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	299	7,823	SH		OTR		0	7,823	0
ADAMS RESOURCES & ENERGY INC	COM NEW	006351308	913	23,872	SH		SOLE		23,872	0	0
AEHR TEST SYSTEMS	COM	00760J108	4	2,220	SH		OTR		0	2,220	0
AEHR TEST SYSTEMS	COM	00760J108	33	16,713	SH		SOLE		16,713	0	0
AH BELO CORP	COM CL A	001282102	1,044	370,064	SH		OTR		0	370,064	0
AH BELO CORP	COM CL A	001282102	1,677	594,605	SH		SOLE		594,605	0	0
AMERISERV FINANC INC	COM	03074A102	205	48,753	SH		OTR		0	48,753	0
AMERISERV FINANC INC	COM	03074A102	279	66,300	SH		SOLE		66,300	0	0
ASML HOLDING N V	NY REG SHS	N07059210	187	631	SH		OTR		0	631	0
ASML HOLDING N V	NY REG SHS	N07059210	348	1,176	SH		SOLE		1,176	0	0
ASTRONICS CORP	COM	046433108	294	10,513	SH		OTR		0	10,513	0
ASTRONICS CORP	COM	046433108	610	21,839	SH		SOLE		21,839	0	0
CAMDEN NATIONAL CORP	COM	133034108	3,866	84,117	SH		OTR		0	84,117	0
CAMDEN NATIONAL CORP	COM	133034108	2,697	58,687	SH		SOLE		58,687	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	271	35,458	SH		OTR		0	35,458	0
CECO ENVIRONMENTAL CORP	COM	125141101	866	113,371	SH		SOLE		113,371	0	0
CENTERSTART BANK CORP	COM	15201P109	789	31,567	SH		OTR		0	31,567	0
CENTERSTART BANK CORP	COM	15201P109	957	38,319	SH		SOLE		38,319	0	0
CENTURY BANCORP INC MASS	CL A NON VTG	156432106	1,721	19,172	SH		OTR		0	19,172	0
CENTURY BANCORP INC MASS	CL A NON VTG	156432106	867	9,663	SH		SOLE		9,663	0	0
CHASE CORP	COM	16150R104	4,829	40,757	SH		OTR		0	40,757	0
CHASE CORP	COM	16150R104	14,373	121,313	SH		SOLE		121,313	0	0
CITIZENS & NORTHERN CORP	COM	172922106	459	16,400	SH		OTR		0	16,400	0
CITIZENS & NORTHERN CORP	COM	172922106	742	26,500	SH		SOLE		26,500	0	0
COLUMBIA FINANCIAL INC	COM	197641103	572	33,794	SH		SOLE		33,794	0	0
COMMUNITY BANK SYS INC	COM	203607106	996	14,035	SH		OTR		0	14,035	0
COMMUNITY BANK SYS INC	COM	203607106	2	27	SH		SOLE		27	0	0
COMPUTER TASK GROUP INC	COM	205477102	1,560	301,134	SH		OTR		0	301,134	0
COMPUTER TASK GROUP INC	COM	205477102	4,516	871,799	SH		SOLE		871,799	0	0
COMPX INTERNATIONAL	CL A	20563P101	126	8,642	SH		OTR		0	8,642	0
COMPX INTERNATIONAL	CL A	20563P101	325	22,309	SH		SOLE		22,309	0	0
CONTINENTAL MATERIALS CORP	COM PAR $0.25	211615307	71	8,983	SH		OTR		0	8,983	0
CONTINENTAL MATERIALS CORP	COM PAR $0.25	211615307	207	26,275	SH		SOLE		26,275	0	0
DAWSON GEOPHYSICAL CO NEW	COM	239360100	187	78,014	SH		OTR		0	78,014	0
DAWSON GEOPHYSICAL CO NEW	COM	239360100	767	319,749	SH		SOLE		319,749	0	0
DELUXE CORP	COM	248019101	1,091	21,859	SH		OTR		0	21,859	0
DELUXE CORP	COM	248019101	474	9,500	SH		SOLE		9,500	0	0
DLH HOLDINGS CORP	COM	23335Q100	92	22,000	SH		OTR		0	22,000	0
DLH HOLDINGS CORP	COM	23335Q100	273	65,192	SH		SOLE		65,192	0	0
DONEGAL GROUP INC	CL B	257701300	124	10,304	SH		OTR		0	10,304	0
DONEGAL GROUP INC	CL B	257701300	161	13,356	SH		SOLE		13,356	0	0
DONEGAL GROUP INC	CL A	257701201	300	20,326	SH		OTR		0	20,326	0
DONEGAL GROUP INC	CL A	257701201	48	3,280	SH		SOLE		3,280	0	0
DORMAN PRODUCTS INC	COM	258278100	771	10,190	SH		OTR		0	10,190	0
DORMAN PRODUCTS INC	COM	258278100	1,119	14,780	SH		SOLE		14,780	0	0
EAGLE BANCORP MONT INC	COM	26942G100	152	7,185	SH		OTR		0	7,185	0
EAGLE BANCORP MONT INC	COM	26942G100	365	17,198	SH		SOLE		17,198	0	0
EASTERN CO	COM	276317104	3,613	119,115	SH		OTR		0	119,115	0
EASTERN CO	COM	276317104	6,602	217,685	SH		SOLE		217,685	0	0
EMCLAIRE FINANCIAL CORP	COM	290828102	348	10,715	SH		OTR		0	10,715	0
EMCLAIRE FINANCIAL CORP	COM	290828102	82	2,535	SH		SOLE		2,535	0	0
ENTERCOM COMMUNICATIONS	COM	293639100	588	126,825	SH		OTR		0	126,825	0
ENTERCOM COMMUNICATIONS	COM	293639100	1,702	366,902	SH		SOLE		366,902	0	0
ESCALADE INC	COM	296056104	1,686	172,872	SH		OTR		0	172,872	0
ESCALADE INC	COM	296056104	2,176	223,164	SH		SOLE		223,164	0	0
FIRST MERCHANTS CORP	COM	320817109	203	4,875	SH		OTR		0	4,875	0
FIRST MERCHANTS CORP	COM	320817109	294	7,085	SH		SOLE		7,085	0	0
FIVE STAR SENIOR LIVING INC	COM	33832D106	108	26,515	SH		OTR		0	26,515	0
FIVE STAR SENIOR LIVING INC	COM	33832D106	431	105,854	SH		SOLE		105,854	0	0
FLOTEK INDUSTRIES INC DEL	COM	343389102	77	38,654	SH		OTR		0	38,654	0
FLOTEK INDUSTRIES INC DEL	COM	343389102	255	127,500	SH		SOLE		127,500	0	0
FNB CORP	COM	302520101	248	19,496	SH		OTR		0	19,496	0
FNB CORP	COM	302520101	942	74,170	SH		SOLE		74,170	0	0
FOSTER L B CO	COM	350060109	1,268	65,612	SH		OTR		0	65,612	0
FOSTER L B CO	COM	350060109	434	22,489	SH		SOLE		22,489	0	0
FREIGHTCAR AMERICA INC	COM	357023100	140	68,303	SH		OTR		0	68,303	0
FREIGHTCAR AMERICA INC	COM	357023100	496	241,845	SH		SOLE		241,845	0	0
FSB BANCORP INC	COM	30289C102	22	1,306	SH		OTR		0	1,306	0
FSB BANCORP INC	COM	30289C102	167	9,734	SH		SOLE		9,734	0	0
GP STRATEGIES CORP	COM	36225V104	274	20,676	SH		OTR		0	20,676	0
GP STRATEGIES CORP	COM	36225V104	701	53,007	SH		SOLE		53,007	0	0
GREAT LAKES DREDGE & DOCK CO	COM	390607109	3,916	345,917	SH		OTR		0	345,917	0
GREAT LAKES DREDGE & DOCK CO	COM	390607109	7,544	666,433	SH		SOLE		666,433	0	0
GSE SYSTEMS INC	COM	36227K106	93	56,332	SH		OTR		0	56,332	0
GSE SYSTEMS INC	COM	36227K106	338	204,609	SH		SOLE		204,609	0	0
HORIZON BANCORP INDIANA	COM	440407104	199	10,476	SH		OTR		0	10,476	0
HORIZON BANCORP INDIANA	COM	440407104	626	32,986	SH		SOLE		32,986	0	0
HV BANCORP INC	COM	40441H105	440	25,890	SH		SOLE		25,890	0	0
ICC HOLDINGS INC	COM	44931Q104	156	11,347	SH		OTR		0	11,347	0
ICC HOLDINGS INC	COM	44931Q104	238	17,345	SH		SOLE		17,345	0	0
IMMUCELL CORP	COM	452525306	28	5,500	SH		OTR		0	5,500	0
IMMUCELL CORP	COM	452525306	47	9,059	SH		SOLE		9,059	0	0
INFORMATION SVCS GROUP	COM	45675Y104	14	5,505	SH		OTR		0	5,505	0
INFORMATION SVCS GROUP	COM	45675Y104	36	14,299	SH		SOLE		14,299	0	0
INFUSYSTEM HLDGS INC	COM	45685K102	6,538	766,452	SH		OTR		0	766,452	0
INFUSYSTEM HLDGS INC	COM	45685K102	11,194	1,312,296	SH		SOLE		1,312,296	0	0
INVESTORS BANCORP INC NEW	COM	46146L101	294	24,711	SH		OTR		0	24,711	0
INVESTORS BANCORP INC NEW	COM	46146L101	810	67,990	SH		SOLE		67,990	0	0
KEWAUNEE SCIENTIFIC CORP	COM	492854104	329	24,451	SH		SOLE		24,451	0	0
KEWAUNEE SCIENTIFIC CORP	COM	492854104	105	7,800	SH		OTR		0	7,800	0
KOSS CORP	COM	500692108	45	29,570	SH		OTR		0	29,570	0
KOSS CORP	COM	500692108	271	179,160	SH		SOLE		179,160	0	0
KURA ONCOLOGY INC	COM	50127T109	421	30,643	SH		OTR		0	30,643	0
KURA ONCOLOGY INC	COM	50127T109	643	46,779	SH		SOLE		46,779	0	0
LAKE SHORE BANCORP INC	COM	510700107	129	8,405	SH		OTR		0	8,405	0
LAKE SHORE BANCORP INC	COM	510700107	310	20,269	SH		SOLE		20,269	0	0
LGL GROUP INC	COM	50186A108	191	12,754	SH		OTR		0	12,754	0
LGL GROUP INC	COM	50186A108	273	18,219	SH		SOLE		18,219	0	0
MACKINAC FINANCIAL CORP	COM	554571109	347	19,972	SH		SOLE		19,972	0	0
MACKINAC FINANCIAL CORP	COM	554571109	155	8,960	SH		OTR		0	8,960	0
MALVERN BANCORP INC	COM	561409103	1,034	44,781	SH		SOLE		44,781	0	0
MID PENN BANCORP	COM	59540G107	439	15,519	SH		OTR		0	15,519	0
MID PENN BANCORP	COM	59540G107	883	31,240	SH		SOLE		31,240	0	0
MID SOUTHERN BANCORP	COM	59548Q107	120	8,915	SH		OTR		0	8,915	0
MID SOUTHERN BANCORP	COM	59548Q107	172	12,791	SH		SOLE		12,791	0	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	730	18,445	SH		OTR		0	18,445	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	224	5,666	SH		SOLE		5,666	0	0
NAVIGATOR HOLDINGS LTD	SHS	Y62132108	1,603	119,039	SH		OTR		0	119,039	0
NAVIGATOR HOLDINGS LTD	SHS	Y62132108	3,447	255,912	SH		SOLE		255,912	0	0
NI HOLDINGS INC	COM	65342T106	815	47,756	SH		OTR		0	47,756	0
NI HOLDINGS INC	COM	65342T106	1,714	100,400	SH		SOLE		100,400	0	0
NORTHWEST BANCSHARES INC MD	COM	667340103	546	32,857	SH		OTR		0	32,857	0
NORTHWEST BANCSHARES INC MD	COM	667340103	476	28,625	SH		SOLE		28,625	0	0
NORWOOD FINANCIAL CORP	COM	669549107	240	6,286	SH		OTR		0	6,286	0
NORWOOD FINANCIAL CORP	COM	669549107	341	8,952	SH		SOLE		8,952	0	0
NUVERRA ENVIRONMENTAL	COM	67091K302	21	7,258	SH		OTR		0	7,258	0
NUVERRA ENVIRONMENTAL	COM	67091K302	38	12,997	SH		SOLE		12,997	0	0
OCONEE FED FINL CORP	COM	675607105	217	8,362	SH		OTR		0	8,362	0
OCONEE FED FINL CORP	COM	675607105	298	11,451	SH		SOLE		11,451	0	0
PATHFINDER BANCORP INC	COM	70319R109	964	69,089	SH		OTR		0	69,089	0
PATHFINDER BANCORP INC	COM	70319R109	2,541	182,166	SH		SOLE		182,166	0	0
PATRIOT TRANSPORTATION HOLDING INC	COM	70338W105	1,015	52,098	SH		OTR		0	52,098	0
PATRIOT TRANSPORTATION HOLDING INC	COM	70338W105	3,701	189,987	SH		SOLE		189,987	0	0
PB BANCORP INC	COM	70454T100	120	7,890	SH		OTR		0	7,890	0
PB BANCORP INC	COM	70454T100	329	21,722	SH		SOLE		21,722	0	0
PROASSURANCE CORP	COM	74267C106	587	16,239	SH		OTR		0	16,239	0
PROASSURANCE CORP	COM	74267C106	314	8,700	SH		SOLE		8,700	0	0
RAND CAPITAL CORP	COM	752185108	29	10,679	SH		OTR		0	10,679	0
RAND CAPITAL CORP	COM	752185108	5	1,820	SH		SOLE		1,820	0	0
RICHMOND MUTUAL BANCORP	COM	76525P100	479	30,000	SH		SOLE		30,000	0	0
RIVERVIEW FINANCIAL CORP	COM	76940Q105	232	19,216	SH		OTR		0	19,216	0
RIVERVIEW FINANCIAL CORP	COM	76940Q105	491	40,692	SH		SOLE		40,692	0	0
SAEXPLORATION HOLDINGS INC	COM PAR	78636X873	92	30,476	SH		OTR		0	30,476	0
SAGA COMMUNICATIONS INC	CL A NEW	786598300	955	31,409	SH		OTR		0	31,409	0
SAGA COMMUNICATIONS INC	CL A NEW	786598300	3,054	100,458	SH		SOLE		100,458	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	3,290	209,930	SH		OTR		0	209,930	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	5,961	380,382	SH		SOLE		380,382	0	0
SIFCO INDUSTRIES INC	COM	826546103	121	41,034	SH		OTR		0	41,034	0
SIFCO INDUSTRIES INC	COM	826546103	448	151,746	SH		SOLE		151,746	0	0
STARRETT L S CO	CL A	855668109	17	3,000	SH		OTR		0	3,000	0
STARRETT L S CO	CL A	855668109	75	13,100	SH		SOLE		13,100	0	0
STATE AUTO FINANCIAL CORP	COM	855707105	68	2,180	SH		OTR		0	2,180	0
STATE AUTO FINANCIAL CORP	COM	855707105	246	7,943	SH		SOLE		7,943	0	0
SUNLINK HEALTH SYSTEMS INC	COM	86737U102	50	46,733	SH		SOLE		46,733	0	0
SYNALLOY CP DEL	COM	871565107	311	24,277	SH		OTR		0	24,277	0
SYNALLOY CP DEL	COM	871565107	704	55,055	SH		SOLE		55,055	0	0
TCF FINANCIAL CORPORATION	COM	872307103	60	1,274	SH		OTR		0	1,274	0
TCF FINANCIAL CORPORATION	COM	872307103	412	8,805	SH		SOLE		8,805	0	0
TRANSCAT INC	COM	893529107	3,638	114,757	SH		OTR		0	114,757	0
TRANSCAT INC	COM	893529107	7,027	221,660	SH		SOLE		221,660	0	0
TRUIST FINANCIAL CORP	COM	89832Q109	478	8,488	SH		SOLE		8,488	0	0
UNIVERSAL STAINLESS & ALLOY	COM	913837100	2,296	155,451	SH		OTR		0	155,451	0
UNIVERSAL STAINLESS & ALLOY	COM	913837100	4,326	292,892	SH		SOLE		292,892	0	0
US LIME & MINERAL	COM	911922102	4,941	55,274	SH		OTR		0	55,274	0
US LIME & MINERAL	COM	911922102	7,112	79,547	SH		SOLE		79,547	0	0
VERSO CORP	CL A	92531L207	435	24,100	SH		OTR		0	24,100	0
VERSO CORP	CL A	92531L207	797	44,200	SH		SOLE		44,200	0	0
VILLAGE BANK & TRUST FIN CO	COM NEW	92705T200	800	21,547	SH		SOLE		21,547	0	0
VILLAGE BANK & TRUST FIN CO	COM NEW	92705T200	63	1,698	SH		OTR		0	1,698	0
VIRCO MANUFACTURING CO	COM	927651109	1,301	306,173	SH		OTR		0	306,173	0
VIRCO MANUFACTURING CO	COM	927651109	2,728	641,889	SH		SOLE		641,889	0	0
VOLT INFORMATION SCIENCES	COM	928703107	13	5,362	SH		OTR		0	5,362	0
VOLT INFORMATION SCIENCES	COM	928703107	33	13,300	SH		SOLE		13,300	0	0
WSFS FINANCIAL CORP	COM	929328102	26	581	SH		OTR		0	581	0
WSFS FINANCIAL CORP	COM	929328102	363	8,257	SH		SOLE		8,257	0	0