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The idea of "only knowing" a collection of sentences, as proposed by Levesque, has been previously shown to be very useful in characterizing knowledge-based agents: in terms of a specification, a precise and perspicuous account of the beliefs and non-beliefs is obtained in a monotonic setting. Levesque's logic is based on a first-order modal language with quantifying-in, thus allowing for de re versus de dicto distinctions, among other things. However, the logic and its recent dynamic extension only deal with the case of a single agent. In this work, we propose a first-order multiagent framework with knowledge, actions, sensing and only knowing, that is shown to inherit all the features of the single agent version. Most significantly, we prove reduction theorems by means of which reasoning about knowledge and actions in the framework simplifies to non-epistemic, non-dynamic reasoning about the initial situation.