diff --git a/src/compiler/locall.lisp b/src/compiler/locall.lisp
index d7b3a63..613178e 100644
--- a/src/compiler/locall.lisp
+++ b/src/compiler/locall.lisp
@@ -438,6 +438,13 @@
                      original-fun))
             (*compiler-error-context* call))
 
+        ;; convert-mv-call will punt. Stop here, before substituting some
+        ;; inlined half-processed copy of FUN in the ir1 graph.
+        (when (and (mv-combination-p call)
+                   (not (and (looks-like-an-mv-bind fun)
+                             (singleton-p (basic-combination-args call)))))
+          (return-from convert-call-if-possible (values)))
+
         (when (and (eq (functional-inlinep fun) :inline)
                    (rest (leaf-refs original-fun)))
           (setq fun (maybe-expand-local-inline fun ref call)))