# EDGAR Filing Document

**Accession Number:** 0001058587
**File Stem:** 0001162044-26-000526
**Filing Date:** 2026-6
**Character Count:** 124177
**Document Hash:** 50efade3875e9cd524eb4eb0d4aac835
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000526.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001162044-26-000526

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** 261071796

**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)

Yow Shang David 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, 2026</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, 2026 (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, 2025 to March 31, 2026.

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;$106 | &nbsp;&nbsp;-0.46% |

---

\*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;$3196976 | &nbsp;&nbsp;34 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$20638 |

---

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

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

![](image_001.gif)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio - Class III | &nbsp;&nbsp;20.63% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;10.57% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;9.85% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X ETF | &nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X ETF | &nbsp;&nbsp;5.26% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;ProShares UltraPro QQQ ETF | &nbsp;&nbsp;5.21% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Direxion Financial Bull 3X ETF | &nbsp;&nbsp;4.08% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Direxion Small Cap Bull 3X ETF | &nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;3.39% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;74.51% |

---

**<u>changes in and disagreements with accountants</u>**

The Board of Trustees voted unanimously to replace Myron Yang CPA & Associates, PLLC as the auditors of the Fund, effective November 3, 2025. There have been no disagreements with the former auditor during the Fund's two most recent fiscal years.

**<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 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, 2026 (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, 2025 to March 31, 2026.

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. **This report describes changes to the Fund that occurred during the reporting period.**

**<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;$114 | &nbsp;&nbsp;2.24% |

---

\*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;$4556129 | &nbsp;&nbsp;31 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$33438 |

---

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

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

![](image_002.gif)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio - Class III | &nbsp;&nbsp;26.41% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;16.08% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;8.64% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;7.42% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;7.12% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. | &nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;The Goldman Sachs Group, Inc. | &nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Direxion Financial Bull 3X ETF | &nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X ETF | &nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2.86% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;83.57% |

---

**<u>material fund changes</u>**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus filed on November 20, 2025 or its next prospectus, which we expect to be available by January 28, 2026 at https://sec.gov/ or upon request at 1-973-533-1818.

Additionally, from time to time, the Fund may invest a significant portion of its assets in a single sector, such as the artificial intelligence sector. Accordingly, the Fund is subject to sector risk.

**<u>Changes in and Disagreements with accountants</u>**

The Board of Trustees voted unanimously to replace Myron Yang CPA & Associates, PLLC as the auditor of the Fund, effective November 3, 2025. There have been no disagreements with the former auditor during the Fund's two most recent fiscal years.

**<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 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, 2026 (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, 2025 to March 31, 2026.

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. **This report describes changes to the Fund that occurred during the reporting period.**

**<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;$122 | &nbsp;&nbsp;2.39% |

---

\*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;$24252829 | &nbsp;&nbsp;32 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$185087 |

---

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

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

![](image_003.gif)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;23.69% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;21.78% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund Government Portfolio | &nbsp;&nbsp;12.33% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio - Class III | &nbsp;&nbsp;8.25% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. | &nbsp;&nbsp;8.21% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;5.96% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X ETF | &nbsp;&nbsp;1.53% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;88.06% |

---

**<u>material changes to the fund</u>**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus filed on November 20, 2025 or its next prospectus, which we expect to be available by January 28, 2026 at https://sec.gov/ or upon request at 1-973-533-1818.

Under normal circumstances, the Fund invests more than 25% of the value of its total assets in instruments issues by companies in the semiconductors industry. Accordingly, the Fund is subject to the semiconductors industry concentration risk.

**<u>changes in and disagreements with accountants</u>**

The Board of Trustees voted unanimously to replace Myron Yang CPA & Associates, PLLC as the auditor of the Fund, effective November 3, 2025. There have been no disagreements with the former auditor during the Fund's two most recent fiscal years.

**<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 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, 2026**

**(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;27 |

---

---

| | | |
|:---|:---|:---|
|  | &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, 2026 (Unaudited)** | &nbsp;&nbsp;**March 31, 2026 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 33.24%** | &nbsp;&nbsp;**COMMON STOCKS - 33.24%** |  |
| &nbsp;&nbsp;**Drug Manufacturers—General - 3.40%** | &nbsp;&nbsp;**Drug Manufacturers—General - 3.40%** |  |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 108745 |
| &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 2.52%** | &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 2.52%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;60240 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;20265 |
|  |  | &nbsp;&nbsp;80505 |
| &nbsp;&nbsp;**Electrical Equipment & Parts - 0.35%** | &nbsp;&nbsp;**Electrical Equipment & Parts - 0.35%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Plug Power, Inc. \* | &nbsp;&nbsp;11300 |
| &nbsp;&nbsp;**Integrated Circuit Design - 9.85%** | &nbsp;&nbsp;**Integrated Circuit Design - 9.85%** |  |
| &nbsp;&nbsp;40000 | &nbsp;&nbsp;Himax Technologies, Inc. ADR \* | &nbsp;&nbsp;314800 |
| &nbsp;&nbsp;**Internet Content & Information - 0.35%** | &nbsp;&nbsp;**Internet Content & Information - 0.35%** |  |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Baidu, Inc. ADR \* | &nbsp;&nbsp;11142 |
| &nbsp;&nbsp;**Semiconductors - 16.77%** | &nbsp;&nbsp;**Semiconductors - 16.77%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR \* | &nbsp;&nbsp;108400 |
| &nbsp;&nbsp;800 | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;89832 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;337950 |
|  |  | &nbsp;&nbsp;536182 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $709,936) - 33.24% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $709,936) - 33.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062674 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 46.82%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 46.82%** |  |
| &nbsp;&nbsp;750 | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;27045 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;168200 |
| &nbsp;&nbsp;550 | &nbsp;&nbsp;Direxion Daily Energy Bull 2X Shares | &nbsp;&nbsp;56655 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Direxion Daily Mid Cap Bull 3X Shares | &nbsp;&nbsp;77910 |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;Direxion Daily MSCI Brazil Bull 2X Shares | &nbsp;&nbsp;9488 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;Direxion Daily MSCI Emerging Markets Bull 3X Shares | &nbsp;&nbsp;11196 |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;Direxion Daily MSCI India Bull 2x Shares | &nbsp;&nbsp;20770 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Daily Real Estate Bull 3X Shares | &nbsp;&nbsp;17180 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X Shares | &nbsp;&nbsp;277335 |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Direxion Daily Semiconductor Bull 3X Shares \* | &nbsp;&nbsp;33537 |
| &nbsp;&nbsp;1100 | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;130350 |
| &nbsp;&nbsp;2500 | &nbsp;&nbsp;Direxion Small Cap Bull 3X Shares | &nbsp;&nbsp;110325 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Global X Lithium and Battery Tech ETF | &nbsp;&nbsp;74350 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;iShares MSCI China ETF | &nbsp;&nbsp;11236 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;iShares MSCI EAFE Value ETF | &nbsp;&nbsp;14870 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;iShares MSCI Taiwan ETF | &nbsp;&nbsp;70920 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;iShares Russell Mid-Cap Value ETF | &nbsp;&nbsp;14574 |
| &nbsp;&nbsp;1400 | &nbsp;&nbsp;KraneShares CSI China Internet ETF | &nbsp;&nbsp;39802 |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;ProShares UltraPro QQQ ETF | &nbsp;&nbsp;166720 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;VanEck Vectors Vietnam ETF | &nbsp;&nbsp;34620 |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Vanguard Emerging Markets Stock Index Fund | &nbsp;&nbsp;37835 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Vanguard FTSE All-World ex-US Small Cap Index Fund ETF | &nbsp;&nbsp;14579 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;Vanguard Real Estate Index Fund ETF Shares | &nbsp;&nbsp;17740 |
| &nbsp;&nbsp;800 | &nbsp;&nbsp;VictoryShares US Large Cap High Dividend Volatility Wtd Index ETF | &nbsp;&nbsp;59613 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $788,333) - 46.82% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $788,333) - 46.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496850 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 20.63%** | &nbsp;&nbsp;**MONEY MARKET FUND - 20.63%** |  |
| &nbsp;&nbsp;659546 | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III 3.30% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659546 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $659,546) - 20.63% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $659,546) - 20.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659546 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $2,157,815) - 100.69% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $2,157,815) - 100.69% | &nbsp;&nbsp;3219070 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.69)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.69)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22094) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$3196976 |
| &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, 2026. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at March 31, 2026. |  |
| &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, 2026 (Unaudited)** | &nbsp;&nbsp;**March 31, 2026 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 60.94%** | &nbsp;&nbsp;**COMMON STOCKS - 60.94%** |  |
| &nbsp;&nbsp;**Artificial Intelligence - 16.08%** | &nbsp;&nbsp;**Artificial Intelligence - 16.08%** |  |
| &nbsp;&nbsp;4200 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;732480 |
| &nbsp;&nbsp;**Banks—Diversified - 1.29%** | &nbsp;&nbsp;**Banks—Diversified - 1.29%** |  |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58832 |
| &nbsp;&nbsp;**Capital Markets - 3.71%** | &nbsp;&nbsp;**Capital Markets - 3.71%** |  |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169198 |
| &nbsp;&nbsp;**Consumer Electronics - 1.67%** | &nbsp;&nbsp;**Consumer Electronics - 1.67%** |  |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;76137 |
| &nbsp;&nbsp;**Drug Manufacturers—General - 2.87%** | &nbsp;&nbsp;**Drug Manufacturers—General - 2.87%** |  |
| &nbsp;&nbsp;600 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;130494 |
| &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 4.63%** | &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 4.63%** |  |
| &nbsp;&nbsp;7000 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;210840 |
| &nbsp;&nbsp;**Electrical Equipment & Parts - 0.20%** | &nbsp;&nbsp;**Electrical Equipment & Parts - 0.20%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Plug Power, Inc. \* | &nbsp;&nbsp;9040 |
| &nbsp;&nbsp;**Electronic & Other Electrical Equipment (No Computer Equip) - 0.59%** | &nbsp;&nbsp;**Electronic & Other Electrical Equipment (No Computer Equip) - 0.59%** |  |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27060 |
| &nbsp;&nbsp;**Entertainment - 0.42%** | &nbsp;&nbsp;**Entertainment - 0.42%** |  |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;The Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19276 |
| &nbsp;&nbsp;**Health Information Services - 0.06%** | &nbsp;&nbsp;**Health Information Services - 0.06%** |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;GE Healthcare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2918 |
| &nbsp;&nbsp;**Healthcare Plans - 0.47%** | &nbsp;&nbsp;**Healthcare Plans - 0.47%** |  |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21546 |
| &nbsp;&nbsp;**Integrated Circuit Design - 8.64%** | &nbsp;&nbsp;**Integrated Circuit Design - 8.64%** |  |
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;Himax Technologies, Inc. ADR \* | &nbsp;&nbsp;393500 |
| &nbsp;&nbsp;**Luxury Goods - 7.12%** | &nbsp;&nbsp;**Luxury Goods - 7.12%** |  |
| &nbsp;&nbsp;2300 | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;324553 |
| &nbsp;&nbsp;**Oil & Gas Integrated - 1.12%** | &nbsp;&nbsp;**Oil & Gas Integrated - 1.12%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;300 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;50898 |
| &nbsp;&nbsp;**Semiconductors - 11.29%** | &nbsp;&nbsp;**Semiconductors - 11.29%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR \* | &nbsp;&nbsp;108400 |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;56145 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;337950 |
| &nbsp;&nbsp;1300 | &nbsp;&nbsp;United Microelectronics Corp. ADR \* | &nbsp;&nbsp;11674 |
|  |  | &nbsp;&nbsp;514169 |
| &nbsp;&nbsp;**Specialty Industrial Machinery - 0.78%** | &nbsp;&nbsp;**Specialty Industrial Machinery - 0.78%** |  |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;35471 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $990,312) - 60.94% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $990,312) - 60.94% | &nbsp;&nbsp; 2776412 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 13.81%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 13.81%** |  |
| &nbsp;&nbsp;800 | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28848 |
| &nbsp;&nbsp;9000 | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151380 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Direxion Daily Industrials Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73270 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Direxion Daily Mid Cap Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51940 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10220 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Daily Real Estate Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17180 |
| &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;15548 |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Direxion Daily Semiconductor Bull 3X Shares \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33537 |
| &nbsp;&nbsp;1300 | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154050 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Small Cap Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88260 |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;ProShares S&P 500 Dividend Aristocrats ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5300 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $355,692) - 13.81% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $355,692) - 13.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629533 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 26.41%** | &nbsp;&nbsp;**MONEY MARKET FUND - 26.41%** |  |
| &nbsp;&nbsp;1203178 | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III 3.30% \*\* | &nbsp;&nbsp; 1203178 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $1,203,178) - 26.41% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $1,203,178) - 26.41% | &nbsp;&nbsp; 1203178 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $2,549,182) - 101.16% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $2,549,182) - 101.16% | &nbsp;&nbsp; 4609123 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (1.16)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (1.16)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52994) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$4556129 |
| &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, 2026. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at March 31, 2026. |  |
| &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, 2026 (Unaudited)** | &nbsp;&nbsp;**March 31, 2026 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 71.97%** | &nbsp;&nbsp;**COMMON STOCKS - 71.97%** |  |
| &nbsp;&nbsp;**Agricultural Inputs - 0.13%** | &nbsp;&nbsp;**Agricultural Inputs - 0.13%** |  |
| &nbsp;&nbsp;1200 | &nbsp;&nbsp;The Mosaic Co. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30600 |
| &nbsp;&nbsp;**Banks—Diversified - 1.21%** | &nbsp;&nbsp;**Banks—Diversified - 1.21%** |  |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;292500 |
| &nbsp;&nbsp;**Consumer Electronics - 5.96%** | &nbsp;&nbsp;**Consumer Electronics - 5.96%** |  |
| &nbsp;&nbsp;5700 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;1446603 |
| &nbsp;&nbsp;**Drug Manufacturers—General - 2.15%** | &nbsp;&nbsp;**Drug Manufacturers—General - 2.15%** |  |
| &nbsp;&nbsp;2400 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;521976 |
| &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 8.25%** | &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 8.25%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Bausch Health Cos., Inc. \* | &nbsp;&nbsp;10800 |
| &nbsp;&nbsp;66102 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;1990992 |
|  |  | &nbsp;&nbsp;2001792 |
| &nbsp;&nbsp;**Electrical Equipment & Parts - 0.68%** | &nbsp;&nbsp;**Electrical Equipment & Parts - 0.68%** |  |
| &nbsp;&nbsp;72500 | &nbsp;&nbsp;Plug Power, Inc. \* | &nbsp;&nbsp;163850 |
| &nbsp;&nbsp;**Insurance—Life - 0.98%** | &nbsp;&nbsp;**Insurance—Life - 0.98%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Brighthouse Financial, Inc. \* | &nbsp;&nbsp;59880 |
| &nbsp;&nbsp;2500 | &nbsp;&nbsp;Metlife, Inc. | &nbsp;&nbsp;176800 |
|  |  | &nbsp;&nbsp;236680 |
| &nbsp;&nbsp;**Integrated Circuit Design - 21.78%** | &nbsp;&nbsp;**Integrated Circuit Design - 21.78%** |  |
| &nbsp;&nbsp;671261 | &nbsp;&nbsp;Himax Technologies, Inc. ADR \* | &nbsp;&nbsp;5282824 |
| &nbsp;&nbsp;**Internet Retail - 1.03%** | &nbsp;&nbsp;**Internet Retail - 1.03%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Alibaba Group Holding Ltd. ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250920 |
| &nbsp;&nbsp;**Internet Content & Information - 3.07%** | &nbsp;&nbsp;**Internet Content & Information - 3.07%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Alphabet, Inc. Class C | &nbsp;&nbsp;573720 |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;171639 |
|  |  | &nbsp;&nbsp;745359 |
| &nbsp;&nbsp;**Semiconductors - 25.89%** | &nbsp;&nbsp;**Semiconductors - 25.89%** |  |
| &nbsp;&nbsp;8000 | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR \* | &nbsp;&nbsp;173440 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;336870 |
| &nbsp;&nbsp;17000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;5745150 |
| &nbsp;&nbsp;2500 | &nbsp;&nbsp;United Microelectronics Corp. ADR \* | &nbsp;&nbsp;22450 |
|  |  | &nbsp;&nbsp;6277910 |
| &nbsp;&nbsp;**Specialty Retail - 0.84%** | &nbsp;&nbsp;**Specialty Retail - 0.84%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;PDD Holdings, Inc. ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204360 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $10,651,421) - 71.97% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $10,651,421) - 71.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17455374 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 8.93%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 8.93%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360600 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Direxion Daily Aerospace & Defense Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6310 |
| &nbsp;&nbsp;22000 | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370040 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Direxion Daily Industrials Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219810 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Direxion Daily Mid Cap Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155820 |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40880 |
| &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; 42950 |
| &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; 82920 |
| &nbsp;&nbsp;3100 | &nbsp;&nbsp;Direxion Daily Semiconductor Bull 3X Shares \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148521 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237000 |
| &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; 66195 |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433450 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $1,763,860) - 8.93% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $1,763,860) - 8.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164496 |
| &nbsp;&nbsp;**MONEY MARKET FUNDS - 20.57%** | &nbsp;&nbsp;**MONEY MARKET FUNDS - 20.57%** |  |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III 3.30% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;2989751 | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund Government Portfolio 3.32% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989751 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $4,989,751) - 20.57% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $4,989,751) - 20.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989751 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $17,405,032) - 101.47% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $17,405,032) - 101.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24609621 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (1.47)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (1.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (356792) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;24252829 |
| &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, 2026. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at March 31, 2026. |  |
| &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** | &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, 2026 (Unaudited)** | &nbsp;&nbsp;**March 31, 2026 (Unaudited)** | &nbsp;&nbsp;**March 31, 2026 (Unaudited)** | &nbsp;&nbsp;**March 31, 2026 (Unaudited)** |
| &nbsp;&nbsp;Assets: | &nbsp;&nbsp; **Upright**<br> **Assets**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Upright**<br> **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Upright**<br> **Growth**<br> **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 $2,157,815, $2,549,182, and $17,405,032, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;3219070 | &nbsp;&nbsp;$4609123 | &nbsp;&nbsp;$24609621 |
| &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; 2640 | &nbsp;&nbsp; 4341 | &nbsp;&nbsp; 26768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 1071 |
| &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; 3222468 | &nbsp;&nbsp; 4614246 | &nbsp;&nbsp; 24637960 |
| &nbsp;&nbsp;Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;7750 | &nbsp;&nbsp;33120 | &nbsp;&nbsp;250306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees | &nbsp;&nbsp;14760 | &nbsp;&nbsp;21436 | &nbsp;&nbsp;113507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;1963 | &nbsp;&nbsp;1931 | &nbsp;&nbsp;12303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp;6 | &nbsp;&nbsp;51 | &nbsp;&nbsp;910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp;266 | &nbsp;&nbsp;430 | &nbsp;&nbsp;2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp;734 | &nbsp;&nbsp;1139 | &nbsp;&nbsp;5754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;13 | &nbsp;&nbsp;10 | &nbsp;&nbsp;178 |
| &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; 25492 | &nbsp;&nbsp; 58117 | &nbsp;&nbsp; 385131 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;3196976 | &nbsp;&nbsp;$4556129 | &nbsp;&nbsp;$24252829 |
| &nbsp;&nbsp;Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1919825 | &nbsp;&nbsp;$1862527 | &nbsp;&nbsp;$15602879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp; 1277151 | &nbsp;&nbsp; 2693602 | &nbsp;&nbsp; 8649950 |
| &nbsp;&nbsp;Net Assets (unlimited shares authorized; 187,914, 177,655 |  |  |  |
| &nbsp;&nbsp; and 2,004,644 shares outstanding, respectively.) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;3196976 | &nbsp;&nbsp;$4556129 | &nbsp;&nbsp;$24252829 |
| &nbsp;&nbsp;Net Asset Value and Offering Price Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.01 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.10 |
| &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, 2026 (Unaudited)** | &nbsp;&nbsp;**For the six months ended March 31, 2026 (Unaudited)** | &nbsp;&nbsp;**For the six months ended March 31, 2026 (Unaudited)** | &nbsp;&nbsp;**For the six months ended March 31, 2026 (Unaudited)** |
|  | &nbsp;&nbsp; **Upright**<br> **Assets**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Upright**<br> **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Upright**<br> **Growth**<br> **Fund** |
| &nbsp;&nbsp;Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $546, $544, and $9,207, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16576 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12829 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 70549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; 4881 | &nbsp;&nbsp; 9151 | &nbsp;&nbsp; 65958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp; 21457 | &nbsp;&nbsp; 21980 | &nbsp;&nbsp; 136507 |
| &nbsp;&nbsp;Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp; 20638 | &nbsp;&nbsp; 33438 | &nbsp;&nbsp; 185087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees | &nbsp;&nbsp; 7144 | &nbsp;&nbsp; 10032 | &nbsp;&nbsp; 50667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp; 1587 | &nbsp;&nbsp; 2777 | &nbsp;&nbsp; 29120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Fees | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 1409 | &nbsp;&nbsp; 20786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 4254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp; 1339 | &nbsp;&nbsp; 1388 | &nbsp;&nbsp; 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp; 33868 | &nbsp;&nbsp; 50001 | &nbsp;&nbsp; 294525 |
| &nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; (12411) | &nbsp;&nbsp; (28021) | &nbsp;&nbsp; (158018) |
| &nbsp;&nbsp;Realized and Unrealized Gain (Loss) on Investments: |  |  |  |
| &nbsp;&nbsp; Net Realized Gain on Investments | &nbsp;&nbsp; 251866 | &nbsp;&nbsp; 715430 | &nbsp;&nbsp; 1696297 |
| &nbsp;&nbsp; Net Change in Unrealized Depreciation on Investments | &nbsp;&nbsp; (272870) | &nbsp;&nbsp; (573625) | &nbsp;&nbsp; (640352) |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp; (21004) | &nbsp;&nbsp; 141805 | &nbsp;&nbsp; 1055945 |
| &nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;(33415) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 113784 | &nbsp;&nbsp;$897927 |
| &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;3/31/2026 | &nbsp;&nbsp;9/30/2025 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;(12411) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (272870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &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;216755 | &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; 1959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16353) |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3014183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$3196976 | &nbsp;&nbsp;$3014183 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11617 | &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; 111 | &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 Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1023) |
| &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; 11697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1023) |
| &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;3/31/2026 | &nbsp;&nbsp;9/30/2025 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (28021) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (23199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (573625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231382 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &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; 208756 | &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;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21702) |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4234179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;4556129 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4234179 |
| &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;7698 | &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;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (990) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;7675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (990) |
| &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;3/31/2026 | &nbsp;&nbsp;9/30/2025 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp; $(158018) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 26581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp; (1883155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &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; 33183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(838418) | &nbsp;&nbsp; (2774644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp; 1028187 | &nbsp;&nbsp; (2750885) |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp; 24209870 | &nbsp;&nbsp; 20601668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$24252829 | &nbsp;&nbsp;$24209870 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152278 | &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 Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259033) |
| &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; 91276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258553) |
| &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;3/31/2026 | &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;$&nbsp;&nbsp;&nbsp;&nbsp; 17.10 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.23 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.51 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.88 | &nbsp;&nbsp;$&nbsp;&nbsp;&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;0.01 | &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; (0.09) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 | &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; (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; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &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; (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; (0.01) | &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;&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; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; (0.09) | &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;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.01 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.10 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.23 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.51 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.88 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp; 29.25% | &nbsp;&nbsp; 40.67% | &nbsp;&nbsp; 13.08% | &nbsp;&nbsp; (33.93)% | &nbsp;&nbsp; 65.30% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3197 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3014 | &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;2.13% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;1.96% | &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; (0.78)% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)% | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&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;3/31/2026 | &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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.91 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.36 | &nbsp;&nbsp;$&nbsp;&nbsp;&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;(0.16) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.09) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.42 | &nbsp;&nbsp; (5.23) | &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;(0.08) | &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; (0.24) | &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; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &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;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.91 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.36 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp; 2.97% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp; 40.58% | &nbsp;&nbsp; 57.35% | &nbsp;&nbsp; 26.55% | &nbsp;&nbsp; (36.42)% | &nbsp;&nbsp; 74.48% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;2.24% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;2.28% | &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; (1.26)% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp; (0.68)% | &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;0.11% | &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;&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 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;**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;**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;**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;3/31/2026 |  | &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;$&nbsp;&nbsp;&nbsp;&nbsp; 12.65 |  | &nbsp;&nbsp;$&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;Income (Loss) From Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp; (0.08) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp; (0.03) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp; (4.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp; 0.46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15 | &nbsp;&nbsp; 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;<sup>\*\*\*</sup> | &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; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.56) | &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;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.10 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.65 | &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;Total Return \*\* | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp; 33.16% | &nbsp;&nbsp; 24.07% | &nbsp;&nbsp; 13.22% | &nbsp;&nbsp; (33.21)% | &nbsp;&nbsp; 93.63% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 24253 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;24210 | &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; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;2.39% | &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;2.29% | &nbsp;&nbsp;3.21% | &nbsp;&nbsp;1.88% | &nbsp;&nbsp;2.09% | &nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp; (1.28)% | &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;0.12% | &nbsp;&nbsp; (0.71)% | &nbsp;&nbsp;1.72% | &nbsp;&nbsp;4.58% | &nbsp;&nbsp; (0.23)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;5.82% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.81% | &nbsp;&nbsp;2.53% | &nbsp;&nbsp;0.28% |
| &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;\* 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;\*\* 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, 2026 (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, as amended (the "1940 Act"). 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, (each a "Fund," and 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, 2026, 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 Funds, and interest income is recognized on an accrual basis.

*Use of Estimates* - The preparation of financial statements in conformity with GAAP 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 Funds based on each Fund's relative net assets or other appropriate basis as determined by the Board of Trustees (the "Board").

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

**3. SECURITIES VALUATIONS**

 ****

***Processes and Structure***

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

 ****

***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 -* Money market funds are generally priced at the ending net asset value 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 as Level 1 of the fair value hierarchy described above. 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 as Level 2.

 

*Repurchase Agreements* - In connection with transactions in repurchase agreements, it is the Funds' policy that their 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, 2026.

*Securities Sold Short* - The Funds may make short sales. A short sale involves selling a security which a Fund does not own. The proceeds received for short sales are recorded as liabilities and a 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 Funds 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, 2026.

*Securities Purchased on Margin* – The Funds may purchase securities on margin in which case the Funds 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, 2026. During this period, the Funds 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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;$1062674 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$1062674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;1496850 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1496850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;659546 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;659546 |
|  | &nbsp;&nbsp;$3219070 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$3219070 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;$2776412 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$2776412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;629533 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;629533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;1203178 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1203178 |
|  | &nbsp;&nbsp;$4609123 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$4609123 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;$17455374 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$17455374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;2164496 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2164496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;4989751 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;4989751 |
|  | &nbsp;&nbsp;$24609621 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$24609621 |

---

\* 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, 2026. The Funds did not hold any derivative instruments at any time during the six months ended March 31, 2026. 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 Trust has entered into an Investment Advisory Agreement with Upright Financial Corporation ("Adviser") on behalf of the Funds. 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 the daily net assets of each of the Growth & Income Fund and Growth Fund, and 1.30% of the daily net assets of the Assets Allocation Plus Fund. The Funds have accrued the following advisory fees for the six months ended March 31, 2026:

Advisory Fees for the six months ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp;Advisory Fees Earned | &nbsp;&nbsp;$20638 | &nbsp;&nbsp;$33438 | &nbsp;&nbsp;$185087 |
| &nbsp;&nbsp;Advisory Fees owed to Adviser | &nbsp;&nbsp;$7750 | &nbsp;&nbsp;$33120 | &nbsp;&nbsp;$250306 |

---

 

*Administrative Fees*

Upright Financial Corporation serves as the Funds' administrator. As compensation for services rendered to the Funds, the administrator receives 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 provides transfer agency and fund accounting services to the Funds.

Mr. Kevin Huang, CFA candidate, IEEE Senior Member, serves as the Chief Compliance Officer (CCO) of the Trust.

The Funds have accrued the following administrative fees for the six months ended March 31, 2026:

Administrative Fees for the six months ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp;Administrative Fees Earned | &nbsp;&nbsp;$7144 | &nbsp;&nbsp;$10032 | &nbsp;&nbsp;$50667 |
| &nbsp;&nbsp;Administrative Fees owed to Adviser | &nbsp;&nbsp;$14760 | &nbsp;&nbsp;$21436 | &nbsp;&nbsp;$113507 |

---

Argent Institutional Trust Company serves as the Trust's custodian.

Yow Shang David Chiueh is an officer of the Adviser. He is also an officer and trustee of the Trust.

5. INVESTMENT TRANSACTIONS

**Investment transactions, excluding short-term investments, for the six months ended March 31, 2026, were as follows:**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp;Purchases | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Sales | &nbsp;&nbsp;$379680 | &nbsp;&nbsp;$920770 | &nbsp;&nbsp;$2284127 |

---

**6. TAX MATTERS**

As of September 30, 2025, the tax basis unrealized appreciation (depreciation) and cost of investment securities, including short-term investments, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp; Federal tax cost of investments,<br> including short-term investments + | &nbsp;&nbsp;<u>$1704981</u> | &nbsp;&nbsp;<u>$1645179</u> | &nbsp;&nbsp;<u>$16547920</u> |
| &nbsp;&nbsp;Gross tax appreciation of investments | &nbsp;&nbsp;$1525655 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;2794857 | &nbsp;&nbsp;$10511265 |
| &nbsp;&nbsp;Gross tax depreciation of investments | &nbsp;&nbsp; (191530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (161291) | &nbsp;&nbsp; (2666324) |
| &nbsp;&nbsp;Net tax appreciation | &nbsp;&nbsp;<u>$1334125</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;2633566</u> | &nbsp;&nbsp;<u>$7844941</u> |

---

+ The difference between the book cost and tax cost of investments represents disallowed wash sales for tax purposes on the Funds. As of September 30, 2025, the Funds did not have any disallowed wash sales and the book cost of investments equals the federal tax cost.

Each Fund's distributable earnings on a tax basis are determined only at the end of each fiscal year. As of September 30, 2025, the Fund's most recent fiscal year-end, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp; **Growth** <br> **Fund** |
| &nbsp;&nbsp;Accumulated undistributed ordinary loss | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (10417) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (4859) | &nbsp;&nbsp;$(55607) |
| &nbsp;&nbsp;Post October loss and late year loss | &nbsp;&nbsp;- | &nbsp;&nbsp;(6334) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Accumulated undistributed capital gain | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1845844 |
| &nbsp;&nbsp;Capital loss carryforwards (non-expiring) | &nbsp;&nbsp;(11183) | &nbsp;&nbsp;(42555) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Unrealized appreciation | &nbsp;&nbsp;1334125 | &nbsp;&nbsp;2633566 | &nbsp;&nbsp;7844941 |
| &nbsp;&nbsp;Total distributable earnings/(deficit) | &nbsp;&nbsp;$1312525 | &nbsp;&nbsp;$2579818 | &nbsp;&nbsp;$9635178 |

---

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 | $- | $- |
| Growth & Income Fund | 6334 |  |
| Growth Fund |  |  |

---

As of September 30, 2025, 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 Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| &nbsp;&nbsp;Long-term non-expiring | &nbsp;&nbsp;$11183 | &nbsp;&nbsp;$42555 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Short-term non-expiring | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;$11183 | &nbsp;&nbsp;$42555 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

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.

For the year ended September 30, 2025, the Assets Allocation Plus Fund utilized $890 in capital loss carryforwards and the Growth Fund utilized $2,507,282 in capital loss carryforwards.

Permanent book and tax differences, primarily attributable to net operating loss forfeitures, resulted in reclassifications for the fiscal year ended September 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br> **In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
|  | **Paid**<br> **In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
|  | **Paid**<br> **In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
| Assets Allocation Plus Fund | $(5258) | $5258 |
| Growth & Income Fund | (38030) | 38030 |
| Growth Fund | (61017) | 61017 |

---

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 GAAP.

The tax character of distributions paid during the six months ended March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$1959 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 37310 |
| &nbsp;&nbsp;Long-term Gain | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$1845845 |

---

The Funds did not pay a distribution during the year ended September 30, 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 one single market segment. A Fund may be more susceptible to adverse economic, political, regulatory or market developments affecting a single sector; this will increase a Fund's risk and will make the Fund more volatile.

**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, 2026, Chao Cho Yeh, in aggregate, owned approximately 31% and 30% of the shares of the Assets Allocation Plus Fund and Growth & Income Funds, respectively. As of March 31, 2026, Yu-Yun Huang, in aggregate, owned approximately 27% and 26% of the shares of the Assets Allocation Plus Fund and Growth Funds, respectively.

**11. NEW ACCOUNTING PRONOUNCEMENT**

On December 14, 2023, the FASB issued ASU 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to Accounting Standards Codification (ASC) 740, Income Taxes. The Funds have adopted ASU 2023-09 as of March 31, 2026, with no material impact on the Funds' financial statements.

**12. CHANGE OF SERVICE PROVIDERS**

Effective as of November 3, 2025, Myron Yang CPA & Associates, PLLC has been replaced as the Funds' auditor. The Trust has retained Tang Qian & Associates PLLC as the Funds' independent registered public accounting firm for the fiscal year ended September 30, 2025.

As of June 6, 2025, Argent Institutional Trust Company announced it has entered into a definitive agreement to acquire the corporate trust and institutional custody business of The Huntington National Bank. As of February 28th, 2026, the Fund changed custodians from Huntington Bank to Argent Institutional Trust Company to perform all custodial services for the Fund.

**13. LEGAL AND REGULATORY MATTERS**

The Trust and its series funds ("the Funds") are not parties to any litigation, claims, or assessments as of the date of these financial statements, and management is not aware of any threatened litigation involving the Trust or the Funds.

On March 17, 2025, the U.S. Securities and Exchange Commission ("SEC") initiated a civil enforcement action in the United States District Court for the District of New Jersey against Upright Financial Corporation (the "Administrator") and its founder, Yow Shang David Chiueh. Upright Financial Corporation previously served as the investment adviser, administrator, and accounting services provider to certain series of the Trust. Neither the Trust nor any of its Funds is named as a defendant in this action, and the SEC has not indicated any intention to add the Trust or its Funds as defendants.

According to the Administrator's legal counsel, the SEC's claims relate to matters including a delay in reducing the concentration level of a particular security, questions regarding the classification of certain securities by industry sector, and certain corporate governance issues. These matters are not alleged to have resulted in harm to Fund shareholders. A motion to dismiss several of the asserted claims was filed by the Administrator and its founder but has been denied by the Court. The litigation is currently in its early stages of discovery.

Management has evaluated the implications of the above-referenced litigation on the Trust and its Funds. Because neither the Trust nor its Funds is a party to the action, no claims have been asserted against them, and no assessment has been made that would indicate that a loss is probable or reasonably estimable for the Trust or its Funds, no liability has been recorded in the accompanying financial statements.

Management will continue to monitor developments in this matter and will evaluate the need for additional disclosure if new information becomes known that would affect the Trust or its Funds.

**14. SUBSEQUENT EVENTS**

Management has evaluated the impact of any 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, 2026 (UNAUDITED)

**Proxy Voting Procedures**

The Trust's Board 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/ Yow Shang David Chiueh</u>

\*Yow Shang David Chiueh

Chief Executive Officer

Date <u>June 8, 2026</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/ Yow Shang David Chiueh</u>

\*Yow Shang David Chiueh

Chief Executive Officer

Date <u>June 8, 2026</u>

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

## Ex-99.Cert

<u>CERTIFICATION</u>

I, <u>Yow Shang David Chiueh</u>, certify that:

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

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: <u>June 8, 2026</u>

<u>/s/ Yow Shang David Chiueh</u>

Yow Shang David Chiueh

Chief Executive Officer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

<u>Yow Shang David 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, 2026 (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/ Yow Shang David Chiueh</u>

Yow Shang David Chiueh

Date: June 8, 2026

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>