MINERVA ADVISORS LLC

Advisory Business

Type of Organization	Limited Liability Company
Fiscal Year End	DECEMBER
Legal Location	Delaware, United States

Employees

Total Number of Employees	3
Investment Advisory/Research	2
Registered Broker-Dealer Representatives	0
Registered State Investment Advisers	0
Licensed Agents of an Insurance Company	0
No. of Firms/People that Solicit Clients	0

RAUM

Provides Management of Securities Portfolios	Yes

Type	Accounts	RAUM
Discretionary	6	$296.5M
Non-Discretionary	1	$6.8M
Total	7	$303.4M

Clients

Type	Number	RAUM
Individuals	0	$0
HNW Individuals	5	$74.5M
Banking or thrift institutions	0	$0
Investment companies	0	$0
Business development companies	0	$0
Pooled investment vehicles	2	$228.9M
Pension and profit sharing plans	0	$0
Charitable organizations	0	$0
State or municipal gov entities	0	$0
Other investment advisers	0	$0
Insurance companies	0	$0
Sovereign wealth funds and foreign official institutions	0	$0
Corporations or other businesses	0	$0
Other	0	$0

Type	Number
No. of Non-RAUM Clients	0
No. of Non-U.S. Clients	0
No. of Financial Planning Clients	0

Services

Advisory Services	Portfolio management for individuals and/or small businessesPortfolio management for pooled investment vehicles
Compensation	% of AUMPerformance-based fees

Identifiers

SEC RIA File Number	801-73417
SEC ERA File Number	801-73417
SEC CIK Numbers	1541536
SEC CRD Numbers	161408
Legal Entity Identifier	None

Principal Office

50 MONUMENT ROAD SUITE 201
BALA CYNWYD
PA
United States

Chief Compliance Officer

No. Employees, Historic

RAUM, Historic

No. Clients, Historic