Index: lib/Transforms/Utils/Local.cpp
===================================================================
--- lib/Transforms/Utils/Local.cpp
+++ lib/Transforms/Utils/Local.cpp
@@ -2183,9 +2183,11 @@
     // Shufflevector masks are constant.
     return OpIdx != 2;
   case Instruction::ExtractValue:
-  case Instruction::InsertValue:
     // All operands apart from the first are constant.
     return OpIdx == 0;
+  case Instruction::InsertValue:
+    // All operands apart from the first and the second are constant.
+    return OpIdx < 2;
   case Instruction::Alloca:
     return false;
   case Instruction::GetElementPtr: