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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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SIGNATURE FRANK STRAUSS
TITLE TREASURER
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</TABLE>
<TABLE> <S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000060335
<NAME> CGM TRUST
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<NET-CHANGE-IN-ASSETS> (47071897)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000060335
<NAME> CGM TRUST
<SERIES>
<NUMBER> 5
<NAME> CGM FOCUS FUND
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<DIVIDEND-INCOME> 903655
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<OTHER-INCOME> 0
<EXPENSES-NET> 994041
<NET-INVESTMENT-INCOME> 185736
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 198376
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 751376
<NUMBER-OF-SHARES-REDEEMED> 5571495
<SHARES-REINVESTED> 18082
<NET-CHANGE-IN-ASSETS> (41447893)
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 1277679
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<PER-SHARE-NAV-BEGIN> 9.71
<PER-SHARE-NII> 0.03
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<PER-SHARE-DIVIDEND> 0.03
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<EXPENSE-RATIO> 1.21
</TABLE>
February 8, 2000
To the Board of Trustees and the Shareholders of the
CGM Trust
In planning and performing our audit of the financial
statements of the CGM Trust, (the "Trust") for the year
ended December 31, 1999, we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Trust is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use
of the Board of Trustees, management and the Securities and
Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
Boston, Massachusetts
