This report tracks student performance on the Iowa Tests of Basic Skills (ITBS) in the Chicago Public Schools' (CPS) elementary schools in 2001. To make valid cross-year comparisons, this update adjusts statistics reported by the CPS by establishing a common procedure over time for including bilingual education students. Test scores are tracked by age to account for the effect of the CPS retention policy, and the score reporting method used is the mean grade equivalent score rather than percent at or above national norms. The ITBS trend results reported are generally consistent with patterns noted in the Consortiums 1999 and 2000 test trend reviews. Beginning with the 1999 report, a concern was raised about possible stagnation in productivity improvements in CPS elementary schools. Data for 2001 allow the firm conclusion that this is, in fact, the case. The gain scores indicate that CPS made improvements in student learning throughout much of the 1990s, the improvements stalled after 1997. There is no evidence of any significant productivity growth in elementary schools since that time. (Contains 5 tables, 10 endnotes, and 5 references.) (SLD)