Full Idea
For the nominalist, at level zero, where substituends are referring names, the quantifiers may be read existentially. Beyond level zero, the variables and quantifiers are read sustitutionally (though it is unclear whether this program is feasible).
Gist of Idea
Nominalists should quantify existentially at first-order, and substitutionally when higher
Source
Ruth Barcan Marcus (Nominalism and Substitutional Quantifiers [1978], p.167)
Book Reference
'Philosophy of Logic: an anthology', ed/tr. Jacquette,Dale [Blackwell 2002], p.167