The purpose of the conference was to bring together experts in research areas of science in which high magnetic fields play an important role, to critically assess the current status of research in these areas, and to discuss promising new directions in science, as well as applications which are at the forefront of these fields.The program consisted of talks given by leading experts presenting overviews and critical assessments of certain areas, including semiconductors, the quantum Hall effect, heavy fermions, superconductivity, organic solids, chemical systems, and the generation and use of high magnetic fields in basic and applied research.