<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FROM 10-Q

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


FOR THE QUARTER ENDED JUNE 30, 2000          COMMISSION FILE NUMBER: 2-22997


                                MILLS MUSIC TRUST
              -----------------------------------------------------
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


        NEW YORK                                           13-6183792
-------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF                         (I.R.S. EMPLOYER
 INCORPORATION OR ORGANIZATION)                          IDENTIFICATION NO.)


C/O HSBC BANK USA, 150 BROADWAY, NEW YORK, NY                      10015
------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                            (ZIP CODE)


REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE             (212) 658-6014
                                                               --------------


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

NUMBER OF TRUST UNITS OUTSTANDING AS OF JUNE 2, 2000    277,712
                                                      ---------


<PAGE>   2


                                                                          Page 2

                          PART I - FINANCIAL STATEMENTS

Item 1. Financial Information

                                MILLS MUSIC TRUST
                  STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
            THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999
            --------------------------------------------------------

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                      Three Months Ended             Six Months Ended
                                            June 30                       June 30
                                    ------------------------      ------------------------
                                       2000         1999            2000          1999
                                       ----         ----            ----          ----
<S>                                 <C>           <C>             <C>           <C>
Receipts:
Mills Music, Inc.                   $197,719      $259,851        $549,486      $533,897

Undistributed cash at
beginning of the period                     31           35              31            39

Disbursements-
administrative expenses             (  22,205)    ( 16,695)       ( 36,330)     ( 24,031)
                                    ----------    ---------       ---------     ---------

Balance available for
distribution                           175,545      243,191         513,187       509,905

Cash distribution to unit
holders                                175,514      243,165         513,156       509,879
                                    -----------   ----------      ----------    ----------

Undistributed cash at end of
the period                              $   31       $   26          $   31        $   26
                                    ===========   ==========      ==========    ==========

Cash distribution per unit
(based on 277,712 units
outstanding)                            $  .63       $  .88         $  1.85       $  1.84
                                    ===========   ==========      ==========    ==========
</TABLE>



See accompanying Notes to Statements of Cash Receipts and Disbursements.


<PAGE>   3


                                                                          Page 3

                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
            THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999

                                   (UNAUDITED)

NOTE 1. ACCOUNTING POLICIES AND GENERAL INFORMATION

                Mills Music Trust ("the Trust") was created in 1964 for the
        purpose of acquiring the rights to receive payments of a deferred
        contingent purchase price contract obligation payable by Mills Music,
        Inc. ("Mills"). The contingent payments are determined quarterly, and
        are based on a formula which takes into account gross royalty income
        from certain music copyrights and licenses of Mills, less royalties paid
        and amounts deducted by Mills in accordance with contract terms.

                Payments from Mills to the Trust are made in March, June,
        September, and December, and include net royalty income of the preceding
        calendar quarter. The payments received are accounted for on a cash
        basis, as are expenses paid. The Declaration of Trust requires the
        distribution of all funds received by the Trust to the Unit holders
        after payment of expenses.

                The statements of cash receipts and disbursement reflect only
        cash transactions and do not present transactions that would be included
        in financial statements presented on the accrual basis of accounting, as
        contemplated by generally accepted accounting principles.

                There is no book value per unit because cumulative distributions
        are in excess of the initial investment in the Trust.

NOTE 2. RELATED PARTY TRANSACTIONS

                The Declaration of Trust provides that each trustee shall
        receive reimbursement for expenses reasonably incurred in the
        performance of his duties and annual compensation of $2,500 per year for
        his services as trustee, provided that such aggregate compensation to
        the trustees as a group may not exceed 3% of the monies received by the
        Trust in any year. The Declaration of Trust further provides for
        reimbursement to the corporate trustee for its clerical and
        administrative services to the Trust. Accordingly, HSBC Bank USA
        receives reimbursement for such services and for services performed as
        Registrar and Transfer Agent. The Declaration of Trust further provides
        that if any trustee performs unusual or extraordinary services,
        reasonable compensation for such services shall be paid, subject to
        certain limitations and to prior confirmation by a


<PAGE>   4


                                                                          Page 4

                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
            THREE MONTHS AND SIX MONTHS ENDED June 30, 2000 and 1999
                                   (CONTINUED)

                                   (UNAUDITED)

majority interest of Trust Certificate holders. Pursuant to these provisions,
disbursements to related parties were made as follows for the six months ended
June 30, 2000 and 1999.


<TABLE>
<CAPTION>
                                          2000        1999
                                        ---------   ----------
<S>                                      <C>         <C>
Trustee Fees:
   Bernard D. Fischman                    $1,250      $ 1,250
   HSBC Bank USA                           1,250        1,250

HSBC Bank USA
   Transfer agent and registrar           $5,345      $     0
</TABLE>


NOTE 3.  FEDERAL INCOME TAXES

                No provision for income taxes has been made since the liability
        is that of the unit holders and not the Trust.

NOTE 4.  ROYALTIES

   a) The original (1964) sale agreement assumed by the Trust's
      collecting/paying entity ("EMI") provides for a revised royalty
      calculation when the remittance to the Trust is less than $167,500 for the
      quarter. This occurred in the quarter ended December 31, 1999, for which
      the remittance was $155,717. EMI did not calculate that quarter's payment
      using the revised royalty calculation, and has been notified about this
      matter. Additional monies due to the Trust, if any, under the revised
      calculation would be capped at an amount that, when added to the prior
      distribution, would not exceed $167,500. The timing of the receipt of any
      additional monies due to the Trust is dependent upon EMI's ability to
      provide the information required under the revised royalty calculation.

   b) In addition, EMI made a computational error in its remittance for the
      fourth quarter of 1999, resulting in a $19,000 overpayment.

The net effect of (a) and (b) above will reduce the Trust's revenue in a future
quarter. The maximum revenue effect to the Trust ($19,000), if no additional
funds are due from EMI, is .07 per unit. EMI deducted this amount from its
remittance for the second quarter of 2000. Even though it was required to do so,
EMI did not utilize the revised


<PAGE>   5


royalty calculation and, therefore, was not entitled to deduct this amount. The
trustees are contemplating what, if any, actions will be taken regarding this
deduction.





<PAGE>   6



                                                                          Page 5

                          PART I - FINANCIAL STATEMENTS



Item 2.  Management's Discussion and Analysis of Results of Operations

                  The Trust's receipts from Mills Music, Inc. are derived from
         copyrights established prior to 1964 and such receipts fluctuate based
         upon public interest in the "nostalgia" appeal of older songs.



                           PART II - OTHER INFORMATION

                Items 1 through 6, inclusive, are not applicable.


<PAGE>   7


                                                                          Page 6


                                   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, there unto duly authorized.



                                                       MILLS MUSIC TRUST
                                                   ----------------------------
                                                          (Registrant)




Date  August 2, 2000                             By:      BERNARD D. FISCHMAN
     -----------------                              ---------------------------
                                                   Bernard D. Fischman, Trustee



Date  August 2, 2000                             By:      MARCIA MARKOWSKI
     -----------------                               --------------------------
                                                          HSBC Bank USA
                                                          Corporate Trustee