COMPOSITE
CASH
MANAGEMENT
COMPANY
SEMIANNUAL
REPORT
JUNE 30,
1995
[LOGO]
PRESIDENTS MESSAGE
FUND PORTFOLIOS
FINANCIAL INFORMATION
FINANCIAL STATEMENTS
FINANCIAL HIGHLIGHTS
NOTES TO FINANCIAL STATEMENTS
MORE ABOUT THE COMPOSITE GROUP
PRESIDENT'S MESSAGE
[PHOTO, WILLIAM PAPESH, PRESIDENT, COMPOSITE FUNDS]
Money market returns, which staged dramatic improvement in 1994, continued
their upward trend during the first six months of 1995. Although the increases
were not as pronounced during the first half, they were positive nonetheless a
continued reflection, we believe, of the Federal Reserve's actions in slowing
the economy and reducing the possibility of inflation.
As of June 30, 1995, the seven-day simple yield for Class A shares of
Composite Cash Management Company's Money Market Portfolio was 5.09%, or 5.22%
on a compounded annual basis.* Average maturity of securities in the portfolio
was increased during the six-month period to 68 days in order to take advantage
of an anticipated decline in short-term rates later this year.
The Tax-Exempt portfolio Class A shares produced a seven-day simple yield
of 3.59%, or 3.66% on a compounded annual basis at June 30, 1995.* Some of this
portfolios expenses were reimbursed by the Fund's adviser. Without this
reimbursement, the portfolio's seven-day simple yield as of June 30, 1995 would
have been 3.38% for Class A shares. The average portfolio maturity was increased
during the period from 62 to 69 days.
Experienced investors continue to rely on money market funds such as those
of Composite Cash Management Co., for their cash reserve needs. This could be
especially important for those who want the advantages of liquidity and high
current rates while awaiting longer-term equity or fixed-income investment
opportunities. We hope you find the quality of our portfolio investments and the
careful management of your money compelling reasons to rely on the Composite
Group.
I am especially pleased to announce the selection of Kristianne Blake to
the Composite Group board of directors. President of a Spokane-based accounting
services firm, Mrs. Blake is a certified financial planner and certified public
accountant. Her work with individual clients in developing investment strategies
will bring us special expertise and we're delighted to have an individual with
her experience aboard.
We appreciate not only your business but the trust you have placed in us.
William G. Papesh
President
* All yield information represents past performance, which cannot guarantee
future results. Principal is not insured or guaranteed by the U.S. government,
and yields will fluctuate depending on market conditions. There is no assurance
that the $1.00 per share net asset value (NAV) will be maintained. Class B
shares are available only by exchanging B shares from other Composite Group
funds and are intended as temporary investments. The Class B shares' seven-day
simple yield through June 30, 1995, was 4.13% for the Money Market portfolio and
2.53% for the Tax-Exempt portfolio after expense reimbursements. The alternative
minimum tax, as well as state and local taxes, may apply to income distributed
by the Tax-Exempt portfolio.
COMPOSITE CASH MANAGEMENT COMPANY
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995
MONEY MARKET PORTFOLIO (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
--------- ------------
SHORT-TERM INVESTMENTS
GOVERNMENTAL AGENCY OBLIGATIONS 8.96%
<S> <C> <C>
$ 2,000,000 Federal Home Loan Bank, 5.63%, due 12/01/1995 ................ $ 1,952,145
6,000,000 World Bank Discount Note, 5.50%, due 12/27/1995 .............. 5,835,916
5,000,000 Federal Home Loan Mortgage Corporation Discount Note,
5.27%, due 01/19/1996 ........................................ 4,852,147
------------
TOTAL FEDERAL AGENCY OBLIGATIONS (cost $12,640,208) .......... 12,640,208
------------
COMMERCIAL PAPER 78.11%
AIRLINES 4.24%
6,000,000 Int'l Lease Finance Corporation, 5.95%, due 07/19/1995 ....... 5,982,150
------------
AUTOS 11.96%
5,000,000 Chrysler Financial Corporation, 5.85%, due 10/23/1995 ........ 4,907,375
6,000,000 Ford Motor Credit Company, 5.96%, due 07/13/1995 ............. 5,988,080
3,000,000 General Motors Acceptance Corporation, 6.20%, due 07/05/1995 . 2,997,933
3,000,000 General Motors Acceptance Corporation, 6.00%, due 08/09/1995 . 2,980,500
------------
16,873,888
------------
BANKING 11.20%
6,000,000 ANZ (Delaware), 5.76%, due 12/13/1995 ........................ 5,841,600
6,000,000 Sanwa Business Credit Co., 5.94%, due 08/07/1995 ............. 5,963,370
4,000,000 U.S. Bancorp, 6.05%, due 07/11/1995 .......................... 3,993,278
------------
15,798,248
------------
BROKERAGE 4.25%
6,000,000 CS First Boston, 6.08%, due 07/11/1995 ....................... 5,989,867
------------
COMPUTERS 7.01%
6,000,000 Hewlett-Packard Company, 5.87%, due 09/28/1995 ............... 5,912,928
4,000,000 International Business Machines Credit Corporation,
4.64%, due 12/01/1995 ........................................ 3,978,908
------------
9,891,836
------------
DIVERSIFIED HOLDING COMPANIES 4.22%
6,000,000 Hanson Finance (U.K.), 5.93%, due 08/25/1995 ................. 5,945,642
------------
DIVERSIFIED MANUFACTURING 7.77%
6,000,000 General Electric Capital Corporation, 6.03%, due 07/10/1995 .. 5,990,955
5,000,000 Hitachi America LTD., 6.00%, due 08/01/1995 .................. 4,974,167
------------
10,965,122
------------
FINANCE 12.71%
3,000,000 American Express Credit Corporation, 5.93%, due 07/21/1995 ... 2,990,117
3,000,000 American Express Credit Corporation, 5.93%, due 08/10/1995 ... 2,980,233
3,000,000 Beneficial Corporation, 5.94%, due 07/14/1995 ................ 2,993,565
3,000,000 Beneficial Corporation, 5.94%, due 07/18/1995 ................ 2,991,585
4,000,000 Household Finance Corporation, 5.95%, due 07/25/1995 ......... 3,984,133
2,000,000 Household Finance Corporation, 5.99%, due 07/27/1995 ......... 1,991,348
------------
17,930,981
------------
MACHINERY - AGRICULTURAL 4.22%
6,000,000 John Deere Capital Corporation, 5.92%, due 08/14/1995 ........ 5,956,587
------------
OIL INTEGRATED - INTERNATIONAL 4.23%
6,000,000 Chevron Oil Finance Company, 5.90%, due 07/31/1995 ........... 5,970,500
------------
PHARMACEUTICAL 2.77%
4,000,000 Warner-Lambert Company, 5.675%, due 12/07/1995 ............... 3,899,742
------------
RETAIL - DEPARTMENT STORES 2.82%
2,000,000 Sears Roebuck Acceptance Corporation, 5.93%, due 07/24/1995 .. 1,992,423
2,000,000 Sears Roebuck Acceptance Corporation, 6.00%, due 07/27/1995 .. 1,991,333
------------
3,983,756
------------
UTILITIES - TELECOMMUNICATIONS 0.71%
1,000,000 AT&T Credit Corporation, 9.04%, due 11/01/1995 ............... 1,004,579
------------
TOTAL COMMERCIAL PAPER (cost $110,192,898) ................... 110,192,898
------------
NOTES AND BONDS 11.35%
BANKING 4.26%
5,000,000 Boatmens Bank, Floating Rate Note*, 6.063%, due 08/04/1995 ... 5,000,000
1,000,000 Citicorp Medium Term Note, 8.08%, due 03/05/1996 ............. 1,013,242
------------
6,013,242
------------
BROKERAGE 7.09%
5,000,000 Merrill Lynch and Company, MTN, Floating Rate Note*,
6.117%, due 08/31/1995 ....................................... 5,000,000
5,000,000 Shearson Lehman Brothers, Floating Rate Note*,
6.563%, due 03/18/1996 ....................................... 5,001,305
------------
10,001,305
------------
Total Notes and Bonds (cost $16,014,547) ..................... 16,014,547
------------
REPURCHASE AGREEMENT 2.38%
3,354,000 Repurchase agreement with Goldman Sachs, collateralized
by a U.S. Treasury Note, in a joint trading account at
6.00%, dated 06/30/1995, due 07/03/1995 with a maturity
value of $3,355,677 (cost $3,354,000) ........................ 3,354,000
------------
TOTAL INVESTMENTS (cost $142,201,653) 142,201,653
Other assets ($1,275,633) less liabilities ($2,397,430) (1,121,797)
------------
NET ASSETS $141,079,856
============
<FN>
*Floating Rate Note. The interest rate, which is subject to change
periodically, is based on an index of market interest rates.
FEDERAL INCOME TAX INFORMATION:
The aggregate cost of investments owned at June 30, 1995, for federal income tax
and financial reporting purposes was $142,201,653.
OTHER INFORMATION:
Purchases and sales (including maturities) of short-term investments, aggregated
$948,840,852 and $936,146,830, respectively, during the six-month period ended
June 30, 1995.
See accompanying notes to financial statements.
</FN>
</TABLE>
<TABLE>
COMPOSITE CASH MANAGEMENT COMPANY
PORTFOLIO OF INVESTMENTS IN SECURITIES
JUNE 30, 1995
TAX-EXEMPT PORTFOLIO (UNAUDITED)
<CAPTION>
Principal Market
Amount Value
----------- -----------
STATE AND MUNICIPAL SECURITIES 100.57%
ALASKA 0.71%
<S> <C> <C>
$ 200,000 Alaska COP, Spring Creek Correctional Institute, 9.50%,
due 10/01/1995, pre-refunded at 102 ............................ $ 206,511
-----------
ALABAMA 6.15%
1,300,000 Alabama Housing Finance Authority, Variable
Rate Demand Obligation, 4.10%* ................................... 1,300,000
500,000 Athens, Alabama Variable Rate Demand Obligation, 4.10%* .......... 500,000
-----------
1,800,000
-----------
ARIZONA 1.03%
300,000 Arizona Health Facilities, Variable Rate Demand Obligation, 4.30%* 300,000
-----------
CALIFORNIA 4.44%
300,000 Los Angeles Airport Variable Rate Demand Obligation, 4.30%* ...... 300,000
1,000,000 Palm Springs Community Redevelopment,
Variable Rate Demand Obligation, 4.30%* .......................... 1,000,000
-----------
1,300,000
-----------
COLORADO 4.85%
1,400,000 Colorado Springs Utilities General Obligation Bonds,
7.30%, due 11/15/1995 ............................................ 1,417,905
-----------
DELAWARE 1.03%
300,000 Delaware Economic Development Variable Rate
Demand Obligation, 4.45%* ........................................ 300,000
-----------
FLORIDA 5.13%
500,000 Florida Housing Finance Authority Variable Rate
Demand Obligation, 3.85%* ........................................ 500,000
1,000,000 Florida Housing Finance Authority Variable Rate
Demand Obligation, 3.85%* ........................................ 1,000,000
-----------
1,500,000
-----------
ILLINOIS 14.96%
1,000,000 Decatur Water Revenue Bonds, 4.00%, due 10/01/1995 ............... 1,000,000
1,425,000 Illinois Health Facility, Bensenville, Variable Rate Demand
Obligation, 4.30%* ............................................... 1,425,000
1,100,000 Jackson/Union County Variable Rate Demand Obligation, 4.35%* ..... 1,100,000
350,000 Sauget Wastewater General Obligation, 4.00%, due 05/01/1996 ...... 350,000
500,000 Wood Dale Industrial Development Variable Rate
Demand Obligation, 4.45%* ........................................ 500,000
-----------
4,375,000
-----------
KANSAS 4.31%
500,000 Kansas Department of Corrections/El Dorado Revenue Bonds,
4.30%, due 08/01/1995 ............................................ 500,036
760,000 Wichita Hospital Revenue/St. Francis, 4.60%, due 10/01/1995 ...... 761,072
-----------
1,261,108
-----------
KENTUCKY 6.84%
1,000,000 Clark County J-2 PUT, 4.15%, due 10/16/1995 ...................... 1,000,000
1,000,000 Pendleton County Variable PUT, 4.00%, due 07/01/1996 ............. 1,000,000
-----------
2,000,000
-----------
MICHIGAN 8.08%
1,050,000 Michigan State Building Authority/University of Michigan,
5.60%, due 03/01/1996 ........................................... 1,062,268
300,000 Michigan Job Development Authority (East Lansing Residence)
Variable Rate Demand Obligation, 4.00%* ......................... 300,000
200,000 Michigan Job Development Authority (Kentwood Residence)
Variable Rate Demand Obligation, 4.00%* ......................... 200,000
300,000 Michigan Hospital Finance Authority Variable Rate
Demand Obligation, 4.30%* ....................................... 300,000
500,000 Michigan State Housing Authority Variable Rate
Demand Obligation, 4.30%* ....................................... 500,000
-----------
2,362,268
-----------
NORTH CAROLINA 1.71%
500,000 Wake County Pollution Control Variable Rate
Demand Obligation, 4.25%* ....................................... 500,000
-----------
OREGON 6.16%
800,000 Oregon State Department of Transportation Revenue Bonds,
4.25%, due 03/01/1996 ........................................... 802,309
1,000,000 Oregon State Veterans Welfare, Variable Rate
Demand Obligation, 4.30%* ....................................... 1,000,000
-----------
1,802,309
-----------
PENNSYLVANIA 5.81%
1,000,000 Washington County Higher Education Variable Rate
Demand Obligation, 4.50%* ....................................... 1,000,000
700,000 Beaver County Industrial Development Authority
Variable Rate Demand Obligation, 4.25%* ......................... 700,000
-----------
1,700,000
-----------
SOUTH CAROLINA 1.76%
500,000 South Carolina Public Service Bond, 9.20%, due 07/01/1995,
pre-refunded at 103 ............................................. 515,000
-----------
TENNESSEE 4.10%
300,000 Metro Government Nashville/Davidson County Health
Variable Rate Demand Obligation, 4.25%* ......................... 300,000
900,000 Metro Government Nashville/Davidson County Housing
Variable Rate Demand Obligation, 4.50%* ......................... 900,000
-----------
1,200,000
-----------
TEXAS 11.22%
1,000,000 Austin Utilities System, 10.25%, due 11/15/1995,
pre-refunded at 103 ............................................. 1,038,981
500,000 Brazos Pollution Control Revenue (Dow Chemical),
4.15%, due 08/04/1995 ........................................... 500,000
300,000 Dallas Water and Sewer Revenue, 8.40%, due 10/01/1995,
pre-refunded at 100 ............................................. 302,780
450,000 Port Houston Harbor Authority, 9.10%, due 10/01/1995,
pre-refunded at 100 ............................................. 454,939
985,000 Sabine River Industrial Development (North East
Texas Electric Co-op), PUT, 4.55%, due 08/15/1995 ............... 985,000
-----------
3,281,700
-----------
VERMONT 0.70%
200,000 Vermont General Obligation, 8.00%, due 09/01/1995,
pre-refunded at 102.5 ........................................... 206,162
-----------
VIRGINIA 1.67%
485,000 Virginia Department of Transportation Revenue Bond,
5.10%, due 04/01/1996 ........................................... 488,510
-----------
WASHINGTON 5.47%
1,500,000 Seattle Housing Authority/Bayview Variable Rate
Demand Obligation, 4.50%* ....................................... 1,500,000
100,000 State of Wash ington General Obligation Bond,
6.70%, due 02/01/1996 ........................................... 101,273
-----------
1,601,273
-----------
WISCONSIN 4.44%
400,000 Wisconsin Health & Education Department Update,
3.95%, due 08/28/1995 ........................................... 400,000
900,000 Wisconsin Health Facilities Authority/Hospital Sisters
Variable Rate Demand Obligation, 4.25%* ......................... 900,000
-----------
1,300,000
-----------
TOTAL STATE AND MUNICIPAL SECURITIES (cost $29,417,746) ......... 29,417,746
Other assets ($1,615,238) less liabilities ($1,780,912) ......... (165,674)
-----------
NET ASSETS $29,252,072
===========
<FN>
*Variable Rate Demand Obligations are payable on demand and secured by letters
of credit or other credit support. The interest rate, which is subject to change
periodically, is based on an index of market interest rates.
FEDERAL INCOME TAX INFORMATION:
The aggregate cost of investments owned at June 30, 1995, for federal income tax
and financial reporting purposes was $29,417,746.
OTHER INFORMATION:
Purchases and sales (including maturities) of short-term investments aggregated
$43,383,776 and $47,118,944, respectively, during the six-month period ended
June 30, 1995.
See accompanying notes to financial statements.
</FN>
</TABLE>
COMPOSITE CASH MANAGEMENT COMPANY
FINANCIAL INFORMATION
JUNE 30, 1995
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<CAPTION>
MONEY
MARKET TAX-EXEMPT
PORTFOLIO PORTFOLIO
------------ ------------
ASSETS
<S> <C> <C>
Investments at value (identified cost $142,201,653
and $29,417,746, respectively) note 1a ................................... $142,201,653 $ 29,417,746
Cash ........................................................................ 211,120 168,395
Prepaid expenses ............................................................ 21,333 8,574
Receivable for:
Investment securities sold ................................................ -- 1,018,750
Sale of Funds shares ...................................................... 865,942 187,089
Interest .................................................................. 177,238 227,456
Expense reimbursement ..................................................... -- 4,974
------------ ------------
Total assets ................................................................ 143,477,286 31,032,984
------------ ------------
LIABILITIES
Payable for:
Investment securities purchased ........................................... -- 1,000,000
Repurchase of Funds shares ................................................ 2,338,909 773,545
Accrued expenses and other payables ....................................... 58,521 7,367
------------ ------------
Total liabilities ........................................................... 2,397,430 1,780,912
------------ ------------
NET ASSETS .................................................................. $141,079,856 $ 29,252,072
============ ============
COMPOSITION OF NET ASSETS
Capital Stock, at par ....................................................... $ 14,108 $ 2,925
Additional paid-in capital .................................................. 141,065,748 29,249,147
------------ ------------
$141,079,856 $ 29,252,072
============ ============
SHARES OF BENEFICIAL INTEREST OUTSTANDING .................................. 141,079,856 29,252,072
============ ============
CLASS A SHARES:
Net asset value, offering price, and redemption price per share
(net assets of $140,995,574 and $29,251,039, respectively,
for 140,995,574 and 29,251,039, shares of beneficial interest
outstanding, respectively) .............................................. $ 1.00 $ 1.00
CLASS B SHARES: ============ ============
Net asset value, offering price, and redemption price per share
(net assets of $84,282 and $1,033, respectively, for 84,282 and
1,033, shares of beneficial interest outstanding, respectively) ......... $ 1.00 $ 1.00
============ ============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<TABLE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<CAPTION>
MONEY
MARKET TAX-EXEMPT
PORTFOLIO PORTFOLIO
---------- ----------
INVESTMENT INCOME
<S> <C> <C>
Interest income .......................................................... $4,212,269 $ 630,635
---------- ----------
Expenses:
Management fees note 2 .................................................. 337,509 77,095
Shareholder servicing note 2 ............................................ 136,031 17,300
Postage, printing and office expense ..................................... 103,703 13,609
Distribution expenses Class A note 2 ................................... 33,950 --
Distribution expenses Class B note 2 ................................... 245 5
Registration and filing fees ............................................. 39,680 5,958
Custodial fees ........................................................... 10,017 5,649
Auditing and legal fees .................................................. 6,044 3,464
Directors fees note 2 ................................................... 5,412 5,662
Insurance ................................................................ 1,443 369
---------- ----------
Total expenses ............................................................. 674,034 129,111
Expense reimbursement ...................................................... -- (35,555)
---------- ----------
Net expenses note 3 ....................................................... 674,034 93,556
Net investment income ...................................................... 3,538,235 537,079
---------- ----------
NET REALIZED GAIN ON INVESTMENTS ........................................... 5,982 165,507
---------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .................................................. $3,544,217 $ 702,586
========== ==========
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
MONEY MARKET TAX-EXEMPT
PORTFOLIO PORTFOLIO
------------------------------- --------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED
1995 DECEMBER 31, 1995 DECEMBER, 31
(UNAUDITED) 1994 (UNAUDITED) 1994
------------- ------------- ------------- -------------
OPERATIONS
<S> <C> <C> <C> <C>
Net investment income ...................................... $ 3,538,235 $ 4,312,107 $ 537,079 $ 795,325
Realized gain from investment transactions ................. 5,982 -- 165,507 --
------------- ------------- ------------- -------------
Net increase in net assets resulting from operations ....... 3,544,217 4,312,107 702,586 795,325
DIVIDENDS TO SHAREHOLDERS
From net investment income
Class A .................................................. (3,537,163) (4,312,013) (537,067) (795,317)
Class B .................................................. (1,072) (94) (12) (8)
From net capital gains from investment transactions
Class A .................................................. (5,978) -- (165,502) --
Class B .................................................. (4) -- (5) --
NET CAPITAL SHARE TRANSACTIONS NOTE 3
Class A .................................................. 15,344,989 (9,536,816) (4,361,076) (901,264)
Class B .................................................. 73,426 10,856 5 1,027
------------- ------------- ------------- -------------
Total increase (decrease) in net assets .................... 15,418,415 (9,525,960) (4,361,071) (900,237)
NET ASSETS
Beginning of the period .................................... 125,661,441 135,187,401 33,613,143 34,513,380
------------- ------------- ------------- -------------
End of the period .......................................... $ 141,079,856 $ 125,661,441 $ 29,252,072 $ 33,613,143
============= ============= ============= =============
UNDISTRIBUTED NET INVESTMENT
INCOME AT END OF PERIOD ................................... $ 0 $ 0 $ 0 $ 0
============= ============= ============= =============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MONEY MARKET PORTFOLIO
<CAPTION>
CLASS A CLASS B
--------------------------------------------------------- -------------------------
Six Months Six Months
Ended Ended May 2,
June 30, Years Ended December 31, June 30, 1994 to
1995 ------------------------------------------------------- 1995 Dec. 31,
(Unaudited) 1994 1993 1992 1991 1990 (Unaudited) 1994<F2>
----------- -------- -------- --------- --------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
-------- -------- -------- -------- -------- -------- -------- --------
INCOME FROM
INVESTMENT OPERATIONS
Net Investment Income 0.0260 0.0341 0.0243 0.0302 0.0526 0.0733 0.0214 0.0184
-------- -------- -------- -------- -------- -------- -------- --------
Total From Investment
Operations 0.0260 0.0341 0.0243 0.0302 0.0526 0.0733 0.0214 0.0184
-------- -------- -------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends (from net
investment income) (0.0260) (0.0341) (0.0243) (0.0302) (0.0526) (0.0733) (0.0214) (0.0184)
-------- -------- -------- -------- -------- -------- -------- --------
Total Distributions (0.0260) (0.0341) (0.0243) (0.0302) (0.0526) (0.0733) (0.0214) (0.0184)
-------- -------- -------- -------- -------- -------- -------- --------
NET ASSET VALUE,
END OF PERIOD $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======== ======== ======== ======== ======== ======== ======== ========
TOTAL RETURN <F1> 2.63% 3.47% 2.41% 3.07% 5.41% 7.61% 2.16% 1.86%
RATIOS/SUPPLEMENTAL DATA
Net Assets,
End of Period ($1,000's) $140,996 $125,651 $135,187 $141,193 $178,741 $252,051 $84 $11
Ratio of Expenses to
Average Net Assets 1.00%<F3> 0.95% 0.97% 0.88% 0.93% 0.97% 1.97%<F3> 1.93%<F3>
Ratio of Net Income to
Average Net Assets 5.25%<F3> 3.39% 2.38% 3.04% 5.33% 7.33% 4.37%<F3> 3.29%<F3>
<FN>
<F1> Returns of less than one year are aggregate returns and not annualized.
<F2> From the commencement of offering Class B Shares.
<F3> Annualized.
</FN>
</TABLE>
<TABLE>
TAX-EXEMPT PORTFOLIO
<CAPTION>
CLASS A CLASS B
---------------------------------------------------------------------- -------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED MAY 2,
JUNE 30, YEARS ENDED DECEMBER 31, JUNE 30, 1994 TO
1995 --------------------------------------------------------- 1995 DEC. 31,
(UNAUDITED) 1994 1993 1992 1991 1990 (UNAUDITED) 1994<F2>
----------- -------- -------- -------- -------- -------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
Beginning of Period 1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------- -------- -------- -------- -------- -------- -------- --------
Income From
Investment Operations
Net Investment Income 0.0170 0.0235 0.0203 0.0238 0.0410 0.0561 0.0115 0.0097
Net Gains or (Losses) on
Securities (both
realized and unrealized) 0.0054 0.0000 0.0000 0.0000 0.0000 0.0000 0.0054 0.0000
------- -------- -------- -------- -------- -------- -------- --------
Total From Investment
Operations 0.0224 0.0235 0.0203 0.0238 0.0410 0.0561 0.0169 0.0097
------- -------- -------- -------- -------- -------- -------- --------
Less Distributions
Dividends (from net
investment income) (0.0170) (0.0235) (0.0203) (0.0238) (0.0410) (0.0561) (0.0115) (0.0097)
Distributions (from
capital gains) (0.0054) 0.0000 0.0000 0.0000 0.0000 0.0000 (0.0054) 0.0000
------- -------- -------- -------- -------- -------- -------- --------
Total Distributions (0.0224) (0.0235) (0.0203) (0.0238) (0.0410) (0.0561) (0.0169) (0.0097)
------- -------- -------- -------- -------- -------- -------- --------
NET ASSET VALUE,
END OF PERIOD $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======== ======== ======== ======== ======== ======== ========
TOTAL RETURN<F1> 2.28% 2.37% 2.06% 2.41% 4.19% 5.77% 1.71% 0.97%
RATIOS/SUPPLEMENTAL DATA
Net Assets,
End of Period ($1,000s) $29,251 $33,612 $34,513 $32,425 $40,060 $43,379 $1 $1
Ratio of Expenses to
Average Net Assets<F4> 0.60%<F3> 0.60% 0.50% 0.57% 0.44% 0.24% 1.62%<F3> 1.66%<F3>
Ratio of Net Income to
Average Net Assets 3.44%<F3> 2.33% 2.03% 2.36% 4.11% 5.60% 2.21%<F3> 1.38%<F3>
<FN>
<F1> Returns of less than one year are aggregate returns and not annualized.
<F2> From the commencement of offering Class B Shares.
<F3> Annualized.
<F4> A portion of the expenses were absorbed by the investment adviser, transfer agent, and distributor for the period April 1,
1989, through June 30, 1995.
</FN>
</TABLE>
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED)
NOTE 1 ACCOUNTING POLICIES
Composite Cash Management Company ("the Company") is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Company consists of taxable and tax-exempt
money market portfolios, each designed to meet different investment objectives.
The Company offers both Class A and Class B shares. Class B shares were
first offered May 2, 1994. The two classes of shares differ in their respective
sales charges, shareholder servicing fees, and distribution and service fees.
All shareholders bear common expenses of the Company pro rata, based on value of
settled shares outstanding, without distinction between share class. Dividends
are declared separately for each class. Neither class has preferential dividends
rights; differences in per share dividend rates are generally due to differences
in separate class expenses, including distribution expenses and shareholder
servicing fees.
Following is a summary of significant accounting policies, in conformity
with generally accepted accounting principles, which are consistently followed
by the Company in preparation of its financial statements.
a. Investment securities are valued at cost as adjusted for amortization of
premiums and discounts where applicable. The Board of Directors regularly and
routinely monitors amortized cost assigned to these securities to insure that
carrying value approximates market valuation.
b. The Company distributes its net interest income daily plus or minus any
realized gains or losses, if applicable. Net interest equals return on the
investment portfolio less expenses including management fees.
c. Interest income is determined on the basis of interest accrued and discounts
earned and is computed daily.
d. Security transactions are accounted for on trade date (execution date of the
order to buy or sell). The cost of investments sold is determined by use of
the specific identification method for both financial reporting and federal
income tax purposes.
e. The Company complies with requirements of the Internal Revenue Code
applicable to regulated investment companies and distributes its income and
realized capital gains so that no provision for federal income or excise tax
is required.
NOTE 2 TRANSACTIONS WITH AFFILIATES
AND RELATED PARTIES
The amounts of fees and expenses described below are shown on each
portfolio's statement of operations.
Management fees were paid by the Company to Composite Research & Management
Co., the investment adviser. Management fees are equal to an annual rate of .50%
of each fund's average daily net assets of the first $500 million; .45% on
average daily net assets of $500 million to $1 billion; and .40% on assets in
excess of $1 billion.
Under terms of the management agreement, the Adviser will reimburse the
Company should any portfolio's expenses (excluding taxes, interest, and
portfolio brokerage but including the management fee) exceed in any fiscal year
1.50% of the average daily net assets up to $30 million, and 1% of such net
assets over $30 million. No such reimbursement was required during the six-month
period ended June 30, 1995.
Directors' fees and expenses were paid directly to directors having no
affiliation with the Company other than in their capacity as directors. Other
officers and directors received no compensation from the Company.
Shareholder servicing fees were paid to Murphey Favre Securities Services,
Inc., the transfer and shareholder servicing agent, for services incidental to
issuance and transfer of shares, maintaining shareholder lists, and issuing and
mailing distributions and reports. The authorized monthly shareholder servicing
fees are $1.55 and $1.65 per Class A and Class B share account, respectively.
Distribution expenses were paid to Murphey Favre, Inc. (MFI), the principal
underwriter and distributor, in accordance with separate Distribution Plans for
Class A and Class B. The Company's Board of Directors adopted the Plans pursuant
to Rule 12b-1 of the Investment Company Act of 1940. The Class A Distribution
Plan provides that the Company will reimburse MFI up to 0.15% of the average
daily net assets attributable to Class A shares annually for a portion of its
expenses incurred in distributing the Company's Class A shares, including
payments to brokers. The Class B Distribution Plan provides that the Company
will pay MFI a distribution fee, equal to 0.75% annually, and a service fee of
0.25% of the Company's average daily net assets attributable to Class B shares.
Under terms of the distribution contracts, Murphey Favre, Inc. will
reimburse the Company should any portfolios expenses exceed the most stringent
applicable state blue sky limitation. No such reimbursement was required during
the six-month period ended June 30, 1995.
The investment adviser, transfer and shareholder servicing agent, and
principal underwriter and distributor, have jointly agreed to reimburse the
Tax-Exempt Portfolio for a portion of expenses incurred.
<TABLE>
NOTE 3 CAPITAL STOCK
At June 30, 1995, there were 10 billion shares of $.0001 par value capital stock
authorized. Transactions in capital stock were as follows:
<CAPTION>
MONEY MARKET PORTFOLIO
------------------------------------------------------
CLASS A CLASS B
-------------------------- ------------------------
SIX MONTHS YEAR SIX MONTHS MAY 2, 1994
ENDED ENDED ENDED TO
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 <F1>
------------ ------------- ----------- ------------
SHARES
<S> <C> <C> <C> <C>
Sold ................................ 226,987,370 379,040,156 90,130 15,876
Issued for reinvestment of
dividends and capital gains ........ 3,503,106 4,312,013 1,056 94
----------- ----------- --------- --------
230,490,476 383,352,169 91,186 15,970
Reacquired .......................... (215,145,487) (392,888,985) (17,760) (5,114)
----------- ----------- --------- --------
Net increase (decrease) ............. 15,344,989 (9,536,816) 73,426 10,856
=========== =========== ========= ========
</TABLE>
<TABLE>
<CAPTION>
TAX-EXEMPT PORTFOLIO
------------------------------------------------------
CLASS A CLASS B
-------------------------- ------------------------
SIX MONTHS YEAR SIX MONTHS MAY 2, 1994
ENDED ENDED ENDED TO
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 <F1>
------------ ------------- ----------- ------------
SHARES
<S> <C> <C> <C> <C>
Sold ................................ 25,841,023 66,210,778 -- 1,025
Issued for reinvestment of
dividends and capital gains ........ 699,341 795,317 5 8
----------- ----------- --------- --------
26,540,364 67,006,095 5 1,033
Reacquired .......................... (30,901,440) (67,907,359) -- (6)
----------- ----------- --------- --------
Net increase (decrease) ............. (4,361,076) (901,264) 5 1,027
=========== =========== ========= ========
<FN>
<F1> From the commencement of offering Class B shares.
</FN>
</TABLE>
<TABLE>
NOTE 4 SHAREHOLDER MEETING RESULTS
A special meeting of the Company shareholders was held March 21, 1995. Each
matter voted upon at the meeting, as well as the number of votes cast for,
against or withheld, and abstained, are set forth below:
1. The Company shareholders elected the following nine directors:
<CAPTION>
MONEY MARKET PORTFOLIO TAX-EXEMPT PORTFOLIO
------------------------- -------------------------
SHARES SHARES
SHARES WITHHOLDING SHARES WITHHOLDING
VOTED AUTHORITY VOTED AUTHORITY
"FOR" TO VOTE "FOR" TO VOTE
---------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Wayne L. Attwood, MD ........ 68,393,164 1,352,673 16,987,762 160,273
Kristianne Blake ............ 68,267,946 1,477,891 16,965,777 182,258
Anne V. Farrell ............. 68,217,079 1,528,758 16,960,831 187,204
Edwin J. McWilliams ......... 68,316,575 1,429,262 16,979,361 168,674
Michael K. Murphy ........... 68,446,264 1,299,573 16,955,243 192,792
William G. Papesh ........... 68,449,246 1,296,591 16,987,762 160,273
Jay Rockey .................. 68,452,595 1,293,242 16,965,943 182,092
Leland J. Sahlin ............ 68,160,009 1,585,828 16,986,227 161,808
Richard C. Yancey ........... 68,360,988 1,384,849 16,960,776 187,259
</TABLE>
<TABLE>
2. The Company shareholders ratified the selection by a majority of the
independent members of the Company Board of Directors of LeMaster & Daniels as
independent accountants for the Company for the current year, subject to
termination at any time without penalty.
<CAPTION>
SHARES SHARES
VOTED VOTED
"FOR" AGAINST ABSTAINED
---------- ------- ----------
<S> <C> <C> <C>
Money Market Portfolio .... 66,691,066 779,943 2,274,827
Tax-Exempt Portfolio ...... 16,899,200 40,184 208,650
</TABLE>
<TABLE>
3. The Company shareholders approved an increase in the allowable
maturities of securities to 397 days in both portfolios.
<CAPTION>
SHARES SHARES
VOTED VOTED
FOR AGAINST ABSTAINED
---------- --------- ---------
<S> <C> <C> <C>
Money Market Portfolio .... 57,471,052 2,169,266 6,440,447
Tax-Exempt Portfolio ...... 15,859,837 435,286 852,911
</TABLE>
A FAMILY OF
FUNDS TO MEET
MOST ANY NEED
MORE ABOUT THE COMPOSITE GROUP
A RANGE OF OPPORTUNITY
The Composite Group offers investors six other distinct portfolios whose
securities range from value-oriented common stocks to U.S. government, corporate
and municipal bonds. An investment in one or more of these portfolios allows you
to more closely match your objectives with sensible investment strategies.
COMPOSITE BOND & STOCK FUND
Composite Bond & Stock Fund is managed to provide the potential for steady
income from bonds and long-term growth of principal from stocks. Taking a
conservative approach to meeting these objectives, we place as much emphasis on
credit-quality as on yields in choosing bonds, and on fundamental values as on
the potential for appreciation in choosing stocks.
COMPOSITE GROWTH & INCOME FUND
Composite Growth & Income Fund has as its objective the long-term growth of
capital, with current income a secondary consideration. In pursuit of this
objective, the Fund invests principally in high-quality common stocks which, in
our opinion, are undervalued.
COMPOSITE NORTHWEST 50 FUND
Composite Northwest 50 Fund seeks to provide investment results that
closely correlate to the performance of the common stocks comprising the
Northwest 50 Index, which represents 50 companies located or doing business in
the Pacific Northwest (Washington, Oregon, Idaho, Montana and Alaska).
COMPOSITE U.S. GOVERNMENT SECURITIES, INC.
Composite U.S. Government Securities is designed and managed to provide a
high level of current income, consistent with safety and liquidity. The Fund
seeks to achieve this objective by investing in a careful selection of
obligations issued or backed by the full faith and credit of the United States
government and in repurchase agreements secured by these types of obligations.
Investors should understand that individual shares of the Fund are not
guaranteed by the U.S. government and share values will fluctuate.
COMPOSITE INCOME FUND
Composite Income Fund seeks to provide an attractive level of current
income primarily from investments in corporate bonds and mortgage-backed
securities. Securities with intermediate-term maturities and carefully selected
credit-quality characteristics provide the foundation for this investment
strategy.
COMPOSITE TAX-EXEMPT BOND FUND
Composite Tax-Exempt Bond Fund seeks to provide current income, free from
federal income tax. The Fund invests in high-quality municipal bonds which have
received one of the four highest ratings from Standard & Poor's Corporation or
Moody's Investor Service, Inc. In certain circumstances the alternative minimum
tax, as well as state and local taxes, may apply.
For more information on any of the Composite Group funds, including charges
and expenses, write or call for a free prospectus. Please read it carefully
before you invest or send money.
FOR FURTHER INFORMATION, PLEASE CONTACT:
FUND OFFICES
Composite Group of Funds
601 W. Main Avenue, Suite 801
Spokane, WA 99201-0613
Phone: (509) 353-3550
Toll free: (800) 543-8072
ADVISER
Composite Research & Management Co.
1201 Third Avenue, Suite 1220 Seattle, WA 98101-3015
DISTRIBUTOR
Murphey Favre, Inc.
1201 Third Avenue, Suite 780 Seattle, WA 98101-3015
CUSTODIAN
Investors Fiduciary Trust Company
127 W. 10th Street Kansas City, MO 64105-1716
INDEPENDENT PUBLIC ACCOUNTANTS
LeMaster & Daniels
601 W. Riverside Avenue, Suite 800 Spokane, WA 99201-0614
COUNSEL
Paine, Hamblen, Coffin, Brooke & Miller
717 W. Sprague Avenue, Suite 1200 Spokane, WA 99204-0464
OFFICERS
PRESIDENT
William G. Papesh
EXECUTIVE VICE PRESIDENT
Kerry K. Killinger
VICE PRESIDENTS
Gene G. Branson
Douglas D. Springer
VICE PRESIDENT & TREASURER
Monte D. Calvin
SECRETARY
John T. West
BOARD OF DIRECTORS
CHAIRMAN
Leland J. Sahlin
MEMBERS
Wayne L. Attwood, M.D.
Kristianne Blake
Anne V. Farrell
Edwin J. McWilliams
Michael K. Murphy
William G. Papesh
Jay Rockey
Richard C. Yancey
This report is submitted for the general information of
shareholders of the Fund. For more detailed information
about the Fund, its officers and directors, fees, expenses
and other pertinent information, please see the prospectus
of the Fund. This report is not authorized for distribution
to prospective investors in the Fund unless preceded or
accompanied by an effective prospectus.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL IFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMIANNUAL REPORT AND FORM N-SAR WHICH ARE ON FILE WITH THE SECURITIES
AND EXCHANGE COMMISSION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
DOCUMENTS.
</LEGEND>
<CIK> 0000312346
<NAME> COMPOSITE CASH MANAGEMENT COMPANY
<SERIES>
<NUMBER> 011
<NAME> MONEY MARKET PORTFOLIO - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 142,201,653
<INVESTMENTS-AT-VALUE> 142,201,653
<RECEIVABLES> 1,043,180
<ASSETS-OTHER> 232,453
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,477,286
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,397,430
<TOTAL-LIABILITIES> 2,397,430
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,079,856
<SHARES-COMMON-STOCK> 140,995,574
<SHARES-COMMON-PRIOR> 125,650,585
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 140,995,574
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,212,269
<OTHER-INCOME> 0
<EXPENSES-NET> (674,034)
<NET-INVESTMENT-INCOME> 3,538,235
<REALIZED-GAINS-CURRENT> 5,982
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,544,217
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,537,163)
<DISTRIBUTIONS-OF-GAINS> (5,978)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 226,987,370
<NUMBER-OF-SHARES-REDEEMED> (215,145,487)
<SHARES-REINVESTED> 3,503,106
<NET-CHANGE-IN-ASSETS> 15,418,415
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 337,509
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 674,034
<AVERAGE-NET-ASSETS> 136,148,780
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .026
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.026)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL IFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMIANNUAL REPORT AND FORM N-SAR WHICH ARE ON FILE WITH THE SECURITIES
AND EXCHANGE COMMISSION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
DOCUMENTS.
</LEGEND>
<CIK> 0000312346
<NAME> COMPOSITE CASH MANAGEMENT COMPANY
<SERIES>
<NUMBER> 012
<NAME> MONEY MARKET PORTFOLIO - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 142,201,653
<INVESTMENTS-AT-VALUE> 142,201,653
<RECEIVABLES> 1,043,180
<ASSETS-OTHER> 232,453
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,477,286
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,397,430
<TOTAL-LIABILITIES> 2,397,430
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,079,856
<SHARES-COMMON-STOCK> 84,282
<SHARES-COMMON-PRIOR> 10,856
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 84,282
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,212,269
<OTHER-INCOME> 0
<EXPENSES-NET> (674,034)
<NET-INVESTMENT-INCOME> 3,538,235
<REALIZED-GAINS-CURRENT> 5,982
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,544,217
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,072)
<DISTRIBUTIONS-OF-GAINS> (4)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90,130
<NUMBER-OF-SHARES-REDEEMED> (17,760)
<SHARES-REINVESTED> 1,056
<NET-CHANGE-IN-ASSETS> 15,418,415
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 337,509
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 674,034
<AVERAGE-NET-ASSETS> 136,148,780
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .021
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.021)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL IFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMIANNUAL REPORT AND FORM N-SAR WHICH ARE ON FILE WITH THE SECURITIES
AND EXCHANGE COMMISSION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
DOCUMENTS.
</LEGEND>
<CIK> 0000312346
<NAME> COMPOSITE CASH MANAGEMENT COMPANY
<SERIES>
<NUMBER> 021
<NAME> TAX-EXEMPT PORTFOLIO - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 29,417,746
<INVESTMENTS-AT-VALUE> 29,417,746
<RECEIVABLES> 1,438,269
<ASSETS-OTHER> 176,969
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,032,984
<PAYABLE-FOR-SECURITIES> 1,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 780,912
<TOTAL-LIABILITIES> 1,780,912
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,252,072
<SHARES-COMMON-STOCK> 29,251,039
<SHARES-COMMON-PRIOR> 33,612,116
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 29,251,039
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 630,635
<OTHER-INCOME> 0
<EXPENSES-NET> (93,556)
<NET-INVESTMENT-INCOME> 537,079
<REALIZED-GAINS-CURRENT> 165,507
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 702,586
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (537,067)
<DISTRIBUTIONS-OF-GAINS> (165,502)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,841,023
<NUMBER-OF-SHARES-REDEEMED> (30,901,440)
<SHARES-REINVESTED> 699,341
<NET-CHANGE-IN-ASSETS> (4,361,071)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77,095
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 129,111
<AVERAGE-NET-ASSETS> 31,441,493
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .017
<PER-SHARE-GAIN-APPREC> .005
<PER-SHARE-DIVIDEND> (.017)
<PER-SHARE-DISTRIBUTIONS> (.005)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL IFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMIANNUAL REPORT AND FORM N-SAR WHICH ARE ON FILE WITH THE SECURITIES
AND EXCHANGE COMMISSION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
DOCUMENTS.
</LEGEND>
<CIK> 0000312346
<NAME> COMPOSITE CASH MANAGEMENT COMPANY
<SERIES>
<NUMBER> 022
<NAME> TAX-EXEMPT PORTFOLIO - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 29,417,746
<INVESTMENTS-AT-VALUE> 29,417,746
<RECEIVABLES> 1,438,269
<ASSETS-OTHER> 176,969
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,032,984
<PAYABLE-FOR-SECURITIES> 1,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 780,912
<TOTAL-LIABILITIES> 1,780,912
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,252,072
<SHARES-COMMON-STOCK> 1,033
<SHARES-COMMON-PRIOR> 1,027
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,033
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 630,635
<OTHER-INCOME> 0
<EXPENSES-NET> (93,556)
<NET-INVESTMENT-INCOME> 537,079
<REALIZED-GAINS-CURRENT> 165,507
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 702,586
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12)
<DISTRIBUTIONS-OF-GAINS> (5)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> (4,361,071)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77,095
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 129,111
<AVERAGE-NET-ASSETS> 31,441,493
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .012
<PER-SHARE-GAIN-APPREC> .005
<PER-SHARE-DIVIDEND> (.012)
<PER-SHARE-DISTRIBUTIONS> (.005)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
