I am keeping(not liqidating) a large position in royalty trusts because they are not as sensitive to rates and their distributions are tied directly to the commodity price. If you believe inflation will be higher, the commodity(oil&gas) price will be stable or higher, these are the way to go. Some of the MLPs I sold are now going down and I am selling June Puts where I get back into the MLP at yields well over 10 percent. I have been able to do this in a couple of cases so far. In both cases the premium collected was equal to the distribution had I own the MLP during that period. Only thing is the tax treatment is different but the risk in this is much lower as well.
Those Canadian royalty trusts did not increase their dividends very much as oil and gas spiked in 2008.
Even though you believe you are hedged you are not because depending on the individual trust they may have forward sold much of their output.
My preference is to catch the commodity growth by owning the oil and gas service providers (no income but some incredible capital gains that more than substitute for income) and then own the pipelines as a utility of sorts.