ABSTRACT. The Bundle Theory neither entails nor is committed to (PII); not only is the Bundle Theory compatible with the falsity of (PII), it can be used to refute (PII). The version of the Bundle Theory here developed does not identify particulars with bundles of universals. But it is faithful to the spirit motivating it since, unlike the Substratum Theory, it makes universals exhaust particulars (entirely constituted by universals).