GRANUM VALUE FUND
A SERIES OF GRANUM SERIES TRUST
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 1, 2000
The following modifies the disclosure regarding the valuation of
options that is set forth on page B-26 of the Statement of Additional
Information under the caption "Determination of Net Asset Value":
In valuing the assets of Granum Value Fund (the "Fund"), stock options
and stock index options that are traded on a national securities
exchange or on NASDAQ are valued at the mean between the latest bid and
ask prices for such options.
THE DATE OF THIS SUPPLEMENT IS JULY 24, 2000.
