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The first Annual Monitoring Report under Horizon 2020 is a comprehensive publication which provides an analysis of Horizon 2020 based on calls closed in 2014. It helps identify the most important issues related to performance as measured by the Key Performance Indicators, implementation aspects and participation trends, providing data for all priorities and specific objectives of Horizon 2020. The Report pays special attention to monitoring progress with respect to cross-cutting issues. It also provides information on the activities of the European Institute of Innovation and Technology (EIT) as well as the Euratom Research and Training Programme. Moreover, given the significant results and impacts that FP7 projects can still produce, the Annual Monitoring Report includes a section dedicated to results of ongoing FP7 projects.