The validity of Husserl’s early apprehension/content of apprehension schema (_Auffassung/Auffassungsinhalt Schema_) of intentionality has long been a subject of dispute. In the case of phantasy (_Phantasie_), commentators often assert that the talk of “non-intentional content,” i.e. the phantasm, is abandoned in Husserl’s mature phenomenology of phantasy, and his subsequent theory of reproductive consciousness aims precisely to replace the previous schema. Against the current dismissive stance in the literature, this paper argues for the centrality of the concept of phantasm in the (...) phenomenology of phantasy. This is achieved in three steps. First, I argue for a functional interpretation of the schema, which maintains that it is not an empirical-genetic account of how non-intentional “sense-data” is transformed into presentations of intentional objects, but a structural exposition of the essential moments of objectifying consciousness. Second, I revisit Husserl’s theory of reproductive consciousness, arguing that in reproduction, what is reproduced is not only the noetic experience but also the hyletic substrate. Hence, the theory of reproductive consciousness, far from calling for an abandonment of the concept of phantasm, instead clarifies this concept and its function in phantasy. To fortify the point that the phantasm is crucial for the phenomenology of phantasy, I examine two features of phantasy, namely the perspectivalness of phantasized objects and the experience of my phantasy Ego being the “zero point of orientation” in phantasy, arguing that these two essential features can only be accounted for by appealing to the concept of phantasm. (shrink)