Barrett Opportunity Fund
|
|||||||
Schedule of Investments
|
|||||||
November 30, 2022 (Unaudited)
|
|||||||
Shares
|
Value
|
||||||
COMMON STOCKS - 88.86%
|
|||||||
Administrative and Support Services - 1.98%
|
|||||||
5,000
|
Fidelity National Information Services, Inc.
|
$
|
362,900
|
||||
1,500
|
FleetCor Technologies, Inc.
|
294,300
|
|||||
7,000
|
Paypal Holdings, Inc. (a)
|
548,870
|
|||||
1,206,070
|
|||||||
Beverage and Tobacco Product Manufacturing - 3.05%
|
|||||||
10,000
|
PepsiCo., Inc.
|
1,855,100
|
|||||
Building Material and Garden Equipment - 2.13%
|
|||||||
4,000
|
The Home Depot, Inc.
|
1,295,960
|
|||||
Chemical Manufacturing - 6.00%
|
|||||||
12,000
|
Abbott Laboratories
|
1,290,960
|
|||||
10,000
|
AbbVie, Inc.
|
1,611,800
|
|||||
15,000
|
Pfizer, Inc.
|
751,950
|
|||||
3,654,710
|
|||||||
Computer and Electronic Product Manufacturing - 14.72%
|
|||||||
30,000
|
Alphabet, Inc. - Class C (a)
|
3,043,500
|
|||||
26,700
|
Apple, Inc.
|
3,952,401
|
|||||
3,500
|
Thermo Fisher Scientific, Inc.
|
1,960,770
|
|||||
8,956,671
|
|||||||
Credit Intermediation and Related Activities - 6.11%
|
|||||||
81,000
|
The Bank of New York Mellon Corp. (b)
|
3,717,900
|
|||||
Data Processing, Hosting and Related Services - 6.51%
|
|||||||
15,000
|
Automatic Data Processing, Inc.
|
3,962,100
|
|||||
Insurance Carriers and Related Activities - 2.17%
|
|||||||
10,000
|
Progressive Corp.
|
1,321,500
|
|||||
Merchant Wholesalers, Nondurable Goods - 5.79%
|
|||||||
70,000
|
Jefferies Financial Group, Inc.
|
2,659,300
|
|||||
10,000
|
Sysco Corp.
|
865,100
|
|||||
3,524,400
|
|||||||
Miscellaneous Manufacturing- 1.46%
|
|||||||
5,000
|
Johnson & Johnson
|
890,000
|
|||||
Motor Vehicle and Parts Dealers - 6.32%
|
|||||||
13,000
|
Murphy USA, Inc. (b)
|
3,845,530
|
|||||
Oil and Gas Extraction - 12.87%
|
|||||||
60,600
|
Murphy Oil Corp.
|
2,860,320
|
|||||
85,100
|
Shell PLC - Class A - ADR (b)
|
4,975,797
|
|||||
7,836,117
|
|||||||
Publishing Industries (except Internet) - 6.92%
|
|||||||
16,500
|
Microsoft Corp. (b)
|
4,209,810
|
|||||
Securities, Commodity Contracts, and Other Financial Activities - 2.46%
|
|||||||
10,000
|
Ares Management Corp.
|
783,900
|
|||||
1,000
|
Blackrock Inc.
|
716,000
|
|||||
1,499,900
|
|||||||
Transportation Equipment Manufacturing - 10.37%
|
|||||||
25,000
|
General Dynamics Corp. (b)
|
6,309,750
|
|||||
Total Common Stocks (Cost $12,075,787)
|
54,085,518
|
||||||
REAL ESTATE INVESTMENT TRUSTS (REITs) - 4.87%
|
|||||||
Real Estate - 4.87%
|
|||||||
7,000
|
Crown Castle International Corp.
|
990,010
|
|||||
54,985
|
Rayonier, Inc.
|
1,972,862
|
|||||
Total Real Estate Investment Trusts (Cost $1,496,190)
|
2,962,872
|
||||||
SHORT-TERM INVESTMENTS - 6.32%
|
|||||||
Money Market Funds - 6.32%
|
|||||||
3,844,923
|
Fidelity Institutional Money Market Fund - Government Portfolio - Class I, 3.56% (c)
|
3,844,923
|
|||||
Total Short-Term Investments (Cost $3,844,923)
|
3,844,923
|
||||||
Total Investments (Cost $17,416,901) - 100.05%
|
60,893,313
|
||||||
Liabilities in Excess of Other Assets - (0.05)%
|
(29,004
|
)
|
|||||
Total Net Assets - 100.00%
|
$
|
60,864,309
|
|||||
|
Percentages stated are a percentage of net assets.
|
||||||
ADR
|
American Depository Receipt
|
|||||
PLC
|
Public Limited Company
|
|||||
(a)
|
Non-income producing security.
|
|||||
(b)
|
A portion of this security may be subject to call options written and is pledged as
|
|||||
collateral for options written. The aggregate value of these securities as of November 30,
|
||||||
2022 was $4,114,965.
|
||||||
(c)
|
Rate shown is the 7-day effective yield as of November 30, 2022.
|
SCHEDULE OF WRITTEN OPTIONS
|
|||||||||||
Number of Contracts
|
Notional Amount
|
Value
|
|||||||||
Call Options
|
|||||||||||
80
|
Bank of New York Mellon Corp.
|
||||||||||
Expiration: January 2023, Exercise Price: $70.00
|
$
|
367,200
|
$
|
2,800
|
|||||||
50
|
General Dynamics Corp.
|
||||||||||
Expiration: January 2023, Exercise Price: $250.00
|
1,261,950
|
38,500
|
|||||||||
25
|
General Dynamics Corp.
|
||||||||||
Expiration: January 2023, Exercise Price: $270.00
|
630,975
|
4,375
|
|||||||||
15
|
Microsoft Corp.
|
||||||||||
Expiration: January 2023, Exercise Price: $375.00
|
382,710
|
38
|
|||||||||
15
|
Murphy USA, Inc.
|
||||||||||
Expiration: January 2023, Exercise Price: $320.00
|
443,715
|
6,225
|
|||||||||
15
|
Murphy USA, Inc.
|
||||||||||
Expiration: January 2023, Exercise Price: $350.00
|
443,715
|
3,150
|
|||||||||
100
|
Shell PLC
|
||||||||||
Expiration: January 2023, Exercise Price: $60.00
|
584,700
|
17,100
|
|||||||||
Total Options Written (Premiums Recevied $221,321)
|
$
|
72,188
|
|||||||||
The accompanying notes are an integral part of these financial statements.
|
•
|
Level 1 – quoted prices in active markets for identical investments as of the measurement date
|
•
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk,
etc.)
|
•
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
Description
|
Quoted Prices (Level 1)
|
Other Significant Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs (Level 3)
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
Common Stocks
|
$
|
54,085,518
|
$
|
-
|
$
|
-
|
$
|
54,085,518
|
||||||||
Money Market Funds
|
3,844,923
|
-
|
-
|
3,844,923
|
||||||||||||
REITs
|
2,962,872
|
-
|
-
|
2,962,872
|
||||||||||||
Total Assets
|
$
|
60,893,313
|
$
|
-
|
$
|
-
|
$
|
60,893,313
|
||||||||
Liabilities
|
||||||||||||||||
Written Options
|
$
|
(59,975
|
)
|
$
|
(12,213
|
)
|
$
|
-
|
$
|
(72,188
|
)
|
Derivative Instruments
|
|||||
The Fund may invest in derivative instruments. The use of derivatives included written options.
|
|||||
Statement of Assets & Liabilities -- Values of derivative instruments as of
|
|||||
November 30, 2022:
|
|||||
Liability Derivatives
|
|||||
Derivatives not
|
Statement of
|
||||
accounted for as
|
Assets and
|
||||
hedging instruments
|
Liabilities Location
|
Value
|
|||
Equity Contracts - Options
|
Options written, at value
|
$72,188
|
|||