Abstract This paper is devoted to the formulation and investigation of a dynamic semantic interpretation of the language of first-order predicate logic. The resulting system, which will be referred to as “dynamic predicate logic,” is intended as a first step toward a compositional, non-representational theory of discourse semantics. In the last decade, various theories of discourse semantics have emerged within the para-digm of model-theoretic semantics. A common feature of these theories is a tendency to do away with the principle of compositionality, a principle which, implicitly or explicitly, has dominated semantics since the days of Frege. Therefore the question naturally arises whether non-compositionality is in any way a necessary feature of discourse semantics.