Birmiwal Investment Trust

N-CSRS 1 birmiwalncsr93006.htm Birmiwal Investment Trust

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 811-21289

(Exact name of registrant as specified in charter)

5270 Highland Drive, Bellevue, WA 98006

(Address of principal executive offices) (Zip code)

Kailash Birmiwal

5270 Highland Drive, Bellevue, WA 98006

(Name and address of agent for service)

Registrant's telephone number, including area code: (425) 957-9436

Date of fiscal year end: March 31

Date of reporting period: September 30, 2006

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.

Birmiwal Oasis Fund

For Investors Seeking Capital Appreciation

SEMI-ANNUAL REPORT

September 30, 2006

Birmiwal Investment Trust

www.birmiwal.com

1-800-417-5525

BIRMIWAL OASIS FUND (Unaudited)

[birmiwalncsr93006001.jpg]

* Represents 52 Industries with no industry representing more than 4% of assets. See

Schedule of Investments for additional information.

PERFORMANCE INFORMATION

AVERAGE ANNUAL RATE OF RETURN (%) FOR THE PERIODS ENDED SEPTEMBER 30, 2006.

9/30/06 NAV $39.89

Since

1 Year^(A) 3 Year^(A) Inception^(A)

Birmiwal Oasis Fund

47.18% 38.35%

52.53%

S&P 500^(B)

10.79% 12.29%

15.91%

^(A) 1 Year, 3 Year and Since Inception returns include change in share prices and in each case includes reinvestment of any dividends and capital gain distributions. The inception date of the Birmiwal Oasis Fund was April 1, 2003.

^(B) The S&P 500 is a broad market-weighted average dominated by blue-chip stocks and is an unmanaged group of stocks whose composition is different from the Fund.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. TO OBTAIN PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE CALL 1-800-417-5525.

2006 Semi-Annual Report 1

Availability of Quarterly Schedule of Investments (Unaudited)

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC's website at http://www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting Guidelines (Unaudited)

Birmiwal Asset Management, Inc., the Fund’s Adviser, is responsible for exercising the voting rights associated with the securities held by the Fund. A description of the policies and procedures used by the Adviser in fulfilling this responsibility is available without charge on the Fund’s website at www.birmiwal.com. It is also included in the Fund’s Statement of Additional Information, which is available on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Fund voted proxies, Form N-PX, relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling our toll free number (1-800-417-5525). This information is also available on the Securities and Exchange Commission’s website at http://www.sec.gov.

Disclosure of Expenses (Unaudited)

Shareholders of this Fund incur ongoing operating expenses consisting solely of a base management fee and a performance-based management fee. The following example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with similar costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the Fund on March 31, 2006 and held through September 30, 2006.

The first line of the table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6) and then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid by a shareholder for the period. Shareholders may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in other funds' shareholder reports.

Expenses Paid

Beginning Ending During the Period*

Account Value Account Value March 31, 2006 to

March 31, 2006 September 30, 2006 September 30, 2006

Actual $1,000.00 $1,072.60 $25.35

Hypothetical $1,000.00 $1,000.60 $24.47

(5% annual return

before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 4.88%, multiplied

by the average account value over the period, multiplied by 183/365 (to reflect the

one-half year period.)

2006 Semi-Annual Report 2

Birmiwal Oasis Fund

		Schedule of Investments
		September 30, 2006 (Unaudited)

Shares/Principal Amount			Market Value	% of Net Assets

COMMON STOCKS

Air Transportation, Scheduled
15,000	Midwest Air Group Inc. *		$ 118,200	0.67%

Air-Cond & Warm Air Heating Equipment & Comm & Indl Refrig Equipment
5,000	Goodman Global Inc. *		66,750	0.38%

Biological Products, (No Diagnostic Substances)
15,000	Omrix Biopharmaceuticals, Inc. *		282,450
2,000	Serono SA **		42,980
			325,430	1.84%

Coating, Engraving & Allied Services
50,000	North American Galvanizing & Coatings Inc. *		316,500	1.79%

Electromedical & Electrotherapeutic Apparatus
17,000	Arrhythmia Research Technology Inc. *		242,420
2,685	Volcano Corporation *		30,851
			273,271	1.55%

Electronic Components & Accessories
5,000	Innovative Card Technologies Inc. *		24,750	0.14%

Electronic Components
35,000	Integral Technologies Inc. *		96,950	0.55%

Fire, Marine & Casualty Insurance
8,000	Specialty Underwriters Alliance Inc. *		66,400	0.38%

Glass & Glassware, Pressed or Blown
15,000	Libbey Inc.		167,850	0.95%

Heavy Construction Other Than Building Construction - Contractors
30,000	Aldabra Acquisition Corp. *		24,900	0.14%

Industrial & Commercial Fans & Blower & Air Purifing Equipment
4,000	MFRI Inc. *		59,200	0.33%

Instruments for Measuring & Tesing of Electricity & Electric Signals
4,000	Eagle Test Systems Inc. *		66,080
15,000	LTX Corp. *		75,150
			141,230	0.80%

Iron & Steel Foundries
14,700	Grupo Simec SA de CV * **		208,152	1.18%

Laboratory Analytical Instruments
1,000	Illumina Inc. *		33,040
15,000	IRIS International Inc. *		172,500
			205,540	1.16%

Metal Mining
100,000	Northern Orion Resources Inc. * **		390,000	2.21%

Mining Machinery & Equipment (No Oil & Gas Field Mach & Equip)
3,000	Joy Global, Inc.		112,710	0.64%

Miscellaneous Industrial & Commercial Machinery & Equipment
1,000	Actuant Corp.		50,100	0.28%

Miscellaneous Electrical Machinery
20,000	Hoku Scientific, Inc. *		80,000
10,000	Spectrum Brands, Inc. *		84,400
			164,400	0.93%

Miscellaneous Fabricated Metal Products
2,000	Barnes Group Inc.		35,120	0.20%

Miscellaneous Products of Petroleum & Coal
4,000	Headwaters Inc. *		93,400	0.53%

Motor Vehicles Parts & Accessories
2,500	Fuel Systems Solutions, Inc. *		31,800	0.18%

Motor Vehicles & Passenger Car Bodies
6,000	Spartan Motors Inc.		112,980	0.64%

Oil & Gas Field Exploration Services
35,000	OMNI Energy Services Corp. *		265,300	1.50%

Oil & Gas Field Machinery & Equipment
12,000	Bolt Technology Corp. *		160,680	0.91%

*Non-Income Producing Securities.

**ADR - American Depository Receipt.

The accompanying notes are an integral part of the financial

statements.

2006 Semi-Annual Report 3

Birmiwal Oasis Fund

		Schedule of Investments
		September 30, 2006 (Unaudited)

Shares/Principal Amount			Market Value	% of Net Assets

COMMON STOCKS

Oil & Gas Field Services
25,000	Allis-Chalmers Energy Inc. *		$ 366,000	2.07%

Optical Instruments & Lenses
90,000	Camtek Ltd. * **		558,000	3.16%

Plastic Products
41,200	Core Molding Technologies Inc. *		284,280	1.61%

Printed Circuit Boards
5,000	Merix Corp. *		48,050
20,000	Sanmina-SCI Corp. *		74,800
			122,850	0.69%

Radio & Tv Broadcasting & Communications Equipment
15,000	RELM Wireless Corp. *		117,150	0.66%

Radiotelephone Communications
3,000	Tele Norte Leste Participacoes S.A. **		41,130	0.23%

Real Estate Investment Trusts
3,100	Tarragon Corp.		32,271	0.18%

Retail - Catalog & Mail-Order Houses
10,000	Systemax Inc. *		160,200	0.91%

Retail - Eating Places
2,000	Tim Hortons Inc.		52,600	0.30%

Security Brokers, Dealers & Flotation Companies
5,000	Cowen Group Inc. *		79,050	0.45%

Semiconductors & Related Devices
1,500	Broadcom Corp. *		45,510
110,200	ChipMOS TECHNOLOGIES (Bermuda) LTD. *		657,894
5,000	Genesis Microchip Inc. *		58,850
38,400	Leadis Technology Inc. *		151,680
8,000	OmniVision Technologies Inc. *		114,160
10,000	Silicon Motion Technology Corp. * **		166,300
17,000	Verigy Ltd. * **		276,420
			1,470,814	8.32%

Services Industries For the Printing Trade
6,000	InnerWorkings Inc. *		70,500	0.40%

Services - Advertising Agencies
2,000	ValueClick Inc. *		37,080	0.21%

Services - Business Services
6,000	DG FastChannel *		63,300
10,000	Kongzhong Corp. * **		72,600
200,567	Webzen Inc. * **		808,285
			944,185	5.34%

Services - Computer Integrated Systems Design
5,000	Cogent Inc. *		68,650
10,000	Merge Technologies Inc. *		103,200
			171,850	0.97%

Services - Computer Processing & Data Preparation
107,100	Linktone Ltd. * **		550,494	3.11%

Services - Computer Programming
17,000	Patni Computer Systems Ltd. * **		324,020	1.83%

Services - Management Services
150,700	Home Solutions of America Inc. *		825,836	4.67%

Services - Misc Health & Allied Services
2,000	NightHawk Radiology Holdings, Inc. *		38,260	0.22%

Services - Prepackaged Software
3,000	CommVault Systems, Inc. *		54,000
4,000	Corel Corporation		51,480
4,000	I2 Technologies, Inc. *		74,920
1,000	Microsoft Corp.		27,350
8,000	Omniture Inc. *		63,120
			270,870	1.53%

*Non-Income Producing Securities.

**ADR - American Depository Receipt.

The accompanying notes are an integral part of the financial

statements.

2006 Semi-Annual Report 4

Birmiwal Oasis Fund

		Schedule of Investments
		September 30, 2006 (Unaudited)

Shares/Principal Amount			Market Value	% of Net Assets

COMMON STOCKS

State Commercial Banks
20,000	First Bancorp Holding Co. *		$ 221,200	1.25%

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
2,000	Mittal Steel Company **		69,480	0.39%

Surgical & Medical Instruments & Apparatus
115,000	Angeion Corp. *		770,500
2,500	China Medical Technologies Inc. * **		57,850
2,000	Mindray Medical International Ltd. * **		33,380
5,000	NeuroMetrix Inc. *		95,050
			956,780	5.41%

Telephone & Telegraph Apparatus
29,000	Qiao Xing Universal Telephone Inc. * **		410,350	2.32%

Television Broadcasting Stations
5,000	Gray Television Inc.		32,050	0.18%

Wholesale - Computers & Peripheral Equipment & Software
15,000	En Pointe Technologies Inc. *		38,700	0.22%

Wholesale - Drugs, Proprietaries & Druggists' Sundries
60,000	Allion Healthcare, Inc. *		250,800	1.42%

Wholesale - Electronic Parts & Equipment
11,000	Bell Microproducts Inc. *		57,090	0.32%

Wholesale - Metals Service Centers & Offices
5,675	Empire Resources Inc.		49,940	0.28%

Total for Common Stock (Cost $11,987,314)			12,115,443	68.53%

EXCHANGE TRADED FUNDS
6,000	PT UTLRSHRT QQQ PS * (Cost - $373,808)		364,920	2.06%

WARRANTS
25,000	Chiquita Brands International Inc. (Cost - $61,650)		45,250	0.26%

PUT OPTIONS
Exchange Traded Funds		Shares Subject
Expiration Date/Exercise Price		to Put

NASDAQ 100 Trust Shares		20,000	14,000	0.08%
November 2006 Puts @ 40.00
Total (Premiums Paid - $26,180)
Cash and Equivalents
5,312,998	First American Government Obligation Fund Cl A 4.59%***		5,312,998	30.05%
	(Cost $5,312,998)

	Total Investments Securities		17,852,611	100.98%
	(Cost $17,761,950)

	Liabilities In Excess of Other Assets		(173,717)	-0.98%

	Net Assets		$ 17,678,894	100.00%

*Non-Income Producing Securities.

**ADR - American Depository Receipt.

***Variable rate security; the Yield Rate shown represents the rate

at September 30, 2006.

The accompanying notes are an integral part of the financial

statements.

2006 Semi-Annual Report 5

Birmiwal Oasis Fund

Statement of Assets and Liabilities (Unaudited)
September 30, 2006

Assets:
Investment Securities at Market Value	$ 17,852,611
(Identified Cost - $17,761,950)
Cash	2,700
Receivables:
Receivable for Securities Sold	1,019,952
Dividends and Interest	16,294
Total Assets	18,891,557
Liabilities
Management Fees Payable
Base Management Fee Payable to Adviser	41,119
Performance Adjustment Payable to Adviser	28,968
Payable For Securities Purchased	1,142,576
Total Liabilities	1,212,663
Net Assets	$ 17,678,894
Net Assets Consist of:
Paid In Capital	12,800,818
Accumualted Undistributed Net Investment Loss	(284,248)
Realized Gain on Investments - Net	5,071,663
Unrealized Appreciation in Value	90,661
of Investments Based on Identified Cost - Net
Net Assets, for 443,173 Shares Outstanding	$ 17,678,894
(Unlimited number of shares authorized)
Net Asset Value, Offering and Redemption Price
Per Share ($17,678,894/443,173 shares)	$ 39.89

Statement of Operations (Unaudited)
For the six month period ended September 30, 2006

Investment Income:
Dividends (Net of foreign withholding tax of $558)	$ 15,553
Interest	97,981
Total Investment Income	113,534
Expenses: (Note 3)
Management Fees
Base Management Fees	238,569
Performance Adjustment	159,213
Total Expenses	397,782

Net Investment Loss	(284,248)

Realized and Unrealized Gain on Investments:
Net Realized Gain on Investments	2,725,153
Net Realized Gain on Options	(62,702)
Net Change In Unrealized Appreciation on Investments	(1,232,104)
Net Realized and Unrealized Gain on Investments	1,430,347
Net Increase in Net Assets from Operations	$ 1,146,099

The accompanying notes are an integral part of the

financial statements.

2006 Semi-Annual Report 6

Birmiwal Oasis Fund

Statement of Changes in Net Assets	(Unaudited)
	4/1/2006	4/1/2005
	to	to
	9/30/2006	3/31/2006
From Operations:
Net Investment Loss	$ (284,248)	$ (383,104)
Net Realized Gain on Investments, Short Sales and Options	2,662,451	4,254,725
Net Change In Unrealized Appreciation (Depreciation)	(1,232,104)	1,657,342
Increase (Decrease) in Net Assets from Operations	1,146,099	5,528,963
From Distributions to Shareholders:
Net Investment Income	0	0
Net Realized Gain from Security Transactions	0	(2,620,863)
Change in Net Assets from Distributions	0	(2,620,863)
From Capital Share Transactions:
Proceeds From Sale of Shares	658,058	4,236,383
Shares Issued on Reinvestment of Dividends	0	2,620,597
Cost of Shares Redeemed	(451,288)	(1,516,311)
Net Increase from Shareholder Activity	206,770	5,340,669

Net Increase in Net Assets	1,352,869	8,248,769

Net Assets at Beginning of Period	16,326,025	8,077,256
Net Assets at End of Period (including accumulated	$ 17,678,894	$ 16,326,025
undistributed net investment income of ($284,248) and $0)

Share Transactions:
Issued	16,836	123,912
Reinvested	-	84,021
Redeemed	(12,647)	(44,204)
Net Increase in Shares	4,189	163,729
Shares Outstanding Beginning of Period	438,984	275,255
Shares Outstanding End of Period	443,173	438,984

Financial Highlights	(Unaudited)
Selected data for a share outstanding throughout the period:	4/1/2006		4/1/2005	4/1/2004	4/1/2003 **
	to		to	to	to
	9/30/2006		3/31/2006	3/31/2005	3/31/2004
Net Asset Value -
Beginning of Period	$ 37.19		$ 29.34	$ 35.65	$ 20.00
Net Investment Income/(Loss)***	(0.65)		(1.18)	(1.03)	(0.43)
Net Gains or Losses on Securities
(realized and unrealized)	3.35		18.15	2.86	24.15
Total from Investment Operations	2.70		16.97	1.83	23.72

Distributions (From Net Investment Income)	0.00		0.00	0.00	0.00
Distributions (From Capital Gains)	0.00		(9.12)	(8.14)	(8.07)
Total Distributions	0.00		(9.12)	(8.14)	(8.07)

Net Asset Value -
End of Period	$ 39.89		$ 37.19	$ 29.34	$ 35.65

Total Return (a)	7.26%		63.83%	9.99%	126.90%
Ratios/Supplemental Data
Net Assets - End of Period (Thousands)	17,679		16,326	8,077	6,898

Before Waivers
Ratio of Expenses to Average Net Assets	4.88%	*	4.70%	4.26%	2.90%
Ratio of Net Investment Loss to Average Net Assets	-3.49%	*	-3.50%	-3.72%	-2.68%

After Waivers
Ratio of Expenses to Average Net Assets	4.88%	*	4.70%	4.26%	1.50%
Ratio of Net Investment Loss to Average Net Assets	-3.49%	*	-3.50%	-3.72%	-1.28%
Portfolio Turnover Rate	327.32%		637.98%	1050.35%	1015.55%


* Annualized.
** Commencement of Operations.
*** Per share amounts were calculated using the average shares method.
(a) Total return in the above table represents the rate that the investor would
have earned or lost on an investment in the Fund assuming reinvestment of all
Fund distributions.

The accompanying notes are an integral part of these

financial statements.

2006 Semi-Annual Report 7

NOTES TO THE FINANCIAL STATEMENTS

BIRMIWAL OASIS FUND

September 30, 2006

(Unaudited)

1.) ORGANIZATION

Birmiwal Oasis Fund (the "Fund") is a non-diversified series of the Birmiwal Investment Trust (the "Trust"), an open-end investment company. The Trust was organized in Ohio as a business trust on January 3, 2003 and commenced operations on April 1, 2003. The Fund may offer shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. At present, there is only one series authorized by the Trust. Birmiwal Asset Management, Inc. is the adviser to the Fund (the "Adviser"). The Fund's primary investment objective is to seek capital appreciation. Significant accounting policies of the Fund are presented below:

2.) SIGNIFICANT ACCOUNTING POLICIES

SECURITY VALUATION: Securities that are traded on any exchange or on the NASDAQ over-the-counter market are valued at the last quoted sale price. Lacking a last sale price, a security is valued at its last bid price except when, in the Adviser's opinion, the last bid price does not accurately reflect the current value of the security. All other securities for which over-the-counter market quotations are readily available are valued at their last bid price. When market quotations are not readily available, when the Adviser determines the last bid price does not accurately reflect the current value or when restricted securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees.

Fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board of Trustees has determined will represent fair value.

In accordance with the Trust’s good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard for determining fair value controls, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accord with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.

SHORT SALES: The Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When the Fund sells a security short, it must borrow the security

2006 Semi-Annual Report 8

Notes to the Financial Statements (Unaudited) - continued

sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.

FEDERAL INCOME TAXES: The Fund’s policy is to continue to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Service. This Internal Revenue Service requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains.

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 - Accounting for Uncertainty in Income Taxes, that requires the tax effects of certain tax positions to be recognized. These tax positions must meet a “more likely than not” standard that based on their technical merits, these positions, have a more than 50 percent likelihood of being sustained upon examination. FASB Interpretation No. 48 is effective for fiscal periods beginning after December 15, 2006. At adoption, the financial statements must be adjusted to reflect only those tax positions that are more likely than not of being sustained. Management of the Fund is currently evaluating the impact that FASB Interpretation No. 48 will have on the Fund’s financial statements.

DISTRIBUTIONS TO SHAREHOLDERS: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, result of operations, or net asset values per share of the Fund.

USE OF ESTIMATES: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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.

OTHER: The Fund records security transactions based on a trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

3.) INVESTMENT ADVISORY AGREEMENT

The Fund has entered into an Investment Advisory Agreement with Birmiwal Asset Management, Inc. (the "Adviser"). Under the terms of the Investment Advisory Agreement, the Adviser manages the investment portfolio of the Fund, subject to policies adopted by the Trust’s Board of Trustees. Under the Investment Advisory Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office

2006 Semi-Annual Report 9

Notes to the Financial Statements (Unaudited) – continued

space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. The Adviser also pays the salaries and fees of all of its officers and employees that serve as officers and trustees of the Trust. The Adviser pays all operating expenses of the Fund, with the exception of taxes, borrowing expenses (such as (i) interest and (ii) dividend expenses on securities sold short), brokerage commissions and extraordinary expenses.

For its services and its agreement to pay the Fund’s operating expenses, the Adviser receives a variable performance-based management fee comprised of a base rate of 2.90% of the Fund's average daily net assets. The performance adjustment increases or decreases the fee paid by the Fund to the Adviser based on the Fund's performance relative to the S&P 500 Index over the most recent 12-month period. If the Fund's return for the period is within 2.00% (two percentage points) of the return on the S&P 500 Index, no adjustment is made. If the difference between the performance of the Fund and the S&P 500 Index exceeds 2.00% (two percentage points), the performance adjustment is made at a rate that varies linearly with the difference between the Fund's performance and that of the S&P 500 Index. The resulting performance adjustment rate can be as high as 2.40% if the Fund outperforms the S&P 500 Index by 14% (fourteen percentage points) or more, and as low as -2.40% if the Fund underperforms the S&P 500 Index by 14% (fourteen percentage points) or more.

For the six month period ended September 30, 2006 the Adviser earned management fees totaling $238,569 and performance-based management fees totaling $159,213. At September 30, 2006, the Fund owed the Adviser management fees in the amount of $70,087, which consisted of a base fee of $41,119 and performance-based management fees of $28,968.

4.) APPROVAL OF INVESTMENT ADVISORY AGREEMENT

On May 6, 2006, the Board of Trustees (the “Trustees” or the “Board”) for the Birmiwal Oasis Fund met to consider the renewal of the Management Agreement (the “Agreement”). In reviewing the Agreement, the Board of Trustees addressed the following factors: (i) the investment performance of the Fund and the Adviser; (ii) the nature, extent and quality of the services provided by the Adviser to the Fund; (iii) the cost of the services to be provided and the profits to be realized by the Adviser and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale will be realized as the fund grows; and (v) whether the fee levels reflect these economies of scale to the benefit of shareholders.

In determining whether to renew the Agreement, the Board met with Mr. Birmiwal, President of the Adviser, to discuss the terms of the Agreement. He reviewed and discussed with the Trustees his personal history, including background and investment management experience. He also discussed with the Board the Fund's performance for the last fiscal year, important factors relating to the Fund's performance, the Adviser's investment and research strategy, the Adviser's financial strength, and expected expenses and revenue from the Fund. Mr. Birmiwal provided the Board with a current balance sheet from the bank with the Adviser's current financial standing and stated that the Adviser had sufficient funds available to meet its obligations to the Fund.

The Board gave careful consideration to factors deemed relevant to the Trust and the Fund. As to the nature, extent and quality of the services to be provided by the Adviser, and the performance of the Fund since commencement of operations, the Board noted that the Fund significantly outperformed its benchmark index, the S&P 500, for the fiscal year ended March 31, 2006, by providing a return of 63.83% as compared to 11.73% for the S&P 500 for the same period. The Board also reviewed comparative performance from the inception of the Fund through March 31, 2006, noting that the Fund continued to significantly outperform its benchmark index. The Board felt that the superior returns provided strong evidence of the superior quality of the advisory services provided by the Adviser.

2006 Semi-Annual Report 10

Notes to the Financial Statements (Unaudited) - continued

As to the costs of the services to be provided, the Board reviewed information regarding comparable fee structures and acknowledged that the Fund's base management fee rate (which includes paying substantially all operating expenses of the Fund) and total annual operating expenses were significantly higher than the management fees and expense ratio paid by 44 other funds of comparable size and with similar investment objectives. However, the Trustees acknowledged that the Adviser spends a substantial amount of time managing the Fund and noted that the Fund's superior performance after deduction of the performance fee more than justified the higher fee expenses. In addition, the Trustees noted that Mr. Birmiwal bears a risk of loss under the performance fee arrangement. Under the Management Agreement, poor Fund performance will result in a reduction of the management fee, with a maximum downward adjustment of 2.40% from the base fee of 2.90%. The Board concluded that this fee arrangement aligns Mr. Birmiwal's interest with those of the shareholders. The Trustees therefore concluded that the fee structure under the current Management Agreement, including performance-based adjustments, is reasonable.

As to the profits to be realized by the Adviser under the Management Agreement, the extent to which economies of scale may be realized as the Fund grows, and whether the fee levels reflect these economies of scale for the benefit of the Fund investors, the Board noted that the Adviser has made a substantial investment in the Fund. The Trustees acknowledged that the fee under the current management agreement does not provide investors with an opportunity to realize the benefits of economies of scale as the Fund grows. However, the Trustees also noted that the management fee is structured so that investors pay a fee that varies directly with the performance of the Fund. Investors will pay a higher fee if the Fund outperforms its benchmark index and a lower fee if the Fund underperforms its benchmark index. In addition, given the relative small asset base of the Fund, they did not think it necessary to consider adding break points at this time.

The independent Trustees then met in executive session with legal counsel. The Board felt that the superior returns provided strong evidence of the superior quality of the advisory services provided by the Adviser. The Board also determined that continuity and efficiency of portfolio investment advisory services could best be assured by approving the continuance of the Management Agreement.

Based upon the information provided, it was the Board's consensus (including a majority of the independent Trustees) that the fee to be paid to the Adviser pursuant to the Agreement was reasonable, that the overall arrangement provided under the terms of the Agreement was a reasonable business arrangement, and that the approval of the Agreement was in the best interest of the Fund's shareholders.

5.) RELATED PARTY TRANSACTIONS

Kailash Birmiwal, Ph. D. is the control person of the Adviser and also serves as a trustee/officer of the Fund. This individual receives benefits from the Adviser resulting from management fees paid to the Adviser by the Fund. The Fund has entered into agreements with Mutual Shareholder Services (“MSS”) for fund accounting and transfer agency services. An officer and shareholder of MSS is also an officer of the Fund. Fees paid to MSS are paid by the Adviser.

The Trustees who are not interested persons of the Fund were not paid any Trustee fees for the six month period ended September 30, 2006 by the Adviser.

6.) CAPITAL STOCK

The Trust is authorized to issue an unlimited number of shares. Paid in capital at September 30, 2006 was $12,800,818 representing 443,173 shares outstanding.

2006 Semi-Annual Report 11

Notes to the Financial Statements (Unaudited) - continued

7.) INVESTMENT TRANSACTIONS

For the six month period ended September 30, 2006, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $39,115,210 and $40,064,311, respectively. Purchases and sales of U.S. Government obligations aggregated $0 and $0, respectively.

For federal income tax purposes, the cost of total investment securities owned at September 30, 2006 was $17,761,950. At September 30, 2006, the composition of unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value), was as follows:

Appreciation (Depreciation) Net Appreciation (Depreciation)

$983,899 ($893,238) $90,661

8.) CONTROL 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 fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of September 30, 2006, Kailash Birmiwal, Ph. D., the control person of the Adviser, held, in aggregate, approximately 65% of the Fund.

9.) DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the six month period ended September 30, 2006 and fiscal year ended March 31, 2006 was as follows:

Distributions paid from:

Six Month Period ended Year ended

September 30, 2006 March 31, 2006

Ordinary Income:

$ 0

Short-term Capital Gain

0 2,591,017

Long-term Capital Gain 0

29,846

$ 0

$ 2,620,863

2006 Semi-Annual Report 12

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2006 Semi-Annual Report 13

Board of Trustees

Kailash Birmiwal, Ph. D.

Rajendra K. Bordia, Ph. D.

Hemant K. Gupta, Ph. D.

Veera S. Karukonda

Bal K. Sharma, Dr.

Investment Adviser

Birmiwal Asset Management, Inc.

5270 Highland Drive

Bellevue, WA 98006

Dividend Paying Agent,

Shareholders' Servicing Agent,

Transfer Agent

Mutual Shareholder Services, LLC

8000 Town Centre Dr., Ste 400

Broadview Hts, OH 44147

Custodian

U.S. Bank, NA

425 Walnut Street

P.O. Box 1118

Cincinnati, OH 45201

Fund Administrator

Premier Fund Solutions Inc.

480 N. Magnolia Avenue, Suite 103

El Cajon, CA 92020

Legal Counsel

Thompson Hine LLP

312 Walnut Street, 14th Floor

Cincinnati, OH 45202

Independent Registered Public

Accounting Firm

Cohen Fund Audit Services, Ltd.

(FKA Cohen McCurdy, Ltd.)

800 Westpoint Pkwy., Ste 1100

Westlake, OH 44145-1594

This report is provided for the general information of the shareholders of the Birmiwal Oasis Fund. This report is not intended for distribution to prospective investors in the funds, unless preceded or accompanied by an effective prospectus.

Birmiwal Oasis Fund

5270 Highland Drive

Bellevue, WA 98006

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

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

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

Item 6. Schedule of Investments. Not applicable. Schedule filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.

Item 8. Portfolio Managers of Closed End Funds. Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers. Not applicable.

Item 10. 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 trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s second fiscal quarter of 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 12. Exhibits.

(a)(1)

Code of Ethics. Not applicable.

(a)(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 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.

Birmiwal Investment Trust

By : /s/ Kailash Birmiwal

Kailash Birmiwal

President

Date: 12-4-06

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 : /s/ Kailash Birmiwal

Kailash Birmiwal

President

Date: 12-4-06

By : /s/ Kailash Birmiwal

Kailash Birmiwal

Chief Financial Officer

Date: 12-4-06