EXHIBIT 11

                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS



We hereby  consent to the  incorporation  by reference  into the  Prospectus and
Statement of Additional  Information in  Post-Effective  Amendment No. 13 to the
Registration  Statement on Form N-1A of Composite Deferred Series,  Inc., of our
report  dated  January 19,  1996,  on the  financial  statements  and  financial
highlights  included in the December 31, 1995 Annual Report to  Shareholders  of
Composite Deferred Series,  Inc. We further consent to the reference to our Firm
under the headings  "Financial  Highlights" in the  Prospectus and  "Independent
Public Accountants" in the Statement of Additional Information.

/s/  LeMaster & Daniels, PLLC
LeMaster &  Daniels, PLLC
Spokane, Washington
January 19, 1996

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                                   EXHIBIT 11

                     INDEPENDENT PUBLIC ACCOUNTANTS' REPORT

TO THE BOARD OF DIRECTORS AND SHAREHOLDER
COMPOSITE DEFERRED SERIES, INC.

We have audited the accompanying statements of assets and liabilities, including
the investment  portfolios,  of Composite  Deferred  Series,  Inc.  (comprising,
respectively,  the Growth, Northwest, Income, and Money Market Portfolios) as of
December 31, 1995,  and the related  statements of operations  for the year then
ended,  and the statements of changes in net assets for the years ended December
31, 1995 and 1994. For the Growth, Income, and Money Market Portfolios,  we have
audited the financial  highlights for each of the five years in the period ended
December 31, 1995.  For the Northwest  Portfolio,  we have audited the financial
highlights  for the years  ended  December  31,  1995,  1994,  and  1993.  These
financial  statements  and financial  highlights are the  responsibility  of the
Funds'  management.  Our  responsibility  is to  express  an  opinion  on  these
financial statements and financial highlights based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards. Those standarads require that we plan and perform the audit to obtian
reasonable  assurance  about  whether the  financial  statements  and  financial
highlights are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  Our procedures included confirming  securities owned as of December
31, 1995, by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management,  as
well as evaluating the overall financial statement presentation.  We believe our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements and the financial highlights referred
to above present fairly,  in all material  respects,  the financial  position of
each of the respective portfolios  constituting Composite Deferred Series, Inc.,
as of December 31,  1995,  and the results of their  operations,  the changes in
their net assets, and their financial highlights for the above stated periods in
conformity with generally accepted accounting principles.

/s/ LeMaster & Daniels, PLLC
Certified Public Accountants

Spokane, Washington
January 19, 1996