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This paper considers Fonagy et al's concept of mentalization and contrasts aspects of this with aspects of Bion's model of the mind. The author argues that although mentalization adds to our understanding of mind it has limitations; that it may tend to over-emphasize certain types of external interaction between infant and carer and under-emphasize internal psychobiological processes. What is at issue here is the way in which an infant's carers facilitate the development of meaning out of experience. Bion's concept supposes a relatively ‘interior’ model in which, in important ways, the carer enables the infant to derive the meaning of his or her experience, whilst on the other hand Fonagy et al tend to talk more in terms of the ways in which the carer endows the infant's experience with meaning. Reference is made to Fordham's concept of states of ‘Identity’. Fordham has pointed out that Freud's model is one in which mind is conceived of as evolving out of an infant's complex identifications with his or her carer(s); Jung's model envisages developmentally early states of identity as the means by which inherent capacities are realized.