Because previous research on long-term effects of Outward Bound programs has been contradictory, a study to analyze the impact of the Dartmouth College Outward Bound Center's Living/Learning Term program on undergraduate participants used a comprehensive battery of nine inventories to measure the effects of Outward Bound over time. The battery of standardized and specially constructed inventories measured the moods, personality, socialization, values, self-concepts, activities, and self-report indicators of 12 Outward Bound and 12 non-Outward-Bound undergraduates at the beginning and again at the end of a 3-month period. Results indicated no change over time nor difference between groups on personality, socialization, values, or self-concept inventories, but evident differences between groups in mood states. As the academic term progressed, all groups showed increased depression, dejection, and tension, and decreased self-acceptance and sense of well-being. The control group demonstrated increased anger and hostility while the Outward Bound group remained the same on these scales and also spent more time in recreation. Overall, the standardized tests showed fewer changes than the specially constructed inventories. Also, the more subjective the inventory, the greater the differences revealed. Recommendations include conducting studies of long-term effects over a longer period of time. (SB)