CERTIFICATIONS PURSUANT TO SECTION 906
EX-99.906CERT

                                 CERTIFICATION

R. JAY GERKEN, Chief Executive Officer, and ANDREW B. SHOUP, Chief
Administrative Officer of Capital Appreciation Fund (the "Registrant"), each
certify to the best of his knowledge that:

1.    The Registrant's periodic report on Form N-CSR for the period ended June
30, 2004 (the "Form N-CSR") fully complies with the requirements of section
15(d) of the Securities Exchange Act of 1934, as amended; and

2.    The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.

Chief Executive Officer               Chief Administrative Officer
Capital Appreciation Fund             Capital Appreciation Fund

/s/ R. Jay Gerken                     /s/ Andrew B. Shoup
- --------------------------------      ------------------------------------------
R. Jay Gerken                         Andrew B. Shoup
Date: September 9, 2004               Date: September 9, 2004

This certification is being furnished to the Securities and Exchange Commission
solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the
Form N-CSR with the Commission.