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011 A00AA01 COMPOSITE FUNDS DISTRIBUTOR, INC.
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011 C01AA01 SPOKANE
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011 C04AA01 0613
012 A00AA01 MURPHEY FAVRE SECURITIES SERVICES, INC.
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<PAGE>
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SIGNATURE JOHN T. WEST
TITLE SECRETARY
Board of Directors
Composite Cash Management Company
In planning and performing our audit of the financial statements of Composite
Cash Management Company for the year ended December 31, 1997, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of Composite Cash Management Company is responsible for esta-
blishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/LeMaster & Daniels PLLC
Spokane, Washington
January 20, 1999
SHAREHOLDER MEETING RESULTS
A special meeting of each Portfolios' shareholders was held on December 23,
1997. 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 shareholders of each Portfolio were asked to approve the reorganization
of the Fund as a Massachusetts Business Trust. Sufficient votes were not
received at the time of the meeting so a shareholder meeting has been
rescheduled for February 20, 1998:
SHARES SHARES
VOTED VOTED
"FOR" "AGAINST" ABSTAINED
----------- --------- ---------
Money Market Portfolio.................. 132,367,550 7,622,655 9,582,375
Tax-Exempt Portfolio................... 16,640,238 784,662 2,101,368
2. The shareholders of each Portfolio elected the following thirteen directors:
<TABLE>
<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>
David E. Anderson............................. 182,968,051 7,178,551 19,092,490 1,363,988
Wayne L. Attwood, MD.......................... 183,118,090 7,028,512 19,138,327 1,318,151
Arthur H. Bernstein........................... 182,968,051 7,178,551 19,092,490 1,363,988
Kristianne Blake.............................. 183,174,242 6,972,360 19,138,327 1,318,151
Edmond R. Davis............................... 182,955,594 7,191,008 19,092,490 1,363,988
John W. English............................... 183,015,833 7,130,769 19,092,490 1,363,988
Anne V. Farrell............................... 183,176,290 6,970,311 19,138,327 1,318,151
Michael K. Murphy............................. 183,164,572 6,982,030 19,138,327 1,318,151
Alfred E. Osborne, Jr. ....................... 183,075,301 7,071,301 19,092,490 1,363,988
William G. Papesh............................. 183,170,823 6,975,779 19,138,327 1,318,151
Daniel Pavelich............................... 183,171,851 6,974,751 19,138,327 1,318,151
Jay Rockey.................................... 183,110,003 7,036,599 19,138,327 1,318,151
Richard C. Yancey............................. 183,118,333 7,028,269 19,138,327 1,318,151
</TABLE>
3. The shareholders of each Portfolio approved an amended Investment Manager
Agreement:
SHARES SHARES
VOTED VOTED
"FOR" "AGAINST" ABSTAINED
----------- --------- ----------
Money Market Portfolio............... 170,737,853 7,978,046 11,430,703
Tax-Exempt Portfolio................. 17,190,660 1,047,043 2,218,775
4. The shareholders of each Portfolio were asked to approve an amended
Distribution Plan of the Fund for its Class A shares. Sufficient votes were
not received at the time of the meeting and a shareholder meeting has been
rescheduled for February 20, 1998:
SHARES SHARES
VOTED VOTED
"FOR" "AGAINST" ABSTAINED
----------- --------- ----------
Money Market - Class A............... 169,147,297 8,581,224 12,289,983
Money Market - Class B............... 122,765 - 5,333
Tax-Exempt - Class A................. 17,057,981 947,856 2,439,114
Tax-Exempt - Class B................. 1,030 - 104,964
5. The shareholders of each Portfolio approved certain amendments to its
existing fundamental investment restrictions allowing each Fund to invest in
the following types of securities:
SHARES SHARES
VOTED VOTED
"FOR" "AGAINST" ABSTAINED
MONEY MARKET PORTFOLIO ----------- --------- ----------
Rule 144A Securities................... 128,333,929 8,834,235 12,404,418
Asset-Backed Securities and
Non-Financial Institution Securities. 127,879,566 9,406,531 12,278,480
SHARES SHARES
VOTED VOTED
TAX-EXEMPT PORTFOLIO "FOR" "AGAINST" ABSTAINED
----------- --------- ----------
Rule 144A Securities................... 16,161,187 991,123 2,304,568
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION 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
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<NAME> Money Market Portfolio Class A
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<GROSS-EXPENSE> 2,033,858
<AVERAGE-NET-ASSETS> 255,305,463
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION 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> 12-mos
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 261,394,706
<INVESTMENTS-AT-VALUE> 261,394,706
<RECEIVABLES> 2,775,043
<ASSETS-OTHER> 321,833
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 264,491,582
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,143,472
<TOTAL-LIABILITIES> 3,143,472
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 261,348,110
<SHARES-COMMON-STOCK> 470,612
<SHARES-COMMON-PRIOR> 116,949
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 261,348,110
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,420,370
<OTHER-INCOME> 0
<EXPENSES-NET> (1,835,426)
<NET-INVESTMENT-INCOME> 12,584,944
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,584,944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,706,992)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 916,714
<NUMBER-OF-SHARES-REDEEMED> (572,076)
<SHARES-REINVESTED> 9,036
<NET-CHANGE-IN-ASSETS> 31,875,853
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,148,906
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,033,858
<AVERAGE-NET-ASSETS> 255,305,463
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION 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> 12-mos
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 32,767,685
<INVESTMENTS-AT-VALUE> 32,767,685
<RECEIVABLES> 352,741
<ASSETS-OTHER> 113,543
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,233,969
<PAYABLE-FOR-SECURITIES> 961,483
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 126,216
<TOTAL-LIABILITIES> 1,087,699
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,146,270
<SHARES-COMMON-STOCK> 32,134,470
<SHARES-COMMON-PRIOR> 31,973,937
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 32,146,270
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,186,528
<OTHER-INCOME> 0
<EXPENSES-NET> (177,125)
<NET-INVESTMENT-INCOME> 1,009,403
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,009,403
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,009,190)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 55,194,481
<NUMBER-OF-SHARES-REDEEMED> (56,037,166)
<SHARES-REINVESTED> 1,003,218
<NET-CHANGE-IN-ASSETS> 170,128
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 143,965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 222,432
<AVERAGE-NET-ASSETS> 32,189,455
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION 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> 12-mos
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 32,767,685
<INVESTMENTS-AT-VALUE> 32,767,685
<RECEIVABLES> 352,741
<ASSETS-OTHER> 113,543
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,233,969
<PAYABLE-FOR-SECURITIES> 961,483
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 126,216
<TOTAL-LIABILITIES> 1,087,699
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,146,270
<SHARES-COMMON-STOCK> 11,800
<SHARES-COMMON-PRIOR> 2,205
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 32,146,270
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,186,528
<OTHER-INCOME> 0
<EXPENSES-NET> (177,125)
<NET-INVESTMENT-INCOME> 1,009,403
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,009,403
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (946,927)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,980
<NUMBER-OF-SHARES-REDEEMED> (3,573)
<SHARES-REINVESTED> 188
<NET-CHANGE-IN-ASSETS> 170,128
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 143,965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 222,432
<AVERAGE-NET-ASSETS> 32,189,455
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
