This report examines the cost effectiveness of reading programs, as part of a large-scale evaluation of compensatory reading programs. Results from a cost analysis of these programs and from an examination of the cost-assessment model used are presented in two other reports. No conclusive relationship was found between the cost of a program and its apparent effectiveness as measured by achievement tests. In addition, with the possible exception of special reading groups, no particular type of class was consistently more effective than another. No unique combination of resources appeared to ensure the success of a program. Limitations and weaknesses in the measure of effectiveness, however, make interpretation of the results difficult. (Author/AA)