We used event-related brain potentials to clarify the role of phonology in activating the meanings of high-frequency words during skilled silent reading. Target homophones ("meet") in sentences such as "The students arranged to meet in the library to study" were replaced on some trials by either a high-frequency homophone mate ("meat") or a spelling control word ("mean"). Differences between homophone errors and spelling controls were observed, both in the N400 component and in earlier time windows, suggesting that phonology continues to play a role in activating word meanings even for highly practiced words. A manipulation of the frequency of the correct target word provided evidence concerning the nature of the processing involved. (Contains 4 figures and 1 table.)