diff --git a/shell/ash.c b/shell/ash.c
index 216780c..f0729ed 100644
--- a/shell/ash.c
+++ b/shell/ash.c
@@ -2418,9 +2418,23 @@
 	for (argp = cmd->ncmd.assign; argp; argp = argp->narg.next) {
 		expandarg(argp, &varlist, EXP_VARTILDE);
 	}
-	for (argp = cmd->ncmd.args; argp; argp = argp->narg.next) {
+	for (argp = cmd->ncmd.args; argp && !arglist.list; argp = argp->narg.next) {
 		expandarg(argp, &arglist, EXP_FULL | EXP_TILDE);
 	}
+	if (argp) {
+		struct builtincmd *bcmd;
+		int pseudovarflag;
+
+		bcmd = find_builtin(arglist.list->text);
+		pseudovarflag = bcmd && IS_BUILTIN_ASSIGN(bcmd);
+		for (; argp; argp = argp->narg.next) {
+			if (pseudovarflag && isassignment(argp->narg.text)) {
+				expandarg(argp, &arglist, EXP_VARTILDE);
+				continue;
+			}
+			expandarg(argp, &arglist, EXP_FULL | EXP_TILDE);
+		}
+	}
 	*arglist.lastp = NULL;
 	*varlist.lastp = NULL;
 	expredir(cmd->ncmd.redirect);