Normally at Hopkins, you (hopefully) do your work, take your tests, write your papers, and at the end of the semester, you get a letter grade for each of your classes. The first semester of your freshman year, you do all that, but your grades do not show up on your transcript. Instead, if you've passed the class with a C- or better, then you will receive an S for "Satisfactory." If you get lower than a C-, then you will receive a U for "Unsatisfactory." Those S's and (hopefully no) U's are the only thing that will show up on your transcript for that semester (well, there are other things that may show up but that's only if you incomplete the course or something like that). The school will not uncover your grades for any reason. No graduate school will see it, nothing like that. If, however, you are interested in the grades you received, you can ask your advisor. They will have copies of your actual grades.
Most people are thrilled by the prospect of covered grades, although I did overhear a guy in my dorm complaining to his parents about how the school wouldn't uncover his grades even though he received all A's.
Note: This was in response to a question from sugardreamqueen but I'm posting it for everyone's benefit.