This report examines degree and certificate attainment and transfers into the California State University and the University of California for a selected group of first-time freshmen in the California Community Colleges. It is the first in a series on this accountability measure and is presented as part of the Commission's "Accountability Framework" for California postsecondary education. Too few community college students are earning two-year degrees, certificates or transferring to one of California's public universities. The data show that: (1) Only 17% of the students tracked by the Commission over five years earned a two-year degree or certificate; (2) 22% transferred to one of California's public universities; (3) About half left the community college system without earning a degree or transferring to a public California university; (4) Almost one in five were still enrolled in a community college as of 2005; (5) Women attained degrees/certificates and transfers at higher rates than men; and (6) Latinos and African-Americans, particularly males, earned fewer degrees/certificates or transferred to California's public universities. Methodology is appended.