 66625
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1059327)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 273157
<NET-ASSETS> 13115563
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 397187
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 397187
<REALIZED-GAINS-CURRENT> 52612
<APPREC-INCREASE-CURRENT> (78976)
<NET-CHANGE-FROM-OPS> 370823
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 330696
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 165086
<NUMBER-OF-SHARES-REDEEMED> 122722
<SHARES-REINVESTED> 25951
<NET-CHANGE-IN-ASSETS> 685902
<ACCUMULATED-NII-PRIOR> 134
<ACCUMULATED-GAINS-PRIOR> (1111939)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37881
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 132071
<AVERAGE-NET-ASSETS> 12731621
<PER-SHARE-NAV-BEGIN> 9.46
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> 0.24
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.49
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000060335
<NAME> CGM TRUST
<SERIES>
<NUMBER> 04
<NAME> CGM REALTY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 286746004
<INVESTMENTS-AT-VALUE> 320316263
<RECEIVABLES> 12514628
<ASSETS-OTHER> 29419
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 332860310
<PAYABLE-FOR-SECURITIES> 7739988
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1741724
<TOTAL-LIABILITIES> 9481712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 271689841
<SHARES-COMMON-STOCK> 20821550
<SHARES-COMMON-PRIOR> 11155747
<ACCUMULATED-NII-CURRENT> 3458958
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14659540
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33570259
<NET-ASSETS> 323378598
<DIVIDEND-INCOME> 7655207
<INTEREST-INCOME> 80917
<OTHER-INCOME> 0
<EXPENSES-NET> 1372727
<NET-INVESTMENT-INCOME> 6363397
<REALIZED-GAINS-CURRENT> 14715356
<APPREC-INCREASE-CURRENT> (1361459)
<NET-CHANGE-FROM-OPS> 19717294
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2904439
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15640940
<NUMBER-OF-SHARES-REDEEMED> 6144885
<SHARES-REINVESTED> 169748
<NET-CHANGE-IN-ASSETS> 161651564
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (55816)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1166818
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1497734
<AVERAGE-NET-ASSETS> 276820655
<PER-SHARE-NAV-BEGIN> 14.50
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.86
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.53
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>