The present study investigated proximal and distal predictors of reading comprehension by including latent factors such as alphabet knowledge, phonological awareness, semantic knowledge, word reading, oral reading fluency, and reading comprehension. The sample consisted of 79 five-year-old Korean-monolingual children who were assessed at the end of the school year. The results showed that alphabet knowledge, phonological awareness, and semantic knowledge latent variables were all positively and highly related to word-reading skills, but phonological awareness made a unique contribution above and beyond alphabet knowledge and semantic knowledge. Word reading was highly related to oral reading fluency and directly related to reading comprehension. Oral reading fluency, although a separate construct from word reading accuracy, was not uniquely related to reading comprehension after accounting for the effects of word reading and semantic knowledge. Semantic knowledge was fairly strongly and uniquely related to reading comprehension. (Contains 3 figures and 4 tables.)