diff --git a/Include/patchlevel.h b/Include/patchlevel.h
index eb056c5c65d..30196e724b4 100644
--- a/Include/patchlevel.h
+++ b/Include/patchlevel.h
@@ -19,11 +19,11 @@
 #define PY_MAJOR_VERSION	3
 #define PY_MINOR_VERSION	5
 #define PY_MICRO_VERSION	0
-#define PY_RELEASE_LEVEL	PY_RELEASE_LEVEL_BETA
-#define PY_RELEASE_SERIAL	4
+#define PY_RELEASE_LEVEL	PY_RELEASE_LEVEL_GAMMA
+#define PY_RELEASE_SERIAL	1
 
 /* Version as a string */
-#define PY_VERSION      	"3.5.0b4+"
+#define PY_VERSION      	"3.5.0rc1"
 /*--end constants--*/
 
 /* Version as a single 4-byte hex number, e.g. 0x010502B2 == 1.5.2b2.
diff --git a/README b/README
index d0210650695..f81f62a7340 100644
--- a/README
+++ b/README
@@ -1,5 +1,5 @@
-This is Python version 3.5.0 beta 4
-===================================
+This is Python version 3.5.0 release candidate 1
+================================================
 
 Copyright (c) 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011,
 2012, 2013, 2014, 2015 Python Software Foundation.  All rights reserved.