Investment Managers Series Trust Buys Level One Bancorp Inc, TriState Capital Holdings Inc, Mimecast, Sells Raymond James Financial Inc, First Merchants Corp,

• New Purchases: LEVL, TSC, MIME, UMPQ, IHC, PBCT, GFED, CERN, BMTC, EPAY, FVCB, TACO, PTRS,
• Added Positions: WBS, RBNC, FCNCA, COLB, ISBC, FCCY, HBMD, FMBI, ACBI, ATH, UBSI, SHBI, INDB, BANC, FBNC, BVS, CADE, CADE,
• Reduced Positions: RJF, FRME, MTB, STL, MGLN, QCRH, CIT, UCBI, WSFS, BRBS, CFG, LBAI, FNB, ONB, SSB, OCFC, APO,
• Sold Out: SLCT, CVA, STMP, ESXB, CNBKA, EBSB, PMBC, CAI, SIC, MDLA, CSOD, ECHO, SVBI, TRIL, QADA, SOLY, MSON, QADB, PNM,

For the details of SilverPepper Merger Arbitrage Fund's stock buys and sells, go to https://www.gurufocus.com/guru/silverpepper+merger+arbitrage+fund/current-portfolio/portfolio

1. Flagstar Bancorp Inc (FBC) - 45,000 shares, 94.00% of the total portfolio.
2. (STL) - 67,817 shares, 76.21% of the total portfolio. Shares reduced by 30.56%
3. Level One Bancorp Inc (LEVL) - 37,241 shares, 64.00% of the total portfolio. New Position
4. TriState Capital Holdings Inc (TSC) - 46,114 shares, 60.81% of the total portfolio. New Position
5. Investors Bancorp Inc (ISBC) - 68,800 shares, 45.42% of the total portfolio. Shares added by 9.04%

Investment Managers Series Trust initiated holding in Level One Bancorp Inc. The purchase prices were between $28.54 and $40.48, with an estimated average price of $35.94. The stock is now traded at around $40.310000. The impact to a portfolio due to this purchase was 64%. The holding were 37,241 shares as of 2021-12-31.

Investment Managers Series Trust initiated holding in TriState Capital Holdings Inc. The purchase prices were between $21.44 and $31, with an estimated average price of $28.4. The stock is now traded at around $33.710000. The impact to a portfolio due to this purchase was 60.81%. The holding were 46,114 shares as of 2021-12-31.

Investment Managers Series Trust initiated holding in Mimecast Ltd. The purchase prices were between $62.2 and $84.53, with an estimated average price of $75.66. The stock is now traded at around $79.510000. The impact to a portfolio due to this purchase was 38.14%. The holding were 11,000 shares as of 2021-12-31.

Investment Managers Series Trust initiated holding in Umpqua Holdings Corp. The purchase prices were between $17.93 and $21.94, with an estimated average price of $20.17. The stock is now traded at around $19.330000. The impact to a portfolio due to this purchase was 12.78%. The holding were 15,247 shares as of 2021-12-31.

Investment Managers Series Trust initiated holding in Independence Holding Co. The purchase prices were between $48.47 and $56.84, with an estimated average price of $53.52. The stock is now traded at around $57.010000. The impact to a portfolio due to this purchase was 12.09%. The holding were 4,896 shares as of 2021-12-31.

Investment Managers Series Trust initiated holding in People's United Financial Inc. The purchase prices were between $16.57 and $18.83, with an estimated average price of $17.84. The stock is now traded at around $20.320000. The impact to a portfolio due to this purchase was 12.04%. The holding were 15,500 shares as of 2021-12-31.

Investment Managers Series Trust added to a holding in by 182.68%. The purchase prices were between $31.79 and $35.87, with an estimated average price of $34.08. The stock is now traded at around $. The impact to a portfolio due to this purchase was 12.16%. The holding were 12,158 shares as of 2021-12-31.

Investment Managers Series Trust added to a holding in by 20.08%. The purchase prices were between $20.39 and $22.62, with an estimated average price of $21.42. The stock is now traded at around $. The impact to a portfolio due to this purchase was 1.18%. The holding were 7,404 shares as of 2021-12-31.

Investment Managers Series Trust added to a holding in by 211.15%. The purchase prices were between $26.27 and $29.97, with an estimated average price of $28.3. The stock is now traded at around $. The impact to a portfolio due to this purchase was 0.86%. The holding were 1,005 shares as of 2021-12-31.

Investment Managers Series Trust sold out a holding in . The sale prices were between $17.6 and $20.32, with an estimated average price of $19.08.

Investment Managers Series Trust sold out a holding in Covanta Holding Corp. The sale prices were between $20.09 and $20.26, with an estimated average price of $20.19.

Investment Managers Series Trust sold out a holding in . The sale prices were between $329.61 and $329.61, with an estimated average price of $329.61.

Investment Managers Series Trust sold out a holding in . The sale prices were between $11.1 and $12.28, with an estimated average price of $11.71.

Investment Managers Series Trust sold out a holding in . The sale prices were between $115.05 and $115.29, with an estimated average price of $115.18.

Investment Managers Series Trust sold out a holding in . The sale prices were between $21.2 and $25.23, with an estimated average price of $23.07.