A study investigated the reliability, validity, and sensitivity of Curriculum-Based Measurement (CBM) reading (which relates reading fluency to reading comprehension) with bilingual Hispanic students. For 10 weeks, 50 second-grade bilingual students and 26 students who spoke English only were administered CBM reading measures twice weekly. Reliability of the CBM reading was compared between the groups with respect to the level of student performance and rate of student progress. Evidence for the convergent and discriminant validity of the CBM reading for bilingual Hispanic students was evaluated using criterion measures of English reading and language proficiency. Sensitivity was evaluated by comparing the reading progress of the two groups during the 13-week period. Results indicated that CBM reading was as reliable and valid for bilingual students as for English-only students, and was sensitive to the reading progress of bilingual students. The construct validity of CBM reading as a measure of general reading proficiency in English was supported. (Contains 67 references, 4 tables, and 1 figure of data.) (Author/RS)