Minerva Advisors LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VIRC	VIRCO MFG CO	1,448,198 (+6.3%)	$9,254 (-12.4%)	6.2%	$4.38	+58.7%	COM	927651109
UFI	UNIFI INC	1,222,420 (+6.1%)	$4,278 (-22.0%)	2.9%	$5.98	-35.3%	COM NEW	904677200
KEQU	KEWAUNEE SCIENTIFIC CORP	121,863 (+51.8%)	$4,559 (+33.2%)	3.0%	$24.65	+65.0%	COM	492854104
INFU	INFUSYSTEM HLDGS INC	1,078,731 (+5.2%)	$9,676 (-8.9%)	6.5%	$2.90	+230.4%	COM	45685K102
ESCA	ESCALADE INC	567,621 (+3.2%)	$7,657 (+10.7%)	5.1%	$7.05	+74.6%	COM	296056104
SIF	SIFCO INDS INC	488,984 (+4.7%)	$2,729 (-17.0%)	1.8%	$4.87	+37.3%	COM	826546103
RAIL	FREIGHTCAR AMER INC	267,046 (+3.3%)	$2,956 (+16.9%)	2.0%	$5.32	+72.6%	COM	357023100
KELYA	KELLY SVCS INC	58,400 (+46.0%)	$514 (-2.1%)	0.3%	$11.12	-9.1%	CL A	488152208

Exited Positions (1)

— HARBORONE BANCORP INC NEW 0.8%

Value ($000) $1,202 Shares 88,414 Est. Cost $10.72 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	HARBORONE BANCORP INC NEW	88,414	$1,202	0.8%	$10.72	—	—	41165Y100

Decreased Positions (3)

ATRO ASTRONICS CORP 3.7%

Value ($000) $5,546 (-37.7%) Shares 102,244 (-47.6%) Est. Cost $10.90 Unrealized +361.6%

SGA SAGA COMMUNICATIONS INC 0.2%

Value ($000) $364 (-87.1%) Shares 31,831 (-86.0%) Est. Cost $29.76 Unrealized -59.5%

THRY THRYV HLDGS INC 0.6%

Value ($000) $897 (-63.2%) Shares 148,329 (-26.7%) Est. Cost $19.78 Unrealized -60.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATRO	ASTRONICS CORP	102,244 (-47.6%)	$5,546 (-37.7%)	3.7%	$10.90	+361.6%	COM	046433108
SGA	SAGA COMMUNICATIONS INC	31,831 (-86.0%)	$364 (-87.1%)	0.2%	$29.76	-59.5%	CL A NEW	786598300
THRY	THRYV HLDGS INC	148,329 (-26.7%)	$897 (-63.2%)	0.6%	$19.78	-60.0%	COM NEW	886029206

Unchanged Positions (44)

SSP SCRIPPS E W CO OHIO 3.7%

Value ($000) $5,530 Shares 1,385,920 Est. Cost $6.00 Unrealized -53.0%

EML EASTERN CO 7.0%

Value ($000) $10,418 Shares 529,084 Est. Cost $15.21 Unrealized +33.0%

GLDD GREAT LAKES DREDGE & DOCK CO 12.2%

Value ($000) $18,234 Shares 1,389,807 Est. Cost $6.72 Unrealized +83.5%

TG TREDEGAR CORP 7.9%

Value ($000) $11,898 Shares 1,657,107 Est. Cost $6.94 Unrealized +9.2%

UTMD UTAH MED PRODS INC 3.5%

Value ($000) $5,239 Shares 93,615 Est. Cost $65.02 Unrealized -10.9%

NVGS NAVIGATOR HLDGS LTD 3.5%

Value ($000) $5,217 Shares 301,212 Est. Cost $29.97 Unrealized -44.4%

CAC CAMDEN NATL CORP 2.6%

Value ($000) $3,885 Shares 89,568 Est. Cost $19.20 Unrealized +107.7%

PBHC PATHFINDER BANCORP INC MD 2.5%

Value ($000) $3,700 Shares 262,204 Est. Cost $9.77 Unrealized +49.4%

UIS UNISYS CORP 0.6%

Value ($000) $953 Shares 345,347 Est. Cost $4.25 Unrealized -26.4%

DORM DORMAN PRODS INC 0.7%

Value ($000) $1,058 Shares 8,590 Est. Cost $41.59 Unrealized +224.5%

CRD/B CRAWFORD & CO 2.1%

Value ($000) $3,089 Shares 288,178 Est. Cost $7.19 Unrealized +42.9%

MPB MID PENN BANCORP INC 1.1%

Value ($000) $1,681 Shares 54,177 Est. Cost $25.23 Unrealized +15.8%

CFG CITIZENS FINL GROUP INC 0.8%

Value ($000) $1,255 Shares 21,485 Est. Cost $33.57 Unrealized +59.6%

CTGO CONTANGO ORE INC 1.3%

Value ($000) $2,011 Shares 76,147 Est. Cost $22.68 Unrealized +7.9%

MBBC MARATHON BANCORP INC 0.5%

Value ($000) $717 Shares 58,976 Est. Cost $9.99 Unrealized +11.9%

ACNT ASCENT INDUSTRIES CO 0.3%

Value ($000) $492 Shares 30,415 Est. Cost $8.12 Unrealized +69.4%

ECBK ECB BANCORP INC 0.6%

Value ($000) $868 Shares 49,940 Est. Cost $12.38 Unrealized +34.2%

USLM UNITED STS LIME & MINERALS I 0.5%

Value ($000) $748 Shares 6,250 Est. Cost $66.43 Unrealized +86.6%

LSBK LAKE SHORE BANCORP INC 0.4%

Value ($000) $649 Shares 44,259 Est. Cost $12.57 Unrealized +11.5%

FNB F N B CORP 0.7%

Value ($000) $1,096 Shares 64,075 Est. Cost $7.96 Unrealized +104.3%

EBMT EAGLE BANCORP MONT INC 0.3%

Value ($000) $420 Shares 21,098 Est. Cost $7.64 Unrealized +125.2%

DLX DELUXE CORP 0.2%

Value ($000) $310 Shares 13,900 Est. Cost $23.94 Unrealized -17.5%

PBBK PB BANKSHARES INC 0.3%

Value ($000) $435 Shares 20,560 Est. Cost $12.12 Unrealized +69.0%

NWFL NORWOOD FINANCIAL CORP 0.3%

Value ($000) $384 Shares 13,681 Est. Cost $22.47 Unrealized +21.4%

NODK NI HLDGS INC 1.2%

Value ($000) $1,728 Shares 129,900 Est. Cost $15.17 Unrealized -11.1%

HBNC HORIZON BANCORP INC 0.4%

Value ($000) $594 Shares 35,052 Est. Cost $15.01 Unrealized +10.4%

CPBI CENTRAL PLAINS BANCSHARES IN 0.6%

Value ($000) $831 Shares 49,117 Est. Cost $9.91 Unrealized +63.8%

DGICB DONEGAL GROUP INC 0.2%

Value ($000) $316 Shares 17,856 Est. Cost $12.92 Unrealized +22.1%

DGICA DONEGAL GROUP INC 0.6%

Value ($000) $929 Shares 46,490 Est. Cost $11.33 Unrealized +71.1%

SSB SOUTHSTATE BK CORP 0.4%

Value ($000) $533 Shares 5,661 Est. Cost $96.71 Unrealized -5.0%

CZFS CITIZENS FINL SVCS INC 0.3%

Value ($000) $449 Shares 7,881 Est. Cost $74.84 Unrealized -24.5%

DLHC DLH HLDGS CORP 4.2%

Value ($000) $6,289 Shares 1,113,057 Est. Cost $8.82 Unrealized -34.0%

CLBK COLUMBIA FINL INC 0.4%

Value ($000) $525 Shares 33,794 Est. Cost $15.64 Unrealized -0.8%

ASRV AMERISERV FINL INC 0.1%

Value ($000) $186 Shares 58,200 Est. Cost $2.21 Unrealized +37.3%

CZNC CITIZENS & NORTHN CORP 0.6%

Value ($000) $865 Shares 42,900 Est. Cost $10.60 Unrealized +84.8%

NWBI NORTHWEST BANCSHARES INC MD 0.3%

Value ($000) $456 Shares 38,000 Est. Cost $6.49 Unrealized +83.5%

CBU COMMUNITY FINANCIAL SYSTEM I 0.3%

Value ($000) $380 Shares 6,618 Est. Cost $21.43 Unrealized +166.7%

FRBA FIRST BK WILLIAMSTOWN NEW JE 0.5%

Value ($000) $677 Shares 41,143 Est. Cost $11.05 Unrealized +43.7%

FSFG FIRST SVGS FINL GROUP INC 0.3%

Value ($000) $517 Shares 16,221 Est. Cost $21.97 Unrealized +40.9%

FCF FIRST COMWLTH FINL CORP PA 0.3%

Value ($000) $431 Shares 25,560 Est. Cost $12.97 Unrealized +25.1%

PRA PROASSURANCE CORP 0.3%

Value ($000) $416 Shares 17,234 Est. Cost $49.77 Unrealized -51.7%

FRME FIRST MERCHANTS CORP 0.2%

Value ($000) $370 Shares 9,875 Est. Cost $15.38 Unrealized +139.3%

RMBI RICHMOND MUT BANCORPORATION 0.3%

Value ($000) $424 Shares 30,224 Est. Cost $13.36 Unrealized +2.7%

FSTR FOSTER L B CO 1.5%

Value ($000) $2,263 Shares 83,965 Est. Cost $32.36 Unrealized -16.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SSP	SCRIPPS E W CO OHIO	1,385,920	$5,530	3.7%	$6.00	-53.0%	CL A NEW	811054402
EML	EASTERN CO	529,084	$10,418	7.0%	$15.21	+33.0%	COM	276317104
GLDD	GREAT LAKES DREDGE & DOCK CO	1,389,807	$18,234	12.2%	$6.72	+83.5%	COM	390607109
TG	TREDEGAR CORP	1,657,107	$11,898	7.9%	$6.94	+9.2%	COM	894650100
UTMD	UTAH MED PRODS INC	93,615	$5,239	3.5%	$65.02	-10.9%	COM	917488108
NVGS	NAVIGATOR HLDGS LTD	301,212	$5,217	3.5%	$29.97	-44.4%	SHS	Y62132108
CAC	CAMDEN NATL CORP	89,568	$3,885	2.6%	$19.20	+107.7%	COM	133034108
PBHC	PATHFINDER BANCORP INC MD	262,204	$3,700	2.5%	$9.77	+49.4%	COM	70319R109
UIS	UNISYS CORP	345,347	$953	0.6%	$4.25	-26.4%	COM NEW	909214306
DORM	DORMAN PRODS INC	8,590	$1,058	0.7%	$41.59	+224.5%	COM	258278100
CRD/B	CRAWFORD & CO	288,178	$3,089	2.1%	$7.19	+42.9%	CL B	224633107
MPB	MID PENN BANCORP INC	54,177	$1,681	1.1%	$25.23	+15.8%	COM	59540G107
CFG	CITIZENS FINL GROUP INC	21,485	$1,255	0.8%	$33.57	+59.6%	COM	174610105
CTGO	CONTANGO ORE INC	76,147	$2,011	1.3%	$22.68	+7.9%	COM	21077F100
MBBC	MARATHON BANCORP INC	58,976	$717	0.5%	$9.99	+11.9%	COM NEW	565759206
ACNT	ASCENT INDUSTRIES CO	30,415	$492	0.3%	$8.12	+69.4%	COM	871565107
ECBK	ECB BANCORP INC	49,940	$868	0.6%	$12.38	+34.2%	COM	26828M106
USLM	UNITED STS LIME & MINERALS I	6,250	$748	0.5%	$66.43	+86.6%	COM	911922102
LSBK	LAKE SHORE BANCORP INC	44,259	$649	0.4%	$12.57	+11.5%	COM	510704109
FNB	F N B CORP	64,075	$1,096	0.7%	$7.96	+104.3%	COM	302520101
EBMT	EAGLE BANCORP MONT INC	21,098	$420	0.3%	$7.64	+125.2%	COM	26942G100
DLX	DELUXE CORP	13,900	$310	0.2%	$23.94	-17.5%	COM	248019101
PBBK	PB BANKSHARES INC	20,560	$435	0.3%	$12.12	+69.0%	COM	69318V103
NWFL	NORWOOD FINANCIAL CORP	13,681	$384	0.3%	$22.47	+21.4%	COM	669549107
NODK	NI HLDGS INC	129,900	$1,728	1.2%	$15.17	-11.1%	COM	65342T106
HBNC	HORIZON BANCORP INC	35,052	$594	0.4%	$15.01	+10.4%	COM	440407104
CPBI	CENTRAL PLAINS BANCSHARES IN	49,117	$831	0.6%	$9.91	+63.8%	COM	15486W100
DGICB	DONEGAL GROUP INC	17,856	$316	0.2%	$12.92	+22.1%	CL B	257701300
DGICA	DONEGAL GROUP INC	46,490	$929	0.6%	$11.33	+71.1%	CL A	257701201
SSB	SOUTHSTATE BK CORP	5,661	$533	0.4%	$96.71	-5.0%	COM	84472E102
CZFS	CITIZENS FINL SVCS INC	7,881	$449	0.3%	$74.84	-24.5%	COM	174615104
DLHC	DLH HLDGS CORP	1,113,057	$6,289	4.2%	$8.82	-34.0%	COM	23335Q100
CLBK	COLUMBIA FINL INC	33,794	$525	0.4%	$15.64	-0.8%	COM	197641103
ASRV	AMERISERV FINL INC	58,200	$186	0.1%	$2.21	+37.3%	COM	03074A102
CZNC	CITIZENS & NORTHN CORP	42,900	$865	0.6%	$10.60	+84.8%	COM	172922106
NWBI	NORTHWEST BANCSHARES INC MD	38,000	$456	0.3%	$6.49	+83.5%	COM	667340103
CBU	COMMUNITY FINANCIAL SYSTEM I	6,618	$380	0.3%	$21.43	+166.7%	COM	203607106
FRBA	FIRST BK WILLIAMSTOWN NEW JE	41,143	$677	0.5%	$11.05	+43.7%	COM	31931U102
FSFG	FIRST SVGS FINL GROUP INC	16,221	$517	0.3%	$21.97	+40.9%	COM	33621E109
FCF	FIRST COMWLTH FINL CORP PA	25,560	$431	0.3%	$12.97	+25.1%	COM	319829107
PRA	PROASSURANCE CORP	17,234	$416	0.3%	$49.77	-51.7%	COM	74267C106
FRME	FIRST MERCHANTS CORP	9,875	$370	0.2%	$15.38	+139.3%	COM	320817109
RMBI	RICHMOND MUT BANCORPORATION	30,224	$424	0.3%	$13.36	+2.7%	COM	76525P100
FSTR	FOSTER L B CO	83,965	$2,263	1.5%	$32.36	-16.6%	COM	350060109