diff --git a/llvm/lib/ProfileData/RawMemProfReader.cpp b/llvm/lib/ProfileData/RawMemProfReader.cpp
--- a/llvm/lib/ProfileData/RawMemProfReader.cpp
+++ b/llvm/lib/ProfileData/RawMemProfReader.cpp
@@ -325,7 +325,8 @@
         continue;
       }
 
-      for (size_t I = 0; I < DI.getNumberOfFrames(); I++) {
+      for (size_t I = 0, NumFrames = DI.getNumberOfFrames(); I < NumFrames;
+           I++) {
         const auto &Frame = DI.getFrame(I);
         LLVM_DEBUG(
             // Print out the name to guid mapping for debugging.
@@ -340,8 +341,8 @@
             // these suffixes will not be present.
             Function::getGUID(trimSuffix(Frame.FunctionName)),
             Frame.Line - Frame.StartLine, Frame.Column,
-            // Only the first entry is not an inlined location.
-            I != 0);
+            // Only the last entry is not an inlined location.
+            I != NumFrames - 1);
       }
     }
 
diff --git a/llvm/unittests/ProfileData/MemProfTest.cpp b/llvm/unittests/ProfileData/MemProfTest.cpp
--- a/llvm/unittests/ProfileData/MemProfTest.cpp
+++ b/llvm/unittests/ProfileData/MemProfTest.cpp
@@ -169,13 +169,13 @@
 
   EXPECT_EQ(Records[0].Info.getAllocCount(), 1U);
   EXPECT_EQ(Records[1].Info.getAllocCount(), 2U);
-  EXPECT_THAT(Records[0].CallStack[0], FrameContains("foo", 5U, 30U, false));
-  EXPECT_THAT(Records[0].CallStack[1], FrameContains("bar", 51U, 20U, true));
+  EXPECT_THAT(Records[0].CallStack[0], FrameContains("foo", 5U, 30U, true));
+  EXPECT_THAT(Records[0].CallStack[1], FrameContains("bar", 51U, 20U, false));
 
-  EXPECT_THAT(Records[1].CallStack[0], FrameContains("baz", 5U, 30U, false));
-  EXPECT_THAT(Records[1].CallStack[1], FrameContains("qux", 5U, 10U, true));
-  EXPECT_THAT(Records[1].CallStack[2], FrameContains("foo", 5U, 30U, false));
-  EXPECT_THAT(Records[1].CallStack[3], FrameContains("bar", 51U, 20U, true));
+  EXPECT_THAT(Records[1].CallStack[0], FrameContains("baz", 5U, 30U, true));
+  EXPECT_THAT(Records[1].CallStack[1], FrameContains("qux", 5U, 10U, false));
+  EXPECT_THAT(Records[1].CallStack[2], FrameContains("foo", 5U, 30U, true));
+  EXPECT_THAT(Records[1].CallStack[3], FrameContains("bar", 51U, 20U, false));
 }
 
 TEST(MemProf, PortableWrapper) {