The concept "Real Assets" is open to widely differing interpretations by different managers. If a manager rode the real estate bull for the past several years, he's looking pretty good today. If he's been heavily into oil, not so good. It's a broad area which might include timber, infrastructure (railways, ports, power generation), farmland, miners or gold bullion. So, you really need to look under the hood and see what you'd be diversifying into.
...
I'm not familiar with the funds you list. But, I known there are a great many out there and that there are profound differences among them.

@willmatt72 I think @hank 's advice here is exactly right. Because "real asset" can mean such a broad swath of things, you need to look under the hood. There are lots of differing funds, each sort of specializing in different areas. NRIAX, for instance, looks a lot different than PRAFX, which is different than FSRRX. They can all certainly act as diversifiers, but you have to know specifically what you want out of them.
NRIAX / JRI 's focus is creating income in areas which could also show capital appreciation and might fight inflation. As such it looks for passthrough income from real assets, specifically from Real Estate and Infrastructure, and in both equities, preferreds, and fixed income. In other words, it has very limited commodity or natural resource exposure. That's also a big part of the reason why it has looked so good recently. Here's a link to NRIAX's info page at Nuveen. They have some good literature on the fund there. In particular, this is what the prospectus says about NRIAX's holdings:

Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in securities issued by real asset related companies that are generating income at the time of purchase. Real asset related companies are defined as: (i) companies that are in the energy, telecommunications, utilities or materials sectors; (ii) companies in the real estate or transportation industry groups; (iii) companies, if not in one of these sectors or industries, that (a) derive at least 50% of their revenues or profits from the ownership, management, operation, development, construction, renovation, financing, or sale of real assets, or (b) have at least 50% of the fair market value of their assets invested in real assets; or (iv) pooled investment vehicles that primarily invest in the foregoing companies or that are otherwise designed primarily to provide investment exposure to real assets.
The categories of real assets on which the Fund will focus its investments are infrastructure and real estate. Infrastructure consists of the physical structures and networks upon which the operation, growth and development of a community depends, which include water, sewer, and energy utilities; transportation and communication networks; health care facilities, government accommodations, and other public service facilities; and shipping, timber, steel, alternative energy, and other resources and services necessary for the construction and maintenance of these physical structures and networks.

Depending on the size of your portfolio, your risk tolerance, individual goals, and your comfort level with managing such things, you could just take a global infrastructure fund (GII, GLFOX, TOLSX) and combine it with a REIT index/fund or REIT income fund (FRIOX, LRIOX), and maybe some sort of TIPS or commodity exposure to come up with your own allocation. If the portfolio is smaller, or you want professional management, than something like NRIAX or PRAFX make sense to my mind. In anycase, it makes more sense as an "alternative" to me than liquid alternatives/managed futures/non-traded assets or what have you.

Four Healthcare Funds
3-FIDO-1-JANUS.....enough said.
GASFX - been selling into strength all year; have small position left (great move dumbass!)
GLFOX - shout out to Scott.....great call! must talk with and listen more to you.
PRBLX
LCPAX - the one I'm most proud of....who would've thunk it?!
God bless!
the Pudd

GASFX = 21%
MINDX = 64%
VGSIX = 30%
GLFOX = 17.6%
OAKLX = 15.4%
TOLSX = 18%

@JohnChisum
Thanks for the link to dailyalts.com. Looks interesting, and I have bookmarked this site.
Right here, right now, with domestic equities fully valued, developed foreign equities in a definite funk, and interest rates destined to increase over the next 12 months, I would have no problem owning a 10-20% position in Alts -- as long as they continue to perform. At this time, we own a 10% position in PQTIX (investor ER 1.15%), and I am considering the purchase of a 10% position in QLEIX (investor ER 1.39%).
@Junkster
Conditions like 2008 will inevitably occur in the future, and just like in 2008, common investors like us -- who likely overestimate our abilities -- and the "professionals" will be caught by surprise.
I continue to think that investors can obtain adequate downside protection with a wise mix of relatively low-cost equity, balanced and bond OEFs/ETFs, such as: MOAT, RPV, SCHD, VDIGX, VASVX, VSTCX, VMNVX, SPLV, EFAV, TOLSX, GLFOX, DODGX, DODFX, DODWX, DODBX, PRWCX, VWENX, HBLIX, WHGIX, VWIAX, PIMIX, PIGIX, MWTIX, DBLFX, DBLTX, DBLEX and RSIVX . But I remain open to relatively low-cost alternative funds, such as PQTIX, QLEIX, AQRIX, LMAPX, CRUMX, and even BG's JUCIX. As for the Alts, I am willing to be very, very patient, and track and track, and resist the temptation to be an early investor, but if the Alt fund continues to impress, I am willing to pull the trigger and buy.
Kevin

A fund not listed that M* categorizes as world allocation, but is heavily weighted to utilities is TOLSX. Also GLFOX for sc/mc ute play

GLFOX has a considerably better performance record and MPT stats than IGF.

Hi Old Skeet!
I'm like you....cash ready, hang tough. It's coming..... after all, the G-20 are meeting now, so please be calm. We don't want to scare the children, now would we? I was looking in Fidelity funds because of EU doing QE. Thought some money. Would go elsewhere in the world. Bumped into this fund FEMEX. Wow! I say run away if this is the best they got. I am waiting for a small & mid cap fall....not so much the big stuff. Am buying silver now. Does anybody have any investments for the strong dollar? I am looking at MAPIX, GLFOX for this. Also, for U.S. mid caps: CHTTX. I like the girls. I also saw (on CNBC) that 1 in 4 Americans want to secede from the country. Me, too! And my state stinks, too. Duke says I can be President of our country if I want to. He said he'll be the army... not sure how well that's going to work out. Wife says she wants to be First Lady, and that means a new wardrobe. Can you say, deficits already?! That also means a new car...have to go in style. Maybe I can print my own money....that would help. Get some inflating going. That always helps things. Duke wants a new doghouse. Awww, the military always wants something. I guess I have to give it to him. Don't want a coup. He's been snappy since the pool's closed. Anyway, looking for a pullback really bad. I want to buy some things. Cash doesn't pay well.
Party on Dudes!
the Pudd

You may want to look at a global infrastructure fund that invests in worldwide energy, utility, engineering,transportation,water,etc.projects and ownership there of.I own MTIPX.
MTIPX
http://portfolios.morningstar.com/fund/summary?t=MTIPX&region=usa&culture=en-US
GLFOX
http://portfolios.morningstar.com/fund/summary?t=GLFOX&region=usa&culture=en-US

Hi guys!
It's been awhile....have been working 6 days. The decline, while (ouch!) it has been good, my portfolio declined 25% less than S&P--that's a good thing! The infrastructure funds I bought this year have been hit harder than I thought they would be. I also saw every fund family now has one, and the top ten holdings are about the same. So, I think it's time to sell one. Also, this dollar going up has hurt things in the overseas area. I wish Europe would just do QE and get it over with so the world can move on. My biggest surprise in the portfolio was CHTTX this year. The girls are doing great with the downturn. The sell list got longer. GASFX --will keep toehold. Selling all (GLFOX, GLPAX, WPFRX. Have too many funds as it is. And, David, I do like your commentary. It's what keeps me coming back, so do what you do. Best keep writing because I will spend the time reading it all and pondering your thoughts.
the Puddnhead
p.s. As I discuss it with Duke (my dog), as he lies aside me, I think he mostly agrees with you. I only rarely get any backtalk from him about you.....but will keep you informed if it changes.

Up: DMCRX +0.51 (minor component), WAMFX +0.30, AQMNX +0.20, GLFOX +0.13, MAPIX +0.06.
Worst down TGLDX -0.93.

Hi, Ted!
You’re right…..I got so excited I ran out the back door and jumped in the pool….beat the dog by a step and a half, yessir! A man of action I am!
Sorry,...I just couldn’t stop myself. My wife says, “One too many….and, will you ever learn?” Women! No sense of humor! Ok, being serious…..you are quite right. I do overthink sometimes. Haven’t done much since January….was busy then. Bought GAINX -- toehold; GLFOX and NMFIX -- bought 2….1 just didn’t seem enough. Like Dennis Gartman, I want something that hurts when you drop it on your foot. I think he should drop something on his head so he doesn’t talk so much, but I digress…..
The most I put money into is MLPs, GLPAX, LCPAX, MLOZX. I don’t understand everything about MLPs, but I know I want to be there. So I guess you could say little cash, lots of talk. Sort of like the Fed when you’re out of bullets….
The Puddn

Scott,
Thanks for listing various infrastructure investments. I might be interested in TOLLX or GLFOX, although I'm wondering if I might be late to the game by initiating positions in them now. Since they may be grouped in with the utility/higher yielding sectors, do you think these infrastructure funds will be more negatively affected by an increase in interest rates compared to other sectors? Thanks.

@Scott, so what are your favorite ways to play infrastructure? Is it through funds or stocks, ie BIP? I agre on the water front have been considering CFWAX, which is load waived through Fidelity.

My position in BIP is a long-term one, although noticeably smaller than it was a year or two ago. I don't own it, but a company somewhat similar to BIP is Cheung Kong Infrastructure (CKISF.PK), which is a subsidiary of the giant Cheung Kong conglomerate.
I own INF, which I just continue to reinvest the monthly divs on.
I own a wide variety of energy infrastructure, although a favorite is Gibson Energy (GBNXF.PK), which is an enjoyable mix of infrastructure (including pipeline, rail loading and storage) as well as various oil services. They are the largest independent for-hire truck hauler of crude in the US and have an environmental business as well.
I think agricultural infrastructure is highly appealing, but options are limited. I own Graincorp in Australia, as well as a speculative position in Ceres Global Ag (CERGF.PK). The latter is really speculative, but owns both ag infrastructure, as well as rail and is building a commodity logistics center on the Canada/US border that will hook up to the BNSF rail line. Graincorp is somewhat volatile as well, but has a terrific dividend policy.
The Andersons (ANDE) is a US stock that is similar to Graincorp in a number of ways, but the volatility on that stock is enough to make one need dramamine. The Andersons has great assets, but the stock is too exceedingly volatile for me. There's also Archer Daniels Midland, although I think that's run up a bit much.
The railroads are a favorite and really something that I own and don't think about - very much a long-term investment. The railroads continue to do very well, whether it be frac sand or oil or the massive grain harvest in Canada.
In terms of frac sand, "U.S. frac-sand shipments jumped more than fourfold to 20.9 million tons in 2012 from 4.9 million tons in 2007, according to Freedonia Group, a Cleveland-based market researcher. Demand is expected to more than double to 52.1 million tons by 2022, Freedonia said" (http://www.bloomberg.com/news/2014-04-17/fracking-sand-spurs-grain-like-silos-for-rail-transport.html)
The pipelines are also worth exploring, but I do think that there's names both in the US and north of the border. It's clear that Keystone is probably not going to be approved this year (if ever), so other Canadian/US pipelines will continue to be popular, such as Kinder's Transmountain pipeline, which is pushing to expand. Enbridge and Plains All American (PAA) are other companies with exposure and there are a number of others.
I think most people can (and are probably best) playing infrastructure via a position in a fund such as TOLLX or GLFOX. I focus on individual names primarily because of my interests and a desire to focus on specific segments.

Thanks for the heads-up, bee. GLFOX is really interesting. I didn't realize the range of approaches infrastructure funds use. There was an article from WSJ in Feb (which quotes David, by the way) with a survey of i-funds. (It came up in full for me on a google search, so try that if the link doesn't penetrate the pay wall.)
The article mentions the TRP i-fund that's being merged away. With a mix of utilities and industrials like GLFOX and others, it was pretty much a failure, apparently in the execution rather than the strategy.

What a great call back at the beginning of the year to buy FIATY. I didn't make it, but I have followed it...up over 100 % over the last 12 months and 44% YTD. Nice call here at the "Scott Market".
For me MINDX, PRLAX, TRAMX has performed well enough to reallocate small profits of 10% since taking these positions.
VDE seems to be having a hard time maintaining the "golden cross" (50 dma crossing 200 dma with upward trend), but is up sharply over the last month. Ted referenced this dynamic here:
mutualfundobserver.com/discuss/discussion/13089/a-not-so-golden-cross#latest
A fund that I have become impressed with and seems to be cut from the same cloth as GASFX and TOLSX (High Sharpe Ratio, High Alpha, and Low Beta) is GLFOX which holds small to medium size global (mostly foreign) infrastructure companies (with a concentration in Industrial and utilities).
If you are unfamiliar with GLFOX, GASFX or TOLSX make it a point to research them. I add to them with short term profits from other funds and hold them through thick or thicker.

Here are a couple of other choices to look at in this area:
Lazard Global Listed Infrastructure GLFOX - 5 Star Fund with strong results so far and only 15% US stocks. A bit cheaper than TOLLX and a better yield.
Northern Multi-Mgr Global Listed Infrastructure NMFIX - Management is split between Brookfield and Lazard as sub-advisors along with a couple of managers from Northern. Expense is .99%

Probably the smoothest ride I have experienced with any of funds over the long term 5 - 10 years are two utility fund GASFX and TOLSX. I beleive GLFOX is somewhat new "utility/industrials -centric sml cap world fund" worth considering. Utilities seem to be in a sweet spot lately.
What are your favorites?

Look at GASFX (US - centric) and TOLSX (TOLLX) (50% US / 50% foreign) if you would like exposure to Utilities. Also, GLFOX (Small Cap & 80% non-US) for smaller global industrial and utility sector companies.

Plenty of Infrastructure Opps and Roadblocks!
All items from today @ Seeking Alpha
Keystone foes now gunning for Dominion's Cove Point LNG export project
Green groups call on Pres. Obama to reject pending applications to build liquefied natural gas export terminals, and "as a good-faith test case," Obama should force the FERC to conduct a broad environmental impact assessment of Dominion Resources’ (D) proposed Cove Point LNG export facility in Maryland.
The energy required to liquefy and ship gas at Cove Point would raise the fuel’s greenhouse gas emissions to the level of coal, activists say, threatening the climate like pipelines tied to developing oil sands in Alberta, such as Keystone XL.
The Energy Department already has conditionally approved Dominion to export up to 770M cf/day of natural gas to countries that don’t have free-trade agreements with the U.S., but the FERC still must review the company's plans to revamp its decades-old natural gas receiving terminal so it can instead liquefy the gas and load it onto tankers bound for Japan and India.
FERC so far is on track to require only a smaller environmental assessment of the planned $3.8B export project.
Enterprise Products to start Seaway pipeline expansion as early as May
Enterprise Products Partners (EPD) says it plans to start its Seaway pipeline expansion as early as May, more than doubling the system’s capacity to move oil from the delivery point for West Texas crude in Cushing, Okla., to Gulf coast refineries.
EPD, which operates Seaway and co-owns it with Enbridge (ENB), had said it would start late in Q2.
EPD is looping the existing line with a parallel pipeline that will increase capacity to the Houston area to 850K bbl/day; EPD and ENB reversed the pipeline in May 2012 and expanded it to the current capacity of 400K bbl/day in Jan. 2013.
A further loosening of the crude storage bottleneck at Cushing as the Seaway expansion is brought online could push WTI prices closer to Brent prices.

CBI
CB&I +4.5% after gaining three new contracts totaling $6B-plus
CB&I (CBI +4.5%) shoots higher after receiving a $6B engineering and construction contract on the planned Cameron LNG export facility in Louisiana, a $625M deal from Bechtel for work on Chevron’s (CVX) Wheatstone liquefied natural gas project in Western Australia, and a $100M pipe fabrication contract from Enterprise Products Partners (EPD) for a propane project in Texas.
Cowen analysts view CBI as their top pick among E&C companies to benefit from the buildout in global petrochemicals and liquefied natural gas, initiating coverage on CBI with an Outperform rating and $98 price target due to its earnings growth and operating stability, exposure to diversified end markets, best in class margins and strong technical operating groups.
Exxon Mobil reportedly plans $20B power project in Vietnam
Exxon Mobil (XOM) is preparing to invest ~$20B in a gas-fired power complex with Vietnam's state oil and gas group Petrovietnam, according to local media.
The project would involve construction of two power plants with a combined capacity of 6K-6.5K MW, in a deal which could make the U.S. one of the top four foreign investors in Vietnam along with Japan, South Korea and Taiwan, according to the report.
Companies that actually engineer/build the infrastructure seldom are found in most infrastructure funds,For example;
http://etfdb.com/stock/CBI/
or
http://etfdb.com/etf/FLM/#holdings
InfrastructureMutual Funds
GLFOX
http://www.lazardnet.com/us/docs/sp2/461/LazardGlobalListedInfrastructurePortfolio_FactSheet_2013Q4.pdf
MTIPX
http://www.morganstanley.com/msamg/msimintl/docs/en_US/publications/factsheets/MSF/global_infrastructure.pdf

Waiting for Ted to Post..."I'm Dancing in the Rain".
Global Infrastructure funds like GLFOX have exposure to California Water Service Group (CWT). Also PHO for a more concentrated focused on water.