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 audits of
the financial statements of EuroPac
International Value Fund, EuroPac
International Bond Fund, EuroPac
International Dividend Income Fund, EP
Emerging Markets Fund and EuroPac Gold
Fund (the "Funds"), each a series of
Investment Managers Series Trust, as of and
for the period ended October 31, 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 Funds are
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 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
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 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
company's annual or interim financial
statements will not be prevented or detected
on a timely basis.





To the Shareholders and
Board of Trustees of
Investment Managers Series Trust
Page Two





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 October 31, 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.




/s/TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
December 29, 2023