This version of this paper has been superseded by a substantially revised version in G. Strawson, Real Materialism and Other Essays (OUP 2008) I take 'content' in a natural internalist way to refer to occurrent mental content. I introduce a 'thin' or ‘live’ notion of the subject according to which a subject of experience cannot exist unless there is an experience for it to be the subject of. I then argue, first, that in the case of a particular experience E, (...) its content C, and its (thin) subject S, [C ↔ E ↔ S]; and, second, that the metaphysical fact that underlies this (strong modal) equivalence is in fact identity: [E = S = C]. I suggest that the effort of thought required to grasp this is deeply revealing of the nature of reality. On the way I raise a doubt about the viability of the traditional object/property distinction. -/- . (shrink)