<PAGE>
                       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 SEPTEMBER 30, 2003         COMMISSION FILE NUMBER: 2-22997

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


               NEW YORK                                  13-6183792
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     (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 10018-2706
--------------------------------------------------------------------------------
(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 [ ]

NUMBER OF TRUST UNITS OUTSTANDING AS OF OCTOBER 31, 2003                277,712
                                                                       ---------
<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, 2003 AND 2002


                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                   Three Months Ended                 Nine Months Ended
                                      September 30                      September 30
                                -------------------------       ---------------------------
                                   2003            2002            2003            2002
                                ---------       ---------       -----------       ---------
<S>                             <C>             <C>             <C>               <C>
Receipts:

Mills Music, Inc.               $ 421,478       $ 228,381       $ 1,020,865       $ 563,381

Miscellaneous                          16                                16

Undistributed cash at
beginning of the period                50              51                50         335,044

Disbursements-
administrative expenses           (39,262)        (29,015)         (133,269)       (139,758)*
                                ---------       ---------       -----------       ---------

Balance available for
distribution                      382,282         199,417           887,662         758,667

Cash distribution to unit
holders                           382,215         199,366           887,595         758,616**
                                ---------       ---------       -----------       ---------

Undistributed cash at end
of the period                   $      67       $      51       $        67       $      51
                                =========       =========       ===========       =========

Cash distribution per unit
(based on 277,712 units
outstanding)                    $    1.38       $     .72       $      3.20       $    2.73
                                =========       =========       ===========       =========

Pro forma                                                                         $    1.73
                                                                                  =========
</TABLE>


      See accompanying Notes to Statements of Cash Receipts and Disbursements.

*     Includes $56,156 of administrative expenses paid in January 2002
      pertaining to 2001 income received December 31, 2001.

**    Includes $278,844 distributed in January, 2002 pertaining to 2001 income
      received December 31, 2001. Pro-forma distribution per unit reflects the
      $278,844 as if it were distributed in 2001.
<PAGE>
                                                                               3


                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
         THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (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 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
accounting principles generally accepted in the United States of America.

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, the corporate
trustee, also receives reimbursement for such services (including services
performed as Registrar and Transfer Agent of the Certificates representing
Units).
<PAGE>
                                                                               4


                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
         THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (CONTINUED)

                                   (UNAUDITED)

      The Declaration of Trust also 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.

Pursuant to these provisions, disbursements to related parties were made as
follows for the three months and nine months ended September 30, 2003 and 2002.

<TABLE>
<CAPTION>
                                   THREE MONTHS ENDED    NINE MONTHS ENDED,
                                      SEPTEMBER 30           SEPTEMBER 30
                                   ------------------    ------------------
                                     2003      2002        2003        2002
                                     ----      ----      ------      ------
<S>                                <C>         <C>       <C>         <C>
HSBC Bank USA:

   Trustee Fees                      $625      $625      $1,875      $1,875

   Transfer agent and registrar      $ 31      $ 62      $  125      $  188
</TABLE>


NOTE 4. ROYALTIES

      (a) During the quarter ended September 30, 2001 the Trust did not receive
any payment of the deferred contingent purchase price from EMI. EMI charged the
Trust with an adjustment for certain costs relating to copyright renewals
incurred over several years and a retroactive adjustment relating to a recent
court decision, which negatively affected all holders of U.S. copyrights.

            For the quarter ended December 31, 2001, EMI applied the debit
balance arising from the adjustment of the previous quarter to amounts owing for
that quarter and initially remitted approximately $60,000 to the Trust.

            After discussion between EMI and the Trust and the Trust's counsel,
EMI remitted an additional amount which brought the total for the each of the
quarters ended September 30, 2001 and December 31, 2001 to the $167,500 minimum
quarterly distributions. (See note 4(b)) EMI has taken the position that the
additional distributions would be considered advances against the future
contingent portion of earnings and the unrecouped copyright renewals. The Trust
has taken the position that such minimum distributions are due regardless of the
adjustment based upon the inclusion of gross royalty income of Related Companies
as defined in the relevant agreement. If EMI's position is correct, then future
income of the Trust will be impacted by the amount of such advances.
<PAGE>
                                                                               5


                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
         THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (CONTINUED)


NOTE 4. ROYALTIES (Continued)

            The Trust's former auditors evaluated the recasting of the
adjustment to years to which it pertained and the Trust submitted a letter to
EMI, which recasts the amount of future contingent royalty payment reductions
from $275,000 claimed by EMI to $155,000. The revision does not include the
unresolved contract issue of advance (EMI's position) versus entitlement (the
Trust's position). The Trust has yet to receive a definitive response from EMI.

            In the quarter ended September 30, 2002, the amount paid to the
Trust by EMI was net of approximately $244,000 of the balance of the adjustment
claimed by EMI. The Trust believes that the deduction should have been reduced
by approximately $120,000.

      (b)   The Trust received additional royalties from EMI on December 31,
            2001 relating to the quarters ended September 30, 2001 and December
            31, 2001. The Trust made distributions based upon its receipt of the
            additional royalties from EMI in January, 2002, after complying with
            the NASDAQ distribution notification requirements. In January 2002,
            the Trust made the distribution to unit holders of $278,844 ($1.00
            per unit), as well as paying Trustee fees, printing and legal and
            professional fees totaling $56,156, (of which approximately $33,000
            relates to the EMI matter previously discussed), resulting in
            undistributed cash of $44 at the end of January. The distribution
            and administrative fees have been reported in the Trust's 2002
            fiscal year. For federal income tax purposes, the January 2002
            distribution of cash received in 2001 was includable in the unit
            holder's 2001 taxable income.
<PAGE>
                                                                               6


                          PART I - FINANCIAL STATEMENTS

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


      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
approximately $949,000 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 generally provided an additional 20 years of
copyright protection. For works created by identified natural persons the term
now lasts from creation until 70 years after the author's death. For anonymous
works, pseudonymous works, and works made for hire, the term is 95 years from
publication or 120 years from creation, whichever expires first. For works
published before 1978 with existing copyrights as of the effective date of the
Act, the Act extends the term to 95 years from publication. In January 2003, the
U.S. Supreme Court upheld the constitutionality of the Act in the Eldred v.
Ashcroft decision, which affirmed a 2001 decision of the U.S. Court of Appeals
for the District of Columbia Circuit.

      The copyright laws provide that renewals vest 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, renewals vest 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 assign their respective interests in
the renewal rights to a publisher at the time of the
<PAGE>
                                                                               7


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 2002, 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 1962. This song listing indicates that
only one copyright of the top 50 songs will reach the 95 year expiration within
the next five years. 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.

      During the quarter ended September 30, 2001 the Trust did not receive any
payment of the deferred contingent purchase price from EMI. EMI charged the
Trust with an adjustment for certain costs relating to copyright renewals
incurred over several years and a retroactive adjustment relating to a recent
court decision, which negatively affected all holders of U.S. copyrights.

      For the quarter ended December 31, 2001, EMI applied the debit balance
arising from the adjustment of the previous quarter to amounts owing for that
quarter and initially remitted approximately $60,000 to the Trust.

      After discussion between EMI and the Trust and the Trust's counsel, EMI
remitted an additional amount which brought the total for the each of the
quarters ended September 30, 2001 and December 31, 2001 to the $167,500 minimum
quarterly distributions. EMI has taken the position that the additional
distributions would be considered advances against the future contingent portion
of earnings and the unrecouped copyright renewals. The Trust has taken the
position that such minimum distributions are due regardless of the adjustment
based upon the inclusion of the gross royalty income of Related Companies as
defined in the relevant agreement. If EMI's position is correct, then future
income of the Trust will be impacted by the recognition and amount of such
advances.

      The Trust's former auditors evaluated the recasting of the adjustment to
years to which it pertained and the Trust submitted a letter to EMI, which
recasts the amount of future contingent royalty payment reductions from $275,000
claimed by EMI to $155,000. The revision does not include the unresolved
contract issue of advance (EMI's position) versus entitlement (the Trust's
position). The Trust has yet to receive a definitive response from EMI.

      In the quarter ended September 30, 2002, the amount paid to the Trust by
EMI was net of approximately $244,000 of the balance of the adjustment claimed
by EMI.
<PAGE>
                                                                               8


The Trust believes that the deduction should have been reduced by approximately
$120,000.

      The Trust received additional royalties from EMI on December 31, 2001
relating to the quarters ended September 30, 2001 and December 31, 2001. The
Trust made distributions based upon the additional royalties from EMI in January
2002 after complying with the NASDAQ distribution notification requirements. In
January 2002, the Trust made the distribution to unit holders of $278,844 ($1.00
per unit), as well as paying Trustee fees, printing and legal and professional
fees totaling $56,156, (of which approximately $33,000 relates to the EMI matter
previously discussed), resulting in undistributed cash of $44 at the end of
January. These distributions and administrative fees are reported in the Trust's
2002 fiscal year. For federal income tax purposes, the January 2002 distribution
of cash received in 2001 will be includable in the unit holder's 2001 taxable
income.

Item 3.     Quantitative and Qualitative Disclosures About Market Risk.

            Not applicable.

Item 4.     Controls and Procedures

            Evaluation of Disclosure Controls and Procedures

            As of the end of the quarter covered by this Report, the Trust
carried out an evaluation of the effectiveness of the design and operation of
the Trust's disclosure controls and procedures under the supervision and with
the participation of the Trust's management, including the chief financial
individual providing accounting services and the trust officer of the corporate
trustee. Based on that evaluation, the chief financial individual providing
accounting services and the trust officer of the corporate trustee concluded
that the Trust's disclosure controls and procedures are effective.

            Disclosure controls and procedures are controls and other procedures
that are designed to ensure that information required to be disclosed in the
Trust's reports filed or submitted under the Securities Exchange Act of 1934 is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms. Disclosure controls
and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in the Trust's reports filed
under that Act is accumulated and communicated to management, including the
chief financial individual providing accounting services and the trust officer
of the corporate trustee, as appropriate to allow timely decisions regarding
required disclosure.
<PAGE>
                                                                               9


                           PART II - OTHER INFORMATION

               Items 1 through 5, inclusive, are not applicable.


Item 6      Exhibits and Reports on Form 8-K

      (a)   Documents Filed As Part of This Report

<TABLE>
<CAPTION>
   EXHIBIT NO.                           DESCRIPTION
   -----------                           -----------
<S>                   <C>
      31.1            Certification of the chief financial individual providing accounting
                      services (filed herewith)

      31.2            Certification of the trust officer of the corporate trustee (filed
                      herewith)

      32.1*           Certification pursuant to 18 U.S.C. Section 1350(a), (b) (furnished
                      herewith)*
</TABLE>

* The information furnished in Exhibit 32.1 shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, regardless of any general
incorporation language in such filing.

      (b)   Reports on Form 8-K

            None
<PAGE>
                                                                              10


                                   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: November 13, 2003                  By:  /s/  Marcia Markowski
      -----------------                      ------------------------------
                                             HSBC Bank USA
                                             Corporate Trustee