diff --git a/module/system/vm/trace.scm b/module/system/vm/trace.scm
index 1b64dbeb4..8a07b043f 100644
--- a/module/system/vm/trace.scm
+++ b/module/system/vm/trace.scm
@@ -85,12 +85,13 @@
       (set! *call-depth* 0))))
 
   (define (trace-next frame)
-    (let* ((ip (frame-instruction-pointer frame))
-           (objcode (program-objcode (frame-procedure frame)))
-           (opcode (bytevector-u8-ref (objcode->bytecode objcode)
-                                      (+ ip *objcode-header-len*)))
-           (inst (opcode->instruction opcode)))
-      (format #t "0x~8X: ~a: ~a\n" ip opcode inst)))
+    (if *call-depth*
+        (let* ((ip (frame-instruction-pointer frame))
+               (objcode (program-objcode (frame-procedure frame)))
+               (opcode (bytevector-u8-ref (objcode->bytecode objcode)
+                                          (+ ip *objcode-header-len*)))
+               (inst (opcode->instruction opcode)))
+          (format #t "0x~8X: ~a: ~a\n" ip opcode inst))))
   
   (define (vm-trace-on!)
     (if calls?