# EDGAR Filing Document

**Accession Number:** 0001058587
**File Stem:** 0001162044-25-001280
**Filing Date:** 2025-12
**Character Count:** 166799
**Document Hash:** 6291f3e1eb4bf9997c8a22d47fe05e87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001280.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001162044-25-001280

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**EFFECTIVENESS DATE**: 20251210

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08723
- **FILM NUMBER:** 251561841

**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-CSR

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>September 30, 2025</u>

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

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

**Item 1. Reports to Stockholders.**

UPRIGHT INVESTMENTS TRUST

ANNUAL SHAREHOLDER REPORT

**September 30, 2025**

UPRIGHT ASSETS ALLOCATION PLUS FUND

***UPAAX***

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

This annual shareholder report contains important information about the Upright Assets Allocation Plus Fund – UPAAX (the "Fund") for the period October 1, 2024 to September 30, 2025.

You can find additional information about the Fund on the SEC's 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 year?**

(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;$225 | &nbsp;&nbsp;1.96% |

---

**<u>managment's discussion of fund performance</u>**

For the twelve-month period ended September 30, 2025, the Fund significantly outperformed its benchmark index. The Fund generated a total return of 29.25% while the Dow Jones Moderate US Portfolio Index produced a total return of 10.54% over the same period.

The U.S. equity market achieved another year of strong performance in 2025 despite initial market volatility caused by political changes and trade policy doubts and general policy discussions. The S&P 500 Index reached new peak levels because artificial intelligence ("AI") related companies drove market success while investors maintained their backing for artificial intelligence to boost future productivity. The market data showed no evidence of a speculative bubble but certain market segments experienced brief periods of abnormal price fluctuations. The worldwide market experienced a new AI industrial revolution which caused growth stocks to perform better than value stocks.

Among notable positions, Himax Technologies (HIMX)—a pioneer in silicon photonics—is expected to achieve meaningful technological breakthroughs around 2026–2027, supported by its status as one of TSMC's few designated experimental partners. TSMC (Taiwan Semiconductor Manufacturing Company) itself remained a critical player in AI chip production, benefiting from robust demand for advanced semiconductor processes. Silicon Motion Technology (SIMO) also remained a favorable holding, with an average acquisition cost below $5 and a positive long-term outlook supported by steady fundamentals.

The Fund's investments in Direxion Daily Semiconductor Bull 3X Shares (SOXL), Silicon Motion Technology (SIMO), Direxion Daily Dow Jones Internet Bull 3X Shares (WEBL) and Taiwan Semiconductor (TSM) were all contributors to the Fund's performance during the period.

However, despite these favorable results, the Fund remains cautious amid heightened market volatility and concentrated gains within the AI and semiconductor sectors. As valuations in growth-oriented industries continue to rise, future returns may be more sensitive to shifts in investor sentiment or slower-than-expected earnings growth. The Adviser therefore continues to emphasize disciplined risk management and selective exposure, seeking to balance participation in innovation-driven opportunities with prudent downside protection.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;Since <u>Inception\*</u> |
| &nbsp;&nbsp;Upright Assets Allocation Plus Fund | &nbsp;&nbsp;29.25% | &nbsp;&nbsp;17.56% | &nbsp;&nbsp;7.33% |
| &nbsp;&nbsp;Dow Jones Moderate US Portfolio Index | &nbsp;&nbsp;10.54% | &nbsp;&nbsp;8.66% | &nbsp;&nbsp;8.01% |
| &nbsp;&nbsp;Bloomberg Barclays US Gov't/Credit Index | &nbsp;&nbsp;2.67% | &nbsp;&nbsp;-0.61% | &nbsp;&nbsp;1.77% |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](uprightlinegraph001.jpg)

\* Inception October 10, 2017

**Past performance is not a good predictor of future performance**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-973-533-1818.

**<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;$3014183 | &nbsp;&nbsp;34 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$32420 |

---

**<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;Himax Technologies, Inc. ADR | &nbsp;&nbsp;11.72% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;10.72% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X Shares | &nbsp;&nbsp;10.55% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;9.27% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;ProShares UltraPro QQQ ETF | &nbsp;&nbsp;6.86% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;6.49% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;6.29% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Direxion Small Cap Bull 3X Shares | &nbsp;&nbsp;3.75% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;3.68% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;73.17% |

---

**<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's website at http://www.sec.gov or contact us at 1-973-533-1818.

UPRIGHT INVESTMENTS TRUST

ANNUAL SHAREHOLDER REPORT

**September 30, 2025**

UPRIGHT GROWTH & INCOME FUND

***UPDDX***

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

This annual shareholder report contains important information about the Upright Growth & Income – UPDDX (the "Fund") for the period October 1, 2024 to September 30, 2025.

You can find additional information about the Fund on the SEC's 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 year?**

(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;$274 | &nbsp;&nbsp;2.28% |

---

**<u>managment's discussion of fund performance</u>**

For the twelve-month period ended September 30, 2025, the Fund significantly outperformed its primary benchmark index. The Fund generated a total return of 40.58% while the Dow Jones US Total Stock Market Index produced a total return of 17.43% over the same period.

The U.S. equity market achieved another year of strong performance in 2025 despite initial market volatility caused by political changes and trade policy doubts and general policy discussions. The S&P 500 Index reached new peak levels because artificial intelligence ("AI") related companies drove market success while investors maintained their backing for artificial intelligence to boost future productivity. The market data showed no evidence of a speculative bubble but certain market segments experienced brief periods of abnormal price fluctuations. The worldwide market experienced a new AI industrial revolution which caused growth stocks to perform better than value stocks.

Among notable positions, Himax Technologies (HIMX)—a pioneer in silicon photonics—is expected to achieve meaningful technological breakthroughs around 2026–2027, supported by its status as one of TSMC's few designated experimental partners. TSMC (Taiwan Semiconductor Manufacturing Company) itself remained a critical player in AI chip production, benefiting from robust demand for advanced semiconductor processes. Apple Inc. reached successive record highs, underpinned by continued innovation and resilient consumer demand. Teva Pharmaceutical Industries (TEVA) showed encouraging progress, emerging from its most difficult period by improving debt repayment capabilities and moving further away from bankruptcy concerns. Nvidia (NVDA) experienced rapid growth driven by the rise of artificial intelligence (AI) applications, becoming one of the key contributors to the Fund's overall performance.

The Fund's investments in Nvidia (NVDA), Direxion Daily Semiconductor Bull 3X Shares (SOXL), Teva Pharmaceutical Industries (TEVA), Direxion Daily Dow Jones Internet Bull 3X Shares (WEBL) and Taiwan Semiconductor (TSM) were all contributors to the Fund's performance during the period.

However, despite these favorable results, the Fund remains cautious amid heightened market volatility and concentrated gains within the AI and semiconductor sectors. As valuations in growth-oriented industries continue to rise, future returns may be more sensitive to shifts in investor sentiment or slower-than-expected earnings growth. The Adviser therefore continues to emphasize disciplined risk management and selective exposure, seeking to balance participation in innovation-driven opportunities with prudent downside protection.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;Since <u>Inception\*</u> |
| &nbsp;&nbsp;Upright Growth & Income Fund | &nbsp;&nbsp;40.58% | &nbsp;&nbsp;25.44% | &nbsp;&nbsp;12.78% |
| &nbsp;&nbsp;Dow Jones US Total Stock Market Index | &nbsp;&nbsp;17.43% | &nbsp;&nbsp;15.66% | &nbsp;&nbsp;13.95% |
| &nbsp;&nbsp;Bloomberg Barclays US Gov't/Credit Index | &nbsp;&nbsp;2.67% | &nbsp;&nbsp;-0.61% | &nbsp;&nbsp;1.77% |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](uprightlinegraph002.jpg)

\* Inception October 10, 2017

**Past performance is not a good predictor of future performance**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-973-533-1818.

**<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;$4234179 | &nbsp;&nbsp;32 | &nbsp;&nbsp;0.11% | &nbsp;&nbsp;$51149 |

---

**<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_004.gif)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;26.44% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;10.43% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;6.87% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;6.60% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;6.15% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;The Goldman Sachs Group, Inc. | &nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR | &nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;3.28% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;75.69% |

---

**<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's website at http://www.sec.gov or contact us at 1-973-533-1818.

UPRIGHT INVESTMENTS TRUST

ANNUAL SHAREHOLDER REPORT

**September 30, 2025**

UPRIGHT GROWTH FUND

***UPUPX***

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

This annual shareholder report contains important information about the Upright Growth Fund – UPUPX (the "Fund") for the period October 1, 2024 to September 30, 2025.

You can find additional information about the Fund on the SEC's 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 year?**

(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;$267 | &nbsp;&nbsp;2.29% |

---

**<u>managment's discussion of fund performance</u>**

For the twelve-month period ended September 30, 2025, the Fund delivered a solid absolute return of 33.16%, far exceeded its primary benchmark, the S&P 500® Index, which gained 17.60% over the same period. The Fund's medium-to-long-term track record remains strong, with a five-year total return of 19.33%, slightly exceeding the S&P 500® Index's 16.46% return. This longer-term outperformance underscores the Fund's disciplined investment approach and its ability to capture growth opportunities through multiple market cycles.

The U.S. equity market achieved another year of strong performance in 2025 despite initial market volatility caused by political changes and trade policy doubts and general policy discussions. The S&P 500 Index reached new peak levels because artificial intelligence ("AI") related companies drove market success while investors maintained their backing for artificial intelligence to boost future productivity. The market data showed no evidence of a speculative bubble but certain market segments experienced brief periods of abnormal price fluctuations. The worldwide market experienced a new AI industrial revolution which caused growth stocks to perform better than value stocks.

Among notable positions, Himax Technologies (HIMX)—a pioneer in silicon photonics—is expected to achieve meaningful technological breakthroughs around 2026–2027, supported by its status as one of TSMC's few designated experimental partners. TSMC (Taiwan Semiconductor Manufacturing Company) itself remained a critical player in AI chip production, benefiting from robust demand for advanced semiconductor processes. Apple Inc. reached successive record highs, underpinned by continued innovation and resilient consumer demand. Teva Pharmaceutical Industries (TEVA) showed encouraging progress, emerging from its most difficult period by improving debt repayment capabilities and moving further away from bankruptcy concerns.

Silicon Motion Technology (SIMO) also remained a favorable holding, with an average acquisition cost below $5 and a positive long-term outlook supported by steady fundamentals.

The Fund's investments in Apple (AAPL), Morgan Stanley Institutional Liquidity Government Advisory (MAYXX), Teva Pharmaceutical Industries (TEVA), Silicon Motion Technology (SIMO), Direxion Daily Dow Jones Internet Bull 3X Shares (WEBL) and Taiwan Semiconductor (TSM) were all contributors to the Fund's performance during the period.

The Adviser remains constructive on the long-term growth potential of these industries but acknowledges that near-term valuations appear stretched following a period of exceptional momentum. As such, the Fund continues to maintain a balanced positioning—participating in innovation-driven opportunities while exercising caution through disciplined risk management and diversified exposure across sectors.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;Upright Growth Fund | &nbsp;&nbsp;33.16% | &nbsp;&nbsp;19.33% | &nbsp;&nbsp;4.62% |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;17.60% | &nbsp;&nbsp;16.46% | &nbsp;&nbsp;15.29% |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](uprightlinegraph003.jpg)

**Past performance is not a good predictor of future performance**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-973-533-1818.

**<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;$24209870 | &nbsp;&nbsp;32 | &nbsp;&nbsp;5.82% | &nbsp;&nbsp;$321024 |

---

**<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_006.gif)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;24.48% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;19.61% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III | &nbsp;&nbsp;8.26% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.52% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund Government Portfolio | &nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR | &nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;2.01% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;82.79% |

---

**<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 Upright Growth 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's website at http://www.sec.gov or contact us at 1-973-533-1818.

**Item 2. Code of Ethics.**

(a) The registrant had not adopted a code of ethics as defined in Item 2(b) as of the period covered by this report. As of the date of this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments

During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

**Item 3. Audit Committee Financial Expert.**

**Item 4. Principal Accountant Fees and Services.**

(a) **Audit Fees**

FY 2025 $37,000

FY 2024 $40,000

(b) **Audit-Related Fees**

FY 2025 $0

FY 2024 $0

Nature of the fees: N/A

(c) **Tax Fees**

FY 2025 $0

FY 2024 $0

Nature of the fees: N/A

(d) **All Other Fees**

FY 2025 $0

FY 2024 $0

Nature of the fees: N/A

(e)&nbsp;&nbsp;&nbsp;&nbsp; (1) **Audit Committee's Pre-Approval Policies**

The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Percentages of Services Approved by the Audit Committee**

Audit-Related Fees: <u>N/A</u>

Tax Fees: <u>N/A</u>

All Other Fees: <u>N/A</u>

&nbsp;&nbsp;&nbsp;&nbsp;(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent
of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

FY 2025 $0

FY 2024 $0

(h) The registrant's audit committee has not considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

**Item 6. Schedule of Investments.**

Not applicable – schedule filed with Item 7.

**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)**

**Annual Financial Statements** 

**September 30, 2025**

**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;29 |

---

---

| | | |
|:---|:---|:---|
|  | &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;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 37.46%** | &nbsp;&nbsp;**COMMON STOCKS - 37.46%** |  |
| &nbsp;&nbsp;**Drug Manufacturers—General - 3.84%** | &nbsp;&nbsp;**Drug Manufacturers—General - 3.84%** |  |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 115770 |
| &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 1.83%** | &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 1.83%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;40400 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;14850 |
|  |  | &nbsp;&nbsp;55250 |
| &nbsp;&nbsp;**Electrical Equipment & Parts - 0.39%** | &nbsp;&nbsp;**Electrical Equipment & Parts - 0.39%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Plug Power, Inc. \* | &nbsp;&nbsp;11650 |
| &nbsp;&nbsp;**Integrated Circuit Design - 11.72%** | &nbsp;&nbsp;**Integrated Circuit Design - 11.72%** |  |
| &nbsp;&nbsp;40000 | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;353200 |
| &nbsp;&nbsp;**Internet Content & Information - 0.44%** | &nbsp;&nbsp;**Internet Content & Information - 0.44%** |  |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Baidu, Inc. ADR \* | &nbsp;&nbsp;13177 |
| &nbsp;&nbsp;**Semiconductors - 19.24%** | &nbsp;&nbsp;**Semiconductors - 19.24%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;110900 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;189620 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;279290 |
|  |  | &nbsp;&nbsp;579810 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $790,285) - 37.46% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $790,285) - 37.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1128857 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 61.26%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 61.26%** |  |
| &nbsp;&nbsp;750 | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;30135 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;323000 |
| &nbsp;&nbsp;550 | &nbsp;&nbsp;Direxion Daily Energy Bull 2X Shares | &nbsp;&nbsp;31004 |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;Direxion Daily MSCI Brazil Bull 2X Shares | &nbsp;&nbsp;6262 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;Direxion Daily MSCI Emerging Markets Bull 3X Shares | &nbsp;&nbsp;10200 |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;Direxion Daily MSCI India Bull 2x Shares | &nbsp;&nbsp;26995 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares ETF | &nbsp;&nbsp;76035 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Daily Real Estate Bull 3X Shares | &nbsp;&nbsp;19580 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X Shares | &nbsp;&nbsp;317850 |
| &nbsp;&nbsp;3100 | &nbsp;&nbsp;Direxion Daily Semiconductor Bull 3X Shares | &nbsp;&nbsp;108004 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1100 | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;195690 |
| &nbsp;&nbsp;2500 | &nbsp;&nbsp;Direxion Small Cap Bull 3X Shares | &nbsp;&nbsp;113100 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Global X Lithium and Battery Tech ETF | &nbsp;&nbsp;56850 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;iShares MSCI China ETF | &nbsp;&nbsp;13170 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;iShares MSCI EAFE Value ETF | &nbsp;&nbsp;13566 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;iShares MSCI Taiwan ETF | &nbsp;&nbsp;63620 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;iShares Russell Mid-Cap Value ETF | &nbsp;&nbsp;13967 |
| &nbsp;&nbsp;1400 | &nbsp;&nbsp;KraneShares CSI China Internet ETF | &nbsp;&nbsp;58814 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;ProShares UltraPro QQQ ETF | &nbsp;&nbsp;206800 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;VanEck Vectors Vietnam ETF | &nbsp;&nbsp;35680 |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Vanguard Emerging Markets Stock Index Fund | &nbsp;&nbsp;37926 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Vanguard FTSE All-World ex-US Small Cap Index Fund ETF | &nbsp;&nbsp;14255 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;Vanguard Real Estate Index Fund ETF Shares | &nbsp;&nbsp;18284 |
| &nbsp;&nbsp;800 | &nbsp;&nbsp;VictoryShares US Large Cap High Dividend Volatility Wtd Index ETF | &nbsp;&nbsp;55670 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $850,904) - 61.26% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $850,904) - 61.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1846457 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 2.11%** | &nbsp;&nbsp;**MONEY MARKET FUND - 2.11%** |  |
| &nbsp;&nbsp;63792 | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III 4.11% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63792 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $63,792) - 2.11% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $63,792) - 2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63792 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $1,704,981) - 100.83% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $1,704,981) - 100.83% | &nbsp;&nbsp;3039106 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.83)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.83)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24923) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$3014183 |
| &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 September 30, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at September 30, 2025. |  |
| &nbsp;&nbsp;ADR - American Depository Receipt | &nbsp;&nbsp;ADR - American Depository Receipt |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Upright Investments Trust<br>&nbsp;&nbsp;**Upright Growth & Income Fund** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 75.16%** | &nbsp;&nbsp;**COMMON STOCKS - 75.16%** |  |
| &nbsp;&nbsp;**Artificial Intelligence - 26.44%** | &nbsp;&nbsp;**Artificial Intelligence - 26.44%** |  |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;$1119480 |
| &nbsp;&nbsp;**Banks—Diversified - 1.49%** | &nbsp;&nbsp;**Banks—Diversified - 1.49%** |  |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63086 |
| &nbsp;&nbsp;**Capital Markets - 3.76%** | &nbsp;&nbsp;**Capital Markets - 3.76%** |  |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159270 |
| &nbsp;&nbsp;**Consumer Electronics - 2.41%** | &nbsp;&nbsp;**Consumer Electronics - 2.41%** |  |
| &nbsp;&nbsp;400 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;101852 |
| &nbsp;&nbsp;**Drug Manufacturers—General - 3.28%** | &nbsp;&nbsp;**Drug Manufacturers—General - 3.28%** |  |
| &nbsp;&nbsp;600 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;138924 |
| &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 3.34%** | &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 3.34%** |  |
| &nbsp;&nbsp;7000 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;141400 |
| &nbsp;&nbsp;**Electrical Equipment & Parts - 0.22%** | &nbsp;&nbsp;**Electrical Equipment & Parts - 0.22%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Plug Power, Inc. \* | &nbsp;&nbsp;9320 |
| &nbsp;&nbsp;**Electronic & Other Electrical Equipment (No Computer Equip) - 0.45%** | &nbsp;&nbsp;**Electronic & Other Electrical Equipment (No Computer Equip) - 0.45%** |  |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19062 |
| &nbsp;&nbsp;**Entertainment - 0.54%** | &nbsp;&nbsp;**Entertainment - 0.54%** |  |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;The Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22900 |
| &nbsp;&nbsp;**Health Information Services - 0.07%** | &nbsp;&nbsp;**Health Information Services - 0.07%** |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;GE Healthcare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3079 |
| &nbsp;&nbsp;**Healthcare Plans - 0.53%** | &nbsp;&nbsp;**Healthcare Plans - 0.53%** |  |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22617 |
| &nbsp;&nbsp;**Integrated Circuit Design - 10.43%** | &nbsp;&nbsp;**Integrated Circuit Design - 10.43%** |  |
| &nbsp;&nbsp;50000 | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;441500 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Luxury Goods - 6.15%** | &nbsp;&nbsp;**Luxury Goods - 6.15%** |  |
| &nbsp;&nbsp;2300 | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;260406 |
| &nbsp;&nbsp;**Oil & Gas Integrated - 0.80%** | &nbsp;&nbsp;**Oil & Gas Integrated - 0.80%** |  |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;33825 |
| &nbsp;&nbsp;**Semiconductors - 14.36%** | &nbsp;&nbsp;**Semiconductors - 14.36%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;110900 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;142215 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;279290 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;United Microelectronics Corp. ADR | &nbsp;&nbsp;75800 |
|  |  | &nbsp;&nbsp;608205 |
| &nbsp;&nbsp;**Specialty Industrial Machinery - 0.89%** | &nbsp;&nbsp;**Specialty Industrial Machinery - 0.89%** |  |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;37602 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $1,146,655) - 75.16% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $1,146,655) - 75.16% | &nbsp;&nbsp; 3182528 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 24.41%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 24.41%** |  |
| &nbsp;&nbsp;800 | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32144 |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Direxion Daily Aerospace & Defense Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103125 |
| &nbsp;&nbsp;9000 | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290700 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Direxion Daily Industrials Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75720 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8070 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50690 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Daily Real Estate Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19580 |
| &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;18765 |
| &nbsp;&nbsp;3100 | &nbsp;&nbsp;Direxion Daily Semiconductor Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108004 |
| &nbsp;&nbsp;1300 | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231270 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Small Cap Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90480 |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;ProShares S&P 500 Dividend Aristocrats ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $436,009) - 24.41% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $436,009) - 24.41% | &nbsp;&nbsp; 1033702 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 1.48%** | &nbsp;&nbsp;**MONEY MARKET FUND - 1.48%** |  |
| &nbsp;&nbsp;62515 | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III 4.11% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62515 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $62,515) - 1.48% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $62,515) - 1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62515 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $1,645,179) - 101.05% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $1,645,179) - 101.05% | &nbsp;&nbsp; 4278745 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (1.05)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (1.05)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44566) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$4234179 |
| &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 September 30, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at September 30, 2025. |  |
| &nbsp;&nbsp;ADR - American Depository Receipt | &nbsp;&nbsp;ADR - American Depository Receipt |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Upright Investments Trust<br>&nbsp;&nbsp;**Upright Growth Fund** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 72.91%** | &nbsp;&nbsp;**COMMON STOCKS - 72.91%** |  |
| &nbsp;&nbsp;**Agricultural Inputs - 0.17%** | &nbsp;&nbsp;**Agricultural Inputs - 0.17%** |  |
| &nbsp;&nbsp;1200 | &nbsp;&nbsp;The Mosaic Co. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41616 |
| &nbsp;&nbsp;**Banks—Diversified - 1.28%** | &nbsp;&nbsp;**Banks—Diversified - 1.28%** |  |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;309540 |
| &nbsp;&nbsp;**Consumer Electronics - 6.52%** | &nbsp;&nbsp;**Consumer Electronics - 6.52%** |  |
| &nbsp;&nbsp;6200 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;1578706 |
| &nbsp;&nbsp;**Drug Manufacturers—General - 2.30%** | &nbsp;&nbsp;**Drug Manufacturers—General - 2.30%** |  |
| &nbsp;&nbsp;2400 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;555696 |
| &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 5.57%** | &nbsp;&nbsp;**Drug Manufacturers—Specialty & Generic - 5.57%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Bausch Health Cos., Inc. \* | &nbsp;&nbsp;12900 |
| &nbsp;&nbsp;66102 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;1335260 |
|  |  | &nbsp;&nbsp;1348160 |
| &nbsp;&nbsp;**Electrical Equipment & Parts - 0.70%** | &nbsp;&nbsp;**Electrical Equipment & Parts - 0.70%** |  |
| &nbsp;&nbsp;72500 | &nbsp;&nbsp;Plug Power, Inc. \* | &nbsp;&nbsp;168925 |
| &nbsp;&nbsp;**Insurance—Life - 1.07%** | &nbsp;&nbsp;**Insurance—Life - 1.07%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Brighthouse Financial, Inc. \* | &nbsp;&nbsp;53080 |
| &nbsp;&nbsp;2500 | &nbsp;&nbsp;Metlife, Inc. | &nbsp;&nbsp;205925 |
|  |  | &nbsp;&nbsp;259005 |
| &nbsp;&nbsp;**Integrated Circuit Design - 24.48%** | &nbsp;&nbsp;**Integrated Circuit Design - 24.48%** |  |
| &nbsp;&nbsp;671261 | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;5927235 |
| &nbsp;&nbsp;**Internet Retail - 1.48%** | &nbsp;&nbsp;**Internet Retail - 1.48%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357460 |
| &nbsp;&nbsp;**Internet Content & Information - 2.92%** | &nbsp;&nbsp;**Internet Content & Information - 2.92%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Alphabet, Inc. Class C | &nbsp;&nbsp;487100 |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;220314 |
|  |  | &nbsp;&nbsp;707414 |
| &nbsp;&nbsp;**Semiconductors - 25.33%** | &nbsp;&nbsp;**Semiconductors - 25.33%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Ase Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;110900 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;13000 | &nbsp;&nbsp;Silicon Motion Technology Corp. ADR | &nbsp;&nbsp;1232530 |
| &nbsp;&nbsp;17000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;4747930 |
| &nbsp;&nbsp;5500 | &nbsp;&nbsp;United Microelectronics Corp. ADR | &nbsp;&nbsp;41690 |
|  |  | &nbsp;&nbsp;6133050 |
| &nbsp;&nbsp;**Specialty Retail - 1.09%** | &nbsp;&nbsp;**Specialty Retail - 1.09%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;PDD Holdings, Inc. ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264340 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $11,061,323) - 72.91% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $11,061,323) - 72.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17651147 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 13.52%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 13.52%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401800 |
| &nbsp;&nbsp;5500 | &nbsp;&nbsp;Direxion Daily Aerospace & Defense Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378125 |
| &nbsp;&nbsp;22000 | &nbsp;&nbsp;Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710600 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Direxion Daily Industrials Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227160 |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32280 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Direxion Daily Pharmaceutical & Medical Bull 3X Shares ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152070 |
| &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; 48950 |
| &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; 100080 |
| &nbsp;&nbsp;10100 | &nbsp;&nbsp;Direxion Daily Semiconductor Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351884 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Direxion Financial Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355800 |
| &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; 67860 |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446850 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $2,018,342) - 13.52% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $2,018,342) - 13.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273459 |
| &nbsp;&nbsp;**MONEY MARKET FUNDS - 14.33%** | &nbsp;&nbsp;**MONEY MARKET FUNDS - 14.33%** |  |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;Fidelity Institutional Money Market - Treasury Portfolio Class III 4.11% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;1468255 | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund Government Portfolio 3.80% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468255 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $3,468,255) - 14.33% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUNDS (Cost $3,468,255) - 14.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468255 |
| &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $16,547,920) - 100.76% | &nbsp;&nbsp;TOTAL INVESTMENTS (Cost $16,547,920) - 100.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24392861 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.76)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.76)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (182991) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;24209870 |
| &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 September 30, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at September 30, 2025. |  |
| &nbsp;&nbsp;ADR - American Depository Receipt | &nbsp;&nbsp;ADR - American Depository Receipt |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Upright Investments Trust** | &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;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** |
| &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 $1,704,981, $1,645,179, and $16,547,920, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3039106 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4278745 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 24392861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4279937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24418022 |
| &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;12112 | &nbsp;&nbsp;24682 | &nbsp;&nbsp;115219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees | &nbsp;&nbsp;7616 | &nbsp;&nbsp;11404 | &nbsp;&nbsp;62840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;5861 | &nbsp;&nbsp;6756 | &nbsp;&nbsp;27097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp;85 | &nbsp;&nbsp;530 | &nbsp;&nbsp;660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp;20 | &nbsp;&nbsp;236 | &nbsp;&nbsp;1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp;259 | &nbsp;&nbsp;2129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;77 | &nbsp;&nbsp;21 | &nbsp;&nbsp;364 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208152 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3014183 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4234179 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 24209870 |
| &nbsp;&nbsp;Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1706916 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1693021 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14653782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2541158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556088 |
| &nbsp;&nbsp;Net Assets (unlimited shares authorized; 176,217, 169,980 |  |  |  |
| &nbsp;&nbsp; and 1,913,368 shares outstanding, respectively.) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3014183 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4234179 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 24209870 |
| &nbsp;&nbsp;Net Asset Value and Offering Price Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.91 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.65 |
| &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 year ended September 30, 2025** | &nbsp;&nbsp;**For the year ended September 30, 2025** | &nbsp;&nbsp;**For the year ended September 30, 2025** | &nbsp;&nbsp;**For the year ended September 30, 2025** |
|  | &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 $610, $1,706, and $10,854, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47873 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51398 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 395347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516841 |
| &nbsp;&nbsp;Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody 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; 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490260 |
| &nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26581 |
| &nbsp;&nbsp;Realized and Unrealized Gain (Loss) on Investments: |  |  |  |
| &nbsp;&nbsp; Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382460 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950046 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6332506 |
| &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 685347 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1231382 | &nbsp;&nbsp;$6359087 |
| &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;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;9/30/2024 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp; 2261 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (7101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15847) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in Capital Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12491 |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1668951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$3014183 | &nbsp;&nbsp;$2345189 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust |
| &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** | &nbsp;&nbsp;**Upright Growth & Income Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;9/30/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (23199) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (21795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1274130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1231382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13611) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in Capital Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5190 |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3024499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;4234179 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3024499 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185) |
| &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;(990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust |
| &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** | &nbsp;&nbsp;**Upright Growth Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;9/30/2024 |
| &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; 26581 | &nbsp;&nbsp; $(135005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4312783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388691) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp; (2774644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(869963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in Capital Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease from Capital Share Transactions | &nbsp;&nbsp; (2750885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490811) |
| &nbsp;&nbsp;Total Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp; 20601668 | &nbsp;&nbsp; 17403368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$24209870 | &nbsp;&nbsp;$20601668 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Outstanding Shares of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55642) |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust | &nbsp;&nbsp;Upright Investments Trust |
| &nbsp;&nbsp;**Upright 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;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &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 Year | &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; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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;&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;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &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;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp;Paid in capital from redemption fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, at End of 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;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.08% | &nbsp;&nbsp; (33.93)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65.30% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &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;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;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;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;*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 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;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &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 Year | &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;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Paid in capital from redemption fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of 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;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36.42)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74.48% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &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;2.28% | &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;&nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.68)% |
| &nbsp;&nbsp; Portfolio Turnover | &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;*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 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;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &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 Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.42 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.56 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Paid in capital from redemption fees \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, at End of 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;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.22% | &nbsp;&nbsp; (33.21)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93.63% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &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;2.29% | &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;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)% | &nbsp;&nbsp;1.72% | &nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)% |
| &nbsp;&nbsp; Portfolio Turnover | &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;\*\* 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;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

SEPTEMBER 30, 2025

**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 year ended September 30, 2025, the Funds did not incur any interest or penalties.

 

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

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

*Security Transactions and Related Income* - Investment and shareholder transactions are recorded on the trade date. Gains and losses on securities transactions are determined on the basis of identified cost. Dividend income is recognized on the ex-dividend date or as soon as information is available to the 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 year ended September 30, 2025.

*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 September 30, 2025.

*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 year ended September 30, 2025. 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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Assets Allocation Plus Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Total Investments</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$1128857 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$1128857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;1846457 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1846457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;63792 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;63792 |
|  | &nbsp;&nbsp;$3039106 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$3039106 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &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;$3182528 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$3182528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;1033702 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1033702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;62515 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;62515 |
|  | &nbsp;&nbsp;$4278745 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$4278745 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &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;$17651147 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$17651147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;3273459 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3273459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;3468255 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3468255 |
|  | &nbsp;&nbsp;$24392861 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$24392861 |

---

\* 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 year ended September 30, 2025. The Funds did not hold any derivative instruments at any time during the year ended September 30, 2025. There were no significant transfers into or out of Level 1 or Level 2 during the period. It is the Funds' policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period.

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

*Investment Advisory Agreement*

The 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 year ended September 30, 2025:

Advisory Fees for the year ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp;Advisory Fees Earned | $32420 | $51149 | $321024 |
| &nbsp;&nbsp;Advisory Fees owed to Adviser | $12112 | $24682 | $115219 |

---

 

 

 

*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 year ended September 30, 2025:

Administrative Fees for the year ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp;Administrative Fees Earned | $11222 | $15345 | $89788 |
| Administrative Fees owed to Adviser | $7616 | $11404 | $62840 |

---

Huntington National Bank 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 year ended September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Assets Allocation Plus Fund** | &nbsp;&nbsp;**Growth & Income Fund** | &nbsp;&nbsp;**Growth Fund** |
| &nbsp;&nbsp;Purchases | &nbsp;&nbsp;$3748 | $3763 | &nbsp;&nbsp;$1077228 |
| &nbsp;&nbsp;Sales | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5725 | &nbsp;&nbsp;$5276071 |

---

**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**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| &nbsp;&nbsp; Federal tax cost of investments,<br> including short-term investments + | &nbsp;&nbsp;<u>$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**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| Accumulated undistributed ordinary loss | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (10417) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (4859) | &nbsp;&nbsp;$(55607) |
| Post October loss and late year loss | &nbsp;&nbsp;- | &nbsp;&nbsp;(6334) | &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;- |
| Unrealized appreciation | &nbsp;&nbsp;1334125 | &nbsp;&nbsp;2633566 | &nbsp;&nbsp;7844941 |
| 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**<br> **Allocation**<br> **Plus Fund** | &nbsp;&nbsp; **Growth &**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **Growth**<br> **Fund** |
| &nbsp;&nbsp;Long-term non-expiring | &nbsp;&nbsp;$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;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;$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 year ended September 30, 2024 were as follows:

---

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

---

The Funds did not pay a distribution during the year ended September 30, 2025.

Although the Trust did not declare or distribute any dividends during the reporting period or through the date the financial statements were available to be issued, management intends to make distributions in a subsequent period sufficient to comply with the distribution requirements of Subchapter M of the Internal Revenue Code, including the 90% distribution requirement and applicable excise tax avoidance provisions. Management expects these distributions to minimize or eliminate federal income tax at the Trust level. The absence of a distribution as of the issuance date does not affect the amounts reported in these financial statements

**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 September 30, 2025, Chao Cho Yeh, in aggregate, owned approximately 25% of the shares of the Assets Allocation Plus Fund. As of September 30, 2025, Yu-Yun Huang, in aggregate, owned approximately 29% and 25% of the shares of the Assets Allocation Plus Fund and Growth & Income Funds, respectively.

**11. 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.

**12. 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. The litigation is currently in its early stages, and no discovery has been exchanged.

A motion to dismiss several of the asserted claims has been filed by the Administrator and its founder but has not yet been ruled upon by the Court.

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.

**13. 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.

**Report of Independent Registered Public Accounting Firm**

Board of Trustees and Shareholders

Upright Investments Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of each series of Upright Investments Trust (the "Trust") as of September 30, 2025, including the schedules of investments, and the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods then ended (collectively, the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each series of the Trust as of September 30, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe our audits provide a reasonable basis for our opinion.

/s/ Tang Qian & Associates PLLC

We have served as the Company's auditor since 2025.

Flower Mound, Texas

December 9, 2025

Upright Investments Trust

ADDITIONAL INFORMATION

September 30, 2025 (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.** 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.

**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 Management Investment Companies.** 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) Based on an evaluation of the registrant's disclosure controls and procedures as of September 30, 2025, 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) There were no significant changes in the registrant's internal control over financial reporting that occurred during the period covered by this report 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. Filed herewith.

(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.

(a)(4) EX-99.77K.CHNG ACCNT. Filed herewith.

(b) 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>December 10, 2025</u>

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

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

\*Yow Shang David Chiueh

Chief Executive Officer

Date: <u>December 10, 2025</u>

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

\*Yow Shang David Chiueh

Chief Financial Officer

Date: <u>December 10, 2025</u>

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

## Ex-99.Cert

**CERTIFICATION**

I, Yow Shang David Chiueh, certify that:

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

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

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

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

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

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

Date: December 10, 2025

<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 September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Chief Executive Officer

<u>Upright Investment Trust</u>

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

Yow Shang David Chiueh

Date: December 10, 2025

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

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

## Ex-99.Code

**CODE OF ETHICS**

The nature of our business places all directors, officers, and employees (collectively called "employees") of Upright Financial Corp. (the "Adviser") and Upright Investment Trust (the "Trust") in a fiduciary position. We must accept certain limitations as to our freedom of action with regard to personal financial matters. *Our financial interest must at all times be subordinated to those of the firm's clients.*

It is impossible to anticipate every circumstance which could, in fact or in theory, cause a conflict of interest between employees of the Adviser and the clients of the firm (including, but not limited to, the Upright Financial Corp.). Many of these are covered in this Code of Ethics. If there is any doubt in an employee's mind as to whether or not a possible conflict of interest is involved, he or she should consult Mr. David Y. S. Chiueh (otherwise known as the "Portfolio Manager" or "President")

In addition, the use of inside information to trade in securities or to benefit in any way is strictly forbidden. Section VIII highlights our policy on insider trading and the procedures in place to prevent it.

*Employees are reminded that compliance with the letter and intent of this Code of Ethics is essential to their employment by the firm.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Definitions. As used in this Code of Ethics, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Client Accounts" shall mean any securities account or portfolio in which an employee has any direct or indirect influence or control for his or her own benefit or for the benefit of his or her spouse or others, as well as any account of the employee's spouse, minor children or other relatives residing with the employee whether or not the employee has any influence or control over such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Security" shall be any security other than securities issued by the United States Government, banker's acceptances, and commercial paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Transaction" shall be any purchase, sale or any type of acquisition or disposition of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Restricted List" shall be a list of securities that are under active consideration by the Adviser or have been purchased for our clients, i.e. the "blueprint portfolio." A copy of the "blueprint portfolio" is available for employee review and is updated monthly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "A security being considered for purchase or sale" shall mean when a recommendation to purchase or sell a security has been made and communicated; and with respect to the person making the recommendation, when such person seriously considers making such a recommendation or with respect to other employees, when they have knowledge that a security is under serious consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Restrictions on Trading. Employees are encouraged to choose investments in keeping with a long-term investment horizon in their personal accounts. The Adviser or the Trust does not wish to have employees distracted by trading activities and believes that such activities invariably would detract from an employee's value to their firms and clients.

Similarly, employees are encouraged to manage their personal investments in such a manner that the performance of one particular investment does not distract the employee from his or her work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to making any purchase or sale in employee personal accounts, or any other account where an employee or officer of the Adviser or Trust has or acquires direct or indirect control and has a beneficial interest; the employees of the Advisor or Trust shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Verify that there are no outstanding orders for the relevant stocks and have the Portfolio Manager of the Adviser initial a designated form and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Verify with the Portfolio Manager of the Adviser that the stock is not under consideration as a purchase or a sale candidate and have the Portfolio Manager of the Adviser initial the form with the date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notification of approval or denial to trade may be given verbally; however, it must be confirmed in writing within 24 hours of the verbal notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The form attached as "Exhibit B", Securities Transaction Approval Form, is to be filed with the Portfolio Manager of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All orders should be placed as day or market orders. If the order is not completed in a day, the above procedure must be repeated before the order can be reentered.

These restrictions will help insure that (a) our clients have first access to our investment ideas, (b) the security in question is not under active consideration, and (c) a buy or sell program is not underway.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Personal accounts shall not purchase new issues of shall not purchase new issues of equity securities until at least five (5) business days after the initial public offering at the then prevailing market price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employees shall immediately report to the Portfolio Manager of the Adviser, (a) any existing financial interest in any brokerage firm or related organization, and (b) any employment or family members by any brokerage firm or related persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If an employee recommends that the firm purchase a security of the same class held by a personal account, the employee must disclose at the time of the initial recommendation that the personal account owns such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No orders of any kind may be placed using the Adviser's trading facilities other than for client accounts under management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Restriction on Acceptance of Gifts, Etc. No employee shall accept any gift of material value, or any entertainment exceeding what is customary, from any client of the Adviser, Trust, or from the client's estate or any broker/dealer, bank, corporation, or supplier of goods or services to the firm or client accounts. Any employee who receives an offer of either a gift or bequest of material value from any of the foregoing sources shall promptly report it to the President of the Advisor or to the President of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Restrictions on Serving as Fiduciary. Employees shall not accept appointments as trustee, executor, administrator, guardian, conservator, investment adviser, partner, director, or other fiduciary without prior approval of the President. Appointment as a fiduciary for a relative is exempt from this requirement, although such appointment should be promptly reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Prohibition on Other Conflicts of Interest. No employee shall engage in any transaction whether or not whether or not specified in this Code in which he or she has a financial interest adverse to the firm or client accounts, or which has the appearance of creating a conflict of interest with the firm or client accounts or the gaining of a financial benefit to the employee or a personal account by virtue of his or her relationship with the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Monthly Reporting of Securities Transactions. Each employee shall submit to the Portfolio Manager no later than fifteen (15) days after the end of the month, all personal security transactions for the month. The monthly statement from the securities firm, shall be used for this purpose. However, for other transactions which have not been disclosed in the monthly statement for that month, the form attached as "Exhibit A", Personal Securities Transaction Record shall be used for this purpose. This form has to fill out the security transactions which have not been disclosed and submitted to the Portfolio Manager no later than ten (10) days after the end of the month. All transactions will be reviewed by the Portfolio Manager. A gift of a security to a charitable organization or to an individual that is outside the definition of a personal account is considered a sale and should be reported. Accounts managed by the Adviser are exempt from this requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Disclaimer of Beneficial Ownership. An employee may include in any report required under Section VI, a disclaimer as to beneficial ownership in any securities covered by the report. To have "beneficial ownership" , a person must have a "direct or indirect pecuniary interest," which is the opportunity to profit directly or indirectly from a transaction in securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Restriction on Use of Inside Information. Both the Adviser and the Trust strictly forbids any of its employees from trading on or relaying inside information for personal benefit or on behalf of others. This policy applies to every member of each firm and applies to activities both within and outside of the Adviser and the Trust.

Insider trading is a breach of Federal Securities law and is subject to both civil and criminal penalties. In addition, the Insider Trading and Securities Fraud Enforcement Act of 1988 (ITSFEA), subsequently increases the civil and criminal p criminal penalties for trading on material, non-public information and broadens the scope of responsibility for preventing insider trading. The ITSFEA requires the Adviser and the Trust to establish and enforce a written policy on insider trading. The law also create the concept of a "controlling person" which means that unless the Adviser or Trust establishes and enforces a policy to prohibit insider trading, the Adviser, Trust, and its controlling persons may be held responsible and liable for any insider trading violations of its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Insider Trading. Federal Securities laws do not define the concept of an insider or insider trading; the burden of proof is upon the individual and the firm to show that it did not break Federal Securities laws. Any dispute will be judged in court looking back with perfect hindsight. Insider trading is generally defined as the use of inside information to trade in securities or the communication of this information to others. The law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any trading by an insider in possession of material, non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any trading by a non-insider having inside information either disclosed by an insider in violation of his or her fiduciary duty to keep it confidential or misappropriated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The communicating of material, non-public information to others, also known as "tipping."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Concept of the Insider. The concept of the insider is very broad. An insider includes employees, officers and directors of a company. Also included are persons associated with the company through a special, confidential relationship in the conducting of the company's affairs and who receive information solely for the company's purposes. These "insiders" can include but are not limited to, attorneys, consultants, accountants and financial printers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) What is Inside Information? Inside information is broadly defined to include two concepts: materiality and non-public. Material information is information which a reasonable investor would consider important in making an investment decision or is reasonably certain to have a substantial impact on the price of a company's securities. Such information is considered to be non-public until it has been disseminated to investors generally. The stock exchanges require that companies disclose information to the national news and business newswire services (i.e., Dow Jones Service and Reuters), the national services (i.e., Associated Press), and the The New York Times and The Wall Street Journal. In addition, information appearing in local newspapers, brokerage reports, and SEC documents are generally considered to be public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Procedure Upon Receipt of Inside Information. Both the Adviser and the Trust require employees to report any information which he or she believes to be insider information to the Chief Executive Officer or the Chairman of the Board of Trustees of the Trust respectively. The information should be reported even if the employee is unsure as to whether or not it represents inside information.

Whenever an employee receives material, non-public information, he or she shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Trade in the securities to which the information relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Tip the information to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Recommend purchases or sales on the basis of that information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Disclose the information to anyone other than the Adviser's Chief Executive Officer or the Trust's Chairman respectively;

The decision for the appropriate course of action will be made by the President with respect to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Sanctions. If any employee violates any provisions set forth in this Code, the President of the Advisor shall impose such sanctions as he deems appropriate; including, but not limited to, a letter of censure or termination of employment, censure fines, freezing of one's personal account or securities in that account for a specified time frame.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Compliance Education Program. As part of the Adviser and the Trust's ongoing compliance education program, we have implemented the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Review for New Employees. New employees will be given a copy of the Code of Ethics and will be required to read and sign it. The Chief Executive Officer of the Adviser or the Chairman of the Board of Trustees of the Trust will be available to review the statement with the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Revisions. Any revisions of this statement will be distributed to all employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Annual Review. Once a year, the President of the Advisor will review this policy statement with all its employees.

I acknowledge that I have read, and fully understand the joint Code of Ethics of Upright Financial Corp. <br>

Date:

____________________________

Signature:

____________________________

Title:

____________________________

## Ex-99.Ind

Exhibit

Re: Item 77K - Changes in registrant's certifying accountant

Date: November 3, 2025

The Audit Committee of the Board of Trustees of Upright Investments Trust (the "Trust") conducted a search to look for an alternative independent registered public accounting firm. This action was taken to ensure that the annual report will be filed in a timely manner for the fiscal year ended September 30, 2025. This effectively terminates Myron Yang CPA & Associates as the Company's independent registered public accounting firm as of November 3, 2025.

The reports of Myron Yang, et al on the Fund's financial statements for the fiscal years ended September 30, 2023 and 2024 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

In connection with the audits of the Fund's financial statements for the fiscal years ended September 30, 2023 and 2024, there were no disagreements with Myron Yang, et al on any matters of accounting principles or practices, financial statement disclosure or auditing scope and procedures which, if not resolved to the satisfaction of Myron Yang, et al would have caused Myron Yang, et al to make reference to the matter in their report.

There were no reportable events (as that term is described in Item 304(a)(3) of Regulation S-K) during the two fiscal years ended September 30, 2023 and 2024, or in the subsequent period through November 3, 2025.

The Company has provided a copy of the foregoing disclosures to Myron Yang and requested that Myron Yang furnish it with a letter addressed to the Securities and Exchange Commission stating whether Myron Yang agrees with the above statements. A copy of Myron Yang's letter, dated November 3, 2025, is filed as Exhibit 16.1 to this Form 8-K.

During the two most recent fiscal years and in the subsequent interim period through November 3, 2025, the Fund has not consulted with Tang Qian & Associates with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that would have been rendered on the Fund's financial statements, or any other matters set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K.

## Ex-99.Ind

November 3, 2025

Office of the Chief Accountant

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

RE:

Upright Growth Fund

Upright Growth & Income Fund

Upright Assets Allocation Plus Fund, series of shares of the Upright Investments Trust,

Commission File Number 811-08723.

Dear Sirs/Madams:

We have received a copy of, and are in agreement with, the statements being made by the Upright Investments Trust, pursuant to Item 304(a) of Regulation S-K in Form N-CSR for the period ended September 30, 2025, captioned "Changes in registrant's certifying accountant" as they relate to our firm.

We hereby consent to the filing of this letter as an exhibit to the foregoing report on Form N-CSR.

Sincerely,

<u>/s/ Myron Yang CPA & Associates, PLLC</u>

Myron Yang CPA & Associates, PLLC

cc:

Yow Shang David Chiueh

Upright Investments Trust

349 Ridgedale Avenue

East Hanover, NJ 07936

<br>