This report highlights the research performed in 2005 in the Physics Division of Argonne National Laboratory. The Division's programs include operation of ATLAS as a national user facility, nuclear structure and reaction research, nuclear theory, medium energy nuclear research and accelerator research and development. The mission of Nuclear Physics is to understand the origin, evolution and structure of baryonic matter in the universe--the matter that makes up stars, planets and human life itself. The Division's research focuses on innovative new ways to address this mission and 2005 was a year of great progress. One of the most exciting developments is the initiation of the Californium Rare Ion Breeder Upgrade, CARIBU. By combining a Cf-252 fission source, the gas catcher technology developed for rare isotope beams, a high-resolution isobar separator, and charge breeding ECR technology, CARIBU will make hundreds of new neutron-rich isotope beams available for research. The cover illustration shows the anticipated intensities of low-energy beams that become available for low-energy experiments and for injection into ATLAS for reacceleration. CARIBU will be completed in early 2009 and provide us with considerable experience in many of the technologies developed for a future high intensity exotic beam facility. Notable results in research …