diff --git a/gcc/cp/ChangeLog b/gcc/cp/ChangeLog
index 9aedf005547..1f1212176e4 100644
--- a/gcc/cp/ChangeLog
+++ b/gcc/cp/ChangeLog
@@ -1,3 +1,11 @@
+2016-01-11  Jakub Jelinek  <jakub@redhat.com>
+
+	PR c++/69211
+	* cp-gimplify.c (cp_fold): If COMPOUND_EXPR or MODIFY_EXPR
+	folded operands have side-effects, but folding changed any of them,
+	build a new tree with the folded operands instead of returning the
+	unfolded tree.
+
 2016-01-09  Marek Polacek  <polacek@redhat.com>
 
 	PR c++/69113
diff --git a/gcc/cp/cp-gimplify.c b/gcc/cp/cp-gimplify.c
index 3bc27698c74..14788026133 100644
--- a/gcc/cp/cp-gimplify.c
+++ b/gcc/cp/cp-gimplify.c
@@ -2086,7 +2086,11 @@ cp_fold (tree x)
       if ((code == COMPOUND_EXPR || code == MODIFY_EXPR)
 	  && ((op1 && TREE_SIDE_EFFECTS (op1))
 	       || (op0 && TREE_SIDE_EFFECTS (op0))))
-	break;
+	{
+	  if (op0 != TREE_OPERAND (x, 0) || op1 != TREE_OPERAND (x, 1))
+	    x = build2_loc (loc, code, TREE_TYPE (x), op0, op1);
+	  break;
+	}
       if (TREE_CODE (x) == COMPOUND_EXPR && !op0)
 	op0 = build_empty_stmt (loc);
 
diff --git a/gcc/testsuite/ChangeLog b/gcc/testsuite/ChangeLog
index 1497f00b3d8..9e9423b520e 100644
--- a/gcc/testsuite/ChangeLog
+++ b/gcc/testsuite/ChangeLog
@@ -1,5 +1,8 @@
 2016-01-11  Jakub Jelinek  <jakub@redhat.com>
 
+	PR c++/69211
+	* g++.dg/opt/pr69211.C: New test.
+
 	PR tree-optimization/69214
 	* gcc.c-torture/compile/pr69214.c: New test.
 
diff --git a/gcc/testsuite/g++.dg/opt/pr69211.C b/gcc/testsuite/g++.dg/opt/pr69211.C
new file mode 100644
index 00000000000..c3c5b1d1e72
--- /dev/null
+++ b/gcc/testsuite/g++.dg/opt/pr69211.C
@@ -0,0 +1,10 @@
+// PR c++/69211
+// { dg-do compile }
+
+int a, b;
+
+int
+foo ()
+{
+  return (a & 5UL | (b = 4, 4L)) > 4;
+}