semi annual report westcore funds are managed by denver investment advisors llc november 30 2003 equity midco growth fund select international frontier blue chip mid cap opportunity small bond flexible income plus colorado tax exempt 11 800 392 core 2673 h18546 www comsemi unaudited table of contents shareholder letter 2 average total returns 6 morningstar ratings and lipper leaders 9 important disclaimers 12 manager s overview 16 20 24 28 32 36 40 44 48 52 financial statements 58 investments assets liabilities 104 operations 108 changes in net 112 highlights 122 notes to 142 231
