Barrett Growth Fund (Prospectus Summary) | Barrett Growth Fund

Summary Section

Investment Objective

The Barrett Growth Fund (the "Fund") seeks to achieve long-term capital

appreciation and to maximize after-tax returns.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold

shares of the Fund.

Shareholder Fees (fees paid directly from your investment) None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Barrett Growth Fund
Management Fees		1.00%
Distribution and Service (12b-1) Fees		0.14%
Other Expenses		1.33%
Total Annual Fund Operating Expenses	[1]	2.47%
Fee Waiver/Expense Reimbursement		(1.22%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement	[2]	1.25%

Example

This Example is intended to help you compare the costs of investing in the Fund

with the cost of investing in other mutual funds. The Example assumes that you

invest $10,000 in the Fund for the time periods indicated and then redeem all

of your shares at the end of those periods. The Example also assumes that your

investment has a 5% return each year and that the Fund's operating expenses

remain the same (taking into account the expense limitation for one

year).

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Barrett Growth Fund	127	622	1,176	2,689

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells

securities (or "turns over" its portfolio). A higher portfolio turnover rate  may

indicate higher transaction costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are not reflected in

the annual fund operating expenses, or in the Example, affect the Fund's

performance. During the most recent fiscal year, the Fund's portfolio turnover

rate was 47% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests primarily in a diversified portfolio of common stocks of large

and mid-sized U.S. companies selected by the Adviser. The Fund considers

mid-sized companies to be companies with market capitalizations of approximately

$1 billion to $10 billion and large-cap companies to be companies with market

capitalizations greater than $10 billion. The Fund may also purchase securities

with an equity component, such as preferred stock, warrants, rights or other

securities that are convertible into or exchangeable for shares of common

stock. The Fund may invest up to 25% of its net assets in foreign securities,

and will normally make such investments through the purchase of American

Depositary Receipts ("ADRs").



The Fund takes a conservative approach to growth stock investing that emphasizes

"Growth at a Reasonable Price." The Fund invests in common stocks of

high-quality companies that Barrett believes have superior growth potential and

stocks that can be purchased at reasonable prices. The Fund makes investments in

companies that have solid long-term earnings prospects and the Fund expects to

hold these investments for prolonged periods of time, thereby avoiding

short-term capital gains. The Adviser focuses on identifying companies that will

produce earnings and cash flow growth in excess of companies in the Standard &

Poor's 500 Composite Stock Price Index ("S&P 500® Index"). The Adviser makes

investments in companies that it believes produce superior earnings at

reasonable valuations. Superior relative earnings growth is usually driven by

new products and services; niche products in growth sectors and industries;

open-ended global growth opportunities; and cyclical companies whose margins are

benefiting from a recovery in their respective industries. Stocks are sold when

there is likely to be deterioration in earnings growth or other financial

metrics, including balance sheet items. Maintaining a competitive industry

position and management stability are also important factors in retaining a

company position. Unusually weak relative stock market performance is another

signal that prompts the Adviser to immediately reevaluate a holding.



The Adviser mitigates risk in several ways. In order to invest in a specific

company the Adviser carefully analyzes the company's balance sheet and overall

ability to withstand adverse economic conditions. More broadly, the Adviser

diversifies the portfolio across multiple industries, economic sectors and

geographic regions to reduce the risk of a particular industry's or region's

weakness adversely affecting the total Fund. Since the Adviser focuses on buying

companies at reasonable valuations, the risk of overpaying for companies with

strong earnings growth is also reduced. The Fund invests in companies across the

large and mid-capitalization spectrum which provides the Fund with exposure to

companies of different revenue and earnings levels. Finally, the Fund emphasizes

objectivity in evaluating existing holdings and sells holdings when the

fundamental outlook for a company is expected to deteriorate.



From time to time, the Fund may purchase options, futures contracts or other

instruments, such as depositary receipts, that relate to a particular stock

index, to allow the Fund to quickly invest excess cash in order to gain exposure

to the markets until the Fund can purchase individual stocks.

Principal Risks

Before investing in the Fund, you should carefully consider your own investment

goals, the amount of time you are willing to leave your money invested, and the

amount of risk you are willing to take. Remember, in addition to possibly not

achieving your investment goals, you could lose money by investing in the

Fund. The principal risks of investing in the Fund are:



·  Management Risk. The risk that investment strategies employed by the Adviser

   in selecting investments for the Fund may not result in an increase in the

   value of your investment or in overall performance equal to other investments.



·  General Market Risk. The risk that certain securities selected for the Fund's

   portfolio may be worth less than the price originally paid for them, or less

   than they were worth at an earlier time.



·  Equity Market Risk. Common stocks are susceptible to general stock market

   fluctuations and to volatile increases and decreases in value as market

   confidence in and perceptions of their issuers change. Preferred stock is

   subject to the risk that the dividend on the stock may be changed or omitted

   by the issuer and that participation in the growth of an issuer may be

   limited.



·  Growth Stock Risk. The prices of growth stocks may be more sensitive to

   changes in current or expected earnings than the prices of other stocks.



·  Foreign Securities Risk. The risk of investments in foreign companies,

   including ADRs, which represent an ownership in a foreign security, involve

   certain risks not generally associated with investments in the securities of

   U.S. companies, including changes in currency exchange rates, unstable

   political, social and economic conditions, a lack of adequate or accurate

   company information, differences in the way securities markets operate, less

   secure international banks or securities depositories than those in the U.S.

   and foreign controls on investment. In addition, individual international

   country economies may differ favorably or unfavorably from the U.S. economy in

   such respects as growth of gross domestic product, rates of inflation, capital

   reinvestment, resources, self-sufficiency and balance of payments

   position. These risks may also apply to U.S. companies that have substantial

   foreign operations.



·  Large-Capitalization Company Risk. Larger, more established companies may be

   unable to respond quickly to new competitive challenges such as changes in

   consumer tastes or innovative smaller competitors. Also, large-capitalization

   companies are sometimes unable to attain the high growth rates of successful,

   smaller companies, especially during extended periods of economic expansion.



·  Mid-Capitalization Company Risk. The mid-capitalization companies in which the

   Fund may invest may be more vulnerable to adverse business or economic events

   than larger, more established companies. In particular, these mid-sized

   companies may pose additional risks, including liquidity risk, because these

   companies may have limited product lines, markets and financial resources, and

   may depend upon a relatively small management group. Therefore, mid-cap stocks

   may be more volatile than those of larger companies.



·  Options and Futures Risk. Options and futures may be more volatile than

   investments in securities, involve additional costs and may involve a small

   initial investment relative to the risk assumed. In addition, the value of an

   option or future may not correlate perfectly to the underlying securities

   index or overall securities markets.

Performance

The performance information below demonstrates the risks of investing in the

Fund by showing changes in the Fund's performance from year to year and by

showing how the Fund's average annual returns for one, five and ten years

compare with those of a broad measure of market performance and the returns of

an additional index of other mutual funds with characteristics similar to those

of the Fund. The Fund is the successor to the Barrett Growth Fund, a series of

the Barrett Funds (the "Predecessor Fund"). The performance information included

herein reflects the performance of the Predecessor Fund for periods prior to the

reorganization, which occurred on March 30, 2010. Remember, the Fund's past

performance, before and after taxes, is not necessarily an indication of how the

Fund will perform in the future. Updated performance information is available on

the Fund's website at http://barrettgrowthfund.com or by calling toll-free at 1-

877-363-6333.

Calendar Year Returns as of December 31

The Fund's calendar year-to-date return as of June 30, 2011 was 2.15%. During

the period shown in the bar chart, the best performance for a quarter was 13.25%

(for the quarter ended June 30, 2003) and the worst performance was -21.84% (for

the quarter ended December 31, 2008).

Average Annual Total Returns (for the Periods Ended December 31, 2010)

Average Annual Total Returns	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Barrett Growth Fund	Return Before Taxes	8.70%	(0.46%)	(1.92%)
Barrett Growth Fund After Taxes on Distributions	Return After Taxes on Distributions	8.70%	(0.46%)	(1.95%)
Barrett Growth Fund After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	5.66%	(0.39%)	(1.63%)
Barrett Growth Fund S&P 500® Index	S&P 500® Index (reflects no deductions for fees, expenses, or taxes)	15.06%	2.29%	1.41%
Barrett Growth Fund Lipper Large-Cap Growth Funds index	Lipper Large-Cap Growth Funds Index® (reflects no deductions for fees, expenses, or taxes)	15.13%	2.38%	(1.01%)

After-tax returns are calculated using the historically highest individual

federal marginal income tax rates and do not reflect the impact of state and

local taxes. Actual after-tax returns depend on an investor's tax situation and

may differ from those shown, and after-tax returns are not relevant to investors

who hold their Fund shares through tax-deferred arrangements such as 401(k)

plans or individual retirement accounts.

[1] Please note that Total Annual Fund Operating Expenses in the table above do not correlate to the Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which do not include Acquired Fund Fees and Expenses.

[2] Pursuant to an operating expense limitation agreement between Barrett Asset Management, LLC, the Fund's investment adviser ("Barrett," or the "Adviser") and the Fund, the Adviser has agreed to waive its management fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses (exclusive of interest, acquired fund fees and expenses, leverage and tax expenses, dividends and interest expenses on short positions, brokerage commissions and extraordinary expenses) do not exceed 1.25% of the Fund's average net assets through March 31, 2013. The current operating expense limitation agreement can be terminated only by, or with the consent of, the Trust's Board of Trustees (the "Board of Trustees"). The Adviser is permitted to seek reimbursement from the Fund, subject to limitations, for management fees it waived and Fund expenses it paid.