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[Black and white print advertisement.]
[Upper 25% of the ad is a photograph of the Manhattan skyline. Below in black
type on white background is the headline:] IF YOU'RE LOOKING FOR PERFORMANCE,
CONSIDER A FUND BUILT ON SOLID FOUNDATIONS
[Below the headline on the left-hand side of the ad printing in smaller black
type is the following text:]
Real estate has always offered solid investment potential. And can be a welcome
addition to a diversified portfolio. Over the past three years, CGM Realty Fund
has outperformed the NAREIT Equity REIT Index by 23% to return more than 113%.
Perhaps that's why a panel of CNBC experts recently recommended CGM Realty Fund
as one of the top four funds to invest in for 1998.*
Managed by Ken Heebner, CGM Realty Fund offers the potential for high current
income and long term capital appreciation along with the long term advantages of
real estate. It may well become the cornerstone of your portfolio. Call now for
more information and a prospectus.
[A line drawing of a fencer in a box with a black and white striped background
appears below and to the left (logo). To the right of the logo is the following
text:]
CGM REALTY FUND
The CGM Funds
222 Berkeley Street, Suite 1013
Boston, MA 02116
www.CGMFunds.com
[A phone number appears next and prints in a larger size than does the ad body
copy.] 1-800-598-0742
[Beneath the phone number is all capital letters, the following:]
MANAGED BY KEN HEEBNER
[Beneath the body of the ad running the full width is the following text in
black type against a white background.(slightly smaller type size than ad body
copy):] [The numbers that appear in the following copy are larger than the
surrounding text and are the same size as numbers that appear in the text.]
*19.4%, 28.7%, and 21.8% are the average annual total returns for CGM Realty
Fund for the 1- and 3-year periods ended 3/31/98 and from inception 5/13/94
through 3/31/98. 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. The National Association of Real Estate Investment Trusts (NAREIT) Equity
REIT Index is an unmanaged index currently consisting of approximately 175
equity REITs. On 12/10/97, a panel of three experts, selected by CNBC, judged
CGM Realty Fund as one of the four best mutual funds for 1998.. 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 a prospectus containing more complete
information, including management fees, charges, and expenses, call toll-free.
[Entire ad is surrounded by a decorative border containing the following words
used as a repetitive pattern:] NO LOAD
Copyright 1998
