The Council of the Great City Schools has prepared this fifth edition of "Beating the Odds" ("Beating the Odds V)" to give the nation another look at how inner-city schools are performing on the academic goals and standards set by the states for our children. This analysis examines student achievement in math and reading through spring 2004. It also measures achievement gaps between cities and states, African Americans and Whites, and Hispanics and Whites. And it includes new data on language proficiency, disability, and income. Finally, the report looks at progress. It asks two critical questions: "Are urban schools improving academically?" and "Are urban schools closing achievement gaps?" The report also shows important demographic and financial data. Included are enrollment data by race, poverty, English proficiency, and disability status, and average per pupil expenditures. Statistics are also presented on student/teacher ratios and average school size. Finally, changes in these variables between 1995-96 and 2002-2003 (the most recent year on which federally-collected data are available) are shown. Data are presented for each city and state. In general, "Beating the Odds V" shows that the Great City Schools are making important gains in math and reading scores on state assessments. The study also shows evidence that gaps may be narrowing. Appended are: (1) Normal Curve Equivalents (NCE) Corresponding to Percentile Ranks; (2) Districts Contributing to N Counts; (3) Grades Tested by District: Mathematics; and (4) Grades Tested by District: Reading. (Contains 25 figures and 72 footnotes.)