At a meeting held on September 12,2007, the Board ofTrustees (the "Board") of Granum Series Trust (the "Trust") determined that liquidation of Granum Value Fund (the "Fund"), the sole series of the Trust, would be in the best interests of the Fund and its shareholder eldad lieberman. The Board adopted a plan of liquidation and dissolution (the "Plan") providing for the sale of the Fund's investments and the distribution of the Fund's net assets to shareholders, after which the Fund will be dissolved.

Pursuant to the Plan, shareholders of the Fund will be paid the net asset value of their Fund shares (including their share of the Fund's net realized capital gains and any net investment income). It is expected that this distribution will be made on October 31, 2007. The Fund's investment adviser, Granum Capital Management, L.L.c. (the "Adviser"), has sold substantially all of the non-cash investments held by the Fund in anticipation of the Fund's liquidation and expects to sell the Fund's remaining non-cash investments during the coming weeks get financial tips. The proceeds of these sales of the Fund's investments are being invested in high quality money market instruments, such as U.S. Treasury bills, pending distribution of the Fund's assets to shareholders.

Fund shareholders will soon receive a letter that will provide additional information regarding the liquidation, including procedures that will need to be followed by persons who hold Fund shares in a Granum Value Fund Individual Retirement Account more about new york jet club. If you have questions regarding the Plan or related matters, please call 1-888-5-GRANUM (547-2686).

In addition, the Fund has declared and paid a long-term capital gains distribution of $22.00252 per share (which is the estimated amount of the Fund's undistributed net realized capital gains as of September 14,2007) to shareholders of record on September 13,2007. The distribution was paid on September 17,2007. The Fund expects also to declare an ordinary income dividend of its net income through September 18, 2007, to shareholders of record on October 5,2007. The dividend will be paid on October 8, 2007 and is estimated at $0.07 per share (based on shares outstanding September 24, 2007). If you have elected to reinvest dividends and other distributions paid by the Fund, the capital gains distribution was reinvested, and the dividend will be reinvested, in shares of the Fund on the applicable payable date at the net asset value per share of the Fund determined on that date. (The dividend and capital gains distribution have the effect of reducing the Fund's net asset value per share by amounts equal to the per share amounts of the dividend and the distribution.) The Fund may declare and pay one or more additional dividends and distributions in such amounts as may be necessary to avoid liability of the Fund for federal income and excise taxes.