Failure in COUNT applied to MAKE-STRING

[Paul F. Dietz]

(compile nil '(lambda (x y a) (count a (make-string x :initial-element y))))

==>

The value
  *
is not of type
  LIST
   [Condition of type TYPE-ERROR]

Restarts:
 0: [RETRY] Retry SLIME REPL evaluation request.
 1: [*ABORT] Return to SLIME's top level.
 2: [ABORT] abort thread (#<THREAD "new-repl-thread" RUNNING {1035F43543}>)

Backtrace:
  0: ((LABELS SB-C::MAX-DIM :IN SB-C::SEQUENCE-LVAR-DIMENSIONS) #<SB-KERNEL:ARRAY-TYPE (SIMPLE-ARRAY NIL)>)
  1: ((LABELS SB-C::MAX-DIM :IN SB-C::SEQUENCE-LVAR-DIMENSIONS) #<SB-KERNEL:UNION-TYPE (OR (SIMPLE-ARRAY NIL) (SIMPLE-ARRAY BASE-CHAR) (SIMPLE-ARRAY CHARACTER) (SIMPLE-ARRAY SINGLE-FLOAT) (SIMPLE-ARRAY DOU..
  2: (SB-C::SEQUENCE-LVAR-DIMENSIONS #<SB-C::LVAR 1 {103605FFB3}>)
  3: (SB-C::INDEX-INTO-SEQUENCE-DERIVE-TYPE #<SB-C::LVAR 1 {103605FFB3}> NIL NIL :INCLUSIVE T)
  4: (SB-C::COUNT-DERIVE-TYPE-OPTIMIZER #<SB-C::COMBINATION :FUN #<SB-C::REF :LEAF #<SB-C::GLOBAL-VAR :%SOURCE-NAME COUNT :TYPE #1=#<SB-KERNEL:FUN-TYPE #> :DEFINED-TYPE #1# :WHERE-FROM :DECLARED :KIND :GL..
  5: ((FLET SB-C::PROCESS-INFO :IN SB-C::IR1-OPTIMIZE-COMBINATION))
  6: (SB-C::IR1-OPTIMIZE-COMBINATION #<SB-C::COMBINATION :FUN #<SB-C::REF :LEAF #<SB-C::GLOBAL-VAR :%SOURCE-NAME COUNT :TYPE #1=#<SB-KERNEL:FUN-TYPE #> :DEFINED-TYPE #1# :WHERE-FROM :DECLARED :KIND :GLOBA..
  7: (SB-C::IR1-OPTIMIZE #<SB-C:COMPONENT :NAME (LAMBDA (X Y A)) :REANALYZE T {103607D2A3}> NIL)
[...]