In this paper we illustrate and evaluate an approach to the creation of high quality linguistically annotated resources based on the exploitation of aligned parallel corpora. This approach is based on the assumption that if a text in one language has been annotated and its translation has not, annotations can be transferred from the source text to the target using word alignment as a bridge. The transfer approach has been tested in the creation of the MultiSemCor corpus, an English/Italian parallel corpus created on the basis of the English SemCor corpus. In MultiSemCor texts are aligned at the word level and semantically annotated with a shared inventory of senses. We present some experiments carried out to evaluate the different steps involved in the methodology. The results of the evaluation suggest that the cross-language annotation transfer methodology is a promising solution allowing for the exploitation of existing (mostly English) annotated resources to bootstrap the creation of annotated corpora in new (resourcepoor) languages with greatly reduced human effort.