This report, the summary of a series of conferences on reading research, identifies two main theories about the nature of reading: (1) reading as translation, wherein printed symbols are translated into an approximation of oral language, so that the capabilities for understanding speech can be applied to written language, and (2) reading as an autonomous language process, wherein understanding the written word is separate from understanding spoken language. The study concludes, after considering several decades of applied research, that, when skill in word recognition is the outcome studied, code-oriented programs are more effective than language-oriented programs, especially with low socioeconomic groups and low achievers. However, when comprehension development is the criterion, there is no clear advantage to either program. The report recommends that national reading policy include both systematic code-oriented instruction, particularly in the primary grades, and carefully defined language experience instruction, which builds on the child's own writing and dictation. (MAI)