<PAGE>
[Color commercial opens with two fencers parrying back and forth and having a
conversation. Fencer #1 says:]
My mutual fund performance is hit or miss these days.
[Fencer #2 responds:]
Mine's scoring well.
[Fencer #1:]
Really... but the market's so up and down
[Fencer #2] My fund invests in Real Estate Investment Trusts -- might be a good
way to go.
[Slide superimposes over action; black background, white type reading:]
CGM REALTY FUND
MANAGED BY KEN HEEBNER
[Fencing visual resume. Fencer #1 says:]
Just how good is this CGM Realty Fund?
[Fencer #2:]
It's up more than 98% over the past four years.
[Second slide supers over fencing action and reads:]
CGM REALTY FUND
FOUR YEAR TOTAL RETURN: 98.6%
7/1/94-6/30/98
[In smaller type below--though the numbers are all the same--larger--size:]
6.1%, 18.7% and 18.0% are the average annual total returns for CGM Realty Fund
for the 1- and 4-year periods ended 6/30/98 and from inception on 5/13/94
through 6/30/98. The fund's adviser absorbed a portion of management fees and
expenses from inception through 12/31/97. Otherwise the total return would be
lower.
[Fencing visual resumes. Fencer #1 says:]
Maybe I should get into that.
[Fencer #2:]
Hey, for once you're on target.
[Super comes up with logo (line drawing of fencer in a box with lines in
background) and the following text and numbers:] CGM REALTY FUND
1-800-CGM-INFO
[In smaller type:]
This information represents past performance which is no guarantee of future
results. The investment value of shares will fluctuate and you may have a gain
or loss when you sell shares. For a prospectus containing more complete
information, including management fee, charges, and expenses, call toll free.
(C) 1998 CGM
[Final Voiceover:]
For a prospectus, call 1-800-CGM-INFO.
[Commercial ends.]
