Professional development schools (PDSs) are collaborative partnerships between teacher education programs and K-12 schools that provide educational opportunities for teachers and students alike. Such school-university partnerships are an important part of current educational reform. The body of empirical research examining PDS partnerships is growing. In particular, several studies have focused on the impacts of PDS partnerships, especially with respect to their effects on teachers, their practices, and their attitudes. The findings suggest that, overall, such collaborative arrangements have positively influenced various aspects of teaching. While such research contributes to people's understanding of the effects of such partnerships on teachers, there is still a need to study them (Teitel, 1998), especially to see how teachers perceive PDSs in light of PDS goals. This study does just that, by examining teachers' perceptions of a PDS partnership between a university teacher education program and a public elementary school. Specifically, the authors assess the effectiveness of the PDS in accomplishing its goals, from the teachers' perspectives. The goals that the authors examine include the five specific goals of one particular PDS. Moreover, because these goals are reflected in the ongoing PDS activities and because they affect various groups of constituents in the educational community, the authors analyze teachers' ideas about the impact of the partnership on various areas related to teaching and on several stakeholders in the educational community. These facets of teaching reflect the goals and activities of the partnership and also teachers' roles as educators. Finally, the authors examine whether and how teachers' perceptions of the PDS and its impacts coincide or vary across various groups of teachers. (Contains 1 chart, 8 tables, and 1 note.)