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Abstract: The article discusses the problem of semantics and grammar of participles in Russian, as well as the their adjectivization and substantivization. The article describes two processes in the system of participles. The first process is transition of participle into the system of adjectives and nouns with the complete loss of verbal semantic and grammatical components, the result of it is appearance of homonyms. This process is called adjectivization and substantivization of participles. The second process is the strengthening of the nominal component of participial forms and partial loss of their verbal components. This process may be called adjectivization or qualitative transfer and substantivization or subject transfer. The basis for these processes is the universal semantics of a participle.