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SIGNATURE STAN PITTMAN
TITLE CHIEF FINANCIAL OFF.
November 20, 1996
Securities and Exchange Commission
Mail stop 9-5
450 5th Street, N.W.
Washington, D.C. 20549
Dear Sirs/Madams:
We have read and agree with the comments in Sub-Item 77KK of Form N-SAR of
Combined Penny Stock Fund, Inc. dated September 30, 1996.
Yours truly,
/s/Deloitte & Touche LLP
