diff --git a/petastorm/__init__.py b/petastorm/__init__.py
index 61aabaa8d..e53f24ba4 100644
--- a/petastorm/__init__.py
+++ b/petastorm/__init__.py
@@ -14,4 +14,4 @@
 
 from petastorm.reader import make_reader, make_batch_reader  # noqa: F401
 
-__version__ = '0.5.0rc0'
+__version__ = '0.5.0rc1'