diff --git a/tracing-core/CHANGELOG.md b/tracing-core/CHANGELOG.md
index cf0d8e3b9..706b410f3 100644
--- a/tracing-core/CHANGELOG.md
+++ b/tracing-core/CHANGELOG.md
@@ -1,3 +1,34 @@
+# 0.1.31 (May 11, 2023)
+
+This release of `tracing-core` fixes a bug that caused threads which call
+`dispatcher::get_default` _before_ a global default subscriber is set to never
+see the global default once it is set. In addition, it includes improvements for
+instrumentation performance in some cases, especially when using a global
+default dispatcher.
+
+### Fixed
+
+- Fixed incorrect thread-local caching of `Dispatch::none` if
+  `dispatcher::get_default` is called before `dispatcher::set_global_default`
+  ([#2593])
+
+### Changed
+
+- Cloning a `Dispatch` that points at a global default subscriber no longer
+  requires an `Arc` reference count increment, improving performance
+  substantially ([#2593])
+- `dispatcher::get_default` no longer attempts to access a thread local if the
+  scoped dispatcher is not in use, improving performance when the default
+  dispatcher is global ([#2593])
+- Added `#[inline]` annotations called by the `event!` and `span!` macros to
+  reduce the size of macro-generated code and improve recording performance
+  ([#2555])
+
+Thanks to new contributor @ldm0 for contributing to this release!
+
+[#2593]: https://github.com/tokio-rs/tracing/pull/2593
+[#2555]: https://github.com/tokio-rs/tracing/pull/2555
+
 # 0.1.30 (October 6, 2022)
 
 This release of `tracing-core` adds a new `on_register_dispatch` method to the
diff --git a/tracing-core/README.md b/tracing-core/README.md
index 50e67c1e0..6ea7e5796 100644
--- a/tracing-core/README.md
+++ b/tracing-core/README.md
@@ -16,9 +16,9 @@ Core primitives for application-level tracing.
 [Documentation][docs-url] | [Chat][discord-url]
 
 [crates-badge]: https://img.shields.io/crates/v/tracing-core.svg
-[crates-url]: https://crates.io/crates/tracing-core/0.1.30
+[crates-url]: https://crates.io/crates/tracing-core/0.1.31
 [docs-badge]: https://docs.rs/tracing-core/badge.svg
-[docs-url]: https://docs.rs/tracing-core/0.1.30
+[docs-url]: https://docs.rs/tracing-core/0.1.31
 [docs-master-badge]: https://img.shields.io/badge/docs-master-blue
 [docs-master-url]: https://tracing-rs.netlify.com/tracing_core
 [mit-badge]: https://img.shields.io/badge/license-MIT-blue.svg
@@ -79,7 +79,7 @@ The following crate feature flags are available:
 
   ```toml
   [dependencies]
-  tracing-core = { version = "0.1.30", default-features = false }
+  tracing-core = { version = "0.1.31", default-features = false }
   ```
 
   **Note**:`tracing-core`'s `no_std` support requires `liballoc`.