SummaryIn a theory of representational or intentional states content is generally supposed to play various roles. It has to be the bearer of a truth‐value, it has to determine the way a representation is about something (its mode of presentation), and finally it has to 6e used in order to give intra‐ and interpersonal psychological explanations. It has been argued that no unique kind of content can play all these roles. What criterion should one adopt in order to draw the dividing line? We suggest that the divide be based on ontological considerations related to the way content depends on external factors. There is a fundamental difference, we submit, between object‐dependent and property‐dependent contents. The requirements concerning modes of presentation as well as cognitive significance can be met by one kind of content. This content, it will appear, is property‐dependent, but never object