UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-3429

CAPITAL APPRECIATION FUND

(Exact name of registrant as specified in charter)

One Cityplace, Hartford, CT 06103-3415

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Elizabeth M. Forget President Capital Appreciation Fund 260 Madison Avenue, 10th Floor New York, NY 10016	Robert N. Hickey, Esq. Sullivan & Worcester LLP 1666 K Street, N.W. Washington, D.C. 20006

Registrant’s telephone number, including area code: (800) 848-3854

Date of fiscal year end: December 31

Date of reporting period: July 1, 2005 through April 28, 2006

ITEM 1. PROXY VOTING RECORD.

VOTE SUMMARY REPORT

JULY 01, 2005—APRIL 28, 2006

CAPITAL APPRECIATION FUND

ELECTRONIC ARTS INC.
Ticker: ERTS	Security ID: 285512109
Meeting Date: JULY 28, 2005

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director M. Richard Asher	M	Y	For	FOR
Elect Director Leonard S. Coleman	M	Y	For	FOR
Elect Director Gary M. Kusin	M	Y	For	FOR
Elect Director Gregory B. Maffei	M	Y	For	FOR
Elect Director Timothy Mott	M	Y	Withhold	Against
Elect Director Vivek Paul	M	Y	For	FOR
Elect Director Robert W. Pittman	M	Y	For	FOR
Elect Director Lawrence F. Probst III	M	Y	For	FOR
Elect Director Linda J. Srere	M	Y	For	FOR
Amend Omnibus Stock Plan	M	Y	For	FOR
Amend Qualified Employee Stock Purchase Plan	M	Y	For	FOR
Ratify Auditors	M	Y	For	FOR

NIKE, INC.
Ticker: NKE	Security ID: 65106103
Meeting Date: SEPTEMBER 20, 2005

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Jill K. Conway	M	Y	For	FOR
Elect Director Alan B. Graf, Jr.	M	Y	For	FOR
Elect Director Jeanne P. Jackson	M	Y	For	FOR
Increase Authorized Common Stock	M	Y	For	FOR
Approve Executive Incentive Bonus Plan	M	Y	For	FOR
Amend Omnibus Stock Plan	M	Y	Against	Against
Ratify Auditors	M	Y	For	FOR

COACH, INC.
Ticker: COH	Security ID: 18975104
Meeting Date: NOVEMBER 02, 2005

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Joseph Ellis	M	Y	For	FOR
Elect Director Lew Frankfort	M	Y	For	FOR
Elect Director Gary Loveman	M	Y	For	FOR
Elect Director Ivan Menezes	M	Y	For	FOR
Elect Director Irene Miller	M	Y	For	FOR
Elect Director Keith Monda	M	Y	For	FOR
Elect Director Michael Murphy	M	Y	For	FOR
Amend Executive Incentive Bonus Plan	M	Y	For	FOR

TEVA PHARMACEUTICAL INDUSTRIES
Ticker: NULL	Security ID: 881624209
Meeting Date: OCTOBER 27, 2005

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
TO APPROVE THE ISSUANCE OF ORDINARY SHARES OF TEVA, PURSUANT TO THE AGREEMENT AND PLAN OF MERGER, DATED JULY 25, 2005, BY AND AMONG IVAX CORPORATION, TEVA AND TWO WHOLLY OWNED SUBSIDIARIES OF TEVA, IVORY ACQUISITION SUB, INC. AND IVORY ACQUISITION SUB II	M	Y	For	FOR

QUALCOMM INC.
Ticker: QCOM	Security ID: 747525103
Meeting Date: MARCH 07, 2006

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Richard C. Atkinson	M	Y	For	FOR
Elect Director Diana Lady Dougan	M	Y	For	FOR
Elect Director Peter M. Sacerdote	M	Y	For	FOR
Elect Director Marc I. Stern	M	Y	For	FOR
Declassify the Board and Eliminate Cumulative Voting	M	Y	For	FOR
Amend Omnibus Stock Plan	M	Y	For	FOR
Ratify Auditors	M	Y	For	FOR
Adjourn Meeting	M	Y	Against	Against

SUNCOR ENERGY INC.
Ticker: SU	Security ID: 867229106
Meeting Date: APRIL 26, 2006

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Mel E. Benson	M	Y	For	FOR
Elect Director Brian A. Canfield	M	Y	For	FOR
Elect Director Bryan P. Davies	M	Y	For	FOR
Elect Director Brian A. Felesky	M	Y	For	FOR
Elect Director John T. Ferguson	M	Y	For	FOR
Elect Director W. Douglas Ford	M	Y	For	FOR
Elect Director Richard L. George	M	Y	For	FOR
Elect Director John R. Huff	M	Y	For	FOR
Elect Director M. Ann McCaig	M	Y	For	FOR
Elect Director Michael W. O’Brien	M	Y	Withhold	Against
Elect Director JR Shaw	M	Y	For	FOR
Elect Director Eira M. Thomas	M	Y	For	FOR
Ratify PricewaterhouseCoopers as Auditors	M	Y	For	FOR

THE GOLDMAN SACHS GROUP, INC.
Ticker: GS	Security ID: 38141G104
Meeting Date: MARCH 31, 2006

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Lloyd C. Blankfein	M	Y	For	FOR
Elect Director Lord Browne Ofmadingley	M	Y	For	FOR
Elect Director John H. Bryan	M	Y	For	FOR
Elect Director Claes Dahlback	M	Y	For	FOR
Elect Director Stephen Friedman	M	Y	For	FOR
Elect Director William W. George	M	Y	For	FOR
Elect Director James A. Johnson	M	Y	For	FOR
Elect Director Lois D. Juliber	M	Y	For	FOR
Elect Director Edward M. Liddy	M	Y	For	FOR
Elect Director Henry M. Paulson, Jr.	M	Y	For	FOR
Elect Director Ruth J. Simmons	M	Y	For	FOR
Amend Restricted Partner Compensation Plan	M	Y	For	FOR
Ratify Auditors	M	Y	For	FOR

APPLE COMPUTER, INC.
Ticker: AAPL	Security ID: 037833100
Meeting Date: APRIL 27, 2006

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Fred D. Anderson	M	Y	For	FOR
Elect Director William V. Campbell	M	Y	For	FOR
Elect Director Millard S. Drexler	M	Y	For	FOR
Elect Director Albert A. Gore, Jr.	M	Y	For	FOR
Elect Director Steven P. Jobs	M	Y	For	FOR
Elect Director Arthur D. Levinson, Ph.D.	M	Y	For	FOR
Elect Director Jerome B. York	M	Y	For	FOR
Ratify Auditors	M	Y	For	FOR
Report on Computer Recycling Policy	S	Y	Abstain	Against

HARRAH’S ENTERTAINMENT, INC.
Ticker: HET	Security ID: 413619107
Meeting Date: APRIL 25, 2006

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Charles L Atwood	M	Y	For	FOR
Elect Director R. Brad Martin	M	Y	For	FOR
Elect Director Gary G. Michael	M	Y	For	FOR
Amend Omnibus Stock Plan	M	Y	For	FOR
Ratify Auditors	M	Y	For	FOR

GENENTECH, INC.
Ticker: DNA	Security ID: 368710406
Meeting Date: APRIL 20, 2006

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Herbert W. Boyer	M	Y	Withhold	Against
Elect Director William M. Burns	M	Y	Withhold	Against
Elect Director Erich Hunziker	M	Y	Withhold	Against
Elect Director Jonathan K.C. Knowles	M	Y	Withhold	Against
Elect Director Arthur D. Levinson	M	Y	Withhold	Against
Elect Director Debra L. Reed	M	Y	Withhold	Against
Elect Director Charles A. Sanders	M	Y	Withhold	Against
Amend Qualified Employee Stock Purchase Plan	M	Y	For	FOR
Ratify Auditors	M	Y	For	FOR

INVITROGEN CORP.
Ticker: IVGN	Security ID: 46185R100
Meeting Date: APRIL 21, 2006

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Gregory T. Lucier	M	Y	For	FOR
Elect Director Donald W. Grimm	M	Y	For	FOR
Ratify Auditors	M	Y	For	FOR
Amend Qualified Employee Stock Purchase Plan	M	Y	For	FOR
Increase Authorized Common Stock	M	Y	For	FOR

WELLS FARGO & COMPANY
Ticker: WFC	Security ID: 949746101
Meeting Date: APRIL 25, 2006

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Elect Director Lloyd H. Dean	M	Y	For	FOR
Elect Director Susan E. Engel	M	Y	For	FOR
Elect Director Enrique Hernandez, Jr.	M	Y	For	FOR
Elect Director Robert L. Joss	M	Y	For	FOR
Elect Director Richard M. Kovacevich	M	Y	For	FOR
Elect Director Richard D. McCormick	M	Y	For	FOR
Elect Director Cynthia H. Milligan	M	Y	Withhold	Against
Elect Director Nicholas G. Moore	M	Y	For	FOR
Elect Director Philip J. Quigley	M	Y	Withhold	Against
Elect Director Donald B. Rice	M	Y	Withhold	Against
Elect Director Judith M. Runstad	M	Y	For	FOR
Elect Director Stephen W. Sanger	M	Y	For	FOR
Elect Director Susan G. Swenson	M	Y	For	FOR
Elect Director Michael W. Wright	M	Y	Withhold	Against
Ratify Auditors	M	Y	For	Against
Require a Majority Vote for the Election of Directors	S	Y	For	Against
Separate Chairman and CEO Positions	S	Y	For	Against
Compensation-Director Compensation	S	Y	Against	Against
Report on Discrimination in Lending	S	Y	Abstain	Against

SYNGENTA AG
Ticker: SYT	Security ID: H84140112
Meeting Date: APRIL 19, 2006

Item Description	Proposed by Management or Security Holder	Voted	VoteCast	FOR or AGAINST Mgmt
Amend Articles Re: Allow Electronic Voting	M		Null
Accept Financial Statements and Statutory Reports	M		Null
Approve Discharge of Board and Senior Management	M		Null
Approve Allocation of Income and Omission of Dividends	M		Null
Approve CHF 13 Million Reduction in Share Capital via Cancellation of Repurchased Shares	M		Null
Approve CHF 343.3 Million Reduction in Share Capital; Approve Capital Repayment of CHF 3.30 per Share	M		Null
Amend Articles Re: Reduce Capital Holding Requirement for Submitting Shareholder Proposals	M		Null
Authorize Repurchase of up to Ten Percent of Issued Share Capital	M		Null
Elect Directors	M		Null
Ratify Ernst &Young AG as Auditors	M		Null

Not voted due to shareblocking restriction. The potential impact on trading/loan activities would outweigh the economic value of the vote.

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CAPITAL APPRECIATION FUND
By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget
	President
Date:	June 30, 2006