<PAGE> PAGE 1
000 B000000 12/31/99
000 C000000 0000808421
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 COMPOSITE DEFERRED SERIES, INC.
001 B000000 811-4962
001 C000000 2064618622
002 A000000 1201 3RD AVENUE SUITE 2210
002 B000000 SEATTLE
002 C000000 WA
002 D010000 98101
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 GROWTH & INCOME PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 INCOME PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 NORTHWEST PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 WM ADVISORS, INC.
008 B00AA01 A
008 C00AA01 801-4855
008 D01AA01 SEATTLE
008 D02AA01 WA
008 D03AA01 98101
011 A00AA01 WM FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-50200
011 C01AA01 SEATTLE
011 C02AA01 WA
011 C03AA01 98101
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 SAN FRANCISCO
<PAGE> PAGE 2
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2230
014 A00AA01 WM FINANCIAL SERVICES, INC
014 B00AA01 8-3641
015 A00AA01 MELLON BANK
015 B00AA01 C
015 C01AA01 MEDFORD
015 C02AA01 MA
015 C03AA01 02155
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 41
019 C00AA00 WMGRPFUNDS
020 A000001 AUTRANET/PERSHING
020 B000001 13-2961507
020 C000001 25
020 A000002 BRIDGE TRADING CO.
020 B000002 43-1034850
020 C000002 14
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 6
020 A000004 BEAR STEARNS
020 B000004 13-2625874
020 C000004 5
020 A000005 BERNSTEIN (SANFORD C) & CO. INC.
020 B000005 13-2625874
020 C000005 3
020 A000006 KEEFE, BRUYETTE & WOODS, INC.
020 B000006 13-1964616
020 C000006 2
020 A000007 SALOMON SMITH BARNEY
020 C000007 2
020 A000008 DLJ
020 B000008 13-2741729
020 C000008 2
020 A000009 MORGAN STANLEY
020 B000009 13-2655998
020 C000009 2
020 A000010 RAGEN MCKENZIE
020 B000010 91-1374280
020 C000010 2
021 000000 65
022 A000001 FIRST BOSTON
022 B000001 13-5659485
022 C000001 223714
022 D000001 0
022 A000002 CREDIT SUISSE FIRST BOSTON
022 C000002 125176
<PAGE> PAGE 3
022 D000002 67
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 20344
022 D000003 183
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
022 C000004 933
022 D000004 4076
022 A000005 RAGAN MACKENZIE
022 B000005 91-1374280
022 C000005 251
022 D000005 2055
022 A000006 BLACK & CO.
022 C000006 936
022 D000006 727
022 A000007 JEFFRIES & COMPANY
022 B000007 95-2622900
022 C000007 0
022 D000007 1191
022 A000008 BEAR STEARNS
022 B000008 13-4946705
022 C000008 329
022 D000008 736
022 A000009 SALOMON SMITH BARNEY
022 C000009 209
022 D000009 767
022 A000010 COWEN & COMPANY
022 B000010 13-5616116
022 C000010 423
022 D000010 538
023 C000000 373893
023 D000000 11365
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
<PAGE> PAGE 4
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.500
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
<PAGE> PAGE 5
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 Y
058 B00AA00 Y
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 7000
081 A00AA00 Y
081 B00AA00 41
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
<PAGE> PAGE 6
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
024 000100 Y
025 A000101 MERRILL LYNCH
025 B000101 13-5674085
025 C000101 E
025 D000101 317
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 81
028 A020100 0
028 A030100 0
028 A040100 763
028 B010100 66
028 B020100 0
028 B030100 0
028 B040100 438
028 C010100 38
028 C020100 0
028 C030100 0
028 C040100 519
028 D010100 87
028 D020100 96
028 D030100 0
028 D040100 566
028 E010100 22
028 E020100 0
028 E030100 0
028 E040100 616
028 F010100 209
028 F020100 67
028 F030100 0
028 F040100 1665
028 G010100 503
028 G020100 163
028 G030100 0
028 G040100 4567
028 H000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
<PAGE> PAGE 7
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
<PAGE> PAGE 8
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 24894
071 B000100 34053
071 C000100 53204
071 D000100 47
072 A000100 12
072 B000100 56
072 C000100 694
072 D000100 0
072 E000100 0
072 F000100 266
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 7
072 K000100 0
072 L000100 13
072 M000100 4
072 N000100 4
072 O000100 0
072 P000100 0
072 Q000100 22
072 R000100 20
072 S000100 3
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 5
072 X000100 344
072 Y000100 0
072 Z000100 406
072AA000100 8629
072BB000100 0
072CC010100 0
072CC020100 1366
072DD010100 404
072DD020100 0
072EE000100 4726
073 A010100 0.2300
073 A020100 0.0000
073 B000100 2.7400
073 C000100 0.0000
074 A000100 814
<PAGE> PAGE 9
074 B000100 0
074 C000100 0
074 D000100 607
074 E000100 469
074 F000100 50997
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 52
074 M000100 2
074 N000100 52941
074 O000100 0
074 P000100 22
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 28
074 S000100 0
074 T000100 52891
074 U010100 1717
074 U020100 0
074 V010100 30.80
074 V020100 0.00
074 W000100 0.0000
074 X000100 1466
074 Y000100 0
075 A000100 0
075 B000100 53204
076 000100 0.00
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 1
028 A020200 79
028 A030200 0
028 A040200 223
028 B010200 2
028 B020200 81
028 B030200 0
028 B040200 210
028 C010200 14
028 C020200 76
<PAGE> PAGE 10
028 C030200 0
028 C040200 185
028 D010200 19
028 D020200 73
028 D030200 0
028 D040200 194
028 E010200 3
028 E020200 75
028 E030200 0
028 E040200 192
028 F010200 8
028 F020200 76
028 F030200 0
028 F040200 395
028 G010200 47
028 G020200 460
028 G030200 0
028 G040200 1399
028 H000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 55.2
062 N000200 12.3
062 O000200 0.0
062 P000200 29.4
062 Q000200 1.1
062 R000200 1.0
063 A000200 0
063 B000200 12.9
064 A000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
<PAGE> PAGE 11
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 84
071 B000200 2332
071 C000200 14510
071 D000200 1
072 A000200 12
072 B000200 1050
072 C000200 14
072 D000200 0
072 E000200 0
072 F000200 75
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 1
072 K000200 0
072 L000200 3
072 M000200 1
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 6
<PAGE> PAGE 12
072 R000200 26
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 3
072 X000200 116
072 Y000200 0
072 Z000200 948
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 1531
072DD010200 948
072DD020200 0
072EE000200 0
073 A010200 0.7875
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 13046
074 E000200 135
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 263
074 M000200 2
074 N000200 13446
074 O000200 0
074 P000200 6
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 124
074 S000200 0
074 T000200 13316
074 U010200 1139
074 U020200 0
074 V010200 11.69
074 V020200 0.00
074 W000200 0.0000
074 X000200 758
074 Y000200 0
075 A000200 0
<PAGE> PAGE 13
075 B000200 14958
076 000200 0.00
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 38
028 A020300 0
028 A030300 0
028 A040300 106
028 B010300 24
028 B020300 0
028 B030300 0
028 B040300 137
028 C010300 18
028 C020300 4
028 C030300 0
028 C040300 406
028 D010300 19
028 D020300 0
028 D030300 0
028 D040300 221
028 E010300 125
028 E020300 0
028 E030300 0
028 E040300 482
028 F010300 23
028 F020300 12
028 F030300 0
028 F040300 337
028 G010300 247
028 G020300 16
028 G030300 0
028 G040300 1689
028 H000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
<PAGE> PAGE 14
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
<PAGE> PAGE 15
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 9099
071 B000300 11249
071 C000300 21180
071 D000300 43
072 A000300 12
072 B000300 28
072 C000300 171
072 D000300 0
072 E000300 0
072 F000300 109
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 5
072 K000300 0
072 L000300 5
072 M000300 1
072 N000300 2
072 O000300 0
072 P000300 0
072 Q000300 9
072 R000300 24
072 S000300 1
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 158
072 Y000300 0
072 Z000300 41
072AA000300 3520
072BB000300 0
072CC010300 4489
072CC020300 0
072DD010300 42
072DD020300 0
072EE000300 3368
073 A010300 0.0524
073 A020300 0.0000
073 B000300 4.4542
073 C000300 0.0000
074 A000300 286
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
<PAGE> PAGE 16
074 F000300 25152
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 20
074 M000300 1
074 N000300 25459
074 O000300 0
074 P000300 10
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 23
074 S000300 0
074 T000300 25426
074 U010300 800
074 U020300 0
074 V010300 31.79
074 V020300 0.00
074 W000300 0.0000
074 X000300 758
074 Y000300 0
075 A000300 0
075 B000300 21704
076 000300 0.00
SIGNATURE JOHN WEST
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> Composite Deferred G & I Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 37,139,692
<INVESTMENTS-AT-VALUE> 52,072,536
<RECEIVABLES> 51,944
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 816,258
<TOTAL-ASSETS> 52,940,738
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,949
<TOTAL-LIABILITIES> 49,949
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,331,183
<SHARES-COMMON-STOCK> 1,717,219
<SHARES-COMMON-PRIOR> 1,844,627
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,626,762
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,932,844
<NET-ASSETS> 52,890,789
<DIVIDEND-INCOME> 694,101
<INTEREST-INCOME> 55,763
<OTHER-INCOME> 0
<EXPENSES-NET> 344,150
<NET-INVESTMENT-INCOME> 405,714
<REALIZED-GAINS-CURRENT> 8,629,131
<APPREC-INCREASE-CURRENT> (1,366,142)
<NET-CHANGE-FROM-OPS> 7,668,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (404,236)
<DISTRIBUTIONS-OF-GAINS> (4,725,737)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,158
<NUMBER-OF-SHARES-REDEEMED> (358,684)
<SHARES-REINVESTED> 186,118
<NET-CHANGE-IN-ASSETS> (1,559,903)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,721,890
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 266,020
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344,550
<AVERAGE-NET-ASSETS> 53,203,944
<PER-SHARE-NAV-BEGIN> 29.52
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 4.02
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> (2.74)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 30.80
<EXPENSE-RATIO> 0.65
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> Composite Deferred Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 13,439,543
<INVESTMENTS-AT-VALUE> 13,181,459
<RECEIVABLES> 263,334
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,231
<TOTAL-ASSETS> 13,446,024
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 130,386
<TOTAL-LIABILITIES> 130,386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,598,170
<SHARES-COMMON-STOCK> 1,139,055
<SHARES-COMMON-PRIOR> 1,438,071
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (24,448)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (258,084)
<NET-ASSETS> 13,315,638
<DIVIDEND-INCOME> 13,687
<INTEREST-INCOME> 1,050,365
<OTHER-INCOME> 0
<EXPENSES-NET> 116,037
<NET-INVESTMENT-INCOME> 948,015
<REALIZED-GAINS-CURRENT> 34,627
<APPREC-INCREASE-CURRENT> (1,531,464)
<NET-CHANGE-FROM-OPS> (548,822)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (948,015)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,108
<NUMBER-OF-SHARES-REDEEMED> (391,389)
<SHARES-REINVESTED> 77,265
<NET-CHANGE-IN-ASSETS> (5,243,972)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (65,208)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 74,792
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 116,099
<AVERAGE-NET-ASSETS> 14,958,322
<PER-SHARE-NAV-BEGIN> 12.91
<PER-SHARE-NII> 0.79
<PER-SHARE-GAIN-APPREC> (1.22)
<PER-SHARE-DIVIDEND> (0.79)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.69
<EXPENSE-RATIO> 0.78
[ARTICLE] 6
[SERIES]
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> Composite Deferred NW Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 14,109,998
<INVESTMENTS-AT-VALUE> 25,151,713
<RECEIVABLES> 20,651
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 286,466
<TOTAL-ASSETS> 25,458,830
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,944
<TOTAL-LIABILITIES> 32,944
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,141,315
<SHARES-COMMON-STOCK> 799,713
<SHARES-COMMON-PRIOR> 783,847
<ACCUMULATED-NII-CURRENT> 6,752
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,236,104
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,041,715
<NET-ASSETS> 25,425,886
<DIVIDEND-INCOME> 170,960
<INTEREST-INCOME> 28,157
<OTHER-INCOME> 0
<EXPENSES-NET> 157,832
<NET-INVESTMENT-INCOME> 41,285
<REALIZED-GAINS-CURRENT> 3,519,936
<APPREC-INCREASE-CURRENT> 4,489,301
<NET-CHANGE-FROM-OPS> 8,050,522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (41,503)
<DISTRIBUTIONS-OF-GAINS> (3,367,742)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,797
<NUMBER-OF-SHARES-REDEEMED> (160,719)
<SHARES-REINVESTED> 154,788
<NET-CHANGE-IN-ASSETS> 4,432,805
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,090,880
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 108,520
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 158,043
<AVERAGE-NET-ASSETS> 21,704,026
<PER-SHARE-NAV-BEGIN> 26.78
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 9.46
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (4.45)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 31.79
<EXPENSE-RATIO> 0.73
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of Composite Deferred Series, Inc.:
In planning and performing our audit of the financial statements of
Composite Deferred Series, Inc. (the "Fund") (including the Growth and
Income Portfolio, Northwest Portfolio and Income Portfolio) for the year
ended December 31, 1999 (on which we have issued our report dated
February 23, 2000), we considered its internal control, including control
activities 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, and not
to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in any internal control, misstatements due
to error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in
conditions or that the degree of compliance with policies or procedures
deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control 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 one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud 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 Fund's
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of December 31, 1999.
This report is intended solely for the information and use of
management, the Board of Directors of Composite Deferred Series, Inc.
and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
DELOITTE & TOUCHE LLP
San Francisco, California
February 23, 2000
