2003 Annual Report

	New Era PRC Fund (02301)

Table of Contents Manager's Report Performance Table Investment Portfolio Investment Portfolio Statement of Movements in Portfolio Holdings Statement of Movements in Portfolio Holdings (continued) Statement of Operations Statement of Assets and Liabilities Statement of Movements in Capital Account Cash Flow Statement Cash Flow Statement (continued) Notes to the Financial Statements Notes to the Financial Statements (continued) Notes to the Financial Statements (continued) Notes to the Financial Statements (continued) Notes to the Financial Statements (continued) Report of the Trustee Report of the Auditors Administration and Management