ULTIMATE SOFTWARE GROUP INC

CUSIP: 90385D107 Class: COM

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

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

Q1 2015
Shares 77,972 Value ($000) $13,948 Avg Close — Range —
Q4 2014
Shares 88,882 Value ($000) $13,049 Avg Close — Range —
Q3 2014
Shares 88,082 Value ($000) $12,464 Avg Close — Range —
Q2 2014
Shares 68,782 Value ($000) $9,504 Avg Close — Range —
Q1 2014
Shares 67,072 Value ($000) $9,189 Avg Close — Range —
Q4 2013
Shares 59,392 Value ($000) $9,257 Avg Close — Range —
Q3 2013
Shares 62,872 Value ($000) $9,267 Avg Close — Range —
Q2 2013
Shares 62,042 Value ($000) $7,277 Avg Close — Range —