We present a novel generative model for natural language tree structures in which semantic (lexical dependency) and syntactic (PCFG) structures are scored with separate models. This factorization provides conceptual simplicity, straightforward opportunities for separately improving the component models, and a level of performance comparable to similar, non-factored models. Most importantly, unlike other modern parsing models, the factored model admits an extremely effective A* parsing algorithm, which enables efficient, exact inference.