diff --git a/docs/develop/compiler.rst b/docs/develop/compiler.rst
index 4b43bc08f..cac92585f 100644
--- a/docs/develop/compiler.rst
+++ b/docs/develop/compiler.rst
@@ -152,7 +152,9 @@ The most relevant method you should know about is this:
        context->module.globals = mp_globals_get();
 
        // Compile the input parse_tree to a raw-code structure.
-       mp_compiled_module_t cm = mp_compile_to_raw_code(parse_tree, source_file, is_repl, context);
+       mp_compiled_module_t cm;
+       cm.context = context;
+       mp_compile_to_raw_code(parse_tree, source_file, is_repl, &cm);
 
        // Create and return a function object that executes the outer module.
        return mp_make_function_from_raw_code(cm.rc, cm.context, NULL);
diff --git a/mpy-cross/main.c b/mpy-cross/main.c
index fd326439f..4a21d7584 100644
--- a/mpy-cross/main.c
+++ b/mpy-cross/main.c
@@ -73,8 +73,9 @@ STATIC int compile_and_save(const char *file, const char *output_file, const cha
         #endif
 
         mp_parse_tree_t parse_tree = mp_parse(lex, MP_PARSE_FILE_INPUT);
-        mp_module_context_t *ctx = m_new_obj(mp_module_context_t);
-        mp_compiled_module_t cm = mp_compile_to_raw_code(&parse_tree, source_name, false, ctx);
+        mp_compiled_module_t cm;
+        cm.context = m_new_obj(mp_module_context_t);
+        mp_compile_to_raw_code(&parse_tree, source_name, false, &cm);
 
         vstr_t vstr;
         vstr_init(&vstr, 16);
diff --git a/py/bc.h b/py/bc.h
index 6350eee52..0e23255f7 100644
--- a/py/bc.h
+++ b/py/bc.h
@@ -214,7 +214,7 @@ typedef struct _mp_module_context_t {
 
 // Outer level struct defining a compiled module.
 typedef struct _mp_compiled_module_t {
-    const mp_module_context_t *context;
+    mp_module_context_t *context;
     const struct _mp_raw_code_t *rc;
     #if MICROPY_PERSISTENT_CODE_SAVE
     bool has_native;
diff --git a/py/builtinimport.c b/py/builtinimport.c
index aa31b69db..6f1f7b485 100644
--- a/py/builtinimport.c
+++ b/py/builtinimport.c
@@ -245,7 +245,9 @@ STATIC void do_load(mp_module_context_t *module_obj, vstr_t *file) {
     // the correct format and, if so, load and execute the file.
     #if MICROPY_HAS_FILE_READER && MICROPY_PERSISTENT_CODE_LOAD
     if (file_str[file->len - 3] == 'm') {
-        mp_compiled_module_t cm = mp_raw_code_load_file(file_str, module_obj);
+        mp_compiled_module_t cm;
+        cm.context = module_obj;
+        mp_raw_code_load_file(file_str, &cm);
         do_execute_raw_code(cm.context, cm.rc, file_str);
         return;
     }
diff --git a/py/compile.c b/py/compile.c
index 8aaf88532..76d4c1bf5 100644
--- a/py/compile.c
+++ b/py/compile.c
@@ -3427,7 +3427,7 @@ STATIC void scope_compute_things(scope_t *scope) {
 #if !MICROPY_PERSISTENT_CODE_SAVE
 STATIC
 #endif
-mp_compiled_module_t mp_compile_to_raw_code(mp_parse_tree_t *parse_tree, qstr source_file, bool is_repl, mp_module_context_t *context) {
+void mp_compile_to_raw_code(mp_parse_tree_t *parse_tree, qstr source_file, bool is_repl, mp_compiled_module_t *cm) {
     // put compiler state on the stack, it's relatively small
     compiler_t comp_state = {0};
     compiler_t *comp = &comp_state;
@@ -3568,26 +3568,24 @@ mp_compiled_module_t mp_compile_to_raw_code(mp_parse_tree_t *parse_tree, qstr so
     }
 
     // construct the global qstr/const table for this module
-    mp_compiled_module_t cm;
-    cm.rc = module_scope->raw_code;
-    cm.context = context;
+    cm->rc = module_scope->raw_code;
     #if MICROPY_PERSISTENT_CODE_SAVE
-    cm.has_native = false;
+    cm->has_native = false;
     #if MICROPY_EMIT_NATIVE
     if (emit_native != NULL) {
-        cm.has_native = true;
+        cm->has_native = true;
     }
     #endif
     #if MICROPY_EMIT_INLINE_ASM
     if (comp->emit_inline_asm != NULL) {
-        cm.has_native = true;
+        cm->has_native = true;
     }
     #endif
-    cm.n_qstr = comp->emit_common.qstr_map.used;
-    cm.n_obj = comp->emit_common.const_obj_list.len;
+    cm->n_qstr = comp->emit_common.qstr_map.used;
+    cm->n_obj = comp->emit_common.const_obj_list.len;
     #endif
     if (comp->compile_error == MP_OBJ_NULL) {
-        mp_emit_common_populate_module_context(&comp->emit_common, source_file, context);
+        mp_emit_common_populate_module_context(&comp->emit_common, source_file, cm->context);
 
         #if MICROPY_DEBUG_PRINTERS
         // now that the module context is valid, the raw codes can be printed
@@ -3595,7 +3593,7 @@ mp_compiled_module_t mp_compile_to_raw_code(mp_parse_tree_t *parse_tree, qstr so
             for (scope_t *s = comp->scope_head; s != NULL; s = s->next) {
                 mp_raw_code_t *rc = s->raw_code;
                 if (rc->kind == MP_CODE_BYTECODE) {
-                    mp_bytecode_print(&mp_plat_print, rc, &cm.context->constants);
+                    mp_bytecode_print(&mp_plat_print, rc, &cm->context->constants);
                 }
             }
         }
@@ -3629,14 +3627,13 @@ mp_compiled_module_t mp_compile_to_raw_code(mp_parse_tree_t *parse_tree, qstr so
     if (comp->compile_error != MP_OBJ_NULL) {
         nlr_raise(comp->compile_error);
     }
-
-    return cm;
 }
 
 mp_obj_t mp_compile(mp_parse_tree_t *parse_tree, qstr source_file, bool is_repl) {
-    mp_module_context_t *context = m_new_obj(mp_module_context_t);
-    context->module.globals = mp_globals_get();
-    mp_compiled_module_t cm = mp_compile_to_raw_code(parse_tree, source_file, is_repl, context);
+    mp_compiled_module_t cm;
+    cm.context = m_new_obj(mp_module_context_t);
+    cm.context->module.globals = mp_globals_get();
+    mp_compile_to_raw_code(parse_tree, source_file, is_repl, &cm);
     // return function that executes the outer module
     return mp_make_function_from_raw_code(cm.rc, cm.context, NULL);
 }
diff --git a/py/compile.h b/py/compile.h
index ae87bf2a0..5e0fd8b31 100644
--- a/py/compile.h
+++ b/py/compile.h
@@ -37,7 +37,7 @@ mp_obj_t mp_compile(mp_parse_tree_t *parse_tree, qstr source_file, bool is_repl)
 
 #if MICROPY_PERSISTENT_CODE_SAVE
 // this has the same semantics as mp_compile
-mp_compiled_module_t mp_compile_to_raw_code(mp_parse_tree_t *parse_tree, qstr source_file, bool is_repl, mp_module_context_t *globals);
+void mp_compile_to_raw_code(mp_parse_tree_t *parse_tree, qstr source_file, bool is_repl, mp_compiled_module_t *cm);
 #endif
 
 // this is implemented in runtime.c
diff --git a/py/persistentcode.c b/py/persistentcode.c
index 5408f756c..fdc87d5cc 100644
--- a/py/persistentcode.c
+++ b/py/persistentcode.c
@@ -390,7 +390,7 @@ STATIC mp_raw_code_t *load_raw_code(mp_reader_t *reader, mp_module_context_t *co
     return rc;
 }
 
-mp_compiled_module_t mp_raw_code_load(mp_reader_t *reader, mp_module_context_t *context) {
+void mp_raw_code_load(mp_reader_t *reader, mp_compiled_module_t *cm) {
     byte header[4];
     read_bytes(reader, header, sizeof(header));
     byte arch = MPY_FEATURE_DECODE_ARCH(header[2]);
@@ -414,46 +414,42 @@ mp_compiled_module_t mp_raw_code_load(mp_reader_t *reader, mp_module_context_t *
 
     size_t n_qstr = read_uint(reader);
     size_t n_obj = read_uint(reader);
-    mp_module_context_alloc_tables(context, n_qstr, n_obj);
+    mp_module_context_alloc_tables(cm->context, n_qstr, n_obj);
 
     // Load qstrs.
     for (size_t i = 0; i < n_qstr; ++i) {
-        context->constants.qstr_table[i] = load_qstr(reader);
+        cm->context->constants.qstr_table[i] = load_qstr(reader);
     }
 
     // Load constant objects.
     for (size_t i = 0; i < n_obj; ++i) {
-        context->constants.obj_table[i] = load_obj(reader);
+        cm->context->constants.obj_table[i] = load_obj(reader);
     }
 
     // Load top-level module.
-    mp_compiled_module_t cm2;
-    cm2.rc = load_raw_code(reader, context);
-    cm2.context = context;
+    cm->rc = load_raw_code(reader, cm->context);
 
     #if MICROPY_PERSISTENT_CODE_SAVE
-    cm2.has_native = MPY_FEATURE_DECODE_ARCH(header[2]) != MP_NATIVE_ARCH_NONE;
-    cm2.n_qstr = n_qstr;
-    cm2.n_obj = n_obj;
+    cm->has_native = MPY_FEATURE_DECODE_ARCH(header[2]) != MP_NATIVE_ARCH_NONE;
+    cm->n_qstr = n_qstr;
+    cm->n_obj = n_obj;
     #endif
 
     reader->close(reader->data);
-
-    return cm2;
 }
 
-mp_compiled_module_t mp_raw_code_load_mem(const byte *buf, size_t len, mp_module_context_t *context) {
+void mp_raw_code_load_mem(const byte *buf, size_t len, mp_compiled_module_t *context) {
     mp_reader_t reader;
     mp_reader_new_mem(&reader, buf, len, 0);
-    return mp_raw_code_load(&reader, context);
+    mp_raw_code_load(&reader, context);
 }
 
 #if MICROPY_HAS_FILE_READER
 
-mp_compiled_module_t mp_raw_code_load_file(const char *filename, mp_module_context_t *context) {
+void mp_raw_code_load_file(const char *filename, mp_compiled_module_t *context) {
     mp_reader_t reader;
     mp_reader_new_file(&reader, filename);
-    return mp_raw_code_load(&reader, context);
+    mp_raw_code_load(&reader, context);
 }
 
 #endif // MICROPY_HAS_FILE_READER
diff --git a/py/persistentcode.h b/py/persistentcode.h
index e66435873..d363f544a 100644
--- a/py/persistentcode.h
+++ b/py/persistentcode.h
@@ -111,9 +111,9 @@ enum {
     MP_PERSISTENT_OBJ_TUPLE,
 };
 
-mp_compiled_module_t mp_raw_code_load(mp_reader_t *reader, mp_module_context_t *ctx);
-mp_compiled_module_t mp_raw_code_load_mem(const byte *buf, size_t len, mp_module_context_t *ctx);
-mp_compiled_module_t mp_raw_code_load_file(const char *filename, mp_module_context_t *ctx);
+void mp_raw_code_load(mp_reader_t *reader, mp_compiled_module_t *ctx);
+void mp_raw_code_load_mem(const byte *buf, size_t len, mp_compiled_module_t *ctx);
+void mp_raw_code_load_file(const char *filename, mp_compiled_module_t *ctx);
 
 void mp_raw_code_save(mp_compiled_module_t *cm, mp_print_t *print);
 void mp_raw_code_save_file(mp_compiled_module_t *cm, const char *filename);