UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 1999
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Check here if Amendment [ X ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ X ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Mills Value Adviser, Inc.
Address: 707 East Main Street
Richmond, Virginia 23219
Form 13F File Number: 28- 7718
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The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Bradley A. Brown
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Title: Vice President, Secretary/Treasurer
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Phone: (804) 344-3532
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Signature, Place, and Date of Signing:
/s/ Bradley A. Brown Richmond, Virginia 12/31/99
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[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported
by other reporting manager(s).)
List of Other Managers Reporting for this Manager: NONE
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
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Form 13F Information Table Entry Total: 48
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Form 13F Information Table Value Total (thousands):
$142,356.13
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List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
NONE
<PAGE>
<TABLE>
<CAPTION>
Item 1 Item 2 Item 3 Item 4
------ ------ ------ ------
Title of CUSIP Fair Market Price per
Name of Issuer Class Number Value Share
-------------- -------- ------ ----------- ---------
<S> <C> <C> <C> <C>
Advanced Mico Devices, Inc. cs 7903107 $105,832.50 77.25
Aladdin Knowledge Systems cs M0392N101 $34,507,127.34 15.810
Approved Mortgage Corp. cs 038327102 $195,710.00 1.000
Capital One Financial Corp. cs 14040h105 $149,923.20 44.620
CitiGroup Corp. cs 172967101 $1,180,900.00 60.250
Citrix Systems, Inc. cs 177376100 $132,580.00 18.940
Commonwealth Biotechnologies, Inc. cs 202739108 $1,330,952.00 8.000
Dow Chemical Co. cs 260543103 $117,741.00 30.190
ECI Telecom Ltd. cs 268258100 $3,704,480.00 35.620
EntreMed, Inc. cs 29382F103 $19,914,291.60 29.940
Federal National Mortgage Assoc. cs 313586109 $140,913.00 52.190
First Union Corp. cs 337358105 $480,073.50 24.810
GTE Corp. cs 362320103 $217,875.00 62.250
General Electric Co. cs 369604103 $1,502,550.00 53.000
Honda Motor Co. Ltd. cs; ADR 438128308 $158,125.00 68.750
Humphrey Hospitality Trust cs; REIT 445467103 $489,453.53 7.560
Independent Property Operators of America, LLC LLC Units N/A $10,849,891.50 27,777.500
Israel Land Development Ltd cs 32063l100 $210,000.00 30.000
Koger Equity, Inc. cs 500228101 $236,180.00 16.870
LCC International, Inc. cs 501810105 $354,250.00 27.250
LSI Logic Corp. cs 502161102 $173,184.00 54.120
Lucent Technologies, Inc. cs 549463107 $649,143.00 59.250
Matsushita Electric cs; ADR 576879209 $514,000.00 257.000
Microsoft Corp. cs 594918104 $135,898.00 79.940
Midwest Express Holdings cs 597911106 $231,770.00 21.500
Motorola, Inc. cs 620076109 $14,530,000.00 29.060
Pfizer, Inc. cs 717081103 $480,000.00 48.000
Philip Morris Companies, Inc. cs 718154107 $533,856.00 26.560
Shire Pharmaceuticals-ADR cs ADR 82481r06 $5,264,805.00 51.870
Sony Corp. - ADR New cs; ADR 835699307 $1,131,720.00 94.310
Sun International Hotels LTD cs p8797t133 $800,000.00 20.000
Tele Norte Leste Participacoes S. A. cs ADR 879246106 $282,093.66 23.620
Telecominicaoes Brasileiras SA Telebras HLD cs; ADR 879287308 $19,618,240.00 97.120
Telefonica SA cs ADR 879382208 $3,775,982.75 64.060
Viacom cs 925524100 $129,903.00 68.370
Virginia Gas Company cs 927814103 $2,696,195.46 3.370
Vodafone Group PLC cs; ADR 9285T107 $310,800.00 41.440
World Acceptance Corp. cs 981419104 $13,418,311.00 4.870
AIM Invt Fds Global Telecommunications Cl mf; cl A 00141t403 $246,109.14 33.310
AIM Invt Fds Global Telecommunications Cl mf; cl b 00141t403 $285,082.15 34.900
American Mutual Fund, Inc. mf 27681105 $166,407.58 22.520
Franklin Virginia Tax Free Income Fund mf; cl A 354723769 $213,124.67 11.040
Growth Fund of America, Inc. mf 399874106 $168,238.47 33.820
MFS Virginia Municipal Bond Fund-CL A mf; cl A 552987505 $142,902.88 10.900
Oppenheimer Quest Global mf 683806200 $119,201.42 17.680
Oppenheimer Quest Opportunity-CL A mf 6.84E+212 $97,092.16 18.200
Oppenheimer Quest Opportunity-CL B mf 683808208 $106,504.39 33.310
Smallcap World Fund, Inc. mf 831681101 $156,711.88 40.930
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142,356,125.781
<CAPTION>
Item 1 Item 5 Item 6 Item 7 Item 8
------ ------ ------ ------ ------
Shares of Investment Voting
Name of Issuer Principal Amount Discretion Managers Authority
-------------- ---------------- ---------- -------- ---------
Advanced Mico Devices, Inc. 1370 sole n/a none
Aladdin Knowledge Systems 2,182,614.000 sole n/a none
Approved Mortgage Corp. 195,710.000 sole n/a none
Capital One Financial Corp. 3,360.000 sole n/a none
CitiGroup Corp. 19,600.000 sole n/a none
Citrix Systems, Inc. 7,000.000 sole n/a none
Commonwealth Biotechnologies, Inc. 166,369.000 sole n/a none
Dow Chemical Co. 3,900.000 sole n/a none
ECI Telecom Ltd. 104,000.000 sole n/a none
EntreMed, Inc. 665,140.000 sole n/a none
Federal National Mortgage Assoc. 2,700.000 sole n/a none
First Union Corp. 19,350.000 sole n/a none
GTE Corp. 3,500.000 sole n/a none
General Electric Co. 28,350.000 sole n/a none
Honda Motor Co. Ltd. 2,300.000 sole n/a none
Humphrey Hospitality Trust 64,742.530 sole n/a none
Independent Property Operators of America, LLC 390.600 sole n/a none
Israel Land Development Ltd 7,000.000 sole n/a none
Koger Equity, Inc. 14,000.000 sole n/a none
LCC International, Inc. 13,000.000 sole n/a none
LSI Logic Corp. 3,200.000 sole n/a none
Lucent Technologies, Inc. 10,956.000 sole n/a none
Matsushita Electric 2,000.000 sole n/a none
Microsoft Corp. 1,700.000 sole n/a none
Midwest Express Holdings 10,780.000 sole n/a none
Motorola, Inc. 500,000.000 sole n/a none
Pfizer, Inc. 10,000.000 sole n/a none
Philip Morris Companies, Inc. 20,100.000 sole n/a none
Shire Pharmaceuticals-ADR 101,500.000 sole n/a none
Sony Corp. - ADR New 12,000.000 sole n/a none
Sun International Hotels LTD 40,000.000 sole n/a none
Tele Norte Leste Participacoes S. A. 11,943.000 sole n/a none
Telecominicaoes Brasileiras SA Telebras HLD 202,000.000 sole n/a none
Telefonica SA 58,944.470 sole n/a none
Viacom 1,900.000 sole n/a none
Virginia Gas Company 800,058.000 sole n/a none
Vodafone Group PLC 7,500.000 sole n/a none
World Acceptance Corp. 2,755,300.000 sole n/a none
AIM Invt Fds Global Telecommunications Cl 7,388.446 sole n/a none
AIM Invt Fds Global Telecommunications Cl 8,168.543 sole n/a none
American Mutual Fund, Inc. 7,389.324 sole n/a none
Franklin Virginia Tax Free Income Fund 19,304.771 sole n/a none
Growth Fund of America, Inc. 4,974.526 sole n/a none
MFS Virginia Municipal Bond Fund-CL A 13,110.356 sole n/a none
Oppenheimer Quest Global 6,742.162 sole n/a none
Oppenheimer Quest Opportunity-CL A 5,334.734 sole n/a none
Oppenheimer Quest Opportunity-CL B 3,197.370 sole n/a none
Smallcap World Fund, Inc. 3,828.778 sole n/a none
</TABLE>
cs = common stock
REIT = real estate investment trust
ADR = American Depository Receipt
mf = mutual fund
cb = corporate bond
mb = municipal bond
gb = government bond
mmf = money market fund
wr = warrants
