diff --git a/src/cmp/cmptop.lsp b/src/cmp/cmptop.lsp
index 30389867d..6ca0a5626 100644
--- a/src/cmp/cmptop.lsp
+++ b/src/cmp/cmptop.lsp
@@ -281,9 +281,8 @@
     (cond ((not *compile-toplevel*)
            (c1progn (and execute-flag (rest args))))
           (load-flag
-           (if compile-flag
-               (cmp-eval (cons 'PROGN (rest args))))
-           (c1progn (rest args)))
+           (let ((*compile-time-too* compile-flag))
+             (c1progn (rest args))))
           (compile-flag
            (cmp-eval (cons 'PROGN (rest args)))
            (c1progn 'NIL))