Minerva Advisors 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ADAMS RESOURCES & ENERGY INC	COM NEW	006351308	84	2,481	SH		OTR		0	2,481	0
ADAMS RESOURCES & ENERGY INC	COM NEW	006351308	247	7,345	SH		SOLE		7,345	0	0
AEHR TEST SYSTEMS	COM	00760J108	13	8,600	SH		OTR		0	8,600	0
AEHR TEST SYSTEMS	COM	00760J108	25	16,713	SH		SOLE		16,713	0	0
AH BELO CORP	COM CL A	001282102	1,366	370,064	SH		OTR		0	370,064	0
AH BELO CORP	COM CL A	001282102	2,194	594,605	SH		SOLE		594,605	0	0
AMERISERV FINANC INC	COM	03074A102	254	61,700	SH		OTR		0	61,700	0
AMERISERV FINANC INC	COM	03074A102	272	66,300	SH		SOLE		66,300	0	0
ASML HOLDING N V	NY REG SHS	N07059210	131	631	SH		OTR		0	631	0
ASML HOLDING N V	NY REG SHS	N07059210	245	1,176	SH		SOLE		1,176	0	0
ASTRONICS CORP	COM	046433108	515	12,808	SH		OTR		0	12,808	0
ASTRONICS CORP	COM	046433108	878	21,839	SH		SOLE		21,839	0	0
BB&T CORP	COM	054937107	417	8,488	SH		SOLE		8,488	0	0
CAMDEN NATIONAL CORP	COM	133034108	4,563	99,971	SH		OTR		0	99,971	0
CAMDEN NATIONAL CORP	COM	133034108	2,679	58,687	SH		SOLE		58,687	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	339	35,458	SH		OTR		0	35,458	0
CECO ENVIRONMENTAL CORP	COM	125141101	1,085	113,371	SH		SOLE		113,371	0	0
CENTERSTART BANK CORP	COM	15201P109	835	36,260	SH		OTR		0	36,260	0
CENTERSTART BANK CORP	COM	15201P109	1,538	66,817	SH		SOLE		66,817	0	0
CENTURY BANCORP INC MASS	CL A NON VTG	156432106	2,005	22,950	SH		OTR		0	22,950	0
CENTURY BANCORP INC MASS	CL A NON VTG	156432106	844	9,663	SH		SOLE		9,663	0	0
CHASE CORP	COM	16150R104	4,581	42,557	SH		OTR		0	42,557	0
CHASE CORP	COM	16150R104	13,639	126,713	SH		SOLE		126,713	0	0
CHEMICAL FINANCIAL	COM	163731102	67	1,620	SH		OTR		0	1,620	0
CHEMICAL FINANCIAL	COM	163731102	362	8,805	SH		SOLE		8,805	0	0
CITIZENS & NORTHERN CORP	COM	172922106	429	16,400	SH		OTR		0	16,400	0
CITIZENS & NORTHERN CORP	COM	172922106	693	26,500	SH		SOLE		26,500	0	0
COLUMBIA FINANCIAL INC	COM	197641103	530	33,794	SH		SOLE		33,794	0	0
COMMUNITY BANK SYS INC	COM	203607106	1,104	16,772	SH		OTR		0	16,772	0
COMMUNITY BANK SYS INC	COM	203607106	2	27	SH		SOLE		27	0	0
COMPUTER TASK GROUP INC	COM	205477102	1,489	371,361	SH		OTR		0	371,361	0
COMPUTER TASK GROUP INC	COM	205477102	3,456	861,799	SH		SOLE		861,799	0	0
COMPX INTERNATIONAL	CL A	20563P101	85	5,000	SH		OTR		0	5,000	0
COMPX INTERNATIONAL	CL A	20563P101	204	12,048	SH		SOLE		12,048	0	0
CONTINENTAL MATERIALS CORP	COM PAR $0.25	211615307	188	11,726	SH		OTR		0	11,726	0
CONTINENTAL MATERIALS CORP	COM PAR $0.25	211615307	434	27,114	SH		SOLE		27,114	0	0
CSS INDUSTRIES INC	COM	125906107	32	6,603	SH		OTR		0	6,603	0
CSS INDUSTRIES INC	COM	125906107	37	7,535	SH		SOLE		7,535	0	0
DAWSON GEOPHYSICAL CO NEW	COM	239360100	189	78,014	SH		OTR		0	78,014	0
DAWSON GEOPHYSICAL CO NEW	COM	239360100	774	319,749	SH		SOLE		319,749	0	0
DELUXE CORP	COM	248019101	1,008	24,800	SH		OTR		0	24,800	0
DELUXE CORP	COM	248019101	386	9,500	SH		SOLE		9,500	0	0
DLH HOLDINGS CORP	COM	23335Q100	99	20,000	SH		OTR		0	20,000	0
DLH HOLDINGS CORP	COM	23335Q100	292	59,192	SH		SOLE		59,192	0	0
DONEGAL GROUP INC	CL B	257701300	162	12,450	SH		OTR		0	12,450	0
DONEGAL GROUP INC	CL B	257701300	174	13,356	SH		SOLE		13,356	0	0
DONEGAL GROUP INC	CL A	257701201	380	24,882	SH		OTR		0	24,882	0
DONEGAL GROUP INC	CL A	257701201	50	3,280	SH		SOLE		3,280	0	0
DORMAN PRODUCTS INC	COM	258278100	888	10,190	SH		OTR		0	10,190	0
DORMAN PRODUCTS INC	COM	258278100	1,288	14,780	SH		SOLE		14,780	0	0
EAGLE BANCORP MONT INC	COM	26942G100	139	8,400	SH		OTR		0	8,400	0
EAGLE BANCORP MONT INC	COM	26942G100	285	17,198	SH		SOLE		17,198	0	0
EASTERN CO	COM	276317104	3,904	139,316	SH		OTR		0	139,316	0
EASTERN CO	COM	276317104	6,100	217,685	SH		SOLE		217,685	0	0
ECOLOGY & ENVRNMT INC	CL A	278878103	589	54,027	SH		OTR		0	54,027	0
ECOLOGY & ENVRNMT INC	CL A	278878103	1,534	140,726	SH		SOLE		140,726	0	0
EMCLAIRE FINANCIAL CORP	COM	290828102	401	12,824	SH		OTR		0	12,824	0
EMCLAIRE FINANCIAL CORP	COM	290828102	79	2,535	SH		SOLE		2,535	0	0
ENTERCOM COMMUNICATIONS	COM	293639100	905	156,500	SH		OTR		0	156,500	0
ENTERCOM COMMUNICATIONS	COM	293639100	2,121	366,902	SH		SOLE		366,902	0	0
ESCALADE INC	COM	296056104	2,268	201,634	SH		OTR		0	201,634	0
ESCALADE INC	COM	296056104	2,511	223,164	SH		SOLE		223,164	0	0
FIRST MERCHANTS CORP	COM	320817109	185	4,875	SH		OTR		0	4,875	0
FIRST MERCHANTS CORP	COM	320817109	268	7,085	SH		SOLE		7,085	0	0
FIVE STAR SENIOR LIVING INC	COM	33832D106	122	265,166	SH		OTR		0	265,166	0
FIVE STAR SENIOR LIVING INC	COM	33832D106	488	1,058,545	SH		SOLE		1,058,545	0	0
FLOTEK INDUSTRIES INC DEL	COM	343389102	127	38,500	SH		OTR		0	38,500	0
FLOTEK INDUSTRIES INC DEL	COM	343389102	382	115,500	SH		SOLE		115,500	0	0
FNB CORP	COM	302520101	263	22,378	SH		OTR		0	22,378	0
FNB CORP	COM	302520101	873	74,170	SH		SOLE		74,170	0	0
FOSTER L B CO	COM	350060109	2,115	77,743	SH		OTR		0	77,743	0
FOSTER L B CO	COM	350060109	612	22,489	SH		SOLE		22,489	0	0
FREIGHTCAR AMERICA INC	COM	357023100	107	18,273	SH		OTR		0	18,273	0
FREIGHTCAR AMERICA INC	COM	357023100	320	54,771	SH		SOLE		54,771	0	0
FSB BANCORP INC	COM	30289C102	23	1,306	SH		OTR		0	1,306	0
FSB BANCORP INC	COM	30289C102	173	9,734	SH		SOLE		9,734	0	0
GP STRATEGIES CORP	COM	36225V104	167	11,104	SH		OTR		0	11,104	0
GP STRATEGIES CORP	COM	36225V104	359	23,804	SH		SOLE		23,804	0	0
GREAT LAKES DREDGE & DOCK CO	COM	390607109	4,503	409,000	SH		OTR		0	409,000	0
GREAT LAKES DREDGE & DOCK CO	COM	390607109	7,380	670,333	SH		SOLE		670,333	0	0
HORIZON BANCORP INDIANA	COM	440407104	191	11,702	SH		OTR		0	11,702	0
HORIZON BANCORP INDIANA	COM	440407104	539	32,986	SH		SOLE		32,986	0	0
HV BANCORP INC	COM	40441H105	390	25,890	SH		SOLE		25,890	0	0
ICC HOLDINGS INC	COM	44931Q104	175	12,655	SH		OTR		0	12,655	0
ICC HOLDINGS INC	COM	44931Q104	240	17,345	SH		SOLE		17,345	0	0
IMMUCELL CORP	COM	452525306	36	5,500	SH		OTR		0	5,500	0
IMMUCELL CORP	COM	452525306	59	9,059	SH		SOLE		9,059	0	0
INFORMATION SVCS GROUP	COM	45675Y104	41	12,995	SH		OTR		0	12,995	0
INFORMATION SVCS GROUP	COM	45675Y104	45	14,299	SH		SOLE		14,299	0	0
INFUSYSTEM HLDGS INC	COM	45685K102	3,343	777,352	SH		OTR		0	777,352	0
INFUSYSTEM HLDGS INC	COM	45685K102	5,804	1,349,712	SH		SOLE		1,349,712	0	0
INVESTORS BANCORP INC NEW	COM	46146L101	275	24,711	SH		OTR		0	24,711	0
INVESTORS BANCORP INC NEW	COM	46146L101	757	67,990	SH		SOLE		67,990	0	0
KOSS CORP	COM	500692108	115	57,706	SH		OTR		0	57,706	0
KOSS CORP	COM	500692108	344	172,163	SH		SOLE		172,163	0	0
KURA ONCOLOGY INC	COM	50127T109	819	41,600	SH		OTR		0	41,600	0
KURA ONCOLOGY INC	COM	50127T109	921	46,779	SH		SOLE		46,779	0	0
LAKE SHORE BANCORP INC	COM	510700107	141	9,400	SH		OTR		0	9,400	0
LAKE SHORE BANCORP INC	COM	510700107	303	20,269	SH		SOLE		20,269	0	0
LGL GROUP INC	COM	50186A108	228	28,014	SH		OTR		0	28,014	0
LGL GROUP INC	COM	50186A108	431	52,865	SH		SOLE		52,865	0	0
MACKINAC FINANCIAL CORP	COM	554571109	306	19,972	SH		SOLE		19,972	0	0
MACKINAC FINANCIAL CORP	COM	554571109	160	10,422	SH		OTR		0	10,422	0
MALVERN BANCORP INC	COM	561409103	986	44,781	SH		SOLE		44,781	0	0
MAM SOFTWARE GROUP INC	COM NEW	55277Q201	105	10,330	SH		SOLE		10,330	0	0
MID PENN BANCORP	COM	59540G107	459	18,397	SH		OTR		0	18,397	0
MID PENN BANCORP	COM	59540G107	779	31,240	SH		SOLE		31,240	0	0
MID SOUTHERN BANCORP	COM	59548Q107	112	8,915	SH		OTR		0	8,915	0
MID SOUTHERN BANCORP	COM	59548Q107	161	12,791	SH		SOLE		12,791	0	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	849	25,260	SH		OTR		0	25,260	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	190	5,666	SH		SOLE		5,666	0	0
NAVIGATOR HOLDINGS LTD	SHS	Y62132108	1,357	144,969	SH		OTR		0	144,969	0
NAVIGATOR HOLDINGS LTD	SHS	Y62132108	2,395	255,912	SH		SOLE		255,912	0	0
NI HOLDINGS INC	COM	65342T106	960	54,500	SH		OTR		0	54,500	0
NI HOLDINGS INC	COM	65342T106	1,768	100,400	SH		SOLE		100,400	0	0
NORTHWEST BANCSHARES INC MD	COM	667340103	790	45,000	SH		OTR		0	45,000	0
NORTHWEST BANCSHARES INC MD	COM	667340103	502	28,625	SH		SOLE		28,625	0	0
NORWOOD FINANCIAL CORP	COM	669549107	225	6,859	SH		OTR		0	6,859	0
NORWOOD FINANCIAL CORP	COM	669549107	294	8,952	SH		SOLE		8,952	0	0
NUVERRA ENVIRONMENTAL	COM	67091K302	38	9,239	SH		OTR		0	9,239	0
NUVERRA ENVIRONMENTAL	COM	67091K302	53	13,007	SH		SOLE		13,007	0	0
OCONEE FED FINL CORP	COM	675607105	262	11,451	SH		OTR		0	11,451	0
OCONEE FED FINL CORP	COM	675607105	262	11,451	SH		SOLE		11,451	0	0
PATHFINDER BANCORP INC	COM	70319R109	1,179	80,950	SH		OTR		0	80,950	0
PATHFINDER BANCORP INC	COM	70319R109	2,651	182,106	SH		SOLE		182,106	0	0
PATRIOT TRANSPORTATION HOLDING INC	COM	70338W105	1,043	61,338	SH		OTR		0	61,338	0
PATRIOT TRANSPORTATION HOLDING INC	COM	70338W105	3,230	189,987	SH		SOLE		189,987	0	0
PB BANCORP INC	COM	70454T100	105	9,111	SH		OTR		0	9,111	0
PB BANCORP INC	COM	70454T100	250	21,722	SH		SOLE		21,722	0	0
PROASSURANCE CORP	COM	74267C106	689	19,084	SH		OTR		0	19,084	0
PROASSURANCE CORP	COM	74267C106	314	8,700	SH		SOLE		8,700	0	0
RAND CAPITAL CORP	COM	752185108	31	12,225	SH		OTR		0	12,225	0
RAND CAPITAL CORP	COM	752185108	5	1,820	SH		SOLE		1,820	0	0
RIVERVIEW FINANCIAL CORP	COM	76940Q105	237	22,321	SH		OTR		0	22,321	0
RIVERVIEW FINANCIAL CORP	COM	76940Q105	432	40,692	SH		SOLE		40,692	0	0
SAEXPLORATION HOLDINGS INC	COM PAR	78636X873	117	32,585	SH		OTR		0	32,585	0
SAEXPLORATION HOLDINGS INC	COM PAR	78636X873	42	11,562	SH		SOLE		11,562	0	0
SAGA COMMUNICATIONS INC	CL A NEW	786598300	1,203	39,157	SH		OTR		0	39,157	0
SAGA COMMUNICATIONS INC	CL A NEW	786598300	2,972	96,757	SH		SOLE		96,757	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	3,727	243,602	SH		OTR		0	243,602	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	5,820	380,382	SH		SOLE		380,382	0	0
SIFCO INDUSTRIES INC	COM	826546103	163	56,233	SH		OTR		0	56,233	0
SIFCO INDUSTRIES INC	COM	826546103	439	151,746	SH		SOLE		151,746	0	0
STATE AUTO FINANCIAL CORP	COM	855707105	150	4,280	SH		OTR		0	4,280	0
STATE AUTO FINANCIAL CORP	COM	855707105	516	14,743	SH		SOLE		14,743	0	0
SUNLINK HEALTH SYSTEMS INC	COM	86737U102	69	46,733	SH		SOLE		46,733	0	0
SYNALLOY CP DEL	COM	871565107	426	27,300	SH		OTR		0	27,300	0
SYNALLOY CP DEL	COM	871565107	860	55,055	SH		SOLE		55,055	0	0
TRANSCAT INC	COM	893529107	3,642	142,034	SH		OTR		0	142,034	0
TRANSCAT INC	COM	893529107	6,432	250,858	SH		SOLE		250,858	0	0
UNIVERSAL STAINLESS & ALLOY	COM	913837100	2,531	158,597	SH		OTR		0	158,597	0
UNIVERSAL STAINLESS & ALLOY	COM	913837100	4,627	289,892	SH		SOLE		289,892	0	0
US LIME & MINERAL	COM	911922102	5,195	65,759	SH		OTR		0	65,759	0
US LIME & MINERAL	COM	911922102	6,540	82,780	SH		SOLE		82,780	0	0
VERSO CORP	CL A	92531L207	459	24,100	SH		OTR		0	24,100	0
VERSO CORP	CL A	92531L207	842	44,200	SH		SOLE		44,200	0	0
VILLAGE BANK & TRUST FIN CO	COM NEW	92705T200	707	21,547	SH		SOLE		21,547	0	0
VILLAGE BANK & TRUST FIN CO	COM NEW	92705T200	56	1,698	SH		OTR		0	1,698	0
VIRCO MANUFACTURING CO	COM	927651109	2,044	421,499	SH		OTR		0	421,499	0
VIRCO MANUFACTURING CO	COM	927651109	3,099	638,868	SH		SOLE		638,868	0	0
VOLT INFORMATION SCIENCES	COM	928703107	31	7,000	SH		OTR		0	7,000	0
VOLT INFORMATION SCIENCES	COM	928703107	60	13,300	SH		SOLE		13,300	0	0
WSFS FINANCIAL CORP	COM	929328102	33	800	SH		OTR		0	800	0
WSFS FINANCIAL CORP	COM	929328102	341	8,257	SH		SOLE		8,257	0	0