UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2001 ------- --------------- Check here if Amendment [ ]; Amendment Number: -------------- This Amendment (Check only one.): [ ] is a restatement. [ ] 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 ----------- 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 -------------------------------------------- Title: Vice President, Secretary/Treasurer -------------------------------------------- Phone: (804) 344-3532 -------------------------------------------- Signature, Place, and Date of Signing: /s/ Bradley A. Brown Richmond, Virginia 5/15/01 -------------------------------------------------------------------------------- [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 Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------------- Form 13F Information Table Entry Total: 17 -------------------- Form 13F Information Table Value Total (thousands): $45,336,903 -------------------- 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

A------------------------------------------------------------------------------------------------------------------------------------ ~~B C D E F G~~ Item 1 Item 2 Item 3 Item 4 Item 5 Item 6 Item 7 Item 8 ------ ------ ------ ------ ------ ------ ------ ------ Title of CUSIP Fair Market Price per Shares of Investment Voting Name of Issuer Class Number Value Share Principal Amount Discretion Managers Authority -------------- ----- ------ ----- ----- ---------------- ---------- -------- --------- Aladdin Knowledge Systems cs M0392N101 $76,~~948~~612,~~263~~955.7544 3.75120 2,119,537.00000 sole n/a none Approved Mortgage Corp. cs ~~38327102~~038327102 $6068,~~670~~530.1070 0.31470 ~~195~~145,~~710~~810.00000 sole ~~Capital~~n/a ~~One~~none ~~Financial Corp. cs 14040h105 $213,224.40 65.81 3,240.00 sole~~ CitiGroup Corp. cs 172967101 $1772,~~490,032~~846.9236 5144.06980 2917,182.00000 sole n/a none Commonwealth Biotechnologies, Inc. cs 202739108 $31,~~215~~825,~~133~~815.7578 3.75620 ~~857~~504,369.00000 sole n/a none ECI Telecom Ltd. cs 268258100 $1563,~~031,560~~880.00 137.94620 74,000.00000 sole n/a none EntreMed, Inc. cs 29382F103 $10,~~626~~113,~~212~~968.8004 1716.12 620 608,~~690~~542.00000 sole n/a 14,000 Federal National Mortgage Assoc. cs 313586109 $~~234~~214,~~225~~920.00 8679.75600 2,700.00000 sole n/a none First Union Corp. cs 337358105 $~~538~~260,~~123~~700.5000 2733.81000 197,~~350~~900.00000 sole n/a none General Electric Co. cs 369604103 $1579,~~330,335~~761.00 4741.94860 2713,~~750~~850.00000 sole ~~Humphrey~~n/a none Hersha Hospitality Trust cs; REIT ~~445467103~~427825104 $~~399~~89,~~440~~358.6850 75.06500 5616,~~578~~247.00000 sole ~~Microsoft~~n/a ~~Corp.~~none Humphrey Hospitality Trust cs; ~~594918104~~REIT 445467103 $~~321~~151,~~456~~722.0022 433.44560 742,~~400~~618.00600 sole n/a none Philip Morris Companies, Inc. cs 718154107 $~~642~~455,~~400~~520.00 4447.450 149,600.00000 sole n/a none Virginia Gas Company cs 927814103 $32,~~000~~952,~~217~~214.5002 3.75690 800,058.00000 sole n/a none World Acceptance Corp. cs 981419104 $1620,~~665~~237,~~258~~100.00 56.37500 3,~~103~~113,400.00000 sole ~~Oppenheimer~~n/a none Oppenhimer Quest ~~Oppurtunity~~- ~~Fund~~Global mf; cl A ~~6.84E+110~~68380G200 $~~218~~172,~~158~~608.3817 3315.79770 610,~~456~~945.30350 sole n/a none Oppenheimer ~~Strategic~~Quest ~~Income~~Oppurtunity Fund mf; cl A ~~68380K102~~68380E106 $50213,~~897~~296.6656 433.04160 126,~~598~~432.43345 sole ~~Franklin~~n/a ~~Virginia~~none ~~Tax~~Oppenheimer ~~Free~~Strategic Income Fund mf; cl A ~~354723769~~68380K102 $~~222~~51,~~909~~705.8898 ~~11.~~4 ~~19,553~~.50010 ~~sole MFS Municipal Bond Fund mf; cl A 552987505 $106~~12,~~109~~894.38260 ~~10.51 10,096.04~~ sole ~~MFS~~n/a ~~Virginia~~none ~~Municipal Bond Fund~~-~~CL A mf; cl A 552987505 $150,658.05 11.29 13,344.38 sole $48,465,286.74 Total Publicly Traded: $48,465,286.74 A H I Item 1 Item 7 Item 8 Voting Name of Issuer Managers Authority~~ -------------- -------- ------------------------------------------------------------------------------------------------------------- ~~Aladdin Knowledge Systems n/a none Approved Mortgage Corp. n/a none Capital One Financial Corp. n/a none CitiGroup Corp. n/a none Commonwealth Biotechnologies~~$45, ~~Inc~~336,902.77 ~~n/a~~Total ~~none~~Publicly ~~ECI~~Traded: ~~Telecom Ltd. n/a none EntreMed~~$45, ~~Inc. n/a 20~~336,~~000 Federal National Mortgage Assoc~~902. n/a none First Union Corp. n/a none General Electric Co. n/a none Humphrey Hospitality Trust n/a none Microsoft Corp. n/a none Philip Morris Companies, Inc. n/a none Virginia Gas Company n/a none World Acceptance Corp. n/a none Oppenheimer Quest Oppurtunity Fund n/a none Oppenheimer Strategic Income Fund n/a none Franklin Virginia Tax Free Income Fund n/a none MFS Municipal Bond Fund n/a none MFS Virginia Municipal Bond Fund-CL A n/a none77

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

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