This article presents findings from a 2-year reflexive action research study of a cohort-based Master's degree program in literacy for practicing teachers. Questions revolved around whether and how the program brought about changes in candidates' conceptions about literacy, expertise in literacy, and leadership/activist skills to foster equity in their classrooms and schools. Faculty used data from action research to make cyclical changes to the program each semester. Data sources included candidate interviews, e-mail correspondence, course notes, classroom observations, questionnaires and a survey. The candidates own evolving action research projects within their schools also became data sources. A qualitative analysis suggests that the program was generally successful in meeting its goals. The elements of the program contributing to its success were: the evolving program design based on action research data; the collegiality of the cohort; broadening conceptions of literacy; learning action research; and developing leadership skills. Factors contributing to factors around which candidates failed to meet these goals are also explored. (Contains 4 notes.)