# EDGAR Filing Document

**Accession Number:** 0001058587
**File Stem:** 0001162044-25-001282
**Filing Date:** 2025-12
**Character Count:** 50068
**Document Hash:** 8edc29800c6e331fadfccf6f9277d67c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001282.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001162044-25-001282

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**EFFECTIVENESS DATE**: 20251211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UPRIGHT INVESTMENTS TRUST
- **CENTRAL INDEX KEY:** 0001058587

**ORGANIZATION NAME:**
- **EIN:** 223591153
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08723
- **FILM NUMBER:** 251565583

**BUSINESS ADDRESS:**
- **STREET 1:** 349 RIDGEDALE AVENUE
- **CITY:** EAST HANOVER
- **STATE:** NJ
- **ZIP:** 07936
- **BUSINESS PHONE:** 9735331818

**MAIL ADDRESS:**
- **STREET 1:** 349 RIDGEDALE AVENUE
- **CITY:** EAST HANOVER
- **STATE:** NJ
- **ZIP:** 07936

## Series and Classes Contracts Data

### Upright Growth Fund (Series ID: S000004906)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013262 | Upright Growth Fund | UPUPX           |

### Upright Assets Allocation Plus Fund (Series ID: S000057858)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000186849 | Upright Assets Allocation Plus Fund |  |

### Upright Growth & Income Fund (Series ID: S000057859)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000186850 | Upright Growth & Income Fund |  |

## Internal

```

            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
   ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER
MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
                           PCAOB AUDITING STANDARDS

 The Board of Trustees and
 Shareholders of Upright Investments Trust (UPAAX,UPDDX,UPUPX)

 In  planning  and  performing  our  audit  of  the financial statements of the
 Upright Growth Fund, Upright Growth and Income Fund  and  the  Upright  Assets
 Allocation  Plus  Fund  (the Funds) as of and for the year ended September 30,
 2025,  in  accordance with  the  auditing  standards  of  the  Public  Company
 Accounting Oversight  Board  (United States) (PCAOB), we considered the Fund's
 internal   control  over  financial   reporting,   including   controls   over
 safeguarding  securities, as a basis for designing our auditing procedures for
 the purpose of  expressing  our  opinion  on  the  financial statements and to
 comply  with  the  requirements  of Form N-CEN, but not  for  the  purpose  of
 expressing an opinion on the effectiveness of the Fund's internal control over
 financial reporting. Accordingly,  we  express no such opinion. The management
 of the Fund is responsible for establishing and maintaining effective internal
 control over financial reporting. In fulfilling this responsibility, estimates
 and judgments by management are required  to  assess the expected benefits and
 related costs of controls. A fund's internal control  over financial reporting
 is   a  process  designed  to  provide  reasonable  assurance  regarding   the
 reliability of financial reporting and the preparation of financial statements
 for  external  purposes  in  accordance  with  generally  accepted  accounting
 principles.  A fund's internal control over financial reporting includes those
 policies and procedures  that  (1) pertain to the maintenance of records that,
 in reasonable detail, accurately  and  fairly  reflect  the  transactions  and
 dispositions  of the assets of the fund; (2) provide reasonable assurance that
 transactions are  recorded  as  necessary  to  permit preparation of financial
 statements in accordance with GAAP, and that receipts  and expenditures of the
 fund are being made only in accordance with authorizations  of  management and
 directors  of  the  fund;  and  (3)  provide  reasonable  assurance  regarding
 prevention or timely detection of unauthorized acquisition, use or disposition
 of  a  fund's  assets  that  could  have  a  material  effect on the financial
 statements.

 Because  of  its  inherent  limitations,  internal  control  over   financial
 reporting may not prevent or detect misstatements. Also, projections  of  any
 evaluation  of  effectiveness  to future periods are subject to the risk that
 controls may become inadequate because  of changes in conditions, or that the
 degree of compliance with the policies or procedures may deteriorate.

 A deficiency in internal control over financial  reporting  exists  when  the
 design or operation of a control does not allow management or employees, in

<PAGE>

 the  normal  course  of  performing  their  assigned functions, to prevent or
 detect misstatements on a timely basis. A material  weakness is a deficiency,
 or combination of deficiencies, in internal control over financial reporting,
 such that there is a reasonable possibility that a material  misstatement  of
 the  Fund's  annual  or interim financial statements will not be prevented or
 detected on a timely basis.

 Our consideration of the  Fund's internal control over financial reporting was
 for limited purpose described in the first paragraph and would not necessarily
 disclose  all  deficiencies  in   internal  control  that  might  be  material
 weaknesses under standards established  by  the  PCAOB.  However,  we noted no
 significant  deficiencies  in  the  Fund's  internal  control  over  financial
 reporting  and its operation, including controls over safeguarding securities,
 that we consider  to  be  a material weakness as defined above as of September
 30, 2025, except as follows:

 On November 24, 2021, the Fund  received  a  cease  and  desist  order and was
 sanctioned  by  the  Securities and Exchange Commission for various compliance
 issues. The following was noted by the Securities and Exchange Commission:

    -  The Fund Manager  failed  to  operate  the  Upright  Growth  Fund  as  a
       diversified  fund  and  excessively  concentrated  its  portfolio in one
       industry;

    -  The Fund Manager conducted an improper proxy vote;

    -  The  Fund  Manager  miscalculated  the Upright Growth Fund's  net  asset
       value;

    -  The  Fund Manager maintained no written  policies  and  procedures,  and
       failed to adopt and implement written policies and procedures reasonably
       designed to prevent violations of the Advisers Act and the rules;

    -  The  Fund  Manager  violated  Sections  17(a)(2)  and  17(a)(3)  of  the
       Securities  Act,  which  prohibit  any  person  in  the offer or sale of
       securities  from  obtaining  money or property by means  of  any  untrue
       statement of material fact or  any  omission  to  state  a material fact
       necessary in order to make statements not misleading, and  from engaging
       in  any  transaction, practice, or course of business which operates  or
       would operate as a fraud or deceit on the purchaser in the offer or sale
       of securities, respectively;

    -  The Fund Manager  violated  and  caused  Upright  Trust's  violation  of
       Investment Company Act Section 20(a) and Rule 20a-1(a) thereunder;

    -  The  Fund  Manager  violated Section 34(b) of the Investment Company Act
       which makes it unlawful  for any person to make any untrue or misleading
       statement of material fact  in  any registration statement, application,
       report, account, record, or other  document  filed  with  the Commission
       under the Investment Company Act, or to omit from any such  document any
       fact  necessary  in  order  to prevent the statements made therein  from
       being materially misleading;

    -  The Fund Manager violated Section  206(2)  of  the  Advisers  Act, which
       makes

<PAGE>

       it  unlawful  for  any  investment  adviser, directly or indirectly,  to
       "engage  in  any  transaction, practice  or  course  of  business  which
       operates as a fraud or deceit upon any client or prospective client.";

    -  The Fund Manager violated  Section  206(4)  of the Advisers Act and Rule
       206(4)-8 thereunder, which makes it unlawful  for any investment adviser
       to  a  pooled  investment  vehicle  to make any untrue  statement  of  a
       material fact or to omit to state a material  fact necessary to make the
       statements made, in the light of the circumstances under which they were
       made,  not misleading, to any investor or prospective  investor  in  the
       pooled investment vehicle.

    -  The Fund  Manager caused the violation of Section 206(4) of the Advisers
       Act and Rule  206(4)-7 thereunder, which require a registered investment
       adviser  to  adopt   and   implement  written  compliance  policies  and
       procedures reasonably designed to prevent violations of the Advisers Act
       and the rules thereunder;

    -  The Fund Manager caused the Upright Growth Funds violation of Investment
       Company Act Sections 13(a)(1),  which requires that no RIC shall, unless
       authorized  by  the  vote  of  a  majority  of  its  outstanding  voting
       securities,  change  its sub-classification  from  a  diversified  to  a
       non-diversified company;

    -  The Fund Manager caused the Upright Growth Funds violation of Investment
       Company Act Section 13(a)(3),  which  requires that no RIC shall, unless
       authorized  by  the  vote  of  a  majority  of  its  outstanding  voting
       securities,  deviate  from  its policy in respect  of  concentration  of
       investments in any particular industry or group of industries as recited
       in its registration statement;

    -  The Fund Manager caused the Upright Growth Funds violation of Investment
       Company Act Rule 22c-1, which prohibits registered investment companies,
       among others, from the sale, redemption, or repurchase of the investment
       company's redeemable securities  except  at a price based on the current
       net asset value of such security;

    -  The Fund Manager caused the Upright Trust's  violation  of  Rule  38a-1,
       which  requires  a  RIC  to  adopt  and  implement  written policies and
       procedures  designed  to  prevent  violations of the federal  securities
       laws.

 On  April  11,  2025,  David Yow Shang Chiueh  (the  chief  executive  officer
 ("CEO"), portfolio manager,  and  Board  chairman  of Upright Trust, the chief
 compliance officer ("CCO") during the Relevant Period)  and  Upright Financial
 Corp.  (Upright  Trust's  investment  adviser),  received  the  First  Amended
 Complaint (Case 25 Civ.1920) from United States District Court District of New
 Jersey, regarding Securities and Exchange Commission (Plaintiff) against David
 Yow Shang Chiueh and Upright Financial Group., (Defendants). The following was
 noted by the First Amended Complaint (Case 25 Civ. 1920):

    1. Plaintiff  Securities  and Exchange Commission ("Commission"),  for  its
       First  Amended Complaint  against  Defendants  David  Yow  Shang  Chiueh
       ("Chiueh") and

<PAGE>

       Upright Financial Corp. ("Upright"), alleges as follows:

    -  Defendants  engaged  in  a  multi-year  fraudulent scheme to operate the
       mutual fund Upright Growth Fund ("Fund")  as  a highly concentrated fund
       in violation of the Fund's investment mandate and  Defendants' fiduciary
       duties,  at  the  expense  of  the  Fund  and its retail investor  base.
       Defendants also violated other important legal  requirements  for mutual
       funds.

    -  In November 2021, the Commission issued a settled order that found  that
       Defendants  violated the Concentration Policy between July 2017 and June
       2020 by concentrating  more  than  25% of the Fund's total assets in one
       industry, including the semiconductor  industry,  and, in doing so, that
       Defendants committed fraud and breached their fiduciary  duties  to  the
       Fund (among other securities law violations).

               i. The  2021  Order contained an agreement by Upright to certify
                  its compliance  with  the undertakings within sixty days from
                  the date of completion  of  the  undertakings ("Certification
                  Date").

               ii.By  agreement  between  Upright  and Enforcement  staff,  the
                  deadline to complete undertakings  was extended from March 3,
                  2023, to May 2, 2023.

               iii.Upright did not certify its compliance with the undertakings
                  in the 2021 Order by the Certification Date.

               iv.To date, Upright has not certified its  compliance  with  the
                  undertakings in the 2021 Order.

    -  Despite  Defendants'  promise, made as part of their settlement with the
       Commission, that they would  stop  this  conduct,  they  continued their
       fraud  unabated. From at least November 24, 2021, through September  29,
       2023, Defendants  continued  to invest more than 25% of the Fund's total
       assets in a single company, Company  A.  And,  even  after September 29,
       2023, Defendants continued to violate the Fund's Concentration Policy by
       investing  more  than  25%  of  the  Fund's  assets in the semiconductor
       industry through at least June 23, 2024.

    -  Defendants' conduct from November 24, 2021, through  at  least  June 23,
       2024  ("Relevant Period"), harmed the Fund and its investors. By waiting
       nearly  two  years to reduce the Fund's Company A holdings below the 25%
       limit,  and  then  continuing  to  over  concentrate  the  Fund  in  the
       semiconductor  industry,  Defendants caused losses of approximately $1.6
       million. Meanwhile, Defendants  collected advisory fees of approximately
       $100,000 on the Fund's assets that exceeded the 25% limit.

    -  Defendants also engaged in two sets  of  misconduct  during the Relevant
       Period with respect to Upright Trust's board of trustees  ("Board"),  in
       violation  of  fundamental  provisions  of the Investment Company Act of
       1940 ("Investment Company Act"). First, Defendants failed to provide or

<PAGE>

       withheld  key  information  from the Board,  including  (i)  information
       reasonably necessary for the  Board  to  evaluate the terms of Upright's
       advisory contract, which was not put to a  vote  as  required  and which
       Chiueh  misrepresented  in  the  Fund's  Commission  filings,  and  (ii)
       misleading  the  Board  about Defendants' past securities law violations
       and the 2021 Order. Second, Defendants hired an accountant to audit each
       series of Upright Trust,  including the Fund, without the required Board
       vote.

    1. Defendants  have  violated  Sections   17(a)(1)   and  17(a)(3)  of  the
       Securities  Act  of  1933  ("Securities  Act");  Section  10(b)  of  the
       Securities Exchange Act of 1934 ("Exchange Act"), and Rules 10b-5(a) and
       10b-5(c)  thereunder;  Sections  206(1)  and  206(2) of  the  Investment
       Advisers  Act  of  1940  ("Advisers  Act"); and Investment  Company  Act
       Section 15(c).

    2. Chiueh violated Securities Act Section  17(a)(2);  Exchange  Act Section
       10(b);  and  Rule 10b-5(b) thereunder; and Advisers Act Section  206(4);
       and Rule 206(4)-8(a)(1) thereunder.

    3. The Commission  brings  this  action pursuant to the authority conferred
       upon it by Securities Act Sections 20(b) and 20(d), Exchange Act Section
       21(d), Advisers Act Section 209(d)  and  209(e),  and Investment Company
       Act Section 41(d).

    4. The  Commission  seeks  a  final  judgment:  (a)  permanently  enjoining
       Defendants  from violating the federal securities laws  and  rules  this
       Complaint  alleges  they  have  violated;  (b)  ordering  Defendants  to
       disgorge  all  ill-gotten  gains  they  received  as  a  result  of  the
       violations  alleged  here  and  to pay prejudgment interest, pursuant to
       Exchange Act, and Investment Company Act; (c) ordering Defendants to pay
       civil money penalties pursuant to Securities Act, Exchange Act, Advisers
       Act, and Investment Company Act;  and  (d) ordering any other relief the
       Court may deem just and proper.

    5. The Commission demands a trial by jury.

    6. Litigation  status: Defendants filed a motion  to  dismiss  (August  15,
       2025); the SEC filed an opposition (September 19, 2025); a reply was due
       on October 18,  2025.  Discovery responses were scheduled by October 20,
       2025, but no discovery has  yet been exchanged. The Litigation is in its
       earliest stages. Discovery is  in  its  inception, and there has been no
       ruling yet on our motion to dismiss. Accordingly,  it is not possible to
       opine as to any potential liability of the Corporation or Mr. Chiueh, or
       as to the possibility of their prevailing at trial.

 The Fund has remediated these deficiencies, but as we emphasized in addressing
 the  going  concern uncertainties for the future period, the  Funds'  internal
 control structure  must continue to be strengthened and enhanced, with ongoing
 involvement and oversight by the Audit Committee to ensure compliance with SEC
 regulations.

 Additionally, we noted  that Mr. Chiueh founded both Upright Investments Trust
 and Upright Financial Corp.  He  is CEO/president of the adviser and is also a
 trustee and portfolio manager of the Funds. The Funds' governance and advisory
 structure results in a concentration of key roles within a single individual.

<PAGE>

 This  overlap  reduces  the  independence  of  oversight  required  under  the
 Investment Company Act of 1940  and  weakens the segregation of duties between
 the Funds and its service provider. Although financial reporting is outsourced
 to Mutual Shareholder Services, LLC., an independent fund service third party,
 the structure still increases the risk  that  errors,  policy  violations,  or
 conflicts  of  interest  may  not  be timely prevented or detected. Management
 should  evaluate  enhancements  to  governance  and  oversight  procedures  to
 mitigate this risk

 This report is intended solely for the  information  and use of management and
 the Board of Trustees of the Upright Growth Fund, Upright  Growth  and  Income
 Fund  and  the  Upright  Assets  Allocation  Plus  Fund and the Securities and
 Exchange Commission and is not intended to be and should not be used by anyone
 other than these specified parties.

 /S/ Tang Qian & Associates, PLLC

 Tang Qian & Associates, PLLC

 We have served as the auditor for Upright Investments Trust since 2025

 Flower Mound, Texas
 December 10, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001058587

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000004906

**Series ID Record:2**
- **Series ID:** S000057858

**Series ID Record:3**
- **Series ID:** S000057859

**Class ID Record:1**
- **Class ID:** C000013262

**Class ID Record:2**
- **Class ID:** C000186849

**Class ID Record:3**
- **Class ID:** C000186850

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-09-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** UPRIGHT INVESTMENTS TRUST

- **Item B.1.b - Investment Company Act file number:** 811-08723

- **Item B.1.c - CIK:** 0001058587

- **Item B.1.d - LEI:** 5493003ZI0LVEQKB4487

- **Item B.2.a - Street 1:** 349 Ridgedale Ave

- **Item B.2.b - City:** East Hanover

- **Item B.2.c - State:** NJ

- **Item B.2.e - Zip Code:** 07936

- **Item B.2.f - Telephone:** 973-533-1818

- **Item B.2.g - Public Website:** N/A

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Upright Investments Trust

- **b. Street 1:** 349 Ridgedale Ave.

- **c. City:** East Hanover

- **d. State, if applicable:** NJ

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 07936

- **g. Telephone number:** 973-533-1818

- **h. Briefly describe the books and records kept at this location:** All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant except all those relating to the activities of the Fund's Custodian, Transfer Agent and Shareholder Servicing Agent.

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** MUTUAL SHAREHOLDER SERVICES, LLC

- **b. Street 1:** 8000 TOWN CENTRE DRIVE, SUITE 400

- **c. City:** Broadview Heights

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 44147

- **g. Telephone number:** 440-922-0066

- **h. Briefly describe the books and records kept at this location:** All accounts, books and documents required to be maintained by the Transfer Agent, Fund Accounting Agent and Shareholder Servicing Agent pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3.

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Huntington National Bank

- **b. Street 1:** 7 Easton Oval EA5W7

- **c. City:** Columbus

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 43219

- **g. Telephone number:** 614-331-9967

- **h. Briefly describe the books and records kept at this location:** All accounts, books and documents all those relating to the activities of the Funds Custodian.

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Upright Financial Corporation

- **b. Street 1:** 349 Ridgedale Ave.

- **c. City:** East Hanover

- **d. State, if applicable:** NJ

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 07936

- **g. Telephone number:** 973-533-1818

- **h. Briefly describe the books and records kept at this location:** Maintains records relating to its function as the investment adviser to the Funds.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Upright Investments Trust

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 3

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                   | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Yow Shang David Chiueh | Yes                     | 811-08723                               |
| Phyllis Yokley         | No                      | N/A                                     |
| Lei Wang               | No                      | N/A                                     |
| Wen-Chung Cheng        | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Yen-Chieh Kevin Huang

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 349 Ridgedale Ave.

- **d. City:** East Hanover

- **e. State, if applicable:** NJ

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 07936

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

No Principal Underwriters reported.

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Tang Qian & Associates, PLLC

- **b. PCAOB Number:** 7080

- **c. LEI, if any:** N/A

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** Yes

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - UPRIGHT GROWTH FUND

**Item C.1. Background information.**

- **a. Full Name of the Fund:** UPRIGHT GROWTH FUND

- **b. Series identification number, if any:** S000004906

- **c. LEI:** 5493001L3JS2SRVYKZ86

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | N/A                     | C000013262                                | UPUPX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Upright Financial Corporation

- **ii. SEC file number:** 801-38340

- **iii. CRD number:** 000107303

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUTUAL SHAREHOLDER SERVICES, LLC

- **ii. SEC file number:** 084-05821

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** FIS MARKETMAP ANALYTIC PLATFORM

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Huntington National Bank

- **ii. LEI, if any:** 2WHM8VNJH63UN14OL754

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Mutual Shareholder Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Upright Financial Corporation

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** NJ

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $21,408,772.20

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Upright Assets Allocation Plus Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Upright Assets Allocation Plus Fund

- **b. Series identification number, if any:** S000057858

- **c. LEI:** 549300RMW5KBVEH8FE80

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | N/A                     | C000186849                                | UPAAX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Upright Financial Corporation

- **ii. SEC file number:** 801-38340

- **iii. CRD number:** 000107303

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUTUAL SHAREHOLDER SERVICES, LLC

- **ii. SEC file number:** 084-05821

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** FIS MARKETMAP ANALYTIC PLATFORM

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Huntington National Bank

- **ii. LEI, if any:** 2WHM8VNJH63UN14OL754

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Mutual Shareholder Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Upright Financial Corporation

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** NJ

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $2,495,391.73

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Upright Growth & Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Upright Growth & Income Fund

- **b. Series identification number, if any:** S000057859

- **c. LEI:** 549300XCUWL1877S4Y31

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | N/A                     | C000186850                                | UPDDX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Upright Financial Corporation

- **ii. SEC file number:** 801-38340

- **iii. CRD number:** 000107303

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUTUAL SHAREHOLDER SERVICES, LLC

- **ii. SEC file number:** 084-05821

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** FIS MARKETMAP ANALYTIC PLATFORM

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Huntington National Bank

- **ii. LEI, if any:** 2WHM8VNJH63UN14OL754

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Mutual Shareholder Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Upright Financial Corporation

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** NJ

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $3,412,733.33

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** UPRIGHT INVESTMENTS TRUST

**Date:** 2025-12-11

**Signature:** Yow Shang David Chiueh

**Title:** PRESIDENT