Code objects represent byte-compiled executable Python code, or bytecode. The difference between a code object and a function object is that the function object contains an explicit reference to the function’s globals (the module in which it was defined), while a code object contains no context; also the default argument values are stored in the function object, not in the code object (because they represent values calculated at run-time). Unlike function objects, code objects are immutable and contain no references (directly or indirectly) to mutable objects.