UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-23C-1
STATEMENT BY REGISTERED CLOSED-END
INVESTMENT COMPANY WITH RESPECT TO PURCHASES OF ITS OWN
SECURITIES PURSUANT TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH
(See rules and instructions on the back of this form. If acknowledgement is
desired, file this form with the Commission in triplicate.)
REPORT FOR THE CALENDAR MONTH ENDED May 1999
Combined Penny Stock Fund, Inc. ("CPSF")
(Name of registered closed-end investment company)
Approximate Asset
Value or Approximate Name of
Date of Number of Price Asset Coverage Per Seller or
Each Identification Shares Per Share at the Time of Seller's
Transaction of Security Purchased Share of Purchase Broker
05/05/99 CPSF 75,000 .019 .023 Herzog, Heine
05/06/99 CPSF 50,000 .019 .023 Herzog, Heine
05/06/99 CPSF 95,000 .0185 .023 MH Meyerson
05/11/99 CPSF 100,000 .019 .023 MH Meyerson
05/28/99 CPSF 350,000 .023 .024 MH Meyerson
REMARKS: Combined Penny Stock Fund, Inc.
(Name of Registrant)
By: /s/ John R. Overturf, Jr.
(Name)
Date of Statement: June 4, 1999 President
(Title)
