This report has describes how the young Indianapolis charter school initiative can claim a number of successes: (1) Many community leaders have stepped forward to spearhead the creation of charter schools, bringing new energy and resources into public education; (2) Parents have flocked to the new schools, lining up on waiting lists and noting increasing satisfaction with their children's experiences; (3) Students in most charter schools are making steady progress in reading, language, and math, and in many cases outpacing Indiana and national norms for growth; and (4) The mayor has established a comprehensive accountability system for the schools, with high expectations and transparent sharing of data about the schools with the public. As is the case elsewhere, the charter sector in Indianapolis will ultimately be judged by its effects on students, families, neighborhoods, and the city as a whole, and those long-term effects remain to be seen. Though the elementary and middle schools are making good progress, they are still young. The one high school open in 2003-2004 struggled in its first year, and faces significant challenges as it enters its second year. In addition, the initiative's growth in 2004-2005 (doubling from five schools to 10) represents a much faster expansion than in the initiative's first two years, which could tax the mayor's systems. As of the spring of 2004, mayor-sponsored charter schools in Indianapolis represents a small fraction of the city's students--less than 1 percent. But just the schools already chartered will double that fraction by 2005 and triple it by 2008. If all goes as planned, more high-quality applicants will receive charters in the coming years. The result should be a large, vibrant sector of newly formed public schools. If successful, these schools will provide excellent educations for the children who attend them, forge new models that can serve as examples for other schools, demonstrate effective accountability in action, and exert a wide, positive impact on public schooling in Indianapolis. (Contains 6 tables and 22 endnotes.)