<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 701388
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 CAPITAL APPRECIATION FUND
001 B000000 811-3429
001 C000000 2128166550
002 A000000 388 GREENWICH STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10013
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 SMITH BARNEY
008 B000001 S
008 C000001 801-3389
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10013
008 A000002 TRAVELERS ASSET MANAGEMENT INT'L CORP.
008 B000002 A
008 C000002 801-000000
008 D010002 HARTFORD
008 D020002 CT
008 D030002 06183
010 A000001 SMITH BARNEY
010 B000001 801-14437
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10013
011 A000001 SMITH BARNEY
011 B000001 8-81777
<PAGE> PAGE 2
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10013
012 A000001 FIRST DATA INVESTOR SERVICES GROUP
012 B000001 84-0000000
012 C010001 BOSTON
012 C020001 MA
012 C030001 0210
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
015 A000001 PNC BANK
015 B000001 C
015 C010001 PHILADELPHIA
015 C020001 PA
015 C030001 19103
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 127
019 C000000 BARNEY0000
020 A000001 OPPENHEIMER
020 B000001 13-2798343
020 C000001 400
020 A000002 MONTGOMERY SECURITIES
020 B000002 N/A
020 C000002 47
020 A000003 ROBERTSON, STEPHENS & CO.
020 B000003 94-2524501
020 C000003 41
020 A000004 SALOMON BROTHERS
020 B000004 13-3082694
020 C000004 29
020 A000005 DEUTSCHE MORGAN GRENFELL CANADA LTD.
020 B000005 N/A
020 C000005 20
020 A000006 GOLDMAN SACHS
020 B000006 13-5108880
020 C000006 17
020 A000007 JULIUS BAER SECURITIES INC.
020 B000007 N/A
020 C000007 16
020 A000008 W.H. REAVES INC.
020 B000008 N/A
020 C000008 14
020 A000009 SANFORD C. BERNSTEIN & CO.
020 B000009 N/A
020 C000009 12
020 A000010 LEHMAN BROTHERS
020 B000010 13-2518466
<PAGE> PAGE 3
020 C000010 11
021 000000 607
022 A000001 CITIBANK
022 B000001 13-5266470
022 C000001 4356816
022 D000001 0
022 A000002 CHASE SECURITIES
022 B000002 13-3112953
022 C000002 47081
022 D000002 0
022 A000003 ROBERTSON STEPHENS
022 B000003 94-2524501
022 C000003 7011
022 D000003 14045
022 A000004 SALOMON BROTHERS
022 B000004 13-3082694
022 C000004 4548
022 D000004 10430
022 A000005 MONTGOMERY SECURITIES
022 B000005 N/A
022 C000005 11715
022 D000005 0
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 3934
022 D000006 3364
022 A000007 GOLDMAN SACHS
022 B000007 13-5108880
022 C000007 2106
022 D000007 3225
022 A000008 ALEX BROWN
022 B000008 N/A
022 C000008 0
022 D000008 2351
022 A000009 JAMES & ASSOCIATES
022 B000009 N/A
022 C000009 1847
022 D000009 0
022 A000010 BEAR STEARNS
022 B000010 13-3288429
022 C000010 1623
022 D000010 0
023 C000000 4436681
023 D000000 33415
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
<PAGE> PAGE 4
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 11220
028 A020000 0
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<PAGE> PAGE 5
036 B000000 0
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<PAGE> PAGE 6
062 J000000 0.0
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066 A000000 Y
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070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
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070 N010000 N
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070 O010000 N
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070 P010000 N
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<PAGE> PAGE 7
070 R010000 N
070 R020000 N
071 A000000 198724
071 B000000 125089
071 C000000 240122
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072 A000000 6
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072 C000000 1231
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072 M000000 5
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072 R000000 4
072 S000000 3
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072 U000000 0
072 V000000 0
072 W000000 1
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072 Y000000 0
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073 A010000 0.0000
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<PAGE> PAGE 8
074 I000000 0
074 J000000 128
074 K000000 0
074 L000000 87
074 M000000 0
074 N000000 327191
074 O000000 87
074 P000000 178
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4
074 S000000 0
074 T000000 326922
074 U010000 7617
074 U020000 0
074 V010000 42.92
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 240122
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 78275
081 A000000 Y
081 B000000 127
082 A000000 N
082 B000000 0
083 A000000 N
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084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLERS
[ARTICLE] 6
[CIK] 0000701388
[NAME] CAPITAL APPRECIATION FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 251,242,195
[INVESTMENTS-AT-VALUE] 326,975,715
[RECEIVABLES] 214,881
[ASSETS-OTHER] 155
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 327,190,751
[PAYABLE-FOR-SECURITIES] 86,583
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 182,635
[TOTAL-LIABILITIES] 269,218
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 239,162,568
[SHARES-COMMON-STOCK] 7,617,350
[SHARES-COMMON-PRIOR] 6,103,983
[ACCUMULATED-NII-CURRENT] 1,274,156
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 10,751,141
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 75,733,668
[NET-ASSETS] 326,921,533
[DIVIDEND-INCOME] 1,231,286
[INTEREST-INCOME] 942,881
[OTHER-INCOME] 0
[EXPENSES-NET] 1,119,616
[NET-INVESTMENT-INCOME] 1,054,551
[REALIZED-GAINS-CURRENT] 11,972,060
[APPREC-INCREASE-CURRENT] 30,034,977
[NET-CHANGE-FROM-OPS] 43,061,588
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,772,207
[NUMBER-OF-SHARES-REDEEMED] 258,840
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 102,789,782
[ACCUMULATED-NII-PRIOR] 219,605
[ACCUMULATED-GAINS-PRIOR] (1,220,919)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,002,275
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,119,616
[AVERAGE-NET-ASSETS] 270,145,098
[PER-SHARE-NAV-BEGIN] 36.72
[PER-SHARE-NII] 00.13
[PER-SHARE-GAIN-APPREC] 06.07
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 42.92
[EXPENSE-RATIO] 00.84
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
