diff --git a/include/boost/python/converter/always_extract_object_manager.hpp b/include/boost/python/converter/always_extract_object_manager.hpp
new file mode 100644
index 00000000..02f18143
--- /dev/null
+++ b/include/boost/python/converter/always_extract_object_manager.hpp
@@ -0,0 +1,35 @@
+// Copyright David Abrahams 2002. Permission to copy, use,
+// modify, sell and distribute this software is granted provided this
+// copyright notice appears in all copies. This software is provided
+// "as is" without express or implied warranty, and with no claim as
+// to its suitability for any purpose.
+#ifndef ALWAYS_EXTRACT_OBJECT_MANAGER_DWA2002716_HPP
+# define ALWAYS_EXTRACT_OBJECT_MANAGER_DWA2002716_HPP
+
+# include <boost/config.hpp>
+
+namespace boost { namespace python { namespace converter { 
+
+// Derive specializations of extract_object_manager from this when the
+// object manager is indiscriminate about the Python objects it manages
+struct always_extract_object_manager
+{
+    BOOST_STATIC_CONSTANT(bool, is_specialized = true);
+    static inline bool check(PyObject* x);
+};
+
+// Provide a forward declaration as a convenience for clients, who all
+// need it.
+template <class T> struct extract_object_manager;
+
+//
+// implementations
+//
+inline bool always_extract_object_manager::check(PyObject* x)
+{
+    return true;
+}
+
+}}} // namespace boost::python::converter
+
+#endif // ALWAYS_EXTRACT_OBJECT_MANAGER_DWA2002716_HPP
diff --git a/include/boost/python/converter/arg_from_python.hpp b/include/boost/python/converter/arg_from_python.hpp
index 7bca5040..289b4945 100755
--- a/include/boost/python/converter/arg_from_python.hpp
+++ b/include/boost/python/converter/arg_from_python.hpp
@@ -19,6 +19,7 @@
 # include <boost/python/detail/void_ptr.hpp>
 # include <boost/python/back_reference.hpp>
 # include <boost/python/detail/referent_storage.hpp>
+# include <boost/python/converter/obj_mgr_arg_from_python.hpp>
 
 namespace boost { namespace python
 {
@@ -139,6 +140,12 @@ struct back_reference_arg_from_python
 template <class T>
 struct select_arg_from_python
 {
+    BOOST_STATIC_CONSTANT(
+        bool, obj_mgr = is_object_manager<T>::value);
+    
+    BOOST_STATIC_CONSTANT(
+        bool, obj_mgr_ref = is_reference_to_object_manager<T>::value);
+    
     BOOST_STATIC_CONSTANT(
         bool, ptr = is_pointer<T>::value);
     
@@ -159,22 +166,30 @@ struct select_arg_from_python
         boost::python::is_back_reference<T>::value);
 
     typedef typename mpl::select_type<
-        ptr
-        , pointer_arg_from_python<T>
-        , typename mpl::select_type<
-             ptr_cref
-             , pointer_cref_arg_from_python<T>
-             , typename mpl::select_type<
-                   ref
-                   , reference_arg_from_python<T>
-                   , typename mpl::select_type<
-                        back_ref
-                        , back_reference_arg_from_python<T>
-                        , arg_rvalue_from_python<T>
-                    >::type
-                >::type
+        obj_mgr
+        , object_manager_value_arg_from_python<T>
+        , mpl::select_type<
+            obj_mgr_ref
+            , object_manager_ref_arg_from_python<T>
+            , mpl::select_type<
+                ptr
+                , pointer_arg_from_python<T>
+                , typename mpl::select_type<
+                    ptr_cref
+                    , pointer_cref_arg_from_python<T>
+                    , typename mpl::select_type<
+                        ref
+                        , reference_arg_from_python<T>
+                        , typename mpl::select_type<
+                            back_ref
+                            , back_reference_arg_from_python<T>
+                            , arg_rvalue_from_python<T>
+                          >::type
+                      >::type
+                  >::type
+              >::type
           >::type
-    >::type type;
+      >::type type;
 };
 
 // ==================
diff --git a/include/boost/python/converter/obj_mgr_arg_from_python.hpp b/include/boost/python/converter/obj_mgr_arg_from_python.hpp
new file mode 100644
index 00000000..58cf85e4
--- /dev/null
+++ b/include/boost/python/converter/obj_mgr_arg_from_python.hpp
@@ -0,0 +1,105 @@
+// Copyright David Abrahams 2002. Permission to copy, use,
+// modify, sell and distribute this software is granted provided this
+// copyright notice appears in all copies. This software is provided
+// "as is" without express or implied warranty, and with no claim as
+// to its suitability for any purpose.
+#ifndef OBJ_MGR_ARG_FROM_PYTHON_DWA2002628_HPP
+# define OBJ_MGR_ARG_FROM_PYTHON_DWA2002628_HPP
+
+# include <boost/python/detail/wrap_python.hpp>
+# include <boost/python/detail/referent_storage.hpp>
+# include <boost/python/detail/destroy.hpp>
+# include <boost/python/detail/construct.hpp>
+# include <boost/python/converter/object_manager.hpp>
+
+//
+// arg_from_python converters for Python type wrappers, to be used as
+// base classes for specializations.
+//
+namespace boost { namespace python { namespace converter { 
+
+template <class T>
+struct object_manager_value_arg_from_python
+{
+    typedef T result_type;
+    
+    object_manager_value_arg_from_python(PyObject*);
+    bool convertible() const;
+    T operator()(PyObject*) const;
+ private:
+    PyObject* m_source;
+};
+
+template <class Ref>
+struct object_manager_ref_arg_from_python
+{
+    typedef Ref result_type;
+    
+    object_manager_ref_arg_from_python(PyObject*);
+    bool convertible() const;
+    Ref operator()(PyObject*) const;
+    ~object_manager_ref_arg_from_python();
+ private:
+    typename python::detail::referent_storage<Ref>::type m_result;
+};
+
+//
+// implementations
+//
+
+template <class T>
+inline object_manager_value_arg_from_python<T>::object_manager_value_arg_from_python(PyObject* x)
+    : m_source(x)
+{
+}
+    
+template <class T>
+inline bool object_manager_value_arg_from_python<T>::convertible() const
+{
+    return extract_object_manager<T>::check(m_source);
+}
+
+template <class T>
+inline T object_manager_value_arg_from_python<T>::operator()(PyObject* x) const
+{
+    return T(python::detail::borrowed_reference(x));
+}
+
+template <class Ref>
+inline object_manager_ref_arg_from_python<Ref>::object_manager_ref_arg_from_python(PyObject* x)
+{
+    python::detail::construct_referent<Ref>(&m_result.bytes, python::detail::borrowed_reference(x));
+}
+
+template <class Ref>
+inline object_manager_ref_arg_from_python<Ref>::~object_manager_ref_arg_from_python()
+{
+    python::detail::destroy_referent<Ref>(this->m_result.bytes);
+}
+
+namespace detail
+{
+  template <class T>
+  inline bool object_manager_ref_check(T const& x)
+  {
+      return extract_object_manager<T>::check((get_managed_object)(x));
+  }
+}
+
+template <class Ref>
+inline bool object_manager_ref_arg_from_python<Ref>::convertible() const
+{
+    return detail::object_manager_ref_check(
+        python::detail::void_ptr_to_reference(this->m_result.bytes, (Ref(*)())0));
+}
+
+template <class Ref>
+inline Ref object_manager_ref_arg_from_python<Ref>::operator()(PyObject*) const
+{
+    return python::detail::void_ptr_to_reference(
+        this->m_result.bytes, (Ref(*)())0);
+}
+
+}}} // namespace boost::python::converter
+
+#endif // OBJ_MGR_ARG_FROM_PYTHON_DWA2002628_HPP
diff --git a/include/boost/python/converter/object_manager.hpp b/include/boost/python/converter/object_manager.hpp
index 23e70a1e..ac0ceb02 100755
--- a/include/boost/python/converter/object_manager.hpp
+++ b/include/boost/python/converter/object_manager.hpp
@@ -12,22 +12,55 @@
 # include <boost/mpl/select_type.hpp>
 # include <boost/python/detail/indirect_traits.hpp>
 
-namespace boost { namespace python { namespace api {
-
-class object;
+// Facilities for dealing with types which always manage Python
+// objects. Some examples are object, list, et. al. Different
+// to_python/from_python conversion rules apply here because in
+// contrast to other types which are typically embedded inside a
+// Python object, these are wrapped around a Python object. For most
+// object managers T, a C++ non-const T reference argument does not
+// imply the existence of a T lvalue embedded in the corresponding
+// Python argument, since mutating member functions on T actually only
+// modify the held Python object.
+//
+// Note also that handle<> does not qualify as an object manager because:
+//   a. It might not manage a Python object (it can be null)
+//   b. Mutating operations visible to users modify the handle<> itself.
 
+namespace boost { namespace python { namespace api
+{
+  class object; // forward declaration
 }}}
 
 namespace boost { namespace python { namespace converter { 
 
+// Used to create object managers of type T, taking ownership of a
+// given PyObject*. Specializations X must satisfy the following,
+// where p is a non-null PyObject*:
+//
+//   X::is_specialized == true
+//
+//   T(X::execute(p)) - constructs a T object from p, or throws a
+//   TypeError exception if p doesn't have an appropriate type.
+//
+//   X::check(p), convertible to bool. True iff T(X::execute(p)) will
+//   not throw.
+template <class T>
+struct extract_object_manager
+{
+    BOOST_STATIC_CONSTANT(bool, is_specialized = false);
+};
+
+// A metafunction returning true iff its argument is an object manager.
 template <class T>
 struct is_object_manager
 {
  private:
+    // handle the cases that would otherwise require partial specialization
     BOOST_STATIC_CONSTANT(bool, hdl = is_handle<T>::value);
     BOOST_STATIC_CONSTANT(bool, borrowed = python::detail::is_borrowed_ptr<T>::value);
+    BOOST_STATIC_CONSTANT(bool, extract_specialized = extract_object_manager<T>::is_specialized);
  public:
-    BOOST_STATIC_CONSTANT(bool, value = (hdl | borrowed));
+    BOOST_STATIC_CONSTANT(bool, value = (hdl | borrowed | extract_specialized));
 };
 
 # ifndef BOOST_NO_TEMPLATE_PARTIAL_SPECIALIZATION
diff --git a/include/boost/python/converter/pytype_extract_object_manager.hpp b/include/boost/python/converter/pytype_extract_object_manager.hpp
new file mode 100644
index 00000000..cd4cadc9
--- /dev/null
+++ b/include/boost/python/converter/pytype_extract_object_manager.hpp
@@ -0,0 +1,48 @@
+// Copyright David Abrahams 2002. Permission to copy, use,
+// modify, sell and distribute this software is granted provided this
+// copyright notice appears in all copies. This software is provided
+// "as is" without express or implied warranty, and with no claim as
+// to its suitability for any purpose.
+#ifndef PYTYPE_EXTRACT_OBJECT_MANAGER_DWA2002716_HPP
+# define PYTYPE_EXTRACT_OBJECT_MANAGER_DWA2002716_HPP
+
+# include <boost/python/converter/pytype_result_from_python.hpp>
+# include <boost/python/detail/raw_pyobject.hpp>
+# include <boost/python/cast.hpp>
+# include <boost/python/detail/wrap_python.hpp>
+
+namespace boost { namespace python { namespace converter { 
+
+// Provide a forward declaration as a convenience for clients, who all
+// need it.
+template <class T> struct extract_object_manager;
+
+// Derive specializations of extract_object_manager from this class
+// when T is an object manager for a particular Python type hierarchy.
+//
+template <PyTypeObject* pytype, class T>
+struct pytype_extract_object_manager
+{
+    BOOST_STATIC_CONSTANT(bool, is_specialized = true);
+    static inline python::detail::new_reference execute(PyObject*);
+    static inline bool check(PyObject* x);
+};
+
+//
+// implementations
+//
+template <PyTypeObject* pytype, class T>
+inline python::detail::new_reference pytype_extract_object_manager<pytype,T>::execute(PyObject* x)
+{
+    return pytype_result_from_python(pytype, x);
+}
+
+template <PyTypeObject* pytype, class T>
+inline bool pytype_extract_object_manager<pytype,T>::check(PyObject* x)
+{
+    return ::PyObject_IsInstance(x, python::upcast<PyObject>(pytype));
+}
+
+}}} // namespace boost::python::converter
+
+#endif // PYTYPE_EXTRACT_OBJECT_MANAGER_DWA2002716_HPP
diff --git a/include/boost/python/converter/return_from_python.hpp b/include/boost/python/converter/return_from_python.hpp
index 8cdaf81d..1f2d74cf 100755
--- a/include/boost/python/converter/return_from_python.hpp
+++ b/include/boost/python/converter/return_from_python.hpp
@@ -6,6 +6,7 @@
 #ifndef RETURN_FROM_PYTHON_DWA200265_HPP
 # define RETURN_FROM_PYTHON_DWA200265_HPP
 
+# include <boost/python/converter/object_manager.hpp>
 # include <boost/python/converter/from_python.hpp>
 # include <boost/python/converter/rvalue_from_python_data.hpp>
 # include <boost/python/converter/registered.hpp>
@@ -42,9 +43,19 @@ namespace detail
       rvalue_from_python_data<T> m_data;
   };
   
+  template <class T>
+  struct return_object_manager_from_python
+  {
+      typedef T result_type;
+      result_type operator()(PyObject*) const;
+  };
+  
   template <class T>
   struct select_return_from_python
   {
+      BOOST_STATIC_CONSTANT(
+          bool, obj_mgr = is_object_manager<T>::value);
+
       BOOST_STATIC_CONSTANT(
           bool, ptr = is_pointer<T>::value);
     
@@ -52,14 +63,18 @@ namespace detail
           bool, ref = is_reference<T>::value);
 
       typedef typename mpl::select_type<
-          ptr
-          , return_pointer_from_python<T>
+          obj_mgr
+          , return_object_manager_from_python<T>
           , typename mpl::select_type<
-              ref
-              , return_reference_from_python<T>
-              , return_rvalue_from_python<T>
+              ptr
+              , return_pointer_from_python<T>
+              , typename mpl::select_type<
+                  ref
+                  , return_reference_from_python<T>
+                  , return_rvalue_from_python<T>
+                >::type
             >::type
-          >::type type;
+         >::type type;
   };
 }
 
@@ -120,6 +135,14 @@ namespace detail
           (pointer_result_from_python)(obj, registered_pointee<T>::converters)
           );
   }
+
+  template <class T>
+  inline T return_object_manager_from_python<T>::operator()(PyObject* obj) const
+  {
+      return T(
+          extract_object_manager<T>::execute(obj)
+          );
+  }
 }
   
 }}} // namespace boost::python::converter
diff --git a/include/boost/python/detail/construct.hpp b/include/boost/python/detail/construct.hpp
new file mode 100644
index 00000000..55c0873f
--- /dev/null
+++ b/include/boost/python/detail/construct.hpp
@@ -0,0 +1,37 @@
+// Copyright David Abrahams 2002. Permission to copy, use,
+// modify, sell and distribute this software is granted provided this
+// copyright notice appears in all copies. This software is provided
+// "as is" without express or implied warranty, and with no claim as
+// to its suitability for any purpose.
+#ifndef CONSTRUCT_REFERENCE_DWA2002716_HPP
+# define CONSTRUCT_REFERENCE_DWA2002716_HPP
+
+namespace boost { namespace python { namespace detail { 
+
+template <class T, class Arg>
+void construct_pointee(void* storage, Arg& x, T const volatile*)
+{
+    new (storage) T(x);
+}
+
+template <class T, class Arg>
+void construct_referent_impl(void* storage, Arg& x, T&(*)())
+{
+    construct_pointee(storage, x, (T*)0);
+}
+
+template <class T, class Arg>
+void construct_referent(void* storage, Arg const& x, T(*tag)() = 0)
+{
+    construct_referent_impl(storage, x, tag);
+}
+
+template <class T, class Arg>
+void construct_referent(void* storage, Arg& x, T(*tag)() = 0)
+{
+    construct_referent_impl(storage, x, tag);
+}
+
+}}} // namespace boost::python::detail
+
+#endif // CONSTRUCT_REFERENCE_DWA2002716_HPP
diff --git a/include/boost/python/detail/raw_pyobject.hpp b/include/boost/python/detail/raw_pyobject.hpp
index 5d87da56..e9d36901 100644
--- a/include/boost/python/detail/raw_pyobject.hpp
+++ b/include/boost/python/detail/raw_pyobject.hpp
@@ -16,7 +16,7 @@ namespace boost { namespace python { namespace detail {
 // friendship to all the appropriate parties.
 //
 
-// New references are checked for null
+// New references are normally checked for null
 struct new_reference_t;
 typedef new_reference_t* new_reference;
 
@@ -24,6 +24,10 @@ typedef new_reference_t* new_reference;
 struct borrowed_reference_t;
 typedef borrowed_reference_t* borrowed_reference;
 
+// New references which aren't checked for null
+struct new_non_null_reference_t;
+typedef new_non_null_reference_t* new_non_null_reference;
+
 }}} // namespace boost::python::detail
 
 #endif // RAW_PYOBJECT_DWA2002628_HPP
diff --git a/include/boost/python/list.hpp b/include/boost/python/list.hpp
index b7948b04..63ee469b 100644
--- a/include/boost/python/list.hpp
+++ b/include/boost/python/list.hpp
@@ -7,8 +7,7 @@
 # define LIST_DWA2002627_HPP
 
 # include <boost/python/object.hpp>
-# include <boost/python/converter/pytype_arg_from_python.hpp>
-# include <boost/python/converter/pytype_result_from_python.hpp>
+# include <boost/python/converter/pytype_extract_object_manager.hpp>
 
 namespace boost { namespace python { 
 
@@ -95,81 +94,24 @@ class list : public object
     }
     
  public: // implementation detail -- for internal use only
-    inline explicit list(detail::borrowed_reference);
-    inline explicit list(detail::new_reference);
+    BOOST_PYTHON_FORWARD_OBJECT_CONSTRUCTORS(list)
     
  private:
-    static BOOST_PYTHON_DECL detail::new_reference call(object const&);
+    static BOOST_PYTHON_DECL detail::new_non_null_reference call(object const&);
 };
 
 //
 // Converter Specializations
 //
-template <class T> struct arg_from_python;
-
-template <>
-struct arg_from_python<list>
-    : converter::pytype_wrapper_value_arg_from_python<list, &PyList_Type>
-{
-    typedef converter::pytype_wrapper_value_arg_from_python<list, &PyList_Type> base;
-    typedef list result_type;
-    
-    arg_from_python(PyObject* p) : base(p) {}
-};
-
-template <>
-struct arg_from_python<list const&>
-    : arg_from_python<list>
-{
-    arg_from_python(PyObject* p)
-        : arg_from_python<list>(p) {}
-};
-
-template <>
-struct arg_from_python<list&>
-    : converter::pytype_wrapper_ref_arg_from_python<list, &PyList_Type>
-{
-    typedef converter::pytype_wrapper_ref_arg_from_python<list, &PyList_Type> base;
-    typedef list result_type;
-    
-    arg_from_python(PyObject* p)
-        : base(p) {}
-};
-
 namespace converter
 {
-  template <class T> struct is_object_manager;
-
   template <>
-  struct is_object_manager<list>
+  struct extract_object_manager<list>
+      : pytype_extract_object_manager<&PyList_Type,list>
   {
-      BOOST_STATIC_CONSTANT(bool, value = true);
-  };
-
-  template <class T> struct return_from_python;
-  template <>
-  struct return_from_python<list>
-  {
-      typedef list result_type;
-      
-      result_type operator()(PyObject* x) const
-      {
-          return list((pytype_result_from_python)(&PyList_Type, x));
-      }
   };
 }
 
-//
-// list implementation
-//
-inline list::list(detail::borrowed_reference p)
-    : object(p)
-{}
-
-inline list::list(detail::new_reference p)
-    : object(p)
-{}
-
 }} // namespace boost::python
 
 #endif // LIST_DWA2002627_HPP
diff --git a/include/boost/python/long.hpp b/include/boost/python/long.hpp
index 1b47728e..0f1fcdf6 100644
--- a/include/boost/python/long.hpp
+++ b/include/boost/python/long.hpp
@@ -7,8 +7,7 @@
 # define LONG_DWA2002627_HPP
 
 # include <boost/python/object.hpp>
-# include <boost/python/converter/pytype_arg_from_python.hpp>
-# include <boost/python/converter/pytype_result_from_python.hpp>
+# include <boost/python/converter/pytype_extract_object_manager.hpp>
 
 namespace boost { namespace python { 
 
@@ -32,82 +31,25 @@ class long_ : public object
     {
     }
  public: // implementation detail -- for internal use only
-    explicit inline long_(detail::borrowed_reference);
-    explicit inline long_(detail::new_reference);
+    BOOST_PYTHON_FORWARD_OBJECT_CONSTRUCTORS(long_)
     
  private:
-    static BOOST_PYTHON_DECL detail::new_reference call(object const&);
-    static BOOST_PYTHON_DECL detail::new_reference call(object const&, object const&);
+    static BOOST_PYTHON_DECL detail::new_non_null_reference call(object const&);
+    static BOOST_PYTHON_DECL detail::new_non_null_reference call(object const&, object const&);
 };
 
 //
 // Converter Specializations
 //
-template <class T> struct arg_from_python;
-
-template <>
-struct arg_from_python<long_>
-    : converter::pytype_wrapper_value_arg_from_python<long_, &PyLong_Type>
-{
-    typedef converter::pytype_wrapper_value_arg_from_python<long_, &PyLong_Type> base;
-    typedef long_ result_type;
-    
-    arg_from_python(PyObject* p) : base(p) {}
-};
-
-template <>
-struct arg_from_python<long_ const&>
-    : arg_from_python<long_>
-{
-    arg_from_python(PyObject* p)
-        : arg_from_python<long_>(p) {}
-};
-
-template <>
-struct arg_from_python<long_&>
-    : converter::pytype_wrapper_ref_arg_from_python<long_, &PyLong_Type>
-{
-    typedef converter::pytype_wrapper_ref_arg_from_python<long_, &PyLong_Type> base;
-    typedef long_ result_type;
-    
-    arg_from_python(PyObject* p)
-        : base(p) {}
-};
-
 namespace converter
 {
-  template <class T> struct is_object_manager;
-
   template <>
-  struct is_object_manager<long_>
+  struct extract_object_manager<long_>
+      : pytype_extract_object_manager<&PyLong_Type,long_>
   {
-      BOOST_STATIC_CONSTANT(bool, value = true);
-  };
-
-  template <class T> struct return_from_python;
-  template <>
-  struct return_from_python<long_>
-  {
-      typedef long_ result_type;
-      
-      result_type operator()(PyObject* x) const
-      {
-          return long_((pytype_result_from_python)(&PyLong_Type, x));
-      }
   };
 }
 
-//
-// long_ implementation
-//
-inline long_::long_(detail::borrowed_reference p)
-    : object(p)
-{}
-
-inline long_::long_(detail::new_reference p)
-    : object(p)
-{}
-
 }} // namespace boost::python
 
 #endif // LONG_DWA2002627_HPP
diff --git a/include/boost/python/object_core.hpp b/include/boost/python/object_core.hpp
index 7684e044..965e966e 100755
--- a/include/boost/python/object_core.hpp
+++ b/include/boost/python/object_core.hpp
@@ -14,6 +14,7 @@
 # include <boost/python/slice_nil.hpp>
 # include <boost/python/detail/raw_pyobject.hpp>
 # include <boost/python/refcount.hpp>
+# include <boost/python/converter/always_extract_object_manager.hpp>
 # include <boost/python/detail/preprocessor.hpp>
 
 # include <boost/preprocessor/iterate.hpp>
@@ -227,8 +228,18 @@ namespace api
    public: // implementation detail -- for internal use only
       explicit object(detail::borrowed_reference);
       explicit object(detail::new_reference);
+      explicit object(detail::new_non_null_reference);
   };
 
+  // Derived classes will usually want these as an implementation detail
+# define BOOST_PYTHON_FORWARD_OBJECT_CONSTRUCTORS(derived)              \
+    inline explicit derived(python::detail::borrowed_reference p)       \
+        : object(p) {}                                                  \
+    inline explicit derived(python::detail::new_reference p)            \
+        : object(p) {}                                                  \
+    inline explicit derived(python::detail::new_non_null_reference p)   \
+        : object(p) {}
+  
   //
   // object_initializer -- get the handle to construct the object with,
   // based on whether T is a proxy or derived from object
@@ -266,53 +277,13 @@ using api::object;
 //
 // Converter Specializations
 //
-template <class T> struct arg_from_python;
-
-template <>
-struct arg_from_python<object>
-{
-    typedef object result_type;
-    
-    arg_from_python(PyObject*);
-    bool convertible() const;
-    object operator()(PyObject* x) const;
-};
-
-template <>
-struct arg_from_python<object const&>
-    : arg_from_python<object>
-{
-    arg_from_python(PyObject*);
-};
-
-template <>
-struct arg_from_python<object&>
-{
-    typedef object& result_type;
-    
-    arg_from_python(PyObject*);
-    bool convertible() const;
-    object& operator()(PyObject* x) const;
- private:
-    mutable object m_result;
-};
-
 namespace converter
 {
-  template <class T> struct is_object_manager;
-
   template <>
-  struct is_object_manager<object>
+  struct extract_object_manager<object>
+      : always_extract_object_manager
   {
-      BOOST_STATIC_CONSTANT(bool, value = true);
-  };
-
-  template <class T> struct return_from_python;
-  template <>
-  struct return_from_python<object>
-  {
-      typedef object result_type;
-      result_type operator()(PyObject* x) const;
+      static python::detail::borrowed_reference execute(PyObject* x);
   };
 }
 
@@ -345,7 +316,6 @@ inline api::object_base& api::object_base::operator=(api::object_base const& rhs
     return *this;
 }
 
-
 inline api::object_base::~object_base()
 {
     Py_DECREF(m_ptr);
@@ -360,6 +330,10 @@ inline object::object(detail::new_reference p)
     : object_base(expect_non_null((PyObject*)p))
 {}
 
+inline object::object(detail::new_non_null_reference p)
+    : object_base((PyObject*)p)
+{}
+
 inline PyObject* api::object_base::ptr() const
 {
     return m_ptr;
@@ -368,45 +342,14 @@ inline PyObject* api::object_base::ptr() const
 //
 // Converter specialization implementations
 //
-inline arg_from_python<object>::arg_from_python(PyObject*)
-{}
-
-inline bool arg_from_python<object>::convertible() const
-{
-    return true;
-}
-
-inline object arg_from_python<object>::operator()(PyObject* x) const
-{
-    return object(detail::borrowed_reference(x));
-}
-
-inline arg_from_python<object const&>::arg_from_python(PyObject*)
-    : arg_from_python<object>(0)
-{}
-
-inline arg_from_python<object&>::arg_from_python(PyObject* x)
-    : m_result(detail::borrowed_reference(x))
-{}
-
-inline bool arg_from_python<object&>::convertible() const
-{
-    return true;
-}
-
-inline object& arg_from_python<object&>::operator()(PyObject* x) const
-{
-    return m_result;
-}
-
 namespace converter
 {
-  inline object
-  return_from_python<object>::operator()(PyObject* x) const
+  inline python::detail::borrowed_reference
+  extract_object_manager<object>::execute(PyObject* x)
   {
-      return object(python::detail::new_reference(x));
+      return python::detail::borrowed_reference(python::incref(x));
   }
-
+  
   inline PyObject* get_managed_object(object const& x)
   {
       return x.ptr();
diff --git a/src/list.cpp b/src/list.cpp
index ed7e675f..484ae121 100644
--- a/src/list.cpp
+++ b/src/list.cpp
@@ -7,11 +7,13 @@
 
 namespace boost { namespace python { 
 
-BOOST_PYTHON_DECL detail::new_reference list::call(object const& arg)
+BOOST_PYTHON_DECL detail::new_non_null_reference list::call(object const& arg)
 {
-    return (detail::new_reference)PyObject_CallFunction(
-        (PyObject*)&PyList_Type, "(O)", 
-        arg.ptr());
+    return (detail::new_non_null_reference)
+        (expect_non_null)(
+            PyObject_CallFunction(
+                (PyObject*)&PyList_Type, "(O)", 
+                arg.ptr()));
 }
 
 BOOST_PYTHON_DECL list::list()
diff --git a/src/long.cpp b/src/long.cpp
index 46d3d7c5..43d4526d 100644
--- a/src/long.cpp
+++ b/src/long.cpp
@@ -7,16 +7,16 @@
 
 namespace boost { namespace python { 
 
-BOOST_PYTHON_DECL detail::new_reference long_::call(object const& arg)
+BOOST_PYTHON_DECL detail::new_non_null_reference long_::call(object const& arg)
 {
-    return (detail::new_reference)PyObject_CallFunction(
+    return (detail::new_non_null_reference)PyObject_CallFunction(
         (PyObject*)&PyLong_Type, "(O)", 
         arg.ptr());
 }
 
-BOOST_PYTHON_DECL detail::new_reference long_::call(object const& arg, object const& base)
+BOOST_PYTHON_DECL detail::new_non_null_reference long_::call(object const& arg, object const& base)
 {
-    return (detail::new_reference)PyObject_CallFunction(
+    return (detail::new_non_null_reference)PyObject_CallFunction(
         (PyObject*)&PyLong_Type, "(OO)", 
         arg.ptr(), base.ptr());
 }