Tape-recorded interviews with psychotic patients who were hallucinating showed that the voices represented some formerly internalized objects now perceived by the patient as external objects. Direct libidinal discharge was associated with the hallucination of oral and anal as well as genital sensations, although the latter were most prominent and were associated with Oedipal fantasies. The auditory hallucinations were not found to be primarily hostile but were considered helpful and beneficial. Some hostile and critical aspects were observed and these were interpreted as related not to the superego itself but to a stage in the prehistory of the superego. The traditional concept that the voices represent an external conscience was not confirmed.