NCREIF Timberland Fund & Separate Account Indices (TFSAI)
The NCREIF Timberland Fund and Separate Account Indices (TFSAI) provide quarterly and annual total
returns for timber properties invested in two forms: Commingled Funds and client Separate
Accounts. At least 90% of a fund's net asset value must be comprised of timber, timberland,
timber deeds, leases, cutting rights (non-fee ownership), and cash equivalents, without
regard to geographic ownership. Funds must be invested at least 95% in the United States.
The Indices are market-weighted and reported gross of fees. The computations are time-weighted as
described more fully on the NCREIF web site. The history of
these Indices has not been 'frozen' and, therefore, may change in the future.
The National Council of Real Estate Investment Fiduciaries (NCREIF) is an association of institutional
real estate professionals in the United States.
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