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<PAGE> PAGE 2
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SIGNATURE JONAS SIEGEL
TITLE VICE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0001031496
<NAME> GRANUM SERIES TRUST
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> OCT-31-1997
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</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Granum Series Trust
In planning and performing our audit of the financial statements
and financial highlights of Granum Series Trust - Granum Value
Fund (the "Fund") for the period from May 1, 1997 (commencement
of operations) through October 31, 1997, we considered its
internal control structure, including procedures for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and financial highlights and to comply with
the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses, as defined above, as of October 31, 1997.
This report is intended solely for the information and use of
management of the Fund and the Securities and Exchange
Commission.
Milwaukee, Wisconsin
November 21, 1997<PAGE>
