 The neat dividing line drawn between word meanings and general world knowledge by Conceptual Semantics does not tell us much about the dynamic interaction of the two in language use. The Two-Level Semantics of Bierwisch (1983a,b) and Lang (Bierwisch &amp; Lang 1989; Lang 1993) aims to provide such a dynamic account. Two-Level Semantics views word meaning as the result of the interaction between two systems: semantic form (SF) and conceptual structure (CS). SF is a formalized representation of the basic features of a word. It contains grammatical information that specifies, e.g., the admissible syntactic distribution of the word, plus a set of variables and semantic parameters whose value is determined by the interaction with CS. By contrast, CS consists of language-independent systems of knowledge (including general world knowledge) that mediate between language and the world (Lang &amp; Maienborn 2011). According to Two-Level Semantics, for example, polysemous words can express variable meanings by virtue of having a stable underspecified SF which can be flexibly manipulated by CS. By way of example, consider the word ‘university’, which can be read as referring either to an institution (as in “the university selected John’s application”) or to a building (as in “the university is located on the North side of the river”). Simplifying a bit, Two-Level Semantics explains the dynamics governing the selection of these readings as follows.