Historically, investors have been attracted to MLPs for their yields, which are not only generous relative to other income-oriented sectors but also often come with the added benefit of tax deferral. Beyond attractive yields, MLPs further provide real asset exposure and diversification, though these characteristics can sometimes feel like afterthoughts. While yields remain appealing for income-seeking investors - the Alerian MLP Infrastructure Index (AMZI) was yielding 8.1% as of May 31 - the MLP space is increasingly becoming more total return oriented through the shift to self-funding equity, prioritizing balance sheet strength over distribution