[ARTICLE] 6
[CIK] 0000875186
[NAME] CONSULTING GROUP CAPITAL MARKETS FUNDS
[SERIES]
   [NUMBER] 5
   [NAME] MORTGAGE BACKED INVESTMENTS
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          AUG-31-1998
[PERIOD-END]                               AUG-31-1998
[INVESTMENTS-AT-COST]                      160,771,172
[INVESTMENTS-AT-VALUE]                     163,104,564
[RECEIVABLES]                                1,945,037
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                               410
[TOTAL-ASSETS]                             165,050,011
[PAYABLE-FOR-SECURITIES]                     8,215,000
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      792,157
[TOTAL-LIABILITIES]                          9,007,157
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   153,468,991
[SHARES-COMMON-STOCK]                       19,191,649
[SHARES-COMMON-PRIOR]                       17,150,121
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                       1,308,790
[ACCUMULATED-NET-GAINS]                        549,262
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     2,333,392
[NET-ASSETS]                               156,042,854
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                            9,961,552
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               1,233,676
[NET-INVESTMENT-INCOME]                      8,727,876
[REALIZED-GAINS-CURRENT]                       920,742
[APPREC-INCREASE-CURRENT]                    2,463,610
[NET-CHANGE-FROM-OPS]                       12,112,228
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                    9,085,434
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      7,358,796
[NUMBER-OF-SHARES-REDEEMED]                  6,399,337
[SHARES-REINVESTED]                          1,082,069
[NET-CHANGE-IN-ASSETS]                      19,456,748
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                       (27,733)
[OVERDIST-NET-GAINS-PRIOR]                   (294,980)
[GROSS-ADVISORY-FEES]                          766,937
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              1,419,413
[AVERAGE-NET-ASSETS]                       153,442,404
[PER-SHARE-NAV-BEGIN]                             7.96
[PER-SHARE-NII]                                   0.46
[PER-SHARE-GAIN-APPREC]                           0.19
[PER-SHARE-DIVIDEND]                              0.48
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                               8.13
[EXPENSE-RATIO]                                   0.80
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>