Minerva Advisors LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INFU	INFUSYSTEM HLDGS INC	1,204,105 (+11.6%)	$11,114 (+14.9%)	7.2%	$3.45	+138.9%	COM	45685K102
KELYA	KELLY SERVICES INC	199,796 (+242.1%)	$1,768 (+244.1%)	1.1%	$10.27	-3.4%	CL A	488152208
EML	EASTERN CO	546,402 (+3.3%)	$11,059 (+6.2%)	7.1%	$15.32	+20.2%	COM	276317104
FRME	FIRST MERCHANTS CORP	23,662 (+139.6%)	$916 (+147.6%)	0.6%	$29.65	+34.5%	COM	320817109
NWFL	NORWOOD FINANCIAL CORP	28,580 (+108.9%)	$841 (+119.1%)	0.5%	$26.20	+13.1%	COM	669549107
RAIL	FREIGHTCAR AMERICA INC	341,023 (+27.7%)	$2,718 (-8.1%)	1.8%	$6.82	+79.1%	COM	357023100
UFI	UNIFI INC	1,258,626 (+3.0%)	$4,493 (+5.0%)	2.9%	$5.92	-33.7%	COM NEW	904677200
SSP	SCRIPPS E W CO OHIO	1,526,490 (+10.1%)	$5,679 (+2.7%)	3.7%	$5.78	-38.1%	CL A NEW	811054402
KEQU	KEWAUNEE SCIENTIFIC CP	136,705 (+12.2%)	$4,685 (+2.8%)	3.0%	$26.26	+50.3%	COM	492854104
VIRC	VIRCO MANUFACTURING CO	1,517,452 (+4.8%)	$9,287 (+0.4%)	6.0%	$4.48	+43.2%	COM	927651109

Exited Positions (9)

DORM DORMAN PRODS INC 0.7%

Value ($000) $1,058 Shares 8,590 Est. Cost $41.59 Unrealized +204.1%

USLM UNITED STS LIME & MINERALS I 0.5%

Value ($000) $748 Shares 6,250 Est. Cost $66.43 Unrealized +79.6%

SSB SOUTHSTATE BK CORP 0.3%

Value ($000) $533 Shares 5,661 Est. Cost $96.71 Unrealized +4.3%

FSFG FIRST SVGS FINL GROUP INC 0.3%

Value ($000) $517 Shares 16,221 Est. Cost $21.97 Unrealized +48.7%

ACNT ASCENT INDUSTRIES CO 0.3%

Value ($000) $492 Shares 30,415 Est. Cost $8.12 Unrealized +106.3%

CZFS CITIZENS FINL SVCS INC 0.3%

Value ($000) $449 Shares 7,881 Est. Cost $74.84 Unrealized -16.3%

PBBK PB BANKSHARES INC 0.3%

Value ($000) $435 Shares 20,560 Est. Cost $12.12 Unrealized +63.5%

CBU COMMUNITY FINANCIAL SYSTEM I 0.2%

Value ($000) $380 Shares 6,618 Est. Cost $21.43 Unrealized +194.3%

SGA SAGA COMMUNICATIONS INC 0.2%

Value ($000) $364 Shares 31,831 Est. Cost $29.76 Unrealized -61.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DORM	DORMAN PRODS INC	8,590	$1,058	0.7%	$41.59	+204.1%	—	258278100
USLM	UNITED STS LIME & MINERALS I	6,250	$748	0.5%	$66.43	+79.6%	—	911922102
SSB	SOUTHSTATE BK CORP	5,661	$533	0.3%	$96.71	+4.3%	—	84472E102
FSFG	FIRST SVGS FINL GROUP INC	16,221	$517	0.3%	$21.97	+48.7%	—	33621E109
ACNT	ASCENT INDUSTRIES CO	30,415	$492	0.3%	$8.12	+106.3%	—	871565107
CZFS	CITIZENS FINL SVCS INC	7,881	$449	0.3%	$74.84	-16.3%	—	174615104
PBBK	PB BANKSHARES INC	20,560	$435	0.3%	$12.12	+63.5%	—	69318V103
CBU	COMMUNITY FINANCIAL SYSTEM I	6,618	$380	0.2%	$21.43	+194.3%	—	203607106
SGA	SAGA COMMUNICATIONS INC	31,831	$364	0.2%	$29.76	-61.6%	—	786598300

Decreased Positions (6)

SIF SIFCO INDUSTRIES INC 4.1%

Value ($000) $6,397 (+134.5%) Shares 480,650 (-1.7%) Est. Cost $4.87 Unrealized +61.3%

CTGO CONTANGO ORE INC 0.7%

Value ($000) $1,118 (-44.4%) Shares 59,647 (-21.7%) Est. Cost $22.68 Unrealized +26.3%

ATRO ASTRONICS CORP 3.0%

Value ($000) $4,694 (-15.4%) Shares 70,340 (-31.2%) Est. Cost $10.90 Unrealized +573.5%

GLDD GREAT LAKES DREDGE & DOCK CO 11.3%

Value ($000) $17,505 (-4.0%) Shares 1,029,703 (-25.9%) Est. Cost $6.72 Unrealized +127.9%

NVGS NAVIGATOR HOLDINGS LTD 3.7%

Value ($000) $5,726 (+9.8%) Shares 296,212 (-1.7%) Est. Cost $29.97 Unrealized -38.0%

THRY THRYV HOLDINGS IINC 0.3%

Value ($000) $395 (-55.9%) Shares 144,329 (-2.7%) Est. Cost $19.78 Unrealized -76.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SIF	SIFCO INDUSTRIES INC	480,650 (-1.7%)	$6,397 (+134.5%)	4.1%	$4.87	+61.3%	COM	826546103
CTGO	CONTANGO ORE INC	59,647 (-21.7%)	$1,118 (-44.4%)	0.7%	$22.68	+26.3%	COM	21077F100
ATRO	ASTRONICS CORP	70,340 (-31.2%)	$4,694 (-15.4%)	3.0%	$10.90	+573.5%	COM	046433108
GLDD	GREAT LAKES DREDGE & DOCK CO	1,029,703 (-25.9%)	$17,505 (-4.0%)	11.3%	$6.72	+127.9%	COM	390607109
NVGS	NAVIGATOR HOLDINGS LTD	296,212 (-1.7%)	$5,726 (+9.8%)	3.7%	$29.97	-38.0%	SHS	Y62132108
THRY	THRYV HOLDINGS IINC	144,329 (-2.7%)	$395 (-55.9%)	0.3%	$19.78	-76.7%	COM NEW	886029206

Unchanged Positions (32)

ESCA ESCALADE INC 6.3%

Value ($000) $9,746 Shares 567,621 Est. Cost $7.05 Unrealized +101.2%

TG TREDEGAR CORP 8.5%

Value ($000) $13,242 Shares 1,665,607 Est. Cost $6.94 Unrealized +21.8%

UTMD UTAH MEDICAL PRODUCTS INC 3.7%

Value ($000) $5,803 Shares 93,615 Est. Cost $65.02 Unrealized -4.5%

CAC CAMDEN NATIONAL CORP 2.7%

Value ($000) $4,250 Shares 89,568 Est. Cost $19.20 Unrealized +145.7%

PBHC PATHFINDER BANCORP INC 2.2%

Value ($000) $3,346 Shares 262,204 Est. Cost $9.77 Unrealized +40.7%

UIS UNISYS CORP 0.5%

Value ($000) $715 Shares 345,347 Est. Cost $4.25 Unrealized -37.4%

DLHC DLH HOLDINGS CORP 4.2%

Value ($000) $6,478 Shares 1,113,037 Est. Cost $8.82 Unrealized -34.8%

CRD/B CRAWFORD & CO CL B 1.9%

Value ($000) $2,922 Shares 288,178 Est. Cost $7.19 Unrealized +45.1%

FMC FMC CORP 0.5%

Value ($000) $827 Shares 48,000 Est. Cost $18.96 Unrealized -19.8%

DGICA DONEGAL GROUP INC 0.5%

Value ($000) $799 Shares 46,490 Est. Cost $11.33 Unrealized +64.7%

CZNC CITIZENS & NORTHERN CORP 0.6%

Value ($000) $958 Shares 42,900 Est. Cost $10.60 Unrealized +108.2%

MBBC MARATHON BANCORP INC 0.5%

Value ($000) $798 Shares 58,976 Est. Cost $9.99 Unrealized +28.3%

FSTR FOSTER L B CO 1.5%

Value ($000) $2,343 Shares 83,965 Est. Cost $32.36 Unrealized -7.5%

DLX DELUXE CORP 0.2%

Value ($000) $383 Shares 13,900 Est. Cost $23.94 Unrealized +5.5%

EBC EASTERN BANKSHARES INC 0.8%

Value ($000) $1,224 Shares 62,576 Est. Cost $18.22 Unrealized +12.3%

CLBK COLUMBIA FINANCIAL 0.4%

Value ($000) $592 Shares 33,794 Est. Cost $15.64 Unrealized +8.1%

MPB MID PENN BANCORP 1.1%

Value ($000) $1,742 Shares 54,177 Est. Cost $25.23 Unrealized +29.4%

NODK NI HOLDINGS INC 1.1%

Value ($000) $1,674 Shares 129,900 Est. Cost $15.17 Unrealized -11.8%

CFG CITIZENS FINL GROUP INC 0.8%

Value ($000) $1,288 Shares 21,485 Est. Cost $33.57 Unrealized +88.0%

ECBK ECB BANCORP INC 0.5%

Value ($000) $835 Shares 49,940 Est. Cost $12.38 Unrealized +42.7%

NWBI NORTHWEST BANCSHARES INC 0.3%

Value ($000) $482 Shares 38,000 Est. Cost $6.49 Unrealized +94.2%

ASRV AMERISERV FINANC INC 0.1%

Value ($000) $211 Shares 58,200 Est. Cost $2.21 Unrealized +54.7%

FNB FNB CORP 0.7%

Value ($000) $1,071 Shares 64,075 Est. Cost $7.96 Unrealized +123.7%

LSBK LAKE SHORE BANCORP INC 0.4%

Value ($000) $672 Shares 44,259 Est. Cost $12.57 Unrealized +21.7%

FRBA FIRST BANK WILLIAMSTOWN NJ 0.4%

Value ($000) $658 Shares 41,143 Est. Cost $11.05 Unrealized +51.7%

FCF FIRST COMMONWEALTH FINANCIAL 0.3%

Value ($000) $449 Shares 25,560 Est. Cost $12.97 Unrealized +37.2%

EBMT EAGLE BANCORP MONT INC 0.3%

Value ($000) $434 Shares 21,098 Est. Cost $7.64 Unrealized +180.4%

RMBI RICHMOND MUTUAL 0.3%

Value ($000) $410 Shares 30,224 Est. Cost $13.36 Unrealized +5.6%

HBNC HORIZON BANCORP INDIANA 0.4%

Value ($000) $581 Shares 35,052 Est. Cost $15.01 Unrealized +17.6%

PRA PROASSURANCE CORP 0.3%

Value ($000) $426 Shares 17,234 Est. Cost $49.77 Unrealized -51.2%

CPBI CENTRAL PLAINS BANCSHARES INC 0.5%

Value ($000) $840 Shares 49,117 Est. Cost $9.91 Unrealized +75.9%

DGICB DONEGAL GROUP INC 0.2%

Value ($000) $316 Shares 17,856 Est. Cost $12.92 Unrealized +28.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ESCA	ESCALADE INC	567,621	$9,746	6.3%	$7.05	+101.2%	COM	296056104
TG	TREDEGAR CORP	1,665,607	$13,242	8.5%	$6.94	+21.8%	COM	894650100
UTMD	UTAH MEDICAL PRODUCTS INC	93,615	$5,803	3.7%	$65.02	-4.5%	COM	917488108
CAC	CAMDEN NATIONAL CORP	89,568	$4,250	2.7%	$19.20	+145.7%	COM	133034108
PBHC	PATHFINDER BANCORP INC	262,204	$3,346	2.2%	$9.77	+40.7%	COM	70319R109
UIS	UNISYS CORP	345,347	$715	0.5%	$4.25	-37.4%	COM NEW	909214306
DLHC	DLH HOLDINGS CORP	1,113,037	$6,478	4.2%	$8.82	-34.8%	COM	23335Q100
CRD/B	CRAWFORD & CO CL B	288,178	$2,922	1.9%	$7.19	+45.1%	CL B	224633107
FMC	FMC CORP	48,000	$827	0.5%	$18.96	-19.8%	COM NEW	302491303
DGICA	DONEGAL GROUP INC	46,490	$799	0.5%	$11.33	+64.7%	CL A	257701201
CZNC	CITIZENS & NORTHERN CORP	42,900	$958	0.6%	$10.60	+108.2%	COM	172922106
MBBC	MARATHON BANCORP INC	58,976	$798	0.5%	$9.99	+28.3%	COM NEW	565759206
FSTR	FOSTER L B CO	83,965	$2,343	1.5%	$32.36	-7.5%	COM	350060109
DLX	DELUXE CORP	13,900	$383	0.2%	$23.94	+5.5%	COM	248019101
EBC	EASTERN BANKSHARES INC	62,576	$1,224	0.8%	$18.22	+12.3%	COM	27627N105
CLBK	COLUMBIA FINANCIAL	33,794	$592	0.4%	$15.64	+8.1%	COM	197641103
MPB	MID PENN BANCORP	54,177	$1,742	1.1%	$25.23	+29.4%	COM	59540G107
NODK	NI HOLDINGS INC	129,900	$1,674	1.1%	$15.17	-11.8%	COM	65342T106
CFG	CITIZENS FINL GROUP INC	21,485	$1,288	0.8%	$33.57	+88.0%	COM	174610105
ECBK	ECB BANCORP INC	49,940	$835	0.5%	$12.38	+42.7%	COM	26828M106
NWBI	NORTHWEST BANCSHARES INC	38,000	$482	0.3%	$6.49	+94.2%	COM	667340103
ASRV	AMERISERV FINANC INC	58,200	$211	0.1%	$2.21	+54.7%	COM	03074A102
FNB	FNB CORP	64,075	$1,071	0.7%	$7.96	+123.7%	COM	302520101
LSBK	LAKE SHORE BANCORP INC	44,259	$672	0.4%	$12.57	+21.7%	COM	510704109
FRBA	FIRST BANK WILLIAMSTOWN NJ	41,143	$658	0.4%	$11.05	+51.7%	COM	31931U102
FCF	FIRST COMMONWEALTH FINANCIAL	25,560	$449	0.3%	$12.97	+37.2%	COM	319829107
EBMT	EAGLE BANCORP MONT INC	21,098	$434	0.3%	$7.64	+180.4%	COM	26942G100
RMBI	RICHMOND MUTUAL	30,224	$410	0.3%	$13.36	+5.6%	COM	76525P100
HBNC	HORIZON BANCORP INDIANA	35,052	$581	0.4%	$15.01	+17.6%	COM	440407104
PRA	PROASSURANCE CORP	17,234	$426	0.3%	$49.77	-51.2%	COM	74267C106
CPBI	CENTRAL PLAINS BANCSHARES INC	49,117	$840	0.5%	$9.91	+75.9%	COM	15486W100
DGICB	DONEGAL GROUP INC	17,856	$316	0.2%	$12.92	+28.2%	CL B	257701300