diff -r 45713818fd81 Include/opcode.h
--- a/Include/opcode.h	Thu Nov 24 23:31:59 2016 +0100
+++ b/Include/opcode.h	Fri Nov 25 11:43:40 2016 +0100
@@ -12,6 +12,7 @@ extern "C" {
 #define ROT_THREE                 3
 #define DUP_TOP                   4
 #define DUP_TOP_TWO               5
+#define RETURN_NONE               6
 #define NOP                       9
 #define UNARY_POSITIVE           10
 #define UNARY_NEGATIVE           11
diff -r 45713818fd81 Lib/opcode.py
--- a/Lib/opcode.py	Thu Nov 24 23:31:59 2016 +0100
+++ b/Lib/opcode.py	Fri Nov 25 11:43:40 2016 +0100
@@ -60,6 +60,7 @@ def_op('ROT_TWO', 2)
 def_op('ROT_THREE', 3)
 def_op('DUP_TOP', 4)
 def_op('DUP_TOP_TWO', 5)
+def_op('RETURN_NONE', 6)

 def_op('NOP', 9)
 def_op('UNARY_POSITIVE', 10)
diff -r 45713818fd81 Python/ceval.c
--- a/Python/ceval.c	Thu Nov 24 23:31:59 2016 +0100
+++ b/Python/ceval.c	Fri Nov 25 11:43:40 2016 +0100
@@ -1851,6 +1851,13 @@ PyObject* _Py_HOT_FUNCTION
             goto fast_block_end;
         }

+        TARGET(RETURN_NONE) {
+            Py_INCREF(Py_None);
+            retval = Py_None;
+            why = WHY_RETURN;
+            goto fast_block_end;
+        }
+
         TARGET(GET_AITER) {
             unaryfunc getter = NULL;
             PyObject *iter = NULL;
diff -r 45713818fd81 Python/compile.c
--- a/Python/compile.c	Thu Nov 24 23:31:59 2016 +0100
+++ b/Python/compile.c	Fri Nov 25 11:43:40 2016 +0100
@@ -66,7 +66,7 @@ typedef struct basicblock_ {
     struct basicblock_ *b_next;
     /* b_seen is used to perform a DFS of basicblocks. */
     unsigned b_seen : 1;
-    /* b_return is true if a RETURN_VALUE opcode is inserted. */
+    /* b_return is true if a RETURN_VALUE or RETURN_NONE opcode is inserted. */
     unsigned b_return : 1;
     /* depth of stack upon entry of block, computed by stackdepth() */
     int b_startdepth;
@@ -942,6 +942,8 @@ PyCompile_OpcodeStackEffect(int opcode,
             return -1; /* XXX Sometimes more */
         case RETURN_VALUE:
             return -1;
+        case RETURN_NONE:
+            return 0;
         case IMPORT_STAR:
             return -1;
         case SETUP_ANNOTATIONS:
@@ -1102,7 +1104,7 @@ compiler_addop(struct compiler *c, int o
     i = &b->b_instr[off];
     i->i_opcode = opcode;
     i->i_oparg = 0;
-    if (opcode == RETURN_VALUE)
+    if (opcode == RETURN_VALUE || opcode == RETURN_NONE)
         b->b_return = 1;
     compiler_set_lineno(c, off);
     return 1;
@@ -2815,10 +2817,11 @@ compiler_visit_stmt(struct compiler *c,
                 return compiler_error(
                     c, "'return' with value in async generator");
             VISIT(c, expr, s->v.Return.value);
+            ADDOP(c, RETURN_VALUE);
         }
-        else
-            ADDOP_O(c, LOAD_CONST, Py_None, consts);
-        ADDOP(c, RETURN_VALUE);
+        else {
+            ADDOP(c, RETURN_NONE);
+        }
         break;
     case Delete_kind:
         VISIT_SEQ(c, expr, s->v.Delete.targets)
@@ -5321,9 +5324,12 @@ assemble(struct compiler *c, int addNone
      */
     if (!c->u->u_curblock->b_return) {
         NEXT_BLOCK(c);
-        if (addNone)
-            ADDOP_O(c, LOAD_CONST, Py_None, consts);
-        ADDOP(c, RETURN_VALUE);
+        if (addNone) {
+            ADDOP(c, RETURN_NONE);
+        }
+        else {
+            ADDOP(c, RETURN_VALUE);
+        }
     }

     nblocks = 0;
diff -r 45713818fd81 Python/opcode_targets.h
--- a/Python/opcode_targets.h	Thu Nov 24 23:31:59 2016 +0100
+++ b/Python/opcode_targets.h	Fri Nov 25 11:43:40 2016 +0100
@@ -5,7 +5,7 @@ static void *opcode_targets[256] = {
     &&TARGET_ROT_THREE,
     &&TARGET_DUP_TOP,
     &&TARGET_DUP_TOP_TWO,
-    &&_unknown_opcode,
+    &&TARGET_RETURN_NONE,
     &&_unknown_opcode,
     &&_unknown_opcode,
     &&TARGET_NOP,
diff -r 45713818fd81 Python/peephole.c
--- a/Python/peephole.c	Thu Nov 24 23:31:59 2016 +0100
+++ b/Python/peephole.c	Fri Nov 25 11:43:40 2016 +0100
@@ -683,8 +683,10 @@ PyCode_Optimize(PyObject *code, PyObject
                 tgt = find_op(codestr, h);
                 /* Replace JUMP_* to a RETURN into just a RETURN */
                 if (UNCONDITIONAL_JUMP(opcode) &&
-                    _Py_OPCODE(codestr[tgt]) == RETURN_VALUE) {
-                    codestr[op_start] = PACKOPARG(RETURN_VALUE, 0);
+                    (_Py_OPCODE(codestr[tgt]) == RETURN_VALUE
+                     || _Py_OPCODE(codestr[tgt]) == RETURN_NONE)) {
+                    int ret_opcode = _Py_OPCODE(codestr[tgt]);
+                    codestr[op_start] = PACKOPARG(ret_opcode, 0);
                     fill_nops(codestr, op_start + 1, i + 1);
                 } else if (UNCONDITIONAL_JUMP(_Py_OPCODE(codestr[tgt]))) {
                     j = GETJUMPTGT(codestr, tgt);
@@ -701,8 +703,9 @@ PyCode_Optimize(PyObject *code, PyObject
                 }
                 break;

-                /* Remove unreachable ops after RETURN */
+            /* Remove unreachable ops after RETURN */
             case RETURN_VALUE:
+            case RETURN_NONE:
                 h = i + 1;
                 while (h < codelen && ISBASICBLOCK(blocks, i, h)) {
                     h++;