I propose a variable-free treatment of dynamic semantics. By "dynamic semantics" I mean analyses of donkey sentences ("Every farmer who owns a donkey beats it") and other binding and anaphora phenomena in natural language where meanings of constituents are updates to information states, for instance as proposed by Groenendijk and Stokhof. By "variable-free" I mean denotational semantics in which functional combinators replace variable indices and assignment functions, for instance as advocated by Jacobson. The new theory presented here achieves a compositional treatment of dynamic anaphora that does not involve assignment functions, and separates the combinatorics of variable-free semantics from the particular linguistic phenomena it treats. Integrating variable-free semantics and dynamic semantics gives rise to interactions that make new empirical predictions, for example "donkey weak crossover" effects.