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SIGNATURE J RICHARD ATWOOD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000099188
<NAME> FPA CAPITAL FUND, INC
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
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<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 432,422,558
<INVESTMENTS-AT-VALUE> 517,955,423
<RECEIVABLES> 1,077,807
<ASSETS-OTHER> 259
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 15,561,521
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
Report Of Independent Auditors
To the Board of Directors of
FPA Capital Fund, Inc.
In planning and performing our audit of the financial statements of FPA Capital
Fund, Inc. (the Fund) for the year ended March 31, 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, not to provide assurance on internal control.
The management of the Fund 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 entitys objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of 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 caused by errors 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 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.
This report is intended solely for the information and use of management, the
Board of Directors of the Fund, and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these
specified parties.
Los Angeles, California
April 24, 2000
