A compound archery bow includes a handle having projecting limbs, and first and second pulleys mounted on the limbs for rotation around respective axes. First and second cable anchors are disposed on the base adjacent to respective ends of a cable groove. A bow cable arrangement includes a bowstring cable extending from a bowstring anchor on the first pulley around a bowstring let-out groove and then toward the second pulley. A first cable extends from the first anchor on the first pulley through a portion of the cable groove on the first pulley and then toward the second pulley. A second cable extends from the second anchor toward the second pulley. Draw of the bowstring cable way from the bow handle lets out bowstring cable from the bowstring let-out groove on the first pulley and rotates the first pulley around its axis, lets out the first cable from the cable groove on the first pulley and takes up the second cable into the cable groove on the first pulley including a portion of such groove previously occupied by the first cable. The first pulley includes a hub surrounding the first axis and a removable draw module having an edge extending from the hub toward said second anchor. The cable groove extends along the edge of the draw module and the hub between the first and second anchors.