Split REIT Opportunity Trust (the Fund) is an investment trust. The Fund�s investment objectives with respect to the preferred securities are to provide, in priority to any distributions on Capital Units, fixed quarterly interest payments equal to 5.75% per annum on the $10 principal amount and to repay, on or about December 31, 2011, in priority to any return on the Capital Units. The Fund�s investment objectives with respect to the Capital Units are to pay tax efficient monthly distributions based on the distributions that the Fund receives on the portfolio and to provide security-holders with the opportunity to participate in the performance of the portfolio on a leveraged basis and to benefit from any increase in the distributions paid by real estate investment trusts (REITs) held in the portfolio. First Asset Investment Management Inc. (the Manager) acts as manager, as well as investment adviser of the Fund.