diff --git a/CMakeLists.txt b/CMakeLists.txt
index d848c0928a9e5e709206574420577439526a6902..b3819e157ae717808862bf1271990d6ac4a9c8eb 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -11,7 +11,7 @@
 
 cmake_minimum_required(VERSION 3.15)
 
-project(Phys VERSION 33.2
+project(Phys VERSION 33.3
         LANGUAGES CXX)
 
 # Enable testing with CTest/CDash
diff --git a/ReleaseNotes/v33r3.md b/ReleaseNotes/v33r3.md
new file mode 100644
index 0000000000000000000000000000000000000000..3391c1beeb7d2bcdf2f0fddc19f8704aae0ed212
--- /dev/null
+++ b/ReleaseNotes/v33r3.md
@@ -0,0 +1,26 @@
+2021-10-22 Phys v33r3
+===
+
+This version uses
+Rec [v33r3](../../../../Rec/-/tags/v33r3),
+Lbcom [v33r4](../../../../Lbcom/-/tags/v33r4),
+LHCb [v53r4](../../../../LHCb/-/tags/v53r4),
+Gaudi [v36r2](../../../../Gaudi/-/tags/v36r2) and
+LCG [101](http://lcginfo.cern.ch/release/101/) with ROOT 6.24.06.
+
+This version is released on `master` branch.
+Built relative to Phys [v33r2](/../../tags/v33r2), with the following changes:
+
+### New features ~"new feature"
+
+- ~Functors | Add SubCombination functionality into ParticleCombination, !992 (@nnolte)
+
+### Enhancements ~enhancement
+
+- ~Functors ~Monitoring | Implement a ThOr functor-based monitoring, !997 (@mramospe)
+- Implement a thread-safe particle container merger., !994 (@lmeyerga)
+
+
+### Code cleanups and changes to tests ~modernisation ~cleanup ~testing
+
+- Fix typos, !1000 (@nnolte)
diff --git a/cmake/PhysDependencies.cmake b/cmake/PhysDependencies.cmake
index f92324090baf67e4cfdbd9c9ed88b9e2186d746f..a76be5d4960be661b00a570a632fd8841bcb9749 100644
--- a/cmake/PhysDependencies.cmake
+++ b/cmake/PhysDependencies.cmake
@@ -22,7 +22,7 @@ if(NOT COMMAND lhcb_find_package)
 endif()
 
 # -- Public dependencies
-lhcb_find_package(Rec 33.2 REQUIRED)
+lhcb_find_package(Rec 33.3 REQUIRED)
 
 find_package(Boost REQUIRED headers)
 find_package(ROOT 6.20 REQUIRED