diff --git a/include/boost/python/class.hpp b/include/boost/python/class.hpp
index 1a5890c6..2e59189e 100644
--- a/include/boost/python/class.hpp
+++ b/include/boost/python/class.hpp
@@ -47,14 +47,14 @@ namespace detail
   // to the type of holder that must be created. The 3rd argument is a
   // reference to the Python type object to be created.
   template <class T, class Holder>
-  static inline void register_copy_constructor(mpl::bool_t<true> const&, Holder*, handle<> const& obj, T* = 0)
+  static inline void register_copy_constructor(mpl::bool_t<true> const&, Holder*, object const& obj, T* = 0)
   {
       objects::class_wrapper<T,Holder> x(obj);
   }
 
   // Tag dispatched to have no effect.
   template <class T, class Holder>
-  static inline void register_copy_constructor(mpl::bool_t<false> const&, Holder*, handle<> const&, T* = 0)
+  static inline void register_copy_constructor(mpl::bool_t<false> const&, Holder*, object const&, T* = 0)
   {
   }
 }
@@ -104,11 +104,13 @@ class class_ : public objects::class_base
         // Use function::add_to_namespace to achieve overloading if
         // appropriate.
         objects::function::add_to_namespace(
-            this->object(), name,
-            handle<>(detail::wrap_function(
+            *this, name
+            , object(
+                detail::new_reference(
+                    detail::wrap_function(
                     // This bit of nastiness casts F to a member function of T if possible. 
                     detail::member_function_cast<T,F>::stage1(f).stage2((T*)0).stage3(f)
-                    )));
+                        ))));
         return *this;
     }
 
@@ -132,8 +134,10 @@ class class_ : public objects::class_base
         // Use function::add_to_namespace to achieve overloading if
         // appropriate.
         objects::function::add_to_namespace(
-            this->object(), op.name(), 
-            handle<>(detail::wrap_function(&op_t::template apply<T>::execute)));
+            *this, op.name()
+            , object(
+                detail::new_reference(
+                    detail::wrap_function(&op_t::template apply<T>::execute))));
         return *this;
     }
     
@@ -255,7 +259,7 @@ inline class_<T,X1,X2,X3>::class_()
     detail::register_copy_constructor<T>(
         mpl::bool_t<is_copyable>()
         , objects::select_holder<T,held_type>((held_type*)0).get()
-        , this->object());
+        , *this);
 }
 
 template <class T, class X1, class X2, class X3>
@@ -268,7 +272,7 @@ inline class_<T,X1,X2,X3>::class_(char const* name)
     detail::register_copy_constructor<T>(
         mpl::bool_t<is_copyable>()
         , objects::select_holder<T,held_type>((held_type*)0).get()
-        , this->object());
+        , *this);
 }
 
 
diff --git a/include/boost/python/iterator.hpp b/include/boost/python/iterator.hpp
index 724b926a..673d26e6 100644
--- a/include/boost/python/iterator.hpp
+++ b/include/boost/python/iterator.hpp
@@ -8,6 +8,7 @@
 
 # include <boost/python/detail/target.hpp>
 # include <boost/python/object/iterator.hpp>
+# include <boost/python/object_core.hpp>
 # include <boost/type_traits/cv_traits.hpp>
 # include <boost/type_traits/transform_traits.hpp>
 
@@ -19,7 +20,7 @@ namespace detail
   // objects::make_iterator(...), which allows us to pass member
   // function and member data pointers.
   template <class NextPolicies, class Target, class Accessor1, class Accessor2>
-  inline handle<> make_iterator(
+  inline object make_iterator(
       Accessor1 get_start, Accessor2 get_finish, boost::type<Target>* target = 0, NextPolicies* = 0)
   {
       return objects::make_iterator_function<NextPolicies,Target>(
@@ -70,9 +71,14 @@ struct iterators
 template <class Accessor1, class Accessor2>
 handle<> range(Accessor1 start, Accessor2 finish)
 {
-    return detail::make_iterator<objects::default_iterator_call_policies>(
-        start, finish
-        , detail::target(start));
+    return handle<>(
+        borrowed(allow_null(
+            detail::make_iterator<objects::default_iterator_call_policies>(
+                start, finish
+                , detail::target(start))
+            .ptr()
+            ))
+        );
 }
 
 // Create an iterator-building function which uses the given accessors
@@ -80,7 +86,12 @@ handle<> range(Accessor1 start, Accessor2 finish)
 template <class NextPolicies, class Accessor1, class Accessor2>
 handle<> range(Accessor1 start, Accessor2 finish, NextPolicies* = 0)
 {
-    return detail::make_iterator<NextPolicies>(start, finish, detail::target(start));
+    return handle<>(
+        borrowed(
+            allow_null(
+                detail::make_iterator<NextPolicies>(start, finish, detail::target(start))
+                .ptr()
+                )));
 }
 
 // Create an iterator-building function which uses the given accessors
@@ -89,7 +100,12 @@ template <class NextPolicies, class Target, class Accessor1, class Accessor2>
 handle<> range(Accessor1 start, Accessor2 finish, NextPolicies* = 0, boost::type<Target>* = 0)
 {
     typedef typename add_reference<Target>::type target;
-    return detail::make_iterator<NextPolicies, target>(start, finish);
+    return handle<>(
+        borrowed(
+            allow_null(
+                detail::make_iterator<NextPolicies, target>(start, finish)
+                .ptr()
+                )));
 }
 
 // A Python callable object which produces an iterator traversing
diff --git a/include/boost/python/module.hpp b/include/boost/python/module.hpp
index 7a774496..25f8cf05 100644
--- a/include/boost/python/module.hpp
+++ b/include/boost/python/module.hpp
@@ -32,7 +32,7 @@ class module : public detail::module_base
     template <class T1, class T2 , class T3, class T4>
     module& add(class_<T1,T2,T3,T4> const& c)
     {
-        this->add_class(c.object());
+        this->add_class(type_handle(borrowed((PyTypeObject*)c.ptr())));
         return *this;
     }
     
diff --git a/include/boost/python/object/class.hpp b/include/boost/python/object/class.hpp
index 8a686505..babd409a 100644
--- a/include/boost/python/object/class.hpp
+++ b/include/boost/python/object/class.hpp
@@ -12,6 +12,7 @@
 # include <boost/python/type_id.hpp>
 # include <boost/python/handle.hpp>
 # include <boost/python/instance_holder.hpp>
+# include <boost/python/object_core.hpp>
 # include <cstddef>
 
 namespace boost { namespace python {
@@ -23,7 +24,7 @@ namespace objects {
 // To identify a class, we don't need cv/reference decorations
 typedef type_info class_id;
 
-struct BOOST_PYTHON_DECL class_base : private noncopyable
+struct BOOST_PYTHON_DECL class_base : python::api::object
 {
     // constructor
     class_base(
@@ -35,13 +36,10 @@ struct BOOST_PYTHON_DECL class_base : private noncopyable
         );
 
     // Retrieve the underlying object
-    type_handle object() const { return m_object; }
     void add_property(char const* name, handle<> const& fget);
     void add_property(char const* name, handle<> const& fget, handle<> const& fset);
     void setattr(char const* name, handle<> const&);
     void enable_pickling(bool getstate_manages_dict);
- private:
-    type_handle m_object;
 };
 
 BOOST_PYTHON_DECL type_handle registered_class_object(class_id id);
diff --git a/include/boost/python/object/class_wrapper.hpp b/include/boost/python/object/class_wrapper.hpp
index 73804fbf..2e06f921 100644
--- a/include/boost/python/object/class_wrapper.hpp
+++ b/include/boost/python/object/class_wrapper.hpp
@@ -15,11 +15,11 @@ template <class T, class Holder>
 struct class_wrapper
     : to_python_converter<T,class_wrapper<T,Holder> >
 {
-    class_wrapper(handle<> const& type_)
+    class_wrapper(object const& type_)
         : m_class_object_keeper(type_)
     {
-        assert(type_->ob_type == (PyTypeObject*)class_metatype().get());
-        m_class_object = (PyTypeObject*)type_.get();
+        assert(type_.ptr()->ob_type == (PyTypeObject*)class_metatype().get());
+        m_class_object = (PyTypeObject*)type_.ptr();
     }
     
     static PyObject* convert(T const& x)
@@ -48,7 +48,7 @@ struct class_wrapper
     }
     
  private:
-    handle<> m_class_object_keeper;
+    object m_class_object_keeper;
     static PyTypeObject* m_class_object;
 };
 
diff --git a/include/boost/python/object/function.hpp b/include/boost/python/object/function.hpp
index ef2f1251..ebd2a8c3 100644
--- a/include/boost/python/object/function.hpp
+++ b/include/boost/python/object/function.hpp
@@ -10,6 +10,7 @@
 # include <boost/python/detail/config.hpp>
 # include <boost/python/handle.hpp>
 # include <boost/function/function2.hpp>
+# include <boost/python/object_fwd.hpp>
 
 namespace boost { namespace python { namespace objects { 
 
@@ -27,7 +28,7 @@ struct BOOST_PYTHON_DECL function : PyObject
     // a function object (this class), and an existing function is
     // already there, add it as an overload.
     static void add_to_namespace(
-        handle<> const& name_space, char const* name, handle<> const& attribute);
+        object const& name_space, char const* name, object const& attribute);
     
  private: // helper functions
     void argument_error(PyObject* args, PyObject* keywords) const;
diff --git a/include/boost/python/object/iterator.hpp b/include/boost/python/object/iterator.hpp
index c9434a4f..124759d6 100644
--- a/include/boost/python/object/iterator.hpp
+++ b/include/boost/python/object/iterator.hpp
@@ -17,6 +17,7 @@
 # include <boost/mpl/apply.hpp>
 # include <boost/bind.hpp>
 # include <boost/bind/protect.hpp>
+# include <boost/python/detail/raw_pyobject.hpp>
 
 namespace boost { namespace python { namespace objects {
 
@@ -113,30 +114,28 @@ namespace detail
   // policies, creating it if neccessary. Requires: NextPolicies is
   // default-constructible.
   template <class Iterator, class NextPolicies>
-  handle<> demand_iterator_class(char const* name, Iterator* = 0, NextPolicies const& policies = NextPolicies())
+  object demand_iterator_class(char const* name, Iterator* = 0, NextPolicies const& policies = NextPolicies())
   {
       typedef iterator_range<NextPolicies,Iterator> range_;
 
       // Check the registry. If one is already registered, return it.
-      handle<> result(
+      handle<> class_obj(
           objects::registered_class_object(python::type_id<range_>()));
         
-      if (result.get() == 0)
-      {
-          // Make a callable object which can be used as the iterator's next() function.
-          handle<> next_function(
-              new objects::function(
-                  objects::py_function(
-                      bind(&detail::iterator_next<Iterator,NextPolicies>::execute, _1, _2, policies))
-                  , 1));
-    
-          result = class_<range_>(name)
-              .def("__iter__", identity_function())
-              .setattr("next", next_function)
-              .object();
+      if (class_obj.get() != 0)
+          return object(class_obj);
 
-      }
-      return result;
+      // Make a callable object which can be used as the iterator's next() function.
+      handle<> next_function(
+          new objects::function(
+              objects::py_function(
+                  bind(&detail::iterator_next<Iterator,NextPolicies>::execute, _1, _2, policies))
+              , 1));
+    
+      return class_<range_>(name)
+          .def("__iter__", identity_function())
+          .setattr("next", next_function)
+          ;
   }
 
   // This class template acts as a generator for an ordinary function
@@ -187,22 +186,23 @@ namespace detail
 // iterators for the range, and an instance of NextPolicies is used as
 // CallPolicies for the Python iterator's next() function. 
 template <class NextPolicies, class Target, class Accessor1, class Accessor2>
-inline handle<> make_iterator_function(
+inline object make_iterator_function(
     Accessor1 const& get_start, Accessor2 const& get_finish
     , boost::type<Target>* = 0, NextPolicies* = 0)
 {
     typedef typename Accessor1::result_type result_type;
       
-    return handle<>(
-        new objects::function(
-            objects::py_function(
-                boost::bind(
-                    &detail::make_iterator_help<
-                    Target,result_type,Accessor1,Accessor2,NextPolicies
-                    >::create
-                    , get_start, get_finish, _1, _2)
-                )
-            ,1 ));
+    return object(
+        python::detail::new_non_null_reference(
+            new objects::function(
+                objects::py_function(
+                    boost::bind(
+                        &detail::make_iterator_help<
+                        Target,result_type,Accessor1,Accessor2,NextPolicies
+                        >::create
+                        , get_start, get_finish, _1, _2))
+                ,1 ))
+        );
 }
 
 //
diff --git a/include/boost/python/object/pointer_holder.hpp b/include/boost/python/object/pointer_holder.hpp
index 72cecdfc..8498a8df 100644
--- a/include/boost/python/object/pointer_holder.hpp
+++ b/include/boost/python/object/pointer_holder.hpp
@@ -11,7 +11,7 @@
 
 #  include <boost/type.hpp>
 
-#  include <boost/python/object/class.hpp>
+#  include <boost/python/instance_holder.hpp>
 #  include <boost/python/type_id.hpp>
 #  include <boost/python/object/inheritance.hpp>
 #  include <boost/python/object/find_instance.hpp>
diff --git a/include/boost/python/object_fwd.hpp b/include/boost/python/object_fwd.hpp
new file mode 100644
index 00000000..8b0c093e
--- /dev/null
+++ b/include/boost/python/object_fwd.hpp
@@ -0,0 +1,17 @@
+// 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 OBJECT_FWD_DWA2002724_HPP
+# define OBJECT_FWD_DWA2002724_HPP
+
+namespace boost { namespace python { 
+namespace api
+{
+  class object;
+}
+using api::object;
+}} // namespace boost::python
+
+#endif // OBJECT_FWD_DWA2002724_HPP
diff --git a/src/module.cpp b/src/module.cpp
index dcb64397..4a30f6f0 100644
--- a/src/module.cpp
+++ b/src/module.cpp
@@ -37,7 +37,7 @@ void module_base::setattr(char const* name, handle<> const& x)
 {
     // Use function::add_to_namespace to achieve overloading if
     // appropriate.
-    objects::function::add_to_namespace(m_module, name, x);
+    objects::function::add_to_namespace(python::object(m_module), name, python::object(x));
 }
 
 void module_base::add(type_handle const& x)
diff --git a/src/object/class.cpp b/src/object/class.cpp
index 8b37752d..def44c33 100644
--- a/src/object/class.cpp
+++ b/src/object/class.cpp
@@ -243,9 +243,12 @@ namespace objects
   //             corresponding to the class being created, and the
   //             rest corresponding to its declared bases.
   //
-  class_base::class_base(
-      char const* name, std::size_t num_types, class_id const* const types)
+
+  namespace
   {
+    inline object
+    new_class(char const* name, std::size_t num_types, class_id const* const types)
+    {
       assert(num_types >= 1);
       
       // Build a tuple of the base Python type objects. If no bases
@@ -271,14 +274,20 @@ namespace objects
       // Call the class metatype to create a new class
       PyObject* c = PyObject_CallObject(upcast<PyObject>(class_metatype().get()), args.get());
       assert(PyType_IsSubtype(c->ob_type, &PyType_Type));
-      m_object = type_handle((PyTypeObject*)c);
-
+      return object(python::detail::new_reference(c));
+    }
+  }
+  
+  class_base::class_base(
+      char const* name, std::size_t num_types, class_id const* const types)
+      : object(new_class(name, num_types, types))
+  {
       // Insert the new class object in the registry
       converter::registration& converters = const_cast<converter::registration&>(
           converter::registry::lookup(types[0]));
 
       // Class object is leaked, for now
-      converters.class_object = (PyTypeObject*)incref(m_object.get());
+      converters.class_object = (PyTypeObject*)incref(this->ptr());
   }
 
   extern "C"
@@ -301,7 +310,7 @@ namespace objects
 
   void class_base::setattr(char const* name, handle<> const& x)
   {
-      if (PyObject_SetAttrString(upcast<PyObject>(object().get()), const_cast<char*>(name), x.get()) < 0)
+      if (PyObject_SetAttrString(this->ptr(), const_cast<char*>(name), x.get()) < 0)
           throw_error_already_set();
   }
 
@@ -317,7 +326,7 @@ namespace objects
 
   BOOST_PYTHON_DECL type_handle registered_class_object(class_id id)
   {
-      return objects::query_class(id);
+      return query_class(id);
   }
 } // namespace objects
 
diff --git a/src/object/function.cpp b/src/object/function.cpp
index 4fc6a141..dad36dd5 100644
--- a/src/object/function.cpp
+++ b/src/object/function.cpp
@@ -156,12 +156,12 @@ namespace
 }
 
 void function::add_to_namespace(
-    handle<> const& name_space, char const* name_, handle<> const& attribute)
+    object const& name_space, char const* name_, object const& attribute)
 {
     str const name(name_);
-    PyObject* const ns = name_space.get();
+    PyObject* const ns = name_space.ptr();
     
-    if (attribute->ob_type == &function_type)
+    if (attribute.ptr()->ob_type == &function_type)
     {
         PyObject* dict = 0;
         
@@ -175,27 +175,27 @@ void function::add_to_namespace(
         if (dict == 0)
             throw_error_already_set();
         
-        handle<> existing( allow_null(PyObject_GetItem(dict, name.ptr())) );
+        handle<> existing( allow_null(::PyObject_GetItem(dict, name.ptr())) );
         
         if (existing.get())
         {
             if (existing->ob_type == &function_type)
             {
-                static_cast<function*>(attribute.get())->add_overload(
+                static_cast<function*>(attribute.ptr())->add_overload(
                     static_cast<function*>(existing.get()));
             }
         }
         // Binary operators need an additional overload which returns NotImplemented
         else if (is_binary_operator(name_))
         {
-            static_cast<function*>(attribute.get())->add_overload(
+            static_cast<function*>(attribute.ptr())->add_overload(
                 not_implemented_function());
         }
     }
     
     // The PyObject_GetAttrString() call above left an active error
     PyErr_Clear();
-    if (PyObject_SetAttr(ns, name.ptr(), attribute.get()) < 0)
+    if (PyObject_SetAttr(ns, name.ptr(), attribute.ptr()) < 0)
         throw_error_already_set();
 }
 
diff --git a/test/extract.cpp b/test/extract.cpp
index 584eb60a..59e7e120 100644
--- a/test/extract.cpp
+++ b/test/extract.cpp
@@ -120,9 +120,7 @@ BOOST_PYTHON_MODULE_INIT(extract_ext)
         ;
 
     // Instantiate an X object through the Python interface
-    type_handle xc1 = x_class.object();
-    object X_(xc1);
-    object x_obj = X_(3);
+    object x_obj = x_class(3);
 
     // Get the C++ object out of the Python object
     X const& x = extract<X&>(x_obj);