REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Shareholders and
Board of Trustees of
Investment Managers Series Trust
Glendora, California 91740

In planning and performing our audit of the financial
statements of the Knowledge Leaders Developed World
ETF as of and for the year ended April 30, 2023, in
accordance with the standards of the Public Company
Accounting Oversight Board (United States), we
considered their internal control over financial reporting,
including control activities for 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 Fund 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 companys 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 generally accepted accounting
principles.  A companys 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 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 companys assets that
could have a material effect on the financial statements.

Because of 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 combination of deficiencies,
in internal control over financial reporting, such that
there is a reasonable possibility that a material
misstatement of the companys 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 for safeguarding securities, which we
consider to be material weaknesses, as defined above, as
of April 30, 2023.

This report is intended solely for the information and use
of management, Shareholders and Board of Trustees of
Investment Managers Series 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.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
June 29, 2023