Indicators of many kinds are used to monitor critical aspects of national life and inform public policy. These include economic indicators, health indicators, and demographic indicators. For more than a decade, the National Assessment Governing Board has been conducting research to determine the potential of the National Assessment of Educational Progress (NAEP) at grade 12 to serve as an indicator of academic preparedness for college and job training. This report provides the rationale for pursuing this goal, the Phase I research results from more than 30 studies conducted in connection with the 2009 administration of 12th grade NAEP, and the implications for reporting the 2013 NAEP 12th grade results. (A bibliography is included.)