Supplement dated August 1, 1995
                         To the following prospectuses

                          COMPOSITE BOND & STOCK FUND
                         COMPOSITE GROWTH & INCOME FUND
                          COMPOSITE NORTHWEST 50 FUND
                         February 28, 1995, Prospectus


                   COMPOSITE U.S. GOVERNMENT SECURITIES, INC.
                             COMPOSITE INCOME FUND
                         COMPOSITE TAX-EXEMPT BOND FUND
                            May 1, 1995, Prospectus


                        COMPOSITE DEFERRED SERIES, INC.
                         February 15, 1995, Prospectus


                    Craig S. Hobbs  retired  as  president  of
                    Composite     Research   and    Management 
                    Company  effective   August 1, 1995.   Any
                    references to Mr. Hobbs should be deleted.
                    William G. Papesh  was appointed president
                    effective August 1, 1995.



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