<PAGE> PAGE 1
000 A000000 03/31/2000
000 C000000 0000731266
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 COMBINED PENNY STOCK FUND, INC.
001 B000000 811-03888
001 C000000 7195932111
002 A000000 6180 LEHMAN DRIVE, SUITE 103
002 B000000 COLORADO SPRINGS
002 C000000 CO
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004 000000 N
005 000000 N
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
013 A000001 STOCKMAN KAST RYAN & COMPANY, LLC
013 B010001 COLORADO SPRINGS
013 B020001 CO
013 B030001 80903
019 B000000 0
020 A000001 D.E. FREY
020 B000001 84-1098795
020 C000001 1
020 A000002 D.A. DAVIDSON
020 B000002 81-0139474
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<PAGE> PAGE 2
021 000000 2
022 A000001 M.H. MEYERSON
022 B000001 13-1924455
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022 A000002 HERZOG, HEINE & GEDULD
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022 C000002 4
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022 A000004 EBI SECURITIES CORPORATION
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
074 X000000 8385
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080 A000000 NATIONAL UNION FIRE INS CO OF PITTSBURG PA
080 C000000 425
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SIGNATURE STAN PITTMAN
TITLE CHIEF FINANCIAL OFF.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000731266
<NAME> COMBINED PENNY STOCK FUND, INC.
<SERIES>
<NUMBER> 01
<NAME> COMBINED PENNY STOCK FUND, INC.
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1183950
<INVESTMENTS-AT-VALUE> 589891
<RECEIVABLES> 0
<ASSETS-OTHER> 3236
<OTHER-ITEMS-ASSETS> 1027390
<TOTAL-ASSETS> 1620517
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1101
<TOTAL-LIABILITIES> 1101
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6002196
<SHARES-COMMON-STOCK> 51171000
<SHARES-COMMON-PRIOR> 51921000
<ACCUMULATED-NII-CURRENT> (3098793)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (689928)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (594059)
<NET-ASSETS> 1619416
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30406
<OTHER-INCOME> 542
<EXPENSES-NET> 106439
<NET-INVESTMENT-INCOME> (75491)
<REALIZED-GAINS-CURRENT> 183633
<APPREC-INCREASE-CURRENT> 196611
<NET-CHANGE-FROM-OPS> 304753
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 304753
<ACCUMULATED-NII-PRIOR> (2987981)
<ACCUMULATED-GAINS-PRIOR> (1012878)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 106439
<AVERAGE-NET-ASSETS> 1384691
<PER-SHARE-NAV-BEGIN> .026
<PER-SHARE-NII> (.001)
<PER-SHARE-GAIN-APPREC> .007
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .032
<EXPENSE-RATIO> 7.69
</TABLE>
Matters submitted to a vote of security holders
On January 6, 2000, Combined Penny Stock Fund, Inc. filed Form DEFS14A. The
Proxy Statement was submitted pursuant to Section 14(a) of the Securities
Exchange Act of 1934. The matters considered and voted upon by the security
holders were the following:
1. To elect four (4) Directors to serve until the next Annual
Meeting of Shareholders or until their successors have been duly
elected and qualified.
2. To ratify and approve the selection by the Board of Directors of
the firm of Stockman Kast Ryan & Company, LLP, a Limited
Liability Company, as independent certified public accountant for
the Fund for the fiscal year ending September 30, 2000.
Information relating to the above matters is set forth in the Proxy Statement.
* This exhibit is being filed as an "incorporated by reference" attachment to
the Form N-SAR and the above information should be read in connection with
the Proxy Statement filed on January 6, 2000.
