diff --git a/CHANGELOG.md b/CHANGELOG.md
index 640fbc0e..36b2eb14 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,19 @@
 # Monaco Editor Changelog
 
+## [0.39.0]
+
+- New method `Environment.createTrustedTypesPolicy` to override trusted types handling.
+- Bugfixes
+
+Contributions to `monaco-editor`:
+
+- [@dlitsman (Dmitry Litsman)](https://github.com/dlitsman): Extend the "Rendering Glyphs In The Margin" example to include a transparent color note. [PR #3945](https://github.com/microsoft/monaco-editor/pull/3945)
+- [@dneto0 (David Neto)](https://github.com/dneto0): Avoid a hack in the WGSL lexer [PR #3887](https://github.com/microsoft/monaco-editor/pull/3887)
+- [@spahnke (Sebastian Pahnke)](https://github.com/spahnke)
+  - [JS, TS] Add Monarch support for private identifiers [PR #3919](https://github.com/microsoft/monaco-editor/pull/3919)
+  - [JS] Add static keyword [PR #3922](https://github.com/microsoft/monaco-editor/pull/3922)
+- [@titouanmathis (Titouan Mathis)](https://github.com/titouanmathis): [Webpack Plugin] Fix CJS being injected in ESM files [PR #3933](https://github.com/microsoft/monaco-editor/pull/3933)
+
 ## [0.38.0]
 
 - `diffAlgorithm` values changed: `smart` -> `legacy`, `experimental` -> `advanced`
diff --git a/package.json b/package.json
index cf79ff20..5827fd07 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,7 @@
 {
 	"name": "monaco-editor",
-	"version": "0.38.0",
-	"vscodeRef": "5474fca23cc6723a6f72975fbf00672c331fed2c",
+	"version": "0.39.0",
+	"vscodeRef": "78390793536f5f43e17ff7c97b260bd2a5d1060c",
 	"private": true,
 	"description": "A browser based code editor",
 	"homepage": "https://github.com/microsoft/monaco-editor",
@@ -52,7 +52,7 @@
 		"jsdom": "^19.0.0",
 		"jsonc-parser": "^3.0.0",
 		"mocha": "^9.2.0",
-		"monaco-editor-core": "^0.37.0-dev.20230403",
+		"monaco-editor-core": "^0.39.0-dev.20230605",
 		"parcel": "^2.7.0",
 		"pin-github-action": "^1.8.0",
 		"playwright": "^1.32.2",