 Direct reference theories of indexicals (such as Kaplan’s) say that the contents of ‘I’, ‘he’, ‘she’, ‘you’, ‘that’, and similar indexicals, in contexts, are the individuals to which those terms refer, in those contexts. Further, the contents (in contexts) of sentences containing such indexicals sentences are singular propositions (structured propositions that have individuals as constituents). Thus direct reference theories, together with the earlier assumptions about the connection of semantics with belief, imply that agents with indexical beliefs believe singular propositions. But various examples suggest that there is something wrong with, or at least something missing from, theories that say that agents with indexical beliefs believe singular propositions. Here is one famous example of this sort.