The English language is characterized by productivity. It means that it has the ability to form new words after existing patterns, which are readily understood by the speakers of a language. Synchronically the most important and the most productive ways of word-formation are affixation, word-composition, abbreviation (contraction) and conversion. The latter term is what I’m going to talk about during my report. Conversion is a highly productive way of coining new words in Modern English. Conversion is sometimes referred to as an affixes way of word-building, a process of making a new word from some existing root word by changing the category of a part of speech without changing the morphemic shape of the original root-word. The new word has a meaning which differs from that of the original one though it can more or less be easily associated with it. It has also a new paradigm peculiar to its new category as a part of speech. Thus, conversion is an affixes derivation consisting in making a new word from some existing word by changing the category of a part of speech, the morphemic shape of the original word remaining unchanged: He would send a cable or telephone as soon as he knew when he would be able to return (Howard) - ??? ??????? ????????? ??? ???????????... I have just received a bill from the telephone company for seven hundred and eighty four dollars (Hart) - ? ????? ???????? ??????? ??? ?????????? ????????... Conversion is not only highly productive but also a particularly English way of word-building. It is explained by the analytical structure of Modem English and by the simplicity of paradigms of English parts of speech. A great number of one-syllable words is another factor in favor of conversion. Conversion is universally accepted as one of the major ways of enriching English vocabulary with new words. One of the major arguments for this approach to conversion is the semantic change that regularly accompanies each ins