diff --git a/tracing-subscriber/CHANGELOG.md b/tracing-subscriber/CHANGELOG.md
index 84a235904b..f0d0ee4460 100644
--- a/tracing-subscriber/CHANGELOG.md
+++ b/tracing-subscriber/CHANGELOG.md
@@ -1,4 +1,26 @@
-# 0.3.4 (Dec 23, 2021)
+# 0.3.5 (Dec 29, 2021)
+
+This release re-enables `RUST_LOG` filtering in `tracing_subscriber::fmt`'s
+default initialization methods, and adds an `OffsetLocalTime` formatter for
+using local timestamps with the `time` crate.
+
+### Added
+
+- **fmt**: Added `OffsetLocalTime` formatter to `fmt::time` for formatting local
+  timestamps with a fixed offset ([#1772])
+
+### Fixed
+
+- **fmt**: Added a `Targets` filter to `fmt::init()` and `fmt::try_init()` when
+  the "env-filter" feature is disabled, so that `RUST_LOG` is still honored
+  ([#1781])
+
+Thanks to @marienz and @ishitatsuyuki for contributing to this release!
+
+[#1772]: https://github.com/tokio-rs/tracing/pull/1772
+[#1781]: https://github.com/tokio-rs/tracing/pull/1781
+
+# 0.3.4 (Dec 23, 2021) 
 
 This release contains bugfixes for the `fmt` module, as well as documentation
 improvements.
diff --git a/tracing-subscriber/Cargo.toml b/tracing-subscriber/Cargo.toml
index 4272b8ca39..cc48a6cdc6 100644
--- a/tracing-subscriber/Cargo.toml
+++ b/tracing-subscriber/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "tracing-subscriber"
-version = "0.3.4"
+version = "0.3.5"
 authors = [
     "Eliza Weisman <eliza@buoyant.io>",
     "David Barsky <me@davidbarsky.com>",
diff --git a/tracing-subscriber/README.md b/tracing-subscriber/README.md
index f5903b95bd..26b993fc6f 100644
--- a/tracing-subscriber/README.md
+++ b/tracing-subscriber/README.md
@@ -21,7 +21,7 @@ Utilities for implementing and composing [`tracing`][tracing] subscribers.
 [crates-badge]: https://img.shields.io/crates/v/tracing-subscriber.svg
 [crates-url]: https://crates.io/crates/tracing-subscriber
 [docs-badge]: https://docs.rs/tracing-subscriber/badge.svg
-[docs-url]: https://docs.rs/tracing-subscriber/0.3.3
+[docs-url]: https://docs.rs/tracing-subscriber/0.3.5
 [docs-master-badge]: https://img.shields.io/badge/docs-master-blue
 [docs-master-url]: https://tracing-rs.netlify.com/tracing_subscriber
 [mit-badge]: https://img.shields.io/badge/license-MIT-blue.svg
diff --git a/tracing-subscriber/src/lib.rs b/tracing-subscriber/src/lib.rs
index a533c6353d..234d14e6b9 100644
--- a/tracing-subscriber/src/lib.rs
+++ b/tracing-subscriber/src/lib.rs
@@ -126,7 +126,7 @@
 //! [`parking_lot`]: https://crates.io/crates/parking_lot
 //! [`time` crate]: https://crates.io/crates/time
 //! [`liballoc`]: https://doc.rust-lang.org/alloc/index.html
-#![doc(html_root_url = "https://docs.rs/tracing-subscriber/0.3.3")]
+#![doc(html_root_url = "https://docs.rs/tracing-subscriber/0.3.5")]
 #![doc(
     html_logo_url = "https://raw.githubusercontent.com/tokio-rs/tracing/master/assets/logo-type.png",
     issue_tracker_base_url = "https://github.com/tokio-rs/tracing/issues/"