CGM TRUST
NSAR-A, 1998-08-28
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<PAGE>      PAGE  1
000 A000000 06/30/98
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  5
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 C020500 CGM FOCUS FUND
007 C030500 N
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    400
020 A000002 WERTHEIM & CO., INC.
020 B000002 13-2697272
020 C000002    795
020 A000003 ALEX BROWN & SONS
020 B000003 52-0256630
020 C000003    228
<PAGE>      PAGE  2
020 A000004 GOLDMAN SACHS & CO.
020 B000004 13-5108880
020 C000004    416
020 A000005 DONLADSON LUFKIN JENRETTE & CO.
020 B000005 13-5033225
020 C000005    409
020 A000006 ROBINSON HUMPHREY
020 C000006    270
020 A000007 CS FIRST BOSTON CORP
020 C000007    252
020 A000008 LEHMAN BROTHERS
020 C000008    720
020 A000009 FURMAN SELZ MAGERDIETZ
020 C000009    346
020 A000010 PRUDENTIAL SECURITIES INC.
020 B000010 22-2347336
020 C000010    438
021  000000     8429
022 A000001 FIRST ALBANY
022 C000001    237620
022 D000001      6507
022 A000002 AMERICAN EXPRESS CO.
022 B000002 13-2518466
022 C000002   1462400
022 D000002         0
022 A000003 MORGAN STANLEY
022 C000003     57235
022 D000003     35840
022 A000004 SOUNDVIEW FINANCIAL GROUP
022 C000004      2564
022 D000004     55213
022 A000005 JP MORGAN SECURITIES
022 C000005     13724
022 D000005     31108
022 A000006 DONALDSON LUFKIN JENRETTE & CO.
022 B000006 13-5033225
022 C000006     38517
022 D000006      9623
022 A000007 MONTGOMERY SECURITIES
022 B000007 94-1701676
022 C000007    168727
022 D000007     11330
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008    231827
022 D000008    517740
022 A000009 CHEVRON OIL
022 B000009 25-1215010
022 C000009    103080
022 D000009         0
022 A000010 LEHMAN BROTHERS
<PAGE>      PAGE  3
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022 D000010     48839
023 C000000    2553007
023 D000000     811374
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
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
070 N020100 N
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
070 H020200 N
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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075 A000500        0
075 B000500   136587
076  000500     0.00
SIGNATURE   FRANK STRAUSS                                
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000060335
<NAME> CGM TRUST
<SERIES>
   <NUMBER> 1
   <NAME> CGM MUTUAL FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                       1064716704
<INVESTMENTS-AT-VALUE>                      1064731620
<RECEIVABLES>                                 65270450
<ASSETS-OTHER>                                    2727
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              1130004797
<PAYABLE-FOR-SECURITIES>                      59452531
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<OTHER-ITEMS-LIABILITIES>                      3648759
<TOTAL-LIABILITIES>                           63101290
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<PAID-IN-CAPITAL-COMMON>                    1002167085
<SHARES-COMMON-STOCK>                         40023785
<SHARES-COMMON-PRIOR>                         46716327
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<ACCUMULATED-NET-GAINS>                       50087004
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<ACCUM-APPREC-OR-DEPREC>                         14916
<NET-ASSETS>                                1066903507
<DIVIDEND-INCOME>                             14427260
<INTEREST-INCOME>                             11235674
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 5588170
<NET-INVESTMENT-INCOME>                       20074764
<REALIZED-GAINS-CURRENT>                      51868700
<APPREC-INCREASE-CURRENT>                   (10284563)
<NET-CHANGE-FROM-OPS>                         61658901
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      5329952
<DISTRIBUTIONS-OF-GAINS>                       2202085
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1019780
<NUMBER-OF-SHARES-REDEEMED>                    7943360
<SHARES-REINVESTED>                             231038
<NET-CHANGE-IN-ASSETS>                     (125250932)
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<ACCUMULATED-GAINS-PRIOR>                       310082
<OVERDISTRIB-NII-PRIOR>                              0
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<PER-SHARE-NAV-BEGIN>                            25.52
<PER-SHARE-NII>                                   0.50
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<PER-SHARE-NAV-END>                              26.66
<EXPENSE-RATIO>                                   0.98
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000060335
<NAME> CGM TRUST
<SERIES>
   <NUMBER> 2
   <NAME> CGM FIXED INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                         37079215
<INVESTMENTS-AT-VALUE>                        37443221
<RECEIVABLES>                                   719605
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<TOTAL-ASSETS>                                38165105
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<SENIOR-LONG-TERM-DEBT>                              0
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<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                          3445767
<SHARES-COMMON-PRIOR>                          3908518
<ACCUMULATED-NII-CURRENT>                       242261
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (1783149)
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                  37814587
<DIVIDEND-INCOME>                               475545
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<PER-SHARE-NII>                                   0.40
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<PER-SHARE-NAV-END>                              10.97
<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> 3
   <NAME> CGM AMERICAN TAX FREE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                         14138818
<INVESTMENTS-AT-VALUE>                        14631926
<RECEIVABLES>                                   254653
<ASSETS-OTHER>                                  443531
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                15330110
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        66409
<TOTAL-LIABILITIES>                              66409
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      15644966
<SHARES-COMMON-STOCK>                          1568876
<SHARES-COMMON-PRIOR>                          1489220
<ACCUMULATED-NII-CURRENT>                        71717
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (946090)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        493108
<NET-ASSETS>                                  15263701
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               426430
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                         426430
<REALIZED-GAINS-CURRENT>                          6895
<APPREC-INCREASE-CURRENT>                      (31101)
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<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         153492
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<SHARES-REINVESTED>                              26254
<NET-CHANGE-IN-ASSETS>                          820698
<ACCUMULATED-NII-PRIOR>                             63
<ACCUMULATED-GAINS-PRIOR>                     (952985)
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<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 134955
<AVERAGE-NET-ASSETS>                          14893479
<PER-SHARE-NAV-BEGIN>                             9.70
<PER-SHARE-NII>                                   0.28
<PER-SHARE-GAIN-APPREC>                         (0.02)
<PER-SHARE-DIVIDEND>                              0.23
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.73
<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> 4
   <NAME> CGM REALTY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                        562234860
<INVESTMENTS-AT-VALUE>                       541654863
<RECEIVABLES>                                  8033692
<ASSETS-OTHER>                                   81558
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<TOTAL-ASSETS>                               549770113
<PAYABLE-FOR-SECURITIES>                       2320330
<SENIOR-LONG-TERM-DEBT>                              0
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     562463302
<SHARES-COMMON-STOCK>                         38989917
<SHARES-COMMON-PRIOR>                         31380704
<ACCUMULATED-NII-CURRENT>                      7424319
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (3307973)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    (20579997)
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<DIVIDEND-INCOME>                             15127482
<INTEREST-INCOME>                                72827
<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                       12383019
<REALIZED-GAINS-CURRENT>                     (3299405)
<APPREC-INCREASE-CURRENT>                   (64648194)
<NET-CHANGE-FROM-OPS>                       (55564580)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      4958700
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<NUMBER-OF-SHARES-SOLD>                       17040769
<NUMBER-OF-SHARES-REDEEMED>                    9718143
<SHARES-REINVESTED>                             286587
<NET-CHANGE-IN-ASSETS>                        56550680
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       (8569)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          2279161
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                2817290
<AVERAGE-NET-ASSETS>                         546276438
<PER-SHARE-NAV-BEGIN>                            15.60
<PER-SHARE-NII>                                   0.32
<PER-SHARE-GAIN-APPREC>                         (1.79)
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<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.00
<EXPENSE-RATIO>                                   1.04
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000060335
<NAME> CGM TRUST
<SERIES>
   <NUMBER> 5
   <NAME> CGM FOCUS FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                        141806807
<INVESTMENTS-AT-VALUE>                       154778481
<RECEIVABLES>                                  1732611
<ASSETS-OTHER>                                   77760
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<TOTAL-ASSETS>                               156588852
<PAYABLE-FOR-SECURITIES>                       1914853
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       333440
<TOTAL-LIABILITIES>                            2248293
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     151031228
<SHARES-COMMON-STOCK>                         14314240
<SHARES-COMMON-PRIOR>                         10534770
<ACCUMULATED-NII-CURRENT>                     (280093)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (9382250)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      12971674
<NET-ASSETS>                                 154340559
<DIVIDEND-INCOME>                               387188
<INTEREST-INCOME>                               145503
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<EXPENSES-NET>                                  812784
<NET-INVESTMENT-INCOME>                       (280093)
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<APPREC-INCREASE-CURRENT>                     11256907
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<EQUALIZATION>                                       0
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<SHARES-REINVESTED>                                  0
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<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   (14995095)
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<GROSS-EXPENSE>                                 939925
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<PER-SHARE-NAV-BEGIN>                             9.38
<PER-SHARE-NII>                                 (0.02)
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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