diff --git a/.props/_GlobalStaticVersion.props b/.props/_GlobalStaticVersion.props
index 801df78ea..73e997200 100644
--- a/.props/_GlobalStaticVersion.props
+++ b/.props/_GlobalStaticVersion.props
@@ -11,7 +11,7 @@
       Update for every public release.
     -->
     <SemanticVersionMajor>3</SemanticVersionMajor>
-    <SemanticVersionMinor>0</SemanticVersionMinor> <!-- If changing the Minor version, also update the Date value. -->
+    <SemanticVersionMinor>1</SemanticVersionMinor> <!-- If changing the Minor version, also update the Date value. -->
     <SemanticVersionPatch>0</SemanticVersionPatch>
     <PreReleaseMilestone></PreReleaseMilestone> <!--Valid values for an Application Insights release: beta1, beta2, rc1, EMPTY for stable. Subdirectory Directory.Build.targets can override for independent release tracks. -->
     <PreReleaseMilestone Condition="'$(Redfield)' == 'True'">redfield</PreReleaseMilestone>
@@ -23,7 +23,7 @@
       as it will restart file versions so 2.4.0-beta1 may have higher
       file version (like 2.4.0.2222) than 2.4.0-beta2 (like 2.4.0.1111)
     -->
-    <SemanticVersionDate>2026-02-04</SemanticVersionDate>
+    <SemanticVersionDate>2026-04-01</SemanticVersionDate>
 
     <!--
       BuildNumber uniquely identifies all builds (The max allowed value is UInt16.MaxValue = 65535).
diff --git a/CHANGELOG.md b/CHANGELOG.md
index c0a95523f..19cf528c2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,9 @@
 # Changelog
 
-## Unreleased
+## Version 3.1.0
+- [Make `TelemetryContext` properties public and propagate them via `TelemetryClient`.](https://github.com/microsoft/ApplicationInsights-dotnet/pull/3137)
+- [Add fallback to `APPLICATIONINSIGHTS_CONNECTION_STRING` environment variable for Base, Web, and NLog packages when connection string is not set via code.](https://github.com/microsoft/ApplicationInsights-dotnet/pull/3134)
+- [Update Azure.Monitor.OpenTelemetry.Exporter to 1.7.0. This includes updated mappings for telemetry context.](https://github.com/microsoft/ApplicationInsights-dotnet/pull/3154)
 - [Fix `OTEL_SDK_DISABLED` not being honored when `TelemetryConfiguration.DisableTelemetry` is set in DI scenarios.](https://github.com/microsoft/ApplicationInsights-dotnet/pull/3156), [#3157](https://github.com/microsoft/ApplicationInsights-dotnet/pull/3157)
 - [Fix `TrackAvailability` ignoring user-specified `Timestamp` on `AvailabilityTelemetry`. The timestamp is now emitted as `microsoft.availability.testTimestamp` so downstream exporters can use the correct event time.](https://github.com/microsoft/ApplicationInsights-dotnet/pull/3153)
 - [Added `netstandard2.0` target framework to `Microsoft.ApplicationInsights` package to support customers with shared libraries targeting netstandard2.0.](https://github.com/microsoft/ApplicationInsights-dotnet/pull/3142)