I was wondering whether graduate schools make decision W/W.O mid-year grades

A good chunk of grad school have applications due by Dec 15, and most of us won't have our fall semester's grades by then. Considering the fact that we have to send our official transcript by now, which means without our fall semester grades, they are not too concerned about my fall semester. Does that imply that they make decisions solely based on our existing grades/resume? Also, I couldn't find anywhere in the application where they mentioned that we have to update our application again.
Any ideas?
Thanks