We investigated various structural models of phonological processing and the relationship of phonological processing abilities to basic reading. Data were collected on 116 kindergarten and first grade students. The specific ability model, which included phonological awareness, phonological memory, and rapid automatized naming as separate abilities, had the strongest fit to the data. Of the specific phonological processing abilities, rapid automatized naming was least associated with a second-order factor. Phonological awareness and rapid automatized naming accounted for variance in word reading, although the latter demonstrated limited practical utility. Theoretical and practical implications are discussed.