diff --git a/documentation/CMakeLists.txt b/documentation/CMakeLists.txt
index bd4ca1ac..75b705e9 100644
--- a/documentation/CMakeLists.txt
+++ b/documentation/CMakeLists.txt
@@ -93,6 +93,7 @@ if (DOCUTILS_FOUND AND PYTHONINTERP_FOUND)
         references.rst
         release_30.rst
         release_31.rst
+        release_32.rst
         release_notes.rst
         release_notes_2x.rst
         sdc_overview.rst
diff --git a/documentation/images/far_legacy_sharp_corner_patch_false.png b/documentation/images/far_legacy_sharp_corner_patch_false.png
new file mode 100644
index 00000000..1b6766f0
Binary files /dev/null and b/documentation/images/far_legacy_sharp_corner_patch_false.png differ
diff --git a/documentation/images/far_legacy_sharp_corner_patch_true.png b/documentation/images/far_legacy_sharp_corner_patch_true.png
new file mode 100644
index 00000000..c45fdab3
Binary files /dev/null and b/documentation/images/far_legacy_sharp_corner_patch_true.png differ
diff --git a/documentation/images/osd_eval_1st_deriv_normal.png b/documentation/images/osd_eval_1st_deriv_normal.png
new file mode 100644
index 00000000..6b304cf6
Binary files /dev/null and b/documentation/images/osd_eval_1st_deriv_normal.png differ
diff --git a/documentation/images/osd_eval_2nd_deriv_curvature.png b/documentation/images/osd_eval_2nd_deriv_curvature.png
new file mode 100644
index 00000000..f45ba3c4
Binary files /dev/null and b/documentation/images/osd_eval_2nd_deriv_curvature.png differ
diff --git a/documentation/nav_template.txt b/documentation/nav_template.txt
index 5671de54..f7f76f13 100644
--- a/documentation/nav_template.txt
+++ b/documentation/nav_template.txt
@@ -96,6 +96,7 @@
             <p></p>
             <li><a href="release_notes.html">Releases</a>
                 <ul>
+                    <li><a href="release_32.html">Release 3.2</a></li>
                     <li><a href="release_31.html">Release 3.1</a></li>
                     <li><a href="release_30.html">Release 3.0</a></li>
                         <ul>
diff --git a/documentation/release_32.rst b/documentation/release_32.rst
new file mode 100644
index 00000000..15316635
--- /dev/null
+++ b/documentation/release_32.rst
@@ -0,0 +1,127 @@
+..
+     Copyright 2017 Pixar
+
+     Licensed under the Apache License, Version 2.0 (the "Apache License")
+     with the following modification; you may not use this file except in
+     compliance with the Apache License and the following modification to it:
+     Section 6. Trademarks. is deleted and replaced with:
+
+     6. Trademarks. This License does not grant permission to use the trade
+        names, trademarks, service marks, or product names of the Licensor
+        and its affiliates, except as required to comply with Section 4(c) of
+        the License and to reproduce the content of the NOTICE file.
+
+     You may obtain a copy of the Apache License at
+
+         http://www.apache.org/licenses/LICENSE-2.0
+
+     Unless required by applicable law or agreed to in writing, software
+     distributed under the Apache License with the above modification is
+     distributed on an "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY
+     KIND, either express or implied. See the Apache License for the specific
+     language governing permissions and limitations under the Apache License.
+
+
+Overview of Release 3.2
+=======================
+
+.. contents::
+   :local:
+   :backlinks: none
+
+New Features
+------------
+
+Face-Varying Stencil Evaluation
+~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
+
+Face-Varying primvar values may now be refined using stencil tables.
+
+The stencil table for a face-varying channel is created by specifying the desired fvarChannel and setting
+the Far::StencilTableFactory::Option interpolationMode to INTERPOLATE_FACE_VARYING when creating the stencil table.
+
+1st and 2nd Derivative Evaluation
+~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
+
+The Osd Evaluator API has been extended to support 1st derivative and 2nd partial derivative evaluation for stencils and patches.
+
++----------------------------------------------------+------------------------------------------------------+
+| .. image:: images/osd_eval_1st_deriv_normal.png    | .. image:: images/osd_eval_2nd_deriv_curvature.png   |
+|    :align:  center                                 |    :align:  center                                   |
+|    :width:  75%                                    |    :width:  75%                                      |
+|    :target: images/osd_eval_1st_deriv_normal.png   |    :target: images/osd_eval_2nd_deriv_curvature.png  |
+|                                                    |                                                      |
+| 1st Derivative Surface Normal                      | 2nd Derivative Surface Curvature                     |
++----------------------------------------------------+------------------------------------------------------+
+
+On the left is an example of computing a surface normal at each point using the evaluated 1st derivatives,
+while on the right is an example of computing surface curvature at each point using the evaluated 2nd partial derivatives.
+
+Smooth Corner Patch
+~~~~~~~~~~~~~~~~~~~
+
+An option has been added to disable the legacy behavior of generating a sharp-corner patch at a smooth corner.
+Corners which are actually sharp will continue to generate sharp-corner patches.
+
+The differences between the two methods is most apparent at low-levels of feature isolation.
+
+This feature is controlled by the generateLegacySharpCornerPatches option added to Far::PatchTableFactory::Options.
+
++------------------------------------------------------------+-------------------------------------------------------------+
+| .. image:: images/far_legacy_sharp_corner_patch_true.png   | .. image:: images/far_legacy_sharp_corner_patch_false.png   |
+|    :align:  center                                         |    :align:  center                                          |
+|    :width:  75%                                            |    :width:  75%                                             |
+|    :target: images/far_legacy_sharp_corner_patch_true.png  |    :target: images/far_legacy_sharp_corner_patch_false.png  |
+|                                                            |                                                             |
+| Sharp Corner Patch (legacy behavior)                       | Smooth Corner Patch                                         |
++------------------------------------------------------------+-------------------------------------------------------------+
+
+On the left is the legacy behavior of generating sharp corner patches at smooth corners.
+The image on the right shows the correct smooth corner patches generated when this legacy behavior is disabled.
+
+API Additions
+-------------
+
+See associated `Doxygen <doxy_html/index.html>`__ for full details.
+
+Osd::CpuEvaluator, GLComputeEvaluator, etc
+~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
+    - Create()
+    - EvalStencils()
+    - EvalPatches()
+    - EvalPatchesVarying()
+    - EvalPatchesFaceVarying()
+
+Osd::Mesh
+~~~~~~~~~
+    - Create()
+
+Osd::MeshBits
+~~~~~~~~~~~~~
+    - member MeshUseSmoothCornerPatch
+
+Far::PatchTableFactory::Options
+~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
+    - member generateLegacySharpCornerPatches
+
+Far::StencilTableFactory
+~~~~~~~~~~~~~~~~~~~~~~~~
+    - enumeration Mode::INTERPOLATE_FACE_VARYING
+    - AppendLocalPointStencilTableFaceVarying()
+
+Far::StencilTableFactory::Options
+~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
+    - member fvarChannel
+
+Other Changes
+-------------
+
+Improvements
+~~~~~~~~~~~~
+    - Corrected numerous spelling errors in doxygen comments
+    - Updated glFVarViewer with improved error detection and command line parsing
+    - Added option to build using MSVC with static CRT
+
+Bug Fixes
+~~~~~~~~~
+    - Fixed a double delete of GL program in Osd::GLComputeEvaluator
diff --git a/documentation/release_notes.rst b/documentation/release_notes.rst
index d850d67a..76247205 100644
--- a/documentation/release_notes.rst
+++ b/documentation/release_notes.rst
@@ -22,7 +22,7 @@
      language governing permissions and limitations under the Apache License.
 
 
-3.0 - 3.1 Release Notes
+3.0 - 3.2 Release Notes
 -----------------------
 
 .. contents::
@@ -31,6 +31,24 @@
 
 ----
 
+Release 3.2.0
+=============
+
+Release 3.2.0 is a minor release containing API additions and bug fixes
+
+**New Features**
+    - Extended Far::StencilTableFactory to support face-varying
+    - Extended Osd Evaluator classes to support evaluation of 1st and 2nd derivatives
+    - Added an option to disable generation of legacy sharp corner patches
+
+**Changes**
+    - Corrected numerous spelling errors in doxygen comments
+    - Updated glFVarViewer with improved error detection and command line parsing
+    - Added option to build using MSVC with static CRT
+
+**Bug Fixes**
+    - Fixed a double delete of GL program in Osd::GLComputeEvaluator
+
 Release 3.1.1
 =============
 
diff --git a/opensubdiv/version.h b/opensubdiv/version.h
index 45185504..26ba1a76 100644
--- a/opensubdiv/version.h
+++ b/opensubdiv/version.h
@@ -25,13 +25,13 @@
 #ifndef OPENSUBDIV3_VERSION_H
 #define OPENSUBDIV3_VERSION_H
 
-#define OPENSUBDIV_VERSION v3_1_1
+#define OPENSUBDIV_VERSION v3_2_0
 
-#define OPENSUBDIV_VERSION_NUMBER 30101
+#define OPENSUBDIV_VERSION_NUMBER 30200
 
 #define OPENSUBDIV_VERSION_MAJOR 3
-#define OPENSUBDIV_VERSION_MINOR 1
-#define OPENSUBDIV_VERSION_PATCH 1
+#define OPENSUBDIV_VERSION_MINOR 2
+#define OPENSUBDIV_VERSION_PATCH 0
 
 namespace OpenSubdiv {
 namespace OPENSUBDIV_VERSION {