diff --git a/CHANGELOG.md b/CHANGELOG.md
index 90c7d33dbee..28a5353cb1e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,101 @@
+# [3.0.0-alpha.5](https://github.com/vuejs/vue-next/compare/v3.0.0-alpha.4...v3.0.0-alpha.5) (2020-02-18)
+
+
+### Bug Fixes
+
+* **compiler:** fix v-for fragment openBlock argument ([12fcf9a](https://github.com/vuejs/vue-next/commit/12fcf9ab953acdbb8706b549c7e63f69482a495a))
+* **compiler-core:** fix keep-alive when used in templates ([ade07c6](https://github.com/vuejs/vue-next/commit/ade07c64a1f98c0958e80db0458c699c21998f64)), closes [#715](https://github.com/vuejs/vue-next/issues/715)
+* **compiler-core:** only check is prop on `<component>` ([78c4f32](https://github.com/vuejs/vue-next/commit/78c4f321cd0902a117c599ac705dda294fa198ed))
+* **compiler-core:** relax error on unknown entities ([730d329](https://github.com/vuejs/vue-next/commit/730d329f794caf1ea2cc47628f8d74ef2d07f96e)), closes [#663](https://github.com/vuejs/vue-next/issues/663)
+* **compiler-core:** should apply text transform to if branches ([e0f3c6b](https://github.com/vuejs/vue-next/commit/e0f3c6b352ab35adcad779ef0ac9670acf3d7b37)), closes [#725](https://github.com/vuejs/vue-next/issues/725)
+* **compiler-core:** should not hoist element with cached + merged event handlers ([5455e8e](https://github.com/vuejs/vue-next/commit/5455e8e69a59cd1ff72330b1aed9c8e6aedc4b36))
+* **compiler-dom:** fix duplicated transforms ([9e51297](https://github.com/vuejs/vue-next/commit/9e51297702f975ced1cfebad9a46afc46f0593bb))
+* **compiler-sfc:** handle empty nodes with src attribute ([#695](https://github.com/vuejs/vue-next/issues/695)) ([2d56dfd](https://github.com/vuejs/vue-next/commit/2d56dfdc4fcf824bba4c0166ca5471258c4f883b))
+* **compiler-ssr:** import helpers from correct packages ([8f6b669](https://github.com/vuejs/vue-next/commit/8f6b6690a2011846446804267ec49073996c3800))
+* **computed:** support arrow function usage for computed option ([2fb7a63](https://github.com/vuejs/vue-next/commit/2fb7a63943d9d995248cb6d2d4fb5f22ff2ac000)), closes [#733](https://github.com/vuejs/vue-next/issues/733)
+* **reactivity:** avoid cross-component dependency leaks in setup() ([d9d63f2](https://github.com/vuejs/vue-next/commit/d9d63f21b1e6f99f2fb63d736501095b131e5ad9))
+* **reactivity:** effect should handle self dependency mutations ([e8e6772](https://github.com/vuejs/vue-next/commit/e8e67729cb7649d736be233b2a5e00768dd6f4ba))
+* **reactivity:** trigger iteration effect on Map.set ([e1c9153](https://github.com/vuejs/vue-next/commit/e1c9153b9ed71f9b2e1ad4f9018c51d239e7dcd0)), closes [#709](https://github.com/vuejs/vue-next/issues/709)
+* **runtime-core:** ensure renderCache always exists ([8383e54](https://github.com/vuejs/vue-next/commit/8383e5450e4f9679ac8a284f1c3960e3ee5b5211))
+* **runtime-core:** fix keep-alive tree-shaking ([5b43764](https://github.com/vuejs/vue-next/commit/5b43764eacb59ff6ebba3195a55af4ac0cf253bb))
+* **runtime-core:** fix ShapeFlags tree shaking ([0f67aa7](https://github.com/vuejs/vue-next/commit/0f67aa7da50d6ffc543754a42f1e677af11f9173))
+* **runtime-core:** handle component updates with only class/style bindings ([35d91f4](https://github.com/vuejs/vue-next/commit/35d91f4e18ccb72cbf39a86fe8f39060f0bf075e))
+* **runtime-core:** render context set should not unwrap reactive values ([27fbfbd](https://github.com/vuejs/vue-next/commit/27fbfbdb8beffc96134c931425f33178c23a72db))
+* **runtime-core:** rework vnode hooks handling ([cfadb98](https://github.com/vuejs/vue-next/commit/cfadb98011e188114bb822ee6f678cd09ddac7e3)), closes [#684](https://github.com/vuejs/vue-next/issues/684)
+* **runtime-core:** should not return early on text patchFlag ([778f3a5](https://github.com/vuejs/vue-next/commit/778f3a5e886a1a1136bc8b00b849370d7c4041be))
+* **runtime-core/scheduler:** avoid duplicate updates of child component ([8a87074](https://github.com/vuejs/vue-next/commit/8a87074df013fdbb0e88f34074c2605e4af2937c))
+* **runtime-core/scheduler:** invalidate job ([#717](https://github.com/vuejs/vue-next/issues/717)) ([fe9da2d](https://github.com/vuejs/vue-next/commit/fe9da2d0e4f9b338252b1b62941ee9ead71f0346))
+* **runtime-core/watch:** trigger watcher with undefined as initial value ([#687](https://github.com/vuejs/vue-next/issues/687)) ([5742a0b](https://github.com/vuejs/vue-next/commit/5742a0b826fe77d2310acb530667adb758822f66)), closes [#683](https://github.com/vuejs/vue-next/issues/683)
+* **runtime-dom/ssr:** properly handle xlink and boolean attributes ([e6e2c58](https://github.com/vuejs/vue-next/commit/e6e2c58234cab46fa530c383c0f7ae1cb3494da3))
+* **ssr:** avoid hard-coded ssr checks in cjs builds ([bc07e95](https://github.com/vuejs/vue-next/commit/bc07e95ca84686bfa43798a444a3220581b183d8))
+* **ssr:** fix class/style rendering + ssrRenderComponent export name ([688ad92](https://github.com/vuejs/vue-next/commit/688ad9239105625f7b63ac43181dfb2e9d1d4720))
+* **ssr:** render components returning render function from setup ([#720](https://github.com/vuejs/vue-next/issues/720)) ([4669215](https://github.com/vuejs/vue-next/commit/4669215ca2f82d90a1bd730613259f3167e199cd))
+* **transition-group:** handle multiple move-classes ([#679](https://github.com/vuejs/vue-next/issues/679)) ([5495c70](https://github.com/vuejs/vue-next/commit/5495c70c4a3f740ef4ac575ffee5466ca747cca1)), closes [#678](https://github.com/vuejs/vue-next/issues/678)
+* **types:** app.component should accept defineComponent return type ([57ee5df](https://github.com/vuejs/vue-next/commit/57ee5df364f03816e548f4f3bf05edc7a089c362)), closes [#730](https://github.com/vuejs/vue-next/issues/730)
+* **types:** ensure correct oldValue typing based on lazy option ([c6a9787](https://github.com/vuejs/vue-next/commit/c6a9787941ca99877d268182a5bb57fcf8b80b75)), closes [#719](https://github.com/vuejs/vue-next/issues/719)
+* **v-on:** transform click.right and click.middle modifiers ([028f748](https://github.com/vuejs/vue-next/commit/028f748c32f80842be39897fdacc37f6700f00a7)), closes [#735](https://github.com/vuejs/vue-next/issues/735)
+* remove effect from public API ([4bc4cb9](https://github.com/vuejs/vue-next/commit/4bc4cb970f7a65177948c5d817bb43ecb0324636)), closes [#712](https://github.com/vuejs/vue-next/issues/712)
+* **v-model:** should use dynamic directive on input with dynamic v-bind ([1f2de9e](https://github.com/vuejs/vue-next/commit/1f2de9e232409b09c97b67d0824d1450beed6eb1))
+
+
+### Code Refactoring
+
+* **watch:** adjsut watch API behavior ([9571ede](https://github.com/vuejs/vue-next/commit/9571ede84bb6949e13c25807cc8f016ace29dc8a))
+
+
+### Features
+
+* **compiler:** mark hoisted trees with patchFlag ([175f8aa](https://github.com/vuejs/vue-next/commit/175f8aae8d009e044e3674f7647bf1397f3a794a))
+* **compiler:** warn invalid children for transition and keep-alive ([4cc39e1](https://github.com/vuejs/vue-next/commit/4cc39e14a297f42230f5aac5ec08e3c98902b98d))
+* **compiler-core:** support mode: cjs in codegen ([04da2a8](https://github.com/vuejs/vue-next/commit/04da2a82e8fbde2b60b2392bc4bdcc5e61113202))
+* **compiler-core/v-on:** support [@vnode-xxx](https://github.com/vnode-xxx) usage for vnode hooks ([571ed42](https://github.com/vuejs/vue-next/commit/571ed4226be618dcc9f95e4c2da8d82d7d2f7750))
+* **compiler-dom:** handle constant expressions when stringifying static content ([8b7c162](https://github.com/vuejs/vue-next/commit/8b7c162125cb72068727a76ede8afa2896251db0))
+* **compiler-dom/runtime-dom:** stringify eligible static trees ([27913e6](https://github.com/vuejs/vue-next/commit/27913e661ac551f580bd5fd42b49fe55cbe8dbb8))
+* **reactivity:** add shallowReactive function ([#689](https://github.com/vuejs/vue-next/issues/689)) ([7f38c1e](https://github.com/vuejs/vue-next/commit/7f38c1e0ff5a7591f67ed21aa3a2944db2e72a27))
+* **runtime-core/reactivity:** expose shallowReactive ([#711](https://github.com/vuejs/vue-next/issues/711)) ([21944c4](https://github.com/vuejs/vue-next/commit/21944c4a42a65f20245794fa5f07add579b7121f))
+* **server-renderer:** support on-the-fly template compilation ([#707](https://github.com/vuejs/vue-next/issues/707)) ([6d10a6c](https://github.com/vuejs/vue-next/commit/6d10a6c77242aec98103f15d6cb672ba63c18abf))
+* **ssr:** render portals ([#714](https://github.com/vuejs/vue-next/issues/714)) ([e495fa4](https://github.com/vuejs/vue-next/commit/e495fa4a1872d03ed59252e7ed5dd2b708adb7ae))
+* **ssr:** support portal hydration ([70dc3e3](https://github.com/vuejs/vue-next/commit/70dc3e3ae74f08d53243e6f078794c16f359e272))
+* **ssr:** useSSRContext ([fd03149](https://github.com/vuejs/vue-next/commit/fd031490fb89b7c0d1d478b586151a24324101a3))
+
+
+### Performance Improvements
+
+* prevent renderer hot functions being inlined by minifiers ([629ee75](https://github.com/vuejs/vue-next/commit/629ee75588fc2ca4ab2b3786046f788d3547b6bc))
+* **reactivity:** better computed tracking ([#710](https://github.com/vuejs/vue-next/issues/710)) ([8874b21](https://github.com/vuejs/vue-next/commit/8874b21a7e2383a8bb6c15a7095c1853aa5ae705))
+
+
+### BREAKING CHANGES
+
+* **watch:** `watch` behavior has been adjusted.
+
+    - When using the `watch(source, callback, options?)` signature, the
+      callback now fires lazily by default (consistent with 2.x
+      behavior).
+
+      Note that the `watch(effect, options?)` signature is still eager,
+      since it must invoke the `effect` immediately to collect
+      dependencies.
+
+    - The `lazy` option has been replaced by the opposite `immediate`
+      option, which defaults to `false`. (It's ignored when using the
+      effect signature)
+
+    - Due to the above changes, the `watch` option in Options API now
+      behaves exactly the same as 2.x.
+
+    - When using the effect signature or `{ immediate: true }`, the
+      intital execution is now performed synchronously instead of
+      deferred until the component is mounted. This is necessary for
+      certain use cases to work properly with `async setup()` and
+      Suspense.
+
+      The side effect of this is the immediate watcher invocation will
+      no longer have access to the mounted DOM. However, the watcher can
+      be initiated inside `onMounted` to retain previous behavior.
+
+
+
 # [3.0.0-alpha.4](https://github.com/vuejs/vue-next/compare/v3.0.0-alpha.3...v3.0.0-alpha.4) (2020-01-27)
 
 
diff --git a/package.json b/package.json
index 008b8762e34..967c8b9d54e 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "private": true,
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "workspaces": [
     "packages/*"
   ],
diff --git a/packages/compiler-core/package.json b/packages/compiler-core/package.json
index abd2b7d095a..e39ddd43400 100644
--- a/packages/compiler-core/package.json
+++ b/packages/compiler-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-core",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "@vue/compiler-core",
   "main": "index.js",
   "module": "dist/compiler-core.esm-bundler.js",
diff --git a/packages/compiler-dom/package.json b/packages/compiler-dom/package.json
index 38c26deb031..380f71148fd 100644
--- a/packages/compiler-dom/package.json
+++ b/packages/compiler-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-dom",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "@vue/compiler-dom",
   "main": "index.js",
   "module": "dist/compiler-dom.esm-bundler.js",
@@ -34,6 +34,6 @@
   },
   "homepage": "https://github.com/vuejs/vue/tree/dev/packages/compiler-dom#readme",
   "dependencies": {
-    "@vue/compiler-core": "3.0.0-alpha.4"
+    "@vue/compiler-core": "3.0.0-alpha.5"
   }
 }
diff --git a/packages/compiler-sfc/package.json b/packages/compiler-sfc/package.json
index 0b1ee29f016..9bafa05aff0 100644
--- a/packages/compiler-sfc/package.json
+++ b/packages/compiler-sfc/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-sfc",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "@vue/compiler-sfc",
   "main": "dist/compiler-sfc.cjs.js",
   "types": "dist/compiler-sfc.d.ts",
@@ -27,11 +27,11 @@
   },
   "homepage": "https://github.com/vuejs/vue/tree/dev/packages/compiler-sfc#readme",
   "peerDependencies": {
-    "vue": "3.0.0-alpha.4"
+    "vue": "3.0.0-alpha.5"
   },
   "dependencies": {
-    "@vue/compiler-core": "3.0.0-alpha.4",
-    "@vue/compiler-dom": "3.0.0-alpha.4",
+    "@vue/compiler-core": "3.0.0-alpha.5",
+    "@vue/compiler-dom": "3.0.0-alpha.5",
     "consolidate": "^0.15.1",
     "hash-sum": "^2.0.0",
     "lru-cache": "^5.1.1",
diff --git a/packages/compiler-ssr/package.json b/packages/compiler-ssr/package.json
index 6d2a467cc61..9ab0d6f71b4 100644
--- a/packages/compiler-ssr/package.json
+++ b/packages/compiler-ssr/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-ssr",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "@vue/compiler-ssr",
   "main": "dist/compiler-ssr.cjs.js",
   "types": "dist/compiler-ssr.d.ts",
@@ -27,6 +27,6 @@
   },
   "homepage": "https://github.com/vuejs/vue/tree/dev/packages/compiler-ssr#readme",
   "dependencies": {
-    "@vue/compiler-dom": "3.0.0-alpha.4"
+    "@vue/compiler-dom": "3.0.0-alpha.5"
   }
 }
diff --git a/packages/reactivity/package.json b/packages/reactivity/package.json
index 8590a138a5f..f7c36b0b492 100644
--- a/packages/reactivity/package.json
+++ b/packages/reactivity/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/reactivity",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "@vue/reactivity",
   "main": "index.js",
   "module": "dist/reactivity.esm-bundler.js",
diff --git a/packages/runtime-core/package.json b/packages/runtime-core/package.json
index a0c789f976c..fe69d4ff9e2 100644
--- a/packages/runtime-core/package.json
+++ b/packages/runtime-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-core",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "@vue/runtime-core",
   "main": "index.js",
   "module": "dist/runtime-core.esm-bundler.js",
@@ -31,6 +31,6 @@
   },
   "homepage": "https://github.com/vuejs/vue/tree/dev/packages/runtime-core#readme",
   "dependencies": {
-    "@vue/reactivity": "3.0.0-alpha.4"
+    "@vue/reactivity": "3.0.0-alpha.5"
   }
 }
diff --git a/packages/runtime-dom/package.json b/packages/runtime-dom/package.json
index b74f575a866..59245312ffe 100644
--- a/packages/runtime-dom/package.json
+++ b/packages/runtime-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-dom",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "@vue/runtime-dom",
   "main": "index.js",
   "module": "dist/runtime-dom.esm-bundler.js",
@@ -37,7 +37,7 @@
   },
   "homepage": "https://github.com/vuejs/vue/tree/dev/packages/runtime-dom#readme",
   "dependencies": {
-    "@vue/runtime-core": "3.0.0-alpha.4",
+    "@vue/runtime-core": "3.0.0-alpha.5",
     "csstype": "^2.6.8"
   }
 }
diff --git a/packages/runtime-test/package.json b/packages/runtime-test/package.json
index 0755f8c64d9..b1c62e1e5ff 100644
--- a/packages/runtime-test/package.json
+++ b/packages/runtime-test/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-test",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "@vue/runtime-test",
   "private": true,
   "main": "index.js",
@@ -30,6 +30,6 @@
   },
   "homepage": "https://github.com/vuejs/vue/tree/dev/packages/runtime-test#readme",
   "dependencies": {
-    "@vue/runtime-core": "3.0.0-alpha.4"
+    "@vue/runtime-core": "3.0.0-alpha.5"
   }
 }
diff --git a/packages/server-renderer/package.json b/packages/server-renderer/package.json
index 2d30373e0b4..b159c111fd7 100644
--- a/packages/server-renderer/package.json
+++ b/packages/server-renderer/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/server-renderer",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "@vue/server-renderer",
   "main": "index.js",
   "types": "dist/server-renderer.d.ts",
@@ -27,9 +27,9 @@
   },
   "homepage": "https://github.com/vuejs/vue/tree/dev/packages/server-renderer#readme",
   "peerDependencies": {
-    "vue": "3.0.0-alpha.4"
+    "vue": "3.0.0-alpha.5"
   },
   "dependencies": {
-    "@vue/compiler-ssr": "3.0.0-alpha.4"
+    "@vue/compiler-ssr": "3.0.0-alpha.5"
   }
 }
diff --git a/packages/shared/package.json b/packages/shared/package.json
index 07cf038f68e..b897788f6c9 100644
--- a/packages/shared/package.json
+++ b/packages/shared/package.json
@@ -1,5 +1,5 @@
 {
   "name": "@vue/shared",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "private": true
 }
diff --git a/packages/size-check/package.json b/packages/size-check/package.json
index 403148450cd..5f8702111a4 100644
--- a/packages/size-check/package.json
+++ b/packages/size-check/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/size-check",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "private": true,
   "buildOptions": {
     "name": "Vue",
diff --git a/packages/template-explorer/package.json b/packages/template-explorer/package.json
index 31b694f8bf6..c592497bdb7 100644
--- a/packages/template-explorer/package.json
+++ b/packages/template-explorer/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/template-explorer",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "private": true,
   "buildOptions": {
     "formats": [
diff --git a/packages/vue/package.json b/packages/vue/package.json
index 526b11d0f8c..e7c67afcd1d 100644
--- a/packages/vue/package.json
+++ b/packages/vue/package.json
@@ -1,6 +1,6 @@
 {
   "name": "vue",
-  "version": "3.0.0-alpha.4",
+  "version": "3.0.0-alpha.5",
   "description": "vue",
   "main": "index.js",
   "module": "dist/vue.runtime.esm-bundler.js",
@@ -35,8 +35,8 @@
   },
   "homepage": "https://github.com/vuejs/vue/tree/dev/packages/vue#readme",
   "dependencies": {
-    "@vue/compiler-dom": "3.0.0-alpha.4",
-    "@vue/runtime-dom": "3.0.0-alpha.4"
+    "@vue/compiler-dom": "3.0.0-alpha.5",
+    "@vue/runtime-dom": "3.0.0-alpha.5"
   },
   "devDependencies": {
     "lodash": "^4.17.15",