Use the terms "equivalent" and "identical" to distinguish between objects and values. Illustrate the difference further using your own examples with Python lists and the "is" operator.  

Using your own Python list examples, explain how objects, references, and aliasing relate to one another.

Finally, create your own example of a function that modifies a list passed in as an argument. Hence, describe what your function does in terms of arguments, parameters, objects, and references.