diff --git a/Makefile b/Makefile
index aee85532..5cc8debe 100644
--- a/Makefile
+++ b/Makefile
@@ -16,7 +16,7 @@
 # the License.
 
 # Update this on each new release, along with the NEWS.md file.
-VERSION := v0.3.4
+VERSION := v0.3.5
 
 NAME := fscrypt
 PAM_NAME := pam_$(NAME)
diff --git a/NEWS.md b/NEWS.md
index b282b25e..73309279 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,5 +1,16 @@
 # `fscrypt` release notes
 
+## Version 0.3.5
+
+* Upgraded various dependencies, resolving two security alerts from GitHub.
+
+* `fscrypt` now requires Go 1.18 or later to build.
+
+* `fscrypt` now provides a better error message when it's asked to operate on a
+  locked regular file.
+
+* Made some improvements to the documentation.
+
 ## Version 0.3.4
 
 * `fscrypt` now requires Go 1.16 or later to build.