Study goals were to identify and evaluate the impact of fellowships awarded by the National Endowment for the Arts to visual artists and to provide information to help the Endowment in planning, policy development, and resource allocation for the fellowship category. Information was collected in three ways. Questionnaires were sent to 50% of all recipients (858) in each year from 1967 through 1979. The response rate was over 75%. Two workshops, which focused primarily on questions of program operations and policy, were held with 15 recipients. Personal interviews, focusing on the timing of the grant, activities during the fellowship, impact on aesthetic content of their work, and resulting recognition, were conducted with 25 recipients. Ninety-two percent of respondents said the most important impact of the fellowships was the change they experienced in confidence and commitment. The major benefit was increased time for work. Although the application process received high ratings, eligibility requirements were rejected, and parts of the selection process received low ratings. (RM)