In the first part of the paper, I present a framework for the description and evaluation of teleosemantic theories of intentionality, and use it to argue that several different objections to these theories (the various indeterminacy and adequacy problems) are, in a certain precise sense, manifestations of the same underlying issue. I then use the framework to show that Millikan’s biosemantics, her own recent declarations to the contrary notwithtanding, presents indeterminacy. In the second part, I develop a novel teleosemantic proposal which makes progress in the treatment of this family of problems. I describe a procedure to derive a (unique) homeostatic property cluster [HPC] from facts having to do with the properties that a certain indicator relied on, in the events leading to its fixation in a certain population. This HPC is the one that should figure in the content attribution to the indicator in question