This chapter explores the semantics of anaphora, highlighting analytical challenges posed by anaphoric expressions with unspecific antecedents and solutions proposed to address them. Focusing on anaphoric pronouns in hypothetical and counterfactual discourse, it illustrates how unspecific antecedents, which are typically not considered referential, challenge an understanding of anaphora based on a classic notion of coreference. The chapter compares descriptive (e/d-type) and dynamic approaches to explaining these non-referential cases: Descriptive approaches address the challenge by assuming that anaphoric dependencies retrieve linguistic representations rather than establishing coreference, whereas dynamic approaches adopt a generalized notion of discourse reference. The chapter also provides a detailed examination of dynamic analyses of hypothetical and counterfactual anaphora, showing that discourse states must store discourse referents not only relative to possibilities within the context set but also relative to counterfactual possibilities outside of it. The discussion is then linked to psycholinguistic findings on the comprehension of anaphora. The chapter is intended for advanced students and researchers seeking an overview of current semantic approaches to anaphoric dependencies in hypothetical and counterfactual discourse.