diff --git a/CMakeLists.txt b/CMakeLists.txt
index b4eb1a0d7caf3..9087e82627018 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -137,7 +137,7 @@ set(SWIFT_ANALYZE_CODE_COVERAGE FALSE CACHE STRING
 # SWIFT_VERSION is deliberately /not/ cached so that an existing build directory
 # can be reused when a new version of Swift comes out (assuming the user hasn't
 # manually set it as part of their own CMake configuration).
-set(SWIFT_VERSION "5.3.2")
+set(SWIFT_VERSION "5.3.3")
 
 set(SWIFT_VENDOR "" CACHE STRING
     "The vendor name of the Swift compiler")
diff --git a/test/Serialization/Recovery/types-5-to-4.swift b/test/Serialization/Recovery/types-5-to-4.swift
index 68a849decc254..2e5c8557c0c6b 100644
--- a/test/Serialization/Recovery/types-5-to-4.swift
+++ b/test/Serialization/Recovery/types-5-to-4.swift
@@ -16,8 +16,8 @@ import Lib
 func requiresConformance(_: B_RequiresConformance<B_ConformsToProto>) {}
 func requiresConformance(_: B_RequiresConformance<C_RelyOnConformanceImpl.Assoc>) {}
 
-class Sub: Base {} // expected-error {{cannot inherit from class 'Base' (compiled with Swift 5.3.2) because it has overridable members that could not be loaded in Swift 4.1.50}}
-class Impl: Proto {} // expected-error {{type 'Impl' cannot conform to protocol 'Proto' (compiled with Swift 5.3.2) because it has requirements that could not be loaded in Swift 4.1.50}}
+class Sub: Base {} // expected-error {{cannot inherit from class 'Base' (compiled with Swift 5.3.3) because it has overridable members that could not be loaded in Swift 4.1.50}}
+class Impl: Proto {} // expected-error {{type 'Impl' cannot conform to protocol 'Proto' (compiled with Swift 5.3.3) because it has requirements that could not be loaded in Swift 4.1.50}}
 
 #else // TEST
 
diff --git a/test/SourceKit/Misc/compiler_version.swift b/test/SourceKit/Misc/compiler_version.swift
index f4a1768154513..00c1ef95cc897 100644
--- a/test/SourceKit/Misc/compiler_version.swift
+++ b/test/SourceKit/Misc/compiler_version.swift
@@ -2,4 +2,4 @@
 
 // CHECK: key.version_major: 5
 // CHECK: key.version_minor: 3
-// CHECK: key.version_patch: 2
+// CHECK: key.version_patch: 3
diff --git a/utils/build_swift/build_swift/defaults.py b/utils/build_swift/build_swift/defaults.py
index a86fdcc953422..af2597a2aaff2 100644
--- a/utils/build_swift/build_swift/defaults.py
+++ b/utils/build_swift/build_swift/defaults.py
@@ -47,7 +47,7 @@
 CMAKE_GENERATOR = 'Ninja'
 
 COMPILER_VENDOR = 'none'
-SWIFT_USER_VISIBLE_VERSION = Version('5.3.2')
+SWIFT_USER_VISIBLE_VERSION = Version('5.3.3')
 CLANG_USER_VISIBLE_VERSION = Version('10.0.0')
 SWIFT_ANALYZE_CODE_COVERAGE = 'false'