This 2005 report on university research and knowledge transfer report by the Association of Universities and Colleges of Canada (AUCC) on the collective efforts of universities with respect to research and knowledge transfer is the first periodic public report by the AUCC on the collective efforts of universities with respect to research and knowledge transfer. It fulfills the universities' commitment to report on their progress toward realization of research and commercialization performance targets detailed in the AUCC Action Plan, which was prepared in response to the National Summit on Innovation and Learning of November 2002. For its part, the federal government committed to provide the necessary levels of investment required to build, maintain and grow a productive university research sector. These agreements were documented in the "Framework of Agreed Principles on Federally Funded University Research." In this document, stakeholders, leaders and members of the public are provided with a comprehensive account of the federal investments in university research and the resulting outcomes. New ideas and knowledge are key to keeping Canada prosperous and competitive. While it often takes more than a decade to generate societal or economic impacts, this report demonstrates the value that university research is already bringing to Canadians.