[ARTICLE] 6
[CIK] 0000875186
[NAME] CONSULTING GROUP CAPITAL MARKETS FUNDS
[SERIES]
   [NUMBER] 4
   [NAME] MUNICIPAL BOND INVESTMENTS
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          AUG-31-1998
[PERIOD-END]                               AUG-31-1998
[INVESTMENTS-AT-COST]                       76,000,304
[INVESTMENTS-AT-VALUE]                      77,443,294
[RECEIVABLES]                                1,862,615
[ASSETS-OTHER]                                  36,025
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                              79,341,934
[PAYABLE-FOR-SECURITIES]                     6,366,270
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      464,651
[TOTAL-LIABILITIES]                          6,830,921
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    71,123,734
[SHARES-COMMON-STOCK]                        8,127,564
[SHARES-COMMON-PRIOR]                        6,033,727
[ACCUMULATED-NII-CURRENT]                     (12,577)
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                       (43,134)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     1,442,990
[NET-ASSETS]                                72,511,013
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                            3,203,979
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 511,985
[NET-INVESTMENT-INCOME]                      2,691,994
[REALIZED-GAINS-CURRENT]                     1,912,093
[APPREC-INCREASE-CURRENT]                      264,172
[NET-CHANGE-FROM-OPS]                        4,868,259
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                    2,811,119
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      4,417,346
[NUMBER-OF-SHARES-REDEEMED]                  2,627,627
[SHARES-REINVESTED]                            304,118
[NET-CHANGE-IN-ASSETS]                      20,487,169
[ACCUMULATED-NII-PRIOR]                        106,548
[ACCUMULATED-GAINS-PRIOR]                     (46,971)
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          383,988
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                511,985
[AVERAGE-NET-ASSETS]                        64,053,596
[PER-SHARE-NAV-BEGIN]                             8.62
[PER-SHARE-NII]                                   0.36
[PER-SHARE-GAIN-APPREC]                           0.32
[PER-SHARE-DIVIDEND]                              0.38
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                               8.92
[EXPENSE-RATIO]                                   0.80
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>