The purpose of this paper is to illustrate cognitive challenges introduced by Common Core State Standards for Mathematics (2010) with regard to conceptualizing fractions. We focus on a strand of standards that appear across grades three through five, which is best represented in grade four, by standard 4.NF.4a: "[Students should] understand a fraction a/b as a multiple of 1/b. For example, use a visual fraction model to represent 5/4 as the product 5 x (1/4), recording the conclusion by the equation 5/4 = 5 x (1/4)." We argue that supporting such conceptualizations is a critical challenge for teachers and researchers to address in US education, but one fraught with conceptual hurdles for students. We adopt a scheme theoretic perspective and share the case study of a sixth-grade student, to illustrate the ways of operating students need to develop for meaningful attainment of the new standards. (Contains 3 tables and 2 figures.)