Description: This article is a summary and analysis of the 1977 Annual Reports of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, of the Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund. The author notes that an excellent introduction to these reports may be obtained by reading the Commentary Prepared to Assist in the Reading and Interpretation of the Reports, prepared by A. Haeworth Robertson, Chief Actuary of the Social Security Administration. Note: A more extensive review of the Reports will appear in the Transactions.