To study the impact of school finance reform on minorities and the poor, researchers gathered data on educational revenues and spending, tax effort, district wealth and income, ethnicity, and urban location in California, Colorado, Florida, Michigan, New Mexico, and Texas. Their data analysis used various measures of educational equity and fiscal neutrality as well as univariate, bivariate, and multivariate statistics and time-series analysis. The research yielded a large number of findings, including no large changes in educational revenues for minorities and the poor after the reforms; only small decreases in spending disparities and wealth-related inequalities; and both increases and decreases in educational income among districts with different ethnic compositions. This volume of the report also highlights analysis of data on Florida school districts. These data reveal greater spending disparities and ethnic isolation among schools within each district than across districts. The authors recommend that future research on educational equity and the disadvantaged examine the relationships of cost to quality and of equity to equality, the distribution of educational resources, socioeconomic and demographic influences, and the role of federal aid. Appendices provide scattergrams, a discussion of and guide to research methodology, and lists of variables. (RW)