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000 A000000 06/30/98
000 C000000 701388
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 CAPITAL APPRECIATION FUND
001 B000000 811-3429
001 C000000 2128166550
002 A000000 388 GREENWICH STREET
002 B000000 NEW YORK
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008 D010001 NEW YORK
008 D020001 NY
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008 A000002 TRAVELERS ASSET MANAGEMENT INT'L CORP.
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010 B000001 801-14437
010 C010001 NEW YORK
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011 A000001 SMITH BARNEY INC.
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
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012 C030001 02109
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013 B010001 NEW YORK
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013 B030001 10017
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015 C030001 19103
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<PAGE> PAGE 3
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022 A000005 MERRILL LYNCH
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<PAGE> PAGE 4
026 E000000 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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-31-1998
[PERIOD-END] JUN-30-1998
[INVESTMENTS-AT-COST] 384,453,253
[INVESTMENTS-AT-VALUE] 603,245,326
[RECEIVABLES] 779,036
[ASSETS-OTHER] 678
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,025,040
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 367,153
[TOTAL-LIABILITIES] 367,153
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 377,831,141
[SHARES-COMMON-STOCK] 10,318,436
[SHARES-COMMON-PRIOR] 8,801,078
[ACCUMULATED-NII-CURRENT] 427,193
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 6,607,480
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 218,792,073
[NET-ASSETS] 603,657,887
[DIVIDEND-INCOME] 1,307,959
[INTEREST-INCOME] 1,173,118
[OTHER-INCOME] 2,481,077
[EXPENSES-NET] 2,053,959
[NET-INVESTMENT-INCOME] 427,118
[REALIZED-GAINS-CURRENT] 8,192,316
[APPREC-INCREASE-CURRENT] 122,331,854
[NET-CHANGE-FROM-OPS] 130,951,288
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,757,406
[DISTRIBUTIONS-OF-GAINS] 15,276,145
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 68,689,580
[NUMBER-OF-SHARES-REDEEMED] 3,684,198
[SHARES-REINVESTED] 17,033,551
[NET-CHANGE-IN-ASSETS] 195,956,670
[ACCUMULATED-NII-PRIOR] 1,757,481
[ACCUMULATED-GAINS-PRIOR] 13,961,309
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,848,557
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,053,959
[AVERAGE-NET-ASSETS] 498,118,658
[PER-SHARE-NAV-BEGIN] 46.32
[PER-SHARE-NII] 00.02
[PER-SHARE-GAIN-APPREC] (0.18)
[PER-SHARE-DIVIDEND] 01.53
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 58.50
[EXPENSE-RATIO] 00.83
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
