AMERICAN CENTURY CAPITAL PORTFOLIOS INC
NSAR-B, EX-99, 2000-05-30
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INDEPENDENT AUDITORS' REPORT


The Board of Directors
American Century Capital Portfolios, Inc.:

     In planning and performing our audits of the financial statements of Equity
Income Fund,  Value Fund, Real Estate Fund,  Equity Index Fund,  Small Cap Value
Fund and Large Cap Value Fund, the six funds comprising American Century Capital
Portfolios,  Inc.  (the  "Company"),  for the year ended March 31, 2000 (for the
period July 31, 1999 through  March 31, 2000 for Large Cap Value Fund) (on which
we have issued our reports  dated May 12,  2000),  we  considered  its  internal
control,  including control activities for safeguarding securities,  in order to
determine our auditing  procedures  for the purpose of expressing our opinion on
the financial  statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the Company's internal control.

     The  management  of  the  Company  is  responsible  for   establishing  and
maintaining internal control. In fulfilling this  responsibility,  estimates and
judgments by management are required to assess the expected benefits and related
costs of controls.  Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing  financial  statements for external purposes
that are fairly  presented in conformity  with accounting  principles  generally
accepted  in  the  United  States  of  America.   Those  controls   include  the
safeguarding of assets against unauthorized acquisition, use, or disposition.

     Because of inherent limitations in any internal control,  misstatements due
to error or fraud  may  occur  and not be  detected.  Also,  projections  of any
evaluation  of internal  control to future  periods are subject to the risk that
the internal control may become  inadequate  because of changes in conditions or
that the degree of compliance with policies or procedures deteriorate.

     Our  consideration of the Company's  internal control would not necessarily
disclose all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material  weakness is a condition  in which the design or  operation of one or
more of the internal  control  components  does not reduce to a  relatively  low
level the risk that misstatements due to error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be  detected  within a timely  period  by  employees  in the  normal  course  of
performing their assigned functions.  However, we noted no matters involving the
Company's   internal   control  and  its  operation,   including   controls  for
safeguarding  securities,  that we consider to be material weaknesses as defined
above as of March 31, 2000.


May 12, 2000


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