Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investorsshould be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Inves-tors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures, refer to the Disclosure Section.M O R G A N S T A N L E Y R E S E A R C HMorgan Stanley & Co. IncorporatedApril 17, 2013Master Limited Partnerships (MLPs):From A to ZThe MLP structure, having reshaped the energy landscape in thepast several years, will increasingly be used in the US to own criti-cal energy infrastructure assets. We believe the institutionalization ofthe industry (p. 21), along with at least a 3-year investment capex back-log (p. 45), are secular tailwinds that will support stock (unit) prices. Thedistinctive characteristics of MLP investing are hard to match: 1) gr...