Departing from the dominant theories of Frege, Russell and Mill, Kit Fine has sketched a novel solution to Frege’s puzzle in his book Semantic Relationism. In this article, I briefly discuss the puzzle in its various forms and the attempted solutions of Frege and Russell. I then explicate the essential features of the new theory and critically appraise the mechanism suggested by Fine to solve the puzzle. I show that Semantic Relationism fails to address the concerns raised in the puzzle.