diff --git a/CHANGES b/CHANGES
index 844fffde6af..9941cdafc3a 100644
--- a/CHANGES
+++ b/CHANGES
@@ -1,3 +1,41 @@
+===============================================================================
+                               Changes in 4.2.3
+===============================================================================
+
+# Update embedded libfabric to fix a build issue on FreeBSD
+
+# Fix HIP support for use with AMD GPUs
+
+# Fix potential invalid context issue in CUDA memory hooks
+
+# Fix GPU fallback path in ch4/ofi for Intel GPU buffers
+
+# Fix IPC handle destruction with Level Zero API (Intel GPU)
+
+# Fix potential crash in MPI_ISENDRECV with derived datatypes
+
+# Fix bug in persistent MPI_GATHER that incorrectly cached buffer
+  contents at init time
+
+# Fix memory allocation bug in ROMIO GPFS driver
+
+# Fix missing error names in ch4/ofi netmod
+
+# Fix potential hang in multi-VCI active message RMA
+
+# Fix bug in ch3 large count support with derived datatypes
+
+# Fix manpage generation to provide aliases for large-count versions
+
+# Fix potential crash in Hydra with long PMI command messages
+
+# Fix bug in exit status capture in Hydra when there are multiple
+  processes with non-zero exit
+
+# Fix implementation of C/Fortran status conversion functions
+
+# Fix implementation of MPI_Type_create_f90_xxx functions
+
 ===============================================================================
                                Changes in 4.2.2
 ===============================================================================
diff --git a/maint/version.m4 b/maint/version.m4
index 4e4b472c1da..b268d5d4bcd 100644
--- a/maint/version.m4
+++ b/maint/version.m4
@@ -14,7 +14,7 @@
 # changing this by playing with diversions, but then we would probably be
 # playing with autotools-fire.
 
-m4_define([MPICH_VERSION_m4],[4.2.2])dnl
+m4_define([MPICH_VERSION_m4],[4.2.3rc1])dnl
 m4_define([MPICH_RELEASE_DATE_m4],[unreleased development copy])dnl
 
 # For libtool ABI versioning rules see:
@@ -36,7 +36,7 @@ m4_define([MPICH_RELEASE_DATE_m4],[unreleased development copy])dnl
 # standard, and does not include MPIX_ functions and C++ bindings.
 
 # Use [0:0:0] for unstable (e.g. alpha and beta) releases.
-# last version: 4.2.2 - 16:2:4
+# last version: 4.2.3 - 16:3:4
 
 m4_define([libmpi_so_version_m4],[0:0:0])dnl