The Denver Public Schools (DPS) provide a unique opportunity to study the dynamics of school segregation within the context of rapid demographic changes and key policy changes. This paper, the first of two reports, focuses on the dynamics of segregation, demographic changes, and implications for graduation rates in the Denver Public Schools. It utilizes the Common Core of Data collected by the National Center for Education Statistics (NCES) to place the Denver Public Schools in both a national and regional context. The paper begins with a demographic overview of the Denver-Aurora Metropolitan Statistical Area before focusing on the composition of Denver Public Schools from 1990 to 2003. The relationship of the dramatic demographic changes to segregation trends is examined by measuring the average exposure of students to all racial groups, as well as to each other and the concentration of students in racially isolated schools during the five years preceding the 1995 "Keyes" decision and in the eight subsequent years following. The Cumulative Promotion Index is used to calculate graduation rates, a measure of student promotion through successive school years designed to offset some of the limitations of official dropout data. The goal of this report is to examine the broader demographic and segregation patters of the district within the context of the 1973 "Keyes" case. It provides general trends that tell an important story in their own right and build a foundation for school-level analyses that will be presented in a subsequent report. A technical appendix provides details on calculating the Cumulative Promotion Index. (Contains 30 footnotes, 9 tables, and 3 figures.) [Support for this document was provided by the Piton Foundation.]