The view that if-clauses function semantically as restrictors is widely regarded as the only candidate for a fully general account of conditionals. The standard implementation of this view assumes that, where no operator to be restricted is in sight, if-clauses restrict covert epistemic modals. Stipulating such modals, however, lacks independent motivation and leads to wrong empirical predictions. In this paper I provide a theory of conditionals on which if-clauses are uniformly interpreted as restrictors, but no covert modals are postulated. Epistemic if-clauses, like those in bare conditionals, restrict an information state parameter which is used to interpret an expressive layer of the language. I show that this theory yields an attractive account of bare and overtly modalized conditionals and solves various empirical problems for the standard view, while dispensing with its less plausible assumption.