Does low mood have intentional content? If so, what is it? Philosophers have tried to answer both questions by appealing to low mood’s phenomenal character. However, appeals to phenomenology have not settled this debate. Thus, I take a different approach: I tackle both questions by examining low mood’s complex functional role in cognition. I argue that if we take this role into account, we have excellent reason to believe that low mood a) has content, and b) has the following indicative-imperative content: Good events are, on average, less likely to occur than bad events & Limit [the subject’s] resource expenditure!