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As I recall, belted magnums headspace on the belt.

I DO believe you're correct! ...which always made me wonder about pushing the shoulder back too far with an incorrectly set die... How does one gage a belted magnum? The distance from the front of the belt to the case head isn't likely to change. But the distance between the case head and the shoulder could change through stretching, or pushing back via sizing....hmmmm... I wonder! Maybe somebody here who loads for belted magnums can say! I've got a manual here next to me and I'll take a look!:-)

Do you know if the sizing die for the .300 Winmag has a recess for the belt? I'm going to go look. I "think" I've got a set of dies for the beast.