diff --git a/CHANGELOG.md b/CHANGELOG.md
index c4ed21154..055670d0d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,41 @@
 # Changelog
 
+## 0.28.0
+
+**Release date:** 2022-12-20
+
+This prerelease disables the caching of Secret and ConfigMap resources to
+improve memory usage. To opt-out from this behaviour, start the controller
+with: `--feature-gates=CacheSecretsAndConfigMaps=true`.
+
+In addition, a new flag `--graceful-shutdown-timeout` has been added to
+control the duration of the graceful shutdown period. The default value is
+`-1` (disabled), to help prevent releases from being stuck due to the
+controller being terminated before the Helm action has completed.
+
+Helm has been updated to v3.10.3, which includes security fixes.
+
+Fixes:
+- Assign the value of `DisableOpenApiValidation` during upgrade
+  [#564](https://github.com/fluxcd/helm-controller/pull/564)
+- build: Fix cifuzz and improve fuzz tests' reliability
+  [#565](https://github.com/fluxcd/helm-controller/pull/565)
+- Minor typo in doc
+  [#566](https://github.com/fluxcd/helm-controller/pull/566)
+- fuzz: Use build script from upstream and fix fuzzers
+  [#578](https://github.com/fluxcd/helm-controller/pull/578)
+
+Improvements:
+- Disable caching of Secrets and ConfigMaps
+  [#513](https://github.com/fluxcd/helm-controller/513)
+- Allow overriding ctrl manager graceful shutdown timeout
+  [#570](https://github.com/fluxcd/helm-controller/pull/570)
+  [#582](https://github.com/fluxcd/helm-controller/pull/582)
+- helm: Update SDK to v3.10.3
+  [#577](https://github.com/fluxcd/helm-controller/pull/577)
+- Update source-controller and dependencies
+  [#581](https://github.com/fluxcd/helm-controller/pull/581)
+
 ## 0.27.0
 
 **Release date:** 2022-11-22
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index ec2b92bd1..ace1d5fb2 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/helm-controller
     newName: fluxcd/helm-controller
-    newTag: v0.27.0
+    newTag: v0.28.0
diff --git a/go.mod b/go.mod
index 3bdb134fd..10be9d883 100644
--- a/go.mod
+++ b/go.mod
@@ -5,7 +5,7 @@ go 1.18
 replace github.com/fluxcd/helm-controller/api => ./api
 
 require (
-	github.com/fluxcd/helm-controller/api v0.27.0
+	github.com/fluxcd/helm-controller/api v0.28.0
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.2.0
 	github.com/fluxcd/pkg/apis/kustomize v0.7.0