In order to assess the effect of college experiences on student values and retention, a study was conducted of 848 beginning students at three private and four public two-year institutions in the Chicago area. At the beginning of the academic year, two tests were given: (1) the Activities Index to assess the personality characteristics of the students, and (2) the Allport-Vernon-Lindzey Value Inventory to determine the values of the students. At the end of the academic year, two tests again were administered: (1) the College Characteristics Index to assess the college environment as perceived by the students, and (2) the Allport-Vernon-Lindzey Value Inventory as a posttest to ascertain any change in values over the year. Rather than assuming that personality characteristics or college climate alone was the more important correlate of value change, it was postulated that the dynamic interaction of the two was the determining factor. In fact, however, no significant change in values was found to have occurred at any of the seven schools. On an aggregate basis, dropouts were found to be significantly lower on intellectual orientation than either stayers or transfers. Scholastic aptitude was found to have no significant effect on withdrawal at six of the seven schools. Data are presented according to institution, and are organized into tables. (NHM)