diff --git a/fine/build.rs b/fine/build.rs
index 1b3c7b1e..9938438a 100644
--- a/fine/build.rs
+++ b/fine/build.rs
@@ -107,7 +107,7 @@ fn generate_test_for_file(path: PathBuf) -> String {
         } else if let Some(line) = line.strip_prefix("@eval:") {
             let expected = line.trim();
             assertions.push(quote! {
-                crate::assert_eval_ok(_module.clone(), #expected);
+                crate::assert_eval_ok(&program, _module.clone(), #expected);
             });
         } else if let Some(line) = line.strip_prefix("@check-error:") {
             let expected = line.trim();
@@ -139,8 +139,8 @@ fn generate_test_for_file(path: PathBuf) -> String {
         #disabled
         fn #name() {
             let source : std::rc::Rc<str> = #contents.into();
-            let mut runtime = crate::test_runtime(#display_path, source.clone());
-            let (_errors, _module) = runtime.load_module("__test__").unwrap();
+            let mut program = crate::test_runtime(#display_path, source.clone());
+            let (_errors, _module) = program.load_module("__test__").unwrap();
 
             #(#assertions)*
         }
diff --git a/fine/src/compiler.rs b/fine/src/compiler.rs
index dbb4a5c2..09a095f8 100644
--- a/fine/src/compiler.rs
+++ b/fine/src/compiler.rs
@@ -3,7 +3,9 @@ use std::rc::Rc;
 
 use crate::{
     parser::{Child, SyntaxTree, Tree, TreeKind, TreeRef},
-    semantics::{string_constant_to_string, Declaration, Location, Origin, Semantics, Type},
+    semantics::{
+        string_constant_to_string, Declaration, Location, ModuleId, Origin, Semantics, Type,
+    },
     tokens::TokenKind,
 };
 
@@ -62,6 +64,8 @@ pub enum Instruction {
     StoreSlot(usize),
     StringAdd,
     NewList(usize),
+
+    ModulePrefix(ModuleId),
 }
 
 pub enum Export {
@@ -69,23 +73,31 @@ pub enum Export {
     Global(usize),
 }
 
-pub struct Module {
+pub struct CompiledModule {
+    pub id: ModuleId,
     pub functions: Vec<Rc<Function>>,     // Functions
     pub globals: usize,                   // The number of global variables
     pub exports: HashMap<String, Export>, // Exports by name
     pub init: usize,                      // The index of the initialization function
+    pub deps: Vec<ModuleId>,              // Modules I depend on
 }
 
-impl Module {
-    pub fn new() -> Self {
-        Module {
+impl CompiledModule {
+    pub fn new(id: ModuleId) -> Self {
+        CompiledModule {
+            id,
             functions: Vec::new(),
             globals: 0,
             exports: HashMap::new(),
             init: 0,
+            deps: Vec::new(),
         }
     }
 
+    pub fn init_function(&self) -> &Rc<Function> {
+        &self.functions[self.init]
+    }
+
     pub fn functions(&self) -> &[Rc<Function>] {
         &self.functions
     }
@@ -147,7 +159,7 @@ struct Compiler<'a> {
     semantics: &'a Semantics,
     syntax: &'a SyntaxTree,
 
-    module: Module,
+    module: CompiledModule,
     function: Function,
 }
 
@@ -268,7 +280,7 @@ fn function_from_class_decl(source: &str, tree: &Tree) -> Result<Function, &'sta
     Ok(Function::new(name, field_count))
 }
 
-pub fn compile(semantics: &Semantics) -> Rc<Module> {
+pub fn compile_module(semantics: &Semantics) -> Rc<CompiledModule> {
     let source = semantics.source();
     let syntax_tree = semantics.tree();
 
@@ -277,7 +289,7 @@ pub fn compile(semantics: &Semantics) -> Rc<Module> {
         semantics: &semantics,
         syntax: &syntax_tree,
 
-        module: Module::new(),
+        module: CompiledModule::new(semantics.mid()),
         function: Function::new("<< module >>", 0),
     };
 
@@ -318,6 +330,7 @@ pub fn compile(semantics: &Semantics) -> Rc<Module> {
         module.functions.push(f.unwrap());
     }
 
+    module.deps.append(&mut semantics.import_ids());
     Rc::new(module)
 }
 
@@ -650,8 +663,6 @@ fn compile_identifier_expression(c: &mut Compiler, t: TreeRef, tree: &Tree) -> C
 }
 
 fn compile_load_declaration(c: &mut Compiler, t: TreeRef, declaration: &Declaration) -> CR {
-    // TODO: Handle load of non-local value.
-
     let index = declaration.index;
     let instruction = match declaration.location {
         Location::Local => {
@@ -665,7 +676,12 @@ fn compile_load_declaration(c: &mut Compiler, t: TreeRef, declaration: &Declarat
             Instruction::LoadArgument(index)
         }
         Location::Module => {
-            compiler_assert!(c, t, index < c.module.globals);
+            if declaration.module != c.semantics.mid() {
+                // TODO: Assert here too?
+                c.push(Instruction::ModulePrefix(declaration.module));
+            } else {
+                compiler_assert!(c, t, index < c.module.globals);
+            }
             Instruction::LoadModule(index)
         }
         Location::Slot => {
@@ -673,7 +689,12 @@ fn compile_load_declaration(c: &mut Compiler, t: TreeRef, declaration: &Declarat
             Instruction::LoadSlot(index)
         }
 
-        Location::Function => Instruction::LoadFunction(index),
+        Location::Function => {
+            if declaration.module != c.semantics.mid() {
+                c.push(Instruction::ModulePrefix(declaration.module));
+            }
+            Instruction::LoadFunction(index)
+        }
 
         Location::ExternalFunction => Instruction::LoadExternFunction(index),
 
@@ -1059,6 +1080,8 @@ fn compile_statement(c: &mut Compiler, t: TreeRef, gen_value: bool) {
         TreeKind::LetStatement => compile_let_statement(c, t, tree, gen_value),
         TreeKind::ReturnStatement => compile_return_statement(c, tree),
         TreeKind::WhileStatement => compile_while_statement(c, tree, gen_value),
+        TreeKind::Export => compile_export_statement(c, tree, gen_value),
+        TreeKind::ExportList => OK,
 
         _ => ice!(c, t, "unsupported statement tree kind {:?}", tree.kind),
     };
@@ -1071,6 +1094,11 @@ fn compile_statement(c: &mut Compiler, t: TreeRef, gen_value: bool) {
     }
 }
 
+fn compile_export_statement(c: &mut Compiler, tree: &Tree, gen_value: bool) -> CR {
+    compile_statement(c, tree.nth_tree(1).ok_or("nothing to export")?, gen_value);
+    OK
+}
+
 fn compile_if_statement(c: &mut Compiler, tree: &Tree, gen_value: bool) -> CR {
     compile_expression(c, tree.nth_tree(0).ok_or("no expr")?);
     if !gen_value {
@@ -1120,7 +1148,9 @@ fn compile_let_statement(c: &mut Compiler, t: TreeRef, tree: &Tree, gen_value: b
             Instruction::StoreLocal(index)
         }
         Location::Module => {
-            if index >= c.module.globals {
+            if declaration.module != c.semantics.mid() {
+                c.push(Instruction::ModulePrefix(declaration.module));
+            } else if index >= c.module.globals {
                 c.module.globals = index + 1;
             }
             Instruction::StoreModule(index)
diff --git a/fine/src/lib.rs b/fine/src/lib.rs
index c80463e2..b914ca6e 100644
--- a/fine/src/lib.rs
+++ b/fine/src/lib.rs
@@ -1,181 +1,51 @@
-use std::{collections::HashMap, fs, path::PathBuf, rc::Rc};
+use std::{path::PathBuf, rc::Rc};
 
-use compiler::compile;
-use parser::parse;
-use semantics::{check, Error, ImportRecord, ModuleId, Semantics};
+use compiler::compile_module;
+use program::{Module, Program, StandardModuleLoader};
 use vm::{eval, Context};
 
 pub mod compiler;
 pub mod parser;
+pub mod program;
 pub mod semantics;
 pub mod tokens;
 pub mod vm;
 
-pub enum ModuleSource {
-    SourceText(String),
-}
+fn load_module(
+    program: &Program,
+    module: &Rc<Module>,
+    context: &mut Context,
+) -> Result<(), vm::VMError> {
+    if !context.loaded(module.id()) {
+        let semantics = module.semantics();
+        let module = compile_module(&semantics);
+        context.set_module(module.clone());
 
-#[derive(Debug)]
-pub enum ModuleLoadError {
-    IO(String, std::io::Error),
-}
-
-pub trait ModuleLoader {
-    fn normalize_module_name(&self, source: &str, name: String) -> String;
-    fn load_module(&self, name: &String) -> Result<ModuleSource, ModuleLoadError>;
-}
-
-pub struct StandardModuleLoader {
-    base_path: PathBuf,
-}
-
-impl StandardModuleLoader {
-    pub fn new(base_path: PathBuf) -> Self {
-        StandardModuleLoader { base_path }
-    }
-}
-
-impl ModuleLoader for StandardModuleLoader {
-    fn normalize_module_name(&self, source: &str, name: String) -> String {
-        let p = self.base_path.join(source).join(name.clone());
-        let result = match std::fs::canonicalize(&p) {
-            Ok(p) => match p.into_os_string().into_string() {
-                Ok(s) => s,
-                Err(_e) => name.clone(),
-            },
-            Err(_e) => name.clone(),
-        };
-        result
-    }
-
-    fn load_module(&self, name: &String) -> Result<ModuleSource, ModuleLoadError> {
-        match fs::read_to_string(name) {
-            Ok(c) => Ok(ModuleSource::SourceText(c)),
-            Err(e) => Err(ModuleLoadError::IO(name.clone(), e)),
-        }
-    }
-}
-
-pub struct Module {
-    id: ModuleId,
-    semantics: Rc<Semantics>,
-}
-
-impl Module {
-    pub fn id(&self) -> ModuleId {
-        self.id
-    }
-
-    pub fn semantics(&self) -> Rc<Semantics> {
-        self.semantics.clone()
-    }
-}
-
-pub struct Runtime {
-    next_module_id: u64,
-    modules: HashMap<String, Rc<Module>>,
-    loader: Box<dyn ModuleLoader>,
-}
-
-impl Runtime {
-    pub fn new(loader: Box<dyn ModuleLoader>) -> Self {
-        Runtime {
-            next_module_id: 0,
-            modules: HashMap::new(),
-            loader,
-        }
-    }
-
-    pub fn load_module(
-        &mut self,
-        name: &str,
-    ) -> Result<(Vec<Rc<Error>>, Rc<Module>), ModuleLoadError> {
-        let mut init_pending = HashMap::new();
-        let mut names = Vec::new();
-        let name = self.loader.normalize_module_name("", name.to_string());
-        names.push(name.clone());
-
-        let mut id_assign = self.next_module_id;
-
-        while let Some(name) = names.pop() {
-            if self.modules.contains_key(&name) || init_pending.contains_key(&name) {
-                // Either already loaded or pending load.
-                continue;
-            }
-
-            // TODO: Errors here are bad! Remember, run everything!
-            match self.loader.load_module(&name)? {
-                ModuleSource::SourceText(source) => {
-                    let mid = ModuleId::from(id_assign);
-                    id_assign += 1;
-
-                    let source: Rc<str> = source.into();
-                    let (tree, lines) = parse(&source);
-                    let semantics = Rc::new(Semantics::new(
-                        mid,
-                        name.clone().into(),
-                        source,
-                        tree,
-                        lines,
-                    ));
-
-                    let mut normalized_imports = Vec::new();
-                    for import in semantics.imports() {
-                        let normalized = self.loader.normalize_module_name(&name, import.clone());
-
-                        names.push(normalized.clone());
-                        normalized_imports.push((import, normalized));
-                    }
-
-                    init_pending.insert(name, (mid, normalized_imports, semantics));
-                }
+        for dep in module.deps.iter() {
+            if let Some(dep_mod) = program.get_module(dep) {
+                load_module(program, dep_mod, context)?;
             }
         }
 
-        for (_, (_, imports, semantics)) in init_pending.iter() {
-            let mut import_table = HashMap::new();
-            for (import, normalized) in imports.iter() {
-                // NOTE: We look up the load(ed|ing) module here by normalized name, because that's how
-                //       we track it...
-                let target = if let Some(module) = self.modules.get(&*normalized) {
-                    ImportRecord {
-                        name: normalized.clone(),
-                        module_id: module.id(),
-                        semantics: Rc::downgrade(&module.semantics),
-                    }
-                } else {
-                    let (module_id, _, semantics) = init_pending.get(&*normalized).unwrap();
-                    ImportRecord {
-                        name: normalized.clone(),
-                        module_id: *module_id,
-                        semantics: Rc::downgrade(semantics),
-                    }
-                };
-
-                // ...but we set it into the import table here with the name
-                // that the source code used, for more better binding.
-                import_table.insert(import.clone(), target);
-            }
-            semantics.set_imports(import_table);
-        }
-
-        let mut errors = Vec::new();
-        for (name, (id, _, semantics)) in init_pending.into_iter() {
-            check(&semantics);
-            errors.append(&mut semantics.snapshot_errors());
-            self.modules.insert(name, Rc::new(Module { id, semantics }));
-        }
-        self.next_module_id = id_assign;
-
-        let result = self.modules.get(&name).unwrap().clone();
-        Ok((errors, result))
+        eval(context, module.id, module.init, &[])?;
     }
+
+    Ok(())
+}
+
+pub fn compile_program(program: &Program, context: &mut Context) -> Result<(), vm::VMError> {
+    for module in program.modules() {
+        load_module(program, module, context)?;
+    }
+
+    Ok(())
 }
 
 pub fn process_file(file: &str) {
-    let mut runtime = Runtime::new(Box::new(StandardModuleLoader::new(PathBuf::from("."))));
+    let mut program = Program::new(Box::new(StandardModuleLoader::new(PathBuf::from("."))));
 
-    let (errors, module) = match runtime.load_module(file) {
+    // Load the program text
+    let (errors, _) = match program.load_module(file) {
         Ok(r) => r,
         Err(_) => {
             eprintln!("Error loading module");
@@ -191,16 +61,10 @@ pub fn process_file(file: &str) {
         return;
     }
 
-    // shrug
-    let semantics = module.semantics();
-    let module = compile(&semantics);
-    let main_function = module.functions[module.init].clone();
-
-    let mut context = Context::new(module.clone());
-    match eval(&mut context, main_function, vec![]) {
-        Ok(v) => {
-            println!("{:?}", v);
-        }
+    // This is weird, why run the init function as main? Maybe just run main?
+    let mut context = Context::new();
+    match compile_program(&program, &mut context) {
+        Ok(_) => {}
         Err(e) => {
             eprintln!("{:?}", e);
         }
diff --git a/fine/src/program.rs b/fine/src/program.rs
new file mode 100644
index 00000000..48d0a913
--- /dev/null
+++ b/fine/src/program.rs
@@ -0,0 +1,196 @@
+use std::{collections::HashMap, fs, path::PathBuf, rc::Rc};
+
+use crate::parser::parse;
+use crate::semantics::{check, Error, ImportRecord, ModuleId, Semantics};
+
+pub enum ModuleSource {
+    SourceText(String),
+}
+
+#[derive(Debug)]
+pub enum ModuleLoadError {
+    IO(String, std::io::Error),
+}
+
+pub trait ModuleLoader {
+    fn normalize_module_name(&self, source: &str, name: String) -> String;
+    fn load_module(&self, name: &String) -> Result<ModuleSource, ModuleLoadError>;
+}
+
+pub struct StandardModuleLoader {
+    base_path: PathBuf,
+}
+
+impl StandardModuleLoader {
+    pub fn new(base_path: PathBuf) -> Self {
+        StandardModuleLoader { base_path }
+    }
+}
+
+impl ModuleLoader for StandardModuleLoader {
+    fn normalize_module_name(&self, source: &str, name: String) -> String {
+        let p = self.base_path.join(source).join(name.clone());
+        let result = match std::fs::canonicalize(&p) {
+            Ok(p) => match p.into_os_string().into_string() {
+                Ok(s) => s,
+                Err(_e) => name.clone(),
+            },
+            Err(_e) => name.clone(),
+        };
+        result
+    }
+
+    fn load_module(&self, name: &String) -> Result<ModuleSource, ModuleLoadError> {
+        match fs::read_to_string(name) {
+            Ok(c) => Ok(ModuleSource::SourceText(c)),
+            Err(e) => Err(ModuleLoadError::IO(name.clone(), e)),
+        }
+    }
+}
+
+pub struct Module {
+    id: ModuleId,
+    semantics: Rc<Semantics>,
+}
+
+impl Module {
+    pub fn id(&self) -> ModuleId {
+        self.id
+    }
+
+    pub fn semantics(&self) -> Rc<Semantics> {
+        self.semantics.clone()
+    }
+}
+
+struct PendingModule {
+    mid: ModuleId,
+    imports: Vec<(String, String)>, // (raw, normalized)
+    semantics: Rc<Semantics>,
+}
+
+pub struct Program {
+    next_module_id: u64,
+    modules: HashMap<String, Rc<Module>>,
+    modules_by_id: HashMap<ModuleId, Rc<Module>>,
+    loader: Box<dyn ModuleLoader>,
+}
+
+impl Program {
+    pub fn new(loader: Box<dyn ModuleLoader>) -> Self {
+        Program {
+            next_module_id: 0,
+            modules: HashMap::new(),
+            modules_by_id: HashMap::new(),
+            loader,
+        }
+    }
+
+    pub fn modules(&self) -> impl Iterator<Item = &Rc<Module>> {
+        self.modules.values()
+    }
+
+    pub fn get_module(&self, id: &ModuleId) -> Option<&Rc<Module>> {
+        self.modules_by_id.get(id)
+    }
+
+    pub fn load_module(
+        &mut self,
+        name: &str,
+    ) -> Result<(Vec<Rc<Error>>, Rc<Module>), ModuleLoadError> {
+        let mut init_pending = HashMap::new();
+        let mut names = Vec::new();
+        let name = self.loader.normalize_module_name("", name.to_string());
+        names.push(name.clone());
+
+        let mut id_assign = self.next_module_id;
+
+        while let Some(name) = names.pop() {
+            if self.modules.contains_key(&name) || init_pending.contains_key(&name) {
+                // Either already loaded or pending load.
+                continue;
+            }
+
+            // TODO: Errors here are bad! Remember, run everything!
+            match self.loader.load_module(&name)? {
+                ModuleSource::SourceText(source) => {
+                    let mid = ModuleId::from(id_assign);
+                    id_assign += 1;
+
+                    let source: Rc<str> = source.into();
+                    let (tree, lines) = parse(&source);
+                    let semantics = Rc::new(Semantics::new(
+                        mid,
+                        name.clone().into(),
+                        source,
+                        tree,
+                        lines,
+                    ));
+
+                    let mut imports = Vec::new();
+                    for import in semantics.imports() {
+                        let normalized = self.loader.normalize_module_name(&name, import.clone());
+
+                        names.push(normalized.clone());
+                        imports.push((import, normalized));
+                    }
+
+                    init_pending.insert(
+                        name,
+                        PendingModule {
+                            semantics,
+                            mid,
+                            imports,
+                        },
+                    );
+                }
+            }
+        }
+
+        for (_, pending) in init_pending.iter() {
+            let mut import_table = HashMap::new();
+            for (import, normalized) in pending.imports.iter() {
+                // NOTE: We look up the load(ed|ing) module here by normalized name, because that's how
+                //       we track it...
+                let target = if let Some(module) = self.modules.get(&*normalized) {
+                    ImportRecord {
+                        name: normalized.clone(),
+                        module_id: module.id(),
+                        semantics: Rc::downgrade(&module.semantics),
+                    }
+                } else {
+                    let other = init_pending.get(&*normalized).unwrap();
+                    ImportRecord {
+                        name: normalized.clone(),
+                        module_id: other.mid,
+                        semantics: Rc::downgrade(&other.semantics),
+                    }
+                };
+
+                // ...but we set it into the import table here with the name
+                // that the source code used, for more better binding.
+                import_table.insert(import.clone(), target);
+            }
+
+            // Now tell the semantics object about its import table.
+            pending.semantics.set_imports(import_table);
+        }
+
+        let mut errors = Vec::new();
+        for (name, pending) in init_pending.into_iter() {
+            check(&pending.semantics);
+            errors.append(&mut pending.semantics.snapshot_errors());
+
+            let module = Rc::new(Module {
+                id: pending.mid,
+                semantics: pending.semantics,
+            });
+            self.modules.insert(name, module.clone());
+            self.modules_by_id.insert(pending.mid, module);
+        }
+        self.next_module_id = id_assign;
+
+        let result = self.modules.get(&name).unwrap().clone();
+        Ok((errors, result))
+    }
+}
diff --git a/fine/src/semantics.rs b/fine/src/semantics.rs
index 585ec172..976fd202 100644
--- a/fine/src/semantics.rs
+++ b/fine/src/semantics.rs
@@ -116,6 +116,12 @@ impl From<u64> for ModuleId {
     }
 }
 
+impl fmt::Display for ModuleId {
+    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
+        write!(f, "#{}", self.0)
+    }
+}
+
 #[derive(Clone, Debug)]
 pub struct ImportRecord {
     pub name: String,
@@ -762,6 +768,12 @@ impl Semantics {
         self.import_map.set(imports).expect("imports already set");
     }
 
+    pub fn import_ids(&self) -> Vec<ModuleId> {
+        // TODO: Pull from by_name when we go global
+        let import_map = self.import_map.get().unwrap();
+        import_map.by_id.keys().map(|id| *id).collect()
+    }
+
     pub fn import_by_id(&self, mid: ModuleId) -> Option<Rc<Semantics>> {
         // TODO: ACTUALLY THIS IS WRONG, WE NEED THE GLOBAL MAP HERE, NOT THE LOCAL ONE.
         let import_map = self.import_map.get()?;
@@ -815,6 +827,10 @@ impl Semantics {
         }
     }
 
+    pub fn mid(&self) -> ModuleId {
+        self.mid
+    }
+
     fn report_error_span<T>(&self, start_pos: usize, end_pos: usize, error: T) -> Rc<Error>
     where
         T: ToString,
diff --git a/fine/src/vm.rs b/fine/src/vm.rs
index 25d761ea..d176cba1 100644
--- a/fine/src/vm.rs
+++ b/fine/src/vm.rs
@@ -1,11 +1,13 @@
+use core::fmt;
 use std::cell::{Cell, RefCell};
+use std::collections::HashMap;
 use std::rc::Rc;
 
 use crate::compiler::{
-    Export, Function, Instruction, Module, EXTERN_BUILTIN_LIST_GET_ITERATOR,
+    CompiledModule, Export, Function, Instruction, EXTERN_BUILTIN_LIST_GET_ITERATOR,
     EXTERN_BUILTIN_LIST_ITERATOR_NEXT, EXTERN_BUILTIN_NOOP,
 };
-use crate::semantics::Type;
+use crate::semantics::{ModuleId, Type};
 use thiserror::Error;
 
 #[derive(Error, Debug)]
@@ -49,6 +51,8 @@ pub enum VMErrorCode {
     ExportNotFound(String),
     #[error("the requested export is not a function: {0}")]
     ExportNotFunction(String),
+    #[error("a module with id {0} has not been loaded")]
+    ModuleNotFound(ModuleId),
 }
 
 #[derive(Debug)]
@@ -85,6 +89,21 @@ pub struct ListIterator {
     index: Cell<usize>,
 }
 
+#[derive(Clone)]
+pub enum FuncValue {
+    Function(Rc<RuntimeModule>, Rc<Function>),
+    ExternFunction(usize),
+}
+
+impl fmt::Debug for FuncValue {
+    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
+        match self {
+            FuncValue::Function(m, func) => write!(f, "fuction #{:?}:{:?}", m, func),
+            FuncValue::ExternFunction(i) => write!(f, "external {i}"),
+        }
+    }
+}
+
 #[derive(Clone, Debug)]
 pub enum StackValue {
     Nothing,
@@ -92,8 +111,7 @@ pub enum StackValue {
     Float(f64),
     Int(i64),
     String(Rc<str>),
-    Function(Rc<Function>),
-    ExternFunction(usize),
+    Function(Box<FuncValue>),
     Object(Rc<Object>),
     List(Rc<Vec<StackValue>>),
     ListIterator(Rc<ListIterator>),
@@ -136,13 +154,9 @@ impl StackValue {
     }
 }
 
-enum FuncValue {
-    Function(Rc<Function>),
-    ExternFunction(usize),
-}
-
 #[derive(Debug)]
 pub struct Frame {
+    module: Rc<RuntimeModule>,
     func: Rc<Function>,
     args: Vec<StackValue>,
     locals: Vec<StackValue>,
@@ -151,11 +165,12 @@ pub struct Frame {
 }
 
 impl Frame {
-    fn from_function(func: Rc<Function>, args: Vec<StackValue>) -> Self {
+    fn from_function(module: Rc<RuntimeModule>, func: Rc<Function>, args: Vec<StackValue>) -> Self {
         let mut locals = Vec::new();
         locals.resize(func.locals(), StackValue::Nothing);
 
         Frame {
+            module,
             func,
             args,
             locals,
@@ -164,8 +179,12 @@ impl Frame {
         }
     }
 
-    pub fn func(&self) -> Rc<Function> {
-        self.func.clone()
+    pub fn module(&self) -> &Rc<RuntimeModule> {
+        &self.module
+    }
+
+    pub fn func(&self) -> &Rc<Function> {
+        &self.func
     }
 
     pub fn args(&self) -> &[StackValue] {
@@ -235,12 +254,12 @@ impl Frame {
         self.push_value(StackValue::String(v))
     }
 
-    fn push_function(&mut self, v: Rc<Function>) {
-        self.push_value(StackValue::Function(v));
+    fn push_function(&mut self, m: Rc<RuntimeModule>, v: Rc<Function>) {
+        self.push_value(StackValue::Function(Box::new(FuncValue::Function(m, v))));
     }
 
     fn push_extern_function(&mut self, v: usize) {
-        self.push_value(StackValue::ExternFunction(v));
+        self.push_value(StackValue::Function(Box::new(FuncValue::ExternFunction(v))));
     }
 
     fn push_object(&mut self, v: Rc<Object>) {
@@ -297,55 +316,86 @@ impl Frame {
 
     fn pop_function(&mut self) -> Result<FuncValue> {
         match self.pop_value()? {
-            StackValue::Function(f) => Ok(FuncValue::Function(f)),
-            StackValue::ExternFunction(i) => Ok(FuncValue::ExternFunction(i)),
+            StackValue::Function(f) => Ok(*f),
             v => Err(VMErrorCode::StackExpectedFunction(v)),
         }
     }
 }
 
-pub struct Context {
-    module: Rc<Module>,
-    globals: Vec<StackValue>,
+pub struct RuntimeModule {
+    code: Rc<CompiledModule>,
+    globals: RefCell<Vec<StackValue>>,
 }
 
-impl Context {
-    pub fn new(module: Rc<Module>) -> Context {
-        let mut globals = Vec::new();
-        globals.resize(module.globals, StackValue::Nothing);
-        Context { module, globals }
+impl fmt::Debug for RuntimeModule {
+    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
+        write!(f, "#{}", self.code.id)
     }
+}
 
-    pub fn init(&mut self) -> std::result::Result<(), VMError> {
-        let init_index = self.module.init;
-        let init_fn = self.module.functions[init_index].clone();
-        eval(self, init_fn, vec![])?;
-        Ok(())
+impl RuntimeModule {
+    fn new(code: Rc<CompiledModule>) -> RuntimeModule {
+        let mut globals = Vec::new();
+        globals.resize(code.globals, StackValue::Nothing);
+        RuntimeModule {
+            code,
+            globals: RefCell::new(globals),
+        }
     }
 
     fn get_global(&self, i: usize) -> Result<StackValue> {
         self.globals
+            .borrow()
             .get(i)
             .map(|v| v.clone())
             .ok_or_else(|| VMErrorCode::GlobalOutOfRange(i)) // TODO: Test
     }
 
-    fn set_global(&mut self, i: usize, v: StackValue) -> Result<()> {
-        if i >= self.globals.len() {
+    fn set_global(&self, i: usize, v: StackValue) -> Result<()> {
+        let mut globals = self.globals.borrow_mut();
+        if i >= globals.len() {
             Err(VMErrorCode::GlobalOutOfRange(i)) // TODO: Test
         } else {
-            self.globals[i] = v;
+            globals[i] = v;
             Ok(())
         }
     }
 
     fn get_function(&self, i: usize) -> Result<Rc<Function>> {
-        let functions = self.module.functions();
+        let functions = self.code.functions();
         functions
             .get(i)
             .map(|v| v.clone())
             .ok_or_else(|| VMErrorCode::FunctionOutOfRange(i)) // TODO: Test
     }
+}
+
+pub struct Context {
+    modules: HashMap<ModuleId, Rc<RuntimeModule>>,
+    module_prefix: Option<ModuleId>,
+}
+
+impl Context {
+    pub fn new() -> Context {
+        Context {
+            modules: HashMap::new(),
+            module_prefix: None,
+        }
+    }
+
+    pub fn loaded(&self, module: ModuleId) -> bool {
+        self.modules.contains_key(&module)
+    }
+
+    pub fn get_module(&self, module: ModuleId) -> Option<&Rc<CompiledModule>> {
+        self.modules.get(&module).map(|rm| &rm.code)
+    }
+
+    pub fn set_module(&mut self, module: Rc<CompiledModule>) {
+        let id = module.id;
+        let runtime_module = Rc::new(RuntimeModule::new(module));
+        self.modules.insert(id, runtime_module.clone());
+    }
 
     fn call_extern_function(&self, index: usize, args: &[StackValue]) -> Result<StackValue> {
         match index {
@@ -398,6 +448,8 @@ fn eval_one(
     f: &mut Frame,
     stack: &mut Vec<Frame>,
 ) -> Result<Flow> {
+    let module_prefix = c.module_prefix.take();
+
     match instruction {
         Instruction::Panic(index) => {
             let v = f
@@ -462,7 +514,15 @@ fn eval_one(
             f.push_value(v);
         }
         Instruction::LoadModule(i) => {
-            let v = c.get_global(i)?;
+            let module = module_prefix
+                .map(|id| {
+                    c.modules
+                        .get(&id)
+                        .ok_or_else(|| VMErrorCode::ModuleNotFound(id))
+                })
+                .unwrap_or(Ok(&f.module))?;
+
+            let v = module.get_global(i)?;
             f.push_value(v);
         }
         Instruction::PushFalse => {
@@ -491,7 +551,15 @@ fn eval_one(
         }
         Instruction::StoreModule(i) => {
             let v = f.pop_value()?;
-            c.set_global(i, v)?;
+            let module = module_prefix
+                .map(|id| {
+                    c.modules
+                        .get(&id)
+                        .ok_or_else(|| VMErrorCode::ModuleNotFound(id))
+                })
+                .unwrap_or(Ok(&f.module))?;
+
+            module.set_global(i, v)?;
         }
         Instruction::StoreSlot(i) => {
             let o = f.pop_object()?;
@@ -499,8 +567,16 @@ fn eval_one(
             o.values.borrow_mut()[i] = v;
         }
         Instruction::LoadFunction(i) => {
-            let v = c.get_function(i)?;
-            f.push_function(v);
+            let module = module_prefix
+                .map(|id| {
+                    c.modules
+                        .get(&id)
+                        .ok_or_else(|| VMErrorCode::ModuleNotFound(id))
+                })
+                .unwrap_or(Ok(&f.module))?;
+
+            let v = module.get_function(i)?;
+            f.push_function(module.clone(), v);
         }
         Instruction::LoadExternFunction(i) => {
             f.push_extern_function(i);
@@ -512,8 +588,8 @@ fn eval_one(
                 args.push(f.pop_value()?);
             }
             match function {
-                FuncValue::Function(func) => {
-                    let mut frame = Frame::from_function(func, args);
+                FuncValue::Function(module, func) => {
+                    let mut frame = Frame::from_function(module, func, args);
                     std::mem::swap(&mut frame, f);
                     frame.pc = *index;
                     stack.push(frame);
@@ -538,8 +614,8 @@ fn eval_one(
             let x = f.pop_string()?;
             let y = f.pop_string()?;
 
-            let mut new_string = x.to_string();
-            new_string.push_str(&y);
+            let mut new_string = y.to_string();
+            new_string.push_str(&x);
 
             f.push_string(new_string.into());
         }
@@ -629,18 +705,22 @@ fn eval_one(
             }
             f.push_list(Rc::new(v));
         }
+        Instruction::ModulePrefix(mid) => {
+            c.module_prefix = Some(mid);
+        }
     }
 
     Ok(Flow::Continue)
 }
 
-pub fn eval(
+fn eval_core(
     c: &mut Context,
+    module: Rc<RuntimeModule>,
     function: Rc<Function>,
     args: Vec<StackValue>,
 ) -> std::result::Result<StackValue, VMError> {
     let mut stack = Vec::new();
-    let mut f = Frame::from_function(function, args);
+    let mut f = Frame::from_function(module, function, args);
 
     let mut index = 0;
     loop {
@@ -685,12 +765,45 @@ pub fn eval(
     }
 }
 
+pub fn eval(
+    c: &mut Context,
+    module: ModuleId,
+    function: usize,
+    args: &[StackValue],
+) -> std::result::Result<StackValue, VMError> {
+    let Some(module) = c.modules.get(&module) else {
+        return Err(VMError {
+            code: VMErrorCode::ModuleNotFound(module),
+            stack: Box::new([]),
+        });
+    };
+
+    let Some(function) = module.code.functions.get(function) else {
+        return Err(VMError {
+            code: VMErrorCode::FunctionOutOfRange(function),
+            stack: Box::new([]),
+        });
+    };
+
+    let function = function.clone();
+    let args = args.iter().map(|a| a.clone()).collect();
+    eval_core(c, module.clone(), function, args)
+}
+
 pub fn eval_export_fn(
     c: &mut Context,
+    module: ModuleId,
     name: &str,
     args: &[StackValue],
 ) -> std::result::Result<StackValue, VMError> {
-    let export = match c.module.exports.get(name) {
+    let Some(module) = c.modules.get(&module) else {
+        return Err(VMError {
+            code: VMErrorCode::ModuleNotFound(module),
+            stack: Box::new([]),
+        });
+    };
+
+    let export = match module.code.exports.get(name) {
         Some(Export::Function(id)) => id,
         Some(_) => {
             return Err(VMError {
@@ -706,7 +819,7 @@ pub fn eval_export_fn(
         }
     };
 
-    let function = c.module.functions[*export].clone();
+    let function = module.code.functions[*export].clone();
     let args = args.iter().map(|a| a.clone()).collect();
-    eval(c, function, args)
+    eval_core(c, module.clone(), function, args)
 }
diff --git a/fine/tests/example_tests.rs b/fine/tests/example_tests.rs
index fd829613..eede64c1 100644
--- a/fine/tests/example_tests.rs
+++ b/fine/tests/example_tests.rs
@@ -1,7 +1,10 @@
-use fine::compiler::{compile, Function, Module};
+use fine::compile_program;
+use fine::compiler::{compile_module, CompiledModule, Function};
+use fine::program::{
+    Module, ModuleLoadError, ModuleLoader, ModuleSource, Program, StandardModuleLoader,
+};
 use fine::semantics::{Error, Type};
-use fine::vm::{eval_export_fn, Context};
-use fine::{ModuleLoadError, ModuleLoader, ModuleSource, Runtime, StandardModuleLoader};
+use fine::vm::{eval_export_fn, Context, VMError};
 
 use pretty_assertions::assert_eq;
 use std::fmt::Write as _;
@@ -168,11 +171,11 @@ impl ModuleLoader for TestLoader {
     }
 }
 
-fn test_runtime(_source_path: &str, source: Rc<str>) -> Runtime {
-    Runtime::new(TestLoader::new(_source_path.into(), source))
+fn test_runtime(_source_path: &str, source: Rc<str>) -> Program {
+    Program::new(TestLoader::new(_source_path.into(), source))
 }
 
-fn assert_type_at(module: Rc<fine::Module>, pos: usize, expected: &str, _source_path: &str) {
+fn assert_type_at(module: Rc<Module>, pos: usize, expected: &str, _source_path: &str) {
     let semantics = module.semantics();
     let tree = semantics.tree();
 
@@ -197,7 +200,7 @@ fn assert_type_at(module: Rc<fine::Module>, pos: usize, expected: &str, _source_
 }
 
 fn assert_type_error_at(
-    module: Rc<fine::Module>,
+    module: Rc<Module>,
     errors: &[Rc<Error>],
     pos: usize,
     expected: &str,
@@ -256,7 +259,7 @@ fn dump_function(out: &mut String, function: &Function) -> std::fmt::Result {
     Ok(())
 }
 
-fn dump_module(out: &mut String, module: &Module) -> std::fmt::Result {
+fn dump_module(out: &mut String, module: &CompiledModule) -> std::fmt::Result {
     for function in module.functions() {
         dump_function(out, function)?;
     }
@@ -264,9 +267,9 @@ fn dump_module(out: &mut String, module: &Module) -> std::fmt::Result {
     Ok(())
 }
 
-fn assert_compiles_to(module: Rc<fine::Module>, expected: &str, source_path: &str) {
+fn assert_compiles_to(module: Rc<Module>, expected: &str, source_path: &str) {
     let semantics = module.semantics();
-    let module = compile(&semantics);
+    let module = compile_module(&semantics);
 
     let mut actual = String::new();
     dump_module(&mut actual, &module).expect("no dumping?");
@@ -286,7 +289,7 @@ fn assert_compiles_to(module: Rc<fine::Module>, expected: &str, source_path: &st
     }
 }
 
-fn assert_no_errors(module: Rc<fine::Module>, errors: &[Rc<Error>]) {
+fn assert_no_errors(module: Rc<Module>, errors: &[Rc<Error>]) {
     let semantics = module.semantics();
 
     let expected_errors: &[Rc<Error>] = &[];
@@ -299,14 +302,39 @@ fn assert_no_errors(module: Rc<fine::Module>, errors: &[Rc<Error>]) {
     );
 }
 
-fn assert_eval_ok(module: Rc<fine::Module>, expected: &str) {
+fn dump_runtime_error(module: &Rc<Module>, context: &Context, e: VMError) -> ! {
     let semantics = module.semantics();
-    let module = compile(&semantics);
+    semantics.dump_compiler_state(None);
 
-    let mut context = Context::new(module.clone());
-    context.init().expect("Unable to initialize module");
+    if let Some(module) = context.get_module(module.id()) {
+        let mut actual = String::new();
+        let _ = dump_module(&mut actual, &module);
 
-    match eval_export_fn(&mut context, "test", &[]) {
+        eprintln!("{actual}");
+    }
+
+    eprintln!("Backtrace:");
+    for frame in e.stack.iter() {
+        let func = frame.func();
+        eprint!("  {} (", func.name());
+        for arg in frame.args().iter() {
+            eprint!("{:?},", arg);
+        }
+        eprintln!(") @ {}", frame.pc());
+    }
+    eprintln!();
+
+    panic!("error occurred while running: {:?}", e.code);
+}
+
+fn assert_eval_ok(program: &Program, module: Rc<Module>, expected: &str) {
+    let semantics = module.semantics();
+    let mut context = Context::new();
+    if let Err(e) = compile_program(&program, &mut context) {
+        dump_runtime_error(&module, &context, e);
+    };
+
+    match eval_export_fn(&mut context, module.id(), "test", &[]) {
         Ok(v) => {
             let actual = format!("{:?}", v);
             semantic_assert_eq!(
@@ -317,31 +345,11 @@ fn assert_eval_ok(module: Rc<fine::Module>, expected: &str) {
                 "wrong return from test function"
             );
         }
-        Err(e) => {
-            semantics.dump_compiler_state(None);
-
-            let mut actual = String::new();
-            let _ = dump_module(&mut actual, &module);
-
-            eprintln!("{actual}");
-
-            eprintln!("Backtrace:");
-            for frame in e.stack.iter() {
-                let func = frame.func();
-                eprint!("  {} (", func.name());
-                for arg in frame.args().iter() {
-                    eprint!("{:?},", arg);
-                }
-                eprintln!(") @ {}", frame.pc());
-            }
-            eprintln!();
-
-            panic!("error occurred while running: {:?}", e.code);
-        }
+        Err(e) => dump_runtime_error(&module, &context, e),
     }
 }
 
-fn assert_errors(module: Rc<fine::Module>, errors: &[Rc<Error>], expected_errors: Vec<&str>) {
+fn assert_errors(module: Rc<Module>, errors: &[Rc<Error>], expected_errors: Vec<&str>) {
     let semantics = module.semantics();
 
     let errors: Vec<String> = errors.iter().map(|e| format!("{}", e)).collect();
@@ -355,7 +363,7 @@ fn assert_errors(module: Rc<fine::Module>, errors: &[Rc<Error>], expected_errors
     );
 }
 
-fn assert_check_error(module: Rc<fine::Module>, errors: &[Rc<Error>], expected: &str) {
+fn assert_check_error(module: Rc<Module>, errors: &[Rc<Error>], expected: &str) {
     let semantics = module.semantics();
 
     semantic_assert!(
diff --git a/fine/tests/modules/import.fine b/fine/tests/modules/import.fine
index f583592c..9b9ec5c0 100644
--- a/fine/tests/modules/import.fine
+++ b/fine/tests/modules/import.fine
@@ -1,9 +1,14 @@
 import "./foo.fine" as foo;
 
+// NOTE: This is right here because a known miscompilation will cause us to
+// call this function instead of the actual target.
+fun wrong_function() -> string {
+  "VERY WRONG"
+}
+
 fun test() -> string {
   foo.hello() + " world"
 }
 
-// TODO: Obviously run the code duh
 // @no-errors
-/// @eval: asdf
\ No newline at end of file
+// @eval: String("hello world")
\ No newline at end of file