Full Idea
In what we label 'Basic Kaplanianism', each of the sentences 'Smith is happy' and 'I am happy', as uttered by Smith, has two levels of meaning. The 'content' is a truth-conditional representation. The 'character' is a function from contexts to contents.
Gist of Idea
The basic Kaplan view is that there is truth-conditional content, and contextual character
Source
Cappelen,H/Dever,Josh (The Inessential Indexical [2013], 01.6)
Book Reference
Cappelen,H/Dever,J: 'The Inessential Indexical' [OUP 2013], p.15
A Reaction
They give this as a minimal and plausible account of the situation, without reading huge significance into the indexical. I'm inclined to see the situation in terms of the underlying proposition containing both ingredients.