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In this report we provide a summary of the First International Workshop on Utility-Based Data Mining (UBDM-05) held in conjunction with the 11th ACM SIGKDD International Conference on Knowledge Discovery and Data Mining. The workshop was held on August 21, 2005 in Chicago, IL, USA. This workshop was geared toward researchers with an interest in how economic utility factors affect data mining (e.g., researchers in cost-sensitive learning and active learning) and practitioners who have real-world experience with how these factors influence data mining applications.