GRANUM SERIES TRUST


                    Amendment to the transfer agent agreement


     THIS AMENDMENT dated as of March 11, 2002 to the Transfer Agent  Agreement,
as amended, dated as of February 13, 1997, by and between Granum Series Trust, a
Delaware  business trust, and U.S Bancorp Fund Services,  LLC (formerly  Firstar
Mutual Fund Services,  LLC), a Wisconsin  limited  liability company shall be as
follows:

     Paragraph 7 Proprietary and Confidential  Information  shall be amended and
replaced in its entirety as follows:

7.   Proprietary and Confidential Information

     USBFS agrees on behalf of itself and its directors, officers, and employees
     to treat  confidentially and as proprietary  information of the Company all
     records and other information  relative to the Company and prior,  present,
     or potential shareholders (and clients of said shareholders) and not to use
     such records and  information for any purpose other than the performance of
     its responsibilities and duties hereunder,  except after prior notification
     to and  approval in writing by the  Company,  which  approval  shall not be
     unreasonably withheld and may not be withheld where USBFS may be exposed to
     civil or criminal  contempt  proceedings  for failure to comply after being
     requested to divulge such information by duly constituted  authorities,  or
     when so requested by the Company.

     Further,  USBFS will  adhere to the privacy  policies  adopted by the Trust
     pursuant to Title V of the Gramm-Leach-Bliley  Act, as may be modified from
     time to time (the "Act").  Notwithstanding  the  foregoing,  USBFS will not
     share any  nonpublic  personal  information  concerning  any of the Trust's
     shareholders with any third party unless specifically directed by the Trust
     or allowed under one of the exceptions noted under the Act.

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Amendment to be
executed by a duly authorized  officer on one or more counterparts as of the day
and year first written above.

GRANUM SERIES TRUST                    U.S. BANCORP FUND SERVICES, LLC


By: _____________________________      By:  _____________________________