This discussion report identifies key issues in the management of special collections material in the 21st century. The report uses a broad definition of "special collections," which encompasses distinctive material in all media and attendant library services. The group's main focus was on 19th- and 20th-century materials, including emerging digital materials and media, but most of the report applies equally to collecting materials from previous centuries. While the report focuses on special collections in North American research libraries, it has potential application more broadly. The report includes overviews of and recommendations in three areas: (1) Collecting Carefully, with Regard to Costs, and Ethical and Legal Concerns; (2) Ensuring Discovery and Access; and (3) The Challenge of Born-Digital Collections. The report highlights the need for research library leadership to support actions that will increase the visibility and use of special collections and promote both existing and developing best practices in the stewardship of special collections. This document is intended primarily for the directors of ARL member libraries and the administrators within their organizations. (Contains 41 footnotes.)