This May 2004 issue of "Outlook," a monthly publication published by the Council for American Private Education (CAPE), describes the findings of the 2000 High School Transcript Study (HSTS), which examined the transcripts of 19,747 public school students and 1,184 private school students in order to provide a comprehensive look at the high school curriculum and the relationship between the courses that students take and their academic achievement. The study found that between 1990 and 2000, private and public high school graduates increased their grade point average in spite of taking a heavier course load. Their grade point average (GPA) jumped from 2.68 to 2.94, while the number of course credits they earned rose from 23.6 to 26.2. The study also found that, compared to the national average, private high school students took more challenging courses in math and science and reached higher levels of achievement on national tests. This issue also contains a brief article on the Washington Scholarship Fund, which published a 15-page Q&A document addressing the details involved in private school participation. CAPEnotes conclude the issue.