Granum Value Fund
(a series of Granum Series Trust)
Supplement dated November 5, 1997 to Prospectus dated May 1,
1997
Effective November 5, 1997, Granum Securities,
L.L.C. ("Granum Securities"), a registered broker-dealer,
commenced servicing as a co-distributor of shares of Granum
Value Fund (the "Fund") with Mercer Allied Company ("Mercer
Allied"), which continues to serve as a distributor of the
Fund's shares. Granum Securities is an affiliate of, and is
under common control with, Granum Capital Management,
L.L.C., which serves as the Fund's investment adviser. The
principal business address of Granum Securities is 126 East
56th Street, Twenty-fifth floor, New York, New York 10022.
Granum Securities and Mercer Allied each provide
certain services to the Fund in connection with the sale of
the Fund's shares to investors and provide or arrange for
the furnishing of certain account related services to
shareholders pursuant to the terms of the distribution plan
described on page 26 of the Prospectus (the "Plan"). In
consideration of these services, the co-distributors receive
certain payments from the Fund as provided by the Plan.
Payments by the Fund pursuant to the Plan are made to each
co-distributor at the rates specified in the Prospectus,
based upon the average net assets of the Fund attributable
to shares that are held by persons who have purchased shares
of the Fund through such distributor or through broker-
dealers that have entered into selling agreements with such
co-distributor.
Granum Value Fund
(as series of Granum Series Trust)
Supplement dated November 5, 1997 to
Statement of Additional Information dated May 1, 1997
Effective November 5, 1997, Granum Securities,
L.L.C. ("Granum Securities"), a registered broker-dealer,
commenced servicing as a co-distributor of shares of Granum
Value Fund (the "Fund"), a series of Granum Series Trust
(the "Trust"), with Mercer Allied Company ("Mercer Allied"),
which continues to serve as a distributor of the Fund's
shares.
Granum Securities provides distribution services
to the Fund pursuant to a distribution agreement, dated
November 5, 1997, with the Trust (the "Granum Securities
Distribution Agreement"). The Granum Securities
Distribution Agreement was approved by the Board of Trustees
of the Trust, including a majority of the Trustees who are
not parties to such agreement or "interested persons" (as
defined by the Investment Company Act of 1940) of Granum
Securities, at a meeting held on March 13, 1997. The terms
of the Granum Securities Distribution Agreement are in all
material respects the same as those of the Trust's
distribution agreement with Mercer Allied, which is
described on pages B-17 and B-18 of the Statement of
Additional Information.
In addition, Granum Securities and Mercer Allied
each provide certain distribution related services to the
Fund and furnish, or arrange for securities dealers to
provide, certain account related services to shareholders of
the Fund, and receive certain payments from the Trust in
consideration of such services, in accordance with the
Trust's plan of distribution pursuant to Rule 12b-1 under
the Investment Company Act of 1940, which was adopted by the
Trust on March 13, 1997 (the "Plan"). Payments by the Fund
pursuant to the Plan are made to each co-distributor at the
rates specified on page B-19 of the Statement of Additional
Information, based upon the average net assets of the Fund
attributable to shares that are held by persons who have
purchased shares of the Fund through such distributor or
through broker-dealers that have entered into selling
agreements with such co-distributor.
Granum Securities is an affiliate of, and is under
common control with, Granum Capital Management, L.L.C., the
Fund's investment adviser. Granum Securities is a Delaware
limited liability company with offices at 126 East 56th
Street, Twenty-fifth floor, New York, New York 10022.
