<PAGE> PAGE 1
000 A000000 06/30/99
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 2128166560
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
007 B000000 0
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 SSBC FUND MANAGEMENT INC.
008 B000001 S
008 C000001 801-000000
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 SSBC FUND MANAGEMENT INC.
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10013
011 A000001 SALOMON SMITH BARNEY INC.
011 B000001 8-0000000
011 C010001 NEW YORK
<PAGE> PAGE 2
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 02109
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
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 28
019 C000000 TRAVELERMF
020 A000001 MONTGOMERY SECURITIES
020 B000001 N/A
020 C000001 62
020 A000002 MORGAN STANLEY
020 B000002 13-2655998
020 C000002 58
020 A000003 INSTINET CORP
020 B000003 13-3443395
020 C000003 29
020 A000004 CHARLES SCHWAB
020 B000004 N/A
020 C000004 28
020 A000005 PAINE RAUSCHER
020 B000005 N/A
020 C000005 28
020 A000006 MERRILL LYNCH
020 B000006 13-5674085
020 C000006 25
020 A000007 ROBERTSON, STEPHENS & CO.
020 B000007 94-2524501
020 C000007 16
020 A000008 SBC WARGURG
020 B000008 N/A
020 C000008 16
020 A000009 WEISS, PECK & GREER
020 B000009 N/A
020 C000009 12
020 A000010 LEHMAN BROTHERS
020 B000010 13-2518466
020 C000010 11
<PAGE> PAGE 3
021 000000 285
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
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 35883
028 A020000 0
028 A030000 0
028 A040000 1261
028 B010000 41521
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 41372
<PAGE> PAGE 4
028 C020000 0
028 C030000 0
028 C040000 7739
028 D010000 69493
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 39289
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 35452
028 F020000 31327
028 F030000 0
028 F040000 7116
028 G010000 263010
028 G020000 31327
028 G030000 0
028 G040000 16116
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
<PAGE> PAGE 5
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 C000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
<PAGE> PAGE 6
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
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
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 320374
071 B000000 183856
071 C000000 987863
071 D000000 19
072 A000000 6
072 B000000 3003
072 C000000 1512
072 D000000 0
072 E000000 0
072 F000000 4122
072 G000000 330
072 H000000 0
072 I000000 5
072 J000000 20
072 K000000 0
072 L000000 39
072 M000000 2
072 N000000 5
072 O000000 0
<PAGE> PAGE 7
072 P000000 0
072 Q000000 0
072 R000000 12
072 S000000 9
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 3
072 X000000 4547
072 Y000000 0
072 Z000000 -32
072AA000000 51435
072BB000000 0
072CC010000 100529
072CC020000 0
072DD010000 1059
072DD020000 0
072EE000000 30268
073 A010000 0.0700
073 A020000 0.0000
073 B000000 1.9900
073 C000000 0.0000
074 A000000 1
074 B000000 204864
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 1085776
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 150
074 M000000 0
074 N000000 1290791
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 986
074 S000000 0
074 T000000 1289805
074 U010000 15685
074 U020000 0
074 V010000 82.23
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
<PAGE> PAGE 8
074 Y000000 0
075 A000000 0
075 B000000 1110612
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 12500
081 A000000 Y
081 B000000 28
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE IRVING DAVID
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000701388
[NAME] CAPITAL APPRECIATION FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 824,907,930
[INVESTMENTS-AT-VALUE] 1,290,640,164
[RECEIVABLES] 149,950
[ASSETS-OTHER] 661
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,290,790,775
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 986,098
[TOTAL-LIABILITIES] 986,098
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 772,810,067
[SHARES-COMMON-STOCK] 15,685,265
[SHARES-COMMON-PRIOR] 12,246,916
[ACCUMULATED-NII-CURRENT] (49,528)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 51,308,369
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 465,735,769
[NET-ASSETS] 1,289,804,677
[DIVIDEND-INCOME] 1,574,111
[INTEREST-INCOME] 3,003,526
[OTHER-INCOME] 0
[EXPENSES-NET] 4,609,756
[NET-INVESTMENT-INCOME] (32,119)
[REALIZED-GAINS-CURRENT] 51,435,843
[APPREC-INCREASE-CURRENT] 100,529,860
[NET-CHANGE-FROM-OPS] 151,933,584
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,059,034
[DISTRIBUTIONS-OF-GAINS] 30,268,308
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,239,048
[NUMBER-OF-SHARES-REDEEMED] 201,099
[SHARES-REINVESTED] 400,400
[NET-CHANGE-IN-ASSETS] 389,943,754
[ACCUMULATED-NII-PRIOR] 1,059,153
[ACCUMULATED-GAINS-PRIOR] 30,123,306
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 4,451,929
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,609,756
[AVERAGE-NET-ASSETS] 1,110,610,840
[PER-SHARE-NAV-BEGIN] 72.74
[PER-SHARE-NII] (0.02)
[PER-SHARE-GAIN-APPREC] 11.57
[PER-SHARE-DIVIDEND] 00.07
[PER-SHARE-DISTRIBUTIONS] 01.99
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 82.23
[EXPENSE-RATIO] 00.82
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
