0001145549-21-065261.txt : 20211112
0001145549-21-065261.hdr.sgml : 20211112
20211112155305
ACCESSION NUMBER: 0001145549-21-065261
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20210831
FILED AS OF DATE: 20211112
DATE AS OF CHANGE: 20211112
EFFECTIVENESS DATE: 20211112
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Investment Managers Series Trust
CENTRAL INDEX KEY: 0001318342
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FILING VALUES:
FORM TYPE: N-CEN
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-21719
FILM NUMBER: 211403112
BUSINESS ADDRESS:
STREET 1: 235 WEST GALENA STREET
CITY: MILWAUKEE
STATE: WI
ZIP: 53212
BUSINESS PHONE: 626-914-4141
MAIL ADDRESS:
STREET 1: 235 WEST GALENA STREET
CITY: MILWAUKEE
STATE: WI
ZIP: 53212
FORMER COMPANY:
FORMER CONFORMED NAME: Claymore Trust
DATE OF NAME CHANGE: 20050603
FORMER COMPANY:
FORMER CONFORMED NAME: Claymore Equity Trust
DATE OF NAME CHANGE: 20050218
0001318342
S000030105
KL Allocation Fund
C000092455
Advisor Class
GAVAX
C000092456
Institutional Class
GAVIX
0001318342
S000069987
Securian AM Balanced Stabilization Fund
C000222857
Institutional Class Shares
VVMIX
C000222858
Class A Shares
VVMAX
0001318342
S000069988
Securian AM Equity Stabilization Fund
C000222859
Institutional Class Shares
VMEIX
C000222860
Class A Shares
VMEAX
0001318342
S000069989
Securian AM Real Asset Income Fund
C000222861
Institutional Class Shares
VSDIX
C000222862
Class A Shares
VSDAX
N-CEN
1
primary_doc.xml
X0404
N-CEN
LIVE
0001318342
XXXXXXXX
true
false
false
N-1A
S000069989
C000222861
C000222862
S000069987
true
S000069988
C000222859
C000222860
S000030105
C000092455
C000092456
INVESTMENT MANAGERS SERIES TRUST
811-21719
0001318342
549300ESWU4ZNAH5Y054
235 WEST GALENA STREET
MILWAUKEE
532123948
US-WI
US
4142992000
UMB FUND SERVICES, INC.
235 WEST GALENA STREET
MILWAUKEE
53212
4142992000
TRANSFER AGENT, FUND ACCOUNTANT AND CO-ADMINISTRATOR
MUTUAL FUND ADMINISTRATION, LLC
2220 E. ROUTE 66, SUITE 226
GLENDORA
91740
6269144141
CO-ADMINISTRATOR
UMB BANK, N.A.
928 GRAND BOULEVARD, 5TH FLOOR
KANSAS CITY
64106
8168605683
CUSTODIAN
IMST DISTRIBUTORS, LLC
THREE CANAL PLAZA, SUITE 100
PORTLAND
04101
8662516920
DISTRIBUTOR
Liberty Street Advisors, Inc.
100 Wall Street
20th Floor
New York
10005
2122409726
ADVISER
KNOWLEDGE LEADERS CAPITAL, LLC
1600 BROADWAY
SUITE 1600
DENVER
80202
3037631810
ADVISER
Securian Asset Management, Inc.
400 Robert Street North
St. Paul
55101
8006656005
SUB-ADVISER
Foreside Fund Services, LLC
THREE CANAL PLAZA, SUITE 100
PORTLAND
04101
8662516920
DISTRIBUTOR
N
N
N-1A
53
Y
MAUREEN QUILL
001421521
Y
ERIC M. BANHAZL
N/A
Y
JOHN P. ZADER
N/A
N
WILLIAM H. YOUNG
N/A
N
ASHLEY TOOMEY RABUN
N/A
N
CHARLES H. MILLER
N/A
N
MARTIN W. DZIURA
N/A
309 WOODRIDGE LANE
MEDIA
19063
XXXXXX
N
N
N
N
N
N
N
IMST DISTRIBUTORS, LLC
8-66389
000130745
N/A
N
Foreside Fund Services, LLC
8-51293
000046106
N/A
N
Y
TAIT, WELLER & BAKER LLP
00445
N/A
N
N
N
N
N
N
N
Securian AM Real Asset Income Fund
S000069989
54930015VJW2KMYLM340
N
2
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
Liberty Street Advisors, Inc.
801-67698
000142949
N/A
2020-12-12
Securian Asset Management, Inc.
801-47262
000109905
N/A
2020-12-12
Securian Asset Management, Inc.
801-47262
000109905
N/A
N
UMB FUND SERVICES, INC.
84-5792
N/A
Y
N
U.S. Bancorp Fund Services, LLC
85-11357
N1GZ7BBF3NP8GI976H15
N
N
Y
INTERCONTINENTAL EXCHANGE, INC.
5493000F4ZO33MV32P92
N
N
UMB BANK, NATIONAL ASSOCIATION
VNOO6EITDJ2YUEBMSZ83
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
US Bank National Association
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
The Bank of New York Mellon
HPFHU0OQ28E4N0NFVK49
N
Y
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Y
UMB FUND SERVICES, INC.
84-5792
SEC File Number
Y
N
Y
MUTUAL FUND ADMINISTRATION, LLC
N/A
Y
N
UMB FUND SERVICES, INC.
84-5792
Y
N
U.S. Bancorp Fund Services, LLC
N1GZ7BBF3NP8GI976H15
N
N
Y
CRI Securities, LLC
8-39877
000022589
N/A
0.000000000000
HRC Fund Associates
8-67496
000142846
N/A
0.000000000000
Securian Financial Services, Inc
8-31955
000015296
N/A
0.000000000000
BARCLAYS CAPITAL INC.
8-41342
000019714
AC28XWWI3WIBK2824319
6530.000000000000
MORGAN STANLEY
8-68191
000149777
9R7GPTSO7KV3UQJZQ078
5973.000000000000
WELLS FARGO CLEARING SERVICES, LLC
8-37180
000019616
88KRVSOEKUGQZJ3DKW55
4585.000000000000
BANC OF AMERICA SECURITIES LLC
8-42263
000026091
N/A
3632.000000000000
INSTINET, LLC
8-23669
000007897
549300MGMN3RKMU8FT57
3464.000000000000
RAYMOND JAMES (USA) LTD.
8-42071
000025853
N/A
3426.000000000000
KEYBANC CAPITAL MARKETS INC.
8-30177
000000566
2EQWV0180Z211YVAD813
3300.000000000000
INTERNATIONAL STRATEGY & INVESTMENT GROUP LLC
8-43515
000028195
N/A
3080.000000000000
CITIGROUP GLOBAL MARKETS INC.
8-8177
000007059
6SHGI4ZSSLCXXQSBB395
3075.000000000000
UBS SECURITIES LLC
8-22651
000007654
T6FIZBDPKLYJKFCRVK44
2686.000000000000
64235.000000000000
INSTINET, LLC
8-23669
000007897
549300MGMN3RKMU8FT57
27.000000000000
BARCLAYS CAPITAL INC.
8-41342
000019714
AC28XWWI3WIBK2824319
236900.000000000000
WELLS FARGO CLEARING SERVICES, LLC
8-37180
000019616
88KRVSOEKUGQZJ3DKW55
987500.000000000000
BANC OF AMERICA SECURITIES LLC
8-42263
000026091
N/A
1344648.000000000000
MORGAN STANLEY
8-68191
000149777
9R7GPTSO7KV3UQJZQ078
360000.000000000000
RAYMOND JAMES (USA) LTD.
8-42071
000025853
N/A
372500.000000000000
J.P. MORGAN SECURITIES LLC
8-35008
000000079
ZBUT11V806EZRVTWT807
586774.000000000000
CITIGROUP GLOBAL MARKETS INC.
8-8177
000007059
6SHGI4ZSSLCXXQSBB395
301600.000000000000
BMO CAPITAL MARKETS CORP.
8-34344
000016686
RUC0QBLBRPRCU4W1NE59
60350.000000000000
CAPITAL ONE SECURITIES, INC.
8-50561
000044158
2549006LDKU5312IOS04
5325.000000000000
4255623.000000000000
Y
73674047.000000000000
N
N
N
N
Securian AM Balanced Stabilization Fund
S000069987
549300Y2RM7MFWJA1W25
N
2
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
Liberty Street Advisors, Inc.
801-67698
000142949
N/A
2020-12-12
Securian Asset Management, Inc.
801-47262
000109905
N/A
2020-12-12
Securian Asset Management, Inc.
801-47262
000109905
N/A
N
UMB FUND SERVICES, INC.
84-5792
N/A
Y
N
U.S. Bancorp Fund Services, LLC
85-11357
N1GZ7BBF3NP8GI976H15
N
N
Y
INTERCONTINENTAL EXCHANGE, INC.
5493000F4ZO33MV32P92
N
N
UMB BANK, NATIONAL ASSOCIATION
VNOO6EITDJ2YUEBMSZ83
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
US Bank National Association
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
The Bank of New York Mellon
HPFHU0OQ28E4N0NFVK49
N
Y
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Y
UMB FUND SERVICES, INC.
84-5792
SEC File Number
Y
N
Y
MUTUAL FUND ADMINISTRATION, LLC
N/A
Y
N
UMB FUND SERVICES, INC.
84-5792
Y
N
U.S. Bancorp Fund Services, LLC
N1GZ7BBF3NP8GI976H15
N
N
Y
HRC Fund Associates
8-67496
000142846
N/A
0.000000000000
Securian Financial Services, Inc
8-31955
000015296
N/A
0.000000000000
CRI Securities, LLC
8-39877
000022589
N/A
0.000000000000
MORGAN STANLEY
8-68191
000149777
9R7GPTSO7KV3UQJZQ078
9837.000000000000
9837.000000000000
MORGAN STANLEY
8-68191
000149777
9R7GPTSO7KV3UQJZQ078
340266.000000000000
340266.000000000000
N
69531222.000000000000
N
N
N
Securian AM Equity Stabilization Fund
S000069988
549300RDHL3RPKIPL494
N
2
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
Liberty Street Advisors, Inc.
801-67698
000142949
N/A
2020-12-12
Securian Asset Management, Inc.
801-47262
000109905
N/A
2020-12-12
Securian Asset Management, Inc.
801-47262
000109905
N/A
N
UMB FUND SERVICES, INC.
84-5792
N/A
Y
N
U.S. Bancorp Fund Services, LLC
85-11357
N1GZ7BBF3NP8GI976H15
N
N
Y
INTERCONTINENTAL EXCHANGE, INC.
5493000F4ZO33MV32P92
N
N
UMB BANK, NATIONAL ASSOCIATION
VNOO6EITDJ2YUEBMSZ83
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
US Bank National Association
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
The Bank of New York Mellon
HPFHU0OQ28E4N0NFVK49
N
Y
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Y
UMB FUND SERVICES, INC.
84-5792
SEC File Number
Y
N
Y
MUTUAL FUND ADMINISTRATION, LLC
N/A
Y
N
UMB FUND SERVICES, INC.
84-5792
Y
N
U.S. Bancorp Fund Services, LLC
N1GZ7BBF3NP8GI976H15
N
N
Y
HRC Fund Associates
8-67496
000142846
N/A
0.000000000000
Securian Financial Services, Inc
8-31955
000015296
N/A
0.000000000000
CRI Securities, LLC
8-39877
000022589
N/A
0.000000000000
MORGAN STANLEY
8-68191
000149777
9R7GPTSO7KV3UQJZQ078
2930.000000000000
STIFEL, NICOLAUS & COMPANY, INCORPORATED
8-1447
000000793
N/A
1956.000000000000
KEYBANC CAPITAL MARKETS INC.
8-30177
000000566
2EQWV0180Z211YVAD813
1226.000000000000
INSTINET, LLC
8-23669
000007897
549300MGMN3RKMU8FT57
707.000000000000
BLOOMBERG TRADEBOOK LLC
8-49219
000040881
549300P0PVQNO43T7K36
333.000000000000
GOLDMAN SACHS & CO. LLC
8-129
000000361
FOR8UP27PHTHYVLBNG30
288.000000000000
7441.000000000000
0.000000000000
N
21412486.000000000000
N
N
N
N
KL ALLOCATION FUND
S000030105
549300AB7EM3U2BQVL79
N
2
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 32a-4 (17 CFR 270.32a-4)
Y
N
N
N
KNOWLEDGE LEADERS CAPITAL, LLC
801-69490
000144482
N/A
N
UMB FUND SERVICES, INC.
84-5792
N/A
Y
N
N
INTERCONTINENTAL EXCHANGE, INC.
5493000F4ZO33MV32P92
N
N
BANCO DE CHILE
N/A
CL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BANK HANDLOWY
N/A
PL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNPPSS BELGIUM
N/A
BE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNPPSS FRANKFURT
N/A
DE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNPPSS NETHERLANDS
N/A
NL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNPPSS PORTUGAL
N/A
PT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CACEIS BANK
N/A
FR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITIBANK AS
N/A
TR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITIBANK ISRAEL
N/A
IL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITIBANK JAKARTA
N/A
ID
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITIBANK KOREA INC
N/A
KR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITIBANK LONDON
N/A
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITIBANK MUMBAI
N/A
IN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITIBANK, N.A., SAO PAULO
N/A
BR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITIBK EUROPE HUNG
N/A
HU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITITRUST COLOMBIA
N/A
CO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CREDIT SUISSE(SWITZERLAND)LTD.
N/A
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
DBS BANK LTD
N/A
SG
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
EUROCLEAR BK SA NV
N/A
IE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC CONTL EUROPE, GREECE
N/A
GR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC NEW ZEALAND
N/A
NZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC THAILAND
N/A
TH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
MUFG BANK, LTD.
N/A
JP
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
RBC INV SERVICES
N/A
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SCB (CHINA) LTD
N/A
CN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SCB (HONG KONG) LTD
N/A
HK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SCB (TAIWAN) LTD
N/A
TW
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SCB PHILIPPINES
N/A
PH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SCB SOUTH AFRICA
N/A
ZA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SEB AB PUBL
N/A
SE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SEB DENMARK
N/A
DK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SEB FINLAND
N/A
FI
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SEB NORWAY
N/A
NO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SOCGEN SEC SERV SPA
N/A
IT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
SOCGEN SPAIN
N/A
ES
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
UNICREDIT BK AUSTRI
N/A
AT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
CITIGROUP PTY LIMITED
N/A
AU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BANAMEX
N/A
MX
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
AO CITIBANK
N/A
RU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC BK PLC
N/A
IE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
UMB BANK, NATIONAL ASSOCIATION
VNOO6EITDJ2YUEBMSZ83
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
UMB FUND SERVICES, INC.
84-5792
SEC File Number
Y
N
N
MUTUAL FUND ADMINISTRATION, LLC
N/A
Y
N
UMB FUND SERVICES, INC.
84-5792
Y
N
N
INSTINET, LLC
8-23669
000007897
549300MGMN3RKMU8FT57
514012.000000000000
514012.000000000000
0.000000000000
Y
197058947.000000000000
N
N
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true
INTERNAL CONTROL RPT
2
securianauditletter.txt
SECURIAN AUDIT LETTER
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 Securian AM
Real Asset Income Fund, Securian AM
Balanced Stabilization Fund and
Securian AM Equity Stabilization Fund
(the Funds), each a series of Investment
Managers Series Trust, as of and for the
year ended August 31, 2021, 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 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.
To the Shareholders and
Board of Trustees of
Investment Managers Series Trust
Page 2
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
August 31, 2021.
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
October 29, 2021
INTERNAL CONTROL RPT
3
klauditletter.txt
KL ALLOCATION AUDIT LETTER
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 KL
Allocation Fund (the Fund), a series of
Investment Managers Series Trust, as of
and for the year ended August 31, 2021,
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.
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
August 31, 2021.
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
October 29, 2021