Conversion to Open-End Fund

Effective January 3, 2012 Split REIT Opportunity Trust was merged with open-end fund Criterion REIT Income Fund. Each capital share of Split REIT Opportunity Trust received 1.52 Class A (initial sales charge) units of the open-end fund. The exchange of capital units of the closed-end fund to units of the open-end fund was not a taxable event. In connection with the merger of the trust with open-end fund Criterion REIT Income Fund, all preferred securities of Split REIT Opportunity Trust were redeemed on December 31, 2011 at $10.00