You do not get a K-1. This is a dividend, not a distribution. YMLP is formed as a C Corporation, and as such they pay regular dividends to their investors. The C Corporation that is YMLP has to deal with the Tax #$%$ that goes along with owning an MLP. If you have some time read the prospectus, this will clear things up. Because YMLP is investing in MLPs, there is some degradation of it's value over time that relates to the way your cost basis goes down with each subsequent distribution of an MLP. The prospectus can explain this better. Take care.