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SIGNATURE JONAS SIEGEL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001031496
<NAME> GRANUM SERIES TRUST
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 127492623
<INVESTMENTS-AT-VALUE> 118524314
<RECEIVABLES> 242668
<ASSETS-OTHER> 102408
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118869390
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 213482
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 5409776
<SHARES-COMMON-PRIOR> 3260570
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<INTEREST-INCOME> 530726
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<EXPENSES-NET> (2114201)
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<REALIZED-GAINS-CURRENT> 169267
<APPREC-INCREASE-CURRENT> (12074839)
<NET-CHANGE-FROM-OPS> (11719071)
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (455956)
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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
of Granum Series Trust - Granum Value Fund (the "Fund") for the
year ended October 31, 1998, we considered its internal control,
including control activities for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal
control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of control activities.
Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
control activities include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 any specific
internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be
material in relation to the financial statements 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 internal control, including
control activities for safeguarding securities, that we consider
to be material weaknesses as defined above as of October 31, 1998.
This report is intended solely for the information and use of
management and the Board of Trustees of Granum Series Trust and
the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
December 3, 1998
