The paper presents a truth-maker semantics for Strict/Tolerant Logic (ST), which is the currently most popular logic among advocates of the non-transitive approach to paradoxes. Besides being interesting in itself, the truth-maker presentation of ST offers a new perspective on the recently discovered hierarchy of meta-inferences that, according to some, generalizes the idea behind ST. While fascinating from a mathematical perspective, there is no agreement on the philosophical significance of this hierarchy. I aim to show that there is no clear (...) philosophical significance of meta-inferences above the first level. (shrink)