<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 SEPTEMBER, 30 1997 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 MARINE MIDLAND BANK, 140 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 MARCH 10, 1997          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, 1997 AND 1996

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                    Three Months Ended              Nine Months Ended
                                       September, 30                  September 30
                                    1997           1996           1997           1996
                                    ----           ----           ----           ----
<S>                              <C>            <C>            <C>             <C>
Receipts:
 Mills Music, Inc.               $ 326,735      $ 241,365      $ 813,904       $ 858,030
Undistributed cash at
 beginning of the period                13             20             20              30
Disbursements -
 administrative expenses           ( 6,273)      (  5,902)      ( 31,337)       ( 22,773)
                                    -------       --------      ---------       ---------
Balance available
 for distribution                  320,475        235,483        782,587         835,287
Cash distribution
 to unit holders                   319,786        235,472        781,898         835,276
                                  --------        -------        -------         -------
Undistributed cash at
 end of the period               $     689      $      11      $     689       $      11
                                  ========        =======        =======         =======
Cash distribution per
 unit (based on 277,712
  units outstanding)             $     1.15     $     .85      $    2.82       $    3.01
                                   ========      ========        =======         =======
</TABLE>

See accompanying Notes to Statements of Cash Receipts and Disbursements.
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                               MILLS MUSIC TRUST
            NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
        THREE MONTHS AND NINE MONTHS ENDED September 30, 1997 AND 1996

                                  (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 disbursements 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, Marine Midland Bank
          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
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                               MILLS MUSIC TRUST
            NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
         THREE MONTHS AND SIX MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                  (CONTINUED)

                                  (UNAUDITED)

          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 nine months ended
          September 30, 1997 and 1996.

<TABLE>
<CAPTION>
                                                   1997        1996
                                                  ------       -----
<S>                                               <C>         <C>
          Trustee Fees:
            Bernard D. Fischman                   $1,875      $1,875
            Marine Midland Bank                    1,250       1,875

          Marine Midland Bank - Transfer
            Agent and Registrar                    5,932           0
</TABLE>

NOTE 3.  ROYALTY EXAMINATION

                The Trust's claim against Belwin Mills Publishing Corporation,
          the former administrators of the Old Mills Catalogue, in connection
          with a royalty examination is pending. It cannot be determined at this
          time, what, if any, amount may ultimately be received by the Trust.

                Legal and accounting fees paid from inception (1987) through
          September 30, 1997 by the Trust in connection with this examination
          aggregate $75,438.

                No examinations of royalty information have been performed
          subsequent to February, 1987.

NOTE 4.  FEDERAL INCOME TAXES

                No provision for income taxes has been made since the liability
          is that of the unit holders and not the Trust.
<PAGE>   5
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                         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.
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                                  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, thereunto duly authorized.


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



Date    October 22, 1997           By:  BERNARD D. FISCHMAN
     --------------------               ---------------------------------
                                        Bernard D. Fischman, Trustee



Date    October 22, 1997           By:  MARCIA MARKOWSKI
     --------------------               ---------------------------------
                                               Marine Midland Bank
                                               Corporate Trustee