This report provides system-level graduation and retention rates for the University of North Carolina (UNC), with campus-level and corresponding peer benchmarks appended. Where possible, corresponding national rates are reported as well. In all measures, UNC surpasses these national rates. Traditional definitions for graduation and retention rates reflect those used by the US Department of Education's Integrated Postsecondary Education Data System (IPEDS). These familiar four- and six-year graduation rates focus on the degree completion of first-time, full-time freshmen cohorts who begin college in the fall semester. Because of this, not all undergraduates are counted in traditional IPEDS-reported measures. Excluded from these measures are part-time freshmen, students who transfer among institutions, and those enrolling in the spring semester. The IPEDS measures also prove punitive for institutions in which students do not remain continuously enrolled (e.g., military serving institutions). Due to the importance of transfer students to UNC's five year strategic plan, the traditional IPEDS measures are supplemented with indicators that capture transfer student success, enrollment, and graduation rates across institutions. For the first time this year, the report provides analysis of results from the UNC Graduating Senior Survey, which provides some explanations of factors that extend students' time-to-degree beyond four years. [For the previous year's report, see ED586054.]