This paper explores the relationships between perception, representation and appetition in Leibniz's later metaphysics, and defends four theses. First, for Leibniz perceptions are not the carriers of content, but they are identical to representational content. Second, Leibniz's appetitions are the carriers of content and he should be taken at his word when he declares, "Thought consists in conatus". Third, while it is true that for Leibniz representational content is determined by a species of mapping or function from representation to what (...) is represented, this is not the only component that determines representational content for Leibniz. The correspondence in terms of which Leibniz characterizes representation includes an ontological component, namely a lineage or trace from representation to represented object via God's creation, and appetitions constitute this trace. Finally, Leibniz's account of how ideas represent and how perceptions represent are distinct, and derivation plays a key role in how ideas represent. (shrink)