It is argued that the semantic difference between sentences of the form "a = a" and "a = b" reflects a difference in their truth-makers. My account of these truth-makers combines a referential semantics -- singular terms are deemed to contribute nothing but their reference to the meaning of sentences in which these occur -- with an ontology of logically complex individuals. Against analyses in which Fregean senses are invoked to account for the difference in meaning between (sentences of the form) "a = a" and "a = b", this ontology invokes an Aristotelian notion of \textit{identity as oneness in substance} as the source of this difference, rendering Fregean senses otiose.