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This paper first argues that the distinction between Propositions and States-of-Affairs is significant for understanding a number of linguistic contrasts, including contrasts between nominalizations, complement clauses, readings of modal infinitives, raising constructions, illocutions and moods, relative clauses, and nouns. Subsequently, the paper outlines a cognitive linguistic model of the distinction, according to which Propositions and States-of-Affairs differ in terms of construal. Both prompt Langackerian “processes”, but only Propositions prompt a construal of these processes as referential. The paper argues that this model has a number of advantages over a traditional, denotational understanding of the distinction.