# EDGAR Filing Document

**Accession Number:** 0001058587
**File Stem:** 0001162044-25-001053
**Filing Date:** 2025-10
**Character Count:** 49120
**Document Hash:** 4077e85f9d7d9a936454759119ebfb4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001053.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001162044-25-001053

**CONFORMED SUBMISSION TYPE**: NT N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20240930

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**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:** NT N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08723
- **FILM NUMBER:** 251422410

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

## Internal

```

MYRON YANG CPA & ASSOCIATES, PLLC
Certified Public Accountants

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

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

In  planning and performing our audit of the financial statements of the Upright
Growth  Fund,  Upright  Growth and Income Fund and the Upright Assets Allocation
Plus Fund (the Funds) as  of  and  for  the  year  ended  September 30, 2024, in
accordance  with  the  auditing  standards  of  the  Public  Company  Accounting
Oversight  Board  (United  States)  (PCAOB),  we considered the Fund's  internal
control   over  financial  reporting,  including  controls   over   safeguarding
securities,  as a basis for designing our auditing procedures for the purpose of
expressing our  opinion  on  the  financial   statements  and to comply with the
requirements of Form N-CEN, but not for the purpose of expressing  an opinion on
the  effectiveness  of  the  Fund's  internal  control over financial reporting.
Accordingly, we express  no  such  opinion.  The  management   of  the  Fund  is
responsible  for  establishing and maintaining effective internal  control  over
financial reporting.  In fulfilling this responsibility, estimates and judgments
by management are required  to assess the expected benefits and related costs of
controls.  A fund's internal control  over  financial  reporting  is  a  process
designed to  provide reasonable assurance regarding the reliability of financial
reporting and  the  preparation of financial statements for external purposes in
accordance with generally  accepted  accounting  principles.  A  fund's internal
control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of  the fund; (2)
provide  reasonable  assurance  that  transactions are recorded as necessary  to
permit preparation of financial statements  in  accordance  with  GAAP, and that
receipts  and  expenditures  of the fund are being made only in accordance  with
authorizations  of  management and  directors  of  the  fund;  and  (3)  provide
reasonable assurance  regarding  prevention  or timely detection of unauthorized
acquisition, use or disposition of  a fund's assets  that  could have a material
effect on the financial statements.

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

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

Our consideration  of  the  Fund's internal control over financial reporting was
for limited purpose described  in  the first paragraph and would not necessarily
disclose all deficiencies in internal  control that might be material weaknesses
under  standards established by the PCAOB.  However,  we  noted  no  significant
deficiencies  in  the  Fund's  internal control over financial reporting and its
operation, including controls over  safeguarding securities, that we consider to
be a material weakness as defined above  as  of  September  30,  2024, except as
follows:

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

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

   -  The Fund Manager conducted an improper proxy vote;

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

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

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

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

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

   -  The Fund Manager  violated Section 206(2) of the Advisers Act, which makes
      it unlawful for any investment adviser, directly or indirectly, to "engage
      in any transaction,  practice  or  course  of business which operates as a
      fraud or deceit upon any client or prospective client.";

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

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

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

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

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

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

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

   1. Plaintiff Securities and Exchange Commission ("Commission"), for its First
      Amended Complaint against Defendants David Yow Shang Chiueh ("Chiueh") and
      Upright Financial Corp. ("Upright"), alleges as follows:

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

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

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

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

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

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

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

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

   -  Defendants also engaged in  two  sets  of  misconduct  during the Relevant
      Period  with  respect to Upright Trust's board of trustees  ("Board"),  in
      violation of fundamental  provisions of the Investment Company Act of 1940
      ("Investment  Company  Act").  First,  Defendants  failed  to  provide  or
      withheld  key  information  from  the  Board,  including  (i)  information
      reasonably necessary  for  the  Board  to  evaluate the terms of Upright's
      advisory  contract,  which was not put to a vote  as  required  and  which
      Chiueh  misrepresented   in   the  Fund's  Commission  filings,  and  (ii)
      misleading the Board about Defendants'  past securities law violations and
      the  2021 Order. Second, Defendants hired  an  accountant  to  audit  each
      series  of  Upright  Trust, including the Fund, without the required Board
      vote.

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

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

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

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

6. The Commission demands a trial by jury.

7. Litigation status:  Defendants  have  filed  a  motion  to dismiss (August 15
2025);  the  SEC  filed  an opposition (September 19 2025); a reply  is  due  on
October 18, 2025. Discovery  responses  are  scheduled  by  October 20, 2025. No
depositions have yet been taken.

The Fund has remediated and is in the process of remediating these deficiencies,
but as we emphasized the matter of going concern with uncertainties existing for
the future period, the Funds internal control structure needs to be strengthened
and intensified under audit committee's involving and monitoring  to comply with
SEC regulations.

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

/S/ Myron Yang CPA & Associates, PLLC

Myron Yang CPA & Associates, PLLC

We have served as the auditor for Upright Investments Trust since 2023

Flushing, New York
October 10, 2025

```

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

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

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

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

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

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

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

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

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

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

**Item A.1.a - Report for period ending:** 2024-09-30

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

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

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

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

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

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

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

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

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

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

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

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

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

**Location books Record: 1**

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

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

- **c. City:** East Hanover

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

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

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

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

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

**Location books Record: 2**

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

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

- **c. City:** Broadview Heights

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

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

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

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

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

**Location books Record: 3**

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

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

- **c. City:** Columbus

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

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

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

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

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

**Location books Record: 4**

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

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

- **c. City:** East Hanover

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

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

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

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

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

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

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

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

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

### Item B.6 - Organization

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

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

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

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

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

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

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

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

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

### Item B.8 - Directors

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

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

**Chief compliance officer Record: 1**

- **a. Full Name:** David Y.S. Chiueh

- **b. CRD Number, if any:** 001758575

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

- **d. City:** East Hanover

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

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

- **g. Zip code:** 07936

- **h. Telephone number:** XXXXXX

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

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

**CCO employer Record: 1**

- **i. Name of the person:** —

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

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

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

| Series Name                         | Series ID   |
|:---|:---|
| UPRIGHT GROWTH FUND                 | S000004906  |
| Upright Assets Allocation Plus Fund | S000057858  |
| Upright Growth & Income Fund        | S000057859  |

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

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

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

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

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

### Item B.16. Principal underwriters.

No Principal Underwriters reported.

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

**Public accountant Record: 1**

- **a. Full Name:** Myron Yang CPA & Associates, PLLC

- **b. PCAOB Number:** 6893

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

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

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

- **f. Has the independent public accountant changed since the last filing?** No

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

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

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

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

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

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

## Part C: Additional Questions for Management Investment Companies

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

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

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

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

- **c. LEI:** 5493001L3JS2SRVYKZ86

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

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

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

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

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

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

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

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

**Securities Lending Record: 1**

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

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

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

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

**Collateral Managers Record: 1**

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

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

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

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000107303

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

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

- **b. Was a custodian hired or terminated during the reporting period?** Yes

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

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

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MORGAN STANLEY

- **ii. SEC file number:** 008-68191

- **iii. CRD number:** 000149777

- **iv. LEI, if any:** IGJSJL3JD5P30I6NJZ34

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $6.95

**Aggregate Commission:** $6.95

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

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

- **Item C.19.a - Fund's monthly average net assets:** $19,079,698.10

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

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

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

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

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

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

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

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

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

- **c. LEI:** 549300RMW5KBVEH8FE80

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

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

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

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

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

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

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

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

**Securities Lending Record: 1**

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

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

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

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

**Collateral Managers Record: 1**

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

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

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

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000107303

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

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

- **b. Was a custodian hired or terminated during the reporting period?** Yes

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

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

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

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

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

- **Item C.19.a - Fund's monthly average net assets:** $2,086,055.11

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

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

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

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

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

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

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

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

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

- **c. LEI:** 549300XCUWL1877S4Y31

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

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

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

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

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

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

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

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

**Securities Lending Record: 1**

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

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

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

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

**Collateral Managers Record: 1**

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

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

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

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000107303

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

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

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

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

- **b. Was a custodian hired or terminated during the reporting period?** Yes

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

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

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

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

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

- **Item C.19.a - Fund's monthly average net assets:** $2,567,433.88

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

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

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

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

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

## N-CEN: Part G: Attachments

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

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

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

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

- [ ] iv. Change in accounting principles and practices

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

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

## N-CEN: Signature

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

**Registrant:** UPRIGHT INVESTMENTS TRUST

**Date:** 2025-10-28

**Signature:** DAVID Y.S. CHIUEH

**Title:** PRESIDENT