The Office of Institutional Research conducted an evaluation of the Pass-No Pass (P-N) grading system at the University of Wisconsin-Stephens Point. The second semester, 1971-72, was chosen for the basis of evaluation. Sources of information include student records, a brief questionnaire sent to students who chose at least one P-N course, and a brief questionnaire to faculty who taught the courses chosen under the P-N option. Findings and tables are listed. Investigator's conclusions indicate the P-N option produces lower quality scholarship, tampers with the integrity of the grade point ratio as an indicator of scholarship by inflating the GPR, and produces larger than normal student loads. The option tended to lower, rather than raise, student motivation. Questionnaires for students and faculty are included. (Author/MJM)