 First, what is the relationship between content and reference? Let’s examine this question in connection with sentences; here it amounts to the question of the relationship between the proposition a sentence expresses and the sentence’s truth-value. One point brought out by the example of  (9)  and  (10)  is that two sentences can express different propositions while having the same truth-value. After all, the beliefs ascribed to Mary by these sentences are different; so if propositions are the objects of belief, the propositions corresponding to the italic sentences must be different. Nonetheless, both sentences are true.