This is the first year-end report produced as part of the on-going evaluation of the Bill & Melinda Gates Foundation's Early College High School Initiative. The program provides funding and support for the establishment of Early College High Schools, which are organized to allow all enrolled students the opportunity to earn a high school diploma and two-years of college credit in five years or less and at public expense. These schools also target students from populations underrepresented in higher education. This report provides results from the first two years of the initiative. It is based on surveys, interviews, and site visit data collected during the 2002-2003 and 2003-2004 academic years. It includes the first 10 intermediaries funded through this initiative. (Contains 4 tables and 7 figures.)