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You can also request this information by contacting us at 1-973-533-1818. http://www.sec.gov 1-973-533-1818 expense Information What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Fund Name</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center">Costs of a $10,000 investment</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Costs paid as a percentage of a $10,000 investment*</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Upright Assets Allocation Plus Fund</td> <td id="xdx_987_eoef--ExpensesPaidAmt_c20251001__20260331__oef--ClassAxis__custom--C000186849Member_zWiZtn5eYb6c" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$106</td> <td id="xdx_98A_eoef--ExpenseRatioPct_c20251001__20260331__oef--ClassAxis__custom--C000186849Member_zIQUWJPfQFI3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.46%</td></tr> </table> *Annualized 106 -0.0046 Fund statistics <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">ADVISORY FEES</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NET ASSETS:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">HOLDINGS:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TURNOVER:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PAID BY FUND:</td></tr> <tr style="vertical-align: bottom"> <td id="xdx_985_eus-gaap--AssetsNet_iI_c20260331__oef--ClassAxis__custom--C000186849Member_z5bxwzrh8T4e" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$3,196,976</td> <td id="xdx_98D_eoef--HoldingsCount_iI_uHoldings_c20260331__oef--ClassAxis__custom--C000186849Member_z8bbBJWYYKEg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">34</td> <td id="xdx_988_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251001__20260331__oef--ClassAxis__custom--C000186849Member_z7YbEnu52Ev1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.00%</td> <td id="xdx_981_eoef--AdvisoryFeesPaidAmt_c20251001__20260331__oef--ClassAxis__custom--C000186849Member_zxs9lblJ4cjc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$20,638</td></tr> </table>

3196976

0.0000

20638 INDUSTRY WEIGHTINGS 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. <img alt="" src="image_001.gif" style="height: 299px; width: 441px"/> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">UPAAX Pie Chart</td> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Drug Manufacturers</td> <td id="xdx_98A_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--IndustrySectorAxis__custom--DrugManufacturersMember_zBSICD12tj5h" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.88%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Electrical Equipment & Parts</td> <td id="xdx_983_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--IndustrySectorAxis__custom--ElectricalEquipmentPartsMember_z2Pq8pZoPTok" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.35%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Exchange Traded Funds</td> <td id="xdx_984_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_zemc8a0RVSw2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">46.50%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Integrated Circuit Design</td> <td id="xdx_983_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--IndustrySectorAxis__custom--IntegratedCircuitDesignMember_zis2OTQ8aES4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.78%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Internet Content & Info.</td> <td id="xdx_987_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--IndustrySectorAxis__custom--InternetContentInfoMember_z2BPgXMLCkk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.34%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_zULa1vpMGlod" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20.49%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Semiconductors</td> <td id="xdx_989_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--IndustrySectorAxis__custom--SemiconductorsMember_z5Dmi6tIzcpj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16.66%</td></tr> </table> 0.0588 0.0035 0.4650 0.0978 0.0034 0.2049 0.1666 top ten holdings (% OF NET ASSETS) <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 81%; padding-right: 5.4pt; padding-left: 5.4pt">Fidelity Institutional Money Market - Treasury Portfolio - Class III</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--FidelityInstMMTreasPortMember_z6auTQKBZCvd" style="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20.63%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Taiwan Semiconductor Manufacturing Co. Ltd.</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorMember_zLPd7fQvl1ih" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.57%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: -10pt; padding-left: 5.4pt">Himax Technologies, Inc. ADR</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--HimaxTechnologiesMember_z3VK7bFnMG47" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.85%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Direxion Daily S&P 500 Bull 3X ETF</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--DirexionDailySP500Member_zRq2iYjKOBbh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.67%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Direxion Daily Dow Jones Internet Bull 3X ETF</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--DirexionDailyDowJonesMember_znPUykXoHtJd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.26%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: -5.5pt; padding-left: 5.4pt">ProShares UltraPro QQQ ETF</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--ProSharesUltraQQQMember_zjhA7Am9RYU2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.21%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Direxion Financial Bull 3X ETF</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--DirexionFinancialMember_zjWQit6Mj2Ol" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.08%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Direxion Small Cap Bull 3X ETF</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--DirexionSmallCapMember_zCqtSVVe2A0a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.45%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">AbbVie Inc.</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--AbbVieIncMember_zD3EDktnh754" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.40%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Ase Technology Holding Co. Ltd. ADR</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member__oef--LargestHoldingAxis__custom--AseTechnologyHoldingCoMember_znJn8ihXk8jb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.39%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td id="xdx_988_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186849Member_zeCV9nf1bBHi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74.51%</td></tr> </table> 0.2063 0.1057 0.0985 0.0867 0.0526 0.0521 0.0408 0.0345 0.0340 0.0339 0.7451 changes in and disagreements with accountants 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. http://www.sec.gov 1-973-533-1818 UPRIGHT GROWTH & INCOME FUND UPDDX ADDITIONAL INFORMATION This semi-annual shareholder report contains important information about the Upright Growth & Income – UPDDX (the “Fund”) for the period October 1, 2025 to March 31, 2026. semi-annual shareholder report Upright Growth & Income You can find additional information about the Fund on the SEC website at http://www.sec.gov. You can also request this information by contacting us at 1-973-533-1818. This report describes changes to the Fund that occurred during the reporting period. http://www.sec.gov 1-973-533-1818 expense Information What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Fund Name</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center">Costs of a $10,000 investment</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Costs paid as a percentage of a $10,000 investment*</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Upright Growth & Income Fund</td> <td id="xdx_98B_eoef--ExpensesPaidAmt_c20251001__20260331__oef--ClassAxis__custom--C000186850Member_zWdmFGr7rlXj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$114</td> <td id="xdx_98D_eoef--ExpenseRatioPct_c20251001__20260331__oef--ClassAxis__custom--C000186850Member_zH3KjrEkisi4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.24%</td></tr> </table> *Annualized 114 0.0224 Fund statistics <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">ADVISORY FEES</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NET ASSETS:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">HOLDINGS:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TURNOVER:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PAID BY FUND:</td></tr> <tr style="vertical-align: bottom"> <td id="xdx_98C_eus-gaap--AssetsNet_iI_c20260331__oef--ClassAxis__custom--C000186850Member_zpprpQ7HcTu2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$4,556,129</td> <td id="xdx_987_eoef--HoldingsCount_iI_uHoldings_c20260331__oef--ClassAxis__custom--C000186850Member_z1k6l1Qd0yA4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">31</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251001__20260331__oef--ClassAxis__custom--C000186850Member_z5SHDdkM99hj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.00%</td> <td id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20251001__20260331__oef--ClassAxis__custom--C000186850Member_zmEK89u4iC8c" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$33,438</td></tr> </table>

4556129

0.0000

33438 INDUSTRY WEIGHTINGS 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. <img alt="" src="image_002.gif" style="height: 280px; width: 443px"/> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">UPDDX Pie Chart</td> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Banks Diversified</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--BanksDiversifiedMember_zPONpHxIyTN7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.28%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Capital Markets</td> <td id="xdx_988_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--CapitalMarketsMember_zzVx7Jjkwsil" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.67%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Electronics</td> <td id="xdx_988_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--ConsumerElectronicsMember_zSXXEJTlL5Q3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.65%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Drug Manufacturers</td> <td id="xdx_988_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--DrugManufacturersMember_zdSAmkmE9vKc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.41%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Electrical Equipment & Parts</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--ElectricalEquipmentPartsMember_zYtApI0t0NIc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.19%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Entertainment</td> <td id="xdx_98E_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__us-gaap--EntertainmentMember_zpzOIaTCUdOk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.42%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Exchange Traded Funds</td> <td id="xdx_989_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_zharhzhCxm9a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13.66%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Health Information Services</td> <td id="xdx_986_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--HealthInformationMember_zOlHEhP36Nkh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.06%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Healthcare Plans</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--HealthcarePlansMember_z5pZePW4pLvk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.47%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Integrated Circuit Design</td> <td id="xdx_98B_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--IntegratedCircuitDesignMember_zVAi5evF05r9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.54%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Luxury Goods</td> <td id="xdx_98D_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--LuxuryGoodsMember_zODnNWCJnmh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.04%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Funds</td> <td id="xdx_983_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_z4IEXJYcPNw8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26.10%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Oil & Gas Integrated</td> <td id="xdx_98F_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__us-gaap--OilAndGasMember_zzbdo4gA1Osi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.10%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Semiconductors</td> <td id="xdx_982_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--SemiconductorsMember_zd5OLnsfpg09" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27.05%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Specialty Industrial Machinery</td> <td id="xdx_98C_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--SpecialtyIndustrialMachineryMember_z2aJDGzoSuVe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.77%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Utilities Renewable</td> <td id="xdx_98F_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--IndustrySectorAxis__custom--UtilitiesRenewableMember_zLyTu8h5vQjk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.59%</td></tr> </table> 0.0128 0.0367 0.0165 0.0741 0.0019 0.0042 0.1366 0.0006 0.0047 0.0854 0.0704 0.2610 0.0110 0.2705 0.0077 0.0059 top ten holdings (% OF NET ASSETS) <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 82%; padding-right: 5.4pt; padding-left: 5.4pt">Fidelity Institutional Money Market - Treasury Portfolio - Class III</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--LargestHoldingAxis__custom--FidelityInstMMTreasPortMember_zRkO4zrZHvri" style="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26.41%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">NVIDIA Corp.</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--LargestHoldingAxis__custom--NvidiaCorpMember_zWTRIpbGgVp1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16.08%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: -10pt; padding-left: 5.4pt">Himax Technologies, Inc. ADR</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C0001868450Member__oef--LargestHoldingAxis__custom--HimaxTechnologiesMember_zU1hIFcb6Wd4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.64%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Taiwan Semiconductor Manufacturing Company Ltd.</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorMember_z9WwMXbe7sy5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.42%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Tapestry, Inc.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--LargestHoldingAxis__custom--TapestryIncMember_zmdoGW1uKpbh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.12%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: -5.5pt; padding-left: 5.4pt">Teva Pharmaceutical Industries Ltd.</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--LargestHoldingAxis__custom--TevaPhamaceuticalMember_zNxhLEzqIlI2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.63%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">The Goldman Sachs Group, Inc.</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--LargestHoldingAxis__custom--GoldmanSachsGroupMember_zYYim7n8EpOh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.71%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Direxion Financial Bull 3X ETF</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--LargestHoldingAxis__custom--DirexionFinancialMember_zgiI2PfYIhg4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.38%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Direxion Daily Dow Jones Internet Bull 3X ETF</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--LargestHoldingAxis__custom--DirexionDailyDowJonesMember_zz5nAqDXmEkf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.32%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">AbbVie, Inc.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member__oef--LargestHoldingAxis__custom--AbbVieIncMember_zkju6QLA0Cne" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.86%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000186850Member_zyTyXW3s55Ic" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">83.57%</td></tr> </table> 0.2641 0.1608 0.0864 0.0742 0.0712 0.0463 0.0371 0.0338 0.0332 0.0286 0.8357 material fund changes 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. 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 Changes in and Disagreements with accountants 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. http://www.sec.gov 1-973-533-1818 UPRIGHT GROWTH FUND UPUPX ADDITIONAL INFORMATION This semi-annual shareholder report contains important information about the Upright Growth Fund – UPUPX (the “Fund”) for the period October 1, 2025 to March 31, 2026. semi-annual shareholder report Upright Growth Fund You can find additional information about the Fund on the SEC website at http://www.sec.gov. You can also request this information by contacting us at 1-973-533-1818. This report describes changes to the Fund that occurred during the reporting period. http://www.sec.gov 1-973-533-1818 expense Information What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Fund Name</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center">Costs of a $10,000 investment</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Costs paid as a percentage of a $10,000 investment*</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Upright Growth Fund</td> <td id="xdx_982_eoef--ExpensesPaidAmt_c20251001__20260331__oef--ClassAxis__custom--C000013262Member_zJY5XDTa3Neh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$122</td> <td id="xdx_98B_eoef--ExpenseRatioPct_c20251001__20260331__oef--ClassAxis__custom--C000013262Member_z1sV1fsmX1R" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.39%</td></tr> </table> *Annualized 122 0.0239 Fund statistics <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">ADVISORY FEES</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NET ASSETS:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">HOLDINGS:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TURNOVER:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PAID BY FUND:</td></tr> <tr style="vertical-align: bottom"> <td id="xdx_98A_eus-gaap--AssetsNet_iI_c20260331__oef--ClassAxis__custom--C000013262Member_zmdeqGnzcI81" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$24,252,829</td> <td id="xdx_985_eoef--HoldingsCount_iI_uHoldings_c20260331__oef--ClassAxis__custom--C000013262Member_zj6m4hYOdUH" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32</td> <td id="xdx_985_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251001__20260331__oef--ClassAxis__custom--C000013262Member_z8n7DvbwKVtj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.00%</td> <td id="xdx_98F_eoef--AdvisoryFeesPaidAmt_c20251001__20260331__oef--ClassAxis__custom--C000013262Member_zwj0xP6r4Amh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$185,087</td></tr> </table>

24252829

0.0000

185087 INDUSTRY WEIGHTINGS 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. <img alt="" src="image_003.gif" style="height: 286px; width: 454px"/> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">UPUPX Pie Chart</td> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Agricultural Inputs</td> <td id="xdx_98C_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--AgriculturalInputsMember_zr6FitO7UDVe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.12%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Banks Diversified</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--BanksDiversifiedMember_zQFlLNHm5l9a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.19%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Electronics</td> <td id="xdx_981_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--ConsumerElectronicsMember_zhbkMToML4jh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.88%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Drug Manufacturers</td> <td id="xdx_980_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--DrugManufacturersMember_z7PAzDU4Gfp2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.25%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Electrical Equipment & Parts</td> <td id="xdx_98E_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--ElectricalEquipmentPartsMember_zKof9EPYf0r" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.67%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Exchange Traded Funds</td> <td id="xdx_98E_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_zwq9NZGG3Q98" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.79%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Insurance, Life</td> <td id="xdx_98F_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--LifeInsuranceMember_zde5o2rLWru2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.96%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Integrated Circuit Design</td> <td id="xdx_989_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--IntegratedCircuitDesignMember_zR2Ilbi9ky6c" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21.47%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Internet Content & Info.</td> <td id="xdx_98E_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--InternetContentInfoMember_zeFkD85hAPfa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.03%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Internet Retail</td> <td id="xdx_981_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--InternetRetailMember_zfAcLyVikPy2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.85%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Funds</td> <td id="xdx_988_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_zF2cpTc9L0p" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20.28%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Semiconductors</td> <td id="xdx_989_eoef--PctOfTotalInv_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--IndustrySectorAxis__custom--SemiconductorsMember_z18cWstBMzO5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25.51%</td></tr> </table> 0.0012 0.0119 0.0588 0.1025 0.0067 0.0879 0.0096 0.2147 0.0303 0.0185 0.2028 0.2551 top ten holdings (% OF NET ASSETS) <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt">Taiwan Semiconductor Manufacturing Company Ltd.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorMember_zWDwpnSwHY26" style="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23.69%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Himax Technologies, Inc. ADR</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--HimaxTechnologiesMember_zftVGfkMgMu6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21.78%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: -10pt; padding-left: 5.4pt">Morgan Stanley Institutional Liquidity Fund Government Portfolio</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--MorganStanleyMember_zbkZldv2n8O2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12.33%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Fidelity Institutional Money Market - Treasury Portfolio - Class III</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--FidelityInstMMTreasPortMember_zcUwsBPyIxje" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.25%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Teva Pharmaceutical Industries Ltd.</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--TevaPhamaceuticalMember_zLCpHGtml5r2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.21%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: -5.5pt; padding-left: 5.4pt">Apple, Inc.</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--AppleIncMember_zJQzvQ2TAeE7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.96%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Alphabet Inc. Class C</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--AlphabetIncMember_ztCiOan3a0ng" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.37%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">AbbVie, Inc.</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--AbbVieIncMember_zrKPX1YPZZ4b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.15%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">iShares 20+ Year Treasury Bond ETF</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--IShares20YrTreasMember_ziWfEIo7JcKf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.79%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Direxion Daily Dow Jones Internet Bull 3X ETF</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member__oef--LargestHoldingAxis__custom--DirexionDailyDowJonesMember_zEqtup0SMk2b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.53%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000013262Member_zxSifbb7k9Ie" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">88.06%</td></tr> </table> 0.2369 0.2178 0.1233 0.0825 0.0821 0.0596 0.0237 0.0215 0.0179 0.0153 0.8806 material changes to the fund 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. 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 changes in and disagreements with accountants 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. http://www.sec.gov 1-973-533-1818