Refractory-element-rich inclusions of a variety of types occur in CM meteorites. Based on detailed study of Murchison and more limited investigations of Murray, Nogoya, Cold Bokkeveld and Mighei, the most common of these inclusions are small spinel-hibonite bodies rimmed with diopside. Bulk chemical compositions are estimated to be approximately 67% Al2O3, 21% MgO, 5.5% CaO, 5.5% TiO2, and 1% SiO2. Although this chemical composition does not agree closely with current theoretically predicted compositions of early condensate assemblages, the inclusions have many features which suggest that they are indeed early condensates. These include texture, mineralogical composition, sequence of minerals and magnesium isotopic composition of hibonite. The CM refractory inclusions exhibit several differences from those observed in Allende and other CV meteorites. These probably record variations in time, place or physical conditions of origin for the two cases. © 1979.