diff --git a/DESCRIPTION b/DESCRIPTION
index 7948818..a6b55d2 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,6 +1,6 @@
 Package: portvine
 Title: Vine Based (Un)Conditional Portfolio Risk Measure Estimation
-Version: 1.0.2
+Version: 1.0.3
 Authors@R: 
     person("Emanuel", "Sommer", , "emanuel_sommer@gmx.de", role = c("cre", "aut"))
 Description: Following Sommer (2022) <https://mediatum.ub.tum.de/1658240>
diff --git a/NEWS.md b/NEWS.md
index d6b0b87..16bfc21 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,3 +1,7 @@
+# portvine 1.0.3 
+
+Current Development Version
+
 # portvine 1.0.2
 
 - Bugfix: Set the `shape` parameter for the inverse PIT transformation of the copula scale residuals and do not use the default.