A method of making a circuitized substrate which includes at least one and possibly several capacitors as part thereof. In one embodiment, the substrate is produced by forming a layer of capacitive dielectric material on a dielectric layer and thereafter forming channels with the capacitive material, e.g., using a laser. The channels are then filled with conductive material, e.g., copper, using selected deposition techniques, e.g., sputtering, electro-less plating and electroplating. A second dielectric layer is then formed atop the capacitor and a capacitor “core” results. This “core” may then be combined with other dielectric and conductive layers to form a larger, multilayered PCB or chip carrier. In an alternative approach, the capacitive dielectric material may be photo-imageable, with the channels being formed using conventional exposure and development processing known in the art. In still another embodiment, at least two spaced-apart conductors may be formed within a metal layer deposited on a dielectric layer, these conductors defining a channel there-between. The capacitive dielectric material may then be deposited (e.g., using lamination) within the channels.