Abstract
This paper develops a theory of belief and belief ascription which retains the core of the received Propositionalist theory but which, unlike the Propositionalist theory, is compatible with both Direct Reference and Individualism about belief. The focus is on developing an alternative analysis of belief ascriptions, drawing out its implications, and applying it to some standard problems. On that analysis, ascriptions involving directly referential embedded terms are seen as roughly characterizing, but not specifying, the contents of beliefs. This feature is what makes it possible to maintain both Direct Reference and Individualism.