1
Barrett
Growth
Fund
Schedule
of
Investments
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
96
.07
%
Administrative
and
Support
Services
—
10
.95
%
Fair
Isaac
Corp.
(a)
.....................................
500
$
338,695
Fidelity
National
Information
Services,
Inc.
....................
4,000
253,480
PayPal
Holdings,
Inc.
(a)
.................................
5,750
423,200
TransUnion
...........................................
3,000
196,290
Visa,
Inc.
-
Class
A
.....................................
6,000
1,319,640
2,531,305
Broadcasting
(except
Internet)
—
2
.15
%
Walt
Disney
Co.
(a)
.....................................
5,000
498,050
Chemical
Manufacturing
—
9
.82
%
Ecolab,
Inc.
...........................................
3,000
478,110
Merck
&
Co.,
Inc.
......................................
4,000
424,960
Regeneron
Pharmaceuticals,
Inc.
(a)
........................
875
665,368
Zoetis,
Inc.
...........................................
4,200
701,400
2,269,838
Clothing
and
Clothing
Accessories
Stores
—
3
.97
%
TJX
Cos.,
Inc.
.........................................
12,000
919,200
Computer
and
Electronic
Product
Manufacturing
—
19
.79
%
Alphabet,
Inc.
-
Class
C
(a)
...............................
8,500
767,550
Apple,
Inc.
...........................................
7,500
1,105,575
Danaher
Corp.
........................................
2,750
680,707
NVIDIA
Corp.
.........................................
5,500
1,276,880
Roper
Technologies,
Inc.
.................................
600
258,120
Thermo
Fisher
Scientific,
Inc.
.............................
900
487,584
4,576,416
Credit
Intermediation
and
Related
Activities
—
5
.06
%
First
Republic
Bank/CA
..................................
4,500
553,545
JPMorgan
Chase
&
Co.
..................................
4,300
616,405
1,169,950
Electrical
Equipment,
Appliance,
and
Component
—
1
.57
%
EnerSys
.............................................
4,000
362,760
Food
Services
and
Drinking
Places
—
5
.28
%
McDonald's
Corp.
......................................
2,500
659,775
Starbucks
Corp.
.......................................
5,500
561,495
1,221,270
General
Merchandise
Stores
—
4
.24
%
Costco
Wholesale
Corp.
.................................
2,025
980,465
Insurance
Carriers
and
Related
Activities
—
7
.12
%
Progressive
Corp.
......................................
6,500
932,880
UnitedHealth
Group,
Inc.
.................................
1,500
713,910
1,646,790
2
Barrett
Growth
Fund
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
96.07%
(Continued)
Merchant
Wholesalers,
Nondurable
Goods
—
1
.29
%
Sysco
Corp.
..........................................
4,000
$
298,280
Miscellaneous
Manufacturing
—
2
.84
%
Stryker
Corp.
.........................................
2,500
657,200
Motor
Vehicle
and
Parts
Dealers
—
0
.54
%
AutoZone,
Inc.
(a)
......................................
50
124,327
Nonstore
Retailers
—
3
.26
%
Amazon.com,
Inc.
(a)
...................................
8,000
753,840
Professional,
Scientific,
and
Technical
Services
—
6
.65
%
Accenture
PLC
........................................
3,000
796,650
Tetra
Tech,
Inc.
........................................
5,400
739,206
1,535,856
Publishing
Industries
(Except
Internet)
—
6
.76
%
Adobe,
Inc.
(a)
........................................
900
291,555
Microsoft
Corp.
........................................
5,100
1,272,042
1,563,597
Securities,
Commodity
Contracts,
and
Other
Financial
Investments
and
Related
Activities
—
4
.78
%
Ares
Management
Corp.
.................................
12,000
967,560
BlackRock,
Inc.
........................................
200
137,886
1,105,446
T
otal
Common
Stocks
(Cost
$
8,099,118
)
.................
22,214,590
Real
Estate
Investment
Trusts
—
2
.97
%
Real
Estate
—
2
.97
%
Crown
Castle,
Inc.
......................................
5,250
686,438
T
otal
Real
Estate
Investment
Trusts
(Cost
$
868,479
)
.......
686,438
Money
Market
Funds
—
0
.97
%
Fidelity
Government
Portfolio
-
Institutional
Class
,
4
.460
%
(b)
.....
223,165
223,165
Total
Money
Market
Funds
(Cost
$
223,165
)
...............
223,165
Total
Investments
(Cost
$9,190,762)
—
100.01%
23,124,193
Liabilities
in
E
xcess
of
Other
Assets
—
(
0
.01
)
%
.............
(
495
)
Total
Net
Assets
—
100.00%
.............................
$
23,123,698
Percentages
are
stated
as
a
percent
of
net
assets.
PLC
Public
Limited
Company
(a)
Non-income
producing
security.
(b)
The
rate
shown
represents
the
seven-day
yield
as
of
February
28,
2023.
3
Notes
to
Schedule
of
Investments
February
28,
2023
(Unaudited)
Investment
Valuation
Each
equity
security
owned
by the
Fund
that
is
listed
on
a
securities
exchange,
except
for
securities
listed
on
the
NASDAQ
Stock
Market
LLC
(“NASDAQ”),
is
valued
at
its
last
sale
price
at
the
close
of
that
exchange
on
the
date
as
of
which
assets
are
valued.
If
a
security
is
listed
on
more
than
one
exchange,
the
Fund
will
use
the
price
on
the
exchange
that
the
Fund
generally
considers
to
be
the
principal
exchange
on
which
the
security
is
traded.
Fund
securities,
including
common
stocks,
preferred
stocks
and
exchange
traded
funds,
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price,
which
may
not
necessarily
represent
the
last
sale
price.
If,
on
a
particular
day,
an
exchange-listed
or
NASDAQ
security
does
not
trade,
then:
(i)
the
security
is
valued
at
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day;
or
(ii)
the
security
is
valued
at
the
latest
sales
price
on
the
Composite
Market
for
the
day
such
security
is
being
valued.
“Composite
Market”
means
a
consolidation
of
the
trade
information
provided
by
national
securities
and
foreign
exchanges
and
the
over-the-counter
markets
as
published
by
an
approved
independent
pricing
service
(“Pricing
Service”).
Foreign
securities
will
be
priced
in
their
local
currencies
as
of
the
close
of
their
primary
exchange
or
market
or
as
of
the
time
the
Fund
calculates
its
NAV,
whichever
is
earlier.
Foreign
securities,
currencies
and
other
assets
denominated
in
foreign
currencies
are
then
translated
into
U.S.
dollars
at
the
exchange
rate
of
such
currencies
against
the
U.S.
dollar
using
the
applicable
currency
exchange
rates
as
of
the
close
of
the
New
York
Stock
Exchange
(“NYSE”),
generally
4:00
p.m.
Eastern
Time.
Foreign
securities
are
traded
on
foreign
exchanges
which
typically
close
before
the
close
of
business
on
each
day
on
which
the
NYSE
is
open.
Each
security
trading
on
these
exchanges
may
be
valued
utilizing
a
systematic
fair
valuation
model
provided
by
a
pricing
service.
The
valuation
of
each
security
that
meets
certain
criteria
in
relation
to
the
valuation
model
is
systematically
adjusted
to
reflect
the
impact
of
movement
in
the
U.S.
market
after
the
foreign
markets
close
and
are
classified
as
Level
2
securities.
Securities
that
do
not
meet
the
criteria,
or
that
are
principally
traded
in
other
foreign
markets,
are
valued
as
of
the
last
reported
sale
price
at
the
time
the
Fund
determines
its
NAV,
or
when
reliable
market
prices
or
quotations
are
not
readily
available,
at
the
mean
between
the
most
recent
bid
and
asked
quotations
as
of
the
close
of
the
appropriate
exchange
or
other
designated
time.
Redeemable
securities
issued
by
open-end,
registered
investment
companies,
including
money
market
mutual
funds,
are
valued
at
the
NAVs
of
such
companies
for
purchase
and/
or
redemption
orders
placed
on
that
day.
If,
on
a
particular
day,
a
share
of
an
investment
company
is
not
listed
on
NASDAQ,
such
security’s
fair
value
will
be
determined.
When
market
quotations
are
not
readily
available,
any
security
or
other
financial
instrument
is
valued
at
its
fair
value
in
accordance
with
Rule
2a-5
of
the
1940
Act
as
determined
under
the
Adviser’s
procedures,
subject
to
oversight
by
the
Trust’s
Board
of
Trustees.
These
fair
value
procedures
will
also
be
used
to
price
a
security
when
corporate
events,
events
in
the
securities
market
and/or
world
events
cause
the
Adviser
to
believe
that
a
security’s
last
sale
price
may
not
reflect
its
actual
fair
market
value.
The
intended
effect
of
using
fair
value
pricing
procedures
is
to
ensure
that
the
Fund
is accurately
priced.
The
Adviser
will
regularly
evaluate
whether
the
Fund's
fair
value
pricing
procedures
continue
to
be
appropriate
in
light
of
the
specific
circumstances
of
the
Fund
and
the
quality
of
prices
obtained
through
their
application
of
such
procedures.
4
Notes
to
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
The
Trust has
adopted
Statement
of
Financial
Accounting
Standards,
“Fair
Value
Measurements
and
Disclosures,”
which
requires the
Fund
to
classify
its
securities
based
on
a
valuation
method.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1—Quoted
prices
in
active
markets
for
identical
securities.
Level
2—Other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3—Significant
unobservable
inputs
(including
a
Fund's
own
assumptions
in
determining
the
fair
value
of
investments).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
carried
at
fair
value
as
of
February
28,
2023:
Barrett
Growth
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stock
$
22,214,590
$
–
$
–
$
22,214,590
Real
Estate
Investment
Trusts
686,438
–
–
686,438
Total
Equity
Securities
22,901,028
–
–
22,901,028
Money
Market
Funds
223,165
–
–
223,165
Total
Investments
in
Securities
$
23,124,193
$
–
$
–
$
23,124,193
(1)
See
the
Schedule
of
Investments
for
industry
classifications.