diff --git a/module/system/repl/command.scm b/module/system/repl/command.scm
index 013e50912..06b6f91b5 100644
--- a/module/system/repl/command.scm
+++ b/module/system/repl/command.scm
@@ -171,10 +171,9 @@ List/show/set options."
      (repl-option-set! repl key val)
      (case key
        ((trace)
-	(let ((opts (repl-option-ref repl 'trace-options)))
-	  (if val
-	      (apply vm-trace-on repl.env.vm opts)
-	      (vm-trace-off repl.env.vm))))))))
+	(if val
+	    (apply vm-trace-on repl.env.vm val)
+	    (vm-trace-off repl.env.vm)))))))
 
 (define (quit repl)
   "quit
diff --git a/module/system/repl/common.scm b/module/system/repl/common.scm
index 23d4e76da..4c5092b9d 100644
--- a/module/system/repl/common.scm
+++ b/module/system/repl/common.scm
@@ -35,8 +35,7 @@
 (define-vm-class <repl> () env options tm-stats gc-stats vm-stats)
 
 (define repl-default-options
-  '((trace . #f)
-    (trace-options . (:s))))
+  '((trace . #f)))
 
 (define-public (make-repl lang)
   (let ((cenv (make-cenv :vm (the-vm)
diff --git a/src/vm_engine.h b/src/vm_engine.h
index f15e6d71c..313c5dca6 100644
--- a/src/vm_engine.h
+++ b/src/vm_engine.h
@@ -287,15 +287,29 @@ do {						\
 
 #define NEW_FRAME()				\
 {						\
+  int i;					\
   SCM ra = SCM_VM_MAKE_BYTE_ADDRESS (ip);	\
   SCM dl = SCM_VM_MAKE_STACK_ADDRESS (fp);	\
+  SCM *p = sp + 1;				\
+  SCM *q = p + bp->nlocs;			\
+						\
+  /* New pointers */				\
   ip = bp->base;				\
-  fp = sp - bp->nargs + 1;			\
-  sp = sp + bp->nlocs + 3;			\
+  fp = p - bp->nargs;				\
+  sp = q + 2;					\
   CHECK_OVERFLOW ();				\
-  sp[0]  = ra;					\
-  sp[-1] = dl;					\
-  sp[-2] = external;				\
+						\
+  /* Init local variables */			\
+  for (; p < q; p++)				\
+    *p = SCM_UNDEFINED;				\
+						\
+  /* Create external variables */		\
+  external = bp->external;			\
+  for (i = 0; i < bp->nexts; i++)		\
+    CONS (external, SCM_UNDEFINED, external);	\
+  p[0] = external;				\
+  p[1] = dl;					\
+  p[2] = ra;					\
 }
 
 #define FREE_FRAME()				\
@@ -304,7 +318,6 @@ do {						\
   sp = fp - 2;					\
   ip = SCM_VM_BYTE_ADDRESS (p[2]);		\
   fp = SCM_VM_STACK_ADDRESS (p[1]);		\
-  external = p[0];				\
 }
 
 /*
diff --git a/src/vm_system.c b/src/vm_system.c
index 1d7064a6e..9ec9ce33d 100644
--- a/src/vm_system.c
+++ b/src/vm_system.c
@@ -337,24 +337,11 @@ VM_DEFINE_INSTRUCTION (call, "call", 1, -1, 1)
    */
   if (SCM_PROGRAM_P (x))
     {
-      int i, last;
-
       program = x;
     vm_call_program:
       CACHE_PROGRAM ();
       INIT_ARGS ();
       NEW_FRAME ();
-
-      /* Init local variables */
-      last = bp->nargs + bp->nlocs;
-      for (i = bp->nargs; i < last; i++)
-	LOCAL_SET (i, SCM_UNDEFINED);
-
-      /* Create external variables */
-      external = bp->external;
-      for (i = 0; i < bp->nexts; i++)
-	CONS (external, SCM_UNDEFINED, external);
-
       ENTER_HOOK ();
       APPLY_HOOK ();
       NEXT;
@@ -501,6 +488,7 @@ VM_DEFINE_INSTRUCTION (return, "return", 0, 0, 1)
   FREE_FRAME ();
 
   /* Restore the last program */
+  external = fp[bp->nargs + bp->nlocs];
   program = SCM_VM_FRAME_PROGRAM (fp);
   CACHE_PROGRAM ();
   PUSH (ret);