This study was undertaken to provide data for a review of the University of Minnesota's two-transcript system, which maintains an operational record (including all work taken) and an official transcript (record of accomplishment only) for each student. The sample included all students registered in fall 1975. Actual differences between the two records are summarized. The primary difference is one of definition; symbols of incomplete, no credit, and withdrawal are included only on the operational record. In fall, 1975, only about 11 percent of all grades fell into these categories, and there were considerable differences across units. Analysis of the data suggests that grade-point average and a coefficient of completion are different measures of student performance. It is suggested that the data presented in this report should be supplemented by other information before a final decision is made on the status of the two-transcript system at the university. (Author/LBH)