[ARTICLE] 6
[CIK] 0000875186
[NAME] CONSULTING GROUP CAPITAL MARKETS FUNDS
[SERIES]
   [NUMBER] 5
   [NAME] MORTGAGE BACKED INVESTMENTS FUND
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          AUG-31-1998
[PERIOD-END]                               FEB-28-1998
[INVESTMENTS-AT-COST]                      182,258,545
[INVESTMENTS-AT-VALUE]                     183,723,057
[RECEIVABLES]                                1,540,399
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                               594
[TOTAL-ASSETS]                             185,264,050
[PAYABLE-FOR-SECURITIES]                    30,378,750
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                    1,057,575
[TOTAL-LIABILITIES]                         31,436,325
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   152,106,059
[SHARES-COMMON-STOCK]                       19,017,435
[SHARES-COMMON-PRIOR]                       17,150,121
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                         182,965
[ACCUMULATED-NET-GAINS]                        440,119
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     1,464,512
[NET-ASSETS]                               153,827,725
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                            4,784,421
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 577,111
[NET-INVESTMENT-INCOME]                      4,207,310
[REALIZED-GAINS-CURRENT]                       735,099
[APPREC-INCREASE-CURRENT]                    1,594,730
[NET-CHANGE-FROM-OPS]                        6,537,139
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                    4,362,542
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      3,539,230
[NUMBER-OF-SHARES-REDEEMED]                  2,102,729
[SHARES-REINVESTED]                            430,813
[NET-CHANGE-IN-ASSETS]                      17,241,619
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                         27,733
[OVERDIST-NET-GAINS-PRIOR]                   (294,980)
[GROSS-ADVISORY-FEES]                          359,680
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                641,853
[AVERAGE-NET-ASSETS]                       146,013,242
[PER-SHARE-NAV-BEGIN]                             7.96
[PER-SHARE-NII]                                   0.23
[PER-SHARE-GAIN-APPREC]                           0.14
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                         0.24
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                               8.09
[EXPENSE-RATIO]                                   0.80
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>