[Black and white print advertisement.]
[Upper two-thirds of the ad is a photograph of two fencers in competition with
one fencer lunging towards the other; headline prints in two lines in white
type over bottom of photograph.] THE CGM REALTY FUND OPPORTUNITY. NOW MAY BE
THE TIME TO STRIKE.
[Below the photograph in smaller black type is the following text:]
Admittedly, CGM Realty Fund has declined during 1998. However,
with a 24 year record of managing outstanding performance, CGM fund manager Ken
Heebner identifies this situation as a possible opportunity. If you're seeking
long-term growth of capital, find out more about CGM Realty Fund. Call today to
request a CGM Realty Fund prospectus.
[A line drawing of a fencer in a box with a black and white striped background
appears below and to the right (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.]
1-800-598-0703
[Beneath the phone number in all capital letters:]
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 (smaller type size than ad body
copy):]
6.1%, 18.7%, and 18.0% are the average annual total returns for the one
and four-year periods ended 6/30/98 and from inception (May 13, 1994) 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.
This information represents past performance, which is no guarantee of future
results. The investment return and principal value of your shares will fluctuate
and you may have a gain or loss when you sell shares. 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.
[Entire ad is surrounded by a decorative border containing the following words
used as a repetitive pattern:] NO-LOAD
