The factor structure of the CORE Phonics Survey was analyzed using a sample of 165 students in upper elementary school with specific learning disabilities. Confirmatory factor analysis was used to identify the hypothesized constructs of the CORE Phonics Survey and predictive validity of the CORE Phonics Survey to predict students' success in word level reading and oral reading fluency one year later. The results of the analyses indicated the two-factor model representing two latent variables, alphabetic knowledge and decoding skills, provided the most appropriate fit to the given data, indicating that the hypothesized two factors of the CORE Phonics Survey demonstrate construct validity. The two constructs of CORE Phonics Survey significantly predicted students' fluency and decoding abilities as measured by norm-referenced assessments one year later. The practical implications and limitations of the present study are discussed.