On Friday, June 20, EQT Midstream Partners (NYSE:EQM) officially joined the Alerian MLP Infrastructure Index. To make room for EQT, the good folks at Alerian gave TransCanada's (NYSE:TRP) master limited partnership TC Pipelines (NYSE:TCP) the old heave-ho.

What did TC Pipelines do to deserve such a fate? Growing its distribution at an arguably pathetic compound annual growth rate of 4% over the last 15 years might have something to do with it. That said, could there still be something to like at this MLP? Check out the slideshow below and decide for yourself.

Aimee Duffy has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.