Exhibit (h)(2)

EXPENSE WAIVER AGREEMENT

This Expense Waiver Agreement is entered into as of April 16, 2020, between Capital Growth Management Limited Partnership (“CGM”) and CGM Trust (the “Trust”), on behalf of the funds listed on Exhibit A attached hereto (the “Funds”).

The Trust and CGM agree that, from May 1, 2020 until the date set forth on the attached Exhibit A, CGM will waive its fees and/or reimburse expenses for each Fund to the extent necessary to reduce the total annual operating expenses of such Fund by the amount set forth beside such Fund’s name on Exhibit A.

This Expense Waiver Agreement may not be amended or terminated, and no provision herein may be waived, without the approval of a majority of the Trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) of the Funds. CGM shall not be entitled to reimbursement of any amounts so waived and/or reimbursed.

[Signature page to follow]

IN WITNESS WHEREOF, the Trust and CGM have caused this Expense Waiver Agreement to be signed as of the date set forth above.

CGM Trust, on behalf of each Fund listed on Exhibit A attached hereto

By: /s/ David C. Fietze

Name: David C. Fietze

Title: President

CAPITAL GROWTH MANAGEMENT LIMITED PARTNERSHIP

By:  /s/ G. Kenneth Heebner

Name: G. Kenneth Heebner

Title: President

EXHIBIT A

DATED AS OF MAY 1, 2020

TO

EXPENSE WAIVER AGREEMENT

Fund	Expense Waiver (Total Annual Operating Expenses as % of Average Daily Net Assets)	Termination Date
CGM Mutual Fund	0.10%	April 30, 2021
CGM Realty Fund	0.10%	April 30, 2021
CGM Focus Fund	0.10%	April 30, 2021