This fund really had the wind at its back with the falling dollar and the bull market in real estate.  Now this fund has to deal with the likely strengthening of the dollar and a struggling real estate sector. If you have a 5-10% allocation to real estate, which is a reasonable exposure, I would stick with this allocation but look at attractive global real estate funds which may invest wherever they perceive value. 

There are several very young global real estate ETFs (FFR, RWO, and GRI) that trade with such low daily volumes that they are not yet attractive IMO, but they are worth following. 

At this time, NGREX appears to be the only global real estate index mutual fund. 

Then there are two excellent actively-managed global real estate funds: ING Global Real Estate (IGLIX/IGLAX/IRGWX/IDGTX -- good luck avoiding a load) and Dryden Global Real Estate Z (PURZX, available NL with reasonable minimums at Wellstrade). 

If you want a souped-up global real estate CEF that uses leverage, then IGR is your best option. Just be aware that this puppy is extremely volatile and had a huge loss in 2007.

If you want a global real estate fund which has an extremely flexible definition of real estate, then CGMRX should also be considered. 

Finally, if you are willing to consider a diversified holding company which has exposure to real estate, timber, infrastructure, power generation, and investment management services, then take a look at Brookfield Asset Management (BAM), which I have been recently nibbling on during 1-2% downdrafts. 

Kevin