diff --git a/NEWS b/NEWS
index 8af0ab7a..5869ea41 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,101 @@
+0MQ version 3.2.0 (RC1), released on 2012/06/05
+===============================================
+
+Bug fixes
+---------
+
+* Fixed issue 264 - Potential bug with linger, messages dropped during
+  socket close.
+
+* Fixed issue 293 - libzmq doesn't follow the ZMTP/1.0 spec (did not
+  set reserved bits to 0).
+
+* Fixed issue 303 - Assertion failure in pgm_sender.cpp:102.
+
+* Fixed issue 320 - Assertion failure in connect_session.cpp:96 when
+  connecting epgm to an invalid endpoint.
+
+* Fixed issue 325 - Assertion failure in xrep.cpp:93, when two sockets
+  connect using the same identity.
+
+* Fixed issue 327 - Assertion failure in mtrie.cpp:246, when
+  unsubscribing from channel.
+
+* Fixed issue 346 - Assertion failure in signaler.cpp:155, when using a
+  closed socket.
+
+* Fixed issue 328 - unsubscribe wrongly clears multiple subscriptions.
+
+* Fixed issue 330 - IPC listener does not remove unix domain stream file
+  when terminated.
+
+* Fixed issue 334 - Memory leak in session_base.cpp:59.
+
+* Fixed issue 369 - ROUTER cannot close/reopen while DEALER connected.
+
+Operating systems
+-----------------
+
+* Fixed issue 301 - HPUX 11iv2 - build fails, CLOCK_MONOTONIC
+  undefined.
+
+* Fixed issue 324 - OS/X - build fails, ECANTROUTE undefined.
+
+* Fixed issue 368 - Solaris / Sun C++ - build fails, no insert method
+  in multimap classes.
+
+* Fixed issue 366 - Windows - ports not freed after crash.
+
+* Fixed issue 355 - Windows - build fails, MSVC solution file is out of
+  date.
+
+* Fixed issue 331 - FreeBSD 8 and 9 - getaddrinfo fails with
+  EAI_BADFLAGS on AI_V4MAPPED flag.
+
+* Fixed issue xxx - Added support for WinCE.
+
+Performance
+-----------
+
+* Fixed issue xxx - Implemented atomic operations for ARMv7a (runs 15-20% faster).
+
+API changes
+-----------
+
+* Fixed issue 337 - Cleaned-up context API:
+
+    zmq_ctx_new() - create new context (will deprecate zmq_init)
+    zmq_ctx_destroy() - destroy context (will deprecate zmq_term)
+    zmq_ctx_set() - set context property
+    zmq_ctx_get() - get context property
+
+* Fixed issue xxx - Cleaned-up message API:
+
+    zmq_msg_send() - send a message (will deprecate zmq_sendmsg)
+    zmq_msg_recv() - receive a message (will deprecate zmq_recvmsg)
+    zmq_msg_more() - indicate whether this is final part of message
+    zmq_msg_get() - get message property
+    zmq_msg_set() - set message property
+
+* Fixed issue xxx - Added context monitoring API:
+
+    zmq_ctx_set_monitor() - configure monitor callback.
+
+* Fixed issue xxx - Added unbind/disconnect API:
+
+    zmq_unbind() - unbind socket.
+    zmq_disconnect() - disconnect socket.
+
+* Fixed issue xxx - Added ZMQ_TCP_ACCEPT_FILTER setsockopt() for listening TCP sockets.
+
+* Fixed issue 336 - Removed sys: transport.
+
+* Fixed issue 333 - Added zmq_device function back to API (was removed
+  in 3.0).
+
+* Fixed issue 340 - Add support for MAX_SOCKETS to new context API.
+
+
 OMQ version 3.1.0 (beta), released on 2011/12/18
 ================================================
 
diff --git a/include/zmq.h b/include/zmq.h
index 5be5dddb..26d89e84 100644
--- a/include/zmq.h
+++ b/include/zmq.h
@@ -59,8 +59,8 @@ extern "C" {
 
 /*  Version macros for compile-time API version detection                     */
 #define ZMQ_VERSION_MAJOR 3
-#define ZMQ_VERSION_MINOR 3
-#define ZMQ_VERSION_PATCH 0
+#define ZMQ_VERSION_MINOR 2
+#define ZMQ_VERSION_PATCH 1
 
 #define ZMQ_MAKE_VERSION(major, minor, patch) \
     ((major) * 10000 + (minor) * 100 + (patch))