<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 MARCH 31, 1998  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, 1998    277,712
<PAGE>   2
                                                                          Page 2

                          PART I - FINANCIAL STATEMENTS

Item 1.  Financial Information

                                MILLS MUSIC TRUST
                  STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
                   THREE MONTHS ENDED MARCH 31, 1998 AND 1997

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                  Three Months Ended
                                       March 31
                                 ---------------------
                                 1998             1997
                                 ----             ----
<S>                            <C>             <C>
Receipts:
Mills Music, Inc.              $199,882        $259,173
                               --------        --------

Total Receipts                  199,882         259,173

Undistributed cash
 at beginning of
 the period                           8              20

Disbursements -
administrative expenses        ( 12,270)       ( 10,850)
                               --------        --------

Balance available
 for distribution               187,620         248,343

Cash distribution
 to unit holders                187,620         248,330
                               --------        --------
Undistributed cash at
  end of the period            $      0        $     13
                               ========        ========
Cash distribution per
 unit (based on 277,712
   units outstanding)          $  .6756        $  .8942
                               ========        ========
</TABLE>

See accompanying Notes to Statements of Cash Receipts and Disbursements.
<PAGE>   3
                                                                          Page 3

                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
                   THREE MONTHS ENDED MARCH 31, 1998 AND 1997

                                   (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
<PAGE>   4
                                                                          Page 4

                                MILLS MUSIC TRUST
             NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
                   THREE MONTHS ENDED MARCH 31, 1998 AND 1997

                                   (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 three months ended March 31, 1998 and 1997.

<TABLE>
<CAPTION>
                                                     1998        1997
                                                     ----        ----
<S>               <C>                               <C>         <C>
                  Trustee Fees:
                      Bernard D. Fischman            $625        $625
                      Marine Midland Bank             625         625
</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 March 31, 1998 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
                                                                          Page 5

                          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.
<PAGE>   6
                                                                          Page 6

                                   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    April 22, 1998                    By:     BERNARD D. FISCHMAN
     ----------------------                   -----------------------
                                              Bernard D. Fischman, Trustee

Date    April 22, 1998                    By:      MARCIA MARKOWSKI
     -----------------------                  ---------------------
                                              Marine Midland Bank
                                              Corporate Trustee