Minerva Advisors LLC

Q1 2015 13F Holdings Report, Stock Holdings

Signature - Title
Beth N. Lowson - Attorney-In-Fact for David P. Cohen, President of Minerva
Location
Bala Cynwyd
Holdings as of
March 31, 2015
Value $
$170M
Num holdings
70
Date filed
5/15/2015, 09:37 AM
Form type
13F-HR
Description
All US holdings of this investor are reported in this report. Top holdings included KS, CCF, SSP, EML, and USLM.
Previous filing
Q4 2014 - Feb 9, 2015
Sym Weight Trade Impact Company Class Shares Change Activity Value Change $ Value $ * Price $ Shares Principal
Filing 2015 Q1 compared to 2014 Q4 by default.
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name Title City, State Date
Beth N. Lowson Attorney-In-Fact for David P. Cohen, President of Minerva White Plains, New York 5/15/2015

In the Information Table, shares reported as "SOLE" under Column 6 and Column 8 are held by Minerva Group, LP, a private fund managed by Minerva Advisors LLC. Shares reported as "OTR" under Column 6 and "SHARED" under Column 8 relate to managed accounts for which Minerva Advisors LLC is the investment advisor.