http://gcc.gnu.org/bugzilla/show_bug.cgi?id=51338
--- Comment #3 from Bud Davis <bdavis at gcc dot gnu.org> 2011-11-28 21:59:02 UTC ---
Reduced:
SUBROUTINE PAXCUT(CHIN,CHOUT)
CHARACTER*(*) CHIN,CHOUT
IF(INDEX(CHOUT(K:),'.OR.').EQ.INDEX(CHOUT(K:),'.AND.')) THEN
ENDIF
END