<PAGE>

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                      ------------------------------------

                                   FORM 10-K

<Table>
<S>    <C>
(Mark One)
[X]        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

           For the fiscal year ended December 31, 2001,
                                OR

[ ]       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 OF THE
            SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

   For the transition period from              to             .

                  Commission File Number: 0-1227
</Table>

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

<Table>
<S>                                            <C>
                  Illinois                                      36-0904920
       (State or other jurisdiction of                       (I.R.S. Employer
       incorporation or organization)                       Identification No.)

     901 Frontenac Road, Naperville, IL                            60563
  (Address of principal executive offices)                      (Zip Code)
</Table>

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

          Securities registered pursuant to Section 12(b) of the Act:

                              TITLE OF EACH CLASS
                                ---------------
                        Common Stock -- $1.00 Par Value
                  (including Preferred Stock Purchase Rights)
                             NAME OF EACH EXCHANGE
                              ON WHICH REGISTERED
                              --------------------
                            American Stock Exchange
                   (Trading privileges only, not registered)

          Securities registered pursuant to Section 12(g) of the Act:

                                      None
--------------------------------------------------------------------------------
                                (Title of Class)

     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 BY CHECK MARK IF DISCLOSURE OF DELINQUENT FILERS PURSUANT TO ITEM
405 OF REGULATION S-K IS NOT CONTAINED HEREIN, AND WILL NOT BE CONTAINED, TO THE
BEST OF REGISTRANT'S KNOWLEDGE, IN DEFINITIVE PROXY OR INFORMATION STATEMENTS
INCORPORATED BY REFERENCE IN PART III OF THIS FORM 10-K OR ANY AMENDMENT TO THIS
FORM 10-K.  [X]

     STATE THE AGGREGATE MARKET VALUE OF THE VOTING STOCK HELD BY NON-AFFILIATES
OF THE REGISTRANT. THE AGGREGATE MARKET VALUE SHALL BE COMPUTED BY REFERENCE TO
THE PRICE AT WHICH THE STOCK WAS SOLD, OR THE AVERAGE BID AND ASKED PRICES OF
SUCH STOCK, AS OF A SPECIFIED DATE WITHIN 60 DAYS PRIOR TO THE DATE OF FILING.

                      $20,242,333 AS OF FEBRUARY 15, 2002.

 COMMON SHARES OUTSTANDING AS OF FEBRUARY 15, 2002 WERE 967,132 ($1 PAR VALUE)

                      DOCUMENTS INCORPORATED BY REFERENCE

     (1) PORTIONS OF THE COMPANY'S ANNUAL REPORT TO SHAREHOLDERS FOR THE YEAR
ENDED DECEMBER 31, 2001 (THE "2001 REPORT") ARE INCORPORATED BY REFERENCE IN
PARTS I, II AND IV OF THIS REPORT.

     (2) PORTIONS OF THE COMPANY'S DEFINITIVE PROXY STATEMENT WHICH IS TO BE
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE
COMPANY'S 2002 ANNUAL MEETING OF SHAREHOLDERS ARE INCORPORATED BY REFERENCE IN
PART III OF THIS REPORT.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                                                                PAGE 1 OF ______
                                                 EXHIBIT INDEX IS ON PAGE ______
<PAGE>
                           CHICAGO RIVET & MACHINE CO.
                         PERIOD ENDING DECEMBER 31, 2001


Item                                                                  Page
No.                                                                   No.
---                                                                   ---
                                     Part I

1.   Business                                                           3
2.   Properties                                                         4
3.   Legal Proceedings                                                  4
4.   Submission of Matters to a Vote of Security Holders                4

                                     Part II

5.   Market for Registrant's Common Equity and Related
      Stockholder Matters                                               6
6.   Selected Financial Data                                            6
7.   Management's Discussion and Analysis of Financial Condition
      and Results of Operations                                         6
7a.  Quantitative and Qualitative Disclosures About Market Risk        11
8.   Financial Statements and Supplementary Data                       11
9.   Changes in and Disagreements with Accountants on Accounting
      and Financial Disclosure                                         11

                                    Part III

10.  Directors and Executive Officers of the Registrant                11
11.  Executive Compensation                                            12
12.  Security Ownership of Certain Beneficial Owners and
      Management                                                       12
13.  Certain Relationships and Related Transactions                    12

                                     Part IV

14.  Exhibits, Financial Statement Schedules, and Reports on
      Form 8-K                                                         13


                                       2
<PAGE>
                                     PART I


ITEM 1 - BUSINESS

     Chicago Rivet & Machine Co. (the Company) was incorporated under the laws
of the State of Illinois in December, 1927, as successor to the business of
Chicago Rivet & Specialty Co. The Company operates in two segments of the
fastener industry: Fasteners and Assembly Equipment. The Fastener segment
consists of the manufacture and sale of rivets, cold-formed fasteners and parts
and screw machine products. The Assembly Equipment segment consists primarily of
the manufacture of automatic rivet setting machines, automatic assembly
equipment, parts and tools for such machines, and the leasing of automatic rivet
setting machines. For further discussion regarding the Company's operations see
Note 1 which appears on page 8 of the Company's 2001 Annual Report to
Shareholders, incorporated herein by reference. The 2001 Annual Report is filed
as an exhibit to this report.

     The principal market for the Company's products is the North American
automotive industry. Sales are solicited by employees and by independent sales
representatives.

     The segments in which the Company operates are characterized by active and
substantial competition. No single company dominates the industry. The Company's
competitors include both larger and smaller manufacturers, and segments or
divisions of large, diversified companies with substantial financial resources.
Principal competitive factors in the market for the Company's products are
quality, service, reliability and price.

     The Company serves a wide variety of customers. Revenues are primarily
derived from sales to customers involved, directly or indirectly, in the
manufacture of automobiles and automotive components. Information concerning
backlog of orders is not considered material to the understanding of the
Company's business due to relatively short production cycles. The level of
business activity for the Company is closely related to the overall level of
industrial activity in the United States. During 2001, sales to three customers
exceeded 10% of the Company's consolidated revenues. Sales to TI Group
Automotive Systems Corporation accounted for approximately 18% of the Company's
consolidated revenues in 2001, 19% in 2000 and 17% in 1999. Sales to Fisher &
Company accounted for approximately 14%, 11% and 11% of the Company's
consolidated revenues in 2001, 2000, and 1999, respectively. Sales to Purchased
Parts Group accounted for approximately 10% of the Company's consolidated
revenues in 2001.

     The Company's business has historically been somewhat stronger during the
first half of the year.

     The Company generally does not provide credit terms in excess of thirty
days.

     The Company purchases raw materials from a number of sources, primarily
within the United States. There are numerous sources of raw materials, and the
Company does not have to rely on a single source for any of its requirements.
The Company is not aware of any significant problem in the availability of raw
materials used in its production.

     Patents, trademarks, licenses, franchises and concessions are not of
significant importance to the business of the Company.

     The Company does not engage in basic research activities, but rather in
ongoing product improvement and development. The amounts spent on product
development activities in the last three years were not material.

     At December 31, 2001, the Company employed 336 people.


                                       3
<PAGE>

     The Company has no foreign operations, and sales to foreign customers
represent only a minor portion of the Company's total sales.


ITEM 2 - PROPERTIES

     The Company conducts its manufacturing and warehousing operations at five
plants, which are described below. All five plants are owned by the Company and
considered suitable and adequate for their present use. The Company also
currently maintains a small sales office in Norwell, Massachusetts in a leased
facility.

     Of the properties described below, the Jefferson, Iowa and the Madison
Heights, Michigan facilities are used entirely in the fastener segment. The
Albia, Iowa facility is used exclusively in the assembly equipment segment. The
Tyrone, Pennsylvania and the Naperville, Illinois facilities are utilized in
both operating segments.

                        Plant Locations and Descriptions

Naperville, Illinois                         Brick, concrete block and partial
                                             metal construction with metal roof.

Tyrone, Pennsylvania                         Concrete block with small tapered
                                             beam type warehouse.

Jefferson, Iowa                              Steel tapered beam construction.

Albia, Iowa                                  Concrete block with prestressed
                                             concrete roof construction.

Madison Heights, Michigan                    Concrete, brick and partial metal
                                             construction with metal roof.


ITEM 3 - LEGAL PROCEEDINGS

     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.


ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matter was submitted to a vote of the Company's shareholders during the
fourth quarter of 2001.


                                       4
<PAGE>
                      Executive Officers of the Registrant

     The names, ages and positions of all executive officers of the Company, as
of March 24, 2002, are listed below. Officers are elected annually by the Board
of Directors at the meeting of the directors immediately following the Annual
Meeting of Shareholders. There are no family relationships among these officers,
nor any arrangement or understanding between any officer and any other person
pursuant to which the officer was selected.

                                                               Number of years
Name and Age of Officer             Position                     an Officer
-----------------------             --------                     ----------

John A. Morrissey          66       Chairman, Chief                  22
                                    Executive Officer

John C. Osterman           50       President, Chief                 18
                                    Operating Officer
                                    and Treasurer

Nirendu Dhar               60       General Manager                   1
                                    H & L Tool Company, Inc.

Donald P. Long             50       Vice-President Sales              7

Kimberly A. Kirhofer       43       Secretary                        11

Michael J. Bourg           39       Controller                        3


-    Mr. Morrissey has been Chairman of the Board of Directors of the Company
     since November 1979, and Chief Executive Officer since August 1981. He has
     been a director of the Company since 1968.

-    Mr. Osterman has been President, Chief Operating Officer and Treasurer of
     the Company since September 1987. He was Assistant Secretary from November
     1983 to May 1985 when he became Assistant Vice President-Administration. He
     became Vice President-Administration in May 1986 and was named Executive
     Vice President in May 1987. He has been a director of the Company since May
     1988.

-    Mr. Dhar has been employed as General Manager of the Company's subsidiary,
     H & L Tool Company, Inc., since 1996. Mr. Dhar was employed as Plant
     Manager and Chief Engineer of H & L Tool Company, Inc. prior to the
     Company's acquisition of H & L Tool Company for more than five years.

-    Mr. Long has been Vice President-Sales of the Company since November 1994,
     and was Director of Sales and Marketing of the Company from March 1993
     through November 1994. Prior to that, he was employed by Townsend
     Engineered Products, a maker of rivets, cold-formed fasteners and rivet
     setting equipment in various sales management positions for more than 5
     years.

-    Mrs. Kirhofer has been Secretary of the Company since August 1991, and was
     Assistant Secretary of the Company from February 1991 through August 1991.
     Prior to that, she held various administrative positions with the Company
     since May 1983.

-    Mr. Bourg has been Controller of the Company since December 1998. Prior to
     that, he was Accounting Manager at Fuchs Lubricants Co., a manufacturer of
     industrial lubricants, for two years and prior to that was employed by the
     public accounting firm of McGladrey & Pullen, LLP as a public accountant,
     for more than five years.


                                       5
<PAGE>
                                     PART II

ITEM 5 - MARKET FOR REGISTRANT'S COMMON EQUITY AND
 RELATED STOCKHOLDER MATTERS

     The Company's common stock is traded on the American Stock Exchange
(trading privileges only, not registered). As of December 31, 2001 there were
344 record holders of such stock. The information on the market price of, and
dividends paid with respect to, the Company's common stock, set forth in the
section entitled "Information on Company's Common Stock" which appears on page
12 of the 2001 Annual Report is incorporated herein by reference. The 2001
Annual Report is filed as an exhibit to this report.


ITEM 6 - SELECTED FINANCIAL DATA

     The section entitled "Selected Financial Data" which appears on page 11 of
the 2001 Annual Report is incorporated herein by reference. The 2001 Annual
Report is filed as an exhibit to this report.


ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

     This 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.

     In addition to the disclosures contained herein, readers are also urged to
carefully review and consider any risks and uncertainties contained in other
documents filed by the Company with the Securities and Exchange Commission.

RESULTS OF OPERATIONS

     The economic malaise that adversely affected our business during the latter
portion of 2000 continued to be the dominant force impacting our business
throughout 2001. Eventually, the economy was officially declared to be in a
recession, and as the effects of this recession became more widespread during
2001, demand for our products continued to weaken. Within the fastener segment,
customers responded to the worsening economic conditions by reducing inventories
and reducing production, which translated into further reductions in purchasing
activity. This same set of circumstances impacted demand for perishable tools
and repair parts within our assembly equipment segment, where revenues from the
sale of new automatic assembly equipment weakened considerably as activity
within that sector of the economy fell to its lowest level in nearly ten years.

     In response to these conditions, we reduced production schedules, trimmed
inventories and moved to control costs to the greatest extent possible, all of
which contributed to results that were respectable in view of overall economic
conditions. In


                                       6
<PAGE>

addition, we completed initiatives that should allow us to expand our market
share in certain niche areas.

2001 COMPARED TO 2000

     The effect of the current recession is apparent in the comparison of
revenues and margins between 2001 and 2000. Net sales and lease revenues fell to
$40,443,010 in 2001, a decline of 11% compared to 2000. This lower level of
operations was the primary factor contributing to the decrease in gross margins,
which fell to $9,187,046 for 2001, compared to $11,943,030 reported for 2000.

     Revenues within the fastener segment declined 8.5% and amounted to
$32,704,142 during 2001. This decline stems from the combination of lower
volumes for existing business, partially offset by successful efforts to win new
business from both new and existing customers. Gross margins within this segment
declined from 22.3% in 2000 to 19.9% for 2001. During the year, the Company was
able to take advantage of softness within the raw materials market, successfully
negotiating price reductions for certain raw materials and supplies.
Unfortunately, the positive contribution from those activities was offset by
increases in the cost of health insurance and a somewhat higher cost for
perishable tooling. Other than those two areas, we were generally successful in
reducing our variable costs in a manner consistent with the reduced level of
operations. Fixed costs, as would be expected, remained relatively unchanged
despite the reduced levels of operations.

     The domestic metalworking machinery market suffered a significant decline
in 2001, with overall activity falling to its lowest level in nearly a decade.
These conditions were plainly evident in the results of operations within our
assembly equipment segment. Revenues fell to $7,738,868 during 2001, compared to
$9,687,564 recorded during 2000. Despite our efforts to reduce costs and manage
the negative effects of lower volumes, we were unable to cut costs as quickly
and as deeply as demand declined. Because we believe that this downturn is of a
cyclical nature, we made a decision to attempt to maintain as much of our
skilled workforce as possible, rather than attempt to match volume declines with
a wholesale reduction in the workforce. As a result, labor and benefit costs
remained at levels somewhat higher than might otherwise be expected given recent
business conditions. On a short-term basis, we view this as the most practical
response to what we believe will be a temporary situation. We were able to
achieve only limited reductions in fixed costs compared with the prior year. The
net result was an overall decline in gross margins, which fell to approximately
35% in 2001, compared to 42% recorded in 2000.

     Selling and administrative expenses declined significantly compared with
the prior year. Successful completion of the first phase of implementation of
new data processing systems resulted in a significant reduction in consulting
expenses compared with the prior year. In addition, salary and benefit expenses
declined significantly due to reductions in headcount, achieved mainly through
attrition. Sales commissions and profit sharing expense declined to levels
consistent with the lower sales volume and lower income, respectively.
Unfortunately, bad debt expense increased by a net amount of $114,000, mainly
due to the third quarter bankruptcy filing of a certain customer.

     Lower prevailing interest rates, combined with lower debt, resulted in a
net interest expense reduction of $61,000.

     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 at the
date of the financial statements and the amounts of revenue and expenses during
the reporting period. During interim periods, the Company uses estimated gross
profit rates to determine the cost of goods sold for a portion of its
operations. Actual results can vary from these estimates and these estimates are
adjusted, as necessary, when actual information is available. During the fourth
quarter of 2001, net income included net unfavorable adjustments to inventory


                                       7
<PAGE>

and certain accruals aggregating $.02 per share. Similar adjustments in the
fourth quarter of 2000 and 1999 amounted to net favorable adjustments of $.10
per share and $.09 per share, respectively.

2000 COMPARED TO 1999

     In 2000, conditions in our major markets tended to weaken as the year
progressed. As a result, net sales and lease revenues declined to $45,423,263 in
2000. On an overall basis, this represents a decline of 7.5% compared to the
record level of $49,080,257 recorded in 1999. Revenues within the fastener
segment, which began 2000 at a slightly stronger pace than in the prior year,
ended the year at $35,735,699, a decline of 4.7% compared to 1999, as the second
half of the year was characterized by business levels that were sharply lower
than the preceding six months. This downturn is attributable to a decline in the
level of activity within the motor vehicle and automotive parts sector of the
economy upon which we depend for the majority of our fastener revenues. Within
the assembly equipment segment, demand was comparatively soft early in the year,
and became weaker as the year progressed. As a result, revenues for the full
year declined approximately 16% compared to 1999, totaling $9,687,564 during
2000.

     Given the reduced operating levels, gross margins within the fastener
segment declined compared to the prior year. However, there were other
significant factors that impacted gross margins. Among them were increases in
wage levels necessary to retain skilled labor in the face of very tight labor
markets, increases in the cost of tooling and supplies used in manufacturing,
significantly higher costs for health insurance and higher depreciation expense
associated with recent investments in new manufacturing equipment. While
competitive situations continued to hamper our ability to recover the higher
costs outlined above, favorable conditions in the market for raw materials
enabled us to negotiate modest reductions in the prices paid for certain raw
materials. Overall, however, the combination of lower volume and generally
higher manufacturing costs caused gross margins, within the fastener segment, to
fall to 22.3% compared to 23.9% in the prior year.

     During 2000, revenues within the assembly equipment segment declined
approximately 16% compared to 1999. Most of this decline was a function of
reduced unit sales, as demand was comparatively weak throughout the year. Gross
margins declined from approximately 45% in 1999 to 42% in 2000, due in part to a
continued shift toward lower priced and lower margin equipment, and also due to
the impact of higher health insurance costs. Most other costs of manufacturing
were reduced to levels consistent with the lower operating levels.

     Selling and administrative expenses declined 3.6% compared with 1999. Costs
incurred in connection with the implementation of new data processing systems
declined substantially compared with 1999, but still remained at higher than
normal levels for most of the current year. Both commission expense and profit
sharing expense declined in proportion with the decline in sales and profits,
respectively. Offsetting these changes were professional fees incurred in
connection with the Company's "Dutch auction" tender offer, higher health
insurance costs, and increases in salary expense.

     Interest expense increased approximately $123,000 due primarily to
additional borrowing in connection with the tender offer and, to a lesser
extent, higher interest rates.

DIVIDENDS

     The Company paid four regular quarterly dividends of $.18 per share during
2001. In addition, an extra dividend of $.25 per share was paid during the
second quarter of 2001, bringing the total dividend distribution to $.97 per
share. On February 18, 2002 your Board of Directors declared a regular quarterly
dividend of $.18 per share, payable March 20, 2002 to shareholders of record
March 5, 2002. These dividends continued the uninterrupted record of consecutive
quarterly dividends paid by the Company to its


                                       8
<PAGE>

shareholders that extends over 68 years. At that same meeting, the Board
declared an extra dividend of $.15 per share, payable April 19, 2002 to
shareholders of record, April 5, 2002.

MACHINERY AND EQUIPMENT

     The Company invested approximately $1.4 million in machinery, equipment and
building improvements during 2001. The total amount of investment was lower than
in the recent past, and, as has been the case for the past several years, the
majority of these expenditures were related to the fastener segment of our
operations. Specifically, a total of $1.1 million was expended for the purchase
of equipment used directly in the manufacture of fasteners and $88,000 was
invested in new equipment related to the quality control process related to
fastener manufacturing. $129,000 was expended in connection with data processing
and data communications equipment, $61,000 was spent for building improvements,
primarily related to the fastener segment of our business, and the balance was
expended for a variety of smaller machinery and equipment, including the
manufacture of automatic rivet setting equipment that is leased to our
customers.

     Capital investments totaled approximately $2.1 million during 2000.
Slightly over $1.9 million of this total was invested in new equipment related
to the production of fasteners. Of the amount expended within the fastener
segment, $1.5 million was invested in new cold heading and thread-forming
equipment and certain support equipment. This equipment will be utilized to
expand our capacity to manufacture certain specialty products for which demand
has exceeded our capacity. Certain obsolete heat treating equipment was replaced
at a cost of $276,000. The balance was expended for various smaller projects,
including new quality control equipment and building improvements. Within the
assembly equipment segment, capital expenditures totaled $150,372, primarily for
the replacement of machine tools used in the manufacture of perishable tooling
that is sold to our customers. The balance was expended for data processing
equipment and various office equipment.

     Investments in machinery and equipment totaled $1,709,527 during 1999.
Investments in new equipment related to the manufacture of fasteners accounted
for the majority of these investments and totaled $994,000 during the year.
Investments in hardware and software related to improved information management
technology totaled $267,000. A total of $181,000 was expended for the purchase
of a variety of test and inspection equipment related to quality control
initiatives. Investments in new machine tools used in the manufacture of
assembly equipment totaled $108,000. Approximately $41,000 was invested in new
telephone equipment and the balance was expended for the purchase, or repair, of
various, smaller machine tools and building repairs.

     Depreciation expense amounted to $1,921,703 in 2001, $1,889,849 in 2000,
and $1,711,721 in 1999.

LIQUIDITY AND CAPITAL RESOURCES

     As of December 31, 2001, working capital was $11.6 million. While this is a
modest decline compared with the prior year, our current ratio (current assets
divided by current liabilities) improved to 3.7 from 3.5. The accounts
receivable balance at year-end declined substantially compared with the year
earlier, largely as a result of lower fourth quarter sales. Inventory levels,
which increased slightly during 2000, were significantly reduced during 2001,
and our objective is to further improve our ability to operate with lower levels
of inventory.

     In connection with a "Dutch auction" tender offer in April 2000, the
Company obtained, on an unsecured basis, a financing commitment that provided
borrowing capacity of up to $9.0 million plus a $1.0 million line of credit. The
new borrowing was used to finance the unpaid balance of a 1996 loan related to
the acquisition of H & L Tool Company, Inc. ($2.7 million) and to fund the
purchase of stock under the terms of the "Dutch auction." At December 31, 2001,
the indebtedness under the term loan was


                                       9
<PAGE>

approximately $3.4 million. Under the terms of the note, the Company is
scheduled to repay the principal in quarterly installments of $450,000, plus
interest computed on the unpaid balance at a variable rate that is calculated
under one of two methods, selected at the option of the Company: the London
Inter-Bank Offering Rate (LIBOR) plus an applicable margin; or the lender's
prime rate, less an applicable margin. The applicable margin is based upon the
funded debt ratio and, for any portion of the loan that bears interest at the
prime rate, this margin is up to 50 basis points, and for any portion that bears
interest at the LIBOR rate, it is up to 130 basis points. This rate is adjusted
quarterly and was approximately 2.9% at December 31, 2001. Management believes
that current cash, cash equivalents, operating cash flow and the available line
of credit will be sufficient to provide adequate working capital for the
foreseeable future.

     The Company has not entered into, and has no current plans to enter into,
any off-balance sheet financing arrangements. The Company has no long-term
supply contracts that will have a material impact on liquidity and financial
resources.

NEW ACCOUNTING STANDARDS

     The Company's financial statements and financial condition were not, and
are not expected to be, materially impacted by any new, or proposed, accounting
standards.

STOCK PURCHASE PROGRAM

     Terms of a stock repurchase authorization originally approved by the Board
of Directors in February of 1990, and subsequently amended to permit the
repurchase of an aggregate of 200,000 shares, provide for purchases of the
Company's common stock to be made from time to time, in the open market or in
private transactions, at prices deemed reasonable by management. Purchases under
the current repurchase authorization have amounted to 161,996 shares at an
average price of $15.58 per share. Although no purchases were made during 2001,
it is management's intention to continue this program, provided funding for
repurchases is available and market conditions are favorable.

     In addition to the purchases described above, the Company purchased 159,564
shares at a price of $23.00 per share pursuant to a "Dutch auction" tender offer
completed in April 2000.

OUTLOOK FOR 2002

     The Company's fortunes remain closely tied to the level of industrial
activity in general, with an emphasis on North American automobile production.
While we anticipate that business conditions will improve, the timing and extent
of improvement continues to be uncertain. We have seen some firming in demand on
the fastener side of our business, but it has been customer specific, rather
than a broad-based improvement. Demand for automated assembly equipment and
related perishable tooling remain at very low levels. On an overall basis,
bookings for the first two months of this year lag the levels recorded during
the same period last year, apparently supporting those forecasts that suggest
the timing of the recovery will be later in the year. The prevailing conditions
foster intensified price competition and continued downward pressure on margins.

     We have responded by taking appropriate actions to reduce costs wherever
possible and to contain costs where reductions are not feasible. In addition, in
situations where it is both necessary and economically practical, we have
reduced our prices in order to meet competitive challenges and maintain our
market share. We have actively solicited new business within our existing
customer base as well as from new customers. These efforts have met with varying
degrees of success, and we plan to follow a similar course of action in the
coming months.


                                       10
<PAGE>

     Investments in new equipment to expand our capabilities in the manufacture
of specialty fasteners are finally beginning to bear fruit and should contribute
to both revenues and profits in 2002. We anticipated that this would have
occurred during 2001, but market conditions delayed realization by several
months. We are optimistic that sustainable shipments of these products will
begin late in the first quarter of this year.

     We are glad to leave 2001 behind us and look forward to the opportunities
that lie ahead. Certainly, the future will hold challenges as well as
opportunities, but we believe we are well prepared to meet those challenges and
to take advantage of the opportunities that will arise. We gratefully
acknowledge the support of our shareholders, the loyalty of our customers and
the contributions of our workforce - for each of these elements has been
critical to our past success and each is essential for our future success.

ITEM 7A  QUANTITATIVE AND QUALITATIVE DISCLOSURES 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 December 31, 2001, $3.43 million of floating-rate debt was
exposed to changes in interest rates compared to $5.23 million at the prior
year-end. 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
annual earnings.


ITEM 8 - FINANCIAL STATEMENTS AND
 SUPPLEMENTARY DATA

     See the sections entitled "Consolidated Financial Statements" and
"Financial Statement Schedule" which appear on pages 16 through 18 of this
report.


ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
 ACCOUNTING AND FINANCIAL DISCLOSURE

     There have been no changes in or disagreements with accountants requiring
disclosure herein.

                                    PART III

ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     The information with respect to the Board of Directors' nominees for
directors that is not related to security ownership, which is set forth in the
section entitled "Election of Directors" on pages 4 through 8 of the Company's
2002 Proxy Statement, is incorporated herein by reference. The information with
regard to compliance with Section 16 (a) of the Exchange Act, which is set forth
at the end of the section entitled "Additional Information Concerning the Board
of Directors and Committees" on pages 7 and 8 of the 2002 Proxy Statement, is
incorporated herein by reference. The 2002 Proxy Statement is to be filed with
the Securities and Exchange Commission in connection with the Company's 2002
Annual Meeting of Shareholders. The information called for with respect to
executive officers of the Company is included in Part I of this Report on Form
10-K under the caption "Executive Officers of the Registrant."


                                       11
<PAGE>
ITEM 11 - EXECUTIVE COMPENSATION

     The information set forth in the section entitled "Executive Compensation"
which appears on pages 9 through 12 of the Company's 2002 Proxy Statement and
the information relating to compensation of directors set forth in the last
paragraph of the section entitled "Additional Information Concerning the Board
of Directors and Committees" which appears on pages 7 and 8 of the Company's
2002 Proxy Statement is incorporated herein by reference. The 2002 Proxy
Statement is to be filed with the Securities and Exchange Commission in
connection with the Company's 2002 Annual Meeting of Shareholders.


ITEM 12 - SECURITY OWNERSHIP OF CERTAIN
 BENEFICIAL OWNERS AND MANAGEMENT

     The information set forth in the section entitled "Principal Shareholders"
on page 3 of the Company's 2002 Proxy Statement and the information with respect
to security ownership of the Company's directors and officers set forth in the
section entitled "Election of Directors" on pages 4 through 8 of the Company's
2002 Proxy Statement is incorporated herein by reference. The 2002 Proxy
Statement is to be filed with the Securities and Exchange Commission in
connection with the Company's 2002 Annual Meeting of Shareholders.


ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     The information relating to the law firm of Morrissey & Robinson set forth
in the last sentence of footnote (2) on page 6 of the Company's 2002 Proxy
Statement is incorporated herein by reference. The 2002 Proxy Statement is to be
filed with the Securities and Exchange Commission in connection with the
Company's 2002 Annual Meeting of Shareholders.



                                       12
<PAGE>
                                     PART IV

ITEM 14 - EXHIBITS, FINANCIAL STATEMENT
 SCHEDULES AND REPORTS ON FORM 8-K

     (a)       The following documents are filed as a part of this report:

          1.   Financial Statements:

               See the section entitled "Consolidated Financial Statements"
               which appears on page 15 of this report.

          2.   Financial statement schedule and supplementary information
               required to be submitted.

               See the section entitled "Financial Statement Schedule" which
               appears on pages 16 through 18 of this report.

          3.   Exhibits:

               See the section entitled "Exhibits" which appears on page 19 of
               this report.

     (b)       Reports on Form 8-K

          1.   The Company did not file any reports on Form 8-K during the
               quarter ended December 31, 2001.


                                       13
<PAGE>
                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, Chicago Rivet & Machine Co. has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

                                            Chicago Rivet & Machine Co.


                                            By   /s/ John C. Osterman
                                              --------------------------
                                            John C. Osterman, President
                                            And Chief Operating Officer


     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated:


/s/ John A. Morrissey                       Chairman of the Board of
--------------------                        Directors, Chief Executive
John A. Morrissey                           Officer and Member of the
                                            Executive Committee
                                            March 26, 2002



/s/ John C. Osterman                        President, Chief Operating
-------------------                         Officer, Treasurer (Chief
John C. Osterman                            Financial Officer), Member
                                            of the Executive Committee
                                            and Director
                                            March 26, 2002




/s/ John R. Madden                          Director, Member of the
------------------                          Executive Committee and
John R. Madden                              Member of the Audit Committee
                                            March 26, 2002



/s/ Walter W. Morrissey                     Director, Member of Executive
----------------------                      Committee
Walter W. Morrissey                         March 26, 2002




/s/ Michael J. Bourg                        Controller (Principal Accounting
-------------------                         Officer)
Michael J. Bourg                            March 26, 2002



                                       14
<PAGE>
CHICAGO RIVET & MACHINE CO.

CONSOLIDATED FINANCIAL STATEMENTS

     The consolidated financial statements, together with the notes thereto and
the report thereon of PricewaterhouseCoopers LLP dated March 1, 2002, appearing
on pages 5 to 11 of the accompanying 2001 Annual Report, and the section
entitled "Quarterly Financial Data (Unaudited)" appearing on page 12 of the
accompanying 2001 Annual Report are incorporated herein by reference. With the
exception of the aforementioned information and the information incorporated in
Items 1, 3, 5, 6 and 7 herein, the 2001 Annual Report is not to be deemed filed
as part of this Form 10-K Annual Report.


Consolidated Financial Statements from 2001 Annual Report (Exhibit 13 hereto):


Consolidated Balance Sheets (page 5 of 2001 Annual Report)

Consolidated Statements of Income (page 6 of 2001 Annual Report)

Consolidated Statements of Retained Earnings (page 6 of 2001 Annual Report)

Consolidated Statements of Cash Flows (page 7 of 2001 Annual Report)

Notes to Consolidated Financial Statements (pages 8, 9, and 10 of 2001 Annual
Report)

Report of Independent Accountants (page 11 of 2001 Annual Report)

Quarterly Financial Data (Unaudited) (page 12 of 2001 Annual Report)


                                       15
<PAGE>
                          FINANCIAL STATEMENT SCHEDULE

                               2001, 2000 AND 1999

     The following financial statement schedule should be read in conjunction
with the consolidated financial statements and the notes thereto in the 2001
Annual Report. Financial statement schedules not included herein have been
omitted because they are not applicable or the required information is shown in
the consolidated financial statements or notes thereto.


                                                       Page
                                                       ----

Financial Statement Schedule:

Valuation and Qualifying Accounts (Schedule II)         17

Report of  Accountants on
      Financial Statement Schedule                      18



                                       16
<PAGE>
                           CHICAGO RIVET & MACHINE CO.
                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
              FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


<TABLE>
<CAPTION>

                                                          Additions
                                 Balance at               Charged to                                                      Balance
                                 Beginning                Costs and                                    Other              At end
Classification                    of year                 Expenses           Deductions             Adjustments           of year
--------------                    -------                 --------           ----------             -----------           -------

<S>                               <C>                      <C>               <C>                     <C>                  <C>
2001
Allowance for doubtful
accounts,
Returns and
allowances                        $90,000                  $172,728          $22,728(1)              $   --               $240,000


2000
Allowance for doubtful
accounts,
Returns and
allowances                        $80,000                  $ 58,993          $48,993(1)              $   --               $ 90,000


1999
Allowance for doubtful
accounts,
Returns and
allowances                        $70,022                  $ 47,679          $37,679(1)              $   --               $ 80,000
</TABLE>


(1) Accounts receivable written off, net of recoveries.


                                       17
<PAGE>
                      Report of Independent Accountants on
                          Financial Statement Schedule


To the Board of Directors
of Chicago Rivet & Machine Co.

Our audits of the consolidated financial statements referred to in our report
dated March 1, 2002 appearing in the 2001 Annual Report to Shareholders of
Chicago Rivet & Machine Co. (which report and financial statements are
incorporated by reference in this Annual Report on Form 10-K) also included an
audit of the Financial Statement Schedule listed in Item 14(a)(2) of this Form
10-K. In our opinion, this Financial Statement Schedule presents fairly, in all
material respects, the information set forth therein when read in conjunction
with the related consolidated financial statements.



PricewaterhouseCoopers LLP


Chicago, Illinois
March 1, 2002



                                       18
<PAGE>
                           CHICAGO RIVET & MACHINE CO.

                                    EXHIBITS

                                INDEX TO EXHIBITS

Exhibit
Number                                                                 Page
------                                                                 ----

2.1       Purchase and Sale Agreement dated February 18, 1993.
          Incorporated by reference to Company's Current Report
          on Form 8-K, dated May 7, 1993.

2.2       Purchase and Sale Agreement dated September 18, 1996.
          Incorporated by reference from Company's Current
          Report on Form 8-K, dated December 16, 1996.

3.1       Articles of Incorporation and Charter. Incorporated by
          reference to Company's report on Form 10, dated March
          30, 1935.

3.2       Certified copy of articles of Amendment to Articles of
          Incorporation, dated November 4, 1959. Incorporated by
          reference to Company's report on Form 8-A, dated April
          30, 1965.

3.3       Amendment of Articles of Incorporation creating a
          class of 500,000 shares of no par value preferred
          stock. Incorporated by reference to Company's report
          on Form 10-K, dated April 30, 1972.

3.4       Amended and Restated By-Laws, as amended February 19,
          2001. Incorporated by reference to the Company's report
          on Form 10-K, dated March 29, 2001.


3.5       Articles of Incorporation, as amended by the amendment
          to the Articles of Incorporation, dated August 18,
          1997. Incorporated by reference to the Company's
          report on Form 10-K, dated March 27, 1998.

4.1       Rights Agreement, dated November 22, 1999, between the
          Company and First Chicago Trust Company of New York as
          Rights Agent. Incorporated by reference to the
          Company's report on Form 10-K, dated March 29, 2000.

13*       Annual Report to Shareholders for the year ended
          December 31, 2001.                                       20 through 36

21        Subsidiaries of the Registrant.                               37


          * Only the portions of this exhibit which are
          specifically incorporated herein by reference shall be
          deemed to be filed herewith.


                               19