<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000875186
<NAME> CONSULTING GROUP CAPITAL MARKETS FUNDS
<SERIES>
   <NUMBER> 4
   <NAME> MUNICIPAL BOND INVESTMENTS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          AUG-31-1996
<PERIOD-END>                               AUG-31-1996
<INVESTMENTS-AT-COST>                       46,577,848
<INVESTMENTS-AT-VALUE>                      45,716,750
<RECEIVABLES>                                  844,628
<ASSETS-OTHER>                                  65,160
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              46,626,538
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      141,629
<TOTAL-LIABILITIES>                            141,629
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    49,287,855
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                     (33,655)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                    (1,908,256)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (861,098)
<NET-ASSETS>                                46,484,846
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            2,620,644
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 390,049
<NET-INVESTMENT-INCOME>                      2,230,595
<REALIZED-GAINS-CURRENT>                     (415,420)
<APPREC-INCREASE-CURRENT>                       97,697
<NET-CHANGE-FROM-OPS>                        1,912,872
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    2,264,250
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,988,540
<NUMBER-OF-SHARES-REDEEMED>                  3,117,583
<SHARES-REINVESTED>                            229,540
<NET-CHANGE-IN-ASSETS>                       1,129,124
<ACCUMULATED-NII-PRIOR>                      2,362,348
<ACCUMULATED-GAINS-PRIOR>                      661,765
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          283,905
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                378,657
<AVERAGE-NET-ASSETS>                        48,503,732
<PER-SHARE-NAV-BEGIN>                             8.27
<PER-SHARE-NII>                                   0.38
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                              0.39
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.26
<EXPENSE-RATIO>                                   0.80
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>