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Top-level variables in a module are only hoisted to globals if they're referenced in a function (ie. captured). Since these variables can be referenced as globals from within those functions, there's no need to store them as captures for that function, and the function can effectively be invoked as if it were an ordinary function. Top-level variables that are not referenced in functions are treated effectively as locals within the module's wrapper function. Exported variables (which can only be top-level) are always hoisted to globals.