diff --git a/CHANGES b/CHANGES
index 7b9b923d8..7567c4cee 100644
--- a/CHANGES
+++ b/CHANGES
@@ -1,3 +1,13 @@
+Version 3.31.1-1:
+Date + Time 2024-06-18
+=============================================================
+Added:
+        - RM #3947680 Improve performance of StorageAPI
+        - RM #3947690 Improve stability of storage API:wq
+
+Fixed:
+        - RM #3933912 high CPU usage impacting the connections establishment
+
 Version 3.31.0-1:
 Date + Time 2024-05-01
 =============================================================
diff --git a/configure.ac b/configure.ac
index ac8e01dd4..48627c01b 100644
--- a/configure.ac
+++ b/configure.ac
@@ -14,7 +14,7 @@ dnl===-----------------------------------------------------------------------===
 #
 define([prj_ver_major], 3)
 define([prj_ver_minor], 31)
-define([prj_ver_revision], 0)
+define([prj_ver_revision], 1)
 define([prj_ver_release], esyscmd([echo ${PRJ_RELEASE:=0}]))
 
 
diff --git a/contrib/scripts/libxlio.spec.in b/contrib/scripts/libxlio.spec.in
index e592a820a..40f69cb73 100644
--- a/contrib/scripts/libxlio.spec.in
+++ b/contrib/scripts/libxlio.spec.in
@@ -189,7 +189,7 @@ fi
 %{_mandir}/man8/xlio_stats.*
 
 %changelog
-* Wed May  1 2024 NVIDIA CORPORATION <networking-support@nvidia.com> 3.31.0-1
-- Bump version to 3.31.0
+* Tue Jun 18 2024 NVIDIA CORPORATION <networking-support@nvidia.com> 3.31.1-1
+- Bump version to 3.31.1
 - Please refer to CHANGES for full changelog.