diff --git a/VERSION b/VERSION
index 5a2e7c50..1bfc2a44 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-Version 2.00.0 (2012-05-28 16:19:00) dev
+Version 2.00.0 (2012-05-28 16:30:27) dev
diff --git a/gluon/shell.py b/gluon/shell.py
index 63706a01..6b2a3be0 100644
--- a/gluon/shell.py
+++ b/gluon/shell.py
@@ -205,7 +205,7 @@ def run(
         exec ('print %s()' % f, _env)
         return
 
-    _env.update(exec_pythonrc())
+    _env.update(exec_pythonrc() or {})
     if startfile:
         try:
             execfile(startfile, _env)