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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE JONAS SIEGEL
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001031496
<NAME> GRANUM SERIES TRUST
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 108,244,445
<INVESTMENTS-AT-VALUE> 119,564,908
<RECEIVABLES> 2,660,584
<ASSETS-OTHER> 80,726
<OTHER-ITEMS-ASSETS> 4,909,000
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<TOTAL-LIABILITIES> 5,511,038
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</TABLE>
To the Shareholders and Board of Trustees
of the Granum Series Trust-Granum Value Fund:
In planning and performing our audit of the financial statements and financial
highlights of the Granum Value Fund (hereafter referred to as the "Fund") for
the year ended October 31, 1999, we considered the Fund's 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 financial highlights 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 and
financial highlights for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error 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 component does not reduce to a relatively low level
the risk that misstatements caused by error or fraud 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 internal control and its operation, including control
activities for safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of management and the
Board of Trustees of Granum Series Trust-Granum Value Fund and the Securities
and Exchange Commission.
PricewaterhouseCoopers LLP
December 3, 1999
