  We introduce a realist, unextravagant interpretation of quantum theory that
builds on the existing physical structure of the theory and allows experiments
to have definite outcomes, but leaves the theory's basic dynamical content
essentially intact. Much as classical systems have specific states that evolve
along definite trajectories through configuration spaces, the traditional
formulation of quantum theory asserts that closed quantum systems have specific
states that evolve unitarily along definite trajectories through Hilbert
spaces, and our interpretation extends this intuitive picture of states and
Hilbert-space trajectories to the case of open quantum systems as well. We
provide independent justification for the partial-trace operation for density
matrices, reformulate wave-function collapse in terms of an underlying
interpolating dynamics, derive the Born rule from deeper principles, resolve
several open questions regarding ontological stability and dynamics, address a
number of familiar no-go theorems, and argue that our interpretation is
ultimately compatible with Lorentz invariance. Along the way, we also
investigate a number of unexplored features of quantum theory, including an
interesting geometrical structure---which we call subsystem space---that we
believe merits further study. We include an appendix that briefly reviews the
traditional Copenhagen interpretation and the measurement problem of quantum
theory, as well as the instrumentalist approach and a collection of
foundational theorems not otherwise discussed in the main text.
