Examined relation of Curriculum-Based Measurement (CBM) oral reading fluency to reading process from theoretical perspective. Tested reading models using confirmatory factor analysis procedures with 114 third- and 124 fifth-grade students. Tested subjects on tasks requiring decoding, comprehension, cloze items, written retell, and CBM oral reading fluency. CBM oral reading fluency provided good index of reading proficiency, including comprehension. (Author/NB)