ILE CL activation

Do the values of variables in an ILE CL program get refreshed on every
call to it if it is run within a named activation group? e.g., The
following program is created with the parameters DFTACTGRP(*NO) and
ACTGRP(EXAMPLE). If it is called repeatedly from another program in the
same activation group, is the value of &LOCAL reset to 'Initial' every
time this program is called?

PGM PARM(&ACTION)

DCL VAR(&ACTION) TYPE(*CHAR) LEN(4)

DCL VAR(&LOCAL) TYPE(*CHAR) LEN(10) VALUE('Initial')

SNDPGMMSG MSG('The action is:' *BCAT &ACTION) TOPGMQ(*EXT) +
TOMSGQ(*TOPGMQ)

SNDPGMMSG MSG('Local variable value is:' *BCAT &LOCAL) +
TOPGMQ(*EXT) TOMSGQ(*TOPGMQ)

CHGVAR VAR(&LOCAL) VALUE('Changed')

CALL PGM(EXCRUNUNT3) PARM(&ACTION)

SNDPGMMSG MSG('On return local variable value is:' *BCAT +
&LOCAL) TOPGMQ(*EXT) TOMSGQ(*TOPGMQ)

RETURN
ENDPGM

Thanks,
Michael