diff --git a/libguile/values.c b/libguile/values.c
index 4fd9b5451..8603aa3f1 100644
--- a/libguile/values.c
+++ b/libguile/values.c
@@ -59,10 +59,16 @@ scm_c_nvalues (SCM obj)
 SCM
 scm_c_value_ref (SCM obj, size_t idx)
 {
-  if (SCM_LIKELY (scm_is_values (obj) && idx < scm_i_nvalues (obj)))
-    return scm_i_value_ref (obj, idx);
-  else if (idx == 0)
-    return obj;
+  if (scm_is_values (obj))
+    {
+      if (idx < scm_i_nvalues (obj))
+        return scm_i_value_ref (obj, idx);
+    }
+  else
+    {
+      if (idx == 0)
+        return obj;
+    }
 
   scm_error (scm_out_of_range_key,
 	     "scm_c_value_ref",
diff --git a/libguile/vm-engine.c b/libguile/vm-engine.c
index d08ebbb74..7305beebb 100644
--- a/libguile/vm-engine.c
+++ b/libguile/vm-engine.c
@@ -335,7 +335,7 @@ VM_NAME (scm_thread *thread)
           VM_ASSERT (nvals <= (UINTPTR_MAX >> 8), abort ());
           ret = scm_words ((nvals << 8) | scm_tc7_values, nvals + 1);
           for (n = 0; n < nvals; n++)
-            SCM_SET_CELL_OBJECT (ret, n+1, FP_REF (4 + n - 1));
+            SCM_SET_CELL_OBJECT (ret, n+1, FP_REF (4 + n));
         }
 
       VP->ip = SCM_FRAME_RETURN_ADDRESS (VP->fp);