diff --git a/CHANGES.md b/CHANGES.md
index f1c597160..14d989501 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -9,6 +9,11 @@
   but is no longer officially supported by cloudpickle)
   ([issue #276](https://github.com/cloudpipe/cloudpickle/pull/276))
 
+- Internal refactoring to proactively detect dynamic functions and classes when
+  pickling them.  This refactoring also yields small performance improvements
+  when pickling dynamic classes (~10%)
+  ([issue #273](https://github.com/cloudpipe/cloudpickle/pull/273))
+
 1.1.1
 =====
 
diff --git a/cloudpickle/__init__.py b/cloudpickle/__init__.py
index 8e8d5deb8..1af671683 100644
--- a/cloudpickle/__init__.py
+++ b/cloudpickle/__init__.py
@@ -2,4 +2,4 @@
 
 from cloudpickle.cloudpickle import *
 
-__version__ = '1.1.1'
+__version__ = '1.2.0.dev0'