BARRETT
--------------------------------------------------------------------------------
GROWTH FUND
LETTER TO
SHAREHOLDERS
JULY 24, 2000
--------------------------------------------------------------------------------
Dear Fellow Shareholders:
We are pleased to report that the Barrett Growth Fund rose,
while the market fell, during the second quarter of 2000.
Our long-term strategy of buying strong companies at
reasonable valuations was rewarded. The results ending
6/30/00 are shown below:
<TABLE>
<CAPTION>
SINCE INCEPTION
---------------
TOTAL RETURN* 12/29/98
------------- --------
SECOND QUARTER LAST 12 MONTHS CUMULATIVE AVERAGE ANNUAL
-------------- -------------- ---------- --------------
<S> <C> <C> <C> <C>
BARRETT GROWTH FUND +0.09% +30.92% +43.23% +26.93%
S&P 500 Index -2.66% +7.25% +18.31% +12.46%
</TABLE>
SECOND CALENDAR QUARTER REVIEW
------------------------------
All of the major stock market indices closed the quarter in
negative territory for the first time in two years. The
NASDAQ, for example, after gaining 12% in the first quarter,
fell 13% in the second. The DOW JONES AVERAGE declined 4%,
reflecting the economic sensitivity of the "Old Economy"
stocks. Investors reacted negatively to rising interest
rates and concerns for the effects a slowing economy may
have on corporate profits.
The stock averages alone do not tell the whole story. The
NASDAQ rose 24% during the first two and one-half months of
the year and then fell by more that 37%, to close down 2%
for the six months ended June 30th. This wild ride pulled
the fabled Internet stocks down with it. Amazon, a leading
net retailer that we do not own, saw its stock go from $106
in December to $36 at the end of the quarter. Investors fled
concept stocks--the biotechs and dot-coms--and returned to
companies with high quality earnings.
Those companies included choices in the Healthcare and
Energy sectors. Technology--both networking and
semiconductor stocks--continued to do well. Lagging sectors
included Basic Industry, Consumer and Telecommunications.
Right now there is little visible leadership in the stock
market, as investors are rotating from sector to sector
rather than making long-term commitments.
THE PORTFOLIO
-------------
The Barrett Growth Fund is a diversified stock fund with the
objective of investing in a number of growing sectors. We
focus on companies with solid underlying unit growth. For
example, Pfizer, our largest healthcare holding, will
deliver 15% greater volume next year over this year. This
increased unit growth will lead to revenue growth and an
increase in profits. Profit increases should drive stock
price appreciation on a long-term basis. Shown below is a
pie chart that illustrates the sector weightings of the
Fund:
AS OF 6/30/00, FIGURES AS A PERCENT OF NET ASSETS
-------------------------------------------------
[Pie chart]
CHART DATA:
Basic Industry 14%
Consumer 13%
Financial 15%
Health Care 11%
Information Services 8%
Software & Electronics 19%
Telecom 15%
Cash & Equivalents 5%
* The performance data quoted represents past performance. The investment
return and principal value of an investment will fluctuate. An investor's
shares, when redeemed, may be worth more or less than their original cost.
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GROWTH FUND
The five best performing stocks in the second quarter were:
BEST PERFORMING
---------------
Company % Change
------- --------
Eli Lilly +60%
EMC Corp. +38%
Schering Plough +37%
Clorox +33%
Pfizer +29%
<TABLE>
<CAPTION>
TEN LARGEST EQUITY POSITIONS AS PERCENT OF EQUITY
-------------------------------------------------
<S> <C> <C>
Intel Corp. 5.5% Network Appliance 3.1%
Oracle 3.9% Pfizer 3.1%
Computer Sciences 3.6% Medtronic 3.0%
Cisco Systems 3.3% Charles Schwab 3.0%
American International Group 3.1% General Electric 2.9%
</TABLE>
We added a number of new stocks to the Fund in the last
quarter. SUN MICROSYSTEMS (1.2% of the Fund as of 6/30/00)
manufactures Unix servers and workstations that are used to
run the majority of websites in the world. We expect Sun to
grow at better than 20% for the next few years. This is
another way to invest in the rapid growth of the Internet
infrastructure, as is EMC CORP., (1.8%) the clear market
leader in the computer storage industry. Earnings at EMC
should grow at 30% per annum for the foreseeable future.
HOME DEPOT (1.2%) is a well-known "do-it-yourself" retailer.
The stock sold off on fears of a slowing economy and we
added it to the portfolio. The company has been rapidly
expanding its store base and has new retail formats that we
believe will be successful. LIBERTY MEDIA (2.3%) holds
interests in a number of media, cable, satellite and
tele-communications properties. Managed by John Malone,
Liberty takes minority positions in public and private
companies, improves their business models, and then, where
appropriate, merges these companies with other firms on a
tax efficient basis to increase shareholder value. These new
purchases, as with existing companies in the portfolio, have
rising sales and earnings, which should lead to higher stock
prices in the long run.
INVESTMENT OUTLOOK
------------------
We expect the volatility in the market to remain high. Oil
prices will continue to fluctuate, based on demand and OPEC
policy. The presidential candidates may promise programs or
regulations that could upset investors. Most importantly,
the Federal Reserve may not be done raising interest rates
should the economy refuse to slow. Interim distress should
be replaced by conviction that inflation will remain low and
that any profits weakness in 2000 should be followed by a
resumption of growth in 2001. As your Fund grows, we will
seek to take advantage of the market's volatility by
purchasing superior companies at reasonable prices.
Thank you for choosing the Barrett Growth Fund. You may wish
to visit us at our web site, www.barrettassociates.com.
Please call toll-free (877) 363-6333 with any questions.
Sincerely,
/S/ Robert E. Harvey
Robert E. Harvey, CFA
President
/S/ Robert J. Voccola /S/ Peter H. Shriver /S/ Larry W. Seibert
Robert J. Voccola, CFA Peter H. Shriver, CFA Larry W. Seibert, CFA
Lead Portfolio Manager Portfolio Manager Portfolio Manager
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GROWTH FUND
[Line chart]
CHART DATA:
Barrett S&P 500 Russell 3000
Growth
Fund
12/29/98 10000 10000 10000
12/31/98 10020 9900 9986
6/30/99 10940 11125.6 11120.4
12/31/99 13380 11983.4 12073.4
6/30/99 14323.1 11933.1 12188.1
--------------------------------------------------------------------------------
THIS CHART ASSUMES AN INITIAL GROSS INVESTMENT OF $10,000 MADE ON 12/29/98
(COMMENCEMENT OF OPERATIONS). RETURNS SHOWN INCLUDE THE REINVESTMENT OF ALL
DIVIDENDS. IN THE ABSENCE OF FEE WAIVERS AND REIMBURSEMENTS, TOTAL RETURN
WOULD BE REDUCED. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO THAT YOUR SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
RUSSELL 3000 INDEX - An unmanaged index which measures the performance of
those companies within the 3,000 largest U.S. companies based on total market
capitalization, which represents approximately 98% of the investable U.S.
equity market.
S&P 500 INDEX - An unmanaged capitalization-weighted index of 500 stocks
designed to measure performance of the broad domestic economy through changes
in the aggregate market value of the 500 stocks which represent all major
industries.
Average Annual Total Return
through June 30, 2000
One Year Since Inception
-------- ---------------
Barrett Growth Fund 30.92% 26.93%
S&P 500 7.25% 12.46%
Russell 3000 9.60% 14.24%
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SCHEDULE OF INVESTMENTS
JUNE 30, 2000
MARKET
SHARES VALUE
--------- --------
COMMON STOCKS - 96.39%
BUSINESS SERVICES - 5.00%
8,895 Automatic Data
Processing, Inc. $ 476,438
12,000 First Data Corporation 595,500
-----------
1,071,938
-----------
COMPUTER SERVICES &
OUTSOURCING - 3.46%
9,930 Computer Sciences
Corporation * 741,647
-----------
CONSUMER PRODUCTS - 3.84%
5,000 The Clorox Company 224,062
10,000 Colgate-Palmolive Company 598,750
-----------
822,812
-----------
ELECTRONICS - 11.20%
5,000 EMC Corporation * 384,687
8,430 Intel Corporation 1,126,986
8,000 Network Appliance, Inc.* 644,000
2,700 Sun Microsystems, Inc.* 245,531
-----------
2,401,204
-----------
ENERGY - 6.68%
8,000 Anadarko Petroleum
Corporation 394,500
10,000 BP Amoco Plc ADR 565,625
10,000 Halliburton Company 471,875
-----------
1,432,000
-----------
FINANCIAL SERVICES - 13.46%
5,500 American International
Group, Inc. 646,250
18,300 The Charles Schwab
Corporation 615,338
MARKET
SHARES VALUE
--------- --------
FINANCIAL SERVICES (CONTINUED)
4,500 The Goldman Sachs
Group, Inc. $ 426,937
4,000 Providian Financial
Corporation 360,000
4,000 State Street Corporation 424,250
9,000 Zions Bancorporation 413,016
-----------
2,885,791
-----------
INDUSTRIAL - 7.23%
11,500 General Electric Company 609,500
10,000 Honeywell International Inc. 336,875
7,000 Pitney Bowes Inc. 280,000
5,500 United Parcel Service, Inc. -
Class B 380,000
-----------
1,550,875
-----------
MEDIA & ENTERTAINMENT - 6.04%
4,500 America Online, Inc.* 237,375
20,000 Liberty Media Group* 485,000
9,880 Carnival Corporation 192,660
5,000 Time Warner Inc. 380,000
-----------
1,295,035
-----------
MEDICAL DEVICES &
SERVICES - 3.25%
4,500 IMS Health Incorporated 81,000
12,360 Medtronic, Inc. 615,683
-----------
696,683
-----------
PHARMACEUTICALS - 8.22%
6,000 Amgen Inc.* 421,500
4,500 Eli Lilly and Company 449,437
13,395 Pfizer Inc. 642,960
4,930 Schering-Plough Corporation 248,965
-----------
1,762,862
-----------
See accompanying Notes to the Financial Statements
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SCHEDULE OF INVESTMENTS
JUNE 30, 2000
MARKET
SHARES VALUE
--------- --------
REAL ESTATE - 1.72%
8,000 Equity Residential
Properties Trust $ 368,000
-----------
RETAILING - 3.19%
5,000 Home Depot, Inc. 249,687
7,500 Target Corporation 435,000
-----------
684,687
-----------
SOFTWARE - 7.86%
11,860 Computer Associates
International, Inc. 607,084
3,400 Microsoft Corporation* 272,000
9,580 Oracle Corporation* 805,319
-----------
1,684,403
-----------
TELECOMMUNICATION & DATA
NETWORK EQUIPMENT - 10.59%
10,860 Cisco Systems, Inc.* 690,289
7,000 Genuity Inc.* 64,094
8,500 Lucent Technologies Inc. 503,625
10,000 Nokia Corp. 499,375
6,000 Sanmina Corporation* 513,000
-----------
2,270,383
-----------
TELECOMMUNICATION
SERVICES - 4.65%
12,000 Vodafone AirTouch Plc ADR 497,250
10,900 WorldCom, Inc.* 500,038
-----------
997,288
-----------
Total common stocks
(Cost $16,383,532) $20,665,608
===========
PRINCIPAL MARKET
AMOUNT VALUE
--------- --------
U.S. TREASURY
OBLIGATIONS - 0.12%
$ 5,000 U.S. Treasury Note, 5.250%,
due 1/31/01 $ 44,969
20,000 U.S. Treasury Note, 5.375%,
due 2/15/01 19,875
-----------
Total U.S. Treasury
Obligations (Cost $25,853) 24,844
===========
VARIABLE RATE
DEMAND NOTES # - 4.53%
168,024 American Family Financial
Services, Inc., 6.3060% $ 168,024
182,478 Firstar Bank, 6.4238% 182,478
208,261 Sara Lee Corporation,
6.2738% 208,261
207,282 Wisconsin Corporate Central
Credit Union, 6.3438% 207,282
205,447 Wisconsin Electric Power
Company, 6.3060% 205,447
-----------
Total variable rate demand
notes (Cost $971,492) 971,492
===========
Total investments - 101.04%
(Cost $17,380,877) 21,661,944
Liabilities in excess of
other assets - (1.04%) (221,611)
-----------
TOTAL NET ASSETS - 100.00% $21,440,333
===========
* Non-income producing security.
# Variable rate demand notes are considered short-term obligations and are
payable on demand at the market value. The interest rates change
periodically at specified dates. The rates shown are as of June 30, 2000.
See accompanying Notes to the Financial Statements
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GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
ASSETS:
Investments in securities,
at market value
(cost: $17,380,877) $21,661,944
Accrued dividends and interest 19,044
Prepaid assets 10,552
-----------
Total assets 21,691,540
-----------
LIABILITIES:
Payable to Adviser 567
Payable to Custodian 16,726
Payable for securities purchased 187,005
Accrued expenses 46,909
-----------
Total liabilities 251,207
-----------
Net assets applicable to
outstanding capital stock $21,440,333
===========
NET ASSETS CONSIST OF:
Capital stock $16,296,271
Accumulated undistributed
net realized gain on investments 862,995
Unrealized appreciation
on investments 4,281,067
-----------
Total Net Assets $21,440,333
===========
Shares outstanding (unlimited
shares of $0.001 par value
authorized) 1,525,364
-----------
Net asset value, offering and
redemption price per share $ 14.06
===========
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2000
INVESTMENT INCOME:
Dividend income (net of
withholding tax of $1,028) $ 85,909
Interest income 42,156
-----------
Total investment income 128,065
-----------
EXPENSES:
Investment advisory fee 132,925
Legal and audit fees 37,688
Administration fees 34,843
Shareholder servicing fees
and expenses 34,788
Distribution expenses 33,231
Federal and state registration 31,461
Fund accounting fees 25,620
Reports to shareholders 22,791
Other expenses 11,346
Custody fees 5,425
Trustees fees and expenses 3,294
-----------
Total expenses before
Adviser reimbursement 373,412
Less fees and expenses
reimbursed and waived
by Adviser (207,255)
-----------
Net expenses 166,157
-----------
Net investment loss (38,092)
-----------
NET REALIZED AND
UNREALIZED GAIN:
Net realized gain
on investments 41,554
Net change in unrealized
appreciation on investments 3,513,846
-----------
Net realized and unrealized
gains on investments 3,555,400
-----------
Net increase in net assets
resulting from operations $ 3,517,308
===========
See accompanying Notes to Financial Statements
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STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
DECEMBER 29, 1998*
YEAR ENDED THROUGH
JUNE 30, 2000 JUNE 30, 1999
----------------- ------------------
OPERATIONS:
<S> <C> <C>
Net investment loss $ (38,092) $ (9,428)
Net realized gain on investments 41,554 1,202,397
Net change in unrealized appreciation on investments 3,513,846 767,221
----------- ----------
Net increase in assets resulting from operations 3,517,308 1,960,190
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 8,675,432 7,729,359
Proceeds from shares issued to holders in
reinvestment of dividends 330,811
Cost of shares redeemed (492,098) (37,805)
----------- ----------
Net increase in net assets from capital share transactions 8,514,145 7,691,554
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments (342,864) --
----------- ----------
Net decrease in net assets from distributions to shareholders (342,864) --
----------- ----------
TOTAL INCREASE IN NET ASSETS 11,688,589 9,651,744
----------- ----------
NET ASSETS:
Beginning of year $ 9,751,744 $ 100,000
----------- ----------
End of year $21,440,333 $9,751,744
=========== ==========
* Commencement of operations.
</TABLE>
See accompanying Notes to Financial Statements
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FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Per share data for a share of capital stock DECEMBER 29, 1998(1)
outstanding for the entire period and selected YEAR ENDED THROUGH
information for the period are as follows: JUNE 30, 2000 JUNE 30, 1999
----------------- -------------
NET ASSET VALUE
<S> <C> <C>
Beginning of year $ 10.94 $ 10.00
------- -------
OPERATIONS
Net investment loss(2) (0.03) (0.01)
Net realized and unrealized gains
on securities 3.40 0.95
------- -------
Total from investment operations 3.37 0.94
------- -------
LESS DISTRIBUTIONS
Distributions from capital gains (0.25) --
------- -------
(0.25) --
------- -------
NET ASSET VALUE
End of year $ 14.06 $ 10.94
======= =======
Total return 30.92% 9.40%(3)
Net assets at end of period (000s omitted) $21,440 $ 9,752
RATIO OF EXPENSES TO
AVERAGE NET ASSETS
Before expense reimbursement 2.81% 5.22%(4)
After expense reimbursement 1.25% 1.44%(4)
RATIO OF NET INVESTMENT LOSS
TO AVERAGE NET ASSETS
Before expense reimbursement (1.85%) (4.02%)(4)
After expense reimbursement (0.29%) (0.24%)(4)
Portfolio turnover rate 35% 30%
</TABLE>
(1) Commencement of operations.
(2) Net investment income (loss) per share is calculated using the ending
balances prior to consideration or adjustment for permanent book-to-tax
differences.
(3) Not annualized.
(4) Annualized.
See accompanying Notes to Financial Statements
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2000
1. ORGANIZATION The Barrett Growth Fund (the "Fund") is a series of The
Barrett Funds (the "Trust"), a business trust organized on
September 29, 1998 in the state of Delaware and is registered
under the Investment Company Act of 1940, as amended (the
"1940 Act"), as an open-end diversified management investment
company. The Barrett Growth Fund is currently the only series
of the Trust. The Fund commenced operations on December 29,
1998. Barrett Associates Inc., serves as the investment
adviser (the "Adviser") for the Fund and is responsible
for managing the Fund's portfolio of securities.
2. SIGNIFICANT a) Organization and Prepaid Initial Registration Expenses
ACCOUNTING Expenses incurred by the Trust in connection with the
POLICIES organization and the initial public offering of shares
were expensed as incurred. These expenses were
advanced by the Adviser, and the Adviser has agreed
to voluntarily reimburse the Fund for these expenses,
subject to potential recovery (see Note 3). Prepaid
initial registration expenses are deferred and
amortized over the period of benefit.
b) Investment Valuation
Portfolio securities listed on a securities exchange
or on the NASDAQ National Market System for which
market quotations are readily available are valued at
the last quoted sale price of the day or, if there is
no such reported sale, within the range of the most
recent quoted bid and ask prices. The value of a
foreign security is determined as of the close of
trading on the foreign exchange on which it is traded
or as of the scheduled close of trading on the NYSE,
if that is earlier. Corporate bonds, U.S. government
securities and money market instruments are valued at
the close of the NYSE. The value of these securities
used in computing the NAV of each class is determined
as of such time. Variable rate demand notes are
valued at amortized cost, which approximates market
value.
c) Federal Income Taxes
The Fund intends to comply with the requirements of
the Internal Revenue Code necessary to qualify as a
regulated investment company and to make the
requisite distributions of income and capital gains
to its shareholders sufficient to relieve it from all
or substantially all Federal income taxes. Therefore,
no federal income tax provision is required.
Generally accepted accounting principles require that
permanent differences between financial reporting and
tax reporting be reclassified between various
components of net assets. As a result of permanent
book-to-tax differences relating to a net operating
loss and a return of capital distribution from a
REIT, accumulated net investment loss has been
increased by $38,647 and accumulated undistributed
net realized gain on investments has been decreased
by $38,647.
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d) Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles
requires management to make estimates and use
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 revenue and
expenses during the reporting period. Actual results
could differ from those estimates.
e) Other
Investment and shareholder transactions are recorded
on trade date. The Fund determines the gain or loss
realized from the investment transactions by
comparing the cost of the security lot sold with the
net sales proceeds. Dividend income is recognized on
the ex-dividend date or as soon as information is
available to the Fund, and interest income is
recognized on an accrual basis. Discounts and
premiums on securities purchased are amortized over
the life of the respective security.
3. AGREEMENTS The Trust has an Investment Advisory Agreement (the
"Agreement") with the Adviser, with whom certain officers
and Trustees of the Trust are affiliated, to furnish
investment advisory services to the Fund. Under the terms of
the Agreement, the Trust, on behalf of the Fund, compensates
the Adviser for its management services at the annual rate
of 1.00% of the Fund's average daily net assets.
The Adviser has agreed to voluntarily waive its
management fee and/or reimburse the Fund's other
expenses to the extent necessary to ensure that
the Fund's total operating expenses do not exceed
1.25% of its average daily net assets until October
31, 2001. Any such waiver or reimbursement is subject
to later adjustment to allow the Adviser to recoup
amounts waived or reimbursed to the extent actual
fees and expenses for a period are less than the
expense limitation caps, provided, however, that the
Adviser shall only be entitled to recoup such amounts
for a period of three years from the date such amount
was waived or reimbursed.
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4. DISTRIBUTION The Trust, on behalf of the Fund, has adopted a distribution
PLAN plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1
Plan"), which provides that the Fund may reimburse the
Fund's distributor or others at an annual rate of up to
0.25% of the average daily net assets attributable to its
shares. Payments under the 12b-1 Plan shall be used to
compensate or reimburse the Fund's distributor or others for
services provided and expenses incurred in connection
with the sale of shares and are tied to the amounts
of actual expenses incurred.
5. INVESTMENT The aggregate purchases and sales of securities, excluding
TRANSACTIONS short-term investments, by the Fund for the year ended June
30, 2000 were as follows:
PURCHASES SALES
-------------- ---------------
U.S. Government $ 0 $ 0
Other $ 12,335,140 $ 4,475,763
At June 30, 2000, gross unrealized appreciation and
depreciation of investments for tax purposes were are
follows:
Appreciation $5,577,065
(Depreciation) (544,437)
----------
Net unrealized appreciation on investments $5,032,628
==========
At June 30, 2000, the cost of investments for tax purposes
was $16,629,316.
YEAR DECEMBER 29, 1998
ENDED THROUGH
6. SHARES OF JUNE 30, 2000 JUNE 30, 1999
BENEFICIAL ----------------- --------------
INTEREST Shares sold 651,266 885,202
Shares reinvested 24,289 --
Shares redeemed (41,735) (3,658)
---------- ----------
Net increase in shares 633,820 881,544
Shares outstanding:
Beginning of year 891,544 10,000
---------- ----------
End of year 1,525,364 891,544
========== ==========
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-----------------------------------------------------------------
INDEPENDENT The Shareholders and Board of Trustees
AUDITORS' of The Barrett Growth Fund:
REPORT
We have audited the accompanying statement of assets and
liabilities of The Barrett Growth Fund (the "Fund"), including
the schedule of investments, as of June 30, 2000, and the related
statement of operations for the year then ended and the statement
of changes in net assets and financial highlights for the year
then ended and for the period from December 29, 1998
(commencement of operations) to June 30, 1999. These financial
statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned, by correspondence with the custodian and
broker. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of the Fund as of June 30, 2000 and the
results of its operations for the year then ended and the changes
in its net assets and the financial highlights for the periods
referred to above, in conformity with generally accepted
accounting principles.
/S/ KPMG LLP
Chicago, Illinois
July 26, 2000
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----------------------------------------
BARRETT GROWTH FUND
565 Fifth Avenue
New York, NY 10017
(877) 363-6333
INVESTMENT ADVISER BARRETT GROWTH FUND
BARRETT ASSOCIATES, INC. -------------------
565 Fifth Avenue
New York, NY 10017
DISTRIBUTOR
T.O. RICHARDSON SECURITIES, INC.
2 Bridgewater Road
Farmington, CT 06032
ADMINISTRATOR, FUND ACCOUNTANT
& TRANSFER AGENT
FIRSTAR MUTUAL FUND SERVICES, LLC
615 East Michigan Street
Milwaukee, WI 53202
CUSTODIAN
FIRSTAR BANK, N.A.
615 East Michigan Street
Milwaukee, WI 53202
LEGAL COUNSEL
STRADLEY, RONON, STEVENS & YOUNG, LLP
2600 One Commerce Square
Philadelphia, PA 19103
AUDITORS
KPMGLLP
303 East Wacker Drive
Chicago, IL 60601
Annual Report
----------------------------------------
June 30, 2000
