This talk will outline a novel semantics of modals based not on possible worlds and quantifiers ranging over them, but on what I will call ‘modal objects’, entities of the sort of permissions, obligations, needs, abilities, and essences. According to that semantics, modal predicates take modal objects as their implicit (Davidsonian) argument and the complement clause (or prejacent) of the modal acts as a predicate characterizing the modal object in terms of its satisfiers (truthmakers) and possibly violators (falsifiers), in roughly the sense of Fine's recent truthmaker semantics. On this approach, the difference between modals of necessity and possibility is made a matter of ontology as are inferential relations among modal sentences.