If you an income-focused investor, you have likely come across energy midstream companies (including master limited partnerships (“MLPs”)). These specialized companies transport oil and gas through pipelines, and they can offer some very large and steady income payments to investors (thanks to the steady long-term contracts they have in place with clients). However, before you invest in any of these companies, you need to understand the unique nuances and tax risks of the MLP structure, particularly with regards to account types (i.e. should you hold in your IRA, your taxable account, or neither). In this report, we share data on the top 10 midstream companies (including the top 5 MLPs), review Energy Transfer (an MLP) in particular (including its business, big yield, valuation and risks), and then finally conclude with our strong opinion on if (and where) your should even consider investing.