Since the mid-1980s two-way bilingual education programs have attracted renewed interest as an effective way to educate both language-minority and language-majority students. This report, which describes and assesses the current state of such programs in the United States, is based on data collected from 169 schools during the 1991-92, 1992-93, and 1993-94 school years. The opening section, a brief overview of the goals and rationale for the two-way approach, profiles the programs in four tables showing: programs by state; grade levels served; language of instruction; and year of establishment of programs. The remaining parts of the paper provide: an account of the results of the study; a discussion of variability in program implementation; and an exploration of some significant related questions. Among these are: Will the model that works for one school district work for another? What about attrition and late admission to the program? What about the development of programs in diverse languages: for example, those that do not share an alphabet with English? And how can the target languages be maintained and developed in the face of the dominance and power of English in U.S. society? While these concerns and others need to be addressed, it is concluded that two-way bilingual programs benefit U.S. education in three important ways: (1) by providing an effective approach to educating a growing number of nonnative-English speaking students in an environment that promotes both English language development and academic progress; (2) by expanding the nation's language resources; and (3) by enhancing cross-cultural understanding and appreciation. A list of resources from 12 programs is appended. (Contains 24 references.) (LR)