Supplement dated May 5, 2000
to the
Prospectus dated October 28, 1999
Addition to Portfolio Management Team: Barrett Associates has added a new member
to its portfolio management team. The following paragraph is added to the
Investment Advisor and Portfolio Management Team section on pages 3 and 4.
Janis M. Inscho, C.F.A
Managing Director
Janis M. Inscho is a graduate of Emory University and received her
MBA from Georgia State University. Prior to joining Barrett
Associates, Ms. Inscho was Director and Chief Investment Officer of
the Private Client Group of Lazard Asset Management, a division of
Lazard Freres & Co. At Lazard she managed over 100 client
relationships representing approximately $1.2 billion in assets.
Previously, Ms. Inscho was a Senior Vice President at Warburg,
Pincus Counselors. Ms. Inscho is a portfolio manager and a member
of the Barrett Associates research team, focusing primarily in the
healthcare sector.
Extension of Expense Limitation: To ensure that the Fund's operating expenses
continue to be maintained at a competitive rate, the Fund's advisor, Barrett
Associates, has extended its contractual agreement to limit the Fund's Total
Annual Operating Expenses to no more than 1.25% of average daily net assets for
an additional year, through October 31, 2001. Footnote 2 to the Annual Fund
Operating Expenses table on page 2 is hereby amended to reflect the new date.
Change in Investment Policy: The Board of Trustees have increased the percentage
of the Fund's net assets that may be invested in foreign securities from 10% to
25%. The change is not intended to reflect a shift in the Fund's investment
strategy but, rather, is designed to provide flexibility to pursue attractive
investment opportunities in increasingly global markets. The prospectus
disclosure on page 6 is revised accordingly.
