The paper presents an alternative substitutional semantics for first-order modal logic which, in contrast to traditional substitutional (or truth-value) semantics, allows for a fine-grained explanation of the semantical behavior of the terms from which atomic formulae are composed. In contrast to denotational semantics, which is inherently reference-guided, this semantics supports a non-referential conception of modal truth and does not give rise to the problems which pertain to the philosophical interpretation of objectual domains (concerning, e.g., possibilia or trans-world identity). The paper (...) also proposes the notion of modality de nomine as an alternative to the denotational notion of modality de re. (shrink)