<PAGE>      PAGE  1
000 B000000 12/31/96
000 C000000 701388
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
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
002 C000000 NY
002 D010000 10013
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
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
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 COOPERS AND LYBRAND LLP
013 B010001 HARTFORD
<PAGE>      PAGE  2
013 B020001 CT
013 B030001 06103
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 ROBERTSON STEPHANS
020 B000001 94-2524501
020 C000001     27
020 A000002 BEAR STEARNS
020 B000002 13-3299429
020 C000002     22
020 A000003 MONT GOMERY
020 B000003 N/A
020 C000003     21
020 A000004 INSTINET
020 B000004 13-3443395
020 C000004     18
020 A000005 SANFORD
020 B000005 N/A
020 C000005     14
020 A000006 GOLDMAN SACHS
020 B000006 13-5108880
020 C000006     13
020 A000007 MERRILL LYNCH
020 B000007 13-5674085
020 C000007     13
020 A000008 PRUDENTIAL
020 B000008 22-2347336
020 C000008     11
020 A000009 CAPITAL INSTITUTIONAL
020 B000009 N/A
020 C000009      9
020 A000010 PEAUES WH & CO
020 B000010 N/A
020 C000010      8
021  000000      273
022 A000001 INSTINET
022 B000001 13-3443395
022 C000001     19597
022 D000001     21403
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002     15556
022 D000002      7340
<PAGE>      PAGE  3
022 A000003 ROBERTSON
022 B000003 N/A
022 C000003     13070
022 D000003      7037
022 A000004 MONTGOMERY
022 B000004 N/A
022 C000004     10228
022 D000004      7665
022 A000005 MERRILL LYNCH
022 B000005 13-5674085
022 C000005      7539
022 D000005      8535
022 A000006 BEAR STEARNS
022 B000006 13-3299429
022 C000006      4403
022 D000006      9733
022 A000007 SALOMON BROTHERS
022 B000007 13-3082694
022 C000007     10380
022 D000007      3317
022 A000008 SANFORD
022 B000008 N/A
022 C000008      7704
022 D000008      4972
022 A000009 PRUDENTIAL
022 B000009 22-2347336
022 C000009      4733
022 D000009      8330
022 A000010 ALEX BROWN
022 B000010 N/A
022 C000010      3302
022 D000010      6330
023 C000000     900976
023 D000000     126713
024  000000 N
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      4769
028 A020000         0
028 A030000         0
028 A040000      2309
028 B010000      8589
028 B020000         0
<PAGE>      PAGE  4
028 B030000         0
028 B040000       310
028 C010000      6249
028 C020000         0
028 C030000         0
028 C040000       529
028 D010000      8650
028 D020000         0
028 D030000         0
028 D040000       194
028 E010000      6972
028 E020000         0
028 E030000         0
028 E040000         0
028 F010000      8809
028 F020000     15627
028 F030000         0
028 F040000       667
028 G010000     44038
028 G020000     15627
028 G030000         0
028 G040000      4009
028 H000000     44038
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
<PAGE>      PAGE  5
047  000000 Y
048  000000  0.810
048 A010000        0
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
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
<PAGE>      PAGE  6
070 B020000 N
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 N
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    181571
071 B000000    126713
071 C000000    151432
071 D000000   84
072 A000000 12
072 B000000      853
072 C000000     1688
072 D000000        0
072 E000000        0
072 F000000     1261
072 G000000       25
072 H000000        0
072 I000000        2
072 J000000       65
072 K000000        0
072 L000000       18
072 M000000        7
072 N000000        1
<PAGE>      PAGE  7
072 O000000        0
072 P000000        0
072 Q000000        0
072 R000000       10
072 S000000        0
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000        3
072 X000000     1392
072 Y000000        0
072 Z000000     1149
072AA000000    13938
072BB000000        0
072CC010000    45699
072CC020000        0
072DD010000     1741
072DD020000        0
072EE000000    23016
073 A010000   0.4100
073 A020000   0.0000
073 B000000   4.7700
073 C000000   0.0000
074 A000000        0
074 B000000    23489
074 C000000        0
074 D000000        0
074 E000000        0
074 F000000   200307
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000        0
074 K000000        0
074 L000000      602
074 M000000        0
074 N000000   224398
074 O000000      110
074 P000000        0
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000      157
074 S000000        0
074 T000000   224131
074 U010000     6104
074 U020000        0
074 V010000    36.72
074 V020000     0.00
074 W000000   0.0000
<PAGE>      PAGE  8
074 X000000        0
074 Y000000        0
075 A000000        0
075 B000000   167191
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
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
SIGNATURE   THOMAS M. REYNOLDS                           
TITLE       CONTROLLERS