Dark
Light
System
Institutional Investment Manager
Minerva Advisors LLC
Minerva Advisors LLC (CIK: 0001541536), located at 50 Monument Road, Bala Cynwyd, PA. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q2)
Portfolio Summary: 69 holdings with a total value of $147,403,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 SIFCO INDS INC 38,818 388,000 0.26%
52 LAKE SHORE BANCORP INC 29,669 386,000 0.26%
53 AMERISERV FINL INC 128,000 386,000 0.26%
54 BENEFICIAL BANCORP INC 30,231 384,000 0.26%
55 EMCLAIRE FINL CORP 15,359 365,000 0.25%
56 ATRION CORP 834 357,000 0.24%
57 DONEGAL GROUP INC 21,506 327,000 0.22%
58 EAGLE BANCORP MONT INC 25,598 325,000 0.22%
59 FIRST MERCHANTS CORP COM 11,960 298,000 0.20%
60 PB BANCORP INC 30,833 260,000 0.18%
61 MER TELEMANAGEMENT SOLUTIONS 222,625 241,000 0.16%
62 KOSS CORP 119,086 241,000 0.16%
63 Sierra Oncology, Inc. 114,309 227,000 0.15%
64 COMPX INTERNATIONAL INC 11,900 137,000 0.09%
65 IMMUCELL CORP 14,559 101,000 0.07%
66 AEHR TEST SYSTEMS 58,702 95,000 0.06%
67 COMMAND SEC CORP 26,050 70,000 0.05%
68 MAM SOFTWARE GROUP INC 10,330 62,000 0.04%
69 COMMUNITY BANK SYS INC 27 1,000 0.00%
Page 2 of 2

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001251109-16-000046, filed 2016.07.28).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.