Description: Beginning operations 20 years ago, the University of California (UC) Merced has grown to a campus of approximately 9,100 students and 2,500 faculty, staff, and student employees. In this report, we explore major campus developments related to UC Merced's enrollment, student outcomes, faculty and staff, facilities, and finance. We then assess the extent to which UC Merced has fulfilled certain key objectives, including raising educational and economic outcomes in the San Joaquin Valley. We conclude the report by identifying key state-level takeaways from the UC Merced experience that could help inform the Legislature as it undertakes future higher education planning.