This report provides an evaluation of the American Council on Education (ACE) Fellowship Program as assessed by 147 of its past Fellows and their Mentors. This program is intended to develop administrative skills of mid career faculty and administrators (about 30 per year) who, under the guidance of a mentor, spend a year observing and participating in leadership, management, governance, and administration at the highest levels. The review first discusses the study's purpose and methodology, then provides a description and history of the program and presents the responses concerning program outcomes. Outcomes are reported in the following areas: (1) achievement of objectives; (2) development of leadership skills; (3) acquisition of skills for management and administration; and (4) benefits derived from the program for the institution. In addition, the report presents summaries of respondent evaluations for women, by members of different races and ethnicity, and by those involved with community colleges. All the available evidence indicates that the program is functioning well and achieving its goals to the general satisfaction of most of those directly involved; however, mentoring and the concerns of people of color and women are two major areas requiring additional attention. Twenty-four data tables, an appendix containing the questionnaires used in the survey, and a list of the objectives of the ACE Fellows Program conclude the report. (GLR)