<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 089558
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 SMITH BARNEY APPRECIATION FUND, INC.
001 B000000 811-1940
001 C000000 2128166550
002 A000000 388 GREENWICH ST
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
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10000
015 A000001 PNC BANK
015 B000001 C
015 C010001 LESTER
015 C020001 PA
015 C030001 11000
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 116
019 C000000 BARNEYOOOO
020 A000001 SMITH BARNEY INC.
020 B000001 13-1912900
020 C000001 218
020 A000002 AUTRANET
020 B000002 13-2961507
020 C000002 119
020 A000003 FIRST BOSTON
020 B000003 13-5659485
020 C000003 101
020 A000004 BEAR STEARNS
020 B000004 13-3299429
020 C000004 100
020 A000005 GOLDMAN SACHS
020 B000005 13-5108880
020 C000005 91
<PAGE> PAGE 2
020 A000006 DONALDSON,LUFKIN & JENRETTE
020 B000006 13-2741729
020 C000006 83
020 A000007 WERTHEIM
020 B000007 13-2697272
020 C000007 81
020 A000008 SANFORD BERNSTEIN
020 B000008 13-2625874
020 C000008 60
020 A000009 MORGAN STANLEY
020 B000009 13-2625874
020 C000009 55
020 A000010 LEHMAN BROTHERS
020 B000010 13-1977122
020 C000010 42
021 000000 1315
022 A000001 FUJI SECURITIES
022 C000001 10281733
022 D000001 0
022 A000002 MORGAN STANLEY
022 B000002 13-2655998
022 C000002 9013539
022 D000002 0
022 A000003 MORGAN BANK-CANADA
022 C000003 6197302
022 D000003 0
022 A000004 SALOMON BROTHERS
022 B000004 13-3082694
022 C000004 4250600
022 D000004 0
022 A000005 UNION BANK-SWITZERLAND
022 C000005 4065046
022 D000005 0
022 A000006 GOLDMAN SACHS
022 B000006 13-5108880
022 C000006 4036715
022 D000006 7713
022 A000007 BANKERS TRUST
022 C000007 3193879
022 D000007 0
022 A000008 FIRST BOSTON
022 B000008 13-5659485
022 C000008 2073630
022 D000008 6413
022 A000009 CHEMICAL BANK
022 B000009 13-3379014
022 C000009 1602006
022 D000009 0
022 A000010 CITIBANK
022 C000010 653274
022 D000010 0
<PAGE> PAGE 3
023 C000000 45487564
023 D000000 64479
025 A000001 CHEMICAL BANK
025 B000001 13-3379014
025 C000001 D
025 D000001 48967
025 A000002 FUJI SECURITIES
025 C000002 D
025 D000002 200000
025 A000003 MORGAN STANLEY
025 B000003 13-2625874
025 C000003 D
025 D000003 100000
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
027 000000 Y
028 A010000 17796
028 A020000 0
028 A030000 0
028 A040000 55755
028 B010000 16867
028 B020000 0
028 B030000 0
028 B040000 41168
028 C010000 20669
028 C020000 0
028 C030000 0
028 C040000 49471
028 D010000 25582
028 D020000 0
028 D030000 0
028 D040000 40499
028 E010000 25033
028 E020000 0
028 E030000 0
028 E040000 44796
028 F010000 20592
028 F020000 0
028 F030000 0
028 F040000 40544
028 G010000 126539
028 G020000 0
028 G030000 0
028 G040000 272233
028 H000000 37107
029 000000 Y
030 A000000 753
030 B000000 5.00
<PAGE> PAGE 4
030 C000000 0.00
031 A000000 753
031 B000000 0
032 000000 0
033 000000 0
034 000000 Y
035 000000 1107
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
040 000000 Y
041 000000 Y
042 A000000 4
042 B000000 1
042 C000000 0
042 D000000 0
042 E000000 50
042 F000000 0
042 G000000 23
042 H000000 22
043 000000 6326
044 000000 0
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
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
066 A000000 Y
066 C000000 Y
071 A000000 475867
071 B000000 633622
071 C000000 2370850
<PAGE> PAGE 5
071 D000000 20
072 A000000 6
072 B000000 9748
072 C000000 27866
072 D000000 0
072 E000000 0
072 F000000 6383
072 G000000 2337
072 H000000 0
072 I000000 1810
072 J000000 100
072 K000000 0
072 L000000 0
072 M000000 13
072 N000000 45
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 15
072 S000000 15
072 T000000 6326
072 U000000 0
072 V000000 100
072 W000000 104
072 X000000 17248
072 Y000000 0
072 Z000000 20366
072AA000000 106904
072BB000000 10985
072CC010000 680805
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 330067
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 2509697
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 5008
074 K000000 0
074 L000000 5710
074 M000000 0
<PAGE> PAGE 6
074 N000000 2850482
074 O000000 14373
074 P000000 2677
074 Q000000 0
074 R010000 241
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 2833191
074 U010000 238548
074 U020000 0
074 V010000 11.90
074 V020000 11.83
074 W000000 0.0000
074 X000000 267285
074 Y000000 0
075 A000000 0
075 B000000 1727606
076 000000 0.00
077 A000000 N
SIGNATURE TOM REYNOLDS
TITLE CONTROLLER