Minerva Advisors LLC

Q4 2013 13F Holdings Report, Stock Holdings

Signature - Title
Beth N. Lowson - Attorney-In-Fact for David P. Cohen, President of Minerva
Location
Bala Cynwyd, PA
Holdings as of
December 31, 2013
Value $
$173M
Num holdings
75
Date filed
2/10/2014, 10:53 AM
Form type
13F-HR
Description
All US holdings of this investor are reported in this report. Top holdings included KS, CCF, NVGS, GLPW, and SSP.
Sym Weight Trade Impact Company Class Shares Change Activity Value Change $ Value $ * Price $ Shares Principal
* 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 2/6/2014

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.