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Since its independence in 1980, Zimbabwe has pursued a land reform and resettlement program aimed at addressing racially skewed land distribution. The most recent phase, the Fast Track Land Reform Program, was launched in 2000 with the aim of acquiring at least five million hectares of land for redistribution. This paper investigates the impact of this program on perceptions of tenure security and investments in soil conservation. Evidence suggests that the program not only created some insecurity among its beneficiaries but also had an adverse impact on investments in soil conservation. Interestingly, households in the study that believed investing in land enhanced tenure security invested significantly more. Their perceptions of tenure security depended positively on investment levels, supporting the contention that households invest in long-term land-related investments to enhance security of tenure. Land reform, tenure security, investments, Zimbabwe