<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 SEPTEMBER 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 SEPTEMBER 5, 2000    277,712
                                                            ---------


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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 NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                          Three Months Ended                          Nine Months Ended
                                                             September 30                               September 30
                                                  -----------------------------------         ----------------------------------
                                                       2000                1999                   2000                1999
                                                       ----                ----                   ----                ----
<S>                                               <C>                <C>                     <C>                  <C>
Receipts:
Mills Music, Inc.                                   $ 335,399           $ 225,547              $ 884,885            $ 759,444

Undistributed cash at
beginning of the period                                    31                  26                     31                   39

Disbursements-
administrative expenses
                                                      (11,273)            (11,609)               (47,603)             (35,640)
                                                    ---------           ---------              ---------            ---------

Balance available for
distribution
                                                      324,157             213,964                837,313              723,843

Cash distribution to unit
holders
                                                      324,118             213,939               837 ,274              723,818
                                                    ---------           ---------              ---------            ---------

Undistributed cash at end
of the period
                                                    $      39           $      25              $      39            $      25
                                                    =========           =========              =========            =========

Cash distribution per unit
(based on 277,712 units
outstanding)
                                                    $    1.17           $     .77              $    3.01            $    2.61
                                                    =========           =========              =========            =========
</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 NINE MONTHS ENDED SEPTEMBER 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 NINE MONTHS ENDED SEPTEMBER 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 nine months ended
September 30, 2000 and 1999.


<TABLE>
<CAPTION>
                                       2000          1999
                                    -----------   -----------
<S>                                   <C>          <C>
Trustee Fees:
   Bernard D. Fischman                $1,875       $1,875
   HSBC Bank USA                       1,875        1,875

HSBC Bank USA
   Transfer agent and registrar       $5,367       $5,687

</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


<PAGE>   5



quarter of 2000. Even though it was required to do so, EMI did not utilize the
revised 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 October    , 2000                       By:   BERNARD D. FISCHMAN
                                               -----------------------------
                                                Bernard D. Fischman, Trustee



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