Title I of the Elementary and Secondary Education Act (ESEA) is intended to support state and local efforts to ensure that all children reach challenging standards by providing additional resources for schools and students that have the farthest to go. The 1994 reauthorization of the ESEA included a number of changes to Title I allocation provisions to improve the targeting of Title I funds on the districts and schools with the highest concentrations of poverty. This study examined the impact of those changes on school-level targeting. In addition, the study examined funding for secondary schools, the impact of waivers on targeting, funding for schoolwide programs and targeted assistance schools, allocation of funds for services for private school students, and the percentage of funds retained at the district level. Data from 4 national surveys, district records from 140 school districts, Title I state performance reports, and an analysis of waivers of Title I targeting provisions were used to examine allocations. Changes in school-level allocations were studied through records form 17 urban school districts. After the reauthorization, the proportion of high-poverty schools receiving Title I funds increased, and the proportion of low-poverty schools receiving Title I funds decreased. This trend was apparent in the 17 urban school districts as well. Secondary schools were less likely to receive Title I funds, although the highest poverty secondary schools became more likely to receive funds. Only a small proportion of schools nationwide were affected by targeting waivers. Overall, the reauthorization appears to have increased the allocation of resources to disadvantaged students. An appendix discusses the methodology for analyzing within-district targeting in large cities. (Contains 38 exhibits.) (SLD)