0001193125-19-220805.txt : 20190814 0001193125-19-220805.hdr.sgml : 20190814 20190814110517 ACCESSION NUMBER: 0001193125-19-220805 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 30 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190814 DATE AS OF CHANGE: 20190814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MILLS MUSIC TRUST CENTRAL INDEX KEY: 0000066496 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 136183792 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-02123 FILM NUMBER: 191023973 BUSINESS ADDRESS: STREET 1: 1001 AVENUE OF THE AMERICAS STREET 2: 2ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 2128685781 MAIL ADDRESS: STREET 1: 1001 AVENUE OF THE AMERICAS STREET 2: 2ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 10-Q 1 d779020d10q.htm 10-Q 10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file Number — 000-02123

 

 

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 HSBC Bank USA, N.A. Corporate Trust Issuer Services,

452 Fifth Avenue, New York, New York 10018-2706

(Address of principal executive offices and ZIP Code)

(Registrant’s telephone number, including area code) (212) 525-1349

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange

on which registered

N/A   N/A   N/A

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  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ☐    Accelerated filer   ☐
Non-accelerated filer   ☐    Smaller reporting company   ☒
     Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of the Registrant’s Trust Units outstanding as of June 30, 2019 was 277,712.

 

 

 

Table of Contents

TABLE OF CONTENTS

 

PART I — FINANCIAL STATEMENTS

      3  

ITEM 1. FINANCIAL STATEMENTS

      3  

ITEM  2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

      6  

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

      8  

ITEM 4. CONTROLS AND PROCEDURES

      8  

PART II — OTHER INFORMATION

      9  

ITEM 1. LEGAL PROCEEDINGS

      9  

ITEM 1A. RISK FACTORS

      9  

ITEM 2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

      9  

ITEM 3. DEFAULT UPON SENIOR SECURITIES

      9  

ITEM 4. MINE SAFETY DISCLOSURES

      9  

ITEM 5. OTHER INFORMATION

      9  

ITEM 6. EXHIBITS

      9  

SIGNATURES

      10  

 

2

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PART I — FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

MILLS MUSIC TRUST

STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS

THREE AND SIX MONTHS ENDED

JUNE 30, 2019 AND JUNE 30, 2018

(UNAUDITED)

 

     Three Months
Ended June 30		     Six Months
Ended June 30		  
     2019     2018     2019     2018  

Undistributed Cash—Beginning of period

    $ 65     $ 65     $ 65     $ 65  

Proceeds from Contingent Portion Payments

      1,296,975 (1)      372,519 (2)      1,435,466 (1)      506,153 (2) 

General and Administrative Expenses

      (118,823 )      (71,899 )      (177,720 )      (133,363 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance Available for Distribution

      1,178,217       300,685       1,257,811       372,855  

Cash Distributions to Unit Holders

      (1,178,152 )      (300,620 )      (1,257,746 )      (372,790 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Undistributed Cash—End of period

    $ 65     $ 65     $ 65     $ 65  
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash Distributions per Trust Unit (based on 277,712 Trust Units Outstanding)

    $ 4.24     $ 1.08     $ 4.53     $ 1.34  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

The proceeds received by the Trust for the three and six months ended June 30, 2019 include an audit settlement pursuant to which EMI agreed to pay the Trust $1,000,000. For further information see “Recent Audit Settlement Payment” under Part I — Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

 

(2)

The proceeds received by the Trust for the three and six months ended June 30, 2018 include an overpayment in the amount of $32,967.

The accompanying notes are an integral part of the unaudited financial statements.

The Trust does not prepare a balance sheet or a statement of cash flows.

 

3

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MILLS MUSIC TRUST

NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS

THREE AND SIX MONTHS ENDED

JUNE 30, 2019 AND JUNE 30, 2018

(UNAUDITED)

NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Background

Mills Music Trust (the “Trust”) was created by a Declaration of Trust, dated December 3, 1964 (the “Declaration of Trust”), for the purpose of acquiring from Mills Music, Inc. (“Old Mills”), the rights to receive payment of a deferred contingent purchase price obligation (the “Contingent Portion”) payable to Old Mills. The obligation to pay the Contingent Portion arose as the result of the sale by Old Mills of its music and lyric copyright catalogue (the “Catalogue”) to a newly formed company pursuant to an asset purchase agreement dated December 5, 1964 (the “Asset Purchase Agreement”). Pursuant to the Asset Purchase Agreement, payment of the Contingent Portion to the Trust continues until the end of the year in which the last copyright in the Catalogue expires and cannot be renewed.

The Contingent Portion amounts are currently payable by EMI Mills Music Inc. (“EMI”), the owner of the copyrighted materials contained in the Catalogue. The Trust has been advised that Sony/ATV Music Publishing LLC is the administrator and manager of EMI and the Catalogue.

HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust (the “Corporate Trustee”), and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust (the “Individual Trustees” and together with the Corporate Trustee, the “Trustees”).

Proceeds from Contingent Portion Payments

The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the registered owners of Trust certificates (the “Unit Holders”) representing interests in the Trust (the “Trust Units”), after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities.

Payments of the Contingent Portion to the Trust are based on royalty income which the Catalogue generates. The Trust does not own the Catalogue or any copyrights or other intellectual property rights and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its best efforts to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation, in accordance with the terms of the Asset Purchase Agreement.

The amount of each payment of the Contingent Portion is based on a formula set forth in the Asset Purchase Agreement. For information regarding the calculation of the Contingent Portion and a related dispute between EMI and the Trust see “Contingent Portion Payments” under Part I — Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

Cash Distributions to Unit Holders

The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust. For information regarding cash disbursements made to Unit Holders for the three and six months ended June 30, 2019 and June 30, 2018 see the table headed “Statement of Cash Receipts and Disbursements” under Part I — Item 1, “Financial Statements”.

The Copyright Catalogue

The Catalogue is estimated to be composed of over 25,000 music titles (the “Copyrighted Songs”), of which approximately 1,600 produced royalty income in recent years. EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2018 calendar year (the “Top 50 Songs”), together with certain copyright information with respect to each of the Top 50 Songs (the “2018 Listing”). A copy of the 2018 Listing, as provided by EMI, is included in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2018. The 2018 Listing does not include any information regarding Copyrighted Songs for the 2019 calendar year.

 

4

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Accounting Policies

Payments to the Trust of the Contingent Portion are typically made in March, June, September and December for the prior calendar quarter. The payments received are accounted for on a cash basis, as are expenses of the Trust. The Declaration of Trust provides for the distribution of the amounts it receives in Contingent Portion payments to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.

The Trust’s financial statements 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 generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.

NOTE 2. 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. GOVERNANCE OF THE TRUST

The Trust does not have, nor does the Declaration of Trust provide for, officers, a board of directors or any employees. HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust, and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust. Pursuant to the Declaration of Trust, Trustees of the Trust serve until their removal, resignation, incapacity, or in the case of Individual Trustees, their death.

On December 23, 2014, the Trust adopted a code of ethics (as defined in Item 406 of Regulation S-K under the Securities Exchange Act of 1933) applicable to the Individual Trustees and the trust officers of the Corporate Trustee. A copy of the Code of Ethics will be provided to any person without charge upon written request to the Trust at its administrative office, c/o HSBC BANK USA, N.A., Corporate Trust, Issuer Services, 452 Fifth Avenue, New York, NY. In addition, the Trust relies on the Corporate Trustee to abide by HSBC Bank, USA, N.A.’s Statement of Business Principles and Code of Ethics, which is available on the Corporate Trustee’s website at http://www.us.hsbc.com.

The Trust is not a corporate entity and thus does not have an Audit Committee. The Trust has established a policy with regard to audit, audit-related and certain non-audit engagements of its independent auditors. Under this policy, the Trust annually approves certain limited, specified recurring services which may be provided by the Trust’s accountant or independent auditors. All other engagements for services to be performed by the Trust’s independent auditors must be separately pre-approved by the Trust. Joel Faden of Schulman Lobel et al. LLP acts as Chief Financial Individual providing accounting services for the Trust.

NOTE 4. RELATED PARTY TRANSACTIONS

The Trustees are paid in accordance with the Declaration of Trust, which provides that each Trustee shall receive annual compensation of $2,500, provided that such aggregate compensation to the Trustees as a group may not exceed 3% of the Contingent Portion amounts received by the Trust in any year. The Declaration of Trust also provides for the reimbursement of expenses reasonably incurred in the performance of a Trustee’s duties to the Trust, including clerical and administrative services. Accordingly, the Trustees are entitled to receive annual compensation and reimbursement for services performed for the Trust, including the Corporate Trustee’s services as the Registrar and Transfer Agent of the certificates representing the Trust Units. The Declaration of Trust also provides that if a Trustee performs unusual or extraordinary services, reasonable compensation for such services shall be paid, subject to the terms and conditions of the Declaration of Trust.

Pursuant to the Declaration of Trust, disbursements were made as follows to the Trustees for the three and six months ended June 30, 2019 and June 30, 2018:

 

     Three Months
Ended June 30		      Six Months
Ended June 30		  
     2019      2018      2019      2018  

Corporate Trustee Fees and Expenses

    $ 625      $ 625      $ 1,250      $ 1,250  

Individual Trustee Fees and Expenses

      1,250        1,250        2,500        2,500  

Transfer Agent and Registrar(1)

      3,750        3,750        7,500        7,500  

 

(1)

These services are performed by the Corporate Trustee.

 

5

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The administrative office of the Trust is located at the offices of the Corporate Trustee, HSBC Bank, USA, N.A., Corporate Trust Issuer Services, 452 Fifth Avenue, New York, New York 10018. Except for fees paid to the Corporate Trustee in accordance with the Declaration of Trust, no expense is being charged or paid by the Trust for the office space and office equipment of the Corporate Trustee that is being utilized for the Trust.

NOTE 5. SUBSEQUENT EVENTS

None.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Copyright Catalogue

The Catalogue is estimated to be composed of over 25,000 music titles, of which approximately 1,600 produced royalty income in recent years. Based on the 2018 listing, the Trust’s receipts are derived principally from copyrights established prior to 1958 in the Unites States. The receipts fluctuate based on consumer interest in the nostalgia appeal of older songs and the overall popularity of the songs contained in the Catalogue. The Catalogue also generates royalty income in Canada and other foreign countries in which copyright is claimed.

A number of factors create uncertainties with respect to the Catalogue’s ability to continue to generate royalty income on a continuing, long-term basis for the Trust. These factors include: (i) the effect that foreign and domestic copyright laws and any changes thereto have or will have on renewal rights (e.g., vesting of renewal term rights), (ii) the length of the term of copyright protection under foreign and domestic copyright laws, (iii) reversionary rights that may affect whether EMI is able to retain its rights to the Copyrighted Songs during certain renewal terms (e.g., statutory termination of transfers or “copyright recapture”) and (iv) ongoing disputes regarding the payment and calculation of the Contingent Portion.

The Trust does not own the Catalogue or any copyrights or other intellectual property rights and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its best efforts to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust in accordance with its Contingent Portion payment obligation.

The Trust’s income is dependent, in part, on EMI’s ability to maintain its rights in the Copyrighted Songs through copyright protection. As the copyrights for the Copyrighted Songs expire, less royalty income will be generated and the size of each payment of the Contingent Portion will be reduced accordingly.

Based on the 2018 listing, the Top 50 Songs obtained copyright registration under the United States Copyright Act of 1909 (the “1909 Act”) between 1918 and 1958. For copyrighted works subject to the 1909 Act, copyright law generally provides for a possible 95 years of copyright protection, subject to certain factors, including the initial registration date of each copyright and compliance with certain statutory provisions including notice and renewal. The Copyright expiration dates for the Top 50 Songs range between 1997 and 2072, as set forth in the 2018 Listing.

The Copyrighted Songs are subject to statutory rights of termination of transfers, which may impact whether EMI is able to retain its ownership of the Copyrighted Songs during their respective terms of copyright protection. For copyrights governed by the 1909 Act, this termination right vests at the end of two different renewal terms, which vary for each Copyrighted Song. As the owner of the Catalogue, EMI (and not the Trust) is responsible for administrating the Catalogue and seeking renewals of the Copyrighted Songs. The Asset Purchase Agreement provides that EMI is obligated to use its best efforts to secure renewals.

Contingent Portion Payments

Payments of the Contingent Portion to the Trust are ordinarily made on a quarterly basis, approximately two to three months after a quarter ends. The Trust distributes the amounts it receives in Contingent Portion payments to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.

The amount of each payment of the Contingent Portion is based on a formula provided in the Asset Purchase Agreement. Prior to the first quarter of 2010, the Contingent Portion was calculated as an amount ranging from 65% to 75% of gross royalty income from the exploitation of the Catalogue for each quarterly period, less royalty expenses. In addition, the Contingent Portion was guaranteed to be at least a minimum of $167,500 per quarter (the “Minimum Payment Obligation”).

 

6

Table of Contents

Beginning with the first quarter of 2010, the Asset Purchase Agreement provides for certain changes with respect to the calculation of the Contingent Portion. One such change is that the Minimum Payment Obligation is no longer in effect. The Trust is also of the view that the Contingent Portion payable to the Trust changed to a fixed 75% of gross royalty income from the exploitation of the Catalogue for each quarterly period, less royalty related expenses (the “New Calculation Method”). However, EMI has disputed that the New Calculation Method is the correct interpretation of the Asset Purchase Agreement. As a result of the New Calculation Method not being applied, EMI’s payments of the Contingent Portion have been deficient, in the Trust’s view, by the following amounts (the “Underpayments”):

 

Quarterly Payment Period

    Amount of
Deficiency		  

March 31, 2016

    $ 79,889  

September 30, 2016

    $ 37,529  

March 31, 2017

    $ 85,359  

September 30, 2017

    $ 41,557  

March 31, 2018

    $ 98,901  

September 30, 2018

    $ 75,712  

March 31, 2019

    $ 71,489  
  

 

 

  

Total

    $ 490,436  

As of the date hereof, the Trust has not received the Underpayments. The Trust can offer no assurance that it will be able to recover any of the Underpayments or that it will resolve the dispute relating to the New Calculation Method with respect to future payments of the Contingent Portion.

Recent Audit Settlement Payment

In January 2016, the Trustees engaged Prager Metis CPAs, LLC (“Prager”), an accounting firm specializing in auditing royalty income, to conduct a special audit of the books and records of EMI administered by Sony/ATV to determine if payments of the Contingent Portion by EMI have been properly made in accordance with the Asset Purchase Agreement during the period beginning on October 1, 2011 and ending on December 31, 2015 (the “Audit Period”). Prager’s final report (the “Prager Report”) was delivered to Sony/ATV on August 14, 2017. The audit cost the Trust an aggregate of $130,284, all of which has been paid to date. The Prager Report identified multiple asserted royalty omissions and expense over-deductions from the Contingent Portion during the Audit Period.

As of April 23, 2019, EMI, the Trust and the Trustees entered into an audit settlement agreement pursuant to which EMI agreed to pay the Trust $1,000,000 in full and final settlement (the “Settlement”) of (i) all Trust claims related to the underpayments identified by the Prager Report and (ii) that portion of the Underpayments attributable to the Audit Period. The Settlement does not cover any claims for any periods of time after expiration of the Audit Period, nor does it adjust the parties’ entitlements arising from the consequences of any future writer royalty underpayment audits relating to the Audit Period.

Recent Contingent Portion Payment

On May 30, 2019, the Trust received $296,975 ($1.0693 per Trust Unit) from EMI for royalty income generated by the Catalog during the first quarter of 2019, as compared to $372,519 ($1.3414 per Trust Unit) for the payment attributable to the first quarter of 2018.

Recent Distributions to Unit Holders

On June 21, 2019, the Trust made a distribution of $1,178,152 ($4.2423 per Trust Unit) to the Trust’s Unit Holders of record at the close of business on June 20, 2019. For computation details regarding the distribution please refer to the quarterly distribution report, dated June 21, 2019, attached as Exhibit 99.1 to the Current Report on Form 8-K, filed by the Trust with the Securities and Exchange Commission on June 21, 2019.

Cash and Administrative Expenses

As of July 18, 2019, the Trust was holding $65 in cash and had received invoices for an aggregate of $16,216 in unpaid administrative expenses for services rendered to the Trust.

Inflation

The Trust does not believe that inflation has materially affected its activities.

 

7

Table of Contents

Liquidity and Capital Resources

The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust.

See the table headed “Statement of Cash Receipts and Disbursements” under Part 1 — Item 1, “Financial Statements” for information regarding cash disbursements made to Unit Holders during the three and six months ended June 30, 2019 and June 30, 2018.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Trust’s financial condition, changes in financial condition, revenues or expenses, results of operations or liquidity that is material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable

ITEM 4. CONTROLS AND PROCEDURES

Controls and Procedures

As of the end of the period covered by this quarterly report, the Trust carried out an evaluation of the effectiveness of the design and operation of the Trust’s “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) under the supervision and with the participation of the Trust’s management, including the chief financial individual providing accounting services and the trust officers 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 Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC’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 the Exchange Act is accumulated and communicated to Trust’s management, including the chief financial individual providing accounting services and the trust officer of the Corporate Trustee, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting (as such term in defined in Rule 13a-15(f) under the Exchange Act) during the fiscal period covered by this quarterly report that materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

 

8

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PART II — OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

None.

 

ITEM 1A.

RISK FACTORS

Not applicable.

 

ITEM 2.

UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

 

ITEM 3.

DEFAULT UPON SENIOR SECURITIES

None.

 

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable.

 

ITEM 5.

OTHER INFORMATION

None.

 

ITEM 6.

EXHIBITS

 

Exhibit
No.

   

Description

  31.1    Certification by the Chief Financial Individual providing accounting services pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
  31.2    Certification by the trust officer of the Corporate Trustee pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
  32.1*    Certification by the Chief Financial Individual providing accounting services pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
  32.2*    Certification by the trust officer for the Corporate Trustee Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101.1NS    XBRL Instance Document
101.SCH    XBRL Schema Document
101.CAL    XBRL Calculation Linkbase Documents
101.DEF    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB    XBRL Labels Linkbase Documents
101.PRE    XBRL Presentation Linkbase Documents

 

*

Furnished, not filed

 

9

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

 

August 14, 2019    

Mills Music Trust

(Registrant)

    By:  

/s/ Jane Yang

      Jane Yang
     

Trust Officer of the Corporate Trustee

HSBC Bank USA, NA

 

10

EX-31.1 2 d779020dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Joel Faden, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Mills Music Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; *

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

*

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. The Trust is required to distribute all funds received. Accordingly, the Trust has not prepared any statements of financial condition or cash flows.

 

August 14, 2019   

/s/ Joel Faden

   Joel Faden
   Chief Financial Individual (principal financial officer)
   Schulman Lobel et al. LLP
 EX-31.2 3 d779020dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jane Yang, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Mills Music Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; *

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

*

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. The Trust is required to distribute all funds received. Accordingly, the Trust has not prepared any statements of financial condition or cash flows.

 

August 14, 2019   

/s/ Jane Yang

   Jane Yang
   Trust Officer of The Corporate Trustee
   HSBC Bank USA, N.A.
 EX-32.1 4 d779020dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of Mills Music Trust (the “Trust”) on Form 10-Q for the fiscal quarter ended June 30, 2019, as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certifies, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

 

  1.

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition* and results of operations of the Trust.

 

*

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. The Trust is required to distribute all funds received after payment of expenses. Accordingly, the Trust has not prepared any statements of financial condition or cash flows.

 

August 14, 2019   

/s/ Joel Faden

   Joel Faden
   Chief Financial Individual (principal financial officer)
   Schulman Lobel et al. LLP
 EX-32.2 5 d779020dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of Mills Music Trust (the “Trust”) on Form 10-Q for the fiscal quarter ended June 30, 2019, as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certifies, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to her knowledge:

 

  1.

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition* and results of operations of the Trust.

 

*

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. The Trust is required to distribute all funds received after payment of expenses. Accordingly, the Trust has not prepared any statements of financial condition or cash flows.

 

August 14, 2019   

/s/ Jane Yang

   Jane Yang
   Trust Officer of The Corporate Trustee
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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Organization and Background</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Mills Music Trust (the &#8220;<div style="text-decoration:underline;display:inline;">Trust</div>&#8221;) was created by a Declaration of Trust, dated December&#160;3, 1964 (the &#8220;<div style="text-decoration:underline;display:inline;">Declaration of Trust</div>&#8221;), for the purpose of acquiring from Mills Music, Inc. (&#8220;<div style="text-decoration:underline;display:inline;">Old Mills</div>&#8221;), the rights to receive payment of a deferred contingent purchase price obligation (the &#8220;<div style="text-decoration:underline;display:inline;">Contingent Portion</div>&#8221;) payable to Old Mills. The obligation to pay the Contingent Portion arose as the result of the sale by Old Mills of its music and lyric copyright catalogue (the &#8220;<div style="text-decoration:underline;display:inline;">Catalogue</div>&#8221;) to a newly formed company pursuant to an asset purchase agreement dated December&#160;5, 1964 (the &#8220;<div style="text-decoration:underline;display:inline;">Asset Purchase Agreement</div>&#8221;). Pursuant to the Asset Purchase Agreement, payment of the Contingent Portion to the Trust continues until the end of the year in which the last copyright in the Catalogue expires and cannot be renewed.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Contingent Portion amounts are currently payable by EMI Mills Music Inc. (&#8220;<div style="text-decoration:underline;display:inline;">EMI</div>&#8221;), the owner of the copyrighted materials contained in the Catalogue. The Trust has been advised that Sony/ATV Music Publishing LLC is the administrator and manager of EMI and the Catalogue.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust (the &#8220;<div style="text-decoration:underline;display:inline;">Corporate Trustee</div>&#8221;), and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust (the &#8220;<div style="text-decoration:underline;display:inline;">Individual Trustees</div>&#8221; and together with the Corporate Trustee, the &#8220;<div style="text-decoration:underline;display:inline;">Trustees</div>&#8221;).</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:18pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Proceeds from Contingent Portion Payments</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the registered owners of Trust certificates (the &#8220;<div style="text-decoration:underline;display:inline;">Unit Holders</div>&#8221;) representing interests in the Trust (the &#8220;<div style="text-decoration:underline;display:inline;">Trust Units</div>&#8221;), after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust&#8217;s sole responsibilities and that the Trust is prohibited from engaging in any business activities.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Payments of the Contingent Portion to the Trust are based on royalty income which the Catalogue generates. The Trust does not own the Catalogue or any copyrights or other intellectual property rights and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its best efforts to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation, in accordance with the terms of the Asset Purchase Agreement.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The amount of each payment of the Contingent Portion is based on a formula set forth in the Asset Purchase Agreement. For information regarding the calculation of the Contingent Portion and a related dispute between EMI and the Trust see &#8220;Contingent Portion Payments&#8221; under Part I &#8212; Item 2, &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:18pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cash Distributions to Unit Holders</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust. For information regarding cash disbursements made to Unit Holders for the three and six months ended June&#160;30, 2019 and June&#160;30, 2018 see the table headed &#8220;Statement of Cash Receipts and Disbursements&#8221; under Part I &#8212; Item 1, &#8220;Financial Statements&#8221;.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:18pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">The Copyright Catalogue</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt">The Catalogue is estimated to be composed of over 25,000 music titles (the &#8220;<div style="text-decoration:underline;display:inline;">Copyrighted Songs</div>&#8221;), of which approximately 1,600 produced royalty income in recent years. EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2018 calendar year (the &#8220;<div style="text-decoration:underline;display:inline;">Top 50 Songs</div>&#8221;), together with certain copyright information with respect to each of the Top 50 Songs (the &#8220;<div style="text-decoration:underline;display:inline;">2018 Listing</div>&#8221;). A copy of the 2018 Listing, as provided by EMI, is included in the Trust&#8217;s annual report on Form&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">10-K</div>&#160;for the fiscal year ended December&#160;31, 2018. The 2018 Listing does not include any information regarding Copyrighted Songs for the 2019 calendar year.</div><div style="font-size: 1px; color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-size: 10pt; color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 18pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accounting Policies</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Payments to the Trust of the Contingent Portion are typically made in March, June, September and December for the prior calendar quarter. The payments received are accounted for on a cash basis, as are expenses of the Trust. The Declaration of Trust provides for the distribution of the amounts it receives in Contingent Portion payments to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Trust&#8217;s financial statements 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 generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Organization and Background</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Mills Music Trust (the &#8220;<div style="text-decoration:underline;display:inline;">Trust</div>&#8221;) was created by a Declaration of Trust, dated December&#160;3, 1964 (the &#8220;<div style="text-decoration:underline;display:inline;">Declaration of Trust</div>&#8221;), for the purpose of acquiring from Mills Music, Inc. (&#8220;<div style="text-decoration:underline;display:inline;">Old Mills</div>&#8221;), the rights to receive payment of a deferred contingent purchase price obligation (the &#8220;<div style="text-decoration:underline;display:inline;">Contingent Portion</div>&#8221;) payable to Old Mills. The obligation to pay the Contingent Portion arose as the result of the sale by Old Mills of its music and lyric copyright catalogue (the &#8220;<div style="text-decoration:underline;display:inline;">Catalogue</div>&#8221;) to a newly formed company pursuant to an asset purchase agreement dated December&#160;5, 1964 (the &#8220;<div style="text-decoration:underline;display:inline;">Asset Purchase Agreement</div>&#8221;). Pursuant to the Asset Purchase Agreement, payment of the Contingent Portion to the Trust continues until the end of the year in which the last copyright in the Catalogue expires and cannot be renewed.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Contingent Portion amounts are currently payable by EMI Mills Music Inc. (&#8220;<div style="text-decoration:underline;display:inline;">EMI</div>&#8221;), the owner of the copyrighted materials contained in the Catalogue. The Trust has been advised that Sony/ATV Music Publishing LLC is the administrator and manager of EMI and the Catalogue.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust (the &#8220;<div style="text-decoration:underline;display:inline;">Corporate Trustee</div>&#8221;), and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust (the &#8220;<div style="text-decoration:underline;display:inline;">Individual Trustees</div>&#8221; and together with the Corporate Trustee, the &#8220;<div style="text-decoration:underline;display:inline;">Trustees</div>&#8221;).</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:18pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Proceeds from Contingent Portion Payments</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the registered owners of Trust certificates (the &#8220;<div style="text-decoration:underline;display:inline;">Unit Holders</div>&#8221;) representing interests in the Trust (the &#8220;<div style="text-decoration:underline;display:inline;">Trust Units</div>&#8221;), after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust&#8217;s sole responsibilities and that the Trust is prohibited from engaging in any business activities.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Payments of the Contingent Portion to the Trust are based on royalty income which the Catalogue generates. The Trust does not own the Catalogue or any copyrights or other intellectual property rights and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its best efforts to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation, in accordance with the terms of the Asset Purchase Agreement.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The amount of each payment of the Contingent Portion is based on a formula set forth in the Asset Purchase Agreement. For information regarding the calculation of the Contingent Portion and a related dispute between EMI and the Trust see &#8220;Contingent Portion Payments&#8221; under Part I &#8212; Item 2, &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:18pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cash Distributions to Unit Holders</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust. For information regarding cash disbursements made to Unit Holders for the three and six months ended June&#160;30, 2019 and June&#160;30, 2018 see the table headed &#8220;Statement of Cash Receipts and Disbursements&#8221; under Part I &#8212; Item 1, &#8220;Financial Statements&#8221;.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:18pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">The Copyright Catalogue</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt">The Catalogue is estimated to be composed of over 25,000 music titles (the &#8220;<div style="text-decoration:underline;display:inline;">Copyrighted Songs</div>&#8221;), of which approximately 1,600 produced royalty income in recent years. EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2018 calendar year (the &#8220;<div style="text-decoration:underline;display:inline;">Top 50 Songs</div>&#8221;), together with certain copyright information with respect to each of the Top 50 Songs (the &#8220;<div style="text-decoration:underline;display:inline;">2018 Listing</div>&#8221;). A copy of the 2018 Listing, as provided by EMI, is included in the Trust&#8217;s annual report on Form&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">10-K</div>&#160;for the fiscal year ended December&#160;31, 2018. The 2018 Listing does not include any information regarding Copyrighted Songs for the 2019 calendar year.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size: 10pt; color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 18pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accounting Policies</div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Payments to the Trust of the Contingent Portion are typically made in March, June, September and December for the prior calendar quarter. The payments received are accounted for on a cash basis, as are expenses of the Trust. The Declaration of Trust provides for the distribution of the amounts it receives in Contingent Portion payments to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Trust&#8217;s financial statements 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 generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 1964-12-03 EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2018 calendar year (the &#8220;Top 50 Songs&#8221;), together with certain copyright information with respect to each of the Top 50 Songs (the &#8220;2018 Listing&#8221;). A copy of the 2018 Listing, as provided by EMI, is included in the Trust&#8217;s annual report on Form 10-K for the fiscal year ended December 31, 2018. The 2018 Listing does not include any information regarding Copyrighted Songs for the 2019 calendar year. <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE 2. INCOME TAXES</div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No provision for income taxes has been made since the liability therefore is that of the Unit Holders and not the Trust.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size: 10pt; color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE 3. GOVERNANCE OF THE TRUST</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Trust does not have, nor does the Declaration of Trust provide for, officers, a board of directors or any employees. HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust, and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust. Pursuant to the Declaration of Trust, Trustees of the Trust serve until their removal, resignation, incapacity, or in the case of Individual Trustees, their death.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt">On December&#160;23, 2014, the Trust adopted a code of ethics (as defined in Item 406 of Regulation&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">S-K</div>&#160;under the Securities Exchange Act of 1933) applicable to the Individual Trustees and the trust officers of the Corporate Trustee. A copy of the Code of Ethics will be provided to any person without charge upon written request to the Trust at its administrative office, c/o HSBC BANK USA, N.A., Corporate Trust, Issuer Services, 452 Fifth Avenue, New York, NY. In addition, the Trust relies on the Corporate Trustee to abide by HSBC Bank, USA, N.A.&#8217;s Statement of Business Principles and Code of Ethics, which is available on the Corporate Trustee&#8217;s website at http://www.us.hsbc.com.</div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt">The Trust is not a corporate entity and thus does not have an Audit Committee. The Trust has established a policy with regard to audit, audit-related and certain&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-audit</div>&#160;engagements of its independent auditors. Under this policy, the Trust annually approves certain limited, specified recurring services which may be provided by the Trust&#8217;s accountant or independent auditors. All other engagements for services to be performed by the Trust&#8217;s independent auditors must be separately&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-approved</div>&#160;by the Trust. Joel Faden of Schulman Lobel et al. LLP acts as Chief Financial Individual providing accounting services for the Trust.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE 4. RELATED PARTY TRANSACTIONS</div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Trustees are paid in accordance with the Declaration of Trust, which provides that each Trustee shall receive annual compensation of $2,500, provided that such aggregate compensation to the Trustees as a group may not exceed 3% of the Contingent Portion amounts received by the Trust in any year. The Declaration of Trust also provides for the reimbursement of expenses reasonably incurred in the performance of a Trustee&#8217;s duties to the Trust, including clerical and administrative services. Accordingly, the Trustees are entitled to receive annual compensation and reimbursement for services performed for the Trust, including the Corporate Trustee&#8217;s services as the Registrar and Transfer Agent of the certificates representing the Trust Units. The Declaration of Trust also provides that if a Trustee performs unusual or extraordinary services, reasonable compensation for such services shall be paid, subject to the terms and conditions of the Declaration of Trust.</div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to the Declaration of Trust, disbursements were made as follows to the Trustees for the three and six months ended June&#160;30, 2019 and June&#160;30, 2018:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; 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margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The administrative office of the Trust is located at the offices of the Corporate Trustee, HSBC Bank, USA, N.A., Corporate Trust Issuer Services, 452 Fifth Avenue, New York, New York 10018. Except for fees paid to the Corporate Trustee in accordance with the Declaration of Trust, no expense is being charged or paid by the Trust for the office space and office equipment of the Corporate Trustee that is being utilized for the Trust.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 1250 1250 2500 2500 7500 7500 <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE 5. 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padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,250</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;times new roman&quot;; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Individual Trustee Fees and Expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">1,250</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">1,250</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">2,500</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">2,500</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">&#160;</td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;times new roman&quot;; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Transfer Agent and Registrar<div style="font-size: 11.3333px; vertical-align: top;;vertical-align: super;font-size: smaller;display:inline;">(1)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,750</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,750</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">7,500</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">7,500</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;;width:4%;">(1)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">These services are performed by the Corporate Trustee.</div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0 NY 0 10-Q Yes false 2019-06-30 2019 Q2 MILLS MUSIC TRUST 0000066496 --12-31 Yes false Non-accelerated Filer true false iso4217:USD xbrli:shares xbrli:pure iso4217:USD xbrli:shares mmtrs:Songs EX-101.SCH 7 mmtrs-20190630.xsd XBRL TAXONOMY EXTENSION SCHEMA 1001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 1002 - Statement - Statements of Cash Receipts and Disbursements link:presentationLink link:definitionLink link:calculationLink 1003 - Statement - Statements of Cash Receipts and Disbursements (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 1004 - Disclosure - Organization and Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 1005 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 1006 - Disclosure - Governance of the Trust link:presentationLink link:definitionLink link:calculationLink 1007 - Disclosure - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 1008 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 1009 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 1010 - Disclosure - Related Party Transactions (Tables) link:presentationLink link:definitionLink link:calculationLink 1011 - Disclosure - Organization and Summary of Significant Accounting Policies - Additional Information (Detail) link:presentationLink link:definitionLink link:calculationLink 1012 - Disclosure - Income Taxes - Additional Information (Detail) link:presentationLink link:definitionLink link:calculationLink 1013 - Disclosure - Related Party Transactions - Additional Information (Detail) link:presentationLink link:definitionLink link:calculationLink 1014 - Disclosure - Related Party Transactions - Disbursements to Trustees (Detail) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 mmtrs-20190630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 mmtrs-20190630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 mmtrs-20190630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 11 mmtrs-20190630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.19.2
Document and Entity Information
 6 Months Ended
Jun. 30, 2019
shares
Document and Entity Information [Abstract]  
Document Type 10-Q
Amendment Flag false
Document Period End Date Jun. 30, 2019
Document Fiscal Year Focus 2019
Document Fiscal Period Focus Q2
Entity Registrant Name MILLS MUSIC TRUST
Entity Central Index Key 0000066496
Entity Address, State or Province NY
Current Fiscal Year End Date --12-31
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Shell Company false
Entity Filer Category Non-accelerated Filer
Entity Small Business true
Entity Emerging Growth Company false
Entity Common Stock, Shares Outstanding 277,712
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Statements of Cash Receipts and Disbursements - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Operating Cash Flows, Direct Method [Abstract]        
Undistributed Cash-Beginning of period $ 65 $ 65 $ 65 $ 65
Proceeds from Contingent Portion Payments 1,296,975 372,519 1,435,466 506,153
General and Administrative Expenses (118,823) (71,899) (177,720) (133,363)
Balance Available for Distribution 1,178,217 300,685 1,257,811 372,855
Cash Distributions to Unit Holders (1,178,152) (300,620) (1,257,746) (372,790)
Undistributed Cash-End of period $ 65 $ 65 $ 65 $ 65
Cash Distributions per Trust Unit (based on 277,712 Trust Units Outstanding) $ 4.24 $ 1.08 $ 4.53 $ 1.34
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Statements of Cash Receipts and Disbursements (Parenthetical) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Operating Cash Flows, Direct Method [Abstract]        
Number of Trust Units Outstanding 277,712 277,712 277,712 277,712
Settlement $ 1,000,000   $ 1,000,000  
Excess payment for proceeds from Contingent Portion Payments   $ 32,967   $ 32,967
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Organization and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Organization and Summary of Significant Accounting Policies
NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Background
Mills Music Trust (the “
Trust
”) was created by a Declaration of Trust, dated December 3, 1964 (the “
Declaration of Trust
”), for the purpose of acquiring from Mills Music, Inc. (“
Old Mills
”), the rights to receive payment of a deferred contingent purchase price obligation (the “
Contingent Portion
”) payable to Old Mills. The obligation to pay the Contingent Portion arose as the result of the sale by Old Mills of its music and lyric copyright catalogue (the “
Catalogue
”) to a newly formed company pursuant to an asset purchase agreement dated December 5, 1964 (the “
Asset Purchase Agreement
”). Pursuant to the Asset Purchase Agreement, payment of the Contingent Portion to the Trust continues until the end of the year in which the last copyright in the Catalogue expires and cannot be renewed.
The Contingent Portion amounts are currently payable by EMI Mills Music Inc. (“
EMI
”), the owner of the copyrighted materials contained in the Catalogue. The Trust has been advised that Sony/ATV Music Publishing LLC is the administrator and manager of EMI and the Catalogue.
HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust (the “
Corporate Trustee
”), and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust (the “
Individual Trustees
” and together with the Corporate Trustee, the “
Trustees
”).
Proceeds from Contingent Portion Payments
The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the registered owners of Trust certificates (the “
Unit Holders
”) representing interests in the Trust (the “
Trust Units
”), after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities.
Payments of the Contingent Portion to the Trust are based on royalty income which the Catalogue generates. The Trust does not own the Catalogue or any copyrights or other intellectual property rights and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its best efforts to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation, in accordance with the terms of the Asset Purchase Agreement.
The amount of each payment of the Contingent Portion is based on a formula set forth in the Asset Purchase Agreement. For information regarding the calculation of the Contingent Portion and a related dispute between EMI and the Trust see “Contingent Portion Payments” under Part I — Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.
Cash Distributions to Unit Holders
The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust. For information regarding cash disbursements made to Unit Holders for the three and six months ended June 30, 2019 and June 30, 2018 see the table headed “Statement of Cash Receipts and Disbursements” under Part I — Item 1, “Financial Statements”.
The Copyright Catalogue
The Catalogue is estimated to be composed of over 25,000 music titles (the “
Copyrighted Songs
”), of which approximately 1,600 produced royalty income in recent years. EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2018 calendar year (the “
Top 50 Songs
”), together with certain copyright information with respect to each of the Top 50 Songs (the “
2018 Listing
”). A copy of the 2018 Listing, as provided by EMI, is included in the Trust’s annual report on Form 
10-K
 for the fiscal year ended December 31, 2018. The 2018 Listing does not include any information regarding Copyrighted Songs for the 2019 calendar year.
 
Accounting Policies
Payments to the Trust of the Contingent Portion are typically made in March, June, September and December for the prior calendar quarter. The payments received are accounted for on a cash basis, as are expenses of the Trust. The Declaration of Trust provides for the distribution of the amounts it receives in Contingent Portion payments to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.
The Trust’s financial statements 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 generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.
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Income Taxes
 6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 2. INCOME TAXES
No provision for income taxes has been made since the liability therefore is that of the Unit Holders and not the Trust.
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Governance of the Trust
 6 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]  
Governance of the Trust
NOTE 3. GOVERNANCE OF THE TRUST
The Trust does not have, nor does the Declaration of Trust provide for, officers, a board of directors or any employees. HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust, and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust. Pursuant to the Declaration of Trust, Trustees of the Trust serve until their removal, resignation, incapacity, or in the case of Individual Trustees, their death.
On December 23, 2014, the Trust adopted a code of ethics (as defined in Item 406 of Regulation 
S-K
 under the Securities Exchange Act of 1933) applicable to the Individual Trustees and the trust officers of the Corporate Trustee. A copy of the Code of Ethics will be provided to any person without charge upon written request to the Trust at its administrative office, c/o HSBC BANK USA, N.A., Corporate Trust, Issuer Services, 452 Fifth Avenue, New York, NY. In addition, the Trust relies on the Corporate Trustee to abide by HSBC Bank, USA, N.A.’s Statement of Business Principles and Code of Ethics, which is available on the Corporate Trustee’s website at http://www.us.hsbc.com.
The Trust is not a corporate entity and thus does not have an Audit Committee. The Trust has established a policy with regard to audit, audit-related and certain 
non-audit
 engagements of its independent auditors. Under this policy, the Trust annually approves certain limited, specified recurring services which may be provided by the Trust’s accountant or independent auditors. All other engagements for services to be performed by the Trust’s independent auditors must be separately 
pre-approved
 by the Trust. Joel Faden of Schulman Lobel et al. LLP acts as Chief Financial Individual providing accounting services for the Trust.
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Related Party Transactions
 6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transactions
NOTE 4. RELATED PARTY TRANSACTIONS
The Trustees are paid in accordance with the Declaration of Trust, which provides that each Trustee shall receive annual compensation of $2,500, provided that such aggregate compensation to the Trustees as a group may not exceed 3% of the Contingent Portion amounts received by the Trust in any year. The Declaration of Trust also provides for the reimbursement of expenses reasonably incurred in the performance of a Trustee’s duties to the Trust, including clerical and administrative services. Accordingly, the Trustees are entitled to receive annual compensation and reimbursement for services performed for the Trust, including the Corporate Trustee’s services as the Registrar and Transfer Agent of the certificates representing the Trust Units. The Declaration of Trust also provides that if a Trustee performs unusual or extraordinary services, reasonable compensation for such services shall be paid, subject to the terms and conditions of the Declaration of Trust.
Pursuant to the Declaration of Trust, disbursements were made as follows to the Trustees for the three and six months ended June 30, 2019 and June 30, 2018:
 
  
Three Months

Ended June 30
  
Six Months

Ended June 30
 
  
2019
  
2018
  
2019
  
2018
 
Corporate Trustee Fees and Expenses
 $625  $625  $1,250  $1,250 
Individual Trustee Fees and Expenses
  1,250   1,250   2,500   2,500 
Transfer Agent and Registrar
(1)
  3,750   3,750   7,500   7,500 
 
(1)
These services are performed by the Corporate Trustee.
The administrative office of the Trust is located at the offices of the Corporate Trustee, HSBC Bank, USA, N.A., Corporate Trust Issuer Services, 452 Fifth Avenue, New York, New York 10018. Except for fees paid to the Corporate Trustee in accordance with the Declaration of Trust, no expense is being charged or paid by the Trust for the office space and office equipment of the Corporate Trustee that is being utilized for the Trust.
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Subsequent Events
 6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
NOTE 5. SUBSEQUENT EVENTS
None.
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Organization and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Organization and Background
Organization and Background
Mills Music Trust (the “
Trust
”) was created by a Declaration of Trust, dated December 3, 1964 (the “
Declaration of Trust
”), for the purpose of acquiring from Mills Music, Inc. (“
Old Mills
”), the rights to receive payment of a deferred contingent purchase price obligation (the “
Contingent Portion
”) payable to Old Mills. The obligation to pay the Contingent Portion arose as the result of the sale by Old Mills of its music and lyric copyright catalogue (the “
Catalogue
”) to a newly formed company pursuant to an asset purchase agreement dated December 5, 1964 (the “
Asset Purchase Agreement
”). Pursuant to the Asset Purchase Agreement, payment of the Contingent Portion to the Trust continues until the end of the year in which the last copyright in the Catalogue expires and cannot be renewed.
The Contingent Portion amounts are currently payable by EMI Mills Music Inc. (“
EMI
”), the owner of the copyrighted materials contained in the Catalogue. The Trust has been advised that Sony/ATV Music Publishing LLC is the administrator and manager of EMI and the Catalogue.
HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust (the “
Corporate Trustee
”), and Lee Eastman and Michael E. Reiss are the Individual Trustees of the Trust (the “
Individual Trustees
” and together with the Corporate Trustee, the “
Trustees
”).
Proceeds from Contingent Portion Payments
Proceeds from Contingent Portion Payments
The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the registered owners of Trust certificates (the “
Unit Holders
”) representing interests in the Trust (the “
Trust Units
”), after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities.
Payments of the Contingent Portion to the Trust are based on royalty income which the Catalogue generates. The Trust does not own the Catalogue or any copyrights or other intellectual property rights and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its best efforts to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation, in accordance with the terms of the Asset Purchase Agreement.
The amount of each payment of the Contingent Portion is based on a formula set forth in the Asset Purchase Agreement. For information regarding the calculation of the Contingent Portion and a related dispute between EMI and the Trust see “Contingent Portion Payments” under Part I — Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.
Cash Distributions to Unit Holders
Cash Distributions to Unit Holders
The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust. For information regarding cash disbursements made to Unit Holders for the three and six months ended June 30, 2019 and June 30, 2018 see the table headed “Statement of Cash Receipts and Disbursements” under Part I — Item 1, “Financial Statements”.
The Copyright Catalogue
The Copyright Catalogue
The Catalogue is estimated to be composed of over 25,000 music titles (the “
Copyrighted Songs
”), of which approximately 1,600 produced royalty income in recent years. EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2018 calendar year (the “
Top 50 Songs
”), together with certain copyright information with respect to each of the Top 50 Songs (the “
2018 Listing
”). A copy of the 2018 Listing, as provided by EMI, is included in the Trust’s annual report on Form 
10-K
 for the fiscal year ended December 31, 2018. The 2018 Listing does not include any information regarding Copyrighted Songs for the 2019 calendar year.
Accounting Policies
Accounting Policies
Payments to the Trust of the Contingent Portion are typically made in March, June, September and December for the prior calendar quarter. The payments received are accounted for on a cash basis, as are expenses of the Trust. The Declaration of Trust provides for the distribution of the amounts it receives in Contingent Portion payments to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.
The Trust’s financial statements 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 generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.19.2
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Disbursements to Trustees
Pursuant to the Declaration of Trust, disbursements were made as follows to the Trustees for the three and six months ended June 30, 2019 and June 30, 2018:
 
  
Three Months

Ended June 30
  
Six Months

Ended June 30
 
  
2019
  
2018
  
2019
  
2018
 
Corporate Trustee Fees and Expenses
 $625  $625  $1,250  $1,250 
Individual Trustee Fees and Expenses
  1,250   1,250   2,500   2,500 
Transfer Agent and Registrar
(1)
  3,750   3,750   7,500   7,500 
 
(1)
These services are performed by the Corporate Trustee.
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Organization and Summary of Significant Accounting Policies - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2019
Songs
Organization And Summary Of Significant Accounting Policies [Line Items]  
Date of formation of Mills Music Trust Dec. 03, 1964
Top 50 Songs in the Catalogue EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2018 calendar year (the “Top 50 Songs”), together with certain copyright information with respect to each of the Top 50 Songs (the “2018 Listing”). A copy of the 2018 Listing, as provided by EMI, is included in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2018. The 2018 Listing does not include any information regarding Copyrighted Songs for the 2019 calendar year.
2018 Listing Top 50 [Member]  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated number of songs in the Catalogue 25,000
Estimated number of songs producing royalty income 1,600
Number of Copyrighted Songs in the Top 50 list 50
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.19.2
Income Taxes - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2019
USD ($)
Income Tax Disclosure [Abstract]  
Provision for income taxes $ 0
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Related Party Transactions - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2019
USD ($)
Related Party Transaction [Line Items]  
Trustee annual compensation $ 2,500
Expense Charged Or Paid Trust For Office SpaceAnd Office Equipment $ 0
Maximum [Member]  
Related Party Transaction [Line Items]  
Aggregate compensation percentage to Trustees 3.00%
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Related Party Transactions - Disbursements to Trustees (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Individual [Member]        
Related Party Transaction [Line Items]        
Trustee Fees and Expenses $ 1,250 $ 1,250 $ 2,500 $ 2,500
Corporate Trustee [Member]        
Related Party Transaction [Line Items]        
Trustee Fees and Expenses 625 625 1,250 1,250
Transfer Agent Registrar Fees [Member]        
Related Party Transaction [Line Items]        
Trustee Fees and Expenses $ 3,750 $ 3,750 $ 7,500 $ 7,500
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