# EDGAR Filing Document

**Accession Number:** 0001058587
**File Stem:** 0001162044-25-001242
**Filing Date:** 2025-12
**Character Count:** 123785
**Document Hash:** 2e0431f5ca1c687dda16f7c5f3356df2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001242.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001162044-25-001242

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08723
- **FILM NUMBER:** 251548612

**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 |  |

?xml version='1.0' encoding='ASCII'? FORM N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 **FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-08723</u>

<u>Upright Investments Trust</u>

(Exact name of registrant as specified in charter)

349 Ridgedale Avenue

<u>East Hanover, NJ 07936</u>

(Address of principal executive offices) (Zip code)

David Y.S. Chiueh

349 Ridgedale Avenue

<u>East Hanover, NJ 07936</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>973-533-1818</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>March 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

UPRIGHT INVESTMENTS TRUST

SEMI-ANNUAL SHAREHOLDER REPORT

**March 31, 2025 (Unaudited)** 

UPRIGHT ASSETS ALLOCATION PLUS FUND

***UPAAX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Upright Assets Allocation Plus Fund – UPAAX (the "Fund") for the period October 1, 2024 to March 31, 2025.

You can find additional information about the Fund on the SEC website at http://www.sec.gov. You can also request this information by contacting us at 1-973-533-1818.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Upright Assets Allocation Plus Fund | &nbsp;&nbsp;$124 | &nbsp;&nbsp;2.58% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$2161793 | &nbsp;&nbsp;35 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$16225 |

---

**<u>top ten holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;13.60% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X Shares | &nbsp;&nbsp;9.74% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;8.73% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;8.05% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;7.68% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;ProShares UltraPro QQQ ETF | &nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Direxion Small Cap Bull 3X Shares | &nbsp;&nbsp;3.38% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;70.06% |

---

**<u>INDUSTRY WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the industry. The underlying securities represent a percentage of the portfolio of investments.

![](image_001.gif)

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the six months ended March 31, 2025.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Upright Assets Allocation Plus Fund documents not be householded, please contact Upright Investments Trust at 1-973-533-1818, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Upright Investments Trust or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit the SEC website at http://www.sec.gov or contact us at 1-973-533-1818.

UPRIGHT INVESTMENTS TRUST

SEMI-ANNUAL SHAREHOLDER REPORT

**March 31, 2025 (Unaudited)** 

UPRIGHT GROWTH & INCOME FUND

***UPDDX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Upright Growth & Income – UPDDX (the "Fund") for the period October 1, 2024 to March 31, 2025.

You can find additional information about the Fund on the SEC website at http://www.sec.gov. You can also request this information by contacting us at 1-973-533-1818.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Upright Growth & Income Fund | &nbsp;&nbsp;$127 | &nbsp;&nbsp;2.58% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$2916689 | &nbsp;&nbsp;33 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$24805 |

---

**<u>top ten holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;22.30% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;12.60% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;7.05% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;5.83% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;5.69% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;5.55% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;4.31% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;The Goldman Sachs Group, Inc. | &nbsp;&nbsp;3.75% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. | &nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;3.05% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;73.82% |

---

**<u>INDUSTRY WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the industry. The underlying securities represent a percentage of the portfolio of investments.

![](image_002.gif)

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the six months ended March 31, 2025.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Upright Growth & Income Fund documents not be householded, please contact Upright Investments Trust at 1-973-533-1818, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Upright Investments Trust or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit the SEC website at http://www.sec.gov or contact us at 1-973-533-1818.

UPRIGHT INVESTMENTS TRUST

SEMI-ANNUAL SHAREHOLDER REPORT

**March 31, 2025 (Unaudited)** 

UPRIGHT GROWTH FUND

***UPUPX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Upright Growth Fund – UPUPX (the "Fund") for the period October 1, 2024 to March 31, 2025.

You can find additional information about the Fund on the SEC website at http://www.sec.gov. You can also request this information by contacting us at 1-973-533-1818.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Upright Growth Fund | &nbsp;&nbsp;$115 | &nbsp;&nbsp;2.27% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$19234799 | &nbsp;&nbsp;32 | &nbsp;&nbsp;10.58% | &nbsp;&nbsp;$163792 |

---

**<u>top ten holdings (% OF NET ASSETS)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;25.65% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;14.67% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio - Class I | &nbsp;&nbsp;10.40% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund Government Portfolio | &nbsp;&nbsp;9.79% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;7.16% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. | &nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;2.29% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;83.64% |

---

**<u>INDUSTRY WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the industry. The underlying securities represent a percentage of the portfolio of investments.

![](image_003.gif)

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the six months ended March 31, 2025.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Upright Growth Fund documents not be householded, please contact Upright Investment Trust at 1-973-533-1818, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Upright Investment Trust or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit the SEC website at http://www.sec.gov or contact us at 1-973-533-1818.

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.**

Not applicable – schedule filed with Item 1.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

**Upright Investments Trust**

Upright Assets Allocation Plus Fund **(UPAAX)**

Upright Growth & Income Fund **(UPDDX)**

Upright Growth Fund **(UPUPX)**

**Semi-Annual Financial Statements** 

**March 31, 2025**

**(Unaudited)**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;PAGE |
| &nbsp;&nbsp;Schedule of Investments | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Notes to Financial Statements | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;Additional Information | &nbsp;&nbsp;26 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Upright Investments Trust<br>&nbsp;&nbsp;**Upright Assets Allocation Plus Fund** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**March 31, 2025 (Unaudited)** | &nbsp;&nbsp;**March 31, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 37.62%** | &nbsp;&nbsp;**COMMON STOCKS - 37.62%** |  |
| &nbsp;&nbsp;**Drug Manufacturers—General - 4.85%** | &nbsp;&nbsp;**Drug Manufacturers—General - 4.85%** |  |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 104760 |
| &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 2.02%** | &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 2.02%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;30740 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;13065 |
|  |  | &nbsp;&nbsp;43805 |
| &nbsp;&nbsp;**Electrical Equipment & Parts - 0.31%** | &nbsp;&nbsp;**Electrical Equipment & Parts - 0.31%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Plug Power, Inc. \* | &nbsp;&nbsp;6750 |
| &nbsp;&nbsp;**Integrated Circuit Design - 13.60%** | &nbsp;&nbsp;**Integrated Circuit Design - 13.60%** |  |
| &nbsp;&nbsp;40000 | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;294000 |
| &nbsp;&nbsp;**Internet Content & Information - 0.43%** | &nbsp;&nbsp;**Internet Content & Information - 0.43%** |  |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Baidu, Inc. ADR \* | &nbsp;&nbsp;9203 |
| &nbsp;&nbsp;**Semiconductors - 16.41%** | &nbsp;&nbsp;**Semiconductors - 16.41%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;87600 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;101120 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;166000 |
|  |  | &nbsp;&nbsp;354720 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $790,285) - 37.62% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $790,285) - 37.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813238 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 60.69%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 60.69%** |  |
| &nbsp;&nbsp;750 | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;33000 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;188800 |
| &nbsp;&nbsp;550 | &nbsp;&nbsp;Direxion Daily Energy Bull 2X Shares | &nbsp;&nbsp;35904 |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;Direxion Daily MSCI Brazil Bull 2X Shares | &nbsp;&nbsp;4513 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;Direxion Daily MSCI Emerging Markets Bull 3X Shares | &nbsp;&nbsp;6144 |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;Direxion Daily MSCI India Bull 2x Shares | &nbsp;&nbsp;27785 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares ETF | &nbsp;&nbsp;61905 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Daily Real Estate Bull 3X Shares | &nbsp;&nbsp;20640 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X Shares | &nbsp;&nbsp;210585 |
| &nbsp;&nbsp;3100 | &nbsp;&nbsp;Direxion Daily Semiconductor Bull 3X Shares | &nbsp;&nbsp;49445 |
| &nbsp;&nbsp;1100 | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;173943 |
| &nbsp;&nbsp;2500 | &nbsp;&nbsp;Direxion Small Cap Bull 3X Shares | &nbsp;&nbsp;73150 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Global X Lithium and Battery Tech ETF | &nbsp;&nbsp;38800 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;iShares MSCI China ETF | &nbsp;&nbsp;10880 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;iShares MSCI EAFE Value ETF | &nbsp;&nbsp;11788 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;iShares MSCI Taiwan ETF | &nbsp;&nbsp;47480 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;iShares Russell Mid-Cap Value ETF | &nbsp;&nbsp;12597 |
| &nbsp;&nbsp;1400 | &nbsp;&nbsp;KraneShares CSI China Internet ETF | &nbsp;&nbsp;48874 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;ProShares UltraPro QQQ ETF | &nbsp;&nbsp;114600 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;VanEck Vectors Vietnam ETF \* | &nbsp;&nbsp;24960 |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Vanguard Emerging Markets Stock Index Fund | &nbsp;&nbsp;31682 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Vanguard FTSE All-World ex-US Small Cap Index Fund ETF | &nbsp;&nbsp;11560 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;Vanguard Real Estate Index Fund ETF Shares | &nbsp;&nbsp;18108 |
| &nbsp;&nbsp;800 | &nbsp;&nbsp;VictoryShares US Large Cap High Dividend Volatility Wtd Index ETF | &nbsp;&nbsp;54792 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $850,903) - 60.69% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $850,903) - 60.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1311935 |
| &nbsp;&nbsp;**MONEY MARKET FUNDS - 2.50%** | &nbsp;&nbsp;**MONEY MARKET FUNDS - 2.50%** |  |
| &nbsp;&nbsp;45131 | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III 4.02% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45131 |
| &nbsp;&nbsp;8883 | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund Government Portfolio 4.61% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8883 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $54,014) - 2.50% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $54,014) - 2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54014 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $1,695,202) - 100.81% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $1,695,202) - 100.81% | &nbsp;&nbsp;2179187 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.81)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.81)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17394) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$2161793 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at March 31, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at March 31, 2025. |  |
| &nbsp;&nbsp;ADR - American Depository Receipt | &nbsp;&nbsp;ADR - American Depository Receipt |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Upright Investments Trust<br>&nbsp;&nbsp;**Upright Growth & Income Fund** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**March 31, 2025 (Unaudited)** | &nbsp;&nbsp;**March 31, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 74.94%** | &nbsp;&nbsp;**COMMON STOCKS - 74.94%** |  |
| &nbsp;&nbsp;**Banks—Diversified - 1.68%** | &nbsp;&nbsp;**Banks—Diversified - 1.68%** |  |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 49060 |
| &nbsp;&nbsp;**Capital Markets - 3.75%** | &nbsp;&nbsp;**Capital Markets - 3.75%** |  |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109258 |
| &nbsp;&nbsp;**Consumer Electronics - 3.05%** | &nbsp;&nbsp;**Consumer Electronics - 3.05%** |  |
| &nbsp;&nbsp;400 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;88852 |
| &nbsp;&nbsp;**Drug Manufacturers—General - 4.31%** | &nbsp;&nbsp;**Drug Manufacturers—General - 4.31%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;600 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;125712 |
| &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 3.69%** | &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 3.69%** |  |
| &nbsp;&nbsp;7000 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;107590 |
| &nbsp;&nbsp;**Electrical Equipment & Parts - 0.19%** | &nbsp;&nbsp;**Electrical Equipment & Parts - 0.19%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Plug Power, Inc. \* | &nbsp;&nbsp;5400 |
| &nbsp;&nbsp;**Electronic & Other Electrical Equipment (No Computer Equip) - 0.32%** | &nbsp;&nbsp;**Electronic & Other Electrical Equipment (No Computer Equip) - 0.32%** |  |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9463 |
| &nbsp;&nbsp;**Entertainment - 0.68%** | &nbsp;&nbsp;**Entertainment - 0.68%** |  |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;The Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19740 |
| &nbsp;&nbsp;**Health Information Services - 0.11%** | &nbsp;&nbsp;**Health Information Services - 0.11%** |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;GE Healthcare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3309 |
| &nbsp;&nbsp;**Healthcare Plans - 0.70%** | &nbsp;&nbsp;**Healthcare Plans - 0.70%** |  |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20325 |
| &nbsp;&nbsp;**Integrated Circuit Design - 12.60%** | &nbsp;&nbsp;**Integrated Circuit Design - 12.60%** |  |
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;367500 |
| &nbsp;&nbsp;**Luxury Goods - 5.55%** | &nbsp;&nbsp;**Luxury Goods - 5.55%** |  |
| &nbsp;&nbsp;2300 | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;161943 |
| &nbsp;&nbsp;**Oil & Gas Integrated - 1.22%** | &nbsp;&nbsp;**Oil & Gas Integrated - 1.22%** |  |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;35679 |
| &nbsp;&nbsp;**Pharmaceutical Retailers - 0.19%** | &nbsp;&nbsp;**Pharmaceutical Retailers - 0.19%** |  |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5585 |
| &nbsp;&nbsp;**Semiconductors - 36.04%** | &nbsp;&nbsp;**Semiconductors - 36.04%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;87600 |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;650280 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;75840 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;166000 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;United Microelectronics Corp. ADR | &nbsp;&nbsp;71500 |
|  |  | &nbsp;&nbsp;1051220 |
| &nbsp;&nbsp;**Specialty Industrial Machinery - 0.86%** | &nbsp;&nbsp;**Specialty Industrial Machinery - 0.86%** |  |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;25019 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $1,180,515) - 74.94% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $1,180,515) - 74.94% | &nbsp;&nbsp; 2185655 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 24.14%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 24.14%** |  |
| &nbsp;&nbsp;800 | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35200 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Direxion Daily Aerospace & Defense Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46050 |
| &nbsp;&nbsp;9000 | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169920 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Direxion Daily Industrials Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52100 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7220 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41270 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Daily Real Estate Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20640 |
| &nbsp;&nbsp;750 | &nbsp;&nbsp;Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13094 |
| &nbsp;&nbsp;3100 | &nbsp;&nbsp;Direxion Daily Semiconductor Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49445 |
| &nbsp;&nbsp;1300 | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205569 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Small Cap Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58520 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;50 | &nbsp;&nbsp;ProShares S&P 500 Dividend Aristocrats ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5109 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $436,009) - 24.14% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $436,009) - 24.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704137 |
| &nbsp;&nbsp;**MONEY MARKET FUNDS - 1.64%** | &nbsp;&nbsp;**MONEY MARKET FUNDS - 1.64%** |  |
| &nbsp;&nbsp;47878 | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III 4.61% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47878 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $47,878) - 1.64% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $47,878) - 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47878 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $1,664,402) - 100.72% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $1,664,402) - 100.72% | &nbsp;&nbsp; 2937670 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.72)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.72)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20981) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$2916689 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at March 31, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at March 31, 2025. |  |
| &nbsp;&nbsp;ADR - American Depository Receipt | &nbsp;&nbsp;ADR - American Depository Receipt |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Upright Investments Trust<br>&nbsp;&nbsp;**Upright Growth Fund** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**March 31, 2025 (Unaudited)** | &nbsp;&nbsp;**March 31, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 67.97%** | &nbsp;&nbsp;**COMMON STOCKS - 67.97%** |  |
| &nbsp;&nbsp;**Agricultural Inputs - 0.17%** | &nbsp;&nbsp;**Agricultural Inputs - 0.17%** |  |
| &nbsp;&nbsp;1200 | &nbsp;&nbsp;The Mosaic Co. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32412 |
| &nbsp;&nbsp;**Banks—Diversified - 1.30%** | &nbsp;&nbsp;**Banks—Diversified - 1.30%** |  |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;250380 |
| &nbsp;&nbsp;**Consumer Electronics - 7.16%** | &nbsp;&nbsp;**Consumer Electronics - 7.16%** |  |
| &nbsp;&nbsp;6200 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;1377206 |
| &nbsp;&nbsp;**Drug Manufacturers—General - 2.61%** | &nbsp;&nbsp;**Drug Manufacturers—General - 2.61%** |  |
| &nbsp;&nbsp;2400 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;502848 |
| &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 5.35%** | &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 5.35%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Bausch Health Cos., Inc. \* | &nbsp;&nbsp;12940 |
| &nbsp;&nbsp;66102 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;1015988 |
|  |  | &nbsp;&nbsp;1028928 |
| &nbsp;&nbsp;**Electrical Equipment & Parts - 0.51%** | &nbsp;&nbsp;**Electrical Equipment & Parts - 0.51%** |  |
| &nbsp;&nbsp;72500 | &nbsp;&nbsp;Plug Power, Inc. \* | &nbsp;&nbsp;97875 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Insurance—Life - 1.35%** | &nbsp;&nbsp;**Insurance—Life - 1.35%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Brighthouse Financial, Inc. \* | &nbsp;&nbsp;57990 |
| &nbsp;&nbsp;2500 | &nbsp;&nbsp;Metlife, Inc. | &nbsp;&nbsp;200725 |
|  |  | &nbsp;&nbsp;258715 |
| &nbsp;&nbsp;**Integrated Circuit Design - 25.65%** | &nbsp;&nbsp;**Integrated Circuit Design - 25.65%** |  |
| &nbsp;&nbsp;671261 | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;4933768 |
| &nbsp;&nbsp;**Internet Retail - 1.37%** | &nbsp;&nbsp;**Internet Retail - 1.37%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264460 |
| &nbsp;&nbsp;**Internet Content & Information - 2.52%** | &nbsp;&nbsp;**Internet Content & Information - 2.52%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Alphabet, Inc. Class C | &nbsp;&nbsp;312460 |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;172908 |
|  |  | &nbsp;&nbsp;485368 |
| &nbsp;&nbsp;**Semiconductors - 18.75%** | &nbsp;&nbsp;**Semiconductors - 18.75%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;87600 |
| &nbsp;&nbsp;13000 | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;657280 |
| &nbsp;&nbsp;17000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;2822000 |
| &nbsp;&nbsp;5500 | &nbsp;&nbsp;United Microelectronics Corp. ADR | &nbsp;&nbsp;39325 |
|  |  | &nbsp;&nbsp;3606205 |
| &nbsp;&nbsp;**Specialty Retail - 1.23%** | &nbsp;&nbsp;**Specialty Retail - 1.23%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;PDD Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236700 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $11,061,323) - 67.97% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $11,061,323) - 67.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13074865 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 12.64%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 12.64%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 |
| &nbsp;&nbsp;5500 | &nbsp;&nbsp;Direxion Daily Aerospace & Defense Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168850 |
| &nbsp;&nbsp;22000 | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415360 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Direxion Daily Industrials Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156300 |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28880 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123810 |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Direxion Daily Real Estate Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51600 |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69834 |
| &nbsp;&nbsp;10100 | &nbsp;&nbsp;Direxion Daily Semiconductor Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161095 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316260 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Direxion Small Cap Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43890 |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455150 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $2,018,342) - 12.64% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $2,018,342) - 12.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431029 |
| &nbsp;&nbsp;**MONEY MARKET FUNDS - 20.19%** | &nbsp;&nbsp;**MONEY MARKET FUNDS - 20.19%** |  |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III 4.61% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;1883485 | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund Government Portfolio 4.02% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883485 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $3,883,485) - 20.19% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $3,883,485) - 20.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883485 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $16,963,150) - 100.80% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $16,963,150) - 100.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19389379 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.80)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.80)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (154580) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;19234799 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at March 31, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at March 31, 2025. |  |

---

---

| |
|:---|
| &nbsp;&nbsp;ADR - American Depository Receipt |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Upright Investments Trust** | &nbsp;&nbsp;**Upright Investments Trust** | &nbsp;&nbsp;**Upright Investments Trust** | &nbsp;&nbsp;**Upright Investments Trust** |
| &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** |
| &nbsp;&nbsp;**March 31, 2025 (Unaudited)** | &nbsp;&nbsp;**March 31, 2025 (Unaudited)** | &nbsp;&nbsp;**March 31, 2025 (Unaudited)** | &nbsp;&nbsp;**March 31, 2025 (Unaudited)** |
| &nbsp;&nbsp;Assets: | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,695,202, $1,664,402, and $16,963,150, respectively) | &nbsp;&nbsp;$2179187 | &nbsp;&nbsp;$2937670 | &nbsp;&nbsp;$19389379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | &nbsp;&nbsp; 4089 | &nbsp;&nbsp; 2708 | &nbsp;&nbsp; 28783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184004 | &nbsp;&nbsp; 2941114 | &nbsp;&nbsp; 19419780 |
| &nbsp;&nbsp;Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; - | &nbsp;&nbsp;100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;5917 | &nbsp;&nbsp;8338 | &nbsp;&nbsp;57986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees | &nbsp;&nbsp;2010 | &nbsp;&nbsp;3501 | &nbsp;&nbsp;18747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;4216 | &nbsp;&nbsp;3633 | &nbsp;&nbsp;2479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp;3377 | &nbsp;&nbsp;3286 | &nbsp;&nbsp;455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp;54 | &nbsp;&nbsp;53 | &nbsp;&nbsp;650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp;5639 | &nbsp;&nbsp;5252 | &nbsp;&nbsp;4439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;998 | &nbsp;&nbsp;362 | &nbsp;&nbsp;225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp; 22211 | &nbsp;&nbsp; 24425 | &nbsp;&nbsp; 184981 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;2161793 | &nbsp;&nbsp;$2916689 | &nbsp;&nbsp;$19234799 |
| &nbsp;&nbsp;Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$1719883 | &nbsp;&nbsp;$1711808 | &nbsp;&nbsp;$15252022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441910 | &nbsp;&nbsp; 1204881 | &nbsp;&nbsp; 3982777 |
| &nbsp;&nbsp;Net Assets (unlimited shares authorized; 177,054, 170,794 |  |  |  |
| &nbsp;&nbsp; and 1,974,390 shares outstanding, respectively.) | &nbsp;&nbsp;$2161793 | &nbsp;&nbsp;$2916689 | &nbsp;&nbsp;$19234799 |
| &nbsp;&nbsp;Net Asset Value and Offering Price Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.21 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.08 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.74 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Upright Investments Trust** | &nbsp;&nbsp;**Upright Investments Trust** | &nbsp;&nbsp;**Upright Investments Trust** | &nbsp;&nbsp;**Upright Investments Trust** |
| &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** |
| &nbsp;&nbsp;**For the six months ended March 31, 2025 (Unaudited)** | &nbsp;&nbsp;**For the six months ended March 31, 2025 (Unaudited)** | &nbsp;&nbsp;**For the six months ended March 31, 2025 (Unaudited)** | &nbsp;&nbsp;**For the six months ended March 31, 2025 (Unaudited)** |
|  | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth Fund** |
| &nbsp;&nbsp;Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $276, $273, and $10,854, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;17134 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;13087 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;66932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; 2006 | &nbsp;&nbsp; 2190 | &nbsp;&nbsp; 52300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp; 19140 | &nbsp;&nbsp; 15277 | &nbsp;&nbsp; 119232 |
| &nbsp;&nbsp;Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp; 16225 | &nbsp;&nbsp; 24805 | &nbsp;&nbsp; 163792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees | &nbsp;&nbsp; 5617 | &nbsp;&nbsp; 7442 | &nbsp;&nbsp; 45694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp; 1995 | &nbsp;&nbsp; 1995 | &nbsp;&nbsp; 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Fees | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp; 2426 | &nbsp;&nbsp; 2426 | &nbsp;&nbsp; 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp; 4746 | &nbsp;&nbsp; 5114 | &nbsp;&nbsp; 25500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp; 32096 | &nbsp;&nbsp; 42590 | &nbsp;&nbsp; 247248 |
| &nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; (12956) | &nbsp;&nbsp; (27313) | &nbsp;&nbsp; (128016) |
| &nbsp;&nbsp;Realized and Unrealized Gain (Loss) on Investments: |  |  |  |
| &nbsp;&nbsp; Net Realized Gain on Investments | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 8586 | &nbsp;&nbsp; 4382458 |
| &nbsp;&nbsp; Net Change in Unrealized Depreciation on Investments | &nbsp;&nbsp; (167944) | &nbsp;&nbsp; (86168) | &nbsp;&nbsp;(3468666) |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp; (167054) | &nbsp;&nbsp; (77582) | &nbsp;&nbsp; 913792 |
| &nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;$(180010) | &nbsp;&nbsp;$(104895) | &nbsp;&nbsp;$785776 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust |
| &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;9/30/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;(12956) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (7101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (167944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (180010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15847) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in Capital Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12491 |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$2161793 | &nbsp;&nbsp;$2345189 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust |
| &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;9/30/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (27313) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (21795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13611) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in Capital Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5190 |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3024499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;2916689 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3024499 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust |
| &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;9/30/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $(128016) | &nbsp;&nbsp; $(135005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp; 4382458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp; (3468666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4312783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388691) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp; (2152645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(869963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in Capital Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp; (2152645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490811) |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp; (1366869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp; 20601668 | &nbsp;&nbsp; 17403368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$19234799 | &nbsp;&nbsp;$20601668 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55642) |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust |
| &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** | &nbsp;&nbsp;**Upright Assets Allocation Plus Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;9/30/2024 | &nbsp;&nbsp;9/30/2023 | &nbsp;&nbsp;9/30/2022 | &nbsp;&nbsp;9/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.23 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8.51 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.88 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 7.83 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp;Paid in capital from redemption fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.21 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.23 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8.51 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.88 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.71)% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.08% | &nbsp;&nbsp; (33.93)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.30% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2162 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3018 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1669 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1413 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;2.58% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;1.80% | &nbsp;&nbsp;2.72% | &nbsp;&nbsp;2.87% | &nbsp;&nbsp;2.49% | &nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.04)% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;0.24% | &nbsp;&nbsp; (0.34)% | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;1.31% | &nbsp;&nbsp; (1.02)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;0.00% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;1.41% | &nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. |  |  |
| &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assuming reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Less than $0.005 per share. |  |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust |
| &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;9/30/2024 | &nbsp;&nbsp;9/30/2023 | &nbsp;&nbsp;9/30/2022 | &nbsp;&nbsp;9/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.61 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.72 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.31 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.36 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8.23 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Paid in capital from redemption fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.97 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.61 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.72 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.31 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.36 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.45)% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.55% | &nbsp;&nbsp; (36.42)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.48% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2917 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4239 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1924 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;2.58% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;2.15% | &nbsp;&nbsp;2.90% | &nbsp;&nbsp;2.60% | &nbsp;&nbsp;2.87% | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66)% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp; (0.55)% | &nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;1.54% | &nbsp;&nbsp; (0.68)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;0.00% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;12.68% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. |  |  |
| &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assuming reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Less than $0.005 per share. |  |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust |
| &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;9/30/2024 | &nbsp;&nbsp;9/30/2023 | &nbsp;&nbsp;9/30/2022 | &nbsp;&nbsp;9/30/2021 | &nbsp;&nbsp;9/30/2020 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.42 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.56 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Paid in capital from redemption fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.74 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.42 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.56 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.22% | &nbsp;&nbsp; (33.21)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53.08% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 19235 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20602 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17403 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16340 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 24978 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;2.27% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;3.21% | &nbsp;&nbsp;1.88% | &nbsp;&nbsp;2.09% | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.18)% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)% | &nbsp;&nbsp;1.72% | &nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.25)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;10.58% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.81% | &nbsp;&nbsp;2.53% | &nbsp;&nbsp;0.28% | &nbsp;&nbsp;3.75% |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year. |  |  |
| &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund | &nbsp;&nbsp;\*\* Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assuming reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Less than $0.005 per share. |  |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

**Upright Investments Trust**

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2025 (UNAUDITED)

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

 

The Upright Investments Trust (the "Trust") was organized as a business trust under the laws of the State of Delaware under a Certificate of Formation dated March 4, 1998, and is registered as an Investment Company under the Investment Company Act of 1940. The Certificate of Formation provides for an unlimited number of authorized shares of beneficial interest, which may, without shareholder approval, be divided into an unlimited number of series of such shares. The Trust presently includes Upright Assets Allocation Plus Fund ("Assets Allocation Plus Fund"), a diversified series; Upright Growth and Income Fund (the "Growth and Income Fund"), a diversified series; and Upright Growth Fund (the "Growth Fund"), a non-diversified series, (collectively the "Funds"). The principal investment objective of the Assets Allocation Plus Fund is to seek total return. The principal investment objective of the Growth and Income Fund is to seek current income consistent with growth of capital. The principal investment objective of the Growth Fund is to provide long-term growth of capital.

**2. SIGNIFICANT ACCOUNTING POLICIES**

 

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the U.S. ("GAAP").

*Security Valuation -* All investments in securities are recorded at their estimated fair value, as described in Note 3.

*Federal Income Taxes*: The Funds make no provision for federal income or excise tax. The Funds intend to qualify each year as "regulated investment companies" ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds' tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken in the Funds' 2025 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended March 31, 2025, the Funds did not incur any interest or penalties.

*Distributions to Shareholders* - Distributions from net investment income, if any, are declared and paid annually. Distributions of the Funds' net realized capital gains, if any, are declared at least annually. Distributions are recorded on the Ex-dividend date.

The Funds may periodically make reclassifications among certain of its capital accounts as a result of the timing and characterization of certain income and capital gains distributions determined in accordance with federal tax regulations, which may differ from GAAP. These reclassifications are due to differing treatment for items such as deferral of wash sales and net operating losses.

*Security Transactions and Related Income* - Investment and shareholder transactions are recorded on the trade date. Gains and losses on securities transactions are determined on the basis of identified cost. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund, and interest income is recognized on an accrual basis.

*Use of Estimates* - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

*Expenses* – Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund's relative net assets or other appropriate basis as determined by the Board.

As an open-end registered investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies".

**3. SECURITIES VALUATIONS**

 ****

***Processes and Structure***

The Funds' Board of Trustees has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board of Trustees.

 ****

***Hierarchy of Fair Value Inputs***

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

· *Level 1.* Unadjusted quoted
prices in active markets for identical assets or liabilities that the Funds have the ability to access.

· *Level 2.* Observable inputs
other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs
may include quoted prices for the identical instrument on an inactive market, prices for similar instruments in active markets, interest
rates, implied volatilities, credit spreads, yield curves, and market-collaborated inputs.

· *Level 3.* Unobservable
inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Funds' own assumptions
about the assumptions that a market participant would use in valuing the asset or liability at measurement date, and that would be based
on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

***Fair Value Measurements***

A description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis follows.

Money market funds are generally priced at the ending NAV provided by the service agent of the fund. The money market funds will be categorized as Level 1 within the fair value hierarchy.

*Equity securities (common stocks and exchange traded funds).* Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. If no sales are reported, the average of the last bid and ask price is used. If no average price is available, the last bid price is used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy described below. When an equity security is valued by the independent pricing service using factors other than market quotations or the market is considered inactive, they will be categorized in level 2.

 

*Repurchase Agreements* - In connection with transactions in repurchase agreements, it is the Funds' policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Company may be delayed or limited. The Funds did not enter any repurchase agreements during six months ended March 31, 2025.

*Securities Sold Short* - The Funds may make short sales. A short sale involves selling a security which the Fund does not own. The proceeds received for short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. The Funds do not have any open short positions on March 31, 2025.

*Securities Purchased on Margin* – The Funds may purchase securities on margin in which case the Fund does not fully pay for securities purchased and borrows amounts to settle the purchase. No securities were purchased on margin during the six months ended March 31, 2025. During this period, the fund paid no margin interest.

The following table summarizes the inputs used to value each Fund's assets measured at fair value as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Assets Allocation Plus Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Total Investments</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 813238 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 813238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;1311935 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1311935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;54014 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;54014 |
|  | &nbsp;&nbsp;$2179187 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$2179187 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Growth & Income Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Total Investments</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$2185655 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$2185655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;704137 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;704137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;47878 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;47878 |
|  | &nbsp;&nbsp;$2937670 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$2937670 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Growth Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Total Investments</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$13074865 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$13074865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;2431029 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2431029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;3883485 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3883485 |
|  | &nbsp;&nbsp;$19389379 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$19389379 |

---

\* Industry classifications of these categories are detailed on each Fund's Schedule of Investments.

The Funds did not hold any Level 3 assets during the six months ended March 31, 2025. The Funds did not hold any derivative instruments at any time during the six months ended March 31, 2025. There were no significant transfers into or out of Level 1 or Level 2 during the period. It is the Funds' policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period.

**4. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES** 

*Investment Advisory Agreement*

The Funds have entered into an Investment Advisory Agreement with Upright Financial Corporation ("Adviser"). Pursuant to its Investment Advisory Agreement with the Funds, the Adviser is entitled to receive a fee, calculated at an annual rate of 1.50% of its daily net assets for the Growth & Income Fund and Growth Fund, and 1.30% of its daily net assets for the Assets Allocation Plus Fund. The Funds have accrued the following advisory fees as of and for the six months ended March 31, 2025:

Advisory Fees for the six months ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp;Advisory Fees Earned | $16225 | $24805 | $163792 |
| &nbsp;&nbsp;Advisory Fees owed to Adviser | $5917 | $8338 | $57986 |

---

 

*Administrative Fees*

Upright Financial Corporation served as the Funds' administrator. As compensation for services rendered to the Funds, the Administrator received a fee payable at the end of each calendar month at the annual rate of 0.45% of each Fund's daily net assets for the first $10 million of daily net assets, 0.40% of each Fund's daily net assets for daily net assets between $10 million to $20 million, and 0.35% of each Fund's daily net assets for average daily net assets over $20 million.

Mutual Shareholder Services, LLC ("MSS") provides transfer agency and fund accounting services to the Funds.

Brandon M. Pokersnik served as the Chief Compliance Officer (CCO) of the Trust from March 1, 2023 to March 31, 2024. After Mr. Pokersnik resigned from this position on April 1, 2024, the Board of Trustees appointed Mr. Yow Shang Chiueh as the temporary CCO until a new person is brought on board for the position. Mr. Chiueh had been the CCO prior to Mr. Pokersnik's tenure.

The Funds have accrued the following administrative fees as of and for the six months ended March 31, 2025:

Administrative Fees for the six months ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp;Administrative Fees Earned | $5617 | $7442 | $45694 |
| Administrative Fees owed to Adviser | $2010 | $3501 | $18747 |

---

Huntington National Bank serves as the Trust's custodian.

David Y.S. Chiueh is an officer of Upright Financial Corporation, the Fund Adviser. He is also an officer and trustee of the Fund.

5. INVESTMENT TRANSACTIONS

Investment transactions, excluding short-term investments, for the six months ended March 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp;Purchases | &nbsp;&nbsp;$3748 | $3763 | &nbsp;&nbsp;$1077228 |
| &nbsp;&nbsp;Sales | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$5276071 |

---

**6. TAX MATTERS** 

As of September 30, 2024, the tax basis unrealized appreciation (depreciation) and cost of investment securities, including short-term investments, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Assets**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| &nbsp;&nbsp; Federal tax cost of investments,<br> including short-term investments + | &nbsp;&nbsp;<u>$1750048</u> | &nbsp;&nbsp;<u>$1740964</u> | &nbsp;&nbsp;<u>$14993428</u> |
| &nbsp;&nbsp;Gross tax appreciation of investments | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;952811 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1642303 | &nbsp;&nbsp;$11232543 |
| &nbsp;&nbsp;Gross tax depreciation of investments | &nbsp;&nbsp; (300882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (282867) | &nbsp;&nbsp; (5337648) |
| &nbsp;&nbsp;Net tax appreciation | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;651929</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;1359436</u> | &nbsp;&nbsp;<u>$5894895</u> |

---

+ The difference between the book cost and tax cost of investments represents disallowed wash sales for tax purposes on the Funds.

Each Fund's distributable earnings on a tax basis are determined only at the end of each fiscal year. As of September 30, 2024, the Fund's most recent fiscal year-end, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Assets**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| Accumulated undistributed ordinary loss | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (10418) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (5490) | &nbsp;&nbsp;$(73680) |
| Post October loss and late year loss | &nbsp;&nbsp;(7519) | &nbsp;&nbsp;(21365) | &nbsp;&nbsp;(116932) |
| Accumulated undistributed capital gain | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Capital loss carryforwards (non-expiring) | &nbsp;&nbsp;(12073) | &nbsp;&nbsp;(22806) | &nbsp;&nbsp;(2507282) |
| Unrealized appreciation | &nbsp;&nbsp;651929 | &nbsp;&nbsp;1359436 | &nbsp;&nbsp;5894895 |
| Total distributable earnings/(deficit) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 621919 | &nbsp;&nbsp;$1309775 | &nbsp;&nbsp;$3197001 |

---

Under current tax law, net capital losses realized after October 31 and net ordinary losses incurred after December 31 may be deferred and treated as occurring on the first day of the following fiscal year. The Fund's carryforward losses, post-October losses and late year losses are determined only at the end of each fiscal year. The Funds incurred and elected to defer such late year ordinary losses and post-October losses as follows:

---

| | | |
|:---|:---|:---|
|  | **Late Year**<br>**Losses** | **Post-October**<br>**Losses** |
| Assets Allocation Plus Fund | $7519 | $- |
| Growth & Income Fund | 21165 | 200 |
| Growth Fund | 116932 |  |

---

As of September 30, 2024, the Funds have capital loss carryforwards available for federal income tax purposes, which can be used to offset future capital gains indefinitely, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Assets**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| &nbsp;&nbsp;Long-term non-expiring | &nbsp;&nbsp;$12073 | &nbsp;&nbsp;$22806 | &nbsp;&nbsp;$2507282 |
| &nbsp;&nbsp;Short-term non-expiring | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;$12073 | &nbsp;&nbsp;$22806 | &nbsp;&nbsp;$2507282 |

---

To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount offset will not be distributed to shareholders.

Permanent book and tax differences, primarily attributable to net operating losses, resulted in reclassifications for the fiscal year ended September 30, 2024 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
|  | **Paid In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
|  | **Paid In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
| Assets Allocation Plus Fund | $(773) | $773 |
| Growth & Income Fund | (5929) | 5929 |
| Growth Fund | (18246) | 18246 |

---

Ordinary income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from the character of net investment income or net realized gains presented in the financial statements in accordance with U.S. GAAP.

The tax character of distributions paid during the year ended September 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Assets**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| &nbsp;&nbsp;Ordinary Income | $15847 | &nbsp;&nbsp;$13611 | $388691 |
| &nbsp;&nbsp;Long-term Gain | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

The tax character of distributions paid during the year ended September 30, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Assets**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| &nbsp;&nbsp;Ordinary Income | $24128 | &nbsp;&nbsp;$35227 | $1077600 |
| &nbsp;&nbsp;Long-term Gain | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;351737 |

---

The Funds did not pay a distribution during the six months ended March 31, 2025.

**7. INDEMNIFICATIONS**

In the normal course of business, the Funds enter into contracts that contain general indemnifications to other parties. The Funds' maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. The Funds expect the risk of loss to be remote.

**8. MARKET RISK**

Overall market risks may also affect the value of the Funds. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Funds and their investments and may impair market liquidity, thereby increasing liquidity risk. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**9. SECTOR RISK**

The Funds may, at times, invest a substantial portion of the portfolio in companies in the technology sector. Companies in this sector are subject to the risk of rapidly changing technological developments and highly competitive industry participants. As a result, many companies can have variable earnings and may not pay dividends, leading to higher volatility as investor expectations shift.

**10. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the funds under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, Chao Cho Yeh, in aggregate, owned approximately 29% and 28% of the shares of the Assets Allocation Plus and Growth & Income Funds, respectively. As of March 31, 2025, Yu-Yun Huang, in aggregate, owned approximately 29% and 25% of the shares of the Assets Allocation Plus Fund and Growth & Income Funds, respectively.

**11. SUBSEQUENT EVENTS**

Management has evaluated the impact of all other subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in these financial statements.

Upright Investments Trust

ADDITIONAL INFORMATION

MARCH 31, 2025 (UNAUDITED)

**Proxy Voting Procedures**

The Trust's Board of Trustees has approved proxy voting procedures for the voting of proxies relating to securities held by the Funds. Records of the Funds proxy voting records are maintained and are available for inspection. The Board is responsible for overseeing the implementation of the procedures. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-973-533-1818 or on the SEC website at <u>http://www.sec.gov</u>.

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding each of the Fund's risks, objectives, fees and expenses, experience of its management and other information.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**. The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 13. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Funds.** Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 16. Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Based on an evaluation of the registrant's disclosure controls and procedures as of September 30, 2005, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's first fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) EX-99.CODE ETH. Not applicable.

(a)(2) EX-99.CERT. Filed herewith.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; EX-99.906CERT. Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Upright Investments Trust</u>

By <u>/s/David Y.S. Chiueh</u>

\*David Y.S. Chiueh

Chief Executive Officer

Date <u>December 3, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/David Y.S. Chiueh</u>

\*David Y.S. Chiueh

Chief Executive Officer

Date <u>December 3, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**CERTIFICATION**

I, David Y. S. Chiueh, certify that:

1. I have reviewed this report on Form N-CSR of Upright Investments Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 3, 2025

<u>/s/David Y. S. Chiueh</u>

David Y. S. Chiueh

Chief Executive Officer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

<u>David Y. S. Chiueh</u>, Chief Executive Officer, of <u>Upright Investments Trust</u> (the "Registrant"), do hereby certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chief Executive Officer

<u>Upright Investment Trust</u>

<u>/s/ David Y. S. Chiueh</u>

David Y. S. Chiueh

Date: December 3, 2025

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to <u>Upright Investments Trust</u> and will be retained by <u>Upright Investments Trust</u> and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

<br>