diff --git a/VERSION b/VERSION
index 1fd725a8..7a454570 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-Version 2.00.0 (2012-05-28 19:14:35) dev
+Version 2.00.0 (2012-05-29 00:19:18) dev
diff --git a/gluon/shell.py b/gluon/shell.py
index 6b2a3be0..cb74da36 100644
--- a/gluon/shell.py
+++ b/gluon/shell.py
@@ -146,7 +146,8 @@ def exec_pythonrc():
         try:
             return execfile_getlocals(pythonrc)
         except NameError:
-            return dict()
+            pass
+    return dict()
 
 
 def run(
@@ -205,7 +206,7 @@ def run(
         exec ('print %s()' % f, _env)
         return
 
-    _env.update(exec_pythonrc() or {})
+    _env.update(exec_pythonrc())
     if startfile:
         try:
             execfile(startfile, _env)