<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 MARCH 31, 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, 140 BROADWAY, NEW YORK, NY                         10005
(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 MARCH 31, 2001    277,712

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                                                                               2


                          PART I - FINANCIAL STATEMENTS

Item 1. Financial Information

                                MILLS MUSIC TRUST
                  STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                          Three Months Ended
                                              March 31
                                      ------------------------
                                         2001           2000
                                      ---------      ---------
<S>                                   <C>            <C>
Receipts:
Mills Music, Inc.                     $ 356,436      $ 351,767

Undistributed cash at beginning
of the period                                51             31

Disbursements- administrative
expenses                                (13,285)       (14,125)
                                      ---------      ---------

Balance available for
distribution                            343,202        337,673

Cash distribution to unit holders       343,141        337,642
                                      ---------      ---------

Undistributed cash at end of the
period                                $      61      $      31
                                      =========      =========
Cash distribution per unit (based
on 277,712 units outstanding)         $    1.24      $    1.22
                                      =========      =========
</TABLE>


See accompanying Notes to Statements of Cash Receipts and Disbursements.

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                                                                               3


                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
                   THREE MONTHS ENDED MARCH 31, 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

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                                                                               4


                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
                   THREE MONTHS ENDED MARCH 31, 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 three months ended March 31, 2001 and 2000.


<TABLE>
<CAPTION>
                                      2001       2000
                                    ------     ------
<S>                                 <C>        <C>
Trustee Fees:
   Bernard D. Fischman              $  625     $  625
   HSBC Bank USA                       625        625

HSBC Bank USA
   Transfer agent and registrar     $   22     $5,268
</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 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 royalty
         calculation and, therefore, was not entitled to deduct

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                                                                               5


         this amount. The trustees are contemplating what, if any, actions will
         be taken regarding this deduction.

                  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>   6
                                                                               6


                          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

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                                                                               7


         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.


                           PART II - OTHER INFORMATION

                Items 1 through 6, inclusive, are not applicable.

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                                                                               8


                                   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 April 25, 2001                        By:      BERNARD D. FISCHMAN
                                                -------------------------------
                                                  Bernard D. Fischman, Trustee



Date April 25, 2001                        By:        MARCIA MARKOWSKI
                                                -------------------------------
                                                      HSBC Bank USA
                                                      Corporate Trustee