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.