Mills Music Trust is a passive legal entity that exists solely to receive and distribute royalty-derived payments to its unit holders. The Trust's origins trace to a 1964 transaction in which the original Mills Music sold its copyright catalogue — over 12,000 titles — to what is now EMI, while retaining the right to receive a contractual share of future royalty income from that catalogue. EMI, currently administered by Sony/ATV, collects royalties from the catalogue and remits a formulaic share (the "Contingent Portion") to the Trust quarterly. The Trust then distributes essentially all of that cash to unit holders, net of expenses. The Trust cannot engage in any business activity and employs no meaningful staff. Its cash flows depend on how frequently the copyrighted songs are licensed, the formula used to calculate the Contingent Portion, and the remaining duration of copyright protection on the songs. In practice, only about 1,430 of the 12,000+ titles generate royalty income, and income is concentrated in a small number of Christmas and jazz standards — Sleigh Ride and Little Drummer Boy alone generated over $2M in gross royalties in 2025. The Trust's income stream faces structural, long-term decline as copyrights expire and songs enter the public domain, with several top earners set to lose U.S. copyright protection within the next few years.