Iffy Literals

Today a colleague noticed that he was using a IIFE where a simple object literal might do, and he asked my opinion. The code looked something like this:

var codeWords = (function() {
    var list = ['ABC', 'DEF', /* ... */ 'XYZ'];
    var found = function(test) {
        return list.indexOf(test) > -1;
    };

    return {
        list: list,
        found: