diff --git a/ax/__version__.py b/ax/__version__.py
index 3addebd2b13..17d34bfe68a 100644
--- a/ax/__version__.py
+++ b/ax/__version__.py
@@ -3,4 +3,4 @@
 # This source code is licensed under the MIT license found in the
 # LICENSE file in the root directory of this source tree.
 
-__version__: str = "0.3.0"
+__version__: str = "0.3.1"
diff --git a/setup.py b/setup.py
index 3f33b07c33c..dcb13d11cf4 100644
--- a/setup.py
+++ b/setup.py
@@ -9,7 +9,7 @@
 from setuptools import find_packages, setup
 
 # TODO: read pinned Botorch version from a shared source
-PINNED_BOTORCH_VERSION = "0.8.2"
+PINNED_BOTORCH_VERSION = "0.8.3"
 
 if os.environ.get("ALLOW_BOTORCH_LATEST"):
     # allows a more recent previously installed version of botorch to remain