A retrospective longitudinal study was conducted in order to (1) examine the relationship between first grade English literacy skills of Spanish-English speaking English Language Learners (SpELLs) and third grade performance on English reading outcome measures and (2) compare the third grade performance of SpELLs taught in a two-way bilingual program (TWB) versus SpELLs instructed in English immersion classes (EIM). Results of correlational and multiple regression analyses suggest that early fluency skills (including speed and accuracy of letter naming, timed segmentation of spoken words into phonemes, timed pseudo-word reading, and text-level oral reading fluency) may be considered as a potential indicator of later oral reading fluency skills for SpELLs in either intervention condition. Multiple regression analysis identified knowledge of orthography as a significant predictor of reading comprehension in the TWB group whereas PA and fluency skills were significant predictors of reading comprehension in the EIM group. Regardless of group, the majority of learners demonstrated average or above average performance on third grade measures of text-level oral reading fluency and passage comprehension. While no significant differences between groups were evident in mean scores on measures of third grade English reading outcomes, a greater number of TWB children's scores on outcome measures fell in the above average range, despite their having received approximately half the amount of English instruction.