This report characterizes the student population served by the Migrant Education Program (MEP), describes services provided through MEP, and suggests policy options to improve targeting and accountability. Despite legislation that requires currently migratory children to receive priority for MEP services, over half of those served are formerly migrant. Most students served through MEP are enrolled in grades K-6 and have substantial needs for supplementary instructional and support services. Large proportions of the children are limited English proficient, are 1 or more years behind their peers in school, and have reading and language arts achievement that lags behind national norms. Summer programs assist in filling in educational gaps caused by moves during the regular term. The current funding formula for determining state MEP grants creates an incentive for states to identify in-school formerly migrant students, rather than the more needy currently migrant, preschool, and out-of-school migrant youth (ages 18-21). If the MEP is to provide services to the eligible migrant students with the greatest needs, the current state grant allocations process must provide appropriate incentives. This report contains many data tables. (KS)