A composite composition and a method of making such a composite that is composed of a matrix material and dispersed reinforcement nanotubes that are substantially aligned along at least one specified direction or axis. Also a method for making a continuous fiber-reinforced composite object by combining a reinforcement fiber tow with a solidifying matrix material to form a pre-impregnated tow or towpreg, providing a dispensing head capable of dispensing the towpreg onto a base member positioned a distance from this head with the head and base member being driven by motion devices electronically connected to a motion controller regulated by a computer, and operating and moving the head relative to the base member to dispense multiple layers of towpreg in accordance with a CAD-generated deposition path along which the dispensing head can be allowed to trace out individual layers by following a selected algorithm so that the number of path interruptions at which the towpreg must be tentatively cut off from the dispensing head is minimized.