It's an international fund, hence, if the dollar rises, the dividends from the international REITs in the portfolio fall in terms of dollars. Since we get our dividends in dollars, a dollar rise drops the foreign dividends and IRG would not be able to pay out at the same rate. However, it's a minor effect. On the other hand a rising dollar, would be an adrenolin shot for the world economy as a whole. Unfortunately we've been printing dollars at an unprecedented rate to support wars and simultaneous tax cuts, so don't look for a big dollar rise any time soon. Perhaps just a a modest rally at first.