<PAGE>   1
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended December 2000              Omission 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
-------------------------------------------------------------------

Securities Registered Pursuant to Section 12(b) of the Act:

                         NONE
-------------------------------------------------------------------
                    (Title of Class)

Securities Registered Pursuant to Section 12(g) of the Act:

                          UNITS OF BENEFICIAL INTEREST
-------------------------------------------------------------------
                                (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 report), and (2) has been subject to such
filing requirements for at least the past 90 days.

                                YES    X     NO
                                    -------     -------

         As of March 22, 2001, 277,712 Trust Units were outstanding. The
aggregate market value of the Units of Mills Music Trust held by non-affiliates
was $6,491,518.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      NONE
<PAGE>   2
                                                                               2

                                     PART I

Item 1.  Business.

         Mills Music Trust (the "Trust") was created, by a Declaration of Trust
dated December 3, 1964, for the purpose of acquiring, from Mills Music, Inc.
("OLD Mills"), the rights to receive payment of a deferred contingent purchase
price obligation payable to OLD Mills. The purchase price obligation arose as
the result of the sale by OLD Mills of its musical copyright catalogue to a
newly formed company ("New Mills") pursuant to an Asset Purchase Agreement.

         In payment for the aforementioned catalogue, New Mills agreed in the
Asset Purchase Agreement to make quarterly payments to Old Mills (the
"Contingent Portion") measured by the royalty income generated from the
catalogue and, subject to certain limitations and conditions, from any
copyrights thereafter acquired by New Mills.

         The contingent Portion payable for each quarterly period to and
including the last quarter of 2009 is to be an amount equal to the excess, if
any, of (a) the gross royalty income from the exploitation of the purchased
copyrights during such period (whether received by New Mills, its affiliated
companies or any other party) over (b) the sum of (i) the greater of (x) 25% of
such gross royalty income or (y) the lesser of $87,500 (as adjusted for
inflation by reflecting changes in average weekly earnings of employees in the
printing, publishing and allied industries since 1964) or 30% of such gross
royalty income; and (ii) royalties required to be paid to composers, authors and
others with respect to the existing copyrights. If the Contingent Portion as so
computed is less than $167,500, then the Contingent Portion will be computed on
the basis of the gross royalty income and related expense of New Mills, its
affiliated companies and their successors and assigns during such period not
only from the exploitation of purchased copyrights, but also from any copyrights
originated or acquired by New Mills and its affiliated companies subsequent to
December 5, 1964 (with the deductions referred to in (i) and (ii) above) except
that, when computed in this manner, the Contingent Portion cannot exceed
$167,500. In addition, for any quarterly period in which the Contingent Portion
as calculated above exceeds $250,000, the percentage specified in (x) above is
increased to as high as 35% based upon gross royalties for the quarter.

         Commencing with the first quarter of the year 2010, the Contingent
Portion payable for each quarterly period is to be an amount equal to 75% of the
gross royalty income of New Mills and/or its affiliated companies and their
successors and assigns from the
<PAGE>   3
                                                                               3

exploitation of the existing copyrights for such period, less the related
royalty expense.

         The Asset Acquisition Purchase Agreement provides that the obligation
to make payments will terminate on the last day of the year in which the last
purchased copyright, or a renewal thereof, expires and cannot be renewed. When
the existing copyrights begin to expire, the size of each payment through the
year 2009 will become increasingly dependent on the success in which New Mills
has in acquiring and exploiting new copyrights.

         The composition of Old Mills Catalogue is estimated to be in excess of
25,000 titles of which approximately 1,500 are at present producing royalty
income. The majority of the royalty income generated by the catalogue in recent
years, however, was produced by a relatively small number of well-known songs,
many of which have remained popular and have generated substantial royalty
income over a long period of time.

         The Declaration of Trust prohibits the Trust from engaging in any
business; the Trust's sole activity is the receipt of the periodic installments
of the purchase price and the distribution thereof (after payment of expenses of
the Trust) to the owners of units of beneficial interest in the Trust.

ITEM 2. Properties.

         The administrative office of the Mills Music Trust is at 140 Broadway,
New York, New York 10005. No expense is being charged or paid for the office
space and office equipment that is being utilized by the Trust.

ITEM 3. Legal Proceedings

         NONE

ITEM 4. Submission of Matters to a Vote of Security Holders.

         NONE
<PAGE>   4
                                                                               4

                                     PART II

ITEM 5.  Is not applicable.

ITEM 6.  Selected Financial Data.

The following selected financial data for the years ended December 31, 2000
through 1996 are derived from the trust's audited financial statements. The data
set forth below should be read in connection with financial statements of the
Trust and the notes thereto and management discussions and analysis appearing
elsewhere herein.

<TABLE>
<CAPTION>
                                                                       Cash                          Cash
          Year Ended                  Receipts From                 Distributions                Distribution
          December 31,               Mills Music, Inc.             To Unit Holders                 Per Unit*
-------------------------------------------------------------------------------------------------------------
<S>                                  <C>                           <C>                           <C>
             2000                       $1,113,887                    $1,051,583                     $3.79

             1999                       $ 915,168                      $ 871,523                     $3.14

             1998                       $1,035,853                     $ 999,705                     $3.60

             1997                       $1,137,919                    $1,101,434                     $3.97

             1996                       $1,175,543                    $1,148,285                     $4.13
</TABLE>

* Based on the 277,712 Trust Units outstanding

ITEM 7.  Management's Discussion and Analysis of the Trust's Receipts.

         The Trust's receipts are derived principally from copyrights
established prior to 1964 and such receipts fluctuate based upon public interest
in the "nostalgia" appeal of older copyrighted 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.
<PAGE>   5
                                                                               5

         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 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
<PAGE>   6
                                                                               6

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.

ITEM 8.  Financial Statements.

            The financial statements begin on page 7 of this report.
<PAGE>   7

                                                                              7

[DAVID BERDON & CO. LLP LOGO]                       [HORWATH INTERNATIONAL LOGO]

415 MADISON AVENUE                                  ONE JERICHO PLAZA
NEW YORK, NY 10017-1178                             JERICHO, NY 11753-1635
TEL: (212) 832-0400                                 TEL: (516) 931-3100
FAX: (212) 371-1159                                 FAX: (516) 931-0034
www.dberdon.com



                          INDEPENDENT AUDITORS' REPORT

The Trustees and Unit Owners
Mills Music Trust


We have audited the accompanying statement of cash receipts and disbursements
of Mills Music Trust for each of the years in the three years ended December
31, 2000. This financial statement is the responsibility of the Trust's
management. Our responsibility is to express an opinion on this financial
statement based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statement is free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

As described in Note 1, this financial statement was prepared on the basis of
cash receipts and disbursements, which is a comprehensive basis of accounting
other than generally accepted accounting principles.

In our opinion, the financial statement referred to above presents fairly, in
all material respects, the cash receipts and disbursements of Mills Music Trust
for each of the years in the three year period ended December 31, 2000, on the
basis of accounting described in Note 1.


                                                  /s/ David Berdon & Co. LLP
                                                  Certified Public Accountants






<PAGE>   8
                                                                              8

                                MILLS MUSIC TRUST
                  STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS

                             YEARS ENDED DECEMBER 31

<TABLE>
<CAPTION>
                                                2000                   1999                  1998
---------------------------------------------------------------------------------------------------
<S>                                         <C>                   <C>                   <C>
Receipts from Mills Music, Inc.             $ 1,113,887           $   915,168           $ 1,035,853

   Total Receipts                           $ 1,113,887           $   915,168           $ 1,035,853

Undistributed Cash at Beginning                      31                    39                     8
   of Year

Disbursements -
   Administrative Expenses                      (62,284)              (43,653)              (36,117)
                                            -----------           -----------           -----------

Balance Available for Distribution            1,051,634               871,554               999,744

Cash Distributions to Unit Holders           (1,051,583)             (871,523)             (999,705)
                                            -----------           -----------           -----------

Undistributed Cash at
   End of the year                          $        51           $        31           $        39
                                            -----------           -----------           -----------

Cash Distributions Per Unit
 (based on the 277,712
  Trust Units Outstanding)                  $      3.79           $      3.14           $      3.60
                                            ===========           ===========           ===========
</TABLE>


         The Trust does not prepare a balance sheet or a statement of cash
flows.

    See accompanying Notes to Statements of Cash Receipts and Disbursements.
<PAGE>   9
                                                                              9

                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
                       THREE YEARS ENDED DECEMBER 31, 2000

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 payment 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 paid to composers, authors and others, and less
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 received during the preceding calendar
quarter. The payments received are accounted for on a cash basis, as are
expenses. 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 disbursements reflect only cash
transactions and do not include transactions that would be recorded in financial
statements presented on the accrual basis of accounting, as contemplated by
generally accepted accounting principles.

Note 2.  Federal Income Taxes

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

Note 3.  Related Party Transactions

         The Declaration of Trust provides that each trustee shall receive
annual compensation of $2,500 per year for 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, and reimbursement for expenses
reasonably incurred in the performance of their duties. 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 (formerly
Marine Midland Bank), the corporate trustee, also receives reimbursement for
such services (including services performed as Registrar and Transfer Agent of
the Certificates representing Units).

         The Declaration of Trust also provides, that if in the future any
<PAGE>   10
                                                                             10

                                MILLS MUSIC TRUST
        NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTINUED)
                       THREE YEARS ENDED DECEMBER 31, 2000

trustee performs unusual or extraordinary services, reasonable compensation for
such services shall be paid, subject to certain limitations and to prior
confirmation by a majority in interest of Trust Certificate holders.

Note 3.  Related Party Transactions (continued).

         Pursuant to these provisions, disbursements were made as follows for
the years ended December 31:

<TABLE>
<CAPTION>
Trustees                                2000            1999              1998
--------                               -------         -------          --------
<S>                                   <C>              <C>              <C>
  HSBC Bank USA (formerly
  Marine Midland Bank)                $ 2,500          $ 2,500          $ 2,500
  Bernard Fischman                      2,500            2,500            2,500

HSBC Bank USA (formerly
Marine Midland Bank) as
registrar and transfer agent           10,116            5,542            5,839
</TABLE>

Note 4.  Royalties

         (a) The original (1964) Asset Purchase 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 this amount. The trustees are contemplating what, if any, actions will be
taken regarding this deduction.
<PAGE>   11
                                                                             11

                                MILLS MUSIC TRUST
        NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTINUED)
                       THREE YEARS ENDED DECEMBER 31, 2000


Note 5.  Royalty Examination

         In 2000, the Trustees requested David Berdon & Co. LLP, the Trust's
auditors, to undertake a limited-scope royalty engagement to evaluate certain of
the record keeping and reporting processes of EMI, the current owner and
administrative entity for the copyrighted materials, subject to the Trust
agreement. This engagement is in-process, awaiting certain information from EMI
relating to their processing of foreign royalty payments.
<PAGE>   12
                                                                             12


ITEM 9.  Is not applicable.

                                    PART III

ITEM 10.  Directors of the Registrant.

         Bernard D. Fischman is the individual Trustee and HSBC Bank USA
(formerly Marine Midland Bank) is the Corporate Trustee of the Registrant. The
Trustees serve until their removal, resignation, incapacity, or in the case of
individual Trustees, their death.

         Mr. Fischman, age 85, has served as a trustee since December, 1964. He
is an attorney and of counsel to the firm of LeBoeuf, Lamb, Greene & MacRae.

         HSBC Bank USA has been the corporate trustee since February, 1965 and
is a national banking association organized under the laws of the Unites States.

ITEM 11.  Executive Compensation.  See Item 13.


ITEM 12.  Security Ownership of Certain Beneficial Owners and Management.

(a)      Security Ownership of Certain Beneficial Owners.

         To the best knowledge of the Trustees, the only persons who
beneficially own more than 5% of the Trust Units are as follows:

<TABLE>
<CAPTION>
                                                                         Percent
Name and Address of                          Number of                   of Units
Beneficial Owner                            Units Owned                Outstanding
----------------                            -----------                -----------
<S>                                         <C>                        <C>
MPL Communications, Ltd.
39 West 54th Street
New York, New York 10019                    79,609 Units                 28.67%

Cede & Co.
Fast Cod Balance
P.O. Box 20
Bowling Green Station
New York, New York 10004                    136,470 Units                49.14%
</TABLE>

(b)      Security Ownership of Management.

         The present Trustees have beneficial ownership in the Trust as follows:

<PAGE>   13
                                                                             13


<TABLE>
<CAPTION>
                                           Nature of                 Percentage
                                           Beneficial                 of Units
   Trustee                                 Ownership                 Outstanding
   -------                                 ---------                 ------------
<S>                                        <C>                       <C>
Bernard D. Fischman                        351 Units                    .13%
                                           (Sole Owner)

HSBC Bank USA                              None                         None
</TABLE>


(c)      Changes in Control.

         The Trustees know of no contractual arrangements which may result in a
change in control of the Trust at a subsequent date.

ITEM 13.  Certain Relationships and Related Transactions.

         Remunerations of Directors and Officers.

         The Declaration of Trust provides that each trustee shall receive
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, and reimbursement for expenses
reasonably incurred in the performance of his duties. 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 also receives
reimbursement for such services (including services performed as Registrar and
Transfer Agent of the Certificates representing Units). The Declaration of Trust
further provides that if in the future 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 majority in
interest of Trust Certificate holders. During 2000, pursuant to these
provisions, Bernard D. Fischman received $2,500 and HSBC Bank USA $2,500.
<PAGE>   14
                                                                             14


                                     PART IV

ITEM 14.  Exhibits, Financial Statements Schedules and Reports on Form 8-K

<TABLE>
<CAPTION>
                                                                         Page
                                                                         ----
<S>                                                                       <C>
(a)  1.   Financial Statements                                             7

Statements of cash receipts and disbursements -
  years ended December 31, 2000, 1999 and 1998                             8

Notes to statements of cash receipts and disbursements.                   9-11

     2.   Financial Statement Schedules                                   None

     3.   Exhibits                                                        None
</TABLE>
<PAGE>   15
                                                                             15


                                   SIGNATURES

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

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


                                         By:    BERNARD D. FISCHMAN
                                            ----------------------------
                                            Bernard D. Fischman, Trustee


                                         By:    HSBC Bank USA
                                            ----------------------------
                                             HSBC Bank USA
                                             Corporate Trustee

Dated as of March 23, 2001


         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.