<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: 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, ISSUER SERVICES 452 FIFTH AVENUE, NEW YORK, NY      10018
--------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                             (ZIP CODE)


REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE            (212) 525-1349
                                                              --------------


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
                                         ---

AS OF JULY 23, 2001, 277,712 TRUST UNITS WERE OUTSTANDING.



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                                                                         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, 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>
Receipts:
Mills Music, Inc.                            $221,126         $197,719            $577,562         $549,486

Undistributed cash at beginning of
the period                                         61               31                  51               31

Disbursements- administrative
expenses                                      (29,099)         (22,205)            (42,384)         (36,330)
                                             ---------        ---------           ---------       ---------

Balance available for distribution            192,088          175,545             535,229          513,187

Cash distribution to unit holders             192,027          175,514             535,168          513,156
                                           --------------   -------------       -------------    ------------
                                           --------------   -------------       -------------    ------------

Undistributed cash at end of the
period                                       $     61         $     31            $     61         $     31
                                           ==============   =============       =============    ============
                                           ==============   =============       =============    ============

Cash distribution per unit (based
on 277,712 units outstanding)                $    .69         $    .63            $   1.93         $   1.85
                                           ==============   =============       =============    ============


</TABLE>

See accompanying Notes to Statements of Cash Receipts and Disbursements.



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                                                                         Page 3

                              MILLS MUSIC TRUST
            NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
           THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2001 AND 2000

                                   (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, 2001 and 2000
                                 (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, 2001 and 2000.


                                                   2001           2000
                                                -----------    ------------
Trustee Fees:
   Bernard D. Fischman                              $1,250         $ 1,250
   HSBC Bank USA                                     1,250           1,250

HSBC Bank USA
   Transfer agent and registrar                     $   44       $   5,345


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. EMI
         has chosen not to provide the revised calculation for the December
         1999 quarter and has reimbursed the Trust by repaying $19,400 that
         it had previously deducted. The repayment is included in the receipts
         for the quarter ended June 30, 2001.

b)       A limited scope royalty engagement of EMI's record keeping and
         reporting processes was concluded by David Berdon & Co., LLP, the
         Trust's auditors, in 2001 without significant negative findings. EMI is
         the current owner and administrator of the copyrighted materials.




<PAGE>   5



                                                                         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.

                  The Trust's contingent fee income over the last three years
         has averaged over $1,000,000 per year. In addition to the above, there
         are a number of factors, which create uncertainties with respect to the
         ability of the Trust to continue to generate that level of income on a
         continuing, long-term basis. Those factors include the effect that
         foreign and domestic copyright laws and any changes therein have or
         will have on both licensing fees and renewal rights, ultimately,
         copyright expirations under such laws and the effect of electronic
         copying of materials without permission.

                  In 1976, the copyright law was changed for works that were
         within renewal terms between December 31, 1976 and December 31, 1978 to
         add an extension of 19 years to the 28-year renewal term. The original
         copyright term is 28 years. That amendment made the copyright term 75
         years. The Copyright Act of 1976 provided for a single term of life
         plus 70 years after author's death (with some variations in different
         circumstances) for works created after January 1, 1978. The 1976 act
         provided that the writer and his heirs could terminate a transfer or
         license of the renewal copyright that was executed before 1978, so long
         as the termination was effected in a five-year period following the end
         of the initial 56-year period.

                  The copyright laws were modified by the Sonny Bono 1998
         Copyright Term Extension Act (the "Act"), which provided an additional
         20 years of copyright protection, such that the term of copyrights is
         now 95 years.

                  The copyright laws provide that renewal vests in any person
         who is entitled under the rules of statutory succession to the renewal
         and extension of the copyright at the time the application to renew is
         made. If no renewal is made, renewal vests in any person entitled under
         the rules of statutory extension as of the last day of the original
         term of copyright to the renewal and extension of copyright. The writer
         (and not the publisher to whom the copyright was originally assigned)
         owns the renewal right. The laws name specified classes of persons (the
         writer's wife, his children, etc.) who will succeed to the renewal
         right if the writer dies before the end of the original term. The Act
         does not distinguish between composers and lyricists. However, if the
         composer and lyricist are not the same, each owns a portion of the
         renewal rights. The composer and the lyricist may, and frequently do,
         assign their respective interests in the renewal rights to a publisher
         at the time of the assignment of the original copyright term. Such an
         assignment of the renewal term is effective, however, only if the
         assignor


<PAGE>   6
                                                                         Page 6

         survives the original term. If he does not, his heirs will succeed to
         his share of the renewal rights; and, in such event, these heirs are
         not obligated by the assignment of the rights to the publisher to whom
         the original assignment was made unless they joined in the assignment.
         In addition, the 1998 Copyright Extension Act allows writers (or their
         heirs) to elect, after either a 35 or 40 year period as specified in
         the statute, to terminate a transfer of license or renewal within
         five years of the expiration.

                  In 2000, the trustees were able to obtain a listing of the top
         50 songs in the subject copyrighted songs of EMI (the current owner and
         administrative entity for the copyright materials) with the original
         copyright dates listed. The copyright dates range from 1922 to 1960.
         One song was placed in the public domain in 1998. The trust could still
         receive income for its pre-1998 contingent rights with respect to that
         song.

                  The song listing indicates that the copyright of 13 of the top
         50 songs will reach 75 years in the next five years (with one song
         reaching 75 years in 2001 and another in 2002). The listing does not
         provide an indication of the percentage of income earned by each
         copyright to total income.

                  The Trust cannot determine EMI's ability to secure renewals of
         the copyrighted material; however, under the trust agreement, EMI must
         use its best efforts to do so.

                  The receipts for the quarter ended June 30, 2001 include
         additional payments of $19,400, which is a reimbursement for monies
         withheld in 2000 related to a 1999 royalty computation and repaid
         during the current quarter.

                  The quarter's disbursements include $9,000 for a royalty
         engagement on EMI's recordkeeping performed in 2000 by David Berdon &
         Company, LLP.




                         PART II - OTHER INFORMATION
                         ---------------------------

              Items 1 through 6, inclusive, are not applicable.



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                                                                         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     JULY 23, 2001                          By:   MARCIA MARKOWSKI
     ----------------------                          ---------------------
                                                      HSBC Bank USA
                                                      Corporate Trustee