The third administration of the California State University and Colleges Freshman English Equivalency Examination, a test consisting of an objective examination graded by the Educational Testing Service and an essay examination scored by California State University and College faculty, is analyzed in this report. After a short preface, the first section of the report contains a summary and fact sheet describing the test, its results, and studies being undertaken to examine the results. The next section recounts the actual administration of the test. The section on the examination's two essay questions consists of two subsections, each containing a report from the question leader, the question itself, the directions to graders, and six sample student papers. Section four describes the data processing procedures used to collect, analyze, and disseminate and preserve the data from both parts of the examination. Section five presents a statistical report on the examination scores, while section six presents the results of the first year of a 5-year follow-up study. The report's seven appendixes cover a variety of topics including budgets, use of external media, and issues for faculty in equivalency testing. (JL)