MICROSTRATEGY INC

Ticker: MSTR CUSIP: 594972408 Class: EQTY

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

Note: Option positions (PUT/CALL) are excluded.

Q2 2017

Shares 141,623 Value ($000) $27,145 Avg Close $18.57 Range $17.75 - $19.46

Q1 2017

Shares 141,623 Value ($000) $26,597 Avg Close $19.38 Range $18.22 - $20.60

Q4 2016

Shares 141,623 Value ($000) $27,956 Avg Close $18.91 Range $16.27 - $20.73

Q3 2016

Shares 152,058 Value ($000) $25,461 Avg Close $17.21 Range $16.19 - $19.18

Q2 2016

Shares 165,856 Value ($000) $29,028 Avg Close $18.41 Range $16.50 - $19.60

Q1 2016

Shares 160,388 Value ($000) $28,825 Avg Close $16.19 Range $14.10 - $18.23

Q4 2015

Shares 176,515 Value ($000) $31,647 Avg Close $18.18 Range $16.42 - $20.98

Q3 2015

Shares 120,802 Value ($000) $23,734 Avg Close $19.82 Range $16.86 - $22.65

Q2 2015

Shares 92,062 Value ($000) $15,658 Avg Close $17.60 Range $16.59 - $19.79

Q1 2015

Shares 87,618 Value ($000) $14,869 Avg Close $16.88 Range $15.00 - $18.26

Q4 2014

Shares 78,260 Value ($000) $12,709 Avg Close $15.80 Range $12.75 - $17.70

Q3 2014

Shares 32,540 Value ($000) $4,258 Avg Close $13.91 Range $12.95 - $15.59

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2017	141,623	$27,145	$18.57	$17.75 - $19.46
Q1 2017	141,623	$26,597	$19.38	$18.22 - $20.60
Q4 2016	141,623	$27,956	$18.91	$16.27 - $20.73
Q3 2016	152,058	$25,461	$17.21	$16.19 - $19.18
Q2 2016	165,856	$29,028	$18.41	$16.50 - $19.60
Q1 2016	160,388	$28,825	$16.19	$14.10 - $18.23
Q4 2015	176,515	$31,647	$18.18	$16.42 - $20.98
Q3 2015	120,802	$23,734	$19.82	$16.86 - $22.65
Q2 2015	92,062	$15,658	$17.60	$16.59 - $19.79
Q1 2015	87,618	$14,869	$16.88	$15.00 - $18.26
Q4 2014	78,260	$12,709	$15.80	$12.75 - $17.70
Q3 2014	32,540	$4,258	$13.91	$12.95 - $15.59