diff --git a/libguile/frames.c b/libguile/frames.c
index f89b0fd5b..a1c7f3e71 100644
--- a/libguile/frames.c
+++ b/libguile/frames.c
@@ -309,8 +309,6 @@ SCM_DEFINE (scm_frame_return_address, "frame-return-address", 1, 0, 0,
 }
 #undef FUNC_NAME
 
-#define RELOC(kind, frame, val) ((val) + frame_offset (kind, frame))
-
 SCM_DEFINE (scm_frame_dynamic_link, "frame-dynamic-link", 1, 0, 0,
 	    (SCM frame),
 	    "")
@@ -320,8 +318,7 @@ SCM_DEFINE (scm_frame_dynamic_link, "frame-dynamic-link", 1, 0, 0,
   /* fixme: munge fp if holder is a continuation */
   return scm_from_uintptr_t
     ((scm_t_uintptr)
-     RELOC (SCM_VM_FRAME_KIND (frame), SCM_VM_FRAME_DATA (frame),
-            SCM_FRAME_DYNAMIC_LINK (SCM_VM_FRAME_FP (frame))));
+     SCM_FRAME_DYNAMIC_LINK (SCM_VM_FRAME_FP (frame)));
 }
 #undef FUNC_NAME
 
@@ -339,12 +336,7 @@ scm_c_frame_previous (enum scm_vm_frame_kind kind, struct scm_frame *frame)
 
   new_fp = SCM_FRAME_DYNAMIC_LINK (this_fp);
 
-  if (!new_fp)
-    return 0;
-
-  new_fp = RELOC (kind, frame, new_fp);
-
-  if (new_fp > stack_top)
+  if (new_fp >= stack_top)
     return 0;
 
   new_sp = SCM_FRAME_PREVIOUS_SP (this_fp);
diff --git a/libguile/frames.h b/libguile/frames.h
index 870477d53..e1130e94b 100644
--- a/libguile/frames.h
+++ b/libguile/frames.h
@@ -88,7 +88,7 @@
 /* Each element on the stack occupies the same amount of space.  */
 union scm_vm_stack_element
 {
-  union scm_vm_stack_element *as_fp;
+  scm_t_uintptr as_uint;
   scm_t_uint32 *as_ip;
   SCM as_scm;
 
@@ -100,8 +100,8 @@ union scm_vm_stack_element
 #define SCM_FRAME_PREVIOUS_SP(fp)	((fp) + 2)
 #define SCM_FRAME_RETURN_ADDRESS(fp)    ((fp)[0].as_ip)
 #define SCM_FRAME_SET_RETURN_ADDRESS(fp, ra) ((fp)[0].as_ip = (ra))
-#define SCM_FRAME_DYNAMIC_LINK(fp)      ((fp)[1].as_fp)
-#define SCM_FRAME_SET_DYNAMIC_LINK(fp, dl) ((fp)[1].as_fp = (dl))
+#define SCM_FRAME_DYNAMIC_LINK(fp)      ((fp) + (fp)[1].as_uint)
+#define SCM_FRAME_SET_DYNAMIC_LINK(fp, dl) ((fp)[1].as_uint = ((dl) - (fp)))
 #define SCM_FRAME_SLOT(fp,i)            ((fp) - (i) - 1)
 #define SCM_FRAME_LOCAL(fp,i)           (SCM_FRAME_SLOT (fp, i)->as_scm)
 #define SCM_FRAME_NUM_LOCALS(fp, sp)    ((fp) - (sp))
diff --git a/libguile/vm.c b/libguile/vm.c
index bc9f29080..2db079550 100644
--- a/libguile/vm.c
+++ b/libguile/vm.c
@@ -179,21 +179,6 @@ vm_return_to_continuation_inner (void *data_ptr)
           cp->stack_size * sizeof (*cp->stack_bottom));
   vm_restore_sp (vp, vp->stack_top - cp->stack_size);
 
-  if (reloc)
-    {
-      union scm_vm_stack_element *fp = vp->fp;
-      while (fp)
-        {
-          union scm_vm_stack_element *next_fp = SCM_FRAME_DYNAMIC_LINK (fp);
-          if (next_fp)
-            {
-              next_fp += reloc;
-              SCM_FRAME_SET_DYNAMIC_LINK (fp, next_fp);
-            }
-          fp = next_fp;
-        }
-    }
-
   return NULL;
 }
 
@@ -385,13 +370,6 @@ vm_reinstate_partial_continuation_inner (void *data_ptr)
   vp->fp = cp->fp + reloc;
   vp->ip = cp->ra;
 
-  /* now relocate frame pointers */
-  {
-    union scm_vm_stack_element *fp;
-    for (fp = vp->fp; fp < base_fp; fp = SCM_FRAME_DYNAMIC_LINK (fp))
-      SCM_FRAME_SET_DYNAMIC_LINK (fp, SCM_FRAME_DYNAMIC_LINK (fp) + reloc);
-  }
-
   data->reloc = reloc;
 
   return NULL;
@@ -876,7 +854,7 @@ make_vm (void)
   vp->ip = NULL;
   vp->sp = vp->stack_top;
   vp->sp_min_since_gc = vp->sp;
-  vp->fp = NULL;
+  vp->fp = vp->stack_top;
   vp->engine = vm_default_engine;
   vp->trace_level = 0;
   for (i = 0; i < SCM_VM_NUM_HOOKS; i++)
@@ -967,7 +945,9 @@ scm_i_vm_mark_stack (struct scm_vm *vp, struct GC_ms_entry *mark_stack_ptr,
 
   memset (&cache, 0, sizeof (cache));
 
-  for (fp = vp->fp, sp = vp->sp; fp; fp = SCM_FRAME_DYNAMIC_LINK (fp))
+  for (fp = vp->fp, sp = vp->sp;
+       fp < vp->stack_top;
+       fp = SCM_FRAME_DYNAMIC_LINK (fp))
     {
       scm_t_ptrdiff nlocals = SCM_FRAME_NUM_LOCALS (fp, sp);
       size_t slot = nlocals - 1;
@@ -1047,24 +1027,9 @@ vm_expand_stack_inner (void *data_ptr)
   vp->stack_limit = vp->stack_bottom;
   reloc = vp->stack_top - old_top;
 
-  if (reloc)
-    {
-      union scm_vm_stack_element *fp;
-      if (vp->fp)
-        vp->fp += reloc;
-      data->new_sp += reloc;
-      fp = vp->fp;
-      while (fp)
-        {
-          union scm_vm_stack_element *next_fp = SCM_FRAME_DYNAMIC_LINK (fp);
-          if (next_fp)
-            {
-              next_fp += reloc;
-              SCM_FRAME_SET_DYNAMIC_LINK (fp, next_fp);
-            }
-          fp = next_fp;
-        }
-    }
+  if (vp->fp)
+    vp->fp += reloc;
+  data->new_sp += reloc;
 
   return new_bottom;
 }