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                       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 June 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 l5 (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 SIX MONTHS ENDED JUNE 30, 1997 AND 1996
            --------------------------------------------------------
                                   (UNAUDITED)



                              Three Months Ended             Six Months Ended
                                   June 30,                      June 30,
                              ------------------             ----------------
                              1997         1996             1997         1996
                              ----         ----             ----         ----
Receipts:
 Mills Music, Inc.          $227,996     $220,232        $487,169     $616,665

Undistributed Cash
 at beginning of 
 the period                       13           24              20           30

Disbursements - 
administrative expenses     ( 14,213)    (  5,231)       (  25,063)   ( 16,871)
                            --------     ---------        ---------    -------- 

Balance available
 for distribution            213,796      215,025          462,126     599,824

Cash distribution
 to unit holders             213,783      215,005          462,113     599,804
                             -------      -------          -------     -------
Undistributed cash at 
 end of the period          $     13     $     20        $      13    $     20
                            ========     ========        =========    ========

Cash distribution per 
 unit (based on 277,712
  units outstanding)        $    .77     $    .77        $    1.66    $   2.16
                            ========     ========        =========    ========





See accompanying Notes to Statements of Cash Receipts and Disbursements.




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Page 3

                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
            THREE MONTHS AND SIX MONTHS ENDED JUNE 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 52,500 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 JUNE 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 six months ended June 30,
        1997 and 1996.

                                             1997                 1996
        Trustee Fees:                        ----                 ----
          Bernard D. Fischman              $1,250               $1,250
          Marine Midland Bank               1,250                1,250

        Marine Midland Bank - Transfer
          Agent and Registrar               5,932                    0

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
        June 30, 1997 by the Trust in connection with this examination aggregate
        $57,438.

                 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.




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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  July 17, 1997                        By:       BERNARD D. FISCHMAN
                                                    ----------------------------
                                                    Bernard D. Fischman, Trustee

  Date  July 17, 1997                        By:          MARCIA MARKOWSKI
                                                    ----------------------------
                                                        Marine Midland Bank
                                                        Corporate Trustee