The document outlines the five essential components of reading: phonics, phonemic awareness, vocabulary, fluency, and reading comprehension. It provides a brief definition and examples of how each component is developed and applied when reading. Phonics involves connecting sounds to letters, phonemic awareness focuses on the sounds within words, vocabulary is understanding the words, fluency is reading with speed and expression, and comprehension integrates all the components to derive meaning from text. Developing skills in all five areas is necessary for children to become successful readers.