The major purposes of this third annual report of the Interagency Panel on Early Childhood Research and Development are to analyze research activities funded by the member agencies during the fiscal year 1973, and to identify changes and trends in the agencies' research plans. Chapter 1 contains information about the panel's regular and special interest group meetings and activities during fiscal year 1973, and a description of critical research needs and gaps identified by the panel. Chapter 2 contains an analysis of fiscal year 1973 research projects in the context of these needs and gaps. In chapter 3, current plans of the member agencies are presented and examined in order to determine major trends and new directions. The plans also are evaluated in terms of the degree to which they address the major needs in early childhood research and development. Activities planned or currently being undertaken by the panel are discussed in chapter 4. (Author/CS)