<PAGE>
In black and white, stills of fencers super and dissolve while voice reads:]
CGM Realty Fund. One of the top performing real estate funds over three years..
[Title slide reading:]CGM REALTY FUND [Supers and dissolves. Voice reads:]
Managed by Ken Heebner, the Fund offers the potential for high current income
and long-term appreciation.
[Title slide reading:] EXCEPTIONAL THREE-YEAR PERFORMANCE
[In smaller type below (with larger numbers):]19.4%%, 28.7%, and 21.89% are the
average annual total returns for the one and three year periods ended 3/31/98
and from inception (May 13, 1994) through 3/31/98.[Supers and dissolves while
voice reads:]
Returning more than 113% over the past three years.
[A bar chart (in color) comes up on the screen showing the headline:] TOTAL
RETURN 4/1/95-3/31/98
[The bars with identifying type are from left to right as follows:]
88.6% Lipper Real Estate Fund Average
113.2% CGM Realty Fund
[Voiceover continues:] CGM Realty Fund has outperformed the Lipper Real Estate
Average for three-year performance.
[Title slide dissolves and new title slide supers and is held that reads:]
1-800-CGM-INFO [in large type and the following disclosure in smaller type:]
Lipper Analytical Services, Inc., an independent mutual fund rating agency,
ranks CGM Realty Fund #4 of 32 real estate funds for three-year performance and
#34 of 71 real estate funds for one-year performance for the periods ended
3/31/98. The Fund's adviser absorbed a portion of management fees and expenses
through 12/31/97. Otherwise the total return would be lower. 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
[The previous slide dissolves and the final slide super reading:
CGM REALTY FUND
EXCEPTIONAL THREE YEAR PERFORMANCE
[Voice reads:] CGM Realty Fund. Exceptional three-year peformance. [Commercial
ends.]
