More than 86,000 students enrolled in first grade in New York City in the fall of 1995. These students were expected to graduate from high school in June 2007. As we seek to understand why some met this goal while others did not, it is critical to know where they began. Researchers followed this cohort for their first eight years of schooling: from their first days in fall 1995 through June 2003 when they were expected to complete eighth grade. To learn (1) the demographic characteristics of the first grade class of 1995-96, (2) who stays and who leaves, (3) who is held back, and (4) the academic outcomes for each group. The New York University (NYU) Institute for Education and Social Policy analyzed student-level data provided by the New York City Department of Education for all first through eighth graders from 1995-96 through 2002-03. This report presents their key findings and insights. (Contains 7 figures and 5 footnotes.)