<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

                  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


For the Quarter ended June 30, 2001               Commission File Number  0-1227
                      -------------                                       ------


                           CHICAGO RIVET & MACHINE CO.
                           ---------------------------
             (Exact name of registrant as specified in its charter)


ILLINOIS                                                              36-0904920
--------                                                              ----------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

P. O. Box 3061
901 Frontenac Road
Naperville, Illinois                                                       60566
--------------------                                                       -----
(Address of principal executive office)                               (Zip Code)

Registrant's telephone number, including area code (630) 357-8500
                                                   --------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes         X                          No
          -----                                -----


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

Class                                               Outstanding at June 30, 2001
-----                                               ----------------------------

COMMON STOCK, $1.00 PAR VALUE                                967,132 SHARES

<PAGE>   2


                           CHICAGO RIVET & MACHINE CO.

                                      INDEX

PART I.                    FINANCIAL INFORMATION                           Page

         Consolidated Balance Sheets at June 30, 2001
                 and December 31, 2000                                     2-3

         Consolidated Statements of Operations for the Three
                 and Six Months Ended June 30, 2001 and 2000                 4

         Consolidated Statements of Retained Earnings for the
                 Six Months Ended June 30, 2001 and 2000                     5

         Consolidated Statements of Cash Flows for the Six Months
                 Ended June 30, 2001 and 2000                                6

         Notes to the Consolidated Financial Statements                    7-9

         Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                        10

         Quantitative and Qualitative Information About Market Risk         11


PART II.                   OTHER INFORMATION                             12-16


                                       1
<PAGE>   3

                           CHICAGO RIVET & MACHINE CO.
                           Consolidated Balance Sheets
                       June 30, 2001 and December 31, 2000

                                                 June 30,    December 31,
                                                   2001          2000
                                               -----------   ------------
                                               (Unaudited)

                       Assets

Current Assets:
     Cash and cash equivalents                 $ 3,143,136   $ 2,265,442
     Certificates of deposit                       731,103     1,429,886
     Accounts receivable - net of allowances     5,674,063     5,037,231
     Inventories:
          Raw materials                          1,891,642     2,010,984
          Work in process                        1,756,672     2,156,092
          Finished goods                         2,767,185     3,037,108
                                               -----------   -----------
     Total inventories                           6,415,499     7,204,184
                                               -----------   -----------
     Deferred income taxes                         685,191       705,191
     Other current assets                          292,454       191,668
                                               -----------   -----------
Total current assets                            16,941,446    16,833,602
                                               -----------   -----------
Property, Plant and Equipment:
          Land and improvements                  1,010,595     1,010,595
          Buildings and improvements             5,686,030     5,677,680
          Production equipment, leased
               machines and other               27,384,772    26,686,705
                                               -----------   -----------
                                                34,081,397    33,374,980
Less accumulated depreciation                   19,977,405    19,051,463
                                               -----------   -----------
Net property, plant and equipment               14,103,992    14,323,517
                                               -----------   -----------
Total assets                                   $31,045,438   $31,157,119
                                               ===========   ===========


See Notes to the Consolidated Financial Statements


                                       2
<PAGE>   4

                          CHICAGO RIVET & MACHINE CO.
                          Consolidated Balance Sheets
                      June 30, 2001 and December 31, 2000

<TABLE>
<CAPTION>
                                                         June 30,      December 31,
                                                           2001            2000
                                                       ------------    ------------
                                                        (Unaudited)
<S>                                                    <C>             <C>
          Liabilities and Shareholders' Equity

Current Liabilities:
     Current portion of note payable                   $  1,800,000    $  1,800,000
     Accounts payable                                     1,554,933       1,065,561
     Accrued wages and salaries                             942,701         753,577
     Contributions due profit sharing plan                  180,986         437,076
     Other accrued expenses                                 509,830         774,974
     Federal and state income taxes payable                 145,452           1,123
                                                       ------------    ------------
Total current liabilities                                 5,133,902       4,832,311

Note payable                                              2,532,760       3,432,760
Deferred income taxes                                     1,373,275       1,373,275
                                                       ------------    ------------
Total liabilities                                         9,039,937       9,638,346
                                                       ------------    ------------
Commitments and contingencies (Note 4)

Shareholders' Equity:
     Preferred stock, no par value, 500,000 shares
          authorized: none outstanding                            -               -
     Common stock, $1.00 par value, 4,000,000 shares
          authorized: 1,138,096 shares issued             1,138,096       1,138,096
     Additional paid-in capital                             447,134         447,134
     Retained earnings                                   24,315,393      23,828,665
     Treasury stock, 170,964 shares at cost              (3,895,122)     (3,895,122)
                                                       ------------    ------------
Total shareholders' equity                               22,005,501      21,518,773
                                                       ------------    ------------
Total liabilities and shareholders' equity             $ 31,045,438    $ 31,157,119
                                                       ============    ============
</TABLE>

See Notes to the Consolidated Financial Statements


                                       3
<PAGE>   5

                           CHICAGO RIVET & MACHINE CO.
                      Consolidated Statements of Operations
            For the Three and Six Months Ended June 30, 2001 and 2000
                                   (Unaudited)

<TABLE>
<CAPTION>
                                              Three Months Ended              Six Months Ended
                                                    June 30,                       June 30,
                                         ----------------------------    ----------------------------
                                             2001            2000            2001            2000
                                         ------------    ------------    ------------    ------------
<S>                                      <C>             <C>             <C>             <C>
Net sales                                $ 11,159,885    $ 12,301,502    $ 21,728,583    $ 24,673,615
Lease revenue                                  56,364          64,586         115,497         128,209
                                         ------------    ------------    ------------    ------------
                                           11,216,249      12,366,088      21,844,080      24,801,824

Cost of goods sold and costs
  related to lease revenue                  8,396,627       8,719,362      16,774,541      17,611,586
                                         ------------    ------------    ------------    ------------

Gross profit                                2,819,622       3,646,726       5,069,539       7,190,238
Selling and administrative expenses         1,676,349       2,234,902       3,375,594       4,380,986
                                         ------------    ------------    ------------    ------------
                                            1,143,273       1,411,824       1,693,945       2,809,252

Other income and expenses:
  Interest income                              36,452          40,332          83,214          92,309
  Interest expense                            (72,606)       (110,641)       (167,374)       (161,581)
  Gain (loss) from disposal of equipment       10,609         (10,115)         18,592              29
  Other income, net of other expense            5,710           4,313           8,302           8,139
                                         ------------    ------------    ------------    ------------
Income before income taxes                  1,123,438       1,335,713       1,636,679       2,748,148
Provision for income taxes                    386,000         441,000         560,000         932,000
                                         ------------    ------------    ------------    ------------
Net income                               $    737,438    $    894,713    $  1,076,679    $  1,816,148
                                         ============    ============    ============    ============
Average common shares outstanding             967,132       1,003,080         967,132       1,070,588
                                         ============    ============    ============    ============
Per share data:
  Net income per share                   $       0.76    $       0.89    $       1.11    $       1.70
                                         ============    ============    ============    ============
  Cash dividends declared per share      $       0.18    $       0.18    $       0.61    $       0.71
                                         ============    ============    ============    ============
</TABLE>

See Notes to the Consolidated Financial Statements

                                       4
<PAGE>   6


                          CHICAGO RIVET & MACHINE CO.
                  Consolidated Statements of Retained Earnings
                For the Six Months Ended June 30, 2001 and 2000
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                               2001            2000
                                                           ------------    ------------
<S>                                                        <C>             <C>
Retained earnings at beginning of period                   $ 23,828,665    $ 22,302,048

Net income for the six months ended                           1,076,679       1,816,148

Cash dividends declared in the period,
  $.61 and $.71 per share in 2001 and 2000, respectively       (589,951)       (779,327)
                                                           ------------    ------------
Retained earnings at end of period                         $ 24,315,393    $ 23,338,869
                                                           ============    ============
</TABLE>

See Notes to the Consolidated Financial Statements


                                       5
<PAGE>   7

                          CHICAGO RIVET & MACHINE CO.
                     Consolidated Statements of Cash Flows
                For the Six Months Ended June 30, 2001 and 2000
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                           2001                  2000
                                                       -----------           -----------
<S>                                                    <C>                   <C>
Cash flows from operating activities:
Net income                                             $ 1,076,679           $ 1,816,148
Adjustments to reconcile net income to net cash
  provided by operating activities:
  Depreciation                                             940,897               933,618
  Net gain on the sale of properties                       (18,592)                  (29)
  Deferred income taxes                                     20,000                     -
  Changes in operating assets and liabilities:
    Accounts receivable                                   (636,832)             (196,762)
    Inventories                                            788,685                (4,001)
    Other current assets                                  (100,786)              139,633
    Accounts payable                                       489,372              (355,747)
    Accrued wages and salaries                             189,124               123,287
    Accrued profit sharing                                (256,090)             (362,665)
    Other accrued expenses                                (265,144)              177,533
    Income taxes payable                                   144,329              (360,695)
                                                       -----------           -----------
  Net cash provided by operating activities              2,371,642             1,910,320
                                                       -----------           -----------

Cash flows from investing activities:
  Capital expenditures                                    (730,380)           (1,370,045)
  Proceeds from the sale of properties                      27,600                13,725
  Proceeds from held-to-maturity securities              1,584,886             1,052,594
  Purchases of held-to-maturity securities                (886,103)           (1,653,733)
                                                       -----------           -----------
  Net cash used in investing activities                     (3,997)           (1,957,459)
                                                       -----------           -----------

Cash flows from financing activities:
  Borrowings under term loan agreement                           -             3,882,760
  Payments under term loan agreement                      (900,000)             (900,000)
  Purchase of treasury stock                                     -            (3,669,972)
  Cash dividends paid                                     (589,951)             (779,327)
                                                       -----------           -----------
  Net cash used in financing activities                 (1,489,951)           (1,466,539)
                                                       -----------           -----------

Net increase (decrease) in cash and cash equivalents       877,694            (1,513,678)
Cash and cash equivalents at beginning of period         2,265,442             3,414,460
                                                       -----------           -----------
Cash and cash equivalents at end of period             $ 3,143,136           $ 1,900,782
                                                       ===========           ===========
</TABLE>

See Notes to the Consolidated Financial Statements


                                       6
<PAGE>   8

                           CHICAGO RIVET & MACHINE CO.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


1. In the opinion of the Company, the accompanying unaudited interim financial
statements contain all adjustments necessary to present fairly the financial
position of the Company as of June 30, 2001 and the results of operations and
changes in cash flows for the indicated periods.

The Company uses estimated gross profit rates to determine the cost of goods
sold during interim periods on a portion of its operations. Actual results could
differ from those estimates and will be adjusted, as necessary, following the
Company's annual physical inventory in the fourth quarter.

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

2. The results of operations for the three and six-month period ending June 30,
2001 are not necessarily indicative of the results to be expected for the year.

3. The Company extends credit primarily on the basis of 30-day terms to various
companies doing business primarily in the automotive and appliance industries.
The Company has a concentration of credit risk primarily within the automotive
industry and in the Midwestern United States.

4. The Company is, from time to time, involved in litigation, including
environmental claims, in the normal course of business. While it is not possible
at this time to establish the ultimate amount of liability with respect to
contingent liabilities, including those related to legal proceedings, management
is of the opinion that the aggregate amount of any such liabilities, for which
provision has not been made, will not have a material adverse effect on the
Company's financial position.


                                       7
<PAGE>   9

                           CHICAGO RIVET & MACHINE CO.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


5. Segment Information--The Company operates in two business segments as
determined by its products. The fastener segment includes rivets, cold-formed
fasteners and screw-machine products. The assembly equipment segment includes
automatic rivet setting machines, parts and tools for such machines and the
leasing of automatic rivet setting machines. Information by segment is as
follows:

<TABLE>
<CAPTION>
                                                         Assembly
                                         Fastener        Equipment         Other      Consolidated
                                       ------------    ------------     -----------   ------------
<S>                                    <C>             <C>              <C>           <C>
Three Months Ended June 30, 2001:
Net sales and lease revenue            $  8,987,735    $  2,228,514     $         -   $ 11,216,249

Depreciation                                353,173          60,699          59,718        473,590

Segment profit                            1,250,140         654,034               -      1,904,174
Selling and administrative expenses                                         744,582        744,582
Interest expense                                                             72,606         72,606
Interest income                                                             (36,452)       (36,452)
                                                                                        ----------
Income before income taxes                                                               1,123,438
                                                                                        ----------
Capital expenditures                        384,525             274          52,795        437,594

Segment assets:
  Inventory                               3,782,991       2,632,508               -      6,415,499
  Property, plant and equipment, net     10,649,367       1,999,879       1,454,746     14,103,992
  Other assets                                    -               -      10,515,896     10,515,896
                                                                                        ----------
                                                                                        31,035,387
                                                                                        ----------

Three Months Ended June 30, 2000:
Net sales and lease revenue            $  9,822,683    $  2,543,405     $         -   $ 12,366,088

Depreciation                                344,064          65,385          59,043        468,492

Segment profit                            1,701,793         805,048               -      2,506,841
Selling and administrative expenses                                       1,100,819      1,100,819
Interest expense                                                            110,641        110,641
Interest income                                                             (40,332)       (40,332)
                                                                                        ----------
Income before income taxes                                                               1,335,713
                                                                                        ----------

Capital expenditures                        265,609          36,149           6,430        308,188

Segment assets:
  Inventory                               3,980,335       2,947,387               -      6,927,722
  Property, plant and equipment, net     11,149,755       1,833,693       1,547,246     14,530,694
  Other assets                                    -               -      10,734,491     10,734,491
                                                                                        ----------
                                                                                        32,192,907
                                                                                        ----------
</TABLE>


                                       8
<PAGE>   10

                           CHICAGO RIVET & MACHINE CO.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                        Assembly
                                        Fastener        Equipment         Other      Consolidated
                                      ------------    ------------      ----------   ------------
<S>                                   <C>             <C>               <C>          <C>
Six Months Ended June 30, 2001:
Net sales and lease revenue           $ 17,294,380    $  4,549,700      $        -   $ 21,844,080

Depreciation                               700,063         121,398         119,436        940,897

Segment profit                           1,867,414       1,389,888               -      3,257,302
Selling and administrative expenses                                      1,536,463      1,536,463
Interest expense                                                           167,374        167,374
Interest income                                                            (83,214)       (83,214)
                                                                                     ------------
Income before income taxes                                                              1,636,679
                                                                                     ------------

Capital expenditures                       602,373          13,209         114,798        730,380

Six Months Ended June 30, 2000:
Net sales and lease revenue           $ 19,737,147    $  5,064,677      $        -   $ 24,801,824

Depreciation                               684,762         130,770         118,086        933,618

Segment profit                           3,285,665       1,718,508               -      5,004,173
Selling and administrative expenses                                      2,186,753      2,186,753
Interest expense                                                           161,581        161,581
Interest income                                                            (92,309)       (92,309)
                                                                                     ------------
Income before income taxes                                                              2,748,148
                                                                                     ------------

Capital expenditures                     1,318,891          43,212           7,942      1,370,045
</TABLE>

                                       9
<PAGE>   11

                           CHICAGO RIVET & MACHINE CO.

                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

         Second quarter revenues reflect the continuing weakness that has
characterized the manufacturing segment of the economy for some time. Overall,
our second quarter revenues declined 9.3% compared to the second quarter of 2000
and amounted to $11,216,249. While revenues declined in both segments of our
business, weak demand for capital goods has impacted the assembly equipment
segment to a greater degree, and second quarter revenues within this segment
decreased 12.4% compared to 2000. Within the fastener segment, where conditions
also continue to be soft, second quarter revenues declined 8.5%. On a year to
date basis, revenues within the assembly equipment segment trail 2000 by 10.2%,
while revenues within the fastener segment are off 12.4%.

         Lower operating levels were the primary factor contributing to the year
to year decline in earnings. In addition to the reduction in revenues, lower
sales volume contributed to reduced operating efficiencies in both segments of
our operations. This was the case in both the most recent quarter and the first
six months of 2001. Further, in many cases, competitive pressures dictated that
we accept lower than desired margins on new business that was obtained during
the quarter. However, operating expenses were also significantly lower during
the second quarter of 2001 compared with the second quarter of 2000. Legal and
professional fees returned to more normal levels and were $274,000 lower than in
the prior year period. Reductions in expenditures for a variety of other selling
and administrative expenses, including salaries, commissions, and interest
expense, amounted to an additional reduction of $285,000 during the current
quarter compared to the same period in 2000. As a result, net income for the
second quarter of 2001 amounted to $737,438, or $.76 per share on 967,132
average shares outstanding compared to $894,713, or $.89 per share on 1,003,080
average shares outstanding during the second quarter of 2000. On a year to date
basis, results reflect similar conditions. Namely, reduced volumes, and the
resulting reductions in operating efficiencies, had the effect of reducing gross
margins, while significant year to year reductions in selling and administrative
expenses partially offset the reduction in gross margins.

         The Company's financial condition continues to be sound. Working
capital at the end of the quarter was $11.8 million, a modest increase compared
to the prior quarter, although still approximately $.2 million lower than at the
end of the year. Inventory levels, which declined in the first quarter, were
further reduced during the second quarter of the year and are now nearly $.8
million lower than at the beginning of the year. Efforts to reduce the level of
inventories will continue in the months ahead. Capital expenditures amounted to
$.4 million during the quarter, primarily for new equipment related to the
manufacture of fasteners. At June 30, the balance due on the term note was $4.3
million and the average interest rate was 5.6%. The Company also has a $1.0
million line of credit available through Bank of America. There is no charge for
this facility until it is utilized. We believe that current cash, cash
equivalents and the available credit facility will be sufficient to provide
adequate working capital to meet the Company's needs for the foreseeable future.

         So far, 2001 has been a very challenging year. Efforts to secure new
business at profitable levels have met only limited success to date, and the
general contraction in the manufacturing sector of the economy and the resultant
decrease in orders from our existing customer base have more than offset the
benefits of any new business gained this year. While we still expect conditions
will improve, there are, as yet, few indications that our situation will improve
appreciably in the near term. In the interim, we will continue our focus on cost
control and our efforts to solicit profitable business from both new and
existing customers.



              The foregoing discussion contains certain "forward-looking
statements" which are inherently subject to risks and uncertainties that may
cause actual events to differ materially from those discussed herein. Factors
which may cause such differences in events include, among other things, our
ability to maintain our relationships with our significant customers; increases
in the prices of, or limitations on the availability of, our primary raw
materials; or a downturn in the automotive industry, upon which we rely for
sales revenue, and which is cyclical and dependent on, among other things,
consumer spending, international economic conditions and regulations and
policies regarding international trade. Many of these factors are beyond our
ability to control or predict. Readers are cautioned not to place undue reliance
on these forward-looking statements. We undertake no obligation to publish
revised forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.


                                       10
<PAGE>   12

                           CHICAGO RIVET & MACHINE CO.

           QUANTITATIVE AND QUALITATIVE INFORMATION ABOUT MARKET RISK

         Over time, the Company is exposed to market risks arising from changes
in interest rates. The Company has not historically used derivative financial
instruments. As of June 30, 2001, $4.33 million of floating-rate debt was
exposed to changes in interest rates compared to $5.23 million as of December
31, 2000. This exposure was primarily linked to the London Inter-Bank Offering
Rate and the lender's prime rate under the Company's term loan. A hypothetical
10% change in these rates would not have had a material effect on the Company's
quarterly earnings.



                                       11
<PAGE>   13

                          PART II -- OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders

                  The Company's Annual Meeting of Stockholders was held on May
8, 2001. The only proposal voted upon was the election of seven directors for a
term ending at the Annual Meeting in 2002. The seven persons nominated by the
Company's Board of Directors received the following votes and were elected:

                  NAME                      VOTES FOR            VOTES WITHHELD
                  ----                      ---------            --------------

         Edward L. Chott                    895,926                  26,151
         Nirendu Dhar                       895,926                  26,151
         William T. Divane, Jr.             896,487                  25,750
         John R. Madden                     896,178                  25,971
         John A. Morrissey                  892,288                  28,450
         Walter W. Morrissey                894,080                  27,170
         John C. Osterman                   892,288                  28,450

Item 6.  Exhibits and Reports on Form 8-K

         (a)  Exhibits

                99.1   Interim Report to Shareholders for the quarter ended June
                       30, 2001.

         (b)  Reports on Form 8-K

                No reports on Form 8-K were filed during the current period.


                                       12
<PAGE>   14

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                                CHICAGO RIVET & MACHINE CO.
                                            -----------------------------------
                                                         (Registrant)

Date:  August 7, 2001                       /s/               John A. Morrissey
                                            -----------------------------------
                                                              John A. Morrissey
                                            Chairman of the Board of Directors
                                              and Chief Executive Officer



Date:  August 7, 2001                       /s/                John C. Osterman
                                            -----------------------------------
                                                               John C. Osterman
                                            President, Chief Operating
                                              Officer and Treasurer
                                              (Principal Financial Officer)




Date:  August 7, 2001                       /s/                Michael J. Bourg
                                            -----------------------------------
                                                               Michael J. Bourg
                                            Controller (Principal Accounting
                                              Officer)


                                       13
<PAGE>   15

CHICAGO RIVET & MACHINE CO.

EXHIBITS


INDEX TO EXHIBITS


Exhibit
Number                                                                 Page
                                                                       ----

  99.1           Interim Report to Shareholders for the
                       quarter ended June 30, 2001                    15 - 16


                                       14