Report of Independent Registered Public
Accounting Firm

To the Shareholders and Board of Trustees
of FPA Funds Trust
In planning and performing our audits of the
financial statements of FPA Crescent Fund
and FPA International Value Fund (the
"Funds") (two funds constituting the FPA
Funds Trust) as of and for the year ended
December 31, 2018, in accordance with the
standards of the Public Company
Accounting Oversight Board (United
States), we considered the Funds' internal
control over financial reporting, including
controls over safeguarding securities, as a
basis for designing our auditing procedures
for the purpose of expressing our opinion on
the financial statements and to comply with
the requirements of Form N-CEN, but not
for the purpose of expressing an opinion on
the effectiveness of the Funds' internal
control over financial reporting. Accordingly,
we express no such opinion.

The management of the Funds is
responsible for establishing and maintaining
effective internal control over financial
reporting. In fulfilling this responsibility,
estimates and judgments by management
are required to assess the expected
benefits and related costs of controls. A
company's internal control over financial
reporting is a process designed to provide
reasonable assurance regarding the
reliability of financial reporting and the
preparation of financial statements for
external purposes in accordance with U.S.
generally accepted accounting principles. A
company's internal control over financial
reporting includes those policies and
procedures that (1) pertain to the
maintenance of records that, in reasonable
detail, accurately and fairly reflect the
transactions and dispositions of the assets
of the company; (2) provide reasonable
assurance that transactions are recorded as
necessary to permit preparation of financial
statements in accordance with U.S.
generally accepted accounting principles,
and that receipts and expenditures of the
company are being made only in
accordance with authorizations of
management and directors of the company;
and (3) provide reasonable assurance
regarding prevention or timely detection of
unauthorized acquisition, use or disposition
of a company's assets that could have a
material effect on the financial statements.

Because of its inherent limitations, internal
control over financial reporting may not
prevent or detect misstatements. Also,
projections of any evaluation of
effectiveness to future periods are subject to
the risk that controls may become
inadequate because of changes in
conditions, or that the degree of compliance
with the policies or procedures may
deteriorate.

A deficiency in internal control over financial
reporting exists when the design or
operation of a control does not allow
management or employees, in the normal
course of performing their assigned
functions, to prevent or detect
misstatements on a timely basis. A material
weakness is a deficiency, or a combination
of deficiencies, in internal control over
financial reporting, such that there is a
reasonable possibility that a material
misstatement of the company's annual or
interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Funds' internal
control over financial reporting was for the
limited purpose described in the first
paragraph and would not necessarily
disclose all deficiencies in internal control
that might be material weaknesses under
standards established by the Public
Company Accounting Oversight Board
(United States). However, we noted no
deficiencies in the Funds' internal control
over financial reporting and its operation,
including controls over safeguarding
securities, that we consider to be a material
weakness as defined above as of
December 31, 2018.

This report is intended solely for the
information and use of management and the
Board of Trustees of the FPA Funds Trust
and the Securities and Exchange
Commission and is not intended to be and
should not be used by anyone other than
these specified parties.

/s/ Ernst & Young LLP

Los Angeles, CA
February 22, 2019