Noting that the 1992 National Assessment of Educational Progress used a variety of innovative assessment approaches, this executive summary discusses a number of issues related to the new reading assessment framework. An introductory section of the executive summary discusses the new framework for reading assessment, the transition in reporting results of the assessment, and the continuing development effort. The next section summarizes the major findings, the results for student subgroups, fourth grade reading instruction, reading habits and practices, and achievement levels. A chart presenting the National Assessment of Educational Progress--1992 Reading Assessment at a glance--is followed by 19 tables and three figures of data accompanied by brief discussions on such issues as overall reading performance for the states, performance for student subpopulations, students' average performance across states, the instructional emphasis in fourth-grade classrooms, reading as part of reading instruction, and reading for fun outside of school. Also discussed in the summary is the development by the National Assessment Governing Board (NAGB) of achievement levels (Basic, Proficient, and Advanced) subsequent to the development of reading assessments, and the fact that while substantial proportions of students demonstrated understanding of reading materials considered straightforward for their grade (Basic), very few, at any grade, were able to examine more complex materials and extend their thinking beyond the information (Advanced). (RS)