N-CSR 1 concann.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-5251

Fidelity Concord Street Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	February 28

Date of reporting period:	February 28, 2006

Item 1. Reports to Stockholders

Fidelity^®
U.S. Bond Index
Fund

Annual Report
February 28, 2006

Contents

Chairman’s Message	4	Ned Johnson’s message to shareholders.
Performance	5	How the fund has done over time.
Management’s	6	The manager’s review of fund
Discussion		performance, strategy and outlook.
Shareholder Expense	7	An example of shareholder expenses.
Example
Investment Changes	9	A summary of major shifts in the fund’s
		investments over the past year.
Investments	10	A complete list of the fund’s investments
		with their market values.
Financial Statements	33	Statements of assets and liabilities,
		operations, and changes in net assets,
		as well as financial highlights.
Notes	37	Notes to the financial statements.
Report of Independent	44
Registered Public
Accounting Firm
Trustees and Officers	45
Distributions	56
Board Approval of	57
Investment Advisory
Contracts and
Management Fees

To view a fund’s proxy voting guidelines and proxy voting record for the 12 month period
ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange
Commission’s (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free
copy of the proxy voting guidelines.

Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw Hill Companies,
Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks
of FMR Corp. or an affiliated company.

If additional copies of financial reports, prospectuses or historical account information are needed,
or for more information on any Fidelity fund including charges and expenses, please call the
appropriate number listed below or the number provided to your institutional or employer
sponsored retirement plan. Read the prospectus carefully before you invest or send money.

Retirement Plan Level Accounts
Corporate Clients		1-800-962-1375
“Not For Profit” Clients		1-800-343-0860
Financial and Other Institutions
Nationwide		1-800-221-5207
Other Investors		1-800-544-6666

Annual Report 2

This report and the financial statements contained herein are submitted for the general information
of the shareholders of the fund. This report is not authorized for distribution to prospective investors
in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N Q. Forms N Q are available on the SEC’s web site at
http://www.sec.gov. A fund’s Forms N Q may be reviewed and copied at the SEC’s Public
Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public
Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s
portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual
report on Fidelity’s web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.

3 Annual Report

Chairman’s Message

(photograph of Edward C. Johnson 3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets’ inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets’ best days can significantly diminish investor returns. Patience also affords the benefits of compounding of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn’t eliminate risk, it can considerably lessen the effect of short term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio’s long term success. The right mix of stocks, bonds and cash aligned to your particular risk tolerance and investment objective is very important. Age appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities which historically have been the best performing asset class over time is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more stable fixed investments (bonds or savings plans).

A third investment principle investing regularly can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won’t pay for all your shares at market highs. This strategy known as dollar cost averaging also reduces unconstructive “emotion” from investing, helping shareholders avoid selling weak per formers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/ Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report 4

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund’s dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of perfor mance each year. The $100,000 table and the fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns
Periods ended February 28, 2006	Past 1	Past 5	Past 10
	year	years	years
Fidelity® US Bond Index Fund	2.67%	5.54%	6.31%

$100,000 Over 10 Years

Let’s say hypothetically that $100,000 was invested in Fidelity® U.S. Bond Index Fund on February 29, 1996. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® Aggregate Bond Index performed over the same period.

5 Annual Report

Management’s Discussion of Fund Performance

Comments from Ford O’Neil, Portfolio Manager of Fidelity® U.S. Bond Index Fund

U.S. investment grade debt offered lackluster returns for the year ending February 28, 2006, as the Lehman Brothers® Aggregate Bond Index rose 2.74% . Within the Aggregate, mortgage bonds fared best, gaining 3.35% according to the Lehman Brothers Mortgage Backed Securities Index. Corporates brought up the rear, climbing 2.00% as measured by the Lehman Brothers Credit Bond Index. Treasuries and agencies fell in between, posting nearly identical returns. The bond market was tempered by the Federal Reserve Board’s unrelenting series of short term interest rates hikes. The Fed pushed rates higher eight times each of them in quarter point increments raising its target rate from 2.50% to 4.50% and eventually leading to an inverted yield curve. However, there was welcome news after the central bank made the period’s final rate increase on January 31, when it said “the expansion in economic activity appears solid . . . and longer term inflation expectations remain contained.” This kindled investors’ hopes that the rate hike campaign could soon end, and contributed to positive bond returns across the board in February.

During the past year, the fund gained 2.67%, roughly in line with the Lehman Brothers index. In addition, the Lipper^SMIntermediate Investment Grade Debt Funds Average returned 2.16% . Within the fund’s investment parameters, a combination of positive sector and security selection helped performance, led by an emphasis on high quality, higher yielding structured products particularly asset backed securities, collateralized mort gage obligations and commercial mortgage backed securities. These sectors saw solid gains due to robust demand for higher yielding alternatives to U.S. Treasury securities. Some of the fund’s investments here stemmed from a large position in Fidelity Ultra Short Central Fund, a diversified internal pool of short term assets designed to outperform cash like instruments with similar risk characteristics. Maintaining a small portion of the fund’s assets in Treasury Inflation Protected Securities a sector not in the benchmark also helped, as they rallied amid growing inflation concerns. Modest positions in dollar denominated foreign government bonds, particularly those issued by Mexico, contributed as well. Detracting from results were slight underweightings in government agency and mortgage securities, which outpaced Treasuries with comparable durations, meaning similar interest rate sensitivity. We also were hurt by holdings in corporate bonds issued by U.S. automakers, which struggled amid questions about the industry’s long term profit ability and global competitiveness.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

6 6

Shareholder Expense Example

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition, the fund, as a shareholder in the underlying affiliated central fund, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying affiliated central fund. These fees and expenses are not included in the fund’s annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the share holder reports of the other funds. In addition, the fund, as a shareholder in the underlying affiliated central fund, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying affiliated central fund. These fees and expenses are not included in the fund’s annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

7 Annual Report

Shareholder Expense Example continued


					Expenses Paid
	Beginning		Ending		During Period*
	Account Value		Account Value		September 1, 2005
	September 1, 2005		February 28, 2006		to February 28, 2006
Actual	$	1,000.00	$	1,000.30	$	1.59
Hypothetical (5% return per year
before expenses)	$	1,000.00	$	1,023.21	$	1.61

* Expenses are equal to the Fund’s annualized expense ratio of .32%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one half year period). The fees and expenses of the underlying affiliated central fund in which the fund invests are not included in the fund’s annualized expense ratio.

Annual Report

Investment Changes

We have used ratings from Moody’s® Investors Services, Inc. Where Moody’s ratings are not available, we have used S&P® ratings. Securities rated BB or below were rated investment grade at the time of acquisition.

Average Years to Maturity as of February 28, 2006
		6 months ago
Years	6.6	6.3

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund’s bonds, weighted by dollar amount.

Duration as of February 28, 2006
		6 months ago
Years	4.4	4.0

Duration shows how much a bond fund’s price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund’s performance and share price. Accordingly, a bond fund’s actual performance may differ from this example.

The information in the above tables is based on the combined investments of the fund and its pro rata share of the investments of Fidelity’s fixed income central fund.

For an unaudited list of holdings for each fixed income central fund, visit fidelity.com.

9 Annual Report

Investments February 28, 2006
Showing Percentage of Net Assets

Nonconvertible Bonds 21.1%
		Principal		Value (Note 1)
		Amount (000s)		(000s)

CONSUMER DISCRETIONARY – 2.2%
Automobiles – 0.5%
Ford Motor Co.:
6.625% 10/1/28			$ 2,235		$ 1,497
7.45% 7/16/31			19,370		13,753
General Motors Corp. 8.375% 7/15/33			19,905		14,083
					29,333
Household Durables – 0.1%
Fortune Brands, Inc. 5.875% 1/15/36			7,628		7,475
Media – 1.2%
AOL Time Warner, Inc.:
6.875% 5/1/12			5,975		6,361
7.625% 4/15/31			3,250		3,696
Comcast Corp.:
4.95% 6/15/16			7,210		6,736
6.45% 3/15/37			8,625		8,625
Cox Communications, Inc.:
4.625% 1/15/10			6,310		6,078
4.625% 6/1/13			2,400		2,228
7.125% 10/1/12			1,305		1,393
Liberty Media Corp. 8.25% 2/1/30			6,620		6,649
News America Holdings, Inc. 7.75% 12/1/45			3,160		3,664
News America, Inc.:
6.2% 12/15/34			6,115		6,050
6.4% 12/15/35 (b)			4,000		4,025
Time Warner Entertainment Co. LP 8.375% 7/15/33			10,000		12,005
Time Warner, Inc. 6.625% 5/15/29			3,050		3,133
					70,643
Multiline Retail – 0.4%
The May Department Stores Co.:
4.8% 7/15/09			11,182		10,987
6.7% 7/15/34			9,295		9,937
					20,924

TOTAL CONSUMER DISCRETIONARY					128,375

CONSUMER STAPLES 0.8%
Beverages – 0.4%
FBG Finance Ltd. 5.125% 6/15/15 (b)			13,465		12,896
Molson Coors Capital Finance ULC 4.85% 9/22/10			11,660		11,418
					24,314
See accompanying notes which are an integral part of the financial statements.

*Annual Report*	10

Nonconvertible Bonds continued
	Principal		Value (Note 1)
	Amount (000s)		(000s)

CONSUMER STAPLES – continued
Food Products 0.1%
H.J. Heinz Co. 6.428% 12/1/08 (b)(d)		$ 6,550		$ 6,692
Personal Products 0.1%
Avon Products, Inc. 5.125% 1/15/11		7,045		6,977
Tobacco 0.2%
Altria Group, Inc. 7% 11/4/13		2,765		3,003
Philip Morris Companies, Inc. 7.65% 7/1/08		4,600		4,819
				7,822

TOTAL CONSUMER STAPLES				45,805

ENERGY 2.6%
Energy Equipment & Services – 0.4%
Diamond Offshore Drilling, Inc. 4.875% 7/1/15		18,590		17,973
Petronas Capital Ltd. 7% 5/22/12 (b)		7,900		8,602
				26,575
Oil, Gas & Consumable Fuels – 2.2%
Amerada Hess Corp.:
6.65% 8/15/11		2,060		2,179
7.125% 3/15/33		1,435		1,654
Canadian Oil Sands Ltd. 4.8% 8/10/09 (b)		7,350		7,190
Duke Capital LLC:
4.37% 3/1/09		3,980		3,866
6.25% 2/15/13		1,630		1,691
6.75% 2/15/32		13,235		14,440
Empresa Nacional de Petroleo 6.75% 11/15/12 (b)		4,920		5,243
Energy Transfer Partners LP 5.65% 8/1/12 (b)		8,225		8,165
Enterprise Products Operating LP 5.75% 3/1/35		4,100		3,837
Kinder Morgan Energy Partners LP:
5.125% 11/15/14		2,200		2,130
5.8% 3/15/35		4,260		4,070
Kinder Morgan Finance Co. ULC 5.35% 1/5/11		15,900		15,798
Nexen, Inc. 5.875% 3/10/35		9,180		9,076
Pemex Project Funding Master Trust:
5.75% 12/15/15 (b)		1,630		1,628
6.125% 8/15/08		7,500		7,635
6.625% 6/15/35 (b)		8,555		8,927
6.625% 6/15/35		11,715		12,225
7.375% 12/15/14		3,370		3,749

See accompanying notes which are an integral part of the financial statements.

11 Annual Report

Investments continued


Nonconvertible Bonds continued
	Principal		Value (Note 1)
	Amount (000s)		(000s)

ENERGY – continued
Oil, Gas & Consumable Fuels – continued
Pemex Project Funding Master Trust: – continued
7.875% 2/1/09 (d)		$ 5,370		$ 5,716
Talisman Energy, Inc. 5.125% 5/15/15		7,950		7,783
				127,002

TOTAL ENERGY				153,577

FINANCIALS – 8.9%
Capital Markets 1.5%
Bank of New York Co., Inc. 3.4% 3/15/13 (d)		10,000		9,649
Goldman Sachs Group, Inc. 5.25% 10/15/13		12,685		12,568
JPMorgan Chase Capital XV 5.875% 3/15/35		15,000		14,831
Lazard Group LLC 7.125% 5/15/15		9,680		10,195
Legg Mason, Inc. 6.75% 7/2/08		3,085		3,186
Lehman Brothers Holdings E-Capital Trust I 5.55%
8/19/65 (b)(d)		7,710		7,732
Merrill Lynch & Co., Inc. 4.25% 2/8/10		12,475		12,077
Morgan Stanley 6.6% 4/1/12		10,000		10,619
NationsBank Corp. 6.375% 2/15/08		4,750		4,859
				85,716
Commercial Banks – 0.9%
BB&T Capital Trust I 5.85% 8/18/35		7,190		7,163
Corporacion Andina de Fomento 5.2% 5/21/13		3,655		3,608
FleetBoston Financial Corp. 3.85% 2/15/08		7,300		7,133
Korea Development Bank 3.875% 3/2/09		2,775		2,667
PNC Funding Corp. 7.5% 11/1/09		7,000		7,527
SouthTrust Corp. 5.8% 6/15/14		4,410		4,504
UnionBanCal Corp. 5.25% 12/16/13		5,420		5,354
Wachovia Bank NA 4.875% 2/1/15		4,260		4,100
Wachovia Corp. 5.5% 8/1/35		13,210		12,743
				54,799
Consumer Finance – 0.8%
Capital One Bank 6.5% 6/13/13		7,500		7,930
Ford Motor Credit Co. 7.375% 2/1/11		7,000		6,313
Household Finance Corp. 4.125% 11/16/09		11,770		11,336
Household International, Inc. 5.836% 2/15/08		9,175		9,272
MBNA America Bank NA 7.125% 11/15/12		3,975		4,383
MBNA Corp. 7.5% 3/15/12		5,960		6,636
				45,870

See accompanying notes which are an integral part of the financial statements.

Annual Report

Nonconvertible Bonds continued
	Principal		Value (Note 1)
	Amount (000s)		(000s)

FINANCIALS – continued
Diversified Financial Services – 1.4%
CC Funding Trust I 6.9% 2/16/07		$ 8,510		$ 8,634
Citigroup, Inc. 5.125% 2/14/11		7,323		7,305
HSBC Finance Capital Trust IX 5.911% 11/30/35 (d)		10,000		10,053
International Lease Finance Corp. 4.375% 11/1/09		7,500		7,239
JPMorgan Chase & Co.:
5.75% 1/2/13		4,500		4,611
6.75% 2/1/11		16,925		17,979
Prime Property Funding, Inc. 5.125% 6/1/15 (b)		7,655		7,315
Teva Pharmaceutical Finance LLC 5.55% 2/1/16		6,825		6,775
ZFS Finance USA Trust II 6.45% 12/15/65 (b)(d)		11,600		11,679
				81,590
Insurance – 1.2%
Aegon NV 4.75% 6/1/13		9,375		9,012
Axis Capital Holdings Ltd. 5.75% 12/1/14		4,890		4,857
Marsh & McLennan Companies, Inc. 5.75% 9/15/15		11,155		11,171
MetLife, Inc. 6.125% 12/1/11		10,000		10,422
Principal Life Global Funding I 6.25% 2/15/12 (b)		2,600		2,722
Prudential Financial, Inc. 4.104% 11/15/06		5,310		5,274
QBE Insurance Group Ltd. 5.647% 7/1/23 (b)(d)		10,021		9,855
The St. Paul Travelers Companies, Inc. 5.5% 12/1/15		14,120		14,116
Willis Group North America, Inc. 5.625% 7/15/15		2,450		2,440
				69,869
Real Estate 2.7%
Archstone Smith Operating Trust 5.25% 5/1/15		11,720		11,494
Arden Realty LP:
5.2% 9/1/11		4,080		4,097
7% 11/15/07		5,105		5,270
AvalonBay Communities, Inc. 5% 8/1/07		4,620		4,596
Boston Properties, Inc. 6.25% 1/15/13		4,395		4,583
Brandywine Operating Partnership LP 4.5% 11/1/09		4,465		4,299
Camden Property Trust:
5% 6/15/15		11,400		10,885
5.875% 11/30/12		5,960		6,050
CarrAmerica Realty Corp.:
3.625% 4/1/09		6,020		5,699
5.25% 11/30/07		8,635		8,578
5.5% 12/15/10		8,210		8,122
Colonial Properties Trust 4.75% 2/1/10		14,075		13,607

See accompanying notes which are an integral part of the financial statements.

13 Annual Report

Investments continued


Nonconvertible Bonds continued
	Principal		Value (Note 1)
	Amount (000s)		(000s)

FINANCIALS – continued
Real Estate continued
Developers Diversified Realty Corp.:
4.625% 8/1/10		$ 8,265		$ 7,951
5.25% 4/15/11		3,175		3,113
5.375% 10/15/12		2,840		2,799
EOP Operating LP:
4.65% 10/1/10		11,500		11,085
4.75% 3/15/14		2,465		2,322
6.75% 2/15/12		4,500		4,738
7% 7/15/11		5,000		5,324
Liberty Property LP 5.125% 3/2/15		3,055		2,930
Regency Centers LP:
4.95% 4/15/14		5,000		4,785
5.25% 8/1/15		6,230		6,044
Simon Property Group LP:
5.1% 6/15/15		7,290		7,040
5.625% 8/15/14		9,475		9,508
				154,919
Thrifts & Mortgage Finance – 0.4%
Countrywide Home Loans, Inc. 4% 3/22/11		5,165		4,831
Independence Community Bank Corp. 3.75%
4/1/14 (d)		8,480		8,083
Residential Capital Corp. 6.875% 6/30/15		2,210		2,319
Washington Mutual, Inc. 4.625% 4/1/14		10,000		9,341
				24,574

TOTAL FINANCIALS				517,337

INDUSTRIALS – 1.3%
Aerospace & Defense – 0.4%
BAE Systems Holdings, Inc. 4.75% 8/15/10 (b)		8,070		7,855
Bombardier, Inc.:
6.3% 5/1/14 (b)		7,655		6,909
7.45% 5/1/34 (b)		2,620		2,266
Northrop Grumman Corp. 4.079% 11/16/06		6,000		5,956
				22,986
Airlines – 0.7%
American Airlines, Inc. pass thru trust certificates:
6.855% 10/15/10		887		895
6.978% 10/1/12		1,274		1,313

See accompanying notes which are an integral part of the financial statements.

Annual Report

Nonconvertible Bonds continued
	Principal		Value (Note 1)
	Amount (000s)		(000s)

INDUSTRIALS – continued
Airlines – continued
American Airlines, Inc. pass thru trust certificates: -
continued
7.024% 4/15/11		$ 4,945		$ 5,130
7.858% 4/1/13		7,750		8,286
Continental Airlines, Inc. pass thru trust certificates:
6.648% 3/15/19		10,787		10,747
6.9% 7/2/19		3,277		3,351
7.056% 3/15/11		2,385		2,424
Delta Air Lines, Inc. pass thru trust certificates 7.57%
11/18/10		9,120		9,143
				41,289
Industrial Conglomerates – 0.1%
Hutchison Whampoa International 03/13 Ltd. 6.5%
2/13/13 (b)		2,545		2,671
Hutchison Whampoa International 03/33 Ltd. 7.45%
11/24/33 (b)		5,210		6,030
				8,701
Road & Rail 0.1%
Wisconsin Central Transportation Corp. 6.625%
4/15/08		3,150		3,240

TOTAL INDUSTRIALS				76,216

INFORMATION TECHNOLOGY – 0.3%
Semiconductors & Semiconductor Equipment – 0.3%
Chartered Semiconductor Manufacturing Ltd.:
5.75% 8/3/10		10,010		9,986
6.375% 8/3/15		7,595		7,652
				17,638

MATERIALS 0.6%
Metals & Mining – 0.4%
Corporacion Nacional del Cobre (Codelco) 6.375%
11/30/12 (b)		3,200		3,400
Newmont Mining Corp. 5.875% 4/1/35		15,000		14,756
Teck Cominco Ltd. 5.375% 10/1/15		4,800		4,711
				22,867

See accompanying notes which are an integral part of the financial statements.

15 Annual Report

Investments continued


Nonconvertible Bonds continued
	Principal		Value (Note 1)
	Amount (000s)		(000s)

MATERIALS – continued
Paper & Forest Products 0.2%
International Paper Co.:
4.25% 1/15/09		$ 4,625		$ 4,474
5.85% 10/30/12		5,000		5,048
				9,522

TOTAL MATERIALS				32,389

TELECOMMUNICATION SERVICES – 2.1%
Diversified Telecommunication Services – 2.0%
Ameritech Capital Funding Corp. 6.25% 5/18/09		3,985		4,061
AT&T Broadband Corp. 8.375% 3/15/13		4,529		5,193
BellSouth Capital Funding Corp. 7.875% 2/15/30		21,980		26,177
British Telecommunications PLC 8.875% 12/15/30		9,025		11,923
SBC Communications, Inc.:
6.15% 9/15/34		7,545		7,518
6.45% 6/15/34		9,520		9,825
Sprint Capital Corp.:
6.875% 11/15/28		9,365		10,204
8.375% 3/15/12		2,270		2,608
Telecom Italia Capital:
4.95% 9/30/14		1,930		1,813
5.25% 11/15/13		12,200		11,782
Verizon Global Funding Corp.:
5.85% 9/15/35		11,140		10,518
7.75% 12/1/30		8,395		9,831
Verizon New York, Inc. 6.875% 4/1/12		2,146		2,246
				113,699
Wireless Telecommunication Services – 0.1%
America Movil SA de CV 4.125% 3/1/09		3,455		3,343
AT&T Wireless Services, Inc. 7.875% 3/1/11		2,555		2,833
				6,176

TOTAL TELECOMMUNICATION SERVICES				119,875

UTILITIES – 2.3%
Electric Utilities – 1.4%
Cleveland Electric Illuminating Co. 5.65% 12/15/13		14,390		14,527
Exelon Corp.:
4.9% 6/15/15		11,750		11,154

See accompanying notes which are an integral part of the financial statements.

Annual Report

Nonconvertible Bonds continued
	Principal		Value (Note 1)
	Amount (000s)		(000s)

UTILITIES – continued
Electric Utilities – continued
Exelon Corp.: – continued
5.625% 6/15/35		$ 2,550		$ 2,430
Exelon Generation Co. LLC 5.35% 1/15/14		10,000		9,894
FirstEnergy Corp. 6.45% 11/15/11		3,535		3,697
Monongahela Power Co. 5% 10/1/06		4,845		4,836
Progress Energy, Inc.:
5.625% 1/15/16		5,000		4,991
7.1% 3/1/11		15,880		16,990
TXU Energy Co. LLC 7% 3/15/13		10,135		10,771
				79,290
Independent Power Producers & Energy Traders – 0.3%
Constellation Energy Group, Inc. 7% 4/1/12		14,540		15,749
Multi-Utilities – 0.6%
Dominion Resources, Inc.:
4.75% 12/15/10		8,145		7,890
5.95% 6/15/35		10,135		9,851
6.25% 6/30/12		5,795		6,003
MidAmerican Energy Holdings, Inc. 5.875% 10/1/12		8,975		9,209
Sempra Energy 7.95% 3/1/10		3,335		3,637
				36,590

TOTAL UTILITIES				131,629

TOTAL NONCONVERTIBLE BONDS
(Cost $1,237,722)			1,222,841

U.S. Government and Government Agency Obligations 35.4%

U.S. Government Agency Obligations 7.6%
Fannie Mae:
2.5% 6/15/06		2,200		2,185
3.25% 1/15/08		69,435		67,401
3.25% 8/15/08		48,570		46,716
3.25% 2/15/09		146,470		139,776
3.375% 12/15/08		16,550		15,890
4.625% 5/1/13		48,000		46,261
5.25% 8/1/12		27,000		27,055
5.5% 3/15/11		15,260		15,616
6.25% 2/1/11		3,770		3,940

See accompanying notes which are an integral part of the financial statements.

17 Annual Report

Investments continued


U.S. Government and Government Agency Obligations continued
	Principal		Value (Note 1)
	Amount (000s)		(000s)
U.S. Government Agency Obligations continued
Freddie Mac:
4% 6/12/13		$ 20,038		$ 18,831
5.75% 1/15/12		25,000		26,010
5.875% 3/21/11		11,960		12,351
6.75% 3/15/31		4,035		5,078
Government Loan Trusts (assets of Trust guaranteed by
U.S. Government through Agency for International
Development) Series 1-B, 8.5% 4/1/06		247		248
U.S. Department of Housing and Urban Development
Government guaranteed participation certificates
Series 1999 A:
5.75% 8/1/06		7,500		7,528
5.96% 8/1/09		3,600		3,645

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				438,531
U.S. Treasury Inflation Protected Obligations 3.7%
U.S. Treasury Inflation-Indexed Bonds 2.375% 1/15/25		25,113		26,686
U.S. Treasury Inflation-Indexed Notes:
0.875% 4/15/10		25,974		24,909
2% 1/15/14		165,112		165,134

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS				216,729
U.S. Treasury Obligations – 24.1%
U.S. Treasury Bonds:
6.25% 5/15/30		101,590		125,142
8% 11/15/21		44,717		60,923
U.S. Treasury Notes:
3.125% 4/15/09		207,300		198,158
3.375% 10/15/09		265,570		254,377
3.625% 4/30/07		326,273		322,216
3.875% 7/31/07		190,051		187,883
4.25% 8/15/13		116,885		114,209
4.375% 12/15/10		12,605		12,472
4.75% 5/15/14		117,440		118,500

TOTAL U.S. TREASURY OBLIGATIONS				1,393,880

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY
OBLIGATIONS
(Cost $2,075,566)			2,049,140

See accompanying notes which are an integral part of the financial statements.

Annual Report

U.S. Government Agency Mortgage Securities 30.6%
	Principal	Value (Note 1)
	Amount (000s)	(000s)
Fannie Mae – 26.9%
3.477% 4/1/34 (d)	$ 1,810		$ 1,800
3.725% 1/1/35 (d)	1,177		1,154
3.756% 12/1/34 (d)	912		897
3.757% 10/1/33 (d)	819		800
3.791% 12/1/34 (d)	197		193
3.792% 6/1/34 (d)	3,642		3,497
3.824% 6/1/33 (d)	603		590
3.825% 1/1/35 (d)	804		788
3.847% 1/1/35 (d)	2,284		2,242
3.869% 1/1/35 (d)	1,375		1,366
3.901% 10/1/34 (d)	929		917
3.912% 5/1/34 (d)	301		304
3.917% 12/1/34 (d)	729		723
3.959% 1/1/35 (d)	996		985
3.971% 5/1/33 (d)	284		280
3.982% 12/1/34 (d)	754		746
3.982% 12/1/34 (d)	1,001		991
3.983% 12/1/34 (d)	5,057		5,024
3.988% 1/1/35 (d)	612		606
4% 8/1/18 to 5/1/19	33,088		31,537
4.008% 12/1/34 (d)	480		475
4.012% 2/1/35 (d)	689		683
4.034% 2/1/35 (d)	677		671
4.04% 10/1/18 (d)	773		759
4.05% 12/1/34 (d)	1,380		1,367
4.05% 1/1/35 (d)	654		647
4.05% 1/1/35 (d)	348		347
4.064% 4/1/33 (d)	281		279
4.082% 1/1/35 (d)	1,315		1,300
4.089% 2/1/35 (d)	1,280		1,269
4.09% 2/1/35 (d)	491		488
4.1% 2/1/35 (d)	506		502
4.109% 1/1/35 (d)	1,406		1,393
4.109% 2/1/35 (d)	2,465		2,443
4.114% 11/1/34 (d)	1,115		1,105
4.122% 1/1/35 (d)	2,539		2,516
4.123% 2/1/35 (d)	1,531		1,514
4.126% 1/1/35 (d)	1,336		1,330
4.144% 1/1/35 (d)	2,055		2,037
4.16% 2/1/35 (d)	1,315		1,306
4.172% 1/1/35 (d)	2,574		2,550

See accompanying notes which are an integral part of the financial statements.

19 Annual Report

Investments continued


U.S. Government Agency Mortgage Securities continued
	Principal	Value (Note 1)
	Amount (000s)	(000s)
Fannie Mae continued
4.176% 11/1/34 (d)	$ 349		$ 346
4.177% 1/1/35 (d)	1,180		1,170
4.178% 1/1/35 (d)	1,679		1,641
4.188% 10/1/34 (d)	2,029		2,028
4.215% 3/1/34 (d)	696		686
4.25% 2/1/35 (d)	837		818
4.26% 1/1/35 (d)	746		738
4.268% 2/1/35 (d)	482		477
4.285% 8/1/33 (d)	1,632		1,613
4.286% 3/1/35 (d)	774		764
4.291% 7/1/34 (d)	628		631
4.315% 3/1/33 (d)	404		396
4.326% 5/1/35 (d)	1,128		1,116
4.327% 12/1/34 (d)	499		498
4.348% 1/1/35 (d)	852		837
4.359% 4/1/35 (d)	531		524
4.361% 2/1/34 (d)	1,902		1,880
4.375% 1/1/35 (d)	946		932
4.393% 2/1/35 (d)	1,262		1,241
4.404% 5/1/35 (d)	2,417		2,375
4.434% 3/1/35 (d)	1,145		1,125
4.437% 10/1/34 (d)	4,061		4,051
4.44% 4/1/34 (d)	1,279		1,268
4.464% 8/1/34 (d)	2,529		2,492
4.477% 1/1/35 (d)	1,199		1,187
4.48% 5/1/35 (d)	810		801
4.496% 3/1/35 (d)	2,632		2,582
4.5% 6/1/18 to 4/1/35	255,530		244,973
4.5% 3/1/21 (c)	70,000		68,031
4.5% 3/1/21 (c)	59,786		58,105
4.5% 3/1/21 (c)	4,097		3,982
4.507% 8/1/34 (d)	5,324		5,326
4.522% 3/1/35 (d)	2,447		2,410
4.537% 2/1/35 (d)	857		849
4.539% 2/1/35 (d)	5,244		5,230
4.545% 7/1/35 (d)	3,059		3,022
4.567% 2/1/35 (d)	534		534
4.586% 2/1/35 (d)	7,715		7,603
4.598% 2/1/35 (d)	2,430		2,395
4.628% 11/1/34 (d)	2,633		2,596
4.667% 11/1/34 (d)	2,808		2,770

See accompanying notes which are an integral part of the financial statements.

Annual Report

U.S. Government Agency Mortgage Securities continued
	Principal	Value (Note 1)
	Amount (000s)	(000s)
Fannie Mae continued
4.687% 3/1/35 (d)	$ 6,600		$ 6,589
4.717% 3/1/35 (d)	1,326		1,307
4.727% 1/1/35 (d)	3,792		3,765
4.729% 7/1/34 (d)	2,345		2,321
4.74% 10/1/34 (d)	3,143		3,105
4.795% 12/1/34 (d)	2,251		2,224
4.811% 12/1/32 (d)	1,137		1,143
4.816% 12/1/34 (d)	908		897
4.844% 11/1/34 (d)	2,605		2,576
4.873% 10/1/34 (d)	9,199		9,145
5% 1/1/17 to 8/1/35	232,105		226,937
5% 3/1/21 (c)	21,813		21,534
5% 3/1/36 (c)	91,518		88,944
5% 3/1/36 (c)	3,356		3,261
5.104% 5/1/35 (d)	5,717		5,704
5.172% 5/1/35 (d)	3,112		3,096
5.196% 6/1/35 (d)	4,179		4,165
5.5% 1/1/09 to 10/1/35	311,823		310,493
5.5% 3/1/36 (c)	124,849		123,756
6% 8/1/13 to 3/1/33	85,310		86,536
6% 3/1/36 (c)	44,003		44,430
6.5% 4/1/13 to 3/1/35	66,964		68,753
6.5% 3/1/36 (c)	57		59
7% 3/1/15 to 2/1/29	1,974		2,045
7.5% 1/1/08 to 2/1/32	7,008		7,335
8% 11/1/08 to 8/1/29	126		135
8.5% 6/1/17 to 8/1/23	220		236
9.5% 12/1/09 to 9/1/21	278		295
10.75% 9/1/10 to 5/1/14	40		43
11.25% 5/1/14	3		3
11.5% 8/1/14	10		11
13.5% 11/1/14	10		11

TOTAL FANNIE MAE			1,553,318
Freddie Mac – 3.1%
4% 5/1/19 to 5/1/20	18,003		17,092
4.055% 12/1/34 (d)	898		888
4.114% 12/1/34 (d)	1,237		1,215
4.168% 1/1/35 (d)	1,214		1,193
4.278% 3/1/35 (d)	1,152		1,139
4.294% 5/1/35 (d)	2,008		1,983

See accompanying notes which are an integral part of the financial statements.

21 Annual Report

Investments continued


U.S. Government Agency Mortgage Securities continued
	Principal	Value (Note 1)
	Amount (000s)	(000s)
Freddie Mac continued
4.303% 12/1/34 (d)	$ 1,191		$ 1,166
4.337% 1/1/35 (d)	2,639		2,620
4.361% 2/1/35 (d)	2,430		2,410
4.363% 3/1/35 (d)	1,763		1,720
4.384% 2/1/35 (d)	2,264		2,210
4.44% 2/1/34 (d)	1,155		1,134
4.446% 3/1/35 (d)	1,150		1,120
4.462% 6/1/35 (d)	1,723		1,699
4.481% 3/1/35 (d)	1,268		1,235
4.488% 3/1/35 (d)	8,062		7,899
4.5% 5/1/19	2,466		2,391
4.554% 2/1/35 (d)	1,830		1,803
5.012% 4/1/35 (d)	6,354		6,335
5.327% 8/1/33 (d)	509		517
5.346% 6/1/35 (d)	4,020		3,986
5.5% 12/1/17 to 4/1/25	52,415		52,401
6% 4/1/28 to 1/1/34	51,758		52,378
6.5% 8/1/32	4,658		4,775
7% 4/1/32	5,841		6,042
7.5% 9/1/15 to 6/1/32	1,364		1,429
8% 7/1/16 to 4/1/32	1,038		1,110
8.5% 9/1/19 to 1/1/28	219		236
9% 10/1/16	29		30
9.5% 10/1/08 to 8/1/30	146		156
10.5% 5/1/09 to 12/1/15	19		20
11% 8/1/15 to 9/1/20	238		264
11.5% 10/1/15	7		8
11.75% 9/1/13	17		18
12% 2/1/13 to 7/1/15	13		14
13.5% 12/1/14	36		41

TOTAL FREDDIE MAC			180,677
Government National Mortgage Association 0.6%
6% 12/15/08 to 4/15/09	147		149
6.5% 6/15/23 to 7/15/34	12,772		13,314
7% 12/15/22 to 10/15/32	15,715		16,421
7.5% 2/15/17 to 1/15/32	4,806		5,061
8% 7/15/18 to 6/15/28	1,542		1,651
8.5% 8/15/29 to 7/15/30	286		309

See accompanying notes which are an integral part of the financial statements.

Annual Report

U.S. Government Agency Mortgage Securities continued
	Principal	Value (Note 1)
	Amount (000s)	(000s)
Government National Mortgage Association continued
9.5% 3/15/23	$ 12		$ 13
10.5% 5/20/16 to 1/20/18	245		271

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION			37,189

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE SECURITIES
(Cost $1,788,862)		1,771,184

Asset Backed Securities 2.4%

ACE Securities Corp. Series 2005-SD1 Class A1,
4.9806% 11/25/50 (d)	1,672		1,673
AmeriCredit Automobile Receivables Trust:
Series 2003-BX Class A4B, 4.9504% 1/6/10 (d)	2,926		2,932
Series 2006-1:
Class A3, 5.11% 10/6/10 (c)	224		224
Class B1, 5.2% 3/6/11 (c)	685		684
Class C1, 5.28% 11/6/11 (c)	4,215		4,204
Amortizing Residential Collateral Trust Series 2002-BC1
Class M2, 5.6806% 1/25/32 (d)	589		591
Capital Auto Receivables Asset Trust Series 2002-5
Class B, 2.8% 4/15/08	1,063		1,062
Capital One Multi-Asset Execution Trust:
Series 2003-B2 Class B2, 3.5% 2/17/09	6,645		6,633
Series 2003-B4 Class B4, 5.37% 7/15/11 (d)	5,910		5,992
Series 2004-6 Class B, 4.15% 7/16/12	7,720		7,471
Cendant Timeshare Receivables Funding LLC Series
2005-1A Class A1, 4.67% 5/20/17 (b)	3,871		3,812
Citibank Credit Card Issuance Trust Series 2002-C1
Class C1, 5.7% 2/9/09 (d)	12,000		12,088
Countrywide Home Loans, Inc. Series 2005-1:
Class MV1, 4.9806% 7/25/35 (d)	2,810		2,812
Class MV2, 5.0206% 7/25/35 (d)	3,375		3,379
Discover Card Master Trust I Series 2003-4 Class B1,
4.9% 5/16/11 (d)	7,360		7,400
Ford Credit Auto Owner Trust Series 2006-A Class A3,
5.05% 11/15/09	5,330		5,333
Fremont Home Loan Trust:
Series 2004 A:
Class M1, 5.1306% 1/25/34 (d)	3,950		3,963
Class M2, 5.7306% 1/25/34 (d)	4,600		4,650

See accompanying notes which are an integral part of the financial statements.

23 Annual Report

Investments continued


Asset Backed Securities continued
		Principal	Value (Note 1)
		Amount (000s)	(000s)
Fremont Home Loan Trust: – continued
Series 2005 A:
Class M1, 5.0106% 1/25/35 (d)		$ 1,475		$ 1,481
Class M2, 5.0406% 1/25/35 (d)		2,125		2,130
Class M3, 5.0706% 1/25/35 (d)		1,150		1,154
HSBC Home Equity Loan Trust Series 2005-2:
Class M1, 5.03% 1/20/35 (d)		2,066		2,067
Class M2, 5.06% 1/20/35 (d)		1,551		1,553
MBNA Credit Card Master Note Trust:
Series 2002-B1 Class B1, 5.15% 7/15/09		4,750		4,748
Series 2003-B3 Class B3, 4.945% 1/18/11 (d)		5,025		5,051
Series 2003-B5 Class B5, 4.94% 2/15/11 (d)		2,010		2,023
National Collegiate Student Loan Trust Series 2005-GT1
Class AIO, 6.75% 12/25/09 (f)		3,800		878
Onyx Acceptance Owner Trust Series 2005-B Class A4,
4.34% 5/15/12		4,220		4,134
Ownit Mortgage Loan Asset-Backed Certificates Series
2005-3 Class A2A, 4.7006% 6/25/36 (d)		11,275		11,275
Park Place Securities, Inc. Series 2005-WCH1 Class M2,
5.1006% 1/25/35 (d)		3,700		3,710
Superior Wholesale Inventory Financing Trust VII Series
2003-A8 Class CTFS, 5.02% 3/15/11 (b)(d)		6,165		6,163
Triad Auto Receivables Owner Trust Series 2002-A
Class A4, 3.24% 8/12/09		4,410		4,371
WFS Financial Owner Trust Series 2004-3 Class A4,
3.93% 2/17/12		9,505		9,279
World Omni Auto Receivables Trust Series 2006-A
Class A3, 5.01% 10/15/10		5,125		5,125
TOTAL ASSET BACKED SECURITIES
(Cost $140,414)				140,045

Collateralized Mortgage Obligations 2.6%

Private Sponsor 1.3%
Adjustable Rate Mortgage Trust floater:
Series 2005-1 Class 5A2, 4.9106% 5/25/35 (d)		3,684		3,675
Series 2005-2 Class 6A2, 4.8606% 6/25/35 (d)		1,625		1,626
Bear Stearns Alt-A Trust floater Series 2005-1 Class A1,
4.8606% 1/25/35 (d)		5,325		5,333
CS First Boston Mortgage Securities Corp. floater Series
2004-AR3 Class 6A2, 4.9506% 4/25/34 (d)		1,121		1,123
Granite Master Issuer PLC floater Series 2006-1A
Class C2, 5.2569% 12/20/54 (b)(d)		4,900		4,900
See accompanying notes which are an integral part of the financial statements.

*Annual Report*	24

Collateralized Mortgage Obligations continued
		Principal	Value (Note 1)
		Amount (000s)	(000s)
Private Sponsor continued
Impac CMB Trust floater Series 2005-2 Class 1A2,
4.8906% 4/25/35 (d)		$ 2,263		$ 2,261
Master Alternative Loan Trust Series 2004-3 Class 3A1,
6% 4/25/34		1,118		1,116
Merrill Lynch Mortgage Investors, Inc. floater Series
2005-B Class A2, 4.79% 7/25/30 (d)		6,976		6,967
Opteum Mortgage Acceptance Corp. floater Series
2005-3 Class APT, 4.8706% 7/25/35 (d)		3,643		3,647
Residential Asset Mortgage Products, Inc. sequential pay
Series 2004-SL2 Class A1, 6.5% 10/25/16		915		926
Sequoia Mortgage Trust floater Series 2005-2 Class A2,
4.29% 3/20/35 (d)		5,518		5,520
Thornburg Mortgage Securities Trust floater Series
2005-3 Class A4, 4.8506% 10/25/35 (d)		9,151		9,131
Wells Fargo Mortgage Backed Securities Trust:
Series 2005-AR10 Class 2A2, 4.1096% 6/25/35 (d)		11,328		11,097
Series 2005-AR12 Class 2A6, 4.321% 7/25/35 (d)	.	12,437		12,143
Series 2005-AR9 Class 2A1, 4.3623% 5/25/35 (d)	.	5,151		5,074

TOTAL PRIVATE SPONSOR				74,539
U.S. Government Agency 1.3%
Fannie Mae guaranteed REMIC pass thru certificates
planned amortization class:
Series 2003-83 Class TH, 4.5% 11/25/16		11,450		11,063
Series 2004-81 Class KD, 4.5% 7/25/18		7,951		7,605
Freddie Mac Multi-class participation certificates
guaranteed planned amortization class:
Series 2677 Class C, 4.5% 6/15/15		5,405		5,289
Series 2702 Class WB, 5% 4/15/17		9,605		9,520
Series 2728 Class NE, 4.5% 7/15/17		8,910		8,555
Series 2828 Class JD, 4.5% 8/15/17		26,223		25,185
Series 2885 Class PC, 4.5% 3/15/18		7,765		7,534

TOTAL U.S. GOVERNMENT AGENCY				74,751

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $152,395)				149,290

See accompanying notes which are an integral part of the financial statements.

25 Annual Report

Investments continued


Commercial Mortgage Securities 3.5%
	Principal	Value (Note 1)
	Amount (000s)	(000s)
Banc of America Commercial Mortgage, Inc. sequential
pay Series 2000-2 Class A2, 7.197% 9/15/32	$ 3,200		$ 3,409
Banc of America Large Loan, Inc. Series 2006-ESH:
Class A, 5.43% 7/14/08 (b)(d)	2,840		2,828
Class B, 5.53% 7/14/08 (b)(d)	1,416		1,411
Class C, 5.68% 7/14/08 (b)(d)	2,837		2,824
Class D, 6.31% 7/14/08 (b)(d)	1,649		1,643
Bayview Commercial Asset Trust floater Series 2004-3:
Class A1, 4.9506% 1/25/35 (b)(d)	5,792		5,806
Class A2, 5.0006% 1/25/35 (b)(d)	834		834
Class M1, 5.0806% 1/25/35 (b)(d)	965		967
Class M2, 5.5806% 1/25/35 (b)(d)	614		618
Bear Stearns Commercial Mortgage Securities, Inc.
sequential pay Series 2003-PWR2 Class A3, 4.834%
5/11/39	3,760		3,687
Chase Commercial Mortgage Securities Corp. Series
2001-245 Class A2, 6.4842% 2/12/16 (b)(d)	3,425		3,591
Chase Manhattan Bank-First Union National Bank
Commercial Mortgage Trust sequential pay Series
1999-1 Class A2, 7.439% 8/15/31	5,000		5,322
COMM:
floater Series 2002-FL7 Class D, 5.14%
11/15/14 (b)(d)	496		497
Series 2004-LBN2 Class X2, 1.0435%
3/10/39 (b)(d)(f)	14,104		455
CS First Boston Mortgage Securities Corp.:
sequential pay:
Series 1997-C2:
Class A2, 6.52% 1/17/35	342		342
Class A3, 6.55% 1/17/35	4,180		4,258
Series 1999-C1 Class A2, 7.29% 9/15/41	9,450		9,970
Series 2004-C1 Class A3, 4.321% 1/15/37	4,485		4,297
Series 1998-C1 Class C, 6.78% 5/17/40	9,200		9,579
Series 2004-C1 Class ASP, 0.9366%
1/15/37 (b)(d)(f)	69,296		2,151
Deutsche Mortgage & Asset Receiving Corp. sequential
pay Series 1998-C1 Class D, 7.231% 6/15/31	3,430		3,576
DLJ Commercial Mortgage Corp. sequential pay:
Series 1998-CF1 Class A1B, 6.41% 2/18/31	4,623		4,703
Series 1998-CG1 Class A1B, 6.41% 6/10/31	5,639		5,770
Series 2000-CF1 Class A1B, 7.62% 6/10/33	7,200		7,793
EQI Financing Partnership I LP Series 1997-1 Class B,
7.37% 12/20/15 (b)	1,507		1,526

See accompanying notes which are an integral part of the financial statements.

Annual Report

Commercial Mortgage Securities continued
	Principal		Value (Note 1)
	Amount (000s)		(000s)
Fannie Mae sequential pay Series 1999-10 Class MZ,
6.5% 9/17/38		$ 10,619		$ 10,842
First Union-Lehman Brothers Commercial Mortgage Trust
sequential pay Series 1997-C2 Class A3, 6.65%
11/18/29		1,493		1,518
GGP Mall Properties Trust sequential pay Series
2001-C1A Class A2, 5.007% 11/15/11 (b)		6,235		6,232
Ginnie Mae guaranteed REMIC pass thru securities
sequential pay Series 2003-22 Class B, 3.963%
5/16/32		7,330		6,975
GS Mortgage Securities Corp. II sequential pay:
Series 2001-LIBA Class A2, 6.615% 2/14/16 (b)		6,150		6,525
Series 2003-C1 Class A2A, 3.59% 1/10/40		7,620		7,424
Heller Financial Commercial Mortgage Asset Corp.
sequential pay Series 2000-PH1 Class A1, 7.715%
1/17/34		791		796
LB Commercial Conduit Mortgage Trust sequential pay
Series 1999-C1 Class A2, 6.78% 6/15/31		5,000		5,207
LB-UBS Commercial Mortgage Trust sequential pay:
Series 2000-C3 Class A2, 7.95% 1/15/10		4,450		4,852
Series 2001-C3 Class A1, 6.058% 6/15/20		6,409		6,501
Series 2001-C7 Class A2, 5.533% 12/15/25		10,000		10,034
Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A:
Class B, 4.13% 11/20/37 (b)		5,440		5,010
Class C, 4.13% 11/20/37 (b)		5,540		4,944
Morgan Stanley Capital I, Inc.:
sequential pay Series 2004-HQ3 Class A2, 4.05%
1/13/41		4,520		4,335
Series 2005-IQ9 Class X2, 1.0817%
7/15/56 (b)(d)(f)		61,845		2,816
Mortgage Capital Funding, Inc. sequential pay Series
1998-MC2 Class A2, 6.423% 6/18/30		4,444		4,535
Prudential Securities Secured Financing Corp. sequential
pay Series 1998-C1 Class A1B, 6.506% 7/15/08		3,691		3,764
Salomon Brothers Mortgage Securities VII, Inc.
sequential pay Series 2000-C3 Class A2, 6.592%
12/18/33		8,115		8,494
Trizechahn Office Properties Trust Series 2001-TZHA
Class E3, 7.253% 3/15/13 (b)		6,150		6,259
Wachovia Bank Commercial Mortgage Trust sequential
pay Series 2003-C6 Class A2, 4.498% 8/15/35		7,280		7,113
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $207,103)				202,033


See accompanying notes which are an integral part of the financial statements.

27			*Annual Report*

Investments continued


Foreign Government and Government Agency Obligations 0.8%
		Principal	Value (Note 1)
		Amount (000s)	(000s)
Israeli State 4.625% 6/15/13		$ 1,735		$ 1,653
United Mexican States:
5.875% 1/15/14		1,295		1,327
6.375% 1/16/13		5,570		5,865
6.75% 9/27/34		5,495		6,154
7.5% 4/8/33		24,061		29,210
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY
OBLIGATIONS
(Cost $37,864)				44,209

Supranational Obligations 0.1%

Corporacion Andina de Fomento 6.875% 3/15/12
(Cost $3,369)		3,405		3,673

Fixed Income Funds 9.8%
		Shares
Fidelity Ultra-Short Central Fund (e)
(Cost $570,050)		5,720,687		569,037

Preferred Securities 0.2%
		Principal
		Amount (000s)

FINANCIALS – 0.2%
Diversified Financial Services – 0.2%
ING Groep NV 5.775% (a)
(Cost $8,610)		$ 8,610		8,739




See accompanying notes which are an integral part of the financial statements.

*Annual Report*	28

Cash Equivalents 0.5%

		Maturity		Value (Note 1)
		Amount (000s)		(000s)

Investments in repurchase agreements (Collateralized by U.S.
Government Obligations, in a joint trading account at
4.58%, dated 2/28/06 due 3/1/06)
(Cost $29,203)			$ 29,207		$ 29,203


TOTAL INVESTMENT PORTFOLIO 107.0%
(Cost $6,251,158)					6,189,394


NET OTHER ASSETS – (7.0)%					(405,278)

NET ASSETS 100%					$ 5,784,116


Swap Agreements

	Expiration	Notional			Value (000s)
	Date	Amount (000s)

Credit Default Swaps
Receive quarterly notional amount multiplied
by .30% and pay Goldman Sachs upon
default event of Entergy Corp., par value
of the notional amount of Entergy Corp.
7.75% 12/15/09	March 2008		$ 6,650		$ 15
Receive quarterly notional amount multiplied
by .35% and pay Goldman Sachs upon
default event of Southern California Edison
Co., par value of the notional amount of
Southern California Edison Co. 7.625%
1/15/10	Sept. 2010		6,600		3
Receive quarterly notional amount multiplied
by .37% and pay Goldman Sachs upon
default event of Pacific Gas & Electric Co.,
par value of the notional amount of Pacific
Gas & Electric Co. 4.8% 3/1/14	March 2011		5,500		2
Receive quarterly notional amount multiplied
by .37% and pay Morgan Stanley, Inc.
upon default event of Pacific Gas &
Electric Co. par value of the notional
amount of Pacific Gas & Electric Co. 4.8%
3/1/14	March 2011		4,000		1




See accompanying notes which are an integral part of the financial statements.

	29			*Annual Report*

Investments continued



Swap Agreements continued

	Expiration	Notional		Value (000s)
	Date	Amount (000s)

Credit Default Swaps – continued
Receive quarterly notional amount multiplied
by .41% and pay Merrill Lynch, Inc. upon
default event of Talisman Energy, Inc., par
value of the notional amount of Talisman
Energy, Inc. 7.25% 10/15/27	March 2009		$ 4,100		$ 37
Receive quarterly notional amount multiplied
by .59% and pay Merrill Lynch, Inc. upon
default event of Raytheon Co., par value of
the notional amount of Raytheon Co.
6.55% 3/15/10	March 2009		10,000		140

TOTAL CREDIT DEFAULT SWAPS			36,850		198
Interest Rate Swaps
Receive semi-annually a fixed rate equal to
4.7515% and pay quarterly a floating rate
based on 3-month LIBOR with UBS	Jan. 2009		100,000		(811)
Receive semi-annually a fixed rate equal to
4.8575% and pay quarterly a floating rate
based on 3-month LIBOR with Lehman
Brothers, Inc.	Dec. 2008		45,000		(209)
Receive semi-annually a fixed rate equal to
4.921% and pay quarterly a floating rate
based on 3-month LIBOR with Lehman
Brothers, Inc.	Dec. 2008		55,000		(154)

TOTAL INTEREST RATE SWAPS			200,000		(1,174)
Total Return Swaps
Receive monthly a return equal to Banc of
America Securities LLC AAA 10 Yr
Commercial Mortgage Backed Securities
Daily Index and pay monthly a floating
rate based on 1-month LIBOR minus 20
basis points with Bank of America	July 2006		17,925		(11)
Receive monthly a return equal to Banc of
America Securities LLC AAA 10 Yr
Commercial Mortgage Backed Securities
Daily Index and pay monthly a floating
rate based on 1-month LIBOR minus 40
basis points with Bank of America	March 2006		17,925		41
Receive monthly a return equal to Lehman
Brothers CMBS AAA 8.5+ Index and pay
monthly a floating rate based on 1-month
LIBOR minus 25 basis points with Deutsche
Bank	April 2006		5,425		(10)




See accompanying notes which are an integral part of the financial statements.

*Annual Report*	30

Swap Agreements continued
	Expiration	Notional		Value (000s)
	Date	Amount (000s)

Total Return Swaps continued
Receive monthly a return equal to Lehman
Brothers CMBS AAA 8.5+ Index and pay
monthly a floating rate based on 1-month
LIBOR with Citibank	Sept. 2006		$ 15,600		$ 0
Receive quarterly a return equal to Bank of
America Securities LLC AAA 10Yr
Commercial Mortgage Backed Securities
Daily Index and pay quarterly a floating
rate based on 3-month LIBOR minus 30
basis points with Bank of America	May 2006		$ 60,000		321

TOTAL TOTAL RETURN SWAPS			116,875		341


			$ 353,725		$ (635)

Legend

(a) Security initially issued at one coupon
which converts to a higher coupon at a
specified date. The rate shown is the
rate at period end.

(b) Security exempt from registration under
Rule 144A of the Securities Act of 1933.
These securities may be resold in
transactions exempt from registration,
normally to qualified institutional buyers.
At the period end, the value of these
securities amounted to $203,614,000
or 3.5% of net assets.

(c) Security or a portion of the security
purchased on a delayed delivery or
when-issued basis.

(d) The coupon rate shown on floating or
adjustable rate securities represents the
rate at period end.

(e) Affiliated fund that is available only to
investment companies and other
accounts managed by Fidelity
Investments. A complete unaudited list of
holdings for each fixed-income central
fund, as of the investing fund’s report
date, is available upon request or at
fidelity.com. The reports are located just
after the fund’s financial statements and
quarterly reports but are not part of the
financial statements or quarterly reports.
In addition, the fixed-income central
fund’s financial statements, which are
not covered by the investing fund’s
Report of Independent Registered Public
Accounting Firm, are available on the
EDGAR Database on the SEC’s web site,
www.sec.gov, or upon request.

(f) Security represents right to receive
monthly interest payments on an
underlying pool of mortgages. Principal
shown is the par amount of the
mortgage pool.

See accompanying notes which are an integral part of the financial statements.

31 Annual Report

Investments continued

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
	(Amounts in thousands)
Fidelity Ultra Short Central Fund		$ 22,416

Additional information regarding the fund’s fiscal year to date purchases and sales, including the ownership percentage, of the following fixed income Central Funds is as follows:

Value,

Purchases

Sales

Value, end of

% ownership,

Fund

beginning of

Proceeds

period

end of period

(Amounts in thousands)

period

Fidelity Ultra Short

Central Fund

$ 569,380

$ —

$ 569,037

8.0%

Income Tax Information

At February 28, 2006, the fund had a capital loss carryforward of approximately $11,014,000 all of which will expire on February 28, 2014.

See accompanying notes which are an integral part of the financial statements.

Annual Report 32

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per share amount)	February 28, 2006

Assets
Investment in securities, at value (including repurchase
agreements of $29,203) See accompanying
schedule:
Unaffiliated issuers (cost $5,681,108)	$ 5,620,357
Affiliated Central Funds (cost $570,050)	569,037
Total Investments (cost $6,251,158)		$ 6,189,394
Commitment to sell securities on a delayed delivery basis	(2,362)
Receivable for securities sold on a delayed delivery basis	2,360	(2)
Receivable for investments sold, regular delivery		622
Cash		1
Receivable for fund shares sold		14,205
Interest receivable		46,486
Prepaid expenses		23
Receivable from investment adviser for expense
reductions		1,015
Total assets		6,251,744

Liabilities
Payable for investments purchased
Regular delivery	$ 36,372
Delayed delivery	415,262
Payable for fund shares redeemed	12,280
Distributions payable	475
Swap agreements, at value	635
Accrued management fee	1,532
Other affiliated payables	847
Other payables and accrued expenses	225
Total liabilities		467,628

Net Assets		$ 5,784,116
Net Assets consist of:
Paid in capital		$ 5,852,645
Undistributed net investment income		4,938
Accumulated undistributed net realized gain (loss) on
investments		(11,066)
Net unrealized appreciation (depreciation) on
investments		(62,401)
Net Assets, for 532,345 shares outstanding		$ 5,784,116
Net Asset Value, offering price and redemption price per
share ($5,784,116 ÷ 532,345 shares)		$ 10.87

See accompanying notes which are an integral part of the financial statements.

33 Annual Report

Financial Statements continued


Statement of Operations
Amounts in thousands	Year ended February 28, 2006

Investment Income
Interest		$ 242,019
Income from affiliated Central Funds		22,416
Total income		264,435

Expenses
Management fee	$ 18,298
Transfer agent fees	9,106
Accounting and security lending fees	879
Independent trustees’ compensation	25
Custodian fees and expenses	235
Registration fees	173
Audit	86
Legal	19
Miscellaneous	102
Total expenses before reductions	28,923
Expense reductions	(10,957)	17,966

Net investment income		246,469
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(12,479)
Swap agreements	(2,543)
Total net realized gain (loss)		(15,022)
Change in net unrealized appreciation (depreciation) on:
Investment securities	(86,443)
Swap agreements	680
Delayed delivery commitments	(63)
Total change in net unrealized appreciation
(depreciation)		(85,826)
Net gain (loss)		(100,848)
Net increase (decrease) in net assets resulting from
operations		$ 145,621

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets
		Year ended	Year ended
		February 28,	February 28,
Amounts in thousands		2006	2005
Increase (Decrease) in Net Assets
Operations
Net investment income		$ 246,469	$ 188,277
Net realized gain (loss)		(15,022)	50,399
Change in net unrealized appreciation (depreciation) .		(85,826)	(113,879)
Net increase (decrease) in net assets resulting
from operations		145,621	124,797
Distributions to shareholders from net investment income	.	(240,146)	(190,147)
Distributions to shareholders from net realized gain		(19,742)	(44,936)
Total distributions		(259,888)	(235,083)
Share transactions
Proceeds from sales of shares		2,008,226	1,900,727
Reinvestment of distributions		253,840	229,433
Cost of shares redeemed		(1,745,413)	(1,516,607)
Net increase (decrease) in net assets resulting from
share transactions		516,653	613,553
Total increase (decrease) in net assets		402,386	503,267

Net Assets
Beginning of period		5,381,730	4,878,463
End of period (including undistributed net investment
income of $4,938 and undistributed net investment
income of $6,479, respectively)		$ 5,784,116	$ 5,381,730

Other Information
Shares
Sold		182,793	170,868
Issued in reinvestment of distributions		23,150	20,638
Redeemed		(159,376)	(136,492)
Net increase (decrease)		46,567	55,014

See accompanying notes which are an integral part of the financial statements.

35 Annual Report

Financial Highlights


Years ended February 28,	2006	2005	2004^E	2003	2002
Selected Per Share Data
Net asset value, beginning of
period	$ 11.08	$ 11.33	$ 11.36	$ 10.90	$ 10.72
Income from Investment
Operations
Net investment income^B	473	.415	.413	.505	.597^F
Net realized and unrealized
gain (loss)	(.183)	(.145)	.153	.569	.184^F
Total from investment
operations	290	.270	.566	1.074	.781
Distributions from net investment
income	(.460)	(.420)	(.416)	(.494)	(.601)
Distributions from net realized
gain	(.040)	(.100)	(.180)	(.120)	—
Total distributions	(.500)	(.520)	(.596)	(.614)	(.601)
Net asset value, end of period .	$ 10.87	$ 11.08	$ 11.33	$ 11.36	$ 10.90
Total Return^A	2.67%	2.46%	5.14%	10.15%	7.48%
Ratios to Average Net Assets^C,D
Expenses before reductions	51%	.53%	.49%	.49%	.51%
Expenses net of fee waivers,
if any	32%	.32%	.32%	.32%	.32%
Expenses net of all reductions	.31%	.32%	.32%	.32%	.31%
Net investment income	4.31%	3.73%	3.65%	4.56%	5.54%^F
Supplemental Data
Net assets, end of period
(in millions)	$ 5,784	$ 5,382	$ 4,878	$ 4,845	$ 3,082
Portfolio turnover rate	108%	160%	217%	204%	178%

A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the affiliated central fund.
D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or
expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur.
Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrange
ments. Expenses net of all reductions represent the net expenses paid by the fund.
E For the year ended February 29.
F Effective March 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortiz
ing premium and discount on all debt securities. Per share data and ratios for periods prior to adoption have not been restated to reflect this
change.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 28, 2006

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity U.S. Bond Index Fund (the fund) is a fund of Fidelity Concord Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open end management investment company organized as a Massachusetts business trust. The fund may invest in affiliated money market central funds (Money Market Central Funds) and fixed income Central Investment Portfolios (CIPs), collectively referred to as Central Funds, which are open end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require manage ment to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund, which are also consistently followed by the Central Funds:

Security Valuation. Investments are valued and net asset value per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotations are readily available, are valued by indepen dent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accor dance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Invest ments in open end mutual funds, including Central Funds, are valued at their closing net asset value each business day. Short term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Investment Transactions and Income. Security transactions, including the fund’s investment activity in the Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Central Funds, are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.

37 Annual Report

Notes to Financial Statements continued
(Amounts in thousands except ratios)

1. Significant Accounting Policies continued

Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.

Dividends are declared daily and paid monthly from net investment income. Distribu tions from realized gains, if any, are recorded on the ex dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book tax differences will reverse in a subsequent period.

Book tax differences are primarily due to swap agreements, market discount, deferred trustees compensation, financing transactions and losses deferred due to wash sales and excise tax regulations.

The tax basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation		$ 45,306
Unrealized depreciation		(93,401)
Net unrealized appreciation (depreciation)		(48,095)
Capital loss carryforward		(11,014)

Cost for federal income tax purposes		$ 6,237,489

The tax character of distributions paid was as follows:

	February 28, 2006	February 28, 2005
Ordinary Income	$ 252,485	$ 201,066
Long term Capital Gains	7,403	34,017
Total	$ 259,888	$ 235,083

2. Operating Policies.

Annual Report

2. Operating Policies continued

Repurchase Agreements continued

institutions in repurchase agreements. Repurchase agreements are collateralized by government or non government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (includ ing accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Delayed Delivery Transactions and When Issued Securities. The fund may purchase or sell securities on a delayed delivery or when issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when issued basis are identified as such in the fund’s Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underly ing securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transac tions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the fund’s Schedule of Investments.

Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.

Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. Periodic payments received or made by the fund are recorded in the accompanying Statement of Operations as realized gains or losses, respectively. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact a fund.

39 Annual Report

Notes to Financial Statements continued

(Amounts in thousands except ratios)

2. Operating Policies continued

Swap Agreements - continued

Total return swaps are agreements to exchange the return generated by one instrument or index for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market linked return based on a notional amount. To the extent the total return of the index exceeds the offsetting interest obligation, a fund will receive a payment from the counterparty. To the extent it is less, a fund will make a payment to the counterparty. Periodic payments received or made by the fund are recorded in the accompanying Statement of Operations as realized gains or losses, respectively.

Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying debt instrument in the event of a defined credit event (such as payment default or bankruptcy). Under the terms of the swap, one party acts as a “guarantor” receiving a periodic payment that is a fixed percentage applied to a notional principal amount. In return the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the swap. The fund may enter into credit default swaps in which either it or its counterparty act as guarantors. By acting as the guarantor of a swap, a fund assumes the market and credit risk of the underlying instrument including liquidity and loss of value. Periodic payments and premiums received or made by the fund are recorded in the accompanying State ment of Operations as realized gains or losses, respectively.

Swaps are marked to market daily based on dealer supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a fund’s custodian in compliance with swap contracts. Risks may exceed amounts recognized on the State ment of Assets and Liabilities. These risks include changes in the returns of the underly ing instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the fund’s Schedule of Investments under the caption “Swap Agreements.”

Mortgage Dollar Rolls. To earn additional income, the fund may employ trading strategies which involve the sale and simultaneous agreement to repurchase similar securities (“mortgage dollar rolls”) or the purchase and simultaneous agreement to sell similar securities (“reverse mortgage dollar rolls”). The securities traded are mortgage securities and bear the same interest rate but may be collateralized by different pools of mortgages. During the period between the sale and repurchase in a mortgage dollar roll transaction, a fund will not be entitled to receive interest and principal payments on the securities sold but will invest the proceeds of the sale in other securities which may

Annual Report

2. Operating Policies continued

Mortgage Dollar Rolls - continued

enhance the yield and total return. In addition, the difference between the sale price and the future purchase price is recorded as an adjustment to investment income. During the period between the purchase and subsequent sale in a reverse mortgage dollar roll transaction a fund is entitled to interest and principal payments on the securities purchased. The price differential between the purchase and sale is recorded as an adjustment to investment income. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, a fund’s right to repurchase or sell securities may be limited.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short term securities and U.S. government securities, aggregated $875,369 and $563,223, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment manage ment related services for which the fund pays a monthly management fee that is based on an annual rate of .32% of the fund’s average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the fund’s transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .16% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund’s accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The fund may also invest in CIPs managed by FIMM. The Ultra Short Central Fund seeks to obtain a high level of current income consistent with preservation of capital by invest ing in U.S. dollar denominated money market and investment grade debt securities.

41 Annual Report

Notes to Financial Statements continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates continued
Affiliated Central Funds continued

The fund’s Schedule of Investments lists the CIP as an investment of the fund but does not include the underlying holdings of the CIP. Based on its investment objectives, the CIP may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. In addition, the CIP may also participate in derivatives. These strategies are consistent with the investment objectives of the fund and may involve certain economic risks, including the risk that a counterparty to one or more of these transactions may be unable or unwilling to comply with the terms of the governing agreement. This may result in a decline in value of the CIP and the fund.

A complete unaudited list of holdings for the CIP, as of the fund’s report date, is available upon request or at fidelity.com. The reports are located just after the fund’s financial statements and quarterly reports but are not part of the financial statements or quarterly reports. In addition, the CIP’s financial statements, which are not covered by this fund’s Report of Independent Registered Public Accounting Firm, are available on the EDGAR Database on the SEC’s web site, www.sec.gov, or upon request.

The Central Funds do not pay a management fee.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund share holder redemptions or for other short term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in cash equivalents. At period end there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus

Annual Report

6. Security Lending continued

any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of interest income. Net income from lending portfolio securities during the period amounted to $195.

7. Expense Reductions.

FMR contractually agreed to waive expenses of the fund to the extent annual operating expenses exceeded .32% of average net assets. This waiver will remain in place indefi nitely and cannot be changed without approval of the fund’s Board of Trustees. Some expenses, for example interest expense, are excluded from this waiver. During the period, this waiver reduced the fund’s expenses by $10,618.

In addition, through arrangements with the fund’s custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund’s expenses. During the period, these credits reduced the fund’s custody and transfer agent expenses by $9 and $330, respectively.

8. Other.

The fund’s organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

43 Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity U.S. Bond Index Fund:

In our opinion, the accompanying statement of assets and liabilities, including the sched ule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity U.S. Bond Index Fund (a fund of Fidelity Concord Street Trust) at February 28, 2006 and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity U.S. Bond Index Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting prin ciples used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2006 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 13, 2006

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund’s activities, review contractual arrangements with companies that provide services to the fund, and review the fund’s performance. Except for William O. McCoy and Albert R. Gamper, Jr., each of the Trustees oversees 326 funds advised by FMR or an affiliate. Mr. McCoy oversees 328 funds advised by FMR or an affiliate. Mr. Gamper oversees 258 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instru ment signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

Edward C. Johnson 3d (75)

Year of Election or Appointment: 1987

Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Research & Analysis Company; Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc.

45 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Stephen P. Jonas (53)

Year of Election or Appointment: 2005

Mr. Jonas is Senior Vice President of U.S. Bond Index. He also serves as Senior Vice President of other Fidelity funds (2005 present). Mr. Jonas is Executive Director of FMR (2005 present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004 2005), Chief Administrative Officer (2002 2004), and Chief Financial Officer of FMR Co. (1998 2000). Mr. Jonas has been with Fidelity Investments since 1987 and has held various financial and management positions including Chief Financial Officer of FMR. In addition, he serves on the Boards of Boston Ballet (2003 present) and Simmons College (2003 present).

Robert L. Reynolds (53)

Year of Election or Appointment: 2003

Mr. Reynolds is a Director (2003 present) and Chief Operating Officer (2002 present) of FMR Corp. He also serves on the Board at Fidelity Investments Canada, Ltd. (2000 present). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996 2000).

* Trustees have been determined to be “Interested Trustees” by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation

Dennis J. Dirks (57)

Year of Election or Appointment: 2005

Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999 2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999 2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999 2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001 2003) and Chief Executive Officer and Board member of the Mortgage Backed Securities Clearing Corporation (2001 2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005 present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006 present).

Albert R. Gamper, Jr. (63)

Year of Election or Appointment: 2006

Mr. Gamper also serves as a Trustee (2006 present) or Member of the Advisory Board (2005 present) of other investment companies advised by FMR. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987 1989; 1999 2001; 2002 2004), Chief Executive Officer (1987 2004), and President (1989 2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001 present), Chairman of the Board of Governors, Rutgers University (2004 present), and Chairman of the Board of Saint Barnabas Health Care System.

47 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Robert M. Gates (62)

Year of Election or Appointment: 1997

Dr. Gates is Chairman of the Independent Trustees (2006 present). Dr. Gates is President of Texas A&M University (2002 present). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001 present), and Brinker International (restaurant management, 2003 present). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999 2001).

George H. Heilmeier (69)

Year of Election or Appointment: 2004

Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (commu nication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineer ing and information technology support for the government), and HRL Laboratories (private research and development, 2004 present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engi neers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engi neering and Applied Science of the University of Pennsylvania. Pre viously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992 2002), Compaq (1994 2002), Automatic Data Processing, Inc. (ADP) (technology based business outsourcing, 1995 2002), INET Technologies Inc. (telecommu nications network surveillance, 2001 2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display.

Annual Report

Name, Age; Principal Occupation

Marie L. Knowles (59)

Year of Election or Appointment: 2001

Prior to Ms. Knowles’ retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996 2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare ser vice, 2002 present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.

Ned C. Lautenbach (62)

Year of Election or Appointment: 2000

Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corpora tion (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004 present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005 present), as well as a member of the Council on Foreign Relations.

William O. McCoy (72)

Year of Election or Appointment: 1997

Prior to his retirement in December 1994, Mr. McCoy was Vice Chair man of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999 2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves as Chairman of the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan Flagler Busi ness School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16 school system).

49 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Cornelia M. Small (61)

Year of Election or Appointment: 2005

Ms. Small is a member (2000 present) and Chairperson (2002 present) of the Investment Committee, and a member (2002 present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999 2000), Director of Global Equity Investments (1996 1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990 1997) and Scudder Kemper Investments (1997 1999). In addition, Ms. Small served as Co Chair (2000 2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.

William S. Stavropoulos (66)

Year of Election or Appointment: 2001

Mr. Stavropoulos is Chairman of the Board (2000 present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993 2000; 2002 2003), CEO (1995 2000; 2002 2004), and Chair man of the Executive Committee (2000 2004). Currently, he is a Direc tor of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002 present), and Metalmark Capital (private equity investment firm, 2005 present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.

Kenneth L. Wolfe (67)

Year of Election or Appointment: 2005

Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993 2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003 present), Bausch & Lomb, Inc., and Revlon Inc. (2004 present).

Annual Report

Advisory Board Members and Executive Officers:

Correspondence intended for Mr. Keyes may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

James H. Keyes (65)

Year of Election or Appointment: 2006

Member of the Advisory Board of Fidelity Concord Street Trust. Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993 2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies, 1984 present), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002 present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998 present).

Peter S. Lynch (62)

Year of Election or Appointment: 2003

Member of the Advisory Board of Fidelity Concord Street Trust. Vice Chairman and a Director of FMR, and Vice Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990 2003). In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.

Walter C. Donovan (43)

Year of Election or Appointment: 2005

Vice President of U.S. Bond Index. Mr. Donovan also serves as Vice President of Fidelity’s High Income Funds (2005 present), Fidelity’s Fixed Income Funds (2005 present), certain Asset Allocation Funds (2005 present), and certain Balanced Funds (2005 present). Mr. Donovan also serves as Executive Vice President of FMR (2005 present) and FMRC (2005 present). Previously, Mr. Donovan served as Vice President and Director of Fidelity’s International Equity Trading group (1998 2005).

51 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

David L. Murphy (58)

Year of Election or Appointment: 2005

Vice President of U.S. Bond Index. Mr. Murphy also serves as Vice President of Fidelity’s Money Market Funds (2002 present), certain Asset Allocation Funds (2003 present), Fidelity’s Investment Grade Bond Funds (2005 present), and Fidelity’s Balanced Funds (2005 present). He serves as Senior Vice President (2000 present) and Head (2004 present) of the Fidelity Investments Fixed Income Division. Mr. Murphy is also a Senior Vice President of Fidelity Investments Money Management, Inc. (2003 present) and an Executive Vice President of FMR (2005 present). Previously, Mr. Murphy served as Money Market Group Leader (2002 2004), Bond Group Leader (2000 2002), and Vice President of Fidelity’s Taxable Bond Funds (2000 2002) and Fidelity’s Municipal Bond Funds (2001 2002).

Thomas J. Silvia (44)

Year of Election or Appointment: 2005

Vice President of U.S. Bond Index. Mr. Silvia also serves as Vice Presi dent of Fidelity’s Bond Funds (2005 present), certain Balanced Funds (2005 present), certain Asset Allocation Funds (2005 present), and Senior Vice President and Bond Group Leader of the Fidelity Investments Fixed Income Division (2005 present). Previously, Mr. Silvia served as Director of Fidelity’s Taxable Bond portfolio managers (2002 2004) and a portfolio manager in the Bond Group (1997 2004).

Ford E. O’Neil (43)

Year of Election or Appointment: 2001

Vice President of U.S. Bond Index. Mr. O’Neil also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. O’Neil worked as a research analyst and portfolio manager.

Eric D. Roiter (57)

Year of Election or Appointment: 1998

Secretary of U.S. Bond Index. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001 present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001 present), Fidelity Research & Analysis Company (2001 present), and Fidelity Investments Money Management, Inc. (2001 present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003 present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998 2005).

Annual Report

Name, Age; Principal Occupation

Stuart Fross (46)

Year of Election or Appointment: 2003

Assistant Secretary of U.S. Bond Index. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003 present), Vice President and Secretary of FDC (2005 present), and is an employee of FMR.

Christine Reynolds (47)

Year of Election or Appointment: 2004

President and Treasurer of U.S. Bond Index. Ms. Reynolds also serves as President and Treasurer of other Fidelity funds (2004 present) and is a Vice President (2003 present) and an employee (2002 present) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980 2002), where she was most recently an audit partner with PwC’s investment management practice.

R. Stephen Ganis (39)

Year of Election or Appointment: 2006

Anti Money Laundering (AML) officer of U.S. Bond Index. Mr. Ganis also serves as AML officer of other Fidelity funds (2006 present) and FMR Corp. (2003 present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000 2002).

Paul M. Murphy (58)

Year of Election or Appointment: 2005

Chief Financial Officer of U.S. Bond Index. Mr. Murphy also serves as Chief Financial Officer of other Fidelity funds (2005 present). He also serves as Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS).

Kenneth A. Rathgeber (58)

Year of Election or Appointment: 2004

Chief Compliance Officer of U.S. Bond Index. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004 present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002 present). He is Chief Compliance Officer of FMR (2005 present), FMR Co., Inc. (2005 present), Fidelity Management & Research (U.K.) Inc. (2005 present), Fidelity Research & Analysis Company (2005 present), Fidelity Investments Money Management, Inc. (2005 present), and Strategic Advisers, Inc. (2005 present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998 2002).

53 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Bryan A. Mehrmann (44)

Year of Election or Appointment: 2005

Deputy Treasurer of U.S. Bond Index. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998 2004).

Kimberley H. Monasterio (42)

Year of Election or Appointment: 2004

Deputy Treasurer of U.S. Bond Index. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000 2004) and Chief Financial Officer (2002 2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000 2004).

Kenneth B. Robins (36)

Year of Election or Appointment: 2005

Deputy Treasurer of U.S. Bond Index. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2004 present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG’s department of professional practice (2002 2004) and a Senior Manager (1999 2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000 2002).

Robert G. Byrnes (39)

Year of Election or Appointment: 2005

Assistant Treasurer of U.S. Bond Index. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003 2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000 2003).

John H. Costello (59)

Year of Election or Appointment: 1990

Assistant Treasurer of U.S. Bond Index. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.

Annual Report

Name, Age; Principal Occupation

Peter L. Lydecker (52)

Year of Election or Appointment: 2004

Assistant Treasurer of U.S. Bond Index. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.

Mark Osterheld (50)

Year of Election or Appointment: 2002

Assistant Treasurer of U.S. Bond Index. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.

Gary W. Ryan (47)

Year of Election or Appointment: 2005

Assistant Treasurer of U.S. Bond Index. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999 2005).

Salvatore Schiavone (40)

Year of Election or Appointment: 2005

Assistant Treasurer of U.S. Bond Index. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003 2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996 2003).

55 Annual Report

Distributions

A total of 21.14% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $36,431,819 of distributions paid during the period January 1, 2006 to February 28, 2006 as qualifying to be taxed as interest related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity U.S. Bond Index Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Manage ment, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund’s manage ment contract or sub advisory agreements; (ii) the investment process or strategies employed in the management of the fund’s assets; (iii) the nature or level of services provided under the fund’s management contract or sub advisory agreements; (iv) the day to day management of the fund or the persons primarily responsible for such man agement; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessi tate prior shareholder approval of the Agreement or result in an assignment and termination of the fund’s management contract or sub advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund’s portfolio manager would not change, it did not consider the fund’s investment perfor mance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund’s management contract and sub advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund’s management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have

57 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees continued

appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund’s Agreement is fair and reasonable, and that the fund’s Agreement should be approved.

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll free number to access account balances, positions, quotes and trading. It’s easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

By PC

Fidelity’s web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

* When you call the quotes line, please remember that a fund’s yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guar anteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

59 Annual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona
7001 West Ray Road
Chandler, AZ
7373 N. Scottsdale Road
Scottsdale, AZ

California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
19200 Von Karman Avenue
Irvine, CA
601 Larkspur Landing Circle
Larkspur, CA
10100 Santa Monica Blvd.
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73 575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16995 Bernardo Ctr. Drive
Rancho Bernardo, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA

Colorado
1625 Broadway
Denver, CO
9185 East Westview Road
Littleton, CO

Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT

Delaware
222 Delaware Avenue
Wilmington, DE

Florida
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
1907 West State Road 434
Longwood, FL
8880 Tamiami Trail, North
Naples, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
3501 PGA Boulevard
West Palm Beach, FL

Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA

Illinois
One North LaSalle Street
Chicago, IL
875 North Michigan Ave.
Chicago, IL
1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL
3232 Lake Avenue
Wilmette, IL

Indiana
4729 East 82nd Street
Indianapolis, IN

Kansas
5400 College Boulevard
Overland Park, KS

Maine
Three Canal Plaza
Portland, ME

Maryland
7315 Wisconsin Avenue
Bethesda, MD
One W. Pennsylvania Ave.
Towson, MD

Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
405 Cochituate Road
Framingham, MA
416 Belmont Street
Worcester, MA

Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
43420 Grand River Avenue
Novi, MI
29155 Northwestern Hwy.
Southfield, MI

Minnesota
7600 France Avenue South
Edina, MN

Missouri
8885 Ladue Road
Ladue, MO

Annual Report 60

Nevada
2225 Village Walk Drive
Henderson, NV

New Jersey
150 Essex Street
Millburn, NJ
56 South Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Highway 35
Shrewsbury, NJ

New York
1055 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
11 Penn Plaza
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY

North Carolina
4611 Sharon Road
Charlotte, NC

Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
28699 Chagrin Boulevard
Woodmere Village, OH

Oregon
16850 SW 72nd Avenue
Tigard, OR

Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA

Rhode Island
47 Providence Place
Providence, RI

Tennessee
6150 Poplar Avenue
Memphis, TN

Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
14100 San Pedro
San Antonio, TX
1576 East Southlake Blvd.
Southlake, TX
19740 IH 45 North
Spring, TX

Utah
215 South State Street
Salt Lake City, UT

Virginia
1861 International Drive
McLean, VA

Washington
411 108th Avenue, N.E.
Bellevue, WA
1518 6th Avenue
Seattle, WA

Washington, DC
1900 K Street, N.W.
Washington, DC

Wisconsin
595 North Barker Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

61 Annual Report

Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub Adviser
Fidelity Investments
Money Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
Fidelity Research & Analysis Company
(formerly Fidelity Management &
Research (Far East) Inc.)
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
The Bank of New York
New York, NY

UBI-UANN-0406
1.790916.102

Spartan® Total Market Index
Spartan Extended Market Index
Spartan International Index
Funds —
Investor Class
Fidelity Advantage Class

Annual Report
February 28, 2006

Contents


Chairman’s Message	A-3	Ned Johnson’s message to shareholders
Shareholder Expense Example	A-4	An example of shareholder expenses

Spartan Total Market Index Fund	A-6	Performance
	A-7	Management’s Discussion
	A-8	Investment Changes
	A-9	Investments
	A-47	Financial Statements

Spartan Extended Market Index Fund	A-50	Performance
	A-51	Management’s Discussion
	A-52	Investment Changes
	A-53	Investments
	A-92	Financial Statements

Spartan International Index Fund	A 95	Performance
	A-96	Management’s Discussion
	A-97	Investment Changes
	A-98	Investments
	A-112	Financial Statements
Notes	A-115	Notes to the Financial Statements

Report of Independent Registered Public	A-121
Accounting Firm
Trustees and Officers	A-122
Distributions	A-127
Board Approval of Investment Advisory	A-128
Contracts and Management Fees
Prospectus	P-1

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not autho
rized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N Q. Forms N Q are available on the
SEC’s web site at http://www.sec.gov. A fund’s Forms N Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regard
ing the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most
recent quarterly holdings report, semiannual report, or annual report on Fidelity’s web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

A-22

Chairman’s Message

(photograph of Edward C. Johnson 3d)

Dear Shareholder:

One of the basic tenets is to invest for the long term. Over time, riding out the markets’ inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets’ best days can significantly diminish investor returns. Patience also affords the benefits of compounding of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn’t eliminate risk, it can considerably lessen the effect of short term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio’s long term success. The right mix of stocks, bonds and cash aligned to your particular risk tolerance and investment objective is very import ant. Age appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities which historically have been the best perform ing asset class over time is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more stable fixed investments (bonds or savings plans).

A third investment principle investing regularly can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won’t pay for all your shares at market highs. This strategy known as dollar cost averaging also reduces unconstructive “emotion” from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

Sincerely,

/s/ Edward C. Johnson 3d

Edward C. Johnson 3d

A-3 Annual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including manage ment fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2005 to February 28, 2006) for Investor Class and for the entire period (October 14, 2005 to February 28, 2006) for Fidelity Advantage Class. The hypothetical expense Example is based on an investment of $1,000 invested for the one half year period (September 1, 2005 to February 28, 2006).

Actual Expenses

The first line of the table below for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	September 1, 2005 to
	September 1, 2005	February 28, 2006	February 28, 2006
Spartan® Total Market Index
Investor Class
Actual	$ 1,000.00	$ 1,066.90		$ .51^B
Hypothetical^A	$ 1,000.00	$ 1,024.30		$ .50^C
Fidelity Advantage Class
Actual	$ 1,000.00	$ 1,099.00		$ .28^B
Hypothetical^A	$ 1,000.00	$ 1,024.45		$ .35^C
Spartan Extended Market Index
Investor Class
Actual	$ 1,000.00	$ 1,091.80		$ .52^B
Hypothetical^A	$ 1,000.00	$ 1,024.30		$ .50^C
Fidelity Advantage Class
Actual	$ 1,000.00	$ 1,137.10		$ .28^B
Hypothetical^A	$ 1,000.00	$ 1,024.45		$ .35^C
Spartan International Index
Investor Class
Actual	$ 1,000.00	$ 1,139.40		$ .53^B
Hypothetical^A	$ 1,000.00	$ 1,024.30		$ .50^C
Fidelity Advantage Class
Actual	$ 1,000.00	$ 1,124.90		$ .28^B
Hypothetical^A	$ 1,000.00	$ 1,024.45		$ .35^C

^A5% return per year before expenses

^BActual expenses are equal to each Class’ annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one half year period) for Investor Class and multiplied by 138/365 (to reflect the period Octo ber 14, 2005 to February 28, 2006) for Fidelity Advantage Class.

^CHypothetical expenses are equal to each Class’ annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

A-4

		Annualized
		Expense Ratio
Spartan Total Market Index
Investor Class		10%
Fidelity Advantage Class		07%
Spartan Extended Market Index
Investor Class		10%
Fidelity Advantage Class		07%
Spartan International Index
Investor Class		10%
Fidelity Advantage Class		07%

A-5 A-5

Annual Report

Spartan Total Market Index Fund
Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class’ dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns
Periods ended February 28, 2006	Past 1	Past 5	Life of
	year	years	fund
Spartan® Total Market Index Fund Investor Class^A	10.73%	3.96%	5.85%
Spartan Total Market Index Fund — Fidelity Advantage Class^B	10.74%	3.97%	5.85%

A From November 5, 1997.

B The initial offering of Fidelity Advantage Class took place on October 14, 2005. Returns prior to October 14, 2005, are those of Investor Class.

$10,000 Over Life of Fund

Let’s say hypothetically that $10,000 was invested in Spartan® Total Market Index Fund Investor Class on November 5, 1997, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Dow Jones Wilshire 5000 Composite Index^SMperformed over the same period.

Annual Report A-6

Spartan Total Market Index Fund

Management’s Discussion of Fund Performance

Comments from Jeffrey Adams, who oversees the Spartan® Total Market Index Fund’s investment management team as Head of Indexing for Geode Capital Management, LLC

With the exception of several popular large cap stock performance measures, most major U.S. equity benchmarks had double digit returns for the year ending February 28, 2006. For much of the period, gains within the large cap oriented Standard & Poor’s 500^SMIndex were driven largely by the energy sector, although utilities ultimately sneaked into the top spot for the year overall. Financials and telecommunication services also reached double figures, outperforming the 8.40% return of the S&P 500®. The consumer discretionary segment home to the weak performing automobile and media industries was the biggest disappointment. Although the overall return for the S&P 500 beat the small cap Russell 2000® Index in calendar year 2005 the first time that’s happened in six years small caps stormed back in early 2006, leading to a 16.59% advance during the past 12 months, nearly twice the broader market’s gain. Mid caps soared even higher, returning 17.67% according to the Russell Midcap® Index. The technology heavy NASDAQ Composite® Index also fared well, climbing 12.13%, but the Dow Jones Industrial Average^SM, an index of 30 large cap, blue chip stocks, managed to rise only 4.52% . The Dow Jones Wilshire 5000 Composite Index^SM, the broadest measure of U.S. stock performance, increased 10.67% .

For the 12 months ending February 28, 2006, the fund’s Investor Class shares gained 10.73% . That result closely tracked the Dow Jones Wilshire 5000 Composite Index. The fund’s peer group average, the Lipper^SMGrowth & Income Funds Average, returned 8.98% . For additional performance informa tion, including that of the new Fidelity Advantage Class, please refer to the performance section of this report. Energy and utilities stocks were particu lar standouts, as both groups benefited greatly from the strength in oil and natural gas prices during most of the period. The telecommunication services sector was another area of strength during the past year. In the consumer discretionary sector, automobile related stocks were very poor performers, hit hard by the U.S. auto industry’s troubles. Media stocks also lost ground as competition in the group tightened. Oil field services giant Schlumberger benefited from high energy prices and, in particular, saw its shares jump in January after reporting a doubling of fourth quarter earnings. Hewlett Packard, a maker of personal computers, printers and scientific products, gained ground on improved earnings and operating margins. On the negative side, Dell underperformed, as the retailer of personal computers and consumer electronics battled fierce global competition. Also, health care products giant Johnson & Johnson fell steadily throughout the period, with the sharpest decline coming in January and resulting from missed revenue targets and the company’s failed acquisition bid for rival Guidant.

A-7 A-7

Annual Report

Spartan Total Market Index Fund
Investment Changes


Top Ten Stocks as of February 28, 2006
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Exxon Mobil Corp.	2.5	2.7
General Electric Co.	2.3	2.5
Microsoft Corp.	1.7	1.9
Citigroup, Inc.	1.6	1.6
Bank of America Corp.	1.4	1.2
Procter & Gamble Co.	1.3	1.0
Pfizer, Inc.	1.3	1.4
Johnson & Johnson	1.1	1.3
American International Group,
Inc.	1.0	1.0
Altria Group, Inc.	1.0	1.0
	15.2
Market Sectors as of February 28, 2006
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Financials	21.1	20.2
Information Technology	15.5	15.3
Health Care	12.5	13.0
Consumer Discretionary	11.2	12.4
Industrials	10.6	9.9
Energy	9.0	9.3
Consumer Staples	7.6	8.2
Utilities	3.3	3.5
Materials	3.1	3.0
Telecommunication Services	2.9	2.8

Percentages are adjusted for the effect of futures contracts and swap contracts, if applicable.

Annual Report A-8

Spartan Total Market Index Fund
Investments February 28, 2006
Showing Percentage of Net Assets

Common Stocks 96.8%
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY 11.2%
Auto Components – 0.3%
Aftermarket Technology Corp. (a)(d)	11,055		$ 239,894
American Axle & Manufacturing
Holdings, Inc.	8,765		142,168
ArvinMeritor, Inc.	17,066		285,685
Bandag, Inc.	4,123		176,341
BorgWarner, Inc.	14,964		834,542
Cooper Tire & Rubber Co.	17,837		265,771
Dana Corp. (d)	34,413		60,567
Drew Industries, Inc. (a)	7,552		245,062
Dura Automotive Systems, Inc.
Class A (a)	3,788		8,675
GenTek, Inc.	3,519		66,720
Gentex Corp.	36,756		612,355
Goodyear Tire & Rubber Co. (a)(d)	58,175		833,648
Hayes Lemmerz International, Inc. (a)(d)	10,596		33,165
IMPCO Technologies, Inc. (a)(d)	3,000		18,780
Johnson Controls, Inc.	51,059		3,638,975
Keystone Automotive Industries,
Inc. (a)(d)	2,721		120,268
Lear Corp. (d)	16,190		337,723
LKQ Corp. (a)	24,934		549,047
Midas, Inc. (a)	1,400		26,656
Modine Manufacturing Co.	6,000		168,300
Proliance International, Inc. (a)	1,414		7,424
Quantum Fuel Systems Technologies
Worldwide, Inc. (a)(d)	15,342		69,499
Sauer Danfoss, Inc.	7,425		159,266
Spartan Motors, Inc.	3,200		34,336
Standard Motor Products, Inc.	4,236		44,944
Stoneridge, Inc. (a)	3,200		19,008
Strattec Security Corp. (a)	654		26,461
Superior Industries International, Inc. (d)	3,800		81,890
Tenneco, Inc. (a)	6,360		144,054
TRW Automotive Holdings Corp. (a)	4,855		124,288
Visteon Corp. (a)	20,475		95,414
Zapata Corp. (a)	880		5,333
			9,476,259
Automobiles – 0.3%
Coachmen Industries, Inc.	3,261		38,480
Fleetwood Enterprises, Inc. (a)(d)	6,099		68,919
Ford Motor Co.	438,008		3,490,924
General Motors Corp. (d)	104,873		2,129,971
Harley Davidson, Inc.	66,968		3,516,490
Monaco Coach Corp.	4,738		67,801
National R.V. Holdings, Inc. (a)	300		1,944
Thor Industries, Inc.	11,649		549,833
Winnebago Industries, Inc.	8,659		278,127
			10,142,489
Distributors 0.1%
All American Semiconductor, Inc. (a)	3,800		17,898
Audiovox Corp. Class A (a)	3,500		44,695

	Shares	Value (Note 1)
Building Material Holding Corp. (d)	3,005	$ 202,237
Earle M. Jorgensen Co.	5,800	81,200
Genuine Parts Co.	39,388	1,753,554
Handleman Co.	8,496	83,516
Prestige Brands Holdings, Inc.	4,642	51,898
Source Interlink Companies, Inc. (a)	4,300	46,225
		2,281,223
Diversified Consumer Services 0.3%
Alderwoods Group, Inc. (a)	16,352	279,292
Apollo Group, Inc. Class A (a)	37,555	1,854,466
Bright Horizons Family Solutions, Inc. (a)	11,227	376,217
Career Education Corp. (a)	25,033	822,084
Corinthian Colleges, Inc. (a)(d)	20,140	261,014
CPI Corp.	2,000	35,100
DeVry, Inc. (a)	14,744	346,189
Educate, Inc. (a)	4,692	40,398
Education Management Corp. (a)	20,169	758,354
Escala Group, Inc. (a)(d)	12,044	299,293
EVCI Career Colleges, Inc. (a)	2,100	3,003
H&R Block, Inc.	67,768	1,511,226
ITT Educational Services, Inc. (a)	10,100	626,200
Jackson Hewitt Tax Service, Inc.	6,376	181,078
Laureate Education, Inc. (a)	9,342	483,729
Mace Security International, Inc. (a)	1,100	2,552
Matthews International Corp. Class A	8,668	321,930
Nobel Learning Communities, Inc.	1,000	9,500
Pre Paid Legal Services, Inc. (d)	2,919	105,405
Princeton Review, Inc. (a)	14,522	77,402
Regis Corp.	11,743	449,522
Service Corp. International (SCI)	70,880	563,496
ServiceMaster Co.	68,054	852,036
Sothebys Holdings, Inc. Class A
(ltd. vtg.) (a)	12,060	254,707
Steiner Leisure Ltd. (a)	7,400	315,462
Stewart Enterprises, Inc. Class A (d)	14,200	71,994
Strayer Education, Inc.	3,326	320,394
Universal Technical Institute, Inc. (a)	4,021	123,887
Vertrue, Inc. (a)	2,400	105,744
Weight Watchers International, Inc. (a)(d)	7,953	417,294
		11,868,968
Hotels, Restaurants & Leisure 1.8%
AFC Enterprises, Inc. (d)	11,772	182,937
Alliance Gaming Corp. (a)(d)	12,091	178,947
Ambassadors Group, Inc.	10,766	260,430
Ameristar Casinos, Inc.	9,800	216,482
Applebee’s International, Inc.	15,846	366,676
Aztar Corp. (a)	8,919	269,175
Bally Total Fitness Holding Corp. (a)(d)	6,262	49,658
BJ’s Restaurants, Inc. (a)	2,100	53,319
Bluegreen Corp. (a)	10,900	172,983
Bob Evans Farms, Inc.	5,500	160,435
Boyd Gaming Corp.	10,400	454,792
Brinker International, Inc.	20,925	871,526

See accompanying notes which are an integral part of the financial statements.

A-9 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Hotels, Restaurants & Leisure – continued
Buca, Inc. (a)	3,878		$ 21,949
California Pizza Kitchen, Inc. (a)	3,723		111,913
Carnival Corp. unit	101,640		5,249,706
CBRL Group, Inc.	9,003		400,003
CEC Entertainment, Inc. (a)	9,020		293,691
Cedar Fair LP (depository unit)	6,754		198,433
Champps Entertainment, Inc. (a)	1,600		12,896
Choice Hotels International, Inc.	7,120		317,054
Churchill Downs, Inc.	2,200		88,154
CKE Restaurants, Inc.	10,567		179,745
Darden Restaurants, Inc.	31,567		1,323,920
Dave & Buster’s, Inc. (a)(d)	3,344		60,192
Denny’s Corp. (a)	42,300		188,235
Domino’s Pizza, Inc.	8,100		206,550
Dover Downs Gaming & Entertainment,
Inc.	980		16,268
Dover Motorsports, Inc.	9,735		48,383
Empire Resorts, Inc. (a)(d)	12,943		62,515
Fox & Hound Restaurant Group (a)	2,700		43,794
Gaylord Entertainment Co. (a)	8,899		397,340
Great Wolf Resorts, Inc. (a)	11,129		114,963
GTECH Holdings Corp.	30,726		1,025,634
Harrah’s Entertainment, Inc.	44,888		3,228,345
Hilton Hotels Corp.	87,950		2,128,390
IHOP Corp.	3,412		173,671
International Game Technology	85,626		3,062,842
International Speedway Corp. Class A	7,982		378,028
Interstate Hotels & Resorts, Inc. (a)	156		746
Isle of Capri Casinos, Inc. (a)	6,200		187,922
Jack in the Box, Inc. (a)	8,612		344,480
Kerzner International Ltd. (a)	12,333		829,888
Krispy Kreme Doughnuts, Inc. (a)(d)	10,025		67,669
Landry’s Seafood Restaurants, Inc.	4,001		123,511
Las Vegas Sands Corp. (a)	28,253		1,507,298
Life Time Fitness, Inc. (a)	9,702		407,096
Littlefield Corp. (a)	2,100		1,743
Lodgian, Inc.:
Class A warrants 11/25/07 (a)	2		0
Class B warrants 11/25/09 (a)	8		0
Lone Star Steakhouse & Saloon, Inc.	4,300		115,928
Marcus Corp.	2,746		45,117
Marriott International, Inc. Class A	46,031		3,148,520
McDonald’s Corp.	311,573		10,877,013
MGM MIRAGE (a)	30,379		1,123,112
Monarch Casino & Resort, Inc. (a)	4,679		125,444
MTR Gaming Group, Inc. (a)	5,600		55,832
Multimedia Games, Inc. (a)(d)	4,312		45,664
O’Charleys, Inc. (a)	3,850		68,376
Orient Express Hotels Ltd. Class A	17,884		623,794
Outback Steakhouse, Inc.	16,819		703,202
P.F. Chang’s China Bistro, Inc. (a)(d)	8,419		406,974

	Shares	Value (Note 1)
Panera Bread Co. Class A (a)	8,925		$ 632,426
Papa John’s International, Inc. (a)	7,000		230,300
Penn National Gaming, Inc. (a)	12,400		430,032
Pinnacle Entertainment, Inc. (a)	14,294		400,947
Rare Hospitality International, Inc. (a)(d)	6,075		194,400
Red Robin Gourmet Burgers, Inc. (a)(d) .	1,748		69,903
Royal Caribbean Cruises Ltd.	36,939		1,627,532
Rubio’s Restaurants, Inc. (a)	4,819		49,395
Ruby Tuesday, Inc. (d)	13,091		373,748
Ryan’s Restaurant Group, Inc. (a)	8,100		107,001
Scientific Games Corp. Class A (a)(d)	16,034		490,320
Shuffle Master, Inc. (a)(d)	7,449		194,642
Six Flags, Inc. (a)(d)	12,400		130,820
Sonic Corp. (a)	13,040		412,194
SPEEDUS Corp. (a)(d)	6,200		8,680
Speedway Motorsports, Inc	5,900		211,515
Starbucks Corp. (a)	192,200		6,980,704
Starwood Hotels & Resorts Worldwide,
Inc. unit	54,196		3,441,446
Station Casinos, Inc. (d)	10,370		709,827
Steak n Shake Co. (a)	11,830		215,661
Texas Roadhouse, Inc. Class A (a)	9,800		150,528
The Cheesecake Factory, Inc. (a)	18,009		651,205
Triarc Companies, Inc. Class B	6,030		94,068
Trump Entertainment Resorts, Inc. (a)	3,700		68,450
Vail Resorts, Inc. (a)	4,906		162,094
Wendy’s International, Inc.	24,443		1,415,250
WMS Industries, Inc. (a)(d)	8,244		239,488
Wynn Resorts Ltd. (a)(d)	17,478		1,161,413
Yum! Brands, Inc.	63,653		3,036,248
			67,269,540
Household Durables 0.9%
Advanced Lighting Technologies, Inc. (a)	4,600		0
American Biltrite, Inc. (a)	400		4,556
American Greetings Corp. Class A	14,094		295,692
Applica, Inc. (a)	3,200		6,560
Avatar Holdings, Inc. (a)(d)	1,645		91,840
Bassett Furniture Industries, Inc.	1,800		34,722
Beazer Homes USA, Inc.	8,313		527,460
Black & Decker Corp.	19,085		1,633,294
Blount International, Inc. (a)	8,403		137,305
Blyth, Inc.	9,084		202,392
Brookfield Homes Corp. (d)	5,159		256,454
California Coastal Communities,
Inc. (a)(d)	5,563		214,120
Cavco Industries, Inc. (a)	750		34,538
Centex Corp.	31,039		2,098,547
Champion Enterprises, Inc. (a)	25,045		388,698
Cobra Electronics Corp. (a)	1,200		13,956
Craftmade International, Inc.	1,700		30,940
CSS Industries, Inc.	1,556		47,925
D.R. Horton, Inc.	62,266		2,123,893
Dixie Group, Inc. (a)	2,900		47,502
Dominion Homes, Inc. (a)(d)	300		2,880

See accompanying notes which are an integral part of the financial statements.

Annual Report A-10

Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Household Durables – continued
Enesco Group, Inc. (a)	4,629		$ 8,656
Ethan Allen Interiors, Inc. (d)	7,178		292,216
Fedders Corp. (d)	3,300		4,851
Flexsteel Industries, Inc.	1,700		24,055
Fortune Brands, Inc.	35,204		2,730,070
Furniture Brands International, Inc.	15,345		379,328
Garmin Ltd. (d)	17,901		1,231,947
Harman International Industries, Inc.	15,017		1,657,126
Helen of Troy Ltd. (a)	4,390		87,844
Hovnanian Enterprises, Inc.
Class A (a)(d)	9,144		421,630
Interface, Inc. Class A (a)	9,800		108,584
Jarden Corp. (a)(d)	10,438		313,036
KB Home	19,615		1,314,793
Kimball International, Inc. Class B	4,000		56,680
Koss Corp.	1,300		35,750
La Z Boy, Inc. (d)	11,662		186,009
Leggett & Platt, Inc.	46,278		1,086,607
Lennar Corp. Class A	30,313		1,814,536
Lenox Group, Inc. (a)	2,200		29,392
Levitt Corp. Class A	2,250		52,335
Libbey, Inc.	1,691		14,982
Lifetime Brands, Inc.	300		6,774
M.D.C. Holdings, Inc. (d)	6,672		408,927
M/I Homes, Inc.	2,316		97,550
Maytag Corp.	13,362		229,826
Meritage Homes Corp. (a)(d)	5,902		345,444
Mestek, Inc. (a)	300		3,879
MITY Enterprises, Inc. (a)	2,300		43,332
Mohawk Industries, Inc. (a)(d)	11,266		974,622
National Presto Industries, Inc.	1,000		43,750
Newell Rubbermaid, Inc.	68,706		1,708,718
NVR, Inc. (a)(d)	1,046		787,638
Oneida Ltd. (a)(d)	400		228
Orleans Homebuilders, Inc.	3,334		65,146
Palm Harbor Homes, Inc. (a)(d)	4,917		103,011
Pulte Homes, Inc.	44,452		1,707,401
Rockford Corp. (a)(d)	2,500		10,025
Russ Berrie & Co., Inc.	2,935		39,887
Ryland Group, Inc.	11,122		775,760
Salton, Inc. (a)(d)	1,800		2,574
Skyline Corp.	1,289		51,715
Snap On, Inc.	10,615		413,136
Standard Pacific Corp.	13,388		439,796
Stanley Furniture Co., Inc.	4,200		107,100
Syntax Brillian Corp. (a)(d)	375		1,616
Tarragon Corp. (a)(d)	3,858		74,575
Technical Olympic USA, Inc.	5,172		109,543
Tempur Pedic International, Inc. (a)(d)	10,052		118,614
The Rowe Companies (a)	1,000		1,760
The Stanley Works	21,619		1,083,977

	Shares	Value (Note 1)
Toll Brothers, Inc. (a)(d)	23,836		$ 771,333
Tupperware Brands Corp.	14,481		306,852
Universal Electronics, Inc. (a)	3,400		61,064
Virco Manufacturing Co. (a)	2,613		14,372
WCI Communities, Inc. (a)(d)	11,795		297,706
Whirlpool Corp.	14,697		1,319,644
William Lyon Homes, Inc. (a)(d)	2,009		170,966
Yankee Candle Co., Inc. (d)	11,874		344,821
			33,086,783
Internet & Catalog Retail 0.2%
1 800 CONTACTS, Inc. (a)(d)	2,129		28,763
1 800 FLOWERS.com, Inc. Class A (a) .	23,580		150,440
Alloy, Inc. (a)(d)	1,450		19,097
Amazon.com, Inc. (a)	76,967		2,885,493
Audible, Inc. (a)(d)	1,300		13,169
Blair Corp.	121		4,991
Blue Nile, Inc. (a)(d)	11,043		368,505
Bluefly, Inc. (a)(d)	2,800		3,024
Coldwater Creek, Inc. (a)	11,692		262,719
dELiA*s, Inc. (a)(d)	2,900		25,839
Drugstore.com, Inc. (a)	7,303		18,404
Expedia, Inc. (a)	65,974		1,251,527
FTD Group, Inc.	5,000		46,800
GSI Commerce, Inc. (a)(d)	5,379		85,795
Hollywood Media Corp. (a)	1,200		5,832
IAC/InterActiveCorp (a)(d)	81,116		2,371,832
Insight Enterprises, Inc. (a)(d)	11,400		245,442
J. Jill Group, Inc. (a)	3,147		74,364
MediaBay, Inc. (a)	133		133
Netflix, Inc. (a)(d)	9,557		256,223
NutriSystem, Inc. (a)(d)	7,762		333,533
Overstock.com, Inc. (a)(d)	2,492		56,070
PC Mall, Inc. (a)	500		3,090
PetMed Express, Inc. (a)(d)	6,000		112,140
Priceline.com, Inc. (a)(d)	5,439		133,527
Stamps.com, Inc. (a)	4,062		130,837
Systemax, Inc. (a)	6,390		44,411
ValueVision Media, Inc. Class A (a)	5,600		71,176
			9,003,176
Leisure Equipment & Products 0.2%
Adams Golf, Inc. (a)	400		480
Arctic Cat, Inc.	5,000		120,000
Brunswick Corp.	21,865		857,764
Callaway Golf Co	10,800		178,092
Concord Camera Corp. (a)(d)	3,084		3,392
Eastman Kodak Co. (d)	70,526		1,978,254
Fairchild Corp. Class A (a)	7,600		18,088
Hasbro, Inc.	40,465		821,035
JAKKS Pacific, Inc. (a)(d)	4,540		112,683
Johnson Outdoors, Inc. Class A (a)	2,300		41,078
K2, Inc. (a)	17,186		195,920
Leapfrog Enterprises, Inc. Class A (a)(d) .	4,328		50,421
Marine Products Corp.	11,437		140,103

See accompanying notes which are an integral part of the financial statements.

A-11 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Leisure Equipment & Products – continued
MarineMax, Inc. (a)	2,572		$ 79,372
Marvel Entertainment, Inc. (a)(d)	17,637		326,637
Mattel, Inc.	100,916		1,700,435
Meade Instruments Corp. (a)	2,600		7,410
Nautilus, Inc. (d)	5,025		82,661
Oakley, Inc. (d)	18,053		274,767
Polaris Industries, Inc. (d)	10,845		542,792
RC2 Corp. (a)	3,021		108,847
SCP Pool Corp.	14,822		644,312
Steinway Musical Instruments, Inc. (a)	4,500		148,275
Sturm Ruger & Co., Inc.	3,560		25,632
			8,458,450
Media 3.4%
4Kids Entertainment, Inc. (a)	2,362		40,154
ACME Communications, Inc. (a)	5,032		18,467
ADVO, Inc.	11,652		374,612
Arbitron, Inc.	7,282		285,454
Ballantyne of Omaha, Inc. (a)	100		405
Belo Corp. Series A	22,074		468,852
Cablevision Systems Corp. – NY Group
Class A (a)	52,961		1,390,226
Carmike Cinemas, Inc. (d)	1,494		35,587
Catalina Marketing Corp.	14,092		312,561
CBS Corp. Class B	178,689		4,370,733
Charter Communications, Inc.
Class A (a)(d)	58,659		67,458
Citadel Broadcasting Corp.	14,632		163,000
CKX, Inc. (a)	9,709		139,907
Clear Channel Communications, Inc.	119,321		3,376,784
Clear Channel Outdoor Holding, Inc.
Class A	8,201		179,110
Comcast Corp. Class A (a)	511,551		13,724,913
Courier Corp.	2,511		99,109
Cox Radio, Inc. Class A (a)(d)	5,776		79,882
Crown Media Holdings, Inc.
Class A (a)(d)	8,094		63,538
Cumulus Media, Inc. Class A (a)(d)	12,017		139,397
Digital Generation Systems, Inc. (a)	18,345		11,924
Discovery Holding Co. Class A (a)	67,596		986,902
Dow Jones & Co., Inc.	9,002		365,931
DreamWorks Animation SKG, Inc.
Class A (a)	9,351		252,477
E.W. Scripps Co. Class A	17,537		843,179
EchoStar Communications Corp.
Class A (a)	63,307		1,859,327
EMAK Worldwide, Inc. (a)	2,241		18,466
Emmis Communications Corp.
Class A (a)	7,767		127,146
Entercom Communications Corp.
Class A (a)	14,715		414,522
Entravision Communication Corp.
Class A (a)	8,800		65,384

	Shares	Value (Note 1)
Fisher Communications, Inc. (a)	767		$ 32,828
Gannett Co., Inc.	57,737		3,588,932
Gemstar TV Guide International,
Inc. (a)(d)	47,394		143,130
Getty Images, Inc. (a)(d)	10,903		883,470
Gray Television, Inc.	7,281		61,306
Harris Interactive, Inc. (a)	5,250		29,505
Harte Hanks, Inc.	15,614		437,348
Hearst Argyle Television, Inc.	7,305		174,370
Hollinger International, Inc. Class A	17,300		160,890
Image Entertainment, Inc. (a)(d)	700		2,380
Insignia Systems, Inc. (a)	2,664		3,602
Interactive Data Corp.	12,096		272,160
Interpublic Group of Companies,
Inc. (a)(d)	105,239		1,090,276
John Wiley & Sons, Inc. Class A	12,825		482,861
Journal Communications, Inc. Class A (d)	19,159		235,847
Journal Register Co.	5,900		75,874
Knight Ridder, Inc.	16,624		997,772
Lamar Advertising Co. Class A (a)(d)	21,062		1,074,583
Lee Enterprises, Inc.	8,430		294,629
Liberty Global, Inc. Class A	120,848		2,454,423
Liberty Media Corp. Class A (a)	702,079		5,785,131
LIN TV Corp. Class A (a)	2,700		25,191
Live Nation, Inc. (a)(d)	14,915		266,233
LodgeNet Entertainment Corp. (a)	2,961		42,165
Martha Stewart Living Omnimedia, Inc.
Class A (a)(d)	3,281		56,761
McGraw Hill Companies, Inc.	91,709		4,868,831
Media General, Inc. Class A	8,703		436,020
Mediacom Communications Corp.
Class A (a)	13,450		75,858
Meredith Corp.	11,468		631,772
Navarre Corp. (a)(d)	5,800		22,214
New Frontier Media, Inc. (a)	5,000		35,650
News Corp. Class A	610,204		9,934,121
NTL, Inc. (a)(d)	20,363		1,340,904
Omnicom Group, Inc.	42,704		3,408,633
Paxson Communications Corp.
Class A (a)	8,600		8,170
Penton Media, Inc. (a)	7,900		4,503
Pixar (a)	14,517		926,185
Playboy Enterprises, Inc. Class B
(non vtg.) (a)	3,722		51,587
PRIMEDIA, Inc. (a)	31,815		71,902
ProQuest Co. (a)(d)	4,200		89,460
R.H. Donnelley Corp. (a)	15,777		962,397
Radio One, Inc. Class A (a)	22,980		194,181
Radio Unica Communications Corp. (a) .	2,900		0
RCN Corp. (a)(d)	7,500		187,500
Regal Entertainment Group Class A	10,174		193,509
Regent Communication, Inc. (a)	6,194		28,307
Rentrak Corp. (a)	600		6,414
Saga Communications, Inc.
Class A (a)(d)	932		8,826

See accompanying notes which are an integral part of the financial statements.

Annual Report A-12

Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Media – continued
Salem Communications Corp. Class A (a)	1,687		$ 23,584
Scholastic Corp. (a)	8,165		240,214
Sinclair Broadcast Group, Inc. Class A	7,200		51,768
Sirius Satellite Radio, Inc. (a)(d)	331,459		1,693,755
Spanish Broadcasting System, Inc.
Class A (a)	6,800		38,148
The DIRECTV Group, Inc. (a)(d)	225,628		3,555,897
The McClatchy Co. Class A	4,559		251,976
The New York Times Co. Class A	32,259		910,349
The Reader’s Digest Association, Inc.
(non vtg.)	27,395		416,130
The Walt Disney Co.	483,978		13,546,544
Thomas Nelson, Inc.	6,641		194,249
Time Warner, Inc.	1,085,659		18,792,757
TiVo, Inc. (a)(d)	8,765		48,646
Tribune Co.	54,405		1,664,793
Triple Crown Media, Inc. (a)	728		4,878
Univision Communications, Inc.
Class A (a)	58,894		1,970,004
Valassis Communications, Inc. (a)(d)	11,260		310,213
Viacom, Inc. Class B (non vtg.)	172,731		6,902,331
Warner Music Group Corp.	24,021		493,632
Washington Post Co. Class B	1,556		1,170,501
Westwood One, Inc.	15,590		173,829
World Wrestling Entertainment, Inc.
Class A	6,473		96,771
XM Satellite Radio Holdings, Inc.
Class A (a)(d)	51,116		1,129,152
Young Broadcasting, Inc. Class A (a)	3,209		9,723
		126,123,862
Multiline Retail – 0.9%
99 Cents Only Stores (a)	12,308		140,065
Big Lots, Inc. (a)	32,019		406,961
Conn’s, Inc. (a)(d)	5,901		219,812
Dillard’s, Inc. Class A	19,546		482,200
Dollar General Corp.	76,625		1,334,808
Dollar Tree Stores, Inc. (a)(d)	23,182		635,650
Family Dollar Stores, Inc.	34,853		896,419
Federated Department Stores, Inc.	64,790		4,602,682
Fred’s, Inc. Class A	12,887		180,031
JCPenney Co., Inc.	54,063		3,170,254
Kohl’s Corp. (a)	73,178		3,520,594
Nordstrom, Inc.	52,428		1,992,264
Retail Ventures, Inc. (a)(d)	10,272		136,207
Saks, Inc. (d)	27,562		520,922
Sears Holdings Corp. (a)	22,676		2,731,324
Target Corp.	194,094		10,558,714
Tuesday Morning Corp.	9,086		199,983
			31,728,890
Specialty Retail 2.4%
A.C. Moore Arts & Crafts, Inc. (a)(d)	3,100		55,800

	Shares	Value (Note 1)
Aaron Rents, Inc.	8,088		$ 211,906
Abercrombie & Fitch Co. Class A	19,723		1,327,752
Advance Auto Parts, Inc. (a)	23,715		980,615
Aeropostale, Inc. (a)	12,132		348,067
America’s Car Mart, Inc. (a)(d)	2,638		48,592
American Eagle Outfitters, Inc.	35,014		890,756
AnnTaylor Stores Corp. (a)	18,467		670,352
Asbury Automotive Group, Inc. (a)	3,100		59,365
AutoNation, Inc. (a)(d)	44,932		939,528
AutoZone, Inc. (a)	14,265		1,379,140
Barnes & Noble, Inc.	17,871		769,704
bebe Stores, Inc.	7,281		125,015
Bed Bath & Beyond, Inc. (a)	74,137		2,671,897
Best Buy Co., Inc.	98,370		5,298,208
Big 5 Sporting Goods Corp.	7,443		162,183
Blockbuster, Inc. Class A (a)(d)	34,113		132,017
Books A Million, Inc. (d)	4,300		49,622
Borders Group, Inc. (d)	15,604		376,525
Build A Bear Workshop, Inc. (a)(d)	3,944		114,100
Burlington Coat Factory Warehouse
Corp.	6,625		298,390
Cabela’s, Inc. Class A (a)(d)	7,700		145,607
Cache, Inc. (a)	2,805		48,751
CarMax, Inc. (a)(d)	23,043		724,011
Casual Male Retail Group, Inc. (a)(d)	6,784		61,802
Charlotte Russe Holding, Inc. (a)	4,119		74,966
Charming Shoppes, Inc. (a)(d)	18,327		245,399
Chico’s FAS, Inc. (a)(d)	42,046		1,978,264
Christopher & Banks Corp.	5,496		120,527
Circuit City Stores, Inc.	43,948		1,056,070
Claire’s Stores, Inc.	17,479		560,027
Cost Plus, Inc. (a)(d)	3,425		65,726
CSK Auto Corp. (a)	7,080		112,643
Deb Shops, Inc.	1,991		63,015
Dick’s Sporting Goods, Inc. (a)(d)	10,943		414,740
Dress Barn, Inc. (a)(d)	3,940		170,129
E Com Ventures, Inc. (a)	325		5,655
Emerging Vision, Inc. (a)	3,800		456
Finish Line, Inc. Class A	6,128		102,583
Finlay Enterprises, Inc. (a)	2,500		21,200
Foot Locker, Inc.	42,919		991,858
Gamestop Corp. Class A (a)(d)	18,089		724,103
Gap, Inc.	161,336		2,991,169
Genesco, Inc. (a)(d)	3,841		155,945
Group 1 Automotive, Inc. (a)	8,200		313,896
Guess?, Inc. (a)	8,485		307,072
Guitar Center, Inc. (a)(d)	7,435		384,836
Gymboree Corp. (a)	4,858		111,054
Hancock Fabrics, Inc. (d)	1,100		4,565
Haverty Furniture Companies, Inc.	3,675		52,369
Hibbett Sporting Goods, Inc. (a)	9,636		309,123
Home Depot, Inc.	514,509		21,686,554
Hot Topic, Inc. (a)(d)	6,951		91,614
Jo Ann Stores, Inc. (a)(d)	2,760		36,708

See accompanying notes which are an integral part of the financial statements.

A-13

Annual Report

A-13

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Specialty Retail – continued
Jos. A. Bank Clothiers, Inc. (a)(d)	2,822		$ 125,889
Kirkland’s, Inc. (a)	2,250		11,790
Limited Brands, Inc.	80,027		1,894,239
Lithia Motors, Inc. Class A (sub. vtg.)	1,827		58,537
Lowe’s Companies, Inc.	169,947		11,586,986
Michaels Stores, Inc.	30,512		979,435
Monro Muffler Brake, Inc.	1,650		59,697
Mothers Work, Inc. (a)(d)	1,000		24,890
Movie Gallery, Inc. (d)	5,200		16,588
New York & Co., Inc. (a)	697		11,758
O’Reilly Automotive, Inc. (a)	26,380		863,154
Office Depot, Inc. (a)	71,213		2,540,880
OfficeMax, Inc.	19,327		566,861
Pacific Sunwear of California, Inc. (a)	18,934		450,819
Payless ShoeSource, Inc. (a)	20,366		482,674
PETCO Animal Supplies, Inc. (a)	7,781		151,418
PETsMART, Inc. (d)	35,740		927,810
Pier 1 Imports, Inc. (d)	16,312		171,765
Pomeroy IT Solutions, Inc. (a)	2,861		26,607
RadioShack Corp.	35,367		691,425
Rent A Center, Inc. (a)	19,507		455,293
Rent Way, Inc. (a)	2,570		17,399
Restoration Hardware, Inc. (a)	5,009		26,948
Rex Stores Corp. (a)	2,942		45,071
Ross Stores, Inc.	38,964		1,103,460
Select Comfort Corp. (a)(d)	10,182		372,152
Sharper Image Corp. (a)(d)	1,984		23,411
Sherwin Williams Co.	28,576		1,301,637
Shoe Carnival, Inc. (a)	2,589		58,175
Sonic Automotive, Inc. Class A (sub. vtg.)	12,057		319,390
Sport Chalet:
Class A (a)	175		1,421
Class B (a)	25		200
Sports Authority, Inc. (a)	9,198		336,555
Stage Stores, Inc.	4,650		135,594
Staples, Inc.	179,961		4,416,243
Stein Mart, Inc.	8,619		143,765
Talbots, Inc.	9,839		262,308
The Bombay Company, Inc. (a)	3,834		12,115
The Buckle, Inc.	1,956		74,817
The Cato Corp. Class A (sub. vtg.)	5,469		114,138
The Children’s Place Retail Stores,
Inc. (a)(d)	4,504		210,202
The Men’s Wearhouse, Inc.	11,916		373,209
The Pantry, Inc. (a)(d)	4,157		245,970
The Pep Boys – Manny, Moe & Jack	11,581		181,822
Tiffany & Co., Inc.	33,657		1,249,684
TJX Companies, Inc.	119,465		2,925,698
Too, Inc. (a)	7,182		218,548
Tractor Supply Co. (a)(d)	9,060		572,411
Trans World Entertainment Corp. (a)	2,900		17,400

	Shares	Value (Note 1)
Tweeter Home Entertainment Group,
Inc. (a)	4,092		$ 32,900
United Auto Group, Inc. (d)	4,874		210,752
Urban Outfitters, Inc. (a)	29,754		836,087
Volcom, Inc.	11,202		383,556
West Marine, Inc. (a)(d)	3,200		41,184
Wet Seal, Inc. Class A (a)(d)	4,800		25,488
Williams Sonoma, Inc. (a)	19,222		778,299
Wilsons Leather Experts, Inc. (a)(d)	3,977		13,323
Zale Corp. (a)(d)	11,364		296,032
			90,517,850
Textiles, Apparel & Luxury Goods 0.4%
Ashworth, Inc. (a)	400		3,344
Brown Shoe Co., Inc.	7,100		338,670
Carter’s, Inc. (a)	7,863		503,153
Cherokee, Inc.	1,848		71,222
Coach, Inc. (a)	91,452		3,266,665
Columbia Sportswear Co. (a)(d)	2,557		128,771
Deckers Outdoor Corp. (a)	5,610		190,179
Everlast Worldwide, Inc. (a)(d)	1,000		16,400
Fossil, Inc. (a)(d)	12,274		208,903
Iconix Brand Group, Inc. (a)(d)	6,400		85,632
Jones Apparel Group, Inc	27,213		787,000
K Swiss, Inc. Class A (d)	4,824		140,764
Kellwood Co.	8,290		213,385
Kenneth Cole Productions, Inc. Class A
(sub. vtg.) (d)	3,406		93,699
Liz Claiborne, Inc.	24,381		878,447
Movado Group, Inc.	8,534		186,041
NIKE, Inc. Class B	39,734		3,448,117
Oxford Industries, Inc.	2,650		121,317
Perry Ellis International, Inc. (a)	1,632		35,920
Phillips Van Heusen Corp.	11,149		395,790
Polo Ralph Lauren Corp. Class A	13,140		761,594
Polymer Group, Inc.:
Class A warrants 3/4/10 (a)	6		0
Class B warrants 3/4/10 (a)	6		0
Quaker Fabric Corp. (a)(d)	3,800		10,754
Quiksilver, Inc. (a)	27,162		393,849
Russell Corp.	3,346		47,781
Samsonite Corp. (a)	1,446		1,272
Skechers U.S.A., Inc. Class A
(sub. vtg.) (a)	3,466		73,479
Steven Madden Ltd	2,732		87,561
Stride Rite Corp.	7,198		100,052
Superior Uniform Group, Inc.	1,000		11,080
Tarrant Apparel Group (a)(d)	2,700		3,132
Timberland Co. Class A (a)	12,634		442,822
Under Armour, Inc. Class A (d)	4,000		112,760
Unifi, Inc. (a)	6,069		18,632
Unifirst Corp.	1,100		36,861
VF Corp.	18,863		1,033,692

See accompanying notes which are an integral part of the financial statements.

Annual Report A-14

Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Textiles, Apparel & Luxury Goods – continued
Warnaco Group, Inc. (a)	13,384		$ 310,643
Wolverine World Wide, Inc.	16,938		373,652
			14,933,035

TOTAL CONSUMER DISCRETIONARY		414,890,525

CONSUMER STAPLES 7.6%
Beverages 1.6%
Anheuser Busch Companies, Inc.	185,778		7,717,218
Boston Beer Co., Inc. Class A (a)	600		16,038
Brown Forman Corp. Class B (non vtg.) .	11,560		813,362
Coca Cola Bottling Co. Consolidated	921		41,657
Coca Cola Enterprises, Inc.	58,884		1,157,071
Constellation Brands, Inc. Class A
(sub. vtg.) (a)	48,018		1,264,794
Hansen Natural Corp. (a)(d)	3,869		361,132
Molson Coors Brewing Co. Class B	15,384		965,346
National Beverage Corp.	6,246		53,965
Pepsi Bottling Group, Inc.	34,312		1,007,400
PepsiAmericas, Inc.	18,145		434,028
PepsiCo, Inc.	400,704		23,685,613
The Coca Cola Co.	536,901		22,533,735
			60,051,359
Food & Staples Retailing – 1.8%
Albertsons, Inc.	84,804		2,157,414
Arden Group, Inc. Class A	100		9,085
BJ’s Wholesale Club, Inc. (a)	13,256		419,685
Casey’s General Stores, Inc.	9,700		254,431
Central European Distribution
Corp. (a)(d)	4,633		194,169
Costco Wholesale Corp.	115,376		5,916,481
CVS Corp.	195,100		5,527,183
Ingles Markets, Inc. Class A	14,283		235,812
Kroger Co. (a)	160,419		3,214,797
Longs Drug Stores Corp.	5,400		207,198
Nash Finch Co.	2,266		70,246
Pathmark Stores, Inc. (a)	6,814		68,549
Performance Food Group Co. (a)(d)	10,696		314,142
Pricesmart, Inc. (a)	400		3,200
Rite Aid Corp. (a)(d)	86,643		319,713
Ruddick Corp.	6,300		152,334
Safeway, Inc.	99,644		2,422,346
Smart & Final, Inc. (a)	2,141		32,329
SUPERVALU, Inc.	28,407		897,661
Sysco Corp.	151,169		4,548,675
The Great Atlantic & Pacific Tea
Co. (a)(d)	4,583		147,848
Topps Co., Inc.	9,720		78,538
United Natural Foods, Inc. (a)(d)	7,198		239,405
Wal Mart Stores, Inc.	624,708		28,336,755
Walgreen Co.	245,421		11,009,586

	Shares	Value (Note 1)
Weis Markets, Inc.	5,000		$ 223,300
Whole Foods Market, Inc.	28,731		1,835,336
Wild Oats Markets, Inc. (a)(d)	6,075		109,046
			68,945,264
Food Products – 1.1%
Alico, Inc.	200		9,046
American Italian Pasta Co. Class A (d)	2,600		11,310
Archer Daniels Midland Co.	145,592		4,618,178
Bridgford Foods Corp. (a)	400		2,600
Bunge Ltd.	28,283		1,603,363
Campbell Soup Co.	58,427		1,818,833
Chiquita Brands International, Inc.	6,587		113,428
ConAgra Foods, Inc.	127,748		2,686,540
Corn Products International, Inc.	16,346		440,688
Darling International, Inc. (a)(d)	16,316		71,464
Dean Foods Co. (a)	36,008		1,349,220
Del Monte Foods Co.	39,812		433,155
Delta & Pine Land Co.	13,141		332,599
Farmer Brothers Co.	3,020		65,685
Flowers Foods, Inc.	14,583		401,033
Fresh Del Monte Produce, Inc.	6,408		129,057
Gardenburger, Inc. (a)	400		6
General Mills, Inc.	86,403		4,255,348
Gold Kist, Inc. Delaware (a)	10,600		140,662
Green Mountain Coffee Roasters, Inc. (a)	1,900		77,919
H.J. Heinz Co.	81,274		3,077,846
Hain Celestial Group, Inc. (a)(d)	5,368		125,289
Hershey Co.	43,633		2,231,828
Hines Horticulture, Inc. (a)	800		2,968
Hormel Foods Corp.	16,473		567,165
J&J Snack Foods Corp.	1,066		36,191
John B. Sanfilippo & Son, Inc. (a)(d)	2,483		36,252
Kellogg Co.	57,863		2,563,910
Kraft Foods, Inc. Class A	74,931		2,254,674
Lancaster Colony Corp.	8,413		337,698
Lance, Inc. (d)	5,263		114,418
Maui Land & Pineapple, Inc. (a)	300		11,364
McCormick & Co., Inc. (non vtg.)	29,977		984,145
Omega Protein Corp. (a)	6,170		38,809
Peet’s Coffee & Tea, Inc. (a)	1,835		54,940
Pilgrims Pride Corp. Class B	9,264		213,628
Ralcorp Holdings, Inc. (a)	8,895		343,525
Sanderson Farms, Inc.	3,415		79,638
Sara Lee Corp.	195,840		3,460,493
Seaboard Corp.	100		149,400
Seneca Foods Group Class A (a)	2,162		42,483
Smithfield Foods, Inc. (a)	30,122		796,124
Tasty Baking Co.	200		1,432
The J.M. Smucker Co.	12,547		495,857
Tootsie Roll Industries, Inc. (d)	4,083		115,386
TreeHouse Foods, Inc. (a)	6,402		144,365

See accompanying notes which are an integral part of the financial statements.

A-15 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

CONSUMER STAPLES – continued
Food Products – continued
Tyson Foods, Inc. Class A	59,278		$ 802,031
Wm. Wrigley Jr. Co.	37,149		2,360,447
			40,002,440
Household Products – 1.8%
Central Garden & Pet Co. Class A (a)	4,220		229,399
Church & Dwight Co., Inc.	14,247		491,949
Clorox Co.	38,414		2,341,333
Colgate Palmolive Co.	126,425		6,887,634
Energizer Holdings, Inc. (a)	16,659		910,081
Kimberly Clark Corp.	110,782		6,556,079
Oil Dri Corp. of America	600		11,256
Procter & Gamble Co.	825,103		49,448,423
Spectrum Brands, Inc. (a)(d)	5,900		112,513
WD 40 Co.	2,748		83,896
			67,072,563
Personal Products 0.2%
Alberto Culver Co.	18,186		830,555
Avon Products, Inc.	117,432		3,387,913
Chattem, Inc. (a)(d)	3,200		124,768
Elizabeth Arden, Inc. (a)	4,552		111,069
Estee Lauder Companies, Inc. Class A	30,731		1,149,954
Herbalife Ltd. (a)	10,814		335,126
Inter Parfums, Inc.	4,303		75,303
Mannatech, Inc. (d)	5,836		78,144
Nature’s Sunshine Products, Inc.	700		11,879
NBTY, Inc. (a)	12,135		265,757
Nu Skin Enterprises, Inc. Class A	14,283		258,237
Playtex Products, Inc. (a)	8,800		92,400
Revlon, Inc.:
rights 3/20/06 (a)	100,969		6,058
Class A (sub. vtg.) (a)(d)	100,969		341,275
USANA Health Sciences, Inc. (a)(d)	2,090		90,184
			7,158,622
Tobacco – 1.1%
Alliance One International, Inc. (d)	13,951		62,082
Altria Group, Inc.	495,765		35,645,504
Loews Corp. – Carolina Group	18,407		874,148
Reynolds American, Inc.	21,963		2,331,372
Star Scientific, Inc. (a)(d)	14,579		38,926
Universal Corp.	5,248		213,436
UST, Inc. (a)	43,199		1,679,577
Vector Group Ltd. (d)	8,349		155,375
			41,000,420

TOTAL CONSUMER STAPLES		284,230,668

ENERGY 9.0%
Energy Equipment & Services – 2.0%
Atwood Oceanics, Inc. (a)	3,200		288,576
Baker Hughes, Inc.	79,939		5,433,454

	Shares	Value (Note 1)
BJ Services Co.	76,061	$ 2,381,470
Bristow Group, Inc. (a)	4,200	125,412
Cal Dive International, Inc. (a)(d)	19,726	694,552
Carbo Ceramics, Inc.	2,983	163,319
Cooper Cameron Corp. (a)	24,997	1,012,379
Diamond Offshore Drilling, Inc. (d)	12,870	996,009
Dresser Rand Group, Inc.	18,395	465,210
Dril Quip, Inc. (a)	3,228	163,982
ENSCO International, Inc. (d)	36,171	1,616,482
FMC Technologies, Inc. (a)	18,251	856,337
Global Industries Ltd. (a)	17,511	222,565
GlobalSantaFe Corp. (d)	55,249	3,057,480
Grant Prideco, Inc. (a)(d)	29,562	1,196,374
Grey Wolf, Inc. (a)(d)	65,083	451,676
Gulf Island Fabrication, Inc. (d)	300	6,819
Gulfmark Offshore, Inc. (a)	3,800	104,196
Halliburton Co.	125,584	8,539,712
Hanover Compressor Co. (a)(d)	41,439	633,188
Helmerich & Payne, Inc.	12,383	814,430
Hercules Offshore, Inc.	623	18,939
Hornbeck Offshore Services, Inc. (a)	4,789	154,014
Hydril Co. (a)	4,200	282,828
Input/Output, Inc. (a)(d)	12,704	96,042
Lone Star Technologies, Inc. (a)	7,026	349,192
Lufkin Industries, Inc.	6,898	357,040
Matrix Service Co. (a)(d)	6,459	71,501
Maverick Tube Corp. (a)	11,228	522,439
Metretek Technologies, Inc. (a)(d)	2,900	40,890
Mitcham Industries, Inc. (a)	1,500	25,125
Nabors Industries Ltd. (a)	36,792	2,426,432
National Oilwell Varco, Inc. (a)	40,443	2,462,170
Newpark Resources, Inc. (a)	23,916	178,413
Noble Corp.	28,653	2,117,743
NS Group, Inc. (a)	8,077	329,461
Oceaneering International, Inc. (a)	4,600	253,644
Oil States International, Inc. (a)(d)	10,711	369,851
Parker Drilling Co. (a)	18,231	168,637
Patterson UTI Energy, Inc.	42,783	1,178,672
Pioneer Drilling Co. (a)	8,000	115,120
Pride International, Inc. (a)	42,870	1,327,684
Rowan Companies, Inc.	27,424	1,103,816
RPC, Inc.	11,115	235,527
Schlumberger Ltd. (NY Shares)	144,118	16,573,570
SEACOR Holdings, Inc. (a)(d)	6,827	498,166
Smith International, Inc. (d)	50,722	1,964,463
Superior Energy Services, Inc. (a)	25,065	651,690
T 3 Energy Services, Inc. (a)	10	142
TETRA Technologies, Inc. (a)	15,989	601,186
Tidewater, Inc. (d)	15,945	833,126
TODCO Class A	13,233	443,570
Transocean, Inc. (a)	79,707	5,912,665
Trico Marine Services, Inc. (a)	2,900	84,477
Union Drilling, Inc.	1,246	15,637
Unit Corp. (a)	11,621	617,889

See accompanying notes which are an integral part of the financial statements.

Annual Report A-16

Common Stocks continued
	Shares	Value (Note 1)

ENERGY – continued
Energy Equipment & Services – continued
Universal Compression Holdings,
Inc. (a)(d)	4,900		$ 214,375
Veritas DGC, Inc. (a)	6,200		261,206
W H Energy Services, Inc. (a)	5,400		213,300
Weatherford International Ltd. (a)	84,490		3,643,209
			75,937,473
Oil, Gas & Consumable Fuels 7.0%
Alliance Resource Partners LP	3,076		113,535
Alpha Natural Resources, Inc.	12,281		262,445
Amerada Hess Corp.	21,773		3,011,424
Anadarko Petroleum Corp	52,997		5,255,183
Apache Corp.	77,186		5,165,287
Arch Coal, Inc.	16,448		1,202,513
Atlas America, Inc. (a)	7,348		492,243
ATP Oil & Gas Corp. (a)(d)	5,038		187,666
Berry Petroleum Co. Class A	3,951		266,890
Bill Barrett Corp. (a)(d)	14,621		484,248
BP Prudhoe Bay Royalty Trust (d)	4,643		314,331
Brigham Exploration Co. (a)	18,871		161,724
Buckeye Partners LP	5,644		249,803
Burlington Resources, Inc.	91,987		8,295,388
Cabot Oil & Gas Corp.	14,934		675,913
Callon Petroleum Co. (a)	3,030		53,570
Carrizo Oil & Gas, Inc. (a)	16,321		380,116
Cheniere Energy, Inc. (a)(d)	19,308		765,562
Chesapeake Energy Corp. (d)	84,459		2,507,588
Chevron Corp.	547,460		30,920,541
Cimarex Energy Co.	21,951		936,430
Clayton Williams Energy, Inc. (a)	2,180		94,765
CNX Gas Corp. (a)	6,000		129,240
Comstock Resources, Inc. (a)	13,659		383,818
ConocoPhillips	302,714		18,453,445
CONSOL Energy, Inc.	22,904		1,466,314
Copano Energy LLC (d)	7,026		285,818
Cross Timbers Royalty Trust	2,669		119,171
Crosstex Energy, Inc.	4,684		372,706
Delta Petroleum Corp. (a)(d)	14,446		281,841
Denbury Resources, Inc. (a)	23,550		667,643
Devon Energy Corp.	109,626		6,427,372
Dorchester Minerals LP	4,673		117,666
El Paso Corp.	188,138		2,460,845
Enbridge Energy Management LLC (d)	1,983		91,416
Encore Acquisition Co. (a)	10,578		324,110
Energy Partners Ltd. (a)	5,816		133,710
Enterprise Products Partners LP	15,186		368,716
EOG Resources, Inc.	58,575		3,947,955
EXCO Resources, Inc.	11,589		148,339
Exxon Mobil Corp.	1,535,123		91,140,196
Forest Oil Corp. (a)	10,749		533,688
Foundation Coal Holdings, Inc.	11,878		475,120
Frontier Oil Corp.	13,080		604,950

	Shares	Value (Note 1)
FX Energy, Inc. (a)(d)	12,906		$ 71,370
Gasco Energy, Inc. (a)(d)	10,000		57,100
General Maritime Corp.	10,799		395,567
Giant Industries, Inc. (a)(d)	7,923		461,119
GSV, Inc. (a)(d)	980		118
Harken Energy Corp. (a)	1,536		1,029
Harvest Natural Resources, Inc. (a)(d)	15,657		141,070
Holly Corp.	9,526		568,702
Houston Exploration Co. (a)	5,938		343,454
Hugoton Royalty Trust	6,529		223,422
Inergy LP	3,806		104,056
International Coal Group, Inc. (a)	28,000		239,400
James River Coal Co. (a)	6,577		237,759
KCS Energy, Inc. (a)	17,160		404,976
Kerr McGee Corp.	24,454		2,389,156
KFX, Inc. (a)(d)	21,677		452,616
Kinder Morgan Management LLC	16,054		702,041
Kinder Morgan, Inc.	30,085		2,791,286
Magellan Midstream Partners LP	6,086		191,648
Marathon Oil Corp.	90,815		6,411,539
Maritrans, Inc.	2,243		51,051
Massey Energy Co. (d)	15,938		592,894
McMoRan Exploration Co. (a)(d)	3,291		58,218
Meridian Resource Corp. (a)(d)	8,874		37,626
Murphy Oil Corp.	44,313		2,076,950
National Energy Group, Inc. (a)	71		403
Natural Resource Partners LP	1,123		59,148
Newfield Exploration Co. (a)(d)	28,283		1,093,138
Noble Energy, Inc.	40,398		1,698,332
Occidental Petroleum Corp.	103,272		9,453,519
OMI Corp. (d)	18,037		315,648
Overseas Shipholding Group, Inc.	5,794		293,003
Pacific Energy Partners LP	3,163		97,895
Parallel Petroleum Corp. (a)	28,245		480,447
Peabody Energy Corp.	61,688		2,977,680
Penn Virginia Corp.	4,000		247,400
Penn Virginia Resource Partners LP	3,213		185,326
Petrohawk Energy Corp. (a)	16,262		205,389
Petroleum Development Corp. (a)	3,048		131,094
Pioneer Natural Resources Co.	32,388		1,363,211
Plains Exploration & Production Co. (a) .	22,461		915,286
Pogo Producing Co. (d)	13,052		650,773
Quicksilver Resources, Inc. (a)(d)	11,100		403,152
Range Resources Corp.	31,658		757,576
Remington Oil & Gas Corp. (a)	4,835		202,587
Resource America, Inc. Class A	2,300		37,766
Ship Finance International Ltd.
(NY Shares)	8,000		146,480
Southwestern Energy Co. (a)	42,280		1,356,765
St. Mary Land & Exploration Co. (d)	18,317		703,190
Stone Energy Corp. (a)	5,142		212,879
Sunoco Logistics Partners LP	2,343		100,421
Sunoco, Inc.	33,842		2,507,692
Swift Energy Co. (a)	9,607		372,367

See accompanying notes which are an integral part of the financial statements.

A-17 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

ENERGY – continued
Oil, Gas & Consumable Fuels – continued
Syntroleum Corp. (a)(d)	24,063		$ 212,236
TC Pipelines LP	3,233		112,347
Teekay Shipping Corp.	14,222		553,236
TEPPCO Partners LP	9,330		339,892
Tesoro Corp.	16,155		975,924
TransMontaigne, Inc. (a)	6,401		48,264
Ultra Petroleum Corp. (a)	39,626		2,062,137
USEC, Inc.	15,100		187,844
Valero Energy Corp.	150,617		8,101,688
Valero LP	2,200		114,444
W&T Offshore, Inc.	6,916		269,102
Warren Resources, Inc. (a)	33,191		485,584
Western Gas Resources, Inc.	15,332		725,357
Western Refining, Inc.	3,249		52,764
Whiting Petroleum Corp. (a)	7,673		311,524
Williams Companies, Inc.	144,598		3,118,979
World Fuel Services Corp. (d)	14,050		425,715
XTO Energy, Inc.	80,375		3,366,909
		258,167,924

TOTAL ENERGY		334,105,397

FINANCIALS 21.1%
Capital Markets 2.9%
A.G. Edwards, Inc	17,600		786,720
Affiliated Managers Group, Inc. (a)(d)	10,330		1,016,782
Ameriprise Financial, Inc.	54,234		2,466,562
Bank of New York Co., Inc.	185,988		6,368,229
Bear Stearns Companies, Inc.	26,356		3,543,301
BlackRock, Inc. Class A	4,036		573,516
Calamos Asset Management, Inc.
Class A	9,049		347,210
Charles Schwab Corp.	256,019		4,150,068
E*TRADE Financial Corp. (a)	96,475		2,467,831
Eaton Vance Corp. (non vtg.) (d)	32,572		917,879
Federated Investors, Inc. Class B
(non vtg.)	24,874		967,350
Franklin Resources, Inc.	34,452		3,537,531
GAMCO Investors, Inc. Class A	600		26,994
Goldman Sachs Group, Inc.	92,994		13,139,122
Greenhill & Co., Inc. (d)	1,754		114,536
Investment Technology Group, Inc. (a)(d)	16,566		753,422
Investment Technology Group, Inc.
contingent payment rights (a)	1,200		0
Investors Financial Services Corp. (d)	13,954		629,465
Janus Capital Group, Inc.	69,554		1,525,319
Jefferies Group, Inc. (d)	15,016		856,513
Knight Capital Group, Inc. Class A (a)	31,740		399,607
LaBranche & Co., Inc. (a)(d)	8,974		126,982
Ladenburg Thalmann Financial Services,
Inc. (a)(d)	1,908		1,259
Legg Mason, Inc.	26,102		3,408,660

		Shares	Value (Note 1)
Lehman Brothers Holdings, Inc.		66,265	$ 9,671,377
Mellon Financial Corp.		95,283	3,438,763
Merrill Lynch & Co., Inc.		206,349	15,932,206
Morgan Stanley		241,716	14,420,777
Northern Trust Corp.		49,555	2,612,540
Nuveen Investments, Inc. Class A		16,532	796,346
Olympic Cascade Financial Corp. (a)		1,200	1,212
optionsXpress Holdings, Inc. (d)		7,000	215,460
Paulson Capital Corp.		1,300	18,434
Piper Jaffray Companies (a)(d)		2,772	137,713
Raymond James Financial, Inc. (d)		14,380	618,052
SEI Investments Co.		17,228	719,958
Siebert Financial Corp. (a)		2,700	6,890
State Street Corp.		80,918	5,055,757
Stifel Financial Corp. (a)		1,333	51,094
SWS Group, Inc.		2,406	58,634
T. Rowe Price Group, Inc.		32,530	2,497,653
TD Ameritrade Holding Corp.		71,450	1,554,752
TradeStation Group, Inc. (a)(d)		3,740	59,391
W.P. Stewart & Co. Ltd.		17,502	350,915
Waddell & Reed Financial, Inc.
Class A (d)		21,335	496,892
Westwood Holdings Group, Inc.		601	11,720
			106,851,394
Commercial Banks – 5.5%
1st Source Corp.		4,009	106,840
Abigail Adams National Bancorp, Inc.	.	302	4,122
Alabama National Bancorp, Delaware	.	2,924	203,423
Amcore Financial, Inc.		3,800	113,658
Ameris Bancorp		6,360	146,280
AmSouth Bancorp.		72,395	2,008,961
Arrow Financial Corp.		1,469	39,384
Associated Banc Corp.		31,365	1,081,152
BancFirst Corp.		820	69,372
BancorpSouth, Inc.		16,204	389,220
BancTrust Financial Group, Inc.		4,088	90,181
Bank of America Corp.		1,122,234	51,454,429
Bank of Granite Corp.		2,038	39,945
Bank of Hawaii Corp		12,701	678,233
Bank of the Ozarks, Inc.		1,836	65,288
BankFinancial Corp.		7,293	115,959
Banner Corp.		4,809	153,888
Bar Harbor Bankshares		2,825	78,535
Bay View Capital Corp. (a)		461	7,888
BB&T Corp.		132,575	5,240,690
BOK Financial Corp.		5,283	242,331
Boston Private Financial Holdings, Inc.	.	4,669	142,918
Bryn Mawr Bank Corp.		1,800	39,096
BWC Financial Corp.		3,246	113,902
Camden National Corp.		1,270	42,393
Capital City Bank Group, Inc.		2,960	103,363
Capital Corp. of the West		1,873	63,008
Capitol Bancorp Ltd.		2,475	107,267

See accompanying notes which are an integral part of the financial statements.

Annual Report A-18

Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Commercial Banks – continued
Cascade Bancorp	5,352		$ 139,206
Cathay General Bancorp	9,016		321,240
Cavalry Bancorp, Inc.	2,931		73,304
Centennial Bank Holdings, Inc.,
Delaware (a)(d)	11,160		133,027
Center Bancorp, Inc. (d)	4,047		45,772
Central Pacific Financial Corp.	9,098		336,626
Chemical Financial Corp.	8,561		275,579
Chittenden Corp.	8,261		237,834
Citizens & Northern Corp. (d)	8,382		213,573
Citizens Banking Corp., Michigan	6,600		174,768
City Holding Co.	3,000		109,230
City National Corp.	12,093		918,584
CoBiz, Inc. (d)	11,206		213,474
Colonial Bancgroup, Inc.	35,571		893,188
Columbia Banking Systems, Inc.	5,866		196,687
Comerica, Inc.	38,180		2,188,478
Commerce Bancorp, Inc., New Jersey (d)	35,673		1,183,273
Commerce Bancshares, Inc.	16,267		838,564
Commercial Bankshares, Inc.	2,566		91,375
Commercial National Financial Corp.,
Pennsylvania	2,005		35,709
Community Bank System, Inc.	8,054		174,530
Community Banks, Inc.	11,864		330,412
Community Capital Corp.	420		9,345
Community Trust Bancorp, Inc.	5,882		186,577
Compass Bancshares, Inc.	28,190		1,417,393
Cullen/Frost Bankers, Inc.	11,520		634,982
CVB Financial Corp. (d)	14,322		239,321
East West Bancorp, Inc.	10,375		391,034
Eastern Virgina Bankshares, Inc.	800		17,352
Exchange National Bancshares, Inc.	1,200		35,700
Farmers Capital Bank Corp.	1,141		37,185
Fidelity Southern Corp.	2,900		51,475
Fifth Third Bancorp	113,450		4,384,843
Financial Institutions, Inc.	1,679		32,102
First Bancorp, North Carolina	2,256		50,151
First Bancorp, Puerto Rico	18,264		231,222
First Charter Corp.	12,660		310,297
First Citizen Bancshares, Inc.	1,629		304,884
First Commonwealth Financial Corp.	20,769		280,797
First Community Bancorp, California	2,500		149,300
First Financial Bancorp, Ohio	7,077		119,672
First Financial Bankshares, Inc.	2,438		89,182
First Financial Corp., Indiana (d)	1,612		46,264
First Horizon National Corp.	30,286		1,184,485
First Indiana Corp.	2,462		67,927
First M&F Corp.	1,057		36,995
First Merchants Corp.	10,146		261,361
First Midwest Bancorp, Inc., Delaware (d)	12,449		418,660
First Oak Brook Bancshares, Inc.	1,645		44,267

	Shares	Value (Note 1)
First Republic Bank, California	9,438		$ 342,505
First State Bancorp.	7,984		206,147
First United Corp.	2,940		63,533
FirstMerit Corp.	17,918		443,291
Flag Financial Corp.	3,365		58,888
FNB Corp., North Carolina (d)	2,400		49,728
FNB Corp., Pennsylvania	14,487		238,891
FNB Corp., Virginia	5,239		178,021
FNB Financial Services Corp.	4,416		70,435
Foothill Independent Bancorp	4,543		120,162
Frontier Financial Corp., Washington	12,388		399,141
Fulton Financial Corp. (d)	36,934		650,038
Glacier Bancorp, Inc.	12,752		402,198
Gold Banc Corp., Inc.	5,188		94,889
Great Southern Bancorp, Inc.	6,638		186,992
Greater Bay Bancorp (d)	14,848		399,411
Greater Community Bancorp	2,906		43,706
Hancock Holding Co.	5,700		254,505
Hanmi Financial Corp.	16,972		304,647
Harleysville National Corp., Pennsylvania	6,357		140,808
Heritage Commerce Corp.	5,957		136,832
HF Financial Corp.	2,423		46,158
Huntington Bancshares, Inc.	48,249		1,160,388
IBERIABANK Corp.	2,500		144,400
Independent Bank Corp., Massachusetts	2,103		63,721
Independent Bank Corp., Michigan	5,030		135,659
Integra Bank Corp.	5,300		114,427
Interchange Financial Services Corp.	7,800		148,434
International Bancshares Corp.	10,677		308,886
Irwin Financial Corp.	5,100		102,204
KeyCorp	92,539		3,448,929
Leesport Financial Corp.	1,212		30,300
LSB Bancshares, Inc.	2,300		41,400
M&T Bank Corp.	18,250		2,051,300
Main Street Banks, Inc.	4,100		105,944
MainSource Financial Group, Inc.	7,000		127,960
Marshall & Ilsley Corp.	48,688		2,142,272
MB Financial, Inc.	7,698		282,978
Mercantile Bankshares Corp.	28,320		1,081,824
Merchants Bancshares, Inc.	1,800		43,812
Mid State Bancshares	3,712		106,794
Midsouth Bancorp, Inc.	2,559		69,989
Midwest Banc Holdings, Inc.	3,643		93,625
Nara Bancorp, Inc.	1,600		27,952
National City Corp.	130,482		4,540,774
National Penn Bancshares, Inc. (d)	15,880		332,210
NBT Bancorp, Inc.	10,179		232,896
North Fork Bancorp, Inc., New York	104,033		2,657,003
North Valley Bancorp	4,421		77,810
Northern States Financial Corp.	1,100		27,170
Northrim Bancorp, Inc.	2,594		60,311
Northway Financial, Inc.	400		14,800
Old National Bancorp, Indiana	15,482		328,993
Old Second Bancorp, Inc.	3,608		115,167

See accompanying notes which are an integral part of the financial statements.

A-19 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Commercial Banks – continued
Omega Financial Corp.	2,947		$ 95,836
Oriental Financial Group, Inc.	3,582		51,079
Pacific Capital Bancorp	7,644		273,120
Park National Corp.	3,102		325,400
Peoples Bancorp, Inc.	1,390		40,949
Peoples Financial Corp., Mississippi	2,598		42,867
PNC Financial Services Group, Inc.	67,496		4,748,344
Popular, Inc.	56,381		1,151,864
Princeton National Bancorp, Inc.	2,475		81,923
PrivateBancorp, Inc.	11,060		419,506
Prosperity Bancshares, Inc.	11,892		343,203
Provident Bankshares Corp.	6,659		242,188
Regions Financial Corp.	114,954		3,998,100
Renasant Corp.	5,040		173,729
Republic Bancorp, Inc.	13,071		158,551
Republic Bancorp, Inc., Kentucky Class A	3,542		70,840
Royal Bancshares of Pennsylvania, Inc.
Class A	2,505		60,746
S&T Bancorp, Inc.	4,720		171,997
S.Y. Bancorp, Inc.	6,079		150,638
Sandy Spring Bancorp, Inc.	8,264		293,124
Seacoast Banking Corp., Florida	4,400		118,536
Shore Bancshares, Inc.	1,921		64,911
Signature Bank, New York (a)	14,047		455,123
Simmons First National Corp. Class A	1,653		47,061
Sky Financial Group, Inc.	29,033		765,600
South Financial Group, Inc.	16,318		429,327
State Bancorp, Inc., New York	3,704		58,782
Sterling Bancorp, New York	2,754		56,016
Sterling Bancshares, Inc.	6,070		108,167
Sterling Financial Corp., Pennsylvania	5,781		119,262
Sterling Financial Corp., Washington	10,236		296,230
Suffolk Bancorp	1,444		49,544
Summit Bancshares, Inc.	2,938		53,736
Sun Bancorp, Inc., New Jersey (d)	2,747		57,138
SunTrust Banks, Inc.	86,809		6,282,367
Susquehanna Bancshares, Inc.,
Pennsylvania	10,905		262,920
SVB Financial Group (a)(d)	6,600		336,534
Synovus Financial Corp.	64,400		1,825,740
TCF Financial Corp.	30,111		763,615
TD Banknorth, Inc.	27,953		858,996
Texas Capital Bancshares, Inc. (a)	11,132		240,229
Texas Regional Bancshares, Inc. Class A	9,972		307,935
TIB Financial Corp.	900		27,864
Tompkins Trustco, Inc.	1,098		51,244
Trico Bancshares	4,400		113,872
Trustco Bank Corp., New York	15,309		192,434
Trustmark Corp.	9,000		271,350
U.S. Bancorp, Delaware	439,152		13,574,188
UCBH Holdings, Inc.	19,684		352,344

	Shares	Value (Note 1)
UMB Financial Corp.	5,486		$ 371,073
Umpqua Holdings Corp. (d)	12,788		344,381
Union Bankshares Corp.	1,262		56,929
UnionBanCal Corp.	8,924		616,559
United Bankshares, Inc., West Virginia	9,703		363,571
United Community Banks, Inc., Georgia .	19,512		533,653
Unizan Financial Corp.	2,881		78,651
USB Holding Co., Inc.	2,943		64,628
Vail Banks, Inc.	500		7,750
Valley National Bancorp	24,971		606,546
Wachovia Corp.	369,685		20,728,238
Washington Banking Co., Oak Harbor .	4,376		82,006
Washington Trust Bancorp, Inc.	5,572		151,391
Wells Fargo & Co.	399,449		25,644,626
WesBanco, Inc.	10,322		327,724
West Coast Bancorp, Oregon	3,534		95,383
Westamerica Bancorp.	8,154		442,273
Westbank Corp.	1,365		21,035
Westcorp	6,678		479,814
Western Alliance Bancorp. (d)	13,310		468,246
Whitney Holding Corp.	15,174		519,406
Wilmington Trust Corp., Delaware	18,101		774,904
Wilshire Bancorp, Inc.	6,000		115,500
Wintrust Financial Corp.	4,350		229,158
Yardville National Bancorp	1,968		70,750
Zions Bancorp	23,893		1,971,650
		204,351,104
Consumer Finance – 0.8%
ACE Cash Express, Inc. (a)	5,157		127,017
Advance America Cash Advance
Centers, Inc.	24,112		335,398
Advanta Corp. Class B	10,752		377,073
American Express Co.	265,808		14,321,735
AmeriCredit Corp. (a)(d)	32,079		946,331
Asta Funding, Inc. (d)	4,352		151,537
Capital One Financial Corp.	70,573		6,182,195
Cash America International, Inc.	11,063		296,488
CompuCredit Corp. (a)(d)	7,490		283,122
Consumer Portfolio Services, Inc. (a)	2,400		16,320
Equitex, Inc. (a)(d)	517		2,647
Equitex, Inc.:
Class A warrants 2/7/10 (a)	258		531
Class B warrants 2/7/10 (a)	258		0
First Cash Financial Services, Inc. (a)	9,774		170,263
First Marblehead Corp. (d)	6,528		236,183
Nelnet, Inc. Class A (a)	4,052		167,955
Rewards Network, Inc. (a)(d)	2,360		18,573
SLM Corp.	102,047		5,756,471
Student Loan Corp.	1,055		231,562
United Panam Financial Corp. (a)	2,332		62,731
WFS Financial, Inc. (a)	375		30,874
World Acceptance Corp. (a)	3,244		83,630
			29,798,636

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-20

Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Diversified Financial Services – 2.9%
AllianceBernstein Holding LP	3,525		$ 226,552
Asset Acceptance Capital Corp. (a)	6,300		125,937
CBOT Holdings, Inc. Class A (d)	853		100,270
Chicago Mercantile Exchange Holdings,
Inc. Class A	6,948		2,957,069
CIT Group, Inc.	56,666		3,046,931
Citigroup, Inc.	1,251,843		58,047,960
Encore Capital Group, Inc. (a)	9,436		162,677
eSpeed, Inc. Class A (a)	4,755		39,514
Financial Federal Corp.	4,950		138,254
Finova Group, Inc. (a)	3,400		204
First Albany Companies, Inc. (a)	1,530		8,828
Imperial Credit Industries, Inc. warrants
1/31/08 (a)	89		0
IntercontinentalExchange, Inc.	2,000		109,500
International Securities Exchange, Inc.
Class A	8,000		337,680
JPMorgan Chase & Co.	851,887		35,046,631
Leucadia National Corp.	22,976		1,246,448
Medallion Financial Corp.	100		1,214
MicroFinancial, Inc.	100		365
Moody’s Corp.	62,352		4,177,584
Portfolio Recovery Associates, Inc. (a)(d)	10,495		513,310
The Nasdaq Stock Market, Inc. (a)(d)	17,700		717,027
		107,003,955
Insurance – 4.8%
21st Century Holding Co. (d)	1,244		20,775
21st Century Insurance Group	12,491		202,354
ACE Ltd.	72,260		4,027,050
AFLAC, Inc.	118,984		5,503,010
Alfa Corp.	13,600		218,688
Alleghany Corp.	1,578		454,464
Allstate Corp.	161,495		8,846,696
AMBAC Financial Group, Inc.	23,144		1,739,272
American Equity Investment Life Holding
Co.	6,025		80,675
American Financial Group, Inc., Ohio	12,444		515,182
American Independence Corp. (a)	587		7,044
American International Group, Inc.	547,316		36,319,890
American National Insurance Co.	4,651		532,260
American Physicians Capital, Inc. (a)	2,003		98,728
AmerUs Group Co. (d)	8,791		529,658
Aon Corp.	58,441		2,314,848
Arch Capital Group Ltd. (a)	8,084		457,231
Argonaut Group, Inc. (a)	9,907		361,804
Arthur J. Gallagher & Co. (d)	20,136		593,811
Aspen Insurance Holdings Ltd.	17,785		412,790
Assurant, Inc.	24,985		1,134,319
Assured Guaranty Ltd.	18,485		488,004
Atlantic American Corp. (a)	100		259
Axis Capital Holdings Ltd.	26,920		833,443

	Shares	Value (Note 1)
Baldwin & Lyons, Inc. Class B	3,450		$ 85,388
Berkshire Hathaway, Inc. Class A (a)	250		21,700,000
Bristol West Holdings, Inc.	11,187		207,407
Brown & Brown, Inc.	25,380		793,633
Ceres Group, Inc. (a)	9,011		48,750
Cincinnati Financial Corp.	35,092		1,556,681
Citizens Financial Corp., Kentucky (a)	200		1,130
Citizens, Inc. Class A (d)	8,584		45,667
Clark, Inc.	1,340		14,150
CNA Financial Corp. (a)	5,284		163,381
CNA Surety Corp. (a)	8,543		148,477
Commerce Group, Inc., Massachusetts	6,917		373,587
Conseco, Inc. (a)(d)	40,254		999,909
Covanta Holding Corp. (a)	19,950		346,133
Crawford & Co. Class B	10,194		61,776
Delphi Financial Group, Inc. Class A	9,327		485,750
Donegal Group, Inc. Class B	2,698		60,705
EMC Insurance Group	4,920		120,638
Endurance Specialty Holdings Ltd.	20,235		637,403
Erie Indemnity Co. Class A	6,123		324,948
Everest Re Group Ltd.	16,146		1,599,100
FBL Financial Group, Inc. Class A	4,209		144,032
Fidelity National Financial, Inc.	38,542		1,455,346
Fidelity National Title Group, Inc. Class A	5,812		137,744
First Acceptance Corp. (a)	3,950		48,388
First American Corp., California	18,758		790,837
FPIC Insurance Group, Inc. (a)	1,648		57,911
Gainsco, Inc. (a)	500		4,275
Genworth Financial, Inc. Class A
(non vtg.)	89,910		2,860,936
Great American Financial Resources, Inc.	3,327		65,808
Hanover Insurance Group, Inc.	10,400		503,880
Harleysville Group, Inc.	5,500		144,815
Hartford Financial Services Group, Inc.	69,936		5,761,328
HCC Insurance Holdings, Inc. (d)	24,840		799,600
Hilb Rogal & Hobbs Co.	6,901		266,724
Horace Mann Educators Corp.	18,001		335,719
Independence Holding Co.	2,448		54,468
Infinity Property & Casualty Corp.	3,044		120,725
Investors Title Co.	1,058		45,733
IPC Holdings Ltd.	16,980		446,065
Jefferson Pilot Corp.	28,368		1,709,172
Kansas City Life Insurance Co.	1,100		55,440
LandAmerica Financial Group, Inc.	6,128		408,738
Lincoln National Corp.	39,847		2,262,114
Loews Corp.	29,720		2,741,967
Markel Corp. (a)	2,174		714,268
Marsh & McLennan Companies, Inc.	126,682		3,915,741
Max Re Capital Ltd.	20,186		492,740
MBIA, Inc.	30,595		1,797,150
Meadowbrook Insurance Group, Inc. (a)	600		3,972
Mercury General Corp.	7,846		438,591
MetLife, Inc.	95,948		4,808,914

See accompanying notes which are an integral part of the financial statements.

A-21 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Insurance – continued
Montpelier Re Holdings Ltd.	25,421		$ 438,258
National Financial Partners Corp.	9,826		578,260
National Security Group, Inc.	1,645		27,173
National Western Life Insurance Co.
Class A	488		108,853
Nationwide Financial Services, Inc.
Class A (sub. vtg.)	12,944		554,780
Navigators Group, Inc. (a)	2,148		100,741
Nymagic, Inc.	2,556		64,411
Odyssey Re Holdings Corp. (d)	5,220		122,566
Ohio Casualty Corp.	13,939		426,673
Old Republic International Corp.	52,130		1,109,848
PartnerRe Ltd.	14,242		863,208
Penn Treaty American Corp. (a)	150		1,560
Philadelphia Consolidated Holdings
Corp. (a)	4,100		438,700
Phoenix Companies, Inc. (d)	34,255		491,559
Platinum Underwriters Holdings Ltd.	20,207		618,738
PMA Capital Corp. Class A (a)	5,400		51,948
Presidential Life Corp.	5,318		116,517
Principal Financial Group, Inc.	67,268		3,277,297
ProAssurance Corp. (a)	9,253		474,586
Progressive Corp.	43,038		4,624,433
Protective Life Corp.	14,280		696,150
Prudential Financial, Inc.	125,963		9,704,190
Reinsurance Group of America, Inc.	9,962		460,543
RenaissanceRe Holdings Ltd.	18,516		824,888
RLI Corp.	4,000		210,880
RTW, Inc. (a)	1,450		14,747
SAFECO Corp.	29,937		1,542,055
Safety Insurance Group, Inc.	3,129		135,267
Scottish Re Group Ltd.	20,458		511,450
SCPIE Holding, Inc. (a)	2,045		46,503
SeaBright Insurance Holdings, Inc. (a)	6,000		99,660
Selective Insurance Group, Inc.	8,808		477,570
StanCorp Financial Group, Inc.	12,790		691,939
State Auto Financial Corp.	6,061		197,467
Stewart Information Services Corp.	5,850		274,658
The Chubb Corp.	45,994		4,403,926
The Midland Co.	3,869		130,269
The St. Paul Travelers Companies, Inc.	165,338		7,106,227
Torchmark Corp.	20,667		1,129,865
Transatlantic Holdings, Inc.	5,642		344,952
UICI	7,000		256,830
Unico American Corp. (a)	3,435		32,804
United Fire & Casualty Co.	3,976		142,301
Unitrin, Inc.	12,000		580,200
Universal American Financial Corp. (a) .	11,700		177,255
UnumProvident Corp.	63,809		1,320,208
USI Holdings Corp. (a)(d)	8,771		125,776
UTG, Inc. (a)	300		2,697

	Shares	Value (Note 1)
W.R. Berkley Corp.	25,979	$ 1,503,924
Wesco Financial Corp.	484	192,148
White Mountains Insurance Group Ltd. .	1,903	1,050,475
XL Capital Ltd. Class A	40,924	2,764,416
Zenith National Insurance Corp.	5,592	287,988
		180,790,346
Real Estate 2.4%
Aames Investment Corp., Maryland	17,394	100,189
Acadia Realty Trust (SBI) (d)	9,120	200,002
Affordable Residential Communties,
Inc. (d)	13,684	129,451
Agree Realty Corp.	1,490	46,503
Alexanders, Inc. (a)	542	128,725
Alexandria Real Estate Equities, Inc.	4,919	432,970
AMB Property Corp. (SBI)	14,297	767,034
AMEN Properties, Inc. (a)	75	410
American Campus Communities, Inc.	15,575	392,490
American Financial Realty Trust (SBI)	26,856	317,438
American Home Mortgage Investment
Corp.	7,560	215,460
American Land Lease, Inc.	3,001	80,067
American Mortgage Acceptance Co.	1,588	24,455
American Real Estate Partners LP	2,991	128,882
AmeriVest Properties, Inc. (a)	4,569	21,017
Annaly Mortgage Management, Inc. (d)	26,626	312,856
Anthracite Capital, Inc.	8,614	92,342
Anworth Mortgage Asset Corp.	4,800	36,048
Apartment Investment & Management
Co. Class A	25,341	1,122,860
Arbor Realty Trust, Inc.	13,814	363,446
Archstone Smith Trust	47,578	2,255,197
Arden Realty, Inc.	17,080	774,749
Ashford Hospitality Trust, Inc.	26,680	333,233
Associated Estates Realty Corp.	7,843	88,312
AvalonBay Communities, Inc.	15,854	1,632,962
Bedford Property Investors, Inc.	6,035	161,859
BioMed Realty Trust, Inc.	16,039	443,960
BNP Residential Properties, Inc.	3,537	60,660
Boston Properties, Inc. (d)	24,328	2,059,852
Boykin Lodging Co. (a)	6,069	77,562
Brandywine Realty Trust (SBI)	18,566	545,283
BRE Properties, Inc. Class A (d)	10,848	589,806
BRT Realty Trust	4,566	118,259
Camden Property Trust (SBI)	10,727	706,373
Capital Lease Funding, Inc.	13,883	150,492
Capital Trust, Inc. Class A	8,506	287,503
CapitalSource, Inc.	35,458	872,621
Capstead Mortgage Corp.	2,634	18,412
CarrAmerica Realty Corp. (d)	17,880	741,305
CB Richard Ellis Group, Inc.
Class A (a)(d)	15,470	1,062,480
CBL & Associates Properties, Inc. (d)	12,658	539,231
Cedar Shopping Centers, Inc.	10,479	159,386
CenterPoint Properties Trust (SBI)	10,402	518,540

See accompanying notes which are an integral part of the financial statements.

Annual Report A-22

Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Real Estate continued
CentraCore Properties Trust	2,637		$ 71,252
Colonial Properties Trust (SBI) (d)	10,906		527,305
Commercial Net Lease Realty, Inc.	18,845		428,724
Consolidated Tomoka Land Co.	2,369		153,985
Corporate Office Properties Trust (SBI) (d)	6,900		286,488
Cousins Properties, Inc. (d)	6,869		210,672
Crescent Real Estate Equities Co.	31,701		667,306
Developers Diversified Realty Corp.	19,670		987,237
DiamondRock Hospitality Co.	23,200		297,656
Digital Realty Trust, Inc.	8,246		227,672
Duke Realty Corp. (d)	34,426		1,208,353
Eastgroup Properties, Inc.	6,213		285,487
ECC Capital Corp.	35,669		57,427
Education Realty Trust, Inc. (d)	7,044		95,094
Entertainment Properties Trust (SBI)	7,556		312,441
Equity Inns, Inc.	10,932		169,227
Equity Lifestyle Properties, Inc.	4,988		237,878
Equity Office Properties Trust	105,941		3,331,844
Equity One, Inc.	12,267		276,008
Equity Residential (SBI)	77,157		3,493,669
Essex Property Trust, Inc.	4,200		418,530
Extra Space Storage, Inc.	20,365		305,475
Federal Realty Investment Trust (SBI) (d) .	16,905		1,178,109
FelCor Lodging Trust, Inc. (d)	7,268		144,270
Fieldstone Investment Corp.	8,500		100,640
First Industrial Realty Trust, Inc.	7,500		289,350
First Potomac Realty Trust	12,120		359,237
Forest City Enterprises, Inc. Class A	17,426		705,927
Franklin Street Properties Corp.	10,340		210,729
Friedman, Billings, Ramsey Group, Inc.
Class A (d)	28,926		288,103
General Growth Properties, Inc. (d)	61,373		3,092,585
Getty Realty Corp.	7,503		212,710
Gladstone Commercial Corp.	900		16,875
Glenborough Realty Trust, Inc.	8,600		166,410
Glimcher Realty Trust (d)	6,287		167,737
Global Signal, Inc.	3,622		168,097
GMH Communities Trust	18,812		312,655
Gramercy Capital Corp.	3,996		104,935
Health Care Property Investors, Inc.	41,781		1,147,724
Health Care REIT, Inc. (d)	10,591		386,042
Healthcare Realty Trust, Inc. (d)	13,961		520,885
Heritage Property Investment Trust,
Inc. (d)	7,067		271,090
Highland Hospitality Corp. (d)	6,812		83,924
Highwoods Properties, Inc. (SBI) (d)	11,942		386,324
Home Properties of New York, Inc. (d)	7,166		353,714
HomeBanc Mortgage Corp., Georgia (d)	25,009		217,578
Hospitality Properties Trust (SBI)	14,014		623,623
Host Marriott Corp.	73,863		1,435,158
HRPT Properties Trust (SBI) (d)	84,433		905,122

	Shares	Value (Note 1)
Impac Mortgage Holdings, Inc. (d)	14,479		$ 120,320
Inland Real Estate Corp.	10,753		165,489
Innkeepers USA Trust (SBI) (d)	6,459		113,226
Investors Real Estate Trust	10,700		101,222
iStar Financial, Inc.	18,806		716,509
Jones Lang LaSalle, Inc. (d)	5,250		355,320
Kilroy Realty Corp.	9,900		740,718
Kimco Realty Corp.	42,311		1,520,234
Kite Realty Group Trust	15,000		226,950
KKR Financial Corp.	16,400		375,068
LaSalle Hotel Properties (SBI)	5,338		213,253
Lexington Corporate Properties Trust (d) .	9,054		193,031
Liberty Property Trust (SBI) (d)	16,295		729,690
Longview Fibre Co.	10,700		201,374
LTC Properties, Inc.	5,854		129,549
Luminent Mortgage Capital, Inc.	15,498		117,475
Mack Cali Realty Corp. (d)	15,836		711,036
Maguire Properties, Inc.	6,425		217,422
MeriStar Hospitality Corp. (a)	38,369		395,584
MFA Mortgage Investments, Inc.	22,926		135,722
Mid America Apartment Communities,
Inc. (d)	10,561		573,462
Mission West Properties, Inc.	6,896		73,787
Monmouth Real Estate Investment Corp.
Class A	5,400		45,144
MortgageIT Holdings, Inc.	12,406		144,530
National Health Investors, Inc.	8,489		225,977
National Health Realty, Inc.	5,083		100,643
Nationwide Health Properties, Inc. (d)	15,314		344,871
New Century Financial Corp.	12,378		479,648
New Plan Excel Realty Trust (d)	21,703		543,660
Newcastle Investment Corp.	13,959		333,899
Novastar Financial, Inc. (d)	5,208		159,625
Omega Healthcare Investors, Inc. (d)	11,978		154,995
One Liberty Properties, Inc. (d)	3,094		62,684
Opteum, Inc. Class A	8,157		71,047
Pan Pacific Retail Properties, Inc.	15,087		1,044,171
Parkway Properties, Inc.	2,300		101,292
Pennsylvania (REIT) (SBI)	12,313		497,445
Plum Creek Timber Co., Inc.	38,267		1,421,619
Post Properties, Inc.	13,012		577,733
Potlatch Corp.	8,755		319,032
ProLogis Trust	58,532		3,074,101
PS Business Parks, Inc.	5,673		301,747
Public Storage, Inc.	19,350		1,509,687
RAIT Investment Trust (SBI)	3,700		101,010
Ramco Gershenson Properties Trust
(SBI) (d)	5,200		151,112
Rayonier, Inc. (d)	10,654		459,187
Realty Income Corp.	18,481		425,987
Reckson Associates Realty Corp.	15,684		641,476
Redwood Trust, Inc. (d)	3,700		153,402
Regency Centers Corp.	9,710		626,295
Saul Centers, Inc.	2,530		98,139

See accompanying notes which are an integral part of the financial statements.

A-23 Annual Report

Spartan Total Market Index Fund Investments - continued

Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Real Estate continued
Saxon Capital, Inc.	9,373		$ 93,261
Senior Housing Properties Trust (SBI)	10,720		192,210
Shurgard Storage Centers, Inc. Class A .	11,331		726,657
Simon Property Group, Inc.	49,570		4,112,823
Sizeler Property Investors, Inc.	6,129		88,871
SL Green Realty Corp.	7,936		689,718
Sovran Self Storage, Inc.	3,400		176,800
Spirit Finance Corp. (d)	37,838		455,948
Strategic Hotel Capital, Inc.	16,527		356,983
Sun Communities, Inc. (d)	4,061		140,592
Sunstone Hotel Investors, Inc.	12,888		378,392
Tanger Factory Outlet Centers, Inc.	5,800		187,340
Taubman Centers, Inc.	12,222		485,702
Tejon Ranch Co. (a)(d)	2,241		106,223
The Macerich Co. (d)	16,941		1,220,599
The Mills Corp.	10,552		417,121
The St. Joe Co.	15,219		912,075
Thornburg Mortgage, Inc. (SBI) (d)	34,699		901,133
Town & Country Trust	5,100		205,479
Trammell Crow Co. (a)	6,244		202,805
Transcontinental Realty Investors,
Inc. (a)(d)	600		9,720
Trizec Properties, Inc. (d)	24,700		599,469
Trustreet Properties, Inc.	10,492		152,134
U Store It Trust (d)	24,318		541,562
United Capital Corp. (a)	1,894		51,081
United Dominion Realty Trust, Inc.
(SBI) (d)	34,239		915,893
United Mobile Homes, Inc.	4,571		70,851
Universal Health Realty Income Trust (SBI)	5,117		180,374
Urstadt Biddle Properties, Inc.	365		5,979
Urstadt Biddle Properties, Inc. Class A	7,415		126,203
Ventas, Inc.	22,496		697,376
Vornado Realty Trust	29,381		2,614,615
W.P. Carey & Co. LLC	6,483		168,688
Washington (REIT) (SBI)	11,409		381,289
Weingarten Realty Investors (SBI)	19,550		769,879
Winston Hotels, Inc. (d)	7,079		72,772
Winthrop Realty Trust	983		5,289
			88,720,470
Thrifts & Mortgage Finance – 1.8%
Accredited Home Lenders Holding
Co. (a)(d)	2,591		138,126
Aether Holdings, Inc. (a)	7,213		24,668
Anchor BanCorp Wisconsin, Inc.	7,806		237,693
Astoria Financial Corp.	29,927		858,007
Bank Mutual Corp.	15,096		171,189
BankAtlantic Bancorp, Inc. Class A
(non vtg.)	9,000		122,850
BankUnited Financial Corp. Class A	5,100		142,494
BCSB Bankcorp, Inc.	3,011		38,390

	Shares	Value (Note 1)
Berkshire Hills Bancorp, Inc.	1,240		$ 40,982
Brookline Bancorp, Inc., Delaware	10,845		162,783
Camco Financial Corp.	404		5,700
Capital Crossing Bank (a)	2,000		64,180
Capitol Federal Financial (d)	4,232		139,487
CFS Bancorp, Inc.	800		11,744
Charter Financial Corp., Georgia	517		19,646
Charter Municipal Mortgage Acceptance
Co.	12,910		284,924
Citizens South Banking Corp., Delaware	3,732		46,650
City Bank Lynnwood, Washington	4,594		194,418
Clifton Savings Bancorp, Inc.	14,601		150,098
Coastal Financial Corp.	8,041		106,382
Commercial Capital Bancorp, Inc.	15,540		222,688
Corus Bankshares, Inc. (d)	6,600		396,330
Countrywide Financial Corp.	144,349		4,977,154
Dime Community Bancshares, Inc.	7,725		105,678
Doral Financial Corp.	18,000		200,880
Downey Financial Corp.	4,495		285,657
ESB Financial Corp.	5,043		59,608
Fannie Mae	232,860		12,732,785
Farmer Mac Class A (multi vtg.)	700		14,070
Fidelity Bankshares, Inc.	6,982		222,935
First Busey Corp. (d)	6,641		135,543
First Defiance Financial Corp.	3,067		84,619
First Financial Holdings, Inc.	3,500		113,120
First Financial Service Corp.	2,030		58,058
First Niagara Financial Group, Inc.	33,807		476,341
First Place Financial Corp.	3,046		72,769
FirstFed Financial Corp., Delaware (a)(d)	3,873		232,419
Flagstar Bancorp, Inc.	7,834		121,035
Flushing Financial Corp.	3,135		51,978
Franklin Bank Corp. (a)	10,118		172,613
Freddie Mac	166,389		11,212,955
Fremont General Corp.	16,514		391,712
Golden West Financial Corp., Delaware	71,693		5,092,354
Greater Delaware Valley Savings Bank .	1,542		38,165
Guaranty Federal Bancshares, Inc.	900		25,524
Harbor Florida Bancshares, Inc.	4,705		178,837
Heritage Financial Corp., Washington	1,365		36,855
Hingham Institution for Savings	1,466		56,104
Home City Financial Corp. (d)	800		12,248
Home Federal Bancorp	2,206		55,922
Horizon Financial Corp.	4,727		114,724
Hudson City Bancorp, Inc.	147,896		1,909,337
Independence Community Bank Corp.	16,871		691,374
IndyMac Bancorp, Inc. (d)	13,431		521,391
ITLA Capital Corp. (a)	900		41,652
KNBT Bancorp, Inc.	11,351		179,573
MAF Bancorp., Inc.	6,431		275,633
MASSBANK Corp.	742		24,486
MGIC Investment Corp.	20,114		1,282,268
NASB Financial, Inc.	1,172		41,958
NetBank, Inc.	7,793		58,058

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-24

Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Thrifts & Mortgage Finance – continued
New York Community Bancorp, Inc. (d) .	56,343		$ 950,506
NewAlliance Bancshares, Inc.	28,814		408,871
NewMil Bancorp, Inc.	2,298		69,974
Northwest Bancorp, Inc.	6,200		140,864
OceanFirst Financial Corp.	5,699		135,066
Ocwen Financial Corp. (a)(d)	13,732		134,848
Pacific Premier Bancorp, Inc. (a)	40		480
Pamrapo Bancorp, Inc.	2,741		55,358
Parkvale Financial Corp.	500		13,960
Partners Trust Financial Group, Inc.	15,509		182,696
People’s Bank, Connecticut	20,516		634,765
Peoples Bancorp, Auburn, Indiana	300		6,450
PFF Bancorp, Inc.	7,650		240,440
Provident Financial Holdings, Inc.	1,350		40,230
Provident Financial Services, Inc.	13,171		244,981
Provident New York Bancorp	7,401		88,220
PVF Capital Corp.	4,083		42,831
R&G Financial Corp. Class B	5,100		60,129
Radian Group, Inc. (d)	17,444		989,947
Riverview Bancorp, Inc.	2,511		63,779
Sovereign Bancorp, Inc.	93,312		1,943,689
TF Financial Corp.	1,583		45,116
The PMI Group, Inc.	21,713		940,173
TierOne Corp.	10,000		330,000
Timberland Bancorp, Inc.	2,452		64,978
Triad Guaranty, Inc. (a)	4,250		192,908
Union Community Bancorp	658		17,509
United Community Financial Corp., Ohio	10,530		128,887
W Holding Co., Inc.	28,060		225,602
Washington Federal, Inc.	21,759		514,818
Washington Mutual, Inc.	236,387		10,093,725
Webster Financial Corp.	12,478		588,338
Westfield Financial, Inc.	2,266		56,106
Willow Grove Bancorp, Inc.	4,146		70,399
WSFS Financial Corp.	2,374		143,128
			65,797,592

TOTAL FINANCIALS		783,313,497

HEALTH CARE 12.5%
Biotechnology – 2.1%
Aastrom Biosciences, Inc. (a)(d)	1,900		3,249
Abgenix, Inc. (a)(d)	20,350		452,584
Affymetrix, Inc. (a)(d)	23,951		850,500
Albany Molecular Research, Inc. (a)	4,800		48,432
Alexion Pharmaceuticals, Inc. (a)(d)	9,248		347,540
Alkermes, Inc. (a)(d)	31,772		807,327
Alliance Pharmaceutical Corp. (a)	300		24
Amgen, Inc. (a)	301,086		22,728,982
Amylin Pharmaceuticals, Inc. (a)(d)	30,873		1,339,271
Antigenics, Inc. (a)(d)	5,388		32,921

	Shares	Value (Note 1)
Applera Corp.:
– Applied Biosystems Group	44,853	$ 1,267,994
– Celera Genomics Group (a)	18,037	207,245
Arena Pharmaceuticals, Inc. (a)(d)	5,200	92,092
ARIAD Pharmaceuticals, Inc. (a)	6,185	41,501
ArQule, Inc. (a)	3,400	18,292
Array Biopharma, Inc. (a)	21,015	190,186
Avant Immunotherapeutics, Inc. (a)	2,169	4,273
AVI BioPharma, Inc. (a)(d)	2,700	20,655
Avigen, Inc. (a)	1,600	9,120
Axonyx, Inc. (a)	22,314	26,331
BioCryst Pharmaceuticals, Inc. (a)(d)	1,700	33,813
Biogen Idec, Inc. (a)	85,720	4,050,270
BioMarin Pharmaceutical, Inc. (a)	43,947	574,827
Biopure Corp. Class A (a)(d)	907	862
BioSphere Medical, Inc. (a)	800	6,080
Boston Life Sciences, Inc. (a)(d)	1,080	3,046
Caliper Life Sciences, Inc. (a)(d)	4,716	31,267
Cambrex Corp.	2,830	52,412
Celgene Corp. (a)(d)	85,072	3,232,736
Cell Genesys, Inc. (a)(d)	5,600	39,424
Cell Therapeutics, Inc. (a)(d)	4,949	9,552
Cephalon, Inc. (a)(d)	14,328	1,138,789
Cepheid, Inc. (a)	4,999	45,791
Charles River Laboratories International,
Inc. (a)	17,951	867,931
Chiron Corp. (a)	26,529	1,211,579
Ciphergen Biosystems, Inc. (a)	2,209	3,866
Cryo Cell International, Inc. (a)	8,023	27,679
Cubist Pharmaceuticals, Inc. (a)	16,366	361,852
CuraGen Corp. (a)	4,779	23,847
CV Therapeutics, Inc. (a)(d)	10,344	278,357
Cytogen Corp. (a)(d)	370	1,191
Cytokinetics, Inc. (a)	12,030	85,894
Dendreon Corp. (a)(d)	18,158	88,429
Digene Corp. (a)(d)	2,716	112,605
Discovery Partners International, Inc. (a)	214	514
Diversa Corp. (a)	6,100	48,251
DOV Pharmaceutical, Inc. (a)(d)	2,861	55,074
Dyax Corp. (a)	9,586	57,516
Embrex, Inc. (a)	2,200	26,253
Encysive Pharmaceuticals, Inc. (a)	14,400	131,040
EntreMed, Inc. (a)(d)	3,700	9,102
Enzo Biochem, Inc. (a)	5,106	67,246
Enzon Pharmaceuticals, Inc. (a)	4,594	31,055
Exact Sciences Corp. (a)	3,245	8,340
Exelixis, Inc. (a)	12,268	133,230
Genaera Corp. (a)(d)	7,533	13,107
Gene Logic, Inc. (a)	4,200	16,044
Genelabs Technologies, Inc. (a)	1,960	3,626
Genentech, Inc. (a)	115,249	9,875,687
Genitope Corp. (a)(d)	11,809	107,580
Genta, Inc. (a)(d)	23,275	64,937
GenVec, Inc. (a)	17,041	34,423

See accompanying notes which are an integral part of the financial statements.

A-25 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Biotechnology – continued
Genzyme Corp. (a)	64,014	$ 4,438,731
Geron Corp. (a)(d)	33,352	298,834
Gilead Sciences, Inc. (a)	112,331	6,994,851
GTC Biotherapeutics, Inc. (a)	4,100	5,084
Harvard Bioscience, Inc. (a)	786	3,922
Hemispherx Biopharma, Inc. (a)(d)	800	2,664
Human Genome Sciences, Inc. (a)(d)	30,411	380,746
ICOS Corp. (a)(d)	10,865	262,172
Idenix Pharmaceuticals, Inc. (a)(d)	3,770	77,172
IDM Pharma, Inc. (a)(d)	442	2,652
Illumina, Inc. (a)	2,200	55,946
ImClone Systems, Inc. (a)(d)	15,006	576,080
ImmunoGen, Inc. (a)(d)	2,572	11,754
Immunomedics, Inc. (a)(d)	5,227	15,054
Incyte Corp. (a)	25,016	147,094
Indevus Pharmaceuticals, Inc. (a)(d)	8,080	48,803
InterMune, Inc. (a)(d)	3,546	67,587
Introgen Therapeutics, Inc. (a)(d)	5,766	34,192
Invitrogen Corp. (a)	12,195	864,991
Isis Pharmaceuticals, Inc. (a)	7,200	57,888
Kendle International, Inc. (a)	2,900	92,075
Keryx Biopharmaceuticals, Inc. (a)	20,000	341,200
Kosan Biosciences, Inc. (a)	1,712	8,406
La Jolla Pharmaceutical Co. (a)(d)	2,083	11,248
Lexicon Genetics, Inc. (a)	5,448	22,337
Luminex Corp. (a)	2,179	30,506
MannKind Corp. (a)(d)	11,612	200,771
Martek Biosciences (a)(d)	8,435	287,465
Maxygen, Inc. (a)	5,600	43,568
Medarex, Inc. (a)	25,798	380,778
MedImmune, Inc. (a)	61,859	2,257,235
Millennium Pharmaceuticals, Inc. (a)(d) .	69,267	725,918
Monogram Biosciences, Inc. (a)(d)	16,850	33,532
Myogen, Inc. (a)	9,543	361,680
Myriad Genetics, Inc. (a)	10,926	280,580
Nabi Biopharmaceuticals (a)(d)	10,423	42,839
Nanogen, Inc. (a)(d)	1,100	2,772
Nektar Therapeutics (a)(d)	19,726	412,471
Neopharm, Inc. (a)(d)	3,269	33,082
NeoRX Corp. (a)(d)	4,739	6,362
Neose Technologies, Inc. (a)	1,356	4,434
Neurocrine Biosciences, Inc. (a)(d)	13,281	871,366
Neurogen Corp. (a)	500	3,370
Northfield Laboratories, Inc. (a)(d)	9,454	98,983
Novavax, Inc. (a)(d)	5,764	33,431
NPS Pharmaceuticals, Inc. (a)(d)	5,449	83,588
Nuvelo, Inc. (a)	1,431	24,527
ONYX Pharmaceuticals, Inc. (a)	7,174	204,459
Orchid Cellmark, Inc. (a)	3,164	21,167
Orthologic Corp. (a)	7,445	43,107
Oscient Pharmaceuticals Corp. (a)(d)	5,546	11,203

	Shares	Value (Note 1)
OSI Pharmaceuticals, Inc. (a)(d)	12,837		$ 416,946
Palatin Technologies, Inc. (a)(d)	11,411		34,233
PDL BioPharma, Inc. (a)	31,187		976,465
Peregrine Pharmaceuticals, Inc. (a)(d)	8,337		11,672
Pharmacopeia Drug Discovery, Inc. (a) .	2,082		10,056
Pharmacyclics, Inc. (a)(d)	4,032		19,152
Pharmion Corp. (a)	5,030		83,096
PRAECIS Pharmaceuticals, Inc. (a)	1,750		10,430
Progenics Pharmaceuticals, Inc. (a)	2,119		62,511
Regeneron Pharmaceuticals, Inc. (a)	12,628		206,720
Renovis, Inc. (a)(d)	8,456		183,157
Repligen Corp. (a)	5,105		22,717
Rigel Pharmaceuticals, Inc. (a)	7,216		68,552
Sangamo Biosciences, Inc. (a)	1,300		8,268
Savient Pharmaceuticals, Inc. (a)	6,200		32,054
SciClone Pharmaceuticals, Inc. (a)	6,560		15,416
Seattle Genetics, Inc. (a)	6,835		36,089
Sequenom, Inc. (a)	7,440		4,836
Serologicals Corp. (a)(d)	14,917		360,842
Sirna Therapeutics, Inc. (a)(d)	9,506		58,462
Solexa, Inc. (a)(d)	50		382
Sonus Pharmaceuticals, Inc. (a)(d)	200		1,152
StemCells, Inc. (a)(d)	6,132		22,259
Tanox, Inc. (a)(d)	5,060		96,545
Tapestry Pharmaceuticals, Inc. (a)	630		2,249
Targeted Genetics Corp. (a)	2,723		1,334
Techne Corp. (a)	8,507		505,911
Telik, Inc. (a)(d)	11,107		245,687
Theravance, Inc. (a)	8,600		241,316
Third Wave Technologies, Inc. (a)	7,202		22,253
Titan Pharmaceuticals, Inc. (a)	1,300		4,498
Transgenomic, Inc. (a)	1,800		1,620
Trimeris, Inc. (a)	2,400		30,096
United Therapeutics Corp. (a)(d)	3,755		231,458
Vertex Pharmaceuticals, Inc. (a)	20,829		900,646
Vical, Inc. (a)	1,900		8,949
Vion Pharmaceuticals, Inc. (a)	4,500		10,800
Viragen, Inc. (a)(d)	1,410		1,029
XOMA Ltd. (a)(d)	11,000		18,480
Zymogenetics, Inc. (a)	13,884		307,392
			78,050,050
Health Care Equipment & Supplies 2.3%
Abaxis, Inc. (a)	10,040		220,780
Abiomed, Inc. (a)(d)	4,599		47,830
Adeza Biomedical Corp. (a)	5,000		111,000
Advanced Medical Optics, Inc. (a)	15,398		684,903
Aksys Ltd. (a)(d)	2,300		3,933
Align Technology, Inc. (a)(d)	12,048		98,312
American Medical Systems Holdings,
Inc. (a)	23,426		507,641
Analogic Corp.	2,200		118,690
Angiodynamics, Inc. (a)	5,000		125,550
Arrow International, Inc.	6,467		200,089

See accompanying notes which are an integral part of the financial statements.

Annual Report A-26

Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Health Care Equipment & Supplies – continued
ArthroCare Corp. (a)(d)	3,607		$ 162,928
Aspect Medical Systems, Inc. (a)	5,515		147,747
Atrion Corp.	200		14,917
Bausch & Lomb, Inc.	13,093		906,167
Baxter International, Inc.	150,093		5,681,020
Beckman Coulter, Inc. (d)	13,423		724,171
Becton, Dickinson & Co.	55,348		3,533,970
Bio Rad Laboratories, Inc. Class A (a)	3,622		207,577
BioLase Technology, Inc. (d)	3,357		25,748
Biomet, Inc.	58,229		2,119,536
Biosite, Inc. (a)(d)	5,103		275,970
BioVeris Corp. (a)	5,668		24,429
Boston Scientific Corp. (a)	145,720		3,558,482
Bruker BioSciences Corp. (a)(d)	12,425		55,540
C.R. Bard, Inc.	24,286		1,590,490
Candela Corp. (a)	8,492		162,622
Cantel Medical Corp. (a)	9,146		156,580
Cardiac Science Corp. (a)	1,171		11,710
Cardiodynamics International
Corp. (a)(d)	8,210		10,673
Cardiogenesis Corp. (a)(d)	300		162
Cerus Corp. (a)	6,500		70,395
Cholestech Corp. (a)	2,955		34,160
Clarient, Inc. (a)(d)	3,500		3,920
Conceptus, Inc. (a)	3,357		48,106
CONMED Corp. (a)	4,900		94,864
Conor Medsystems, Inc. (a)	21,392		550,844
Cooper Companies, Inc.	9,133		479,209
Curon Medical, Inc. (a)	9,985		3,894
Cutera, Inc. (a)	5,000		135,450
Cyberonics, Inc. (a)(d)	3,730		101,344
Cygnus, Inc. (a)	12,300		0
Cytyc Corp. (a)(d)	27,272		786,252
Dade Behring Holdings, Inc.	20,550		749,664
Datascope Corp.	2,900		110,635
DENTSPLY International, Inc.	15,752		897,706
Diagnostic Products Corp.	5,861		270,485
DiaSys Corp. (a)	2,600		650
Dionex Corp. (a)(d)	3,300		181,071
DJ Orthopedics, Inc. (a)	6,919		241,335
Edwards Lifesciences Corp. (a)(d)	12,817		529,983
Encore Medical Corp. (a)(d)	8,288		49,396
Epix Pharmaceuticals, Inc. (a)(d)	3,458		15,042
ev3, Inc.	2,714		45,215
Exactech, Inc. (a)	2,290		29,083
Fisher Scientific International, Inc. (a)	30,038		2,047,390
Fonar Corp. (a)	20,925		15,485
Foxhollow Technologies, Inc. (a)(d)	2,656		70,543
Gen Probe, Inc. (a)	12,054		602,218
Greatbatch, Inc. (a)	3,200		70,752
Guidant Corp.	82,529		6,334,926

	Shares	Value (Note 1)
Haemonetics Corp. (a)	7,964		$ 412,535
HealthTronics, Inc. (a)	6,799		49,429
Hillenbrand Industries, Inc.	12,334		627,061
Hologic, Inc. (a)	14,358		686,743
Hospira, Inc. (a)	41,623		1,652,433
I Flow Corp. (a)	9,419		129,323
ICU Medical, Inc. (a)	4,550		159,705
IDEXX Laboratories, Inc. (a)	7,417		582,828
Immucor, Inc. (a)	11,980		357,244
Implant Sciences Corp. (a)(d)	200		836
INAMED Corp. (a)(d)	8,339		737,418
Integra LifeSciences Holdings Corp. (a)(d)	4,000		159,360
Intermagnetics General Corp. (a)(d)	6,862		201,880
IntraLase Corp. (a)(d)	656		12,156
Intuitive Surgical, Inc. (a)	8,630		778,426
Invacare Corp.	4,954		155,110
Inverness Medical Innovations, Inc. (a)	10,197		270,119
IRIS International, Inc. (a)(d)	7,093		161,224
IVAX Diagnostics, Inc. (a)	3,600		11,952
Kensey Nash Corp. (a)(d)	1,410		34,517
Kewaunee Scientific Corp.	1,601		14,777
Kinetic Concepts, Inc. (a)	11,653		432,326
Kyphon, Inc. (a)	9,116		325,532
Laserscope, Inc. (a)(d)	3,916		85,643
LifeCell Corp. (a)(d)	5,000		110,300
Med Design Corp. (a)(d)	2,700		1,620
Medical Action Industries, Inc. (a)	2,800		66,304
Medtronic, Inc.	289,890		15,639,566
Mentor Corp. (d)	7,200		309,888
Meridian Bioscience, Inc.	17,027		379,532
Merit Medical Systems, Inc. (a)	3,204		45,657
Microtek Medical Holdings, Inc. (a)	9,444		33,243
Millipore Corp. (a)	14,628		1,014,159
Molecular Devices Corp. (a)	5,702		181,495
Neogen Corp. (a)	1,625		36,888
Neoprobe Corp. (a)	100		27
New Brunswick Scientific, Inc. (a)	3,243		23,544
North American Scientific, Inc. (a)	2,705		6,195
Novoste Corp. (a)(d)	851		2,357
NuVasive, Inc. (a)	299		5,529
OraSure Technologies, Inc. (a)	11,529		109,756
Osteotech, Inc. (a)	2,870		13,116
Palomar Medical Technologies, Inc. (a) .	9,049		289,116
PerkinElmer, Inc.	40,734		969,062
PLC Systems, Inc. (a)	400		256
PolyMedica Corp.	4,741		191,726
Possis Medical, Inc. (a)	3,100		28,985
Quidel Corp. (a)	6,286		70,655
Regeneration Technologies, Inc. (a)	2,516		18,493
ResMed, Inc. (a)(d)	18,924		768,125
Respironics, Inc. (a)	15,526		564,525
Retractable Technologies, Inc. (a)	5,112		20,346
Schick Technologies, Inc. (a)	3,000		130,170
Somanetics Corp. (a)(d)	5,000		126,600

See accompanying notes which are an integral part of the financial statements.

A-27 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Health Care Equipment & Supplies – continued
Sonic Innovations, Inc. (a)	3,300		$ 14,256
SonoSite, Inc. (a)	1,170		47,221
St. Jude Medical, Inc. (a)	90,501		4,126,846
Staar Surgical Co. (a)	3,331		27,048
Steris Corp.	15,648		387,601
Strategic Diagnostics, Inc. (a)	3,100		11,532
Stryker Corp.	69,359		3,205,773
SurModics, Inc. (a)(d)	2,500		96,900
Sybron Dental Specialties, Inc. (a)	7,841		299,997
Symmetry Medical, Inc. (a)	11,788		244,247
Synovis Life Technologies, Inc. (a)	1,000		9,440
Theragenics Corp. (a)	1,300		4,394
Thermo Electron Corp. (a)	37,424		1,295,619
Thoratec Corp. (a)	7,700		154,924
TriPath Imaging, Inc. (a)	4,200		27,174
Urologix, Inc. (a)	3,800		14,250
Varian Medical Systems, Inc. (a)(d)	32,759		1,896,091
Varian, Inc. (a)	8,355		333,365
Vasomedical, Inc. (a)(d)	14,900		4,214
Ventana Medical Systems, Inc. (a)	9,905		359,254
Viasys Healthcare, Inc. (a)	4,892		142,749
Vital Signs, Inc.	1,338		68,318
Waters Corp. (a)	27,611		1,179,818
West Pharmaceutical Services, Inc.	12,289		396,812
Wright Medical Group, Inc. (a)	4,700		90,851
Young Innovations, Inc.	2,100		70,770
Zimmer Holdings, Inc. (a)	59,350		4,105,833
Zoll Medical Corp. (a)	1,593		41,816
			83,912,109
Health Care Providers & Services 3.0%
A.D.A.M., Inc. (a)	1,800		19,375
Accelrys, Inc. (a)	4,164		25,817
Aetna, Inc.	140,826		7,182,126
Alliance Imaging, Inc. (a)	4,463		26,242
Allscripts Healthcare Solutions, Inc. (a)(d)	3,266		61,238
Amedisys, Inc. (a)(d)	5,851		188,285
American Retirement Corp. (a)	17,881		481,357
AMERIGROUP Corp. (a)	9,870		211,119
AmerisourceBergen Corp.	49,124		2,259,213
AMICAS, Inc. (a)	8,154		40,036
AMN Healthcare Services, Inc. (a)	4,609		95,591
AmSurg Corp. (a)	5,619		123,112
Andrx Corp. (a)	16,643		326,203
Apria Healthcare Group, Inc. (a)	11,154		256,430
Beverly Enterprises, Inc. (a)	17,069		210,973
BioScrip, Inc. (a)	7,133		51,144
BriteSmile, Inc. (a)(d)	465		539
Cardinal Health, Inc.	103,998		7,550,255
Caremark Rx, Inc. (a)	109,723		5,458,719
Centene Corp. (a)(d)	13,046		356,808
Cerner Corp. (a)(d)	13,514		562,588

	Shares	Value (Note 1)
Chemed Corp.	9,456		$ 524,241
CIGNA Corp.	32,601		4,001,773
Claimsnet.com, Inc. (a)	3,100		341
Community Health Systems, Inc. (a)	18,582		704,629
Computer Programs & Systems, Inc.	2,132		97,987
Corvel Corp. (a)	1,652		32,214
Covance, Inc. (a)	14,270		805,542
Coventry Health Care, Inc. (a)	36,517		2,177,144
Cross Country Healthcare, Inc. (a)	5,888		107,809
Cryolife, Inc. (a)	3,671		16,336
DaVita, Inc. (a)	24,767		1,446,145
Dendrite International, Inc. (a)	6,077		80,824
Dialysis Corp. of America (a)(d)	2,516		31,702
Eclipsys Corp. (a)	6,205		159,593
Emdeon Corp. (a)	70,089		738,738
eResearchTechnology, Inc. (a)(d)	7,105		104,515
Express Scripts, Inc. (a)	29,824		2,602,740
Five Star Quality Care, Inc. (a)	325		2,698
Genesis HealthCare Corp. (a)	8,848		351,708
Gentiva Health Services, Inc. (a)	7,227		120,402
Hanger Orthopedic Group, Inc. (a)	2,863		17,436
HCA, Inc.	96,525		4,623,548
Health Management Associates, Inc.
Class A	54,767		1,165,989
Health Net, Inc. (a)	26,128		1,252,838
HealthExtras, Inc. (a)	5,684		175,977
Healthspring, Inc.	5,305		125,198
Healthways, Inc. (a)	9,126		397,437
Henry Schein, Inc. (a)	22,302		1,040,388
HMS Holdings Corp. (a)	400		3,440
Hooper Holmes, Inc.	6,105		17,338
Humana, Inc. (a)	36,657		1,894,067
IMS Health, Inc.	53,570		1,291,037
Kindred Healthcare, Inc. (a)(d)	6,240		134,909
Laboratory Corp. of America
Holdings (a)	33,697		1,958,133
LCA Vision, Inc.	5,400		235,440
Lifeline Systems, Inc. (a)	5,400		257,472
LifePoint Hospitals, Inc. (a)	12,602		391,418
Lincare Holdings, Inc. (a)	25,768		1,053,911
Magellan Health Services, Inc. (a)	6,443		246,058
Manor Care, Inc.	17,936		741,654
Matria Healthcare, Inc. (a)	3,600		155,772
McKesson Corp.	66,881		3,620,269
Medcath Corp. (a)	3,100		71,052
Medco Health Solutions, Inc. (a)	75,344		4,198,168
Medical Staffing Network Holdings,
Inc. (a)	4,000		20,560
Merge Technologies, Inc. (a)(d)	9,500		183,635
Molina Healthcare, Inc. (a)	2,918		82,900
National Healthcare Corp.	2,005		81,303
Odyssey Healthcare, Inc. (a)	12,400		233,368
Omnicare, Inc.	28,064		1,707,694
Omnicell, Inc. (a)	1,700		19,652

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-28

Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Health Care Providers & Services continued
Option Care, Inc.	6,289		$ 88,172
Owens & Minor, Inc.	11,045		352,225
PAREXEL International Corp. (a)	4,700		120,414
Patterson Companies, Inc. (a)	25,710		926,588
PDI, Inc. (a)	1,330		12,914
Pediatrix Medical Group, Inc. (a)	5,926		559,296
Per Se Technologies, Inc. (a)(d)	10,649		268,994
Pharmaceutical Product Development,
Inc.	13,363		929,931
PRA International (a)	5,097		134,306
Providence Service Corp. (a)	1,000		30,830
ProxyMed, Inc. (a)(d)	63		389
PSS World Medical, Inc. (a)	17,000		293,760
Psychiatric Solutions, Inc. (a)	13,772		454,889
Quest Diagnostics, Inc.	35,778		1,891,583
RehabCare Group, Inc. (a)	2,600		52,468
Renal Care Group, Inc. (a)	17,422		831,204
ResCare, Inc. (a)	2,400		43,896
Rural/Metro Corp. (a)(d)	6,200		53,444
SFBC International, Inc. (a)(d)	4,652		109,787
Sierra Health Services, Inc. (a)	14,716		613,510
SRI/Surgical Express, Inc. (a)	900		5,508
Sunrise Senior Living, Inc. (a)	7,522		266,730
Symbion, Inc. (a)	10,712		252,589
Tenet Healthcare Corp. (a)	116,486		919,075
Triad Hospitals, Inc. (a)	19,069		821,111
Tripos, Inc. (a)	2,100		6,615
TriZetto Group, Inc. (a)	14,245		238,746
U.S. Physical Therapy, Inc. (a)	2,575		49,569
United Surgical Partners International,
Inc. (a)	10,744		377,652
UnitedHealth Group, Inc.	327,414		19,065,317
Universal Health Services, Inc. Class B	16,770		842,357
VCA Antech, Inc. (a)	17,470		488,287
Ventiv Health, Inc. (a)	4,733		131,861
VistaCare, Inc. Class A (a)	2,867		38,848
Wellcare Health Plans, Inc. (a)	6,400		249,280
WellPoint, Inc. (a)	156,748		12,036,679
		110,551,136
Pharmaceuticals 5.1%
Abbott Laboratories	376,870		16,650,117
Acusphere, Inc. (a)(d)	2,800		16,324
Adams Respiratory Therapeutics, Inc.	5,600		210,056
Adolor Corp. (a)	4,908		134,823
Advancis Pharmaceutical Corp. (a)	2,800		6,160
Allergan, Inc.	34,344		3,718,081
Alpharma, Inc. Class A	11,537		348,994
American Pharmaceutical Partners,
Inc. (a)(d)	7,436		224,865
Atherogenics, Inc. (a)(d)	5,741		92,545
AVANIR Pharmaceuticals Class A (a)(d) .	1,049		17,980

	Shares	Value (Note 1)
Barr Pharmaceuticals, Inc. (a)	24,504	$ 1,646,179
Bentley Pharmaceuticals, Inc. (a)(d)	2,459	43,819
Bradley Pharmaceuticals, Inc. (a)(d)	1,679	19,812
Bristol Myers Squibb Co.	479,521	11,076,935
CNS., Inc.	6,781	140,977
Collagenex Pharmaceuticals, Inc. (a)	2,200	29,150
Columbia Laboratories, Inc. (a)(d)	6,021	27,275
Connetics Corp. (a)(d)	5,182	82,290
Cypress Bioscience, Inc. (a)	2,737	16,367
DepoMed, Inc. (a)	6,847	44,848
Discovery Laboratories, Inc. (a)(d)	3,800	28,842
Durect Corp. (a)(d)	8,100	46,089
Eli Lilly & Co.	238,114	13,243,901
Emisphere Technologies, Inc. (a)	3,300	20,724
Endo Pharmaceuticals Holdings, Inc. (a) .	31,843	1,003,691
Epicept Corp. (a)(d)	305	994
First Horizon Pharmaceutical Corp. (a)(d)	5,254	107,812
Forest Laboratories, Inc. (a)	86,504	3,970,534
Hi Tech Pharmacal Co., Inc. (a)	1,687	41,568
Hollis Eden Pharmaceuticals, Inc. (a)(d) .	1,300	8,281
Immtech International, Inc. (a)(d)	1,200	9,276
Inspire Pharmaceuticals, Inc. (a)	14,671	74,089
Johnson & Johnson	716,666	41,315,795
King Pharmaceuticals, Inc. (a)	70,558	1,146,568
Kos Pharmaceuticals, Inc. (a)	6,000	263,220
KV Pharmaceutical Co. Class A (a)	7,618	174,985
Matrixx Initiatives, Inc. (a)	3,106	79,948
Medicines Co. (a)	11,081	225,942
Medicis Pharmaceutical Corp. Class A	12,693	360,989
Merck & Co., Inc.	533,053	18,582,228
MGI Pharma, Inc. (a)	16,692	294,280
Mylan Laboratories, Inc.	52,568	1,209,064
NitroMed, Inc. (a)(d)	5,916	69,513
Noven Pharmaceuticals, Inc. (a)	3,292	49,610
Pain Therapeutics, Inc. (a)(d)	2,439	26,317
Par Pharmaceutical Companies,
Inc. (a)(d)	7,763	230,872
Penwest Pharmaceuticals Co. (a)	2,797	65,030
Perrigo Co.	23,511	373,590
Pfizer, Inc.	1,804,405	47,257,367
Pharmos Corp. (a)	2,500	5,325
Pozen, Inc. (a)	2,637	45,831
Salix Pharmaceuticals Ltd. (a)(d)	11,995	189,041
Santarus, Inc. (a)(d)	12,251	91,760
Schering Plough Corp.	360,975	6,678,038
Sepracor, Inc. (a)(d)	25,228	1,445,817
Spectrum Pharmaceuticals, Inc. (a)	192	1,027
SuperGen, Inc. (a)(d)	5,699	29,008
Valeant Pharmaceuticals International (d)	17,693	315,289
ViroPharma, Inc. (a)	27,477	531,680
Vivus, Inc. (a)(d)	7,556	24,859
Watson Pharmaceuticals, Inc. (a)	27,911	836,772

See accompanying notes which are an integral part of the financial statements.

A-29 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Pharmaceuticals – continued
Wyeth	327,777	$ 16,323,295
Zila, Inc. (a)	4,200	15,708
		191,362,166

TOTAL HEALTH CARE		463,875,461

INDUSTRIALS – 10.6%
Aerospace & Defense – 1.9%
AAR Corp. (a)	5,766	145,937
AeroCentury Corp. (a)	800	3,000
Alliant Techsystems, Inc. (a)(d)	8,470	647,277
Applied Signal Technology, Inc.	1,900	44,536
Armor Holdings, Inc. (a)(d)	6,884	404,297
Astronics Corp. (a)	2,300	30,553
Aviall, Inc. (a)	8,724	332,821
BE Aerospace, Inc. (a)	13,931	334,205
Ceradyne, Inc. (a)(d)	3,330	202,730
Cubic Corp.	4,719	102,025
Curtiss Wright Corp.	6,106	377,595
DHB Industries, Inc. (a)	8,958	41,655
DRS Technologies, Inc.	10,861	573,135
Ducommun, Inc. (a)	2,600	57,434
EDO Corp.	3,300	96,129
Esterline Technologies Corp. (a)	8,006	333,370
GenCorp, Inc. (non vtg.) (a)(d)	8,900	171,325
General Dynamics Corp.	41,665	5,136,045
Goodrich Corp.	31,315	1,310,220
Heico Corp. Class A	4,932	128,281
Herley Industries, Inc. (a)	3,031	57,013
Hexcel Corp. (a)(d)	30,211	650,141
Honeywell International, Inc.	189,310	7,752,245
Irvine Sensors Corp. (a)	430	1,199
Kaman Corp.	3,803	86,366
KVH Industries, Inc. (a)	1,539	16,160
L 3 Communications Holdings, Inc.	29,426	2,445,595
Ladish Co., Inc. (a)	4,837	106,366
Lockheed Martin Corp.	84,008	6,121,663
Moog, Inc. Class A (a)	6,493	217,905
MTC Technologies, Inc. (a)	2,500	68,975
Northrop Grumman Corp.	81,498	5,224,022
Orbital Sciences Corp. (a)(d)	7,700	117,271
Precision Castparts Corp.	29,114	1,544,207
Raytheon Co.	110,616	4,800,734
Rockwell Collins, Inc.	40,140	2,133,441
Sequa Corp. Class A (a)	3,474	294,977
Sypris Solutions, Inc.	2,700	27,999
Teledyne Technologies, Inc. (a)	8,359	276,934
The Boeing Co.	172,773	12,558,869
Triumph Group, Inc. (a)	5,105	213,644

	Shares	Value (Note 1)
United Industrial Corp. (d)	3,200		$ 165,312
United Technologies Corp.	228,827		13,386,380
			68,739,988
Air Freight & Logistics – 0.7%
ABX Air, Inc. (a)	14,266		114,413
C.H. Robinson Worldwide, Inc.	38,884		1,742,781
Dynamex, Inc. (a)	4,000		81,280
EGL, Inc. (a)	10,073		407,453
Expeditors International of Washington,
Inc.	23,976		1,865,093
FedEx Corp.	66,309		7,110,977
Forward Air Corp.	8,850		313,998
Hub Group, Inc. Class A (a)	7,324		305,411
Pacer International, Inc. (d)	10,536		335,572
Ryder System, Inc.	15,494		687,004
United Parcel Service, Inc. Class B	153,499		11,467,910
UTI Worldwide, Inc.	6,541		684,385
			25,116,277
Airlines – 0.2%
AirTran Holdings, Inc. (a)(d)	22,335		397,116
Alaska Air Group, Inc. (a)	7,300		233,965
AMR Corp. (a)(d)	40,095		1,006,385
Continental Airlines, Inc. Class B (a)(d)	22,076		514,371
ExpressJet Holdings, Inc. Class A (a)	6,752		50,775
Frontier Airlines, Inc. (a)(d)	5,731		41,263
Great Lakes Aviation Ltd. (a)(d)	200		230
JetBlue Airways Corp. (a)(d)	32,070		365,598
MAIR Holdings, Inc. (a)(d)	5,296		27,063
Mesa Air Group, Inc. (a)(d)	10,156		115,982
Midwest Air Group, Inc. (a)(d)	400		2,144
Pinnacle Airlines Corp. (a)(d)	9,920		74,896
Republic Airways Holdings, Inc. (a)	12,142		170,231
SkyWest, Inc.	12,324		357,026
Southwest Airlines Co.	165,969		2,783,300
UAL Corp. (a)	20,000		709,400
US Airways Group, Inc. (a)(d)	5,987		198,110
			7,047,855
Building Products – 0.2%
Aaon, Inc. (a)	2,245		49,098
American Standard Companies, Inc.	39,346		1,557,315
American Woodmark Corp.	2,800		95,200
Ameron International Corp.	600		35,640
Apogee Enterprises, Inc.	6,451		111,538
Armstrong Holdings, Inc. (a)	6,800		7,072
ElkCorp	9,004		325,044
Griffon Corp. (a)(d)	5,280		124,186
International Smart Sourcing, Inc. (a)	2,500		700
Jacuzzi Brands, Inc. (a)	13,065		127,776
Lennox International, Inc.	18,781		603,809
Masco Corp.	102,616		3,200,593
NCI Building Systems, Inc. (a)(d)	3,382		195,074
Owens Corning (a)	3,370		6,066
Patrick Industries, Inc. (a)	600		6,300

See accompanying notes which are an integral part of the financial statements.

Annual Report A-30

Common Stocks continued
	Shares	Value (Note 1)

INDUSTRIALS – continued
Building Products – continued
PW Eagle, Inc. (d)	700		$ 15,463
Quixote Corp.	700		15,715
Simpson Manufacturing Co. Ltd.	7,308		285,670
Trex Co., Inc. (a)(d)	1,400		36,386
Universal Forest Products, Inc. (d)	5,769		356,697
USG Corp. (a)(d)	6,027		509,161
Water Pik Technologies, Inc. (a)	2,441		67,250
			7,731,753
Commercial Services & Supplies 1.1%
Ablest, Inc. (a)(d)	1,000		8,550
ABM Industries, Inc.	7,481		138,024
ACCO Brands Corp. (a)	10,591		251,854
Adesa, Inc.	20,108		502,700
Administaff, Inc.	4,813		228,377
Advisory Board Co. (a)	2,400		129,528
Allied Waste Industries, Inc. (a)(d)	55,202		591,213
American Reprographics Co.	15,116		433,829
Angelica Corp.	2,100		42,168
APAC Customer Services, Inc. (a)	4,300		8,342
Aramark Corp. Class B	30,440		866,322
Avery Dennison Corp.	21,046		1,262,760
Banta Corp.	6,386		311,062
Barrett Business Services, Inc. (a)	2,100		50,547
Bowne & Co., Inc.	5,206		77,517
Brady Corp. Class A	12,908		477,338
Butler International, Inc. (a)	1,300		4,134
Casella Waste Systems, Inc. Class A (a) .	2,426		34,328
CBIZ, Inc. (a)	8,370		60,766
CDI Corp.	5,992		146,744
Cendant Corp.	257,377		4,277,606
Central Parking Corp.	6,193		100,946
Cenveo, Inc. (a)	2,267		31,942
ChoicePoint, Inc. (a)(d)	19,249		854,656
Cintas Corp.	35,629		1,463,996
Clean Harbors, Inc. (a)	3,500		115,430
Coinstar, Inc. (a)(d)	2,900		74,820
Comsys IT Partners, Inc. (a)	36		420
Consolidated Graphics, Inc. (a)	2,700		137,889
Copart, Inc. (a)	16,143		417,135
Cornell Companies, Inc. (a)	1,400		18,914
Corporate Executive Board Co.	9,313		931,300
Corrections Corp. of America (a)(d)	8,596		369,714
CoStar Group, Inc. (a)	4,571		235,909
CRA International, Inc. (a)	1,135		53,061
Deluxe Corp.	13,718		339,795
DiamondCluster International, Inc. (a)	5,700		55,689
Dun & Bradstreet Corp. (a)	18,103		1,316,812
Duratek, Inc. (a)	4,075		89,324
Ennis, Inc.	3,703		73,023
Equifax, Inc.	34,316		1,257,338
First Consulting Group, Inc. (a)	4,925		30,781

	Shares	Value (Note 1)
FTI Consulting, Inc. (a)	14,757		$ 412,311
G&K Services, Inc. Class A	3,800		148,580
GP Strategies Corp. (a)	1,600		11,520
Healthcare Services Group, Inc. (d)	3,825		70,610
Heidrick & Struggles International,
Inc. (a)	7,564		279,868
Herman Miller, Inc.	15,241		460,126
HNI Corp.	11,326		660,193
Hudson Highland Group, Inc. (a)	5,794		96,122
Huron Consulting Group, Inc. (a)	656		18,001
ICT Group, Inc. (a)	3,827		90,853
IKON Office Solutions, Inc. (d)	21,477		282,423
Innotrac Corp. (a)	1,400		5,208
Integrated Alarm Services Group,
Inc. (a)(d)	3,200		10,080
Intersections, Inc. (a)	7,390		67,323
John H. Harland Co.	4,600		166,474
Kelly Services, Inc. Class A (non vtg.)	5,329		143,830
Kforce, Inc. (a)	4,757		57,607
Knoll, Inc.	15,011		298,869
Korn/Ferry International (a)	13,581		285,880
Labor Ready, Inc. (a)	13,122		322,408
Learning Tree International, Inc. (a)	3,200		37,472
LECG Corp. (a)	9,531		154,116
M&F Worldwide Corp. (a)	500		8,250
Manpower, Inc.	21,090		1,131,268
McGrath RentCorp.	5,000		137,600
Mine Safety Appliances Co.	6,300		251,055
Mobile Mini, Inc. (a)	2,300		125,304
Monster Worldwide, Inc. (a)	26,832		1,313,695
Navigant Consulting, Inc. (a)(d)	11,277		219,789
NCO Group, Inc. (a)(d)	4,192		94,194
On Assignment, Inc. (a)	4,700		52,123
PHH Corp. (a)	10,301		294,506
PICO Holdings, Inc. (a)	3,600		121,572
Pitney Bowes, Inc.	56,503		2,414,938
PRG Schultz International, Inc. (a)(d)	9,350		4,488
Protection One, Inc. (a)	91		1,556
R.R. Donnelley & Sons Co.	50,666		1,705,418
RCM Technologies, Inc. (a)	1,400		8,512
RemedyTemp, Inc. Class A (a)	900		9,450
Republic Services, Inc.	28,042		1,089,993
Resources Connection, Inc. (a)	15,094		415,387
Robert Half International, Inc.	40,201		1,444,020
Rollins, Inc.	16,860		326,578
Schawk, Inc. Class A	4,100		101,885
School Specialty, Inc. (a)(d)	5,318		185,492
Sirva, Inc. (a)	4,254		34,032
SITEL Corp. (a)	5,091		18,429
SOURCECORP, Inc. (a)	2,700		69,120
Spherion Corp. (a)	10,409		103,882
Spherix, Inc. (a)(d)	2,713		6,783
Standard Register Co.	6,200		101,804
Steelcase, Inc. Class A	15,726		267,342

See accompanying notes which are an integral part of the financial statements.

A-31 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

INDUSTRIALS – continued
Commercial Services & Supplies – continued
Stericycle, Inc. (a)	8,694		$ 525,552
TeamStaff, Inc. (a)	1,300		2,171
Teletech Holdings, Inc. (a)	8,551		105,605
Tetra Tech, Inc. (a)	7,506		133,682
The Brink’s Co.	17,558		859,815
The Geo Group, Inc. (a)	4,000		90,400
TRC Companies, Inc. (a)	3,000		33,210
TRM Corp. (a)(d)	1,400		12,600
United Stationers, Inc. (a)(d)	7,439		368,231
Venture Catalyst, Inc. (a)	3,800		5,396
Viad Corp.	4,398		140,780
Volt Information Sciences, Inc. (a)	1,400		33,502
Waste Connections, Inc. (a)	14,034		514,206
Waste Management, Inc.	127,513		4,241,082
Watson Wyatt Worldwide, Inc. Class A .	11,347		346,764
West Corp. (a)	5,736		249,688
			41,673,626
Construction & Engineering – 0.2%
Comfort Systems USA, Inc.	9,831		108,043
EMCOR Group, Inc. (a)	5,600		244,104
Fluor Corp.	21,837		1,884,533
Foster Wheeler Ltd. (a)	15,494		743,712
Granite Construction, Inc.	6,211		287,880
Infrasource Services, Inc. (a)(d)	15,523		277,396
Insituform Technologies, Inc. Class A (a) .	4,200		113,022
Jacobs Engineering Group, Inc. (a)(d)	12,966		1,111,705
McDermott International, Inc. (a)	13,388		690,151
Perini Corp. (a)	11,677		354,864
Quanta Services, Inc. (a)	37,457		512,786
Shaw Group, Inc. (a)	18,562		619,043
URS Corp. (a)	9,893		431,236
Washington Group International, Inc.	12,394		723,438
			8,101,913
Electrical Equipment 0.6%
A.O. Smith Corp.	4,181		193,580
Active Power, Inc. (a)(d)	8,800		41,008
Acuity Brands, Inc.	13,712		541,487
Alpine Group, Inc. (a)	4,900		14,308
American Power Conversion Corp.	43,748		893,772
American Superconductor Corp. (a)(d)	3,000		30,240
AMETEK, Inc.	23,186		993,288
Arotech Corp. (a)(d)	6,700		2,985
Artesyn Technologies, Inc. (a)	7,688		83,799
AZZ, Inc. (a)	1,200		27,348
Baldor Electric Co.	9,962		321,275
Beacon Power Corp. (a)(d)	362		514
C&D Technologies, Inc.	4,438		37,901
Capstone Turbine Corp. (a)(d)	13,000		41,080
Channell Commercial Corp. (a)	800		4,120
Chase Corp.	500		7,425

	Shares	Value (Note 1)
Cooper Industries Ltd. Class A	21,029	$ 1,760,127
Distributed Energy Systems Corp. (a)(d) .	2,200	20,526
Emerson Electric Co.	96,723	7,912,909
Encore Wire Corp. (a)	6,900	215,211
Energy Conversion Devices, Inc. (a)(d)	9,405	440,624
EnerSys (a)	705	9,574
Espey Manufacturing & Electronics Corp.	1,246	21,157
Evergreen Solar, Inc. (a)(d)	36,700	572,153
Fiberstars, Inc. (a)	3,300	29,040
Franklin Electric Co., Inc.	2,800	125,580
FuelCell Energy, Inc. (a)(d)	16,057	178,714
General Cable Corp. (a)	10,654	287,658
Genlyte Group, Inc. (a)	8,600	532,168
Global Power Equipment Group, Inc. (a)	4,500	22,770
GrafTech International Ltd. (a)	17,313	88,296
Hubbell, Inc. Class B	19,923	925,822
II VI, Inc. (a)	1,868	33,979
Lamson & Sessions Co. (a)(d)	2,300	54,303
LSI Industries, Inc.	2,625	40,793
M Wave, Inc. (a)	1,400	952
MagneTek, Inc. (a)	3,000	12,000
Medis Technologies Ltd. (a)(d)	3,701	70,319
Merrimac Industries, Inc. (a)	500	4,510
Microvision, Inc. (a)(d)	3,976	13,757
Millennium Cell, Inc. (a)(d)	300	492
Misonix, Inc. (a)	3,000	17,640
Nortech Systems, Inc. (a)(d)	1,634	11,765
Peco II, Inc. (a)(d)	1,400	3,150
Plug Power, Inc. (a)(d)	21,490	109,384
Powell Industries, Inc. (a)	3,100	69,905
Power One, Inc. (a)	19,279	109,312
Regal Beloit Corp.	15,704	631,929
Rockwell Automation, Inc.	38,964	2,656,176
Roper Industries, Inc.	19,448	876,521
SL Industries, Inc. (a)	2,100	31,710
Tech/Ops Sevcon, Inc.	2,100	13,083
Thomas & Betts Corp. (a)	13,947	686,192
Ultralife Batteries, Inc. (a)(d)	600	7,470
UQM Technologies, Inc. (a)(d)	3,800	15,352
Valence Technology, Inc. (a)(d)	10,109	23,251
Valpey Fisher Corp. (a)	2,100	6,678
Vicor Corp.	4,243	84,393
Woodward Governor Co	6,300	202,545
		22,164,020
Industrial Conglomerates 3.1%
3M Co.	170,973	12,581,903
Carlisle Companies, Inc.	6,745	530,157
General Electric Co.	2,566,394	84,357,371
Raven Industries, Inc.	4,704	165,957
Standex International Corp.	5,500	175,285
Teleflex, Inc.	9,203	594,974
Textron, Inc.	28,450	2,506,730
Tredegar Corp.	4,428	73,062

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-32

Common Stocks continued
	Shares	Value (Note 1)

INDUSTRIALS – continued
Industrial Conglomerates – continued
Tyco International Ltd.	493,724	$ 12,733,142
Walter Industries, Inc. (d)	10,538	693,717
		114,412,298
Machinery – 1.7%
3D Systems Corp. (a)	2,100	39,900
A.S.V., Inc. (a)(d)	1,524	49,042
Actuant Corp. Class A (d)	5,852	322,445
AGCO Corp. (a)(d)	16,634	325,195
Alamo Group, Inc.	200	4,772
Albany International Corp. Class A	4,700	174,699
American Science & Engineering,
Inc. (a)(d)	3,900	296,751
Astec Industries, Inc. (a)	5,700	204,744
Axsys Technologies, Inc. (a)	1,200	19,860
Badger Meter, Inc.	3,128	167,160
Barnes Group, Inc.	2,775	106,505
Briggs & Stratton Corp.	11,149	395,567
Bucyrus International, Inc. Class A	3,310	208,464
Cascade Corp.	5,079	263,397
Catalytica Energy Systems, Inc. (a)	7,900	10,428
Caterpillar, Inc.	164,463	12,018,956
Circor International, Inc.	727	20,065
CLARCOR, Inc. (d)	12,266	415,204
Columbus McKinnon Corp.
(NY Shares) (a)	400	10,760
Commercial Vehicle Group, Inc. (a)	16,593	303,652
Crane Co.	14,233	547,828
Cummins, Inc.	8,935	967,482
Danaher Corp.	68,423	4,145,065
Deere & Co.	57,192	4,362,034
Donaldson Co., Inc.	24,841	860,989
Dover Corp.	45,093	2,161,758
Eaton Corp.	34,053	2,372,473
EnPro Industries, Inc. (a)(d)	4,331	141,927
ESCO Technologies, Inc. (a)	4,600	233,588
Federal Signal Corp.	12,853	230,197
Flanders Corp. (a)	8,338	91,301
Flow International Corp. (a)(d)	600	7,842
Flowserve Corp. (a)(d)	14,100	724,740
FreightCar America, Inc. (d)	6,000	423,000
Gardner Denver, Inc. (a)(d)	9,605	589,363
Gorman Rupp Co.	250	5,693
Graco, Inc.	20,129	838,775
Greenbrier Companies, Inc.	3,743	141,411
Harsco Corp.	11,128	887,792
Hirsch International Corp. Class A (a)	900	1,125
IDEX Corp.	11,184	528,444
Illinois Tool Works, Inc.	58,927	5,058,294
Ingersoll Rand Co. Ltd. Class A	77,624	3,184,913
ITT Industries, Inc.	39,736	2,086,140
JLG Industries, Inc.	15,335	904,612

	Shares	Value (Note 1)
Joy Global, Inc.	30,796	$ 1,587,842
Kadant, Inc. (a)	3,735	70,554
Kaydon Corp.	4,679	168,444
Kennametal, Inc. (d)	8,784	513,688
Lincoln Electric Holdings, Inc.	6,346	292,931
Lindsay Manufacturing Co.	2,086	51,107
Manitowoc Co., Inc.	7,874	606,849
Middleby Corp. (a)	3,744	354,557
Milacron, Inc. (a)(d)	2,759	4,442
Miller Industries, Inc. (a)	360	9,180
Mueller Industries, Inc.	9,020	297,750
NACCO Industries, Inc. Class A	2,373	329,372
Navistar International Corp. (a)	14,447	424,019
Nordson Corp.	5,600	279,552
Omega Flex, Inc. (a)	300	5,436
Oshkosh Truck Co.	15,708	891,115
PACCAR, Inc.	41,623	2,908,199
Pall Corp.	29,731	874,686
Parker Hannifin Corp.	28,301	2,212,289
Pentair, Inc.	25,292	1,015,474
Robbins & Myers, Inc.	2,641	55,408
SPX Corp.	16,354	805,435
Stewart & Stevenson Services, Inc.	5,320	183,274
Tecumseh Products Co. Class A
(non vtg.) (a)	3,000	67,830
Tennant Co.	3,161	147,619
Terex Corp. (a)	11,676	924,155
Timken Co.	19,136	548,820
Titan International, Inc. (d)	600	10,404
Toro Co.	9,810	452,535
Trinity Industries, Inc.	11,264	596,992
Valmont Industries, Inc.	2,624	95,435
Wabash National Corp	8,736	174,458
Wabtec Corp.	15,800	521,874
Watts Water Technologies, Inc. Class A .	4,176	149,417
Wolverine Tube, Inc. (a)(d)	200	734
		64,486,228
Marine – 0.0%
Alexander & Baldwin, Inc.	10,085	491,442
Genco Shipping & Trading Ltd.	633	10,337
Kirby Corp. (a)	3,400	208,420
		710,199
Road & Rail 0.7%
AMERCO (a)	4,600	408,664
Arkansas Best Corp.	4,400	182,864
Burlington Northern Santa Fe Corp.	89,643	7,049,526
Celadon Group, Inc. (a)	2,442	58,852
CNF, Inc.	11,352	569,643
Covenant Transport, Inc. Class A (a)	2,400	37,200
CSX Corp.	49,446	2,738,319
Dollar Thrifty Automotive Group, Inc. (a)	3,800	153,444
Florida East Coast Industries, Inc. Class A	6,673	339,255
Genesee & Wyoming, Inc. Class A (a)	7,915	362,111

See accompanying notes which are an integral part of the financial statements.

A-33 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

INDUSTRIALS – continued
Road & Rail – continued
Heartland Express, Inc.	10,030		$ 231,994
J.B. Hunt Transport Services, Inc.	26,580		628,883
Kansas City Southern (a)(d)	15,715		364,117
Knight Transportation, Inc.	13,443		266,037
Laidlaw International, Inc.	20,547		567,097
Landstar System, Inc.	15,257		710,824
Marten Transport Ltd. (a)	4,218		98,659
Norfolk Southern Corp.	96,665		4,947,315
Old Dominion Freight Lines, Inc. (a)	4,288		113,032
Quality Distribution, Inc. (a)	633		6,938
RailAmerica, Inc. (a)	7,500		74,250
SCS Transportation, Inc. (a)	2,980		80,549
Swift Transportation Co., Inc. (a)	15,314		365,086
U.S. Xpress Enterprises, Inc. Class A (a) .	600		10,236
Union Pacific Corp.	63,809		5,650,287
Werner Enterprises, Inc.	16,822		326,851
YRC Worldwide, Inc. (a)	11,876		568,148
			26,910,181
Trading Companies & Distributors – 0.2%
Aceto Corp.	5,013		37,146
Applied Industrial Technologies, Inc.	4,650		198,927
Beacon Roofing Supply, Inc. (a)(d)	6,299		247,299
BlueLinx Corp.	9,000		142,920
Electro Rent Corp. (a)	2,200		32,780
Fastenal Co.	32,989		1,448,547
GATX Corp.	12,724		505,143
Hughes Supply, Inc.	17,351		802,484
Huttig Building Products, Inc. (a)	1,077		9,338
Interline Brands, Inc. (a)	18,892		439,239
Lawson Products, Inc.	1,812		64,127
MSC Industrial Direct Co., Inc. Class A	13,695		648,732
NuCo2, Inc. (a)	700		20,965
Rush Enterprises, Inc. Class A (a)	6,900		127,650
UAP Holding Corp.	13,989		304,401
United Rentals, Inc. (a)(d)	26,738		871,659
W.W. Grainger, Inc.	17,500		1,295,700
Watsco, Inc.	4,164		289,898
WESCO International, Inc. (a)	11,910		682,681
Willis Lease Finance Corp. (a)	1,200		11,412
			8,181,048
Transportation Infrastructure – 0.0%
Macquarie Infrastructure Co. Trust	6,073		210,126

TOTAL INDUSTRIALS		395,485,512

INFORMATION TECHNOLOGY 15.5%
Communications Equipment – 2.6%
3Com Corp. (a)(d)	104,920		487,878
ACE*COMM Corp. (a)(d)	3,806		11,342
ADC Telecommunications, Inc. (a)	25,895		655,661

	Shares	Value (Note 1)
Adtran, Inc.	12,978		$ 357,155
Airnet Communications Corp. (a)	280		224
Alliance Fiber Optic Products, Inc. (a)	2,400		3,168
AltiGen Communications, Inc. (a)	3,200		5,376
Anaren, Inc. (a)	1,500		25,770
Andrew Corp. (a)	65,035		881,875
Applied Innovation, Inc. (a)	1,500		6,135
Arris Group, Inc. (a)	22,920		290,855
Avanex Corp. (a)(d)	29,243		41,525
Avaya, Inc. (a)	109,060		1,212,747
Avici Systems, Inc. (a)	2,400		8,664
Avocent Corp. (a)	15,697		524,437
Aware, Inc. (a)	6,698		36,102
Bel Fuse, Inc. Class B (non vtg.)	6,850		226,804
Belden CDT, Inc.	9,519		245,400
Black Box Corp.	2,700		129,006
Blonder Tongue Laboratories, Inc. (a)	3,900		8,385
Blue Coat Systems, Inc. (a)(d)	2,981		63,287
C COR, Inc. (a)	10,684		75,856
Carrier Access Corp. (a)	3,100		15,810
Centillium Communications, Inc. (a)	3,503		10,369
CIENA Corp. (a)	149,732		601,923
Cisco Systems, Inc. (a)	1,607,328		32,532,319
Cognitronics Corp. (a)	2,400		7,224
Comarco, Inc. (a)	450		5,378
CommScope, Inc. (a)	12,913		309,783
Communications Systems, Inc.	2,276		27,198
Comtech Telecommunications Corp. (a) .	5,041		157,935
Comverse Technology, Inc. (a)	58,578		1,684,703
Corning, Inc. (a)	371,992		9,080,325
Digi International, Inc. (a)	4,395		47,774
Ditech Communications Corp. (a)	7,074		72,933
Dycom Industries, Inc. (a)	8,823		188,371
EFJ, Inc. (a)	99		1,148
EMS Technologies, Inc. (a)	1,860		32,550
Enterasys Networks, Inc. (a)	3,768		52,300
Entrada Networks, Inc. (a)	150		0
eOn Communications Corp. (a)	620		1,060
Extreme Networks, Inc. (a)	15,200		70,376
Ezenia!, Inc. (a)	200		660
F5 Networks, Inc. (a)	8,551		579,929
Finisar Corp. (a)(d)	44,126		122,670
Foundry Networks, Inc. (a)(d)	49,808		699,304
Glenayre Technologies, Inc. (a)	7,200		28,080
Globecomm Systems, Inc. (a)	3,000		19,680
Harmonic, Inc. (a)	16,262		93,832
Harris Corp.	33,375		1,524,570
Inter Tel, Inc.	3,400		66,742
InterDigital Communication Corp. (a)(d) .	9,184		236,488
ION Networks, Inc. (a)	2,400		432
ISCO International, Inc. (a)	1,800		648
Ixia (a)	15,464		186,496
JDS Uniphase Corp. (a)	453,398		1,378,330
Juniper Networks, Inc. (a)(d)	147,906		2,719,991

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-34

Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Communications Equipment – continued
Lantronix, Inc. (a)	500		$ 1,125
Loral Space & Communications Ltd. (a) .	4,101		33
Lucent Technologies, Inc. (a)	1,131,003		3,166,808
MasTec, Inc. (a)	12,936		167,521
Motorola, Inc.	616,804		13,199,606
MRV Communications, Inc. (a)(d)	15,973		46,801
NETGEAR, Inc. (a)	3,400		58,344
Network Engines, Inc. (a)	2,300		5,014
Network Equipment Technologies, Inc. (a)	3,600		14,724
NMS Communications Corp. (a)	2,800		9,968
NumereX Corp. Class A (a)	2,600		21,346
Occam Networks, Inc. (a)	3,400		1,360
Oplink Communications, Inc. (a)	2,317		37,883
Optelecom Nkf, Inc. (a)	529		9,242
Optical Cable Corp. (a)	656		3,300
Optical Cable Corp. warrants
10/24/07 (a)	762		114
Optical Communication Products,
Inc. (a)(d)	5,795		16,400
Packeteer, Inc. (a)	4,410		52,744
Parkervision, Inc. (a)(d)	900		7,290
PC Tel, Inc. (a)	2,200		16,610
Performance Technologies, Inc. (a)	2,900		22,910
Plantronics, Inc.	11,092		383,340
Polycom, Inc. (a)(d)	20,267		393,585
Powerwave Technologies, Inc. (a)	20,894		306,724
QUALCOMM, Inc.	401,423		18,951,180
Redback Networks, Inc. (a)(d)	23,235		440,303
SafeNet, Inc. (a)(d)	6,178		153,956
Science Dynamics Corp. (a)	4,100		246
SCM Microsystems, Inc. (a)(d)	600		2,070
SeaChange International, Inc. (a)	4,650		41,897
Sirenza Microdevices, Inc. (a)	4,500		36,360
Sonus Networks, Inc. (a)	47,050		228,193
SpectraLink Corp.	3,240		40,079
Stratex Networks, Inc. (a)	7,150		36,751
Stratos International, Inc. (a)(d)	1,058		7,120
Sycamore Networks, Inc. (a)	40,582		189,518
Symmetricom, Inc. (a)(d)	7,753		69,544
Tekelec (a)(d)	14,848		199,112
Tellabs, Inc. (a)	92,028		1,351,891
Telular Corp. (a)(d)	2,100		6,573
Terabeam, Inc. (a)	610		2,879
Terayon Communication Systems, Inc. (a)	11,777		31,562
Tollgrade Communications, Inc. (a)	2,134		30,410
Tut Systems, Inc. (a)(d)	1,301		3,903
UTStarcom, Inc. (a)(d)	23,293		145,581
Veramark Technologies, Inc. (a)	2,300		2,231
Verilink Corp. (a)(d)	3,400		2,686
ViaSat, Inc. (a)	3,963		106,407
Vyyo, Inc. (a)(d)	1,133		8,067

		Shares	Value (Note 1)
Wave Wireless Corp. (a)		36		$ 4
Wegener Corp. (a)		3,500		4,760
Westell Technologies, Inc. Class A (a)		4,212		20,007
Wi Tron, Inc. (a)		3,300		528
WJ Communications, Inc. (a)		3,700		6,882
Zhone Technologies, Inc. (a)		28,966		70,677
				97,989,152
Computers & Peripherals 3.1%
ActivCard Corp. (a)		4,448		16,280
Adaptec, Inc. (a)		16,521		103,421
Advanced Digital Information Corp. (a)	.	13,177		114,113
Apple Computer, Inc. (a)		202,202		13,858,925
Astro Med, Inc.		3,591		35,910
Avid Technology, Inc. (a)		9,430		441,701
Brocade Communications Systems,
Inc. (a)(d)		47,561		250,646
Concurrent Computer Corp. (a)(d)		9,619		25,202
Cray, Inc. (a)(d)		9,398		18,420
Datalink Corp. (a)(d)		2,200		11,660
Dataram Corp.		3,250		15,763
Dell, Inc. (a)		540,448		15,672,992
Diebold, Inc.		17,662		706,480
Dot Hill Systems Corp. (a)		4,870		32,921
Electronics for Imaging, Inc. (a)(d)		12,121		325,085
EMC Corp. (a)		590,033		8,272,263
Emulex Corp. (a)(d)		15,484		275,615
Exabyte Corp. (a)(d)		10		8
FOCUS Enhancements, Inc. (a)		5,500		3,581
Gateway, Inc. (a)		64,248		151,625
Hauppauge Digital, Inc. (a)		500		2,050
Hewlett Packard Co.		697,978		22,900,658
Hutchinson Technology, Inc. (a)(d)		9,872		271,579
Hypercom Corp. (a)		7,777		59,805
Imation Corp.		8,261		362,245
InFocus Corp. (a)		5,400		21,924
Innovex, Inc. (a)		1,500		6,435
Intergraph Corp. (a)		6,049		219,337
Intermec, Inc. (a)(d)		14,267		437,712
International Business Machines Corp.	.	386,316		30,997,996
Interphase Corp. (a)		1,906		11,722
Iomega Corp. (a)		6,880		19,264
Komag, Inc. (a)(d)		9,773		457,767
LaserCard Corp. (a)		1,984		36,248
Lexar Media, Inc. (a)(d)		13,325		89,278
Lexmark International, Inc. Class A (a)		29,461		1,387,318
Maxtor Corp. (a)		59,820		574,272
McDATA Corp. Class A (a)(d)		21,601		95,476
Mobility Electronics, Inc. (a)(d)		5,783		54,534
MTI Technology Corp. (a)(d)		3,200		4,160
NCR Corp. (a)		47,189		1,891,807
Neoware Systems, Inc. (a)(d)		1,939		47,564
Network Appliance, Inc. (a)		95,993		3,183,128
Novatel Wireless, Inc. (a)(d)		5,888		48,046

See accompanying notes which are an integral part of the financial statements.

A-35 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
		Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Computers & Peripherals – continued
Overland Storage, Inc. (a)		2,079		$ 17,796
Palm, Inc. (a)(d)		11,758		485,605
Presstek, Inc. (a)(d)		7,102		89,982
QLogic Corp. (a)		20,957		862,171
Quantum Corp. (a)		19,830		70,793
Rackable Systems, Inc.		13,812		544,607
SanDisk Corp. (a)(d)		44,869		2,707,395
SBS Technologies, Inc. (a)		3,482		38,615
Scan Optics, Inc. (a)		300		0
Seagate Technology		94,223		2,503,505
SimpleTech, Inc. (a)		7,700		32,032
Socket Communications, Inc. (a)(d)		3,300		3,960
Stratasys, Inc. (a)(d)		1,507		41,397
Sun Microsystems, Inc. (a)		857,668		3,576,476
Synaptics, Inc. (a)		4,302		101,054
Video Display Corp. (a)(d)		2,880		25,920
ViewCast.com, Inc. (a)(d)		13,700		2,809
VPGI Corp. (a)		825		58
Western Digital Corp. (a)(d)		62,766		1,396,544
			116,013,655
Electronic Equipment & Instruments – 0.7%
Advanced Photonix, Inc. Class A (a)(d)	.	5,286		15,224
Aeroflex, Inc. (a)		13,939		181,207
Aetrium, Inc. (a)		2,400		12,888
Agilent Technologies, Inc. (a)		102,302		3,682,872
Agilysys, Inc.		5,700		81,453
Allied Motion Technologies, Inc. (a)		4,100		18,163
American Technical Ceramics Corp. (a)	.	1,900		26,296
American Technology Corp. (a)(d)		900		3,339
Amphenol Corp. Class A		27,500		1,381,325
Anixter International, Inc.		8,178		374,144
APA Enterprises, Inc. (a)		2,800		3,500
Applied Films Corp. (a)		2,037		39,131
Arrow Electronics, Inc. (a)		26,297		914,873
Avnet, Inc. (a)(d)		32,974		828,637
AVX Corp.		10,198		168,879
Axcess, Inc. (a)		1,600		1,616
Bell Industries, Inc. (a)(d)		7,200		18,000
Bell Microproducts, Inc. (a)(d)		3,480		20,915
Benchmark Electronics, Inc. (a)		8,075		284,402
Brightpoint, Inc. (a)		7,812		221,001
Broadcast International, Inc. (a)(d)		270		608
CalAmp Corp. (a)		3,032		30,472
Cash Technologies, Inc. (a)		3,400		2,720
CDW Corp. (d)		13,865		788,364
Checkpoint Systems, Inc. (a)		12,599		359,827
Chyron Corp. (a)(d)		1,500		885
Cogent, Inc. (a)(d)		6,390		148,631
Cognex Corp.		10,569		290,753
Coherent, Inc. (a)		13,105		425,388
Conolog Corp. (a)(d)		140		123

	Shares	Value (Note 1)
CTS Corp.	5,303		$ 65,492
CyberOptics Corp. (a)	850		13,107
Daktronics, Inc.	2,379		84,312
Dolby Laboratories, Inc. Class A	15,205		309,726
DTS, Inc. (a)	1,697		31,310
Echelon Corp. (a)(d)	4,379		35,470
Electro Scientific Industries, Inc. (a)	3,700		92,352
eMagin Corp. (a)(d)	3,800		1,824
En Pointe Technologies, Inc. (a)	1,400		3,346
Excel Technology, Inc. (a)	1,100		32,846
Fargo Electronics, Inc. (a)	2,211		41,854
FARO Technologies, Inc. (a)(d)	3,698		59,131
FLIR Systems, Inc. (a)	15,678		405,120
Frequency Electronics, Inc.	500		6,500
Gerber Scientific, Inc. (a)	3,800		39,482
Giga Tronics, Inc. (a)	3,000		7,500
Global Imaging Systems, Inc. (a)	3,800		137,180
GTSI Corp. (a)	1,990		15,104
Identix, Inc. (a)	28,240		230,721
IEC Electronics Corp. (a)	100		83
Ingram Micro, Inc. Class A (a)	51,607		1,020,786
InPlay Technologies, Inc. (a)	1,500		4,545
Interlink Electronics, Inc. (a)	1,200		3,828
Iteris, Inc. (a)	1,200		2,580
Itron, Inc. (a)	5,247		311,987
Jabil Circuit, Inc. (a)	42,694		1,615,968
Jaco Electronics, Inc. (a)(d)	1,950		6,962
Keithley Instruments, Inc.	1,200		18,096
KEMET Corp. (a)	12,784		113,905
Landauer, Inc.	1,400		64,400
LeCroy Corp. (a)	1,700		25,160
LightPath Technologies, Inc. Class A (a)(d)	437		1,980
Littelfuse, Inc. (a)	3,052		87,714
LoJack Corp. (a)	3,600		81,900
Maxwell Technologies, Inc. (a)(d)	1,100		20,185
MDI, Inc. (a)(d)	3,700		4,033
Measurement Specialties, Inc. (a)	3,305		80,708
Mechanical Technology, Inc. (a)(d)	4,800		17,712
Mercury Computer Systems, Inc. (a)	3,219		55,496
Merix Corp. (a)	1,450		14,036
Mesa Laboratories, Inc.	2,127		30,863
Methode Electronics, Inc. Class A	5,200		63,804
Metrologic Instruments, Inc. (a)	2,058		46,120
Micronetics, Inc. (a)	1,137		21,489
MOCON, Inc.	2,152		19,433
Molex, Inc.	30,956		985,329
MSGI Security Solutions, Inc. (a)	22		80
MTS Systems Corp.	3,500		138,320
National Instruments Corp.	12,172		394,981
Newport Corp. (a)	22,666		402,095
NU Horizons Electronics Corp. (a)	3,452		30,136
OSI Systems, Inc. (a)	2,149		44,592
OYO Geospace Corp. (a)	1,300		61,607
Park Electrochemical Corp.	2,880		83,146

See accompanying notes which are an integral part of the financial statements.

Annual Report A-36

Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Electronic Equipment & Instruments – continued
Paxar Corp. (a)	6,365		$ 122,081
PC Connection, Inc. (a)(d)	2,250		12,330
Pemstar, Inc. (a)(d)	3,100		7,161
PFSweb, Inc. (a)(d)	9,924		16,078
Photon Dynamics, Inc. (a)	2,232		47,296
Planar Systems, Inc. (a)(d)	2,218		34,468
Plexus Corp. (a)	6,504		218,274
RadiSys Corp. (a)	3,400		62,016
Research Frontiers, Inc. (a)(d)	2,000		8,360
Richardson Electronics Ltd.	2,448		20,710
Rofin Sinar Technologies, Inc. (a)	2,100		110,628
Rogers Corp. (a)	5,542		271,780
Sanmina SCI Corp. (a)	112,065		432,571
Satcon Technology Corp. (a)(d)	1,200		2,220
ScanSource, Inc. (a)	1,927		111,978
Scientific Technologies, Inc. (a)	3,100		20,057
Smart Modular Tech WWH, Inc.	8,209		71,829
Solectron Corp. (a)	311,592		1,124,847
Somera Communications, Inc. (a)	2,800		1,456
Spectrum Control, Inc. (a)	1,500		11,175
Staktek Holdings, Inc. (a)	558		3,086
StockerYale, Inc. (a)(d)	1,200		1,068
Super Vision International, Inc.
Class A (a)(d)	2,100		6,804
Superconductor Technologies, Inc. (a)(d)	6,380		3,124
Symbol Technologies, Inc.	53,399		620,496
SYNNEX Corp. (a)(d)	5,592		103,284
Taser International, Inc. (a)(d)	11,903		113,793
Tech Data Corp. (a)	12,825		532,622
Technitrol, Inc.	6,089		133,227
Tektronix, Inc.	20,079		618,433
Trimble Navigation Ltd. (a)	10,528		430,700
TTM Technologies, Inc. (a)	7,352		94,914
Universal Display Corp. (a)(d)	2,400		34,080
Viisage Technology, Inc. (a)(d)	1,835		33,727
Vishay Intertechnology, Inc. (a)	48,384		702,536
Woodhead Industries, Inc.	1,600		23,200
X Rite, Inc. (d)	2,700		34,425
Zomax, Inc. (a)	4,900		10,045
Zones, Inc. (a)	4,000		26,960
Zygo Corp. (a)	1,200		20,628
			24,066,539
Internet Software & Services 1.3%
24/7 Real Media, Inc. (a)	460		4,062
Akamai Technologies, Inc. (a)(d)	42,734		1,132,451
aQuantive, Inc. (a)	22,106		587,799
Ariba, Inc. (a)(d)	15,281		155,866
Art Technology Group, Inc. (a)	12,485		36,581
Autobytel, Inc. (a)	5,594		26,124
Bankrate, Inc. (a)(d)	3,082		111,414
BroadVision, Inc. (a)(d)	5,124		2,767

	Shares	Value (Note 1)
Chordiant Software, Inc. (a)	14,210		$ 47,035
Click Commerce, Inc. (a)(d)	500		12,610
CMGI, Inc. (a)(d)	94,144		137,450
CNET Networks, Inc. (a)(d)	31,488		435,794
Communication Intelligence Corp. (a)(d)	3,800		1,710
Corillian Corp. (a)	2,171		8,380
CyberSource Corp. (a)	2,800		23,408
deltathree, Inc. (a)	500		1,590
Digital Insight Corp. (a)	5,022		165,977
Digital River, Inc. (a)(d)	7,732		291,032
Digitas, Inc. (a)	38,569		544,980
DSL.net, Inc. (a)	1,895		83
EarthLink, Inc. (a)	33,248		329,820
EasyLink Services Corp. Class A (a)	170		134
eBay, Inc. (a)	254,528		10,196,392
eCollege.com (a)	10,535		217,337
eGain Communications Corp. (a)	500		625
Elcom International, Inc. (a)	2,200		253
Entrust, Inc. (a)	7,900		29,230
Equinix, Inc. (a)(d)	5,633		295,395
Google, Inc. Class A (sub. vtg.) (a)	47,862		17,355,718
Greenfield Online, Inc. (a)	3,100		21,731
Homestore, Inc. (a)	35,059		218,067
I Many, Inc. (a)	5,700		9,006
iBasis, Inc. (a)	2,400		4,968
InfoSpace, Inc. (a)	4,695		113,196
Innodata Isogen, Inc. (a)	9,200		28,336
Interland, Inc. (a)	1,108		6,415
Internap Network Services Corp. (a)	83,396		43,366
Internet America, Inc. (a)	4,200		1,806
Internet Capital Group, Inc. (a)	1,307		11,894
Internet Commerce Corp. Class A (a)(d) .	600		2,532
Interwoven, Inc. (a)	5,949		51,756
iPass, Inc. (a)	21,857		161,305
IPIX Corp. (a)(d)	295		552
iVillage, Inc. (a)(d)	6,349		51,744
j2 Global Communications, Inc. (a)(d)	5,240		228,464
Jupiter Media Metrix, Inc. (a)	4,711		0
Jupitermedia Corp. (a)(d)	1,200		17,808
Keynote Systems, Inc. (a)	1,600		18,000
LookSmart Ltd. (a)	2,241		10,309
Loudeye Corp. (a)	2,000		1,117
LQ Corp., Inc. (a)	574		1,005
Marchex, Inc. Class B (a)(d)	6,203		136,094
MatrixOne, Inc. (a)	7,185		43,613
MIVA, Inc. (a)	3,079		13,455
NaviSite, Inc. (a)	344		630
Neoforma, Inc. (a)	2,800		27,748
Net2Phone, Inc. (a)	5,858		11,892
NetRatings, Inc. (a)(d)	3,275		42,673
NIC, Inc. (a)	4,201		25,248
On2.Com, Inc. (a)(d)	18,981		17,273
Onstream Media Corp. (a)(d)	206		212
Openwave Systems, Inc. (a)(d)	14,800		293,780

See accompanying notes which are an integral part of the financial statements.

A-37 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
		Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Internet Software & Services – continued
Optio Software, Inc. (a)		3,000		$ 4,200
Prescient Applied Intel, Inc. (a)		120		31
Raindance Communications, Inc. (a)		14,360		38,054
RealNetworks, Inc. (a)		41,635		327,251
S1 Corp. (a)		6,982		28,766
Saba Software, Inc. (a)(d)		2,586		16,085
Salon Media Group, Inc. (a)		5,500		1,045
SAVVIS, Inc. (a)		9,243		6,563
Selectica, Inc. (a)		6,434		17,694
SonicWALL, Inc. (a)		13,089		87,827
Stellent, Inc. (a)		4,736		51,859
Supportsoft, Inc. (a)		10,058		41,540
Terremark Worldwide, Inc. (a)(d)		6,610		35,562
The Sedona Corp. (a)		6,100		1,037
TheStreet.com, Inc. (a)		3,600		27,936
Tumbleweed Communications Corp. (a)	.	1,858		5,240
United Online, Inc. (d)		17,898		214,955
Uphonia, Inc. (a)(d)		150		45
ValueClick, Inc. (a)(d)		21,154		370,407
VeriSign, Inc. (a)(d)		63,530		1,503,120
Vignette Corp. (a)		2,828		45,531
Vitria Technology, Inc. (a)		2,487		6,790
Webb Interactive Services, Inc. (a)		4,300		688
WebEx Communications, Inc. (a)		10,438		291,011
webMethods, Inc. (a)		6,251		46,507
Websense, Inc. (a)		5,647		349,041
WorldGate Communications, Inc. (a)(d)	.	1,300		1,430
Yahoo!, Inc. (a)		330,194		10,586,020
Zix Corp. (a)(d)		10,905		18,211
				47,892,458
IT Services 1.4%
Accenture Ltd. Class A		137,256		4,482,781
Acxiom Corp. (d)		16,559		428,547
Affiliated Computer Services, Inc.
Class A (a)		25,854		1,626,734
Affinity Technology Group, Inc. (a)		10,600		1,749
Alliance Data Systems Corp. (a)(d)		18,169		785,991
Answerthink, Inc. (a)		2,704		16,548
Anteon International Corp. (a)		7,822		432,478
Applied Digital Solutions, Inc. (a)(d)		2,397		6,472
Automatic Data Processing, Inc.		140,959		6,510,896
BearingPoint, Inc. (a)(d)		38,190		340,273
CACI International, Inc. Class A (a)		7,313		440,755
Carreker Corp. (a)		4,530		26,818
Ceridian Corp. (a)		43,227		1,117,850
CheckFree Corp. (a)(d)		25,740		1,273,100
Ciber, Inc. (a)		7,491		43,373
Cognizant Technology Solutions Corp.
Class A (a)(d)		33,086		1,906,084
Computer Horizons Corp. (a)		5,300		24,645
Computer Sciences Corp. (a)		46,819		2,544,144

	Shares	Value (Note 1)
Convergys Corp. (a)	36,162		$ 628,134
Covansys Corp. (a)	1,255		18,800
CSG Systems International, Inc. (a)	11,319		248,792
CSP, Inc. (a)	3,600		20,232
Direct Insite Corp. (a)	40		22
DST Systems, Inc. (a)	15,589		876,569
Edgewater Technology, Inc. (a)	2,800		16,604
eFunds Corp. (a)	11,708		317,053
Electronic Data Systems Corp.	128,868		3,440,776
eLoyalty Corp. (a)(d)	3,847		51,858
ePresence, Inc. (a)	600		0
Euronet Worldwide, Inc. (a)(d)	4,100		143,746
Fidelity National Information Services,
Inc.	18,871		748,235
First Data Corp.	187,038		8,441,025
Fiserv, Inc. (a)	48,050		1,994,075
Forrester Research, Inc. (a)	3,800		85,918
Gartner, Inc. Class A (a)	22,106		311,252
Gevity HR, Inc.	4,273		107,594
Global Payments, Inc.	17,916		932,707
Hewitt Associates, Inc. Class A (a)	8,829		238,295
iGate Corp. (a)	4,382		29,140
Infocrossing, Inc. (a)(d)	12,655		148,823
Inforte Corp.	640		2,650
infoUSA, Inc.	5,193		61,018
Intrado, Inc. (a)	3,108		79,751
iPayment, Inc. (a)	1,534		65,548
Iron Mountain, Inc. (a)(d)	26,669		1,165,435
Kanbay International, Inc. (a)(d)	4,600		78,108
Keane, Inc. (a)	8,692		102,044
Lightbridge, Inc. (a)	4,152		40,731
Lionbridge Technologies, Inc. (a)	18,336		131,286
ManTech International Corp. Class A (a)	7,337		206,170
Maximus, Inc.	3,215		117,380
MoneyGram International, Inc.	17,593		504,391
MPS Group, Inc. (a)	25,800		390,612
New Century Equity Holdings Corp. (a) .	1,200		228
Paychex, Inc.	84,326		3,377,256
Pegasus Solutions, Inc. (a)	3,050		28,182
Perot Systems Corp. Class A (a)	22,474		339,582
RightNow Technologies, Inc. (a)	665		10,966
Sabre Holdings Corp. Class A	28,409		685,509
Safeguard Scientifics, Inc. (a)	11,755		22,335
Sapient Corp. (a)	32,671		245,033
SI International, Inc. (a)	2,269		73,879
SM&A (a)	3,853		25,892
SRA International, Inc. Class A (a)	7,184		247,992
StarTek, Inc.	1,900		37,430
Storage Engine, Inc. (a)	434		0
Sykes Enterprises, Inc. (a)	6,100		81,252
Syntel, Inc.	5,600		95,200
TALX Corp.	5,341		170,698
Technology Solutions Co. (a)	455		3,695
The BISYS Group, Inc. (a)	23,652		333,730

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-38

Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
IT Services – continued
The Management Network Group,
Inc. (a)	1,200		$ 2,880
theglobe.com, Inc. (a)	6,400		2,080
Tier Technologies, Inc. Class B (a)	3,200		24,320
TNS, Inc. (a)	834		13,427
Total System Services, Inc.	6,668		130,693
TSR, Inc.	100		507
Tyler Technologies, Inc. (a)	6,359		63,018
Unisys Corp. (a)	69,966		467,373
VeriFone Holdings, Inc. (d)	7,435		196,284
Wright Express Corp. (d)	19,580		470,703
			50,904,156
Office Electronics – 0.1%
Xerox Corp. (a)	239,934		3,575,017
Zebra Technologies Corp. Class A (a)	18,923		835,261
			4,410,278
Semiconductors & Semiconductor Equipment – 3.0%
8X8, Inc. (a)(d)	1,000		1,680
Actel Corp. (a)	3,829		55,865
ADE Corp. (a)	800		26,464
Advanced Energy Industries, Inc. (a)	4,100		58,712
Advanced Micro Devices, Inc. (a)	101,210		3,913,791
Advanced Power Technology, Inc. (a)	2,155		32,778
AEHR Test Systems (a)	3,046		11,423
Agere Systems, Inc. (a)	39,292		527,692
Alliance Semiconductor Corp. (a)	2,900		7,569
Altera Corp. (a)	98,866		1,981,275
AMIS Holdings, Inc. (a)	8,318		71,701
Amkor Technology, Inc. (a)	28,226		250,647
Amtech Systems, Inc. (a)	3,500		30,648
ANADIGICS, Inc. (a)(d)	5,094		32,143
Analog Devices, Inc.	87,938		3,353,955
Applied Materials, Inc.	402,196		7,376,275
Applied Micro Circuits Corp. (a)	58,565		211,420
Asyst Technologies, Inc. (a)	5,531		53,983
Atheros Communications, Inc. (a)	17,385		357,783
Atmel Corp. (a)(d)	108,362		493,047
ATMI, Inc. (a)	17,522		526,186
Axcelis Technologies, Inc. (a)	22,378		154,632
AXT, Inc. (a)	5,100		14,841
Broadcom Corp. Class A (a)	99,403		4,482,081
Brooks Automation, Inc. (a)	13,356		209,556
Cabot Microelectronics Corp. (a)(d)	6,707		228,843
California Micro Devices Corp. (a)	1,400		8,526
Ceva, Inc. (a)	3,103		18,711
Cirrus Logic, Inc. (a)	12,367		93,866
Cohu, Inc.	3,575		75,504
Conexant Systems, Inc. (a)	87,659		261,224
Credence Systems Corp. (a)(d)	30,931		267,862
Cree, Inc. (a)(d)	15,121		452,874

	Shares	Value (Note 1)
Cymer, Inc. (a)	6,153		$ 276,762
Cypress Semiconductor Corp. (a)(d)	38,400		681,984
Diodes, Inc. (a)	4,338		163,890
DSP Group, Inc. (a)	4,100		110,290
Electroglas, Inc. (a)	4,674		20,612
EMCORE Corp. (a)(d)	2,848		22,072
Entegris, Inc. (a)	19,063		199,399
ESS Technology, Inc. (a)	6,403		23,947
Exar Corp. (a)	5,900		73,455
Fairchild Semiconductor International,
Inc. (a)	27,314		474,717
FEI Co. (a)	4,100		82,041
FormFactor, Inc. (a)	5,967		219,824
Freescale Semiconductor, Inc. Class B (a)	95,633		2,585,916
FSI International, Inc. (a)	4,200		24,822
Genesis Microchip, Inc. (a)(d)	7,558		162,497
Hi/fn, Inc. (a)	1,922		13,512
Ibis Technology Corp. (a)(d)	2,229		7,623
Integrated Device Technology, Inc. (a)(d)	42,480		630,828
Integrated Silicon Solution, Inc. (a)	4,221		26,677
Intel Corp.	1,470,877		30,300,066
International Rectifier Corp. (a)	15,987		593,118
Intersil Corp. Class A (d)	43,619		1,236,162
Intest Corp. (a)	2,530		11,309
IXYS Corp. (a)	3,700		39,590
JMAR Technologies, Inc. (a)(d)	2,900		3,248
KLA Tencor Corp.	50,013		2,612,179
Kopin Corp. (a)(d)	9,400		40,890
Kulicke & Soffa Industries, Inc. (a)	7,962		89,174
Lam Research Corp. (a)(d)	36,324		1,565,564
Lattice Semiconductor Corp. (a)	21,552		98,062
Leadis Technology, Inc. (a)	7,132		38,655
Linear Technology Corp.	78,615		2,897,749
LSI Logic Corp. (a)	114,968		1,120,938
LTX Corp. (a)(d)	8,192		46,367
Marvell Technology Group Ltd. (a)	57,140		3,498,111
Mattson Technology, Inc. (a)	7,388		89,247
Maxim Integrated Products, Inc.	84,216		3,292,003
MEMC Electronic Materials, Inc. (a)(d)	36,525		1,223,222
Micrel, Inc. (a)	13,153		183,747
Micro Component Technology, Inc. (a)	4,500		1,665
Micro Linear Corp. (a)	100		155
Microchip Technology, Inc.	51,241		1,803,683
Micron Technology, Inc. (a)	152,513		2,365,477
Microsemi Corp. (a)	13,966		429,455
Mindspeed Technologies, Inc. (a)(d)	25,211		93,785
MIPS Technologies, Inc. (a)	6,500		54,600
MKS Instruments, Inc. (a)	12,987		290,389
Monolithic System Technology, Inc. (a)(d)	4,277		30,923
Nanometrics, Inc. (a)	800		10,624
National Semiconductor Corp.	77,983		2,187,423
NeoMagic Corp. (a)(d)	200		1,370
Novellus Systems, Inc. (a)	30,894		825,797
NVIDIA Corp. (a)	37,059		1,746,591

See accompanying notes which are an integral part of the financial statements.

A-39 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Semiconductors & Semiconductor Equipment – continued
Omnivision Technologies, Inc. (a)(d)	9,772		$ 249,186
ON Semiconductor Corp. (a)(d)	49,216		324,333
PDF Solutions, Inc. (a)	4,200		70,938
Pericom Semiconductor Corp. (a)	4,500		40,545
Photronics, Inc. (a)	13,350		234,560
Pixelworks, Inc. (a)	5,600		25,256
PLX Technology, Inc. (a)	3,886		46,943
PMC Sierra, Inc. (a)(d)	77,333		789,570
Power Integrations, Inc. (a)	8,058		200,080
QuickLogic Corp. (a)	4,793		24,013
Rambus, Inc. (a)(d)	20,136		625,223
Ramtron International Corp. (a)	4,700		9,494
RF Micro Devices, Inc. (a)	34,167		229,944
Rudolph Technologies, Inc. (a)(d)	3,620		59,658
Semitool, Inc. (a)	4,700		59,361
Semtech Corp. (a)	16,534		310,509
Sigma Designs, Inc. (a)(d)	2,609		38,352
SigmaTel, Inc. (a)(d)	3,990		42,893
Silicon Image, Inc. (a)(d)	18,184		198,569
Silicon Laboratories, Inc. (a)(d)	8,113		389,262
Silicon Storage Technology, Inc. (a)	18,672		84,397
SiRF Technology Holdings, Inc. (a)(d)	15,696		587,501
Skyworks Solutions, Inc. (a)	26,316		138,422
Spansion, Inc.	11,200		163,520
SRS Labs, Inc. (a)	2,700		16,065
Standard Microsystems Corp. (a)	2,900		94,308
Supertex, Inc. (a)(d)	2,131		71,751
Tegal Corp. (a)(d)	6,100		3,599
Teradyne, Inc. (a)	44,784		751,923
Tessera Technologies, Inc. (a)	8,659		270,421
Texas Instruments, Inc.	410,578		12,255,753
Therma Wave, Inc. (a)(d)	5,400		8,316
Transmeta Corp. (a)(d)	19,000		31,350
Transwitch Corp. (a)(d)	14,454		24,572
Trident Microsystems, Inc. (a)	11,138		311,196
Trio Tech International (d)	3,600		24,660
TriQuint Semiconductor, Inc. (a)	18,701		88,643
Tvia, Inc. (a)	6,300		14,994
Ultratech, Inc. (a)	3,672		73,403
Varian Semiconductor Equipment
Associates, Inc. (a)	10,349		488,059
Veeco Instruments, Inc. (a)	4,200		84,378
Virage Logic Corp. (a)	3,148		34,691
Vitesse Semiconductor Corp. (a)(d)	39,408		124,135
Volterra Semiconductor Corp. (a)	5,049		87,903
White Electronic Designs Corp. (a)	3,182		19,251
Xilinx, Inc.	92,178		2,514,616
Zoran Corp. (a)	8,297		164,115
		112,766,394
Software 3.3%
Activision, Inc. (a)	66,268		828,350

	Shares	Value (Note 1)
Actuate Corp. (a)	4,899		$ 19,008
Adept Technology, Inc. (a)	680		5,562
Adobe Systems, Inc.	145,248		5,609,478
Advent Software, Inc. (a)	4,100		113,980
Agile Software Corp. (a)	5,154		35,769
Altiris, Inc. (a)	3,734		73,971
American Software, Inc. Class A	3,700		25,160
Analytical Surveys, Inc. (a)	20		30
Ansoft Corp. (a)	500		19,585
Ansys, Inc. (a)	5,270		249,903
Applix, Inc. (a)	2,600		16,822
ARI Network Services, Inc. (a)	2,800		6,160
Artisoft, Inc. (a)	533		490
Aspen Technology, Inc. (a)	4,900		58,702
Atari, Inc. (a)(d)	28,859		24,674
Authentidate Holding Corp. (a)	1,900		4,807
Autodesk, Inc.	56,386		2,122,933
BEA Systems, Inc. (a)(d)	118,897		1,363,749
Bitstream, Inc. Class A (a)	5,067		40,789
Blackbaud, Inc.	611		11,181
BMC Software, Inc. (a)	54,176		1,184,829
Borland Software Corp. (a)	21,785		115,678
Bottomline Technologies, Inc. (a)	1,400		17,178
BSQUARE Corp. (a)	300		990
CA, Inc.	114,954		3,122,151
Cadence Design Systems, Inc. (a)	65,249		1,158,170
CAM Commerce Solutions, Inc.	2,300		50,715
Captaris, Inc. (a)	7,200		28,296
Catapult Communications Corp. (a)	1,500		20,865
Citrix Systems, Inc. (a)	44,962		1,454,970
Compuware Corp. (a)	86,209		707,776
Concur Technologies, Inc. (a)(d)	3,000		45,480
Convera Corp. Class A (a)(d)	2,323		22,765
Datawatch Corp. (a)	2,268		8,051
Digimarc Corp. (a)	1,449		10,737
DocuCorp International, Inc. (a)	2,820		21,926
Dynamics Research Corp. (a)	2,379		32,450
Electronic Arts, Inc. (a)	76,137		3,956,840
Embarcadero Technologies, Inc. (a)	2,400		16,440
eMerge Interactive, Inc. Class A (a)	3,830		1,417
Epicor Software Corp. (a)	8,396		104,278
EPIQ Systems, Inc. (a)	3,148		69,162
ePlus, Inc. (a)	1,200		16,920
FactSet Research Systems, Inc.	10,891		426,383
Fair, Isaac & Co., Inc.	15,339		653,748
FalconStor Software, Inc. (a)	3,300		30,690
FileNET Corp. (a)(d)	13,069		336,396
Forgent Networks, Inc. (a)	7,880		14,184
GraphOn Corp. (a)	4,200		1,008
GSE Systems, Inc. (a)	452		746
Hyperion Solutions Corp. (a)	14,217		476,980
Informatica Corp. (a)	43,164		691,487
Interactive Intelligence, Inc. (a)	2,100		19,005
Internet Security Systems, Inc. (a)	12,578		293,193

See accompanying notes which are an integral part of the financial statements.

Annual Report A-40

Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Software – continued
InterVideo, Inc. (a)	1,781		$ 19,823
Intervoice, Inc. (a)	11,355		97,312
Intrusion, Inc. (a)	900		1,746
Intuit, Inc. (a)	38,831		1,886,410
Jack Henry & Associates, Inc.	16,855		370,979
JDA Software Group, Inc. (a)	3,900		53,547
Kronos, Inc. (a)	6,812		279,360
Lawson Software, Inc. (a)(d)	29,938		238,007
Macrovision Corp. (a)(d)	9,518		192,359
Magma Design Automation, Inc. (a)	4,600		39,652
Manhattan Associates, Inc. (a)	7,847		165,336
Manugistics Group, Inc. (a)(d)	10,635		19,781
MapInfo Corp. (a)	3,502		47,242
McAfee, Inc. (a)	42,785		995,179
Mentor Graphics Corp. (a)	20,882		234,505
MetaSolv, Inc. (a)	1,300		3,380
MICROS Systems, Inc. (a)	8,198		354,891
Microsoft Corp.	2,295,679		61,753,765
MicroStrategy, Inc. Class A (a)	4,097		375,613
Midway Games, Inc. (a)(d)	7,292		72,264
Mobius Management Systems, Inc. (a)	5,733		36,749
Moldflow Corp. (a)	2,648		37,257
MRO Software, Inc. (a)	3,700		54,538
Napster, Inc. (a)	3,394		12,151
NAVTEQ Corp. (a)	24,970		1,156,361
Netguru, Inc.	1,800		738
NetIQ Corp. (a)	9,253		104,559
NetManage, Inc. (a)	1,157		6,306
NetScout Systems, Inc. (a)	7,668		51,836
NetSol Technologies, Inc. (a)(d)	20		39
Novell, Inc. (a)	83,805		796,986
Nuance Communications, Inc. (a)(d)	51,111		546,888
ONYX Software Corp. (a)	875		3,413
Open Solutions, Inc. (a)	7,534		204,548
Opnet Technologies, Inc. (a)	4,559		43,766
Opsware, Inc. (a)	24,964		196,467
Oracle Corp. (a)	957,164		11,887,977
Parametric Technology Corp. (a)	25,589		389,465
Peerless Systems Corp. (a)	200		1,494
Pegasystems, Inc. (a)	3,570		29,203
Pervasive Software, Inc. (a)	4,094		17,359
Phoenix Technologies Ltd. (a)	3,000		20,790
Plato Learning, Inc. (a)	2,149		17,020
Programmer’s Paradise, Inc.	1,200		15,024
Progress Software Corp. (a)(d)	11,733		342,604
QAD, Inc.	4,079		32,632
Quality Systems, Inc. (d)	1,806		125,011
Quest Software, Inc. (a)	14,533		211,746
Quovadx, Inc. (a)	7,549		21,515
Radiant Systems, Inc. (a)	2,700		38,556
Red Hat, Inc. (a)(d)	39,452		1,060,075

	Shares	Value (Note 1)
Renaissance Learning, Inc.	4,400		$ 74,932
Reynolds & Reynolds Co. Class A	14,364		397,883
RSA Security, Inc. (a)	15,723		230,814
SAFLINK Corp. (a)(d)	1,740		1,688
Salesforce.com, Inc. (a)(d)	19,599		683,025
SCO Group, Inc. (a)(d)	3,132		13,468
Secure Computing Corp. (a)	4,719		57,100
Segue Software, Inc. (a)	1,900		16,131
SERENA Software, Inc. (a)	4,635		110,777
Smith Micro Software, Inc. (a)	3,687		33,072
Sonic Foundry, Inc. (a)(d)	1,800		2,196
Sonic Solutions, Inc. (a)	2,792		50,675
SPSS, Inc. (a)	1,760		57,446
SSA Global Technologies, Inc.	1,264		21,159
StorageNetworks, Inc. (a)	13,600		0
SumTotal Systems, Inc. (a)(d)	682		2,933
Sybase, Inc. (a)	17,036		363,378
Symantec Corp. (a)	288,858		4,878,812
Synopsys, Inc. (a)	33,824		739,731
Synplicity, Inc. (a)	300		2,106
Take Two Interactive Software, Inc. (a)(d)	15,130		235,725
TenFold Corp. (a)	2,690		1,076
THQ, Inc. (a)(d)	22,524		540,576
TIBCO Software, Inc. (a)(d)	56,020		485,693
Transaction Systems Architects, Inc.
Class A (a)	6,378		212,770
Ulticom, Inc. (a)	4,033		45,089
Ultimate Software Group, Inc. (a)(d)	5,525		129,285
VA Software Corp. (a)(d)	11,502		42,672
Verint Systems, Inc. (a)	2,382		86,300
Versant Corp. (a)	320		1,638
VerticalNet, Inc. (a)(d)	530		292
Viewpoint Corp. (a)(d)	3,600		3,744
Voxware, Inc. (a)	63		356
WatchGuard Technologies, Inc. (a)	2,887		11,721
Wave Systems Corp. Class A (a)(d)	2,100		1,363
Wind River Systems, Inc. (a)	29,444		455,499
Witness Systems, Inc. (a)	17,812		417,335
		120,815,691

TOTAL INFORMATION TECHNOLOGY		574,858,323

MATERIALS 3.1%
Chemicals 1.5%
A. Schulman, Inc.	14,000		328,020
Air Products & Chemicals, Inc.	49,430		3,171,429
Airgas, Inc.	17,437		634,532
Albemarle Corp.	11,290		479,261
American Pacific Corp. (a)	800		4,584
American Vanguard Corp. (d)	6,036		173,294
Arch Chemicals, Inc.	9,424		265,945
Ashland, Inc.	15,596		1,017,951
Atlantis Plastics, Inc. Class A (d)	600		5,340
Bairnco Corp.	800		7,720

See accompanying notes which are an integral part of the financial statements.

A-41 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

MATERIALS – continued
Chemicals – continued
Balchem Corp.	1,125		$ 24,154
Cabot Corp.	12,694		469,932
Calgon Carbon Corp.	3,000		23,340
Celanese Corp. Class A	14,324		306,534
CF Industries Holdings, Inc.	9,000		158,580
CFC International, Inc. (a)	600		9,876
Chemtura Corp.	64,725		717,153
Cytec Industries, Inc.	7,617		406,291
Dow Chemical Co.	235,008		10,112,394
E.I. du Pont de Nemours & Co.	242,319		9,750,917
Eastman Chemical Co.	17,784		877,285
Ecolab, Inc.	46,482		1,682,184
Eden Bioscience Corp. (a)	8,372		5,274
Engelhard Corp.	30,638		1,217,861
Ferro Corp.	15,338		307,987
FMC Corp. (a)	7,553		459,298
Georgia Gulf Corp.	6,865		197,026
H.B. Fuller Co. (d)	7,000		284,200
Hawkins, Inc.	5,191		72,414
Hercules, Inc. (a)	23,992		284,305
Huntsman Corp.	21,516		439,142
International Flavors & Fragrances, Inc.	20,178		698,764
Kronos Worldwide, Inc.	87		2,532
LESCO, Inc. (a)	2,923		47,498
Lubrizol Corp.	14,867		643,146
Lyondell Chemical Co.	59,199		1,238,443
MacDermid, Inc.	4,758		139,980
Material Sciences Corp. (a)	1,300		16,913
Minerals Technologies, Inc.	7,252		388,200
Monsanto Co.	65,886		5,526,518
Mosaic Co. (a)	25,640		407,676
Nalco Holding Co. (a)	18,050		315,875
Nanophase Technologies Corp. (a)(d)	3,697		26,138
NewMarket Corp. (a)	7,190		247,839
NL Industries, Inc. (d)	5,326		70,250
Olin Corp.	17,725		372,402
OM Group, Inc. (a)	4,792		101,638
OMNOVA Solutions, Inc. (a)	3,100		18,817
Penford Corp.	600		9,525
Pioneer Companies, Inc. (a)	5,000		150,600
PolyOne Corp. (a)(d)	28,630		249,940
PPG Industries, Inc.	36,625		2,220,574
Praxair, Inc.	79,397		4,285,850
Quaker Chemical Corp.	700		13,993
Rohm & Haas Co.	35,102		1,746,325
RPM International, Inc.	24,714		445,841
Sensient Technologies Corp.	11,073		198,428
Sigma Aldrich Corp.	14,822		954,685
Spartech Corp.	11,611		280,986
Stepan Co.	700		18,697
Summa Industries, Inc.	500		3,875

	Shares	Value (Note 1)
Symyx Technologies, Inc. (a)	5,000		$ 145,000
Terra Industries, Inc. (a)	17,967		127,386
The Scotts Co. Class A	10,366		496,428
Tronox, Inc. Class A	5,666		86,690
Valspar Corp.	24,084		636,540
W.R. Grace & Co. (a)	13,050		132,458
Wellman, Inc.	2,274		14,281
Westlake Chemical Corp.	3,707		127,224
Zoltek Companies, Inc. (a)(d)	800		13,808
			56,515,986
Construction Materials – 0.1%
Eagle Materials, Inc. (d)	12,162		658,329
Florida Rock Industries, Inc.	11,835		681,814
Headwaters, Inc. (a)(d)	11,029		409,396
Lafarge North America, Inc.	6,258		518,600
Martin Marietta Materials, Inc.	11,253		1,097,168
Texas Industries, Inc.	6,449		391,196
U.S. Concrete, Inc. (a)	100		1,253
Vulcan Materials Co.	20,526		1,621,554
			5,379,310
Containers & Packaging – 0.3%
AEP Industries, Inc. (a)	600		16,152
Aptargroup, Inc.	6,929		367,583
Ball Corp.	27,784		1,183,598
Bemis Co., Inc.	22,012		659,920
Caraustar Industries, Inc. (a)	5,232		53,209
Chesapeake Corp.	3,900		51,441
Crown Holdings, Inc. (a)	41,929		767,301
Graphic Packaging Corp. (a)	18,587		48,326
Greif Brothers Corp. Class A	4,918		284,801
MOD PAC Corp. (sub. vtg.) (a)	1,150		12,696
Myers Industries, Inc.	2,494		39,904
Owens Illinois, Inc. (a)	29,918		560,663
Packaging Corp. of America	18,361		418,814
Packaging Dynamics Corp.	320		4,438
Pactiv Corp. (a)	31,110		713,352
Rock Tenn Co. Class A	5,000		65,600
Sealed Air Corp.	21,571		1,226,958
Silgan Holdings, Inc. (d)	6,400		252,288
Smurfit Stone Container Corp. (a)	71,704		940,756
Sonoco Products Co.	25,717		841,460
Temple Inland, Inc.	23,057		983,842
			9,493,102
Metals & Mining – 0.9%
AK Steel Holding Corp. (a)(d)	22,608		250,949
Alcoa, Inc.	214,003		6,274,568
Aleris International, Inc. (a)	5,770		247,129
Allegheny Technologies, Inc.	18,144		916,453
Amcol International Corp.	3,826		105,636
Brush Engineered Materials, Inc. (a)	4,706		81,931
Carpenter Technology Corp. (d)	4,219		352,666
Century Aluminum Co. (a)(d)	6,300		224,217

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-42

Common Stocks continued
	Shares	Value (Note 1)

MATERIALS – continued
Metals & Mining – continued
Chaparral Steel Co. (a)	6,449		$ 295,429
Cleveland Cliffs, Inc. (d)	5,855		503,823
Coeur d’Alene Mines Corp. (a)(d)	37,016		205,069
Commercial Metals Co.	14,862		673,100
Compass Minerals International, Inc.	11,094		276,795
Freeport McMoRan Copper & Gold, Inc.
Class B	40,856		2,068,539
Gibraltar Industries, Inc.	11,584		295,508
Glamis Gold Ltd. (a)	30,909		841,724
Hecla Mining Co. (a)(d)	17,839		88,838
Meridian Gold, Inc. (a)	28,658		723,923
Metal Management, Inc.	7,000		197,470
Newmont Mining Corp.	97,713		5,170,972
NN, Inc.	100		1,234
Nucor Corp.	33,440		2,877,512
Oregon Steel Mills, Inc. (a)(d)	10,953		414,900
Phelps Dodge Corp.	23,059		3,182,142
Quanex Corp.	7,326		454,725
Reliance Steel & Aluminum Co.	7,747		638,275
Roanoke Electric Steel Corp.	5,013		140,113
Royal Gold, Inc. (d)	6,723		211,304
RTI International Metals, Inc. (a)	4,252		178,797
Ryerson Tull, Inc. (d)	15,693		396,091
Schnitzer Steel Industries, Inc. Class A	6,426		199,849
Southern Copper Corp.	8,067		642,537
Steel Dynamics, Inc.	10,869		499,974
Steel Technologies, Inc.	2,600		71,734
Stillwater Mining Co. (a)	16,535		215,120
Synalloy Corp. (a)	700		9,100
Titanium Metals Corp. (a)(d)	8,200		336,364
United States Steel Corp.	26,469		1,442,561
Universal Stainless & Alloy Products,
Inc. (a)	2,700		52,488
Wheeling Pittsburgh Corp. (a)	2,314		38,528
Worthington Industries, Inc.	12,166		238,454
			32,036,541
Paper & Forest Products 0.3%
Bowater, Inc.	18,048		469,609
Buckeye Technologies, Inc. (a)	6,535		57,573
Deltic Timber Corp.	2,383		124,536
International Paper Co.	114,209		3,742,629
Louisiana Pacific Corp.	21,677		616,277
MeadWestvaco Corp.	45,935		1,277,912
Neenah Paper, Inc.	2,897		88,677
P.H. Glatfelter Co.	6,530		107,353
Pope & Talbot, Inc. (a)	1,500		11,355
Schweitzer Mauduit International, Inc. (d)	5,576		143,303

	Shares	Value (Note 1)
Wausau Mosinee Paper Corp.	9,800		$ 127,400
Weyerhaeuser Co.	55,867		3,815,157
			10,581,781

TOTAL MATERIALS		114,006,720

TELECOMMUNICATION SERVICES 2.9%
Diversified Telecommunication Services – 2.0%
Alaska Communication Systems Group,
Inc.	4,500		49,905
Allegiance Telecom, Inc. (a)	7,100		33
AT&T, Inc.	963,303		26,577,530
BellSouth Corp.	455,174		14,374,395
Broadwing Corp. (a)(d)	10,240		91,750
C2 Global Technologies, Inc. (a)(d)	450		315
CenturyTel, Inc.	27,170		977,577
Cincinnati Bell, Inc. (a)(d)	61,223		250,402
Citizens Communications Co.	105,281		1,405,501
Cogent Communications Group,
Inc. (a)(d)	2		14
Commonwealth Telephone Enterprises,
Inc.	3,600		116,208
Consolidated Communications Holdings,
Inc.	1,584		22,556
Covad Communications Group,
Inc. (a)(d)	33,939		44,121
CT Communications, Inc.	1,738		23,011
D&E Communications, Inc.	2,800		28,420
FairPoint Communications, Inc.	3,643		51,257
Fonix Corp. (a)	465		9
General Communications, Inc.
Class A (a)	6,544		73,620
Global Crossing Ltd. (a)(d)	4,203		72,208
HickoryTech Corp.	540		4,309
Hungarian Telephone & Cable
Corp. (a)(d)	4,123		64,319
IDT Corp. Class B (a)(d)	11,458		136,236
Iowa Telecommunication Services, Inc. .	11,175		197,798
Level 3 Communications, Inc. (a)(d)	189,691		644,949
Moscow CableCom Corp. (a)	1,700		13,396
NeuStar, Inc. Class A (d)	6,063		174,614
North Pittsburgh Systems, Inc. 01/01/06	2,140		43,528
Pac West Telecomm, Inc. (a)	1,090		1,036
PanAmSat Holding Corp.	10,460		262,651
Premiere Global Services, Inc. (a)	19,031		156,245
Primus Telecommunications Group,
Inc. (a)(d)	17,273		15,028
Qwest Communications International,
Inc. (a)	419,947		2,654,065
Shenandoah Telecommunications Co.	1,800		78,426
SureWest Communications	1,661		41,990
Talk America Holdings, Inc. (a)(d)	4,710		40,176
Time Warner Telecom, Inc. Class A (a)	7,389		93,323
U.S. LEC Corp. Class A (a)	2,800		5,936
Valor Communications Group, Inc.	5,662		69,926

See accompanying notes which are an integral part of the financial statements.

A-43 Annual Report

Spartan Total Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

TELECOMMUNICATION SERVICES continued
Diversified Telecommunication Services – continued
Verizon Communications, Inc.	721,438	$ 24,312,461
WQN, Inc. (a)	310	515
XETA Technologies, Inc. (a)	2,000	3,940
		73,173,699
Wireless Telecommunication Services – 0.9%
@Road, Inc. (a)	6,908	35,645
ALLTEL Corp.	77,331	4,883,453
American Tower Corp. Class A (a)	102,347	3,257,705
Centennial Communications Corp.
Class A	19,693	149,470
Crown Castle International Corp. (a)	59,613	1,868,868
Dobson Communications Corp.
Class A (a)(d)	64,495	466,944
GoAmerica, Inc. (a)	30	120
InPhonic, Inc. (a)(d)	655	3,681
LCC International, Inc. (a)	2,300	6,900
Leap Wireless International, Inc. (a)	8,500	357,935
Metro One Telecommunications,
Inc. (a)(d)	5,800	3,423
Nextel Partners, Inc. Class A (a)	39,106	1,097,314
NII Holdings, Inc. (a)	33,079	1,694,306
Price Communications Corp. (a)	15,956	267,263
Rural Cellular Corp. Class A (a)	4,700	67,915
SBA Communications Corp. Class A (a) .	15,828	355,972
Sprint Nextel Corp.	715,605	17,195,988
SunCom Wireless Holdings, Inc.
Class A (a)	6,400	10,880
Syniverse Holdings, Inc.	3,780	54,054
Telephone & Data Systems, Inc.	31,174	1,165,908
U.S. Cellular Corp. (a)(d)	3,371	185,236
Ubiquitel, Inc. (a)	16,900	165,113
USA Mobility, Inc. (d)	16,194	466,711
Wireless Facilities, Inc. (a)	7,785	35,033
		33,795,837

TOTAL TELECOMMUNICATION SERVICES		106,969,536

UTILITIES 3.3%
Electric Utilities – 1.4%
Allegheny Energy, Inc. (a)	39,957	1,428,862
Allete, Inc.	4,890	228,216
American Electric Power Co., Inc.	91,524	3,340,626
Central Vermont Public Service Corp.	2,400	51,384
Cinergy Corp.	42,562	1,876,133
Cleco Corp. (d)	8,300	186,667
DPL, Inc.	31,522	848,572
Duquesne Light Holdings, Inc.	18,842	326,909
Edison International	74,509	3,305,219
El Paso Electric Co. (a)	8,800	179,960
Empire District Electric Co.	5,700	126,084

	Shares	Value (Note 1)
Entergy Corp.	50,277	$ 3,645,585
Exelon Corp.	161,787	9,239,656
FirstEnergy Corp.	77,656	3,966,668
FPL Group, Inc.	88,583	3,714,285
Great Plains Energy, Inc.	22,053	626,305
Green Mountain Power Corp.	2,020	56,964
Hawaiian Electric Industries, Inc. (d)	25,869	691,478
IDACORP, Inc. (d)	11,816	389,219
MGE Energy, Inc.	3,300	110,616
Northeast Utilities	31,344	614,969
Otter Tail Corp.	8,116	252,813
Pepco Holdings, Inc.	44,881	1,066,821
Pinnacle West Capital Corp.	22,286	914,840
PPL Corp.	91,552	2,911,354
Progress Energy, Inc.	60,183	2,670,922
Reliant Energy, Inc. (a)(d)	65,900	669,544
Sierra Pacific Resources (a)	27,514	391,799
Southern Co.	179,349	6,103,246
UIL Holdings Corp.	2,900	148,625
Unisource Energy Corp.	5,073	154,270
Unitil Corp.	1,979	50,465
Westar Energy, Inc.	19,419	417,897
		50,706,973
Gas Utilities 0.3%
AGL Resources, Inc.	17,824	639,882
Atmos Energy Corp.	20,296	535,814
Cascade Natural Gas Corp.	2,816	55,194
Chesapeake Utilities Corp.	3,158	95,277
Delta Natural Gas Co., Inc.	1,500	38,835
Energen Corp.	14,052	502,078
EnergySouth, Inc.	1,948	58,187
Equitable Resources, Inc.	24,571	893,402
Laclede Group, Inc.	3,369	113,502
National Fuel Gas Co.	21,656	701,221
New Jersey Resources Corp.	8,309	373,905
Nicor, Inc. (d)	12,624	541,948
Northwest Natural Gas Co.	10,825	370,648
ONEOK, Inc.	22,539	689,468
Peoples Energy Corp.	9,564	351,094
Piedmont Natural Gas Co., Inc. (d)	17,138	423,651
Questar Corp. (d)	21,943	1,607,325
South Jersey Industries, Inc.	11,890	340,054
Southern Union Co.	37,279	917,809
Southwest Gas Corp.	5,329	151,983
UGI Corp.	29,247	656,595
WGL Holdings, Inc. (d)	14,007	431,416
		10,489,288
Independent Power Producers & Energy Traders 0.5%
AES Corp. (a)	166,206	2,875,364
Black Hills Corp. (d)	11,850	409,655
Constellation Energy Group, Inc.	44,007	2,584,971
Duke Energy Corp.	215,904	6,131,674
Dynegy, Inc. Class A (a)	70,878	383,450

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-44

Common Stocks continued
	Shares	Value (Note 1)

UTILITIES – continued
Independent Power Producers & Energy Traders continued
Mirant Corp. (a)	74,400	$ 1,830,240
NRG Energy, Inc. (a)(d)	18,415	796,449
Ormat Technologies, Inc. (d)	697	26,786
TXU Corp.	105,104	5,506,399
		20,544,988
Multi-Utilities – 1.1%
Alliant Energy Corp. (d)	38,358	1,269,650
Ameren Corp.	46,860	2,374,396
Aquila, Inc. (a)	88,492	345,119
Avista Corp.	15,952	312,659
CenterPoint Energy, Inc.	65,332	847,356
CH Energy Group, Inc.	6,461	317,235
CMS Energy Corp. (a)(d)	53,525	753,632
Consolidated Edison, Inc.	59,070	2,709,541
Dominion Resources, Inc.	81,189	6,097,294
DTE Energy Co.	41,404	1,792,793
Energy East Corp.	40,856	1,023,851
KeySpan Corp.	35,553	1,448,785
MDU Resources Group, Inc.	26,413	931,058
NiSource, Inc.	71,517	1,468,244
NorthWestern Energy Corp.	15,586	505,454
NSTAR	25,581	751,058
OGE Energy Corp. (d)	25,698	738,818
PG&E Corp.	88,087	3,351,710
PNM Resources, Inc.	19,036	471,141
Public Service Enterprise Group, Inc.	55,867	3,876,611
Puget Energy, Inc.	30,052	647,921
SCANA Corp.	27,877	1,136,824
Sempra Energy	53,176	2,543,940
TECO Energy, Inc.	45,359	773,825
Vectren Corp.	20,232	533,316
Wisconsin Energy Corp.	26,825	1,096,338
WPS Resources Corp.	11,330	595,392
Xcel Energy, Inc.	101,425	1,882,448
		40,596,409
Water Utilities – 0.0%
American States Water Co.	3,400	117,266
Aqua America, Inc. (d)	25,662	737,526
Artesian Resources Corp. Class A	2,095	62,025
California Water Service Group	3,300	144,408
Middlesex Water Co. (d)	2,742	52,921

	Shares	Value (Note 1)
SJW Corp.	3,300	$ 169,422
Southwest Water Co.	6,303	113,895
		1,397,463

TOTAL UTILITIES		123,735,121

TOTAL COMMON STOCKS
(Cost $3,031,079,913)	3,595,470,760
Nonconvertible Bonds 0.0%
	Principal
	Amount
HEALTH CARE 0.0%
Health Care Equipment & Supplies 0.0%
Del Global Technologies Corp. 6%
3/28/07	$ 1,239	620
TOTAL NONCONVERTIBLE BONDS
(Cost $1,037)		620
U.S. Treasury Obligations 0.2%

U.S. Treasury Bills, yield at date of
purchase 3.93% 3/23/06 (e)
(Cost $6,982,603)	7,000,000	6,981,436
Money Market Funds 7.6%
	Shares
Fidelity Cash Central Fund,
4.57% (b)	101,994,140	101,994,140
Fidelity Securities Lending Cash
Central Fund, 4.58% (b)(c)	181,934,981	181,934,981
TOTAL MONEY MARKET FUNDS
(Cost $283,929,121)		283,929,121
TOTAL INVESTMENT PORTFOLIO 104.6%
(Cost $3,321,992,674)		3,886,381,937

NET OTHER ASSETS (4.6)%		(170,754,622)
NET ASSETS 100%		$3,715,627,315

See accompanying notes which are an integral part of the financial statements.

A-45 Annual Report

Spartan Total Market Index Fund
Investments - continued


Futures Contracts
	Expiration	Underlying	Unrealized
	Date	Face Amount	Appreciation/
		at Value	(Depreciation)

Purchased

Equity Index Contracts
193 Russell 1000 Mini
Index Contracts	March 2006	$ 14,127,600	$ 322,694
163 S&P 500 E Mini
Index Contracts	March 2006	10,451,560	120,384
268 S&P 500 Index
Contracts	March 2006	85,920,800	494,866
91 S&P MidCap 400
E Mini Index
Contracts	March 2006	7,052,500	66,450

TOTAL EQUITY INDEX
CONTRACTS		$117,552,460	$ 1,004,394

The face value of futures purchased as a percentage of net assets -3.2%

Swap Agreements

	Expiration	Notional	Value
	Date	Amount

Equity Total Return Swaps
Receive monthly a
return equal to Plains
All American Pipeline
LP and pay monthly
a floating rate based
on 1 month LIBOR
plus 40 basis points
with Goldman Sachs	Sept. 2006	$ 453,700	$ (6,352)

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other
accounts managed by Fidelity Investments. The rate quoted is the
annualized seven-day yield of the fund at period end. A complete
unaudited listing of the fund’s holdings as of its most recent quarter end is
available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

(e) Security or a portion of the security was pledged to cover margin
requirements for futures contracts. At the period end, the value of
securities pledged amounted to $6,981,436.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 2,269,870
Fidelity Securities Lending Cash Central Fund		1,065,545
Total		$ 3,335,415

Income Tax Information

At February 28, 2006, the fund had a capital loss carryforward of approximately $32,181,218 of which $29,356,863 and $2,824,355 will expire on February 28, 2011 and 2013, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report A-46

Spartan Total Market Index Fund

Financial Statements


Statement of Assets and Liabilities
		February 28, 2006

Assets
Investment in securities, at value (in-
cluding securities loaned of
$172,023,036) — See accom-
panying schedule:
Unaffiliated issuers (cost
$3,038,063,553)
Affiliated Central Funds (cost	$ 3,602,452,816
$283,929,121)	283,929,121
Total Investments (cost
$3,321,992,674)		$3,886,381,937
Cash			17,058
Receivable for investments sold			5,580
Receivable for fund shares sold			10,203,387
Dividends receivable			6,048,238
Interest receivable			245,836
Other affiliated receivables			736
Other receivables			121,900
Total assets			3,903,024,672

Liabilities
Payable for fund shares redeemed .	$ 4,129,434
Swap agreements, at value	6,352
Accrued management fee	214,003
Payable for daily variation on futures
contracts	1,063,828
Other affiliated payables	48,759
Collateral on securities loaned, at
value	181,934,981
Total liabilities			187,397,357

Net Assets		$ 3,715,627,315
Net Assets consist of:
Paid in capital		$3,211,588,630
Undistributed net investment income			13,065,766
Accumulated undistributed net real-
ized gain (loss) on investments and
foreign currency transactions			(74,414,386)
Net unrealized appreciation (de-
preciation) on investments			565,387,305
Net Assets		$ 3,715,627,315
Investor Class:
Net Asset Value, offering price and
redemption price per share
($1,971,617,328 ÷
54,941,568 shares)			$ 35.89
Fidelity Advantage Class:
Net Asset Value, offering price and
redemption price per share
($1,744,009,987 ÷
48,596,460 shares)			$ 35.89

Statement of Operations
	Year ended February 28, 2006

Investment Income
Dividends		$ 54,716,142
Interest		187,942
Income from affiliated Central Funds
(including $1,065,545 from sec-
urity lending)		3,335,415
Total income		58,239,499

Expenses
Management fee	$ 2,788,830
Transfer agent fees	261,564
Independent trustees’ compensation	13,558
Miscellaneous	8,271
Total expenses before reductions	3,072,223
Expense reductions	(43,890)	3,028,333

Net investment income (loss)		55,211,166
Realized and Unrealized Gain
(Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(24,032,339)
Foreign currency transactions	(203)
Futures contracts	4,858,368
Swap agreements	147,623
Total net realized gain (loss)		(19,026,551)
Change in net unrealized appreci-
ation (depreciation) on:
Investment securities	310,465,249
Futures contracts	312,740
Swap agreements	(80,462)
Total change in net unrealized ap-
preciation (depreciation)		310,697,527
Net gain (loss)		291,670,976
Net increase (decrease) in net as-
sets resulting from operations		$ 346,882,142

See accompanying notes which are an integral part of the financial statements.

A-47 Annual Report

Spartan Total Market Index Fund
Financial Statements - continued


Statement of Changes in Net Assets
			Year ended				Year ended
			February 28,				February 28,
			2006				2005
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)				$ 55,211,166			$ 42,165,757
Net realized gain (loss)				(19,026,551)			(4,619,242)
Change in net unrealized appreciation (depreciation)				310,697,527			159,533,145
Net increase (decrease) in net assets resulting from operations				346,882,142			197,079,660
Distributions to shareholders from net investment income				(50,233,105)			(38,260,068)
Share transactions — net increase (decrease)				569,776,876			449,588,164
Redemption fees				104,581			176,356
Total increase (decrease) in net assets				866,530,494			608,584,112

Net Assets
Beginning of period				2,849,096,821		2,240,512,709
End of period (including undistributed net investment income of $13,065,766 and undistributed net investment income
of $8,139,472, respectively)				$ 3,715,627,315		$ 2,849,096,821

Financial Highlights Investor Class
Years ended February 28,	2006	2005	2004^E		2003			2002
Selected Per Share Data
Net asset value, beginning of period	$ 32.89	$ 31.00	$ 22.07		$28.57			$31.52
Income from Investment Operations
Net investment income (loss)^B	56	.54^C	.37		.35			.34
Net realized and unrealized gain (loss)	2.95	1.82	8.88		(6.53)			(2.97)
Total from investment operations	3.51	2.36	9.25		(6.18)			(2.63)
Distributions from net investment income	(.51)	(.47)	(.32)		(.32)			(.32)
Redemption fees added to paid in capital^B	—^F	—^F	—^F		—^F			—^F
Net asset value, end of period	$ 35.89	$ 32.89	$ 31.00		$ 22.07			$ 28.57
Total Return^A	10.73%	7.64%	42.07%		(21.73)%			(8.36)%
Ratios to Average Net Assets^D
Expenses before reductions	10%	.38%	.40%		.41%			.41%
Expenses net of fee waivers, if any	10%	.17%	.25%		.25%			.25%
Expenses net of all reductions	10%	.17%	.25%		.25%			.25%
Net investment income (loss)	1.67%	1.73%^C	1.36%		1.39%			1.15%
Supplemental Data
Net assets, end of period (000 omitted)	$1,971,617	$2,849,097	$2,240,513		$1,003,806		$1,110,567
Portfolio turnover rate	6%	6%	3%		3%			7%

^ATotal returns would have been lower had certain expenses not been reduced during the periods shown. ^BCalculated based on average shares outstanding during the period. ^CInvestment income per share reflects a special dividend which amounted
to $.08 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.49% . ^DExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts
reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the
investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^EFor the year ended February 29. ^FAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-48

Financial Highlights Fidelity Advantage Class

		2006^E
Selected Per Share Data
Net asset value, beginning of period		$ 33.05
Income from Investment Operations
Net investment income (loss)^D		24
Net realized and unrealized gain (loss)		3.02
Total from investment operations		3.26
Distributions from net investment income		(.42)
Redemption fees added to paid in capital^D		—^G
Net asset value, end of period		$ 35.89
Total Return^B,C		9.90%
Ratios to Average Net Assets^F
Expenses before reductions		07%^A
Expenses net of fee waivers, if any		07%^A
Expenses net of all reductions		07%^A
Net investment income (loss)		1.83%^A
Supplemental Data
Net assets, end of period (000 omitted)		$1,744,010
Portfolio turnover rate		6%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during
the period. ^EFor the period October 14, 2005 (commencement of sale of shares) to February 28, 2006. ^FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment
adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to
reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^GAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

A-49 Annual Report

Spartan Extended Market Index Fund
Performance: The Bottom Line

Average Annual Total Returns
Periods ended February 28, 2006	Past 1	Past 5	Life of
	year	years	fund
Spartan Extended Market Index Fund Investor Class^A	17.94%	9.52%	7.35%
Spartan Extended Market Index Fund Fidelity Advantage Class^B	17.98%	9.53%	7.36%

A From November 5, 1997.
B The initial offering of Fidelity Advantage Class took place on October 14, 2005. Returns prior to October 14, 2005 are those of Investor Class.

$10,000 Over Life of Fund

Let’s say hypothetically that $10,000 was invested in Spartan Extended Market Index Fund Investor Class on November 5, 1997, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Dow Jones Wilshire 4500 Comple tion Index^SMperformed over the same period.

Annual Report A-50

Spartan Extended Market Index Fund
Management’s Discussion of Fund Performance

Comments from Jeffrey Adams, who oversees the Spartan® Extended Market Index Fund’s investment management team as Head of Indexing for Geode Capital Management, LLC

With the exception of several popular large cap stock performance measures, most major U.S. equity benchmarks had double digit returns for the year ending February 28, 2006. For much of the period, gains within the large cap oriented Standard & Poor’s 500^SMIndex were driven largely by the energy sector, although utilities ultimately sneaked into the top spot for the year overall. Financials and telecommunication services also reached double figures, outperforming the 8.40% return of the S&P 500®. The consumer discretionary segment home to the weak performing automobile and media industries was the biggest disappointment. Although the overall return for the S&P 500® beat the small cap Russell 2000® Index in calendar year 2005 the first time that’s happened in six years small caps stormed back in early 2006, leading to a 16.59% advance during the past 12 months, nearly twice the broader market’s gain. Mid caps soared even higher, returning 17.67% according to the Russell Midcap® Index. The Dow Jones Wilshire 4500 Completion Index^SM, which represents the stock performance of mid to small cap U.S. companies, had a similar return, increasing 17.88% . The technology heavy NASDAQ Composite® Index also fared well, climbing 12.13%, but the Dow Jones Industrial Average^SM, an index of 30 large cap, blue chip stocks, managed to rise only 4.52% .

For the 12 months ending February 28, 2006, the fund’s Investor Class shares gained 17.94% . That result closely tracked the Dow Jones Wilshire 4500 Completion Index. The fund’s peer group average, the Lipper^SMGrowth & Income Funds Average, returned 8.98% . For additional performance informa tion, including that of the new Fidelity Advantage Class, please refer to the performance section of this report. The technology sector did very well, with particularly good performance coming from stocks in the software and semiconductor related groups. Another standout was the telecommunication services area. In the consumer discretionary sector, which had a modestly positive return overall, automobile related stocks fared very poorly, hit hard by the U.S. auto industry’s troubles. Media stocks also lagged, as competition in the group tightened. Shares of Internet search leader Google gained significant ground, thanks to better than expected earnings for most of the year. Biotechnology stock Genentech benefited from favorable clinical trials indicating that Avastin, the company’s colorectal cancer drug, may also be effective in treating certain types of lung cancers. On the negative side, Berkshire Hathaway, a collection of insurance and other businesses run by famed investor Warren Buffett, detracted from performance. Much of Berkshire’s negative impact can be attributed to the stock’s particularly large stake in the index, as opposed to any company specific issues. Also, petrochemical maker Lyondell Chemical, like many of its competitors, was weighed down by higher raw material expenses, especially for oil and natural gas.

A-51 A-51 Annual Report

Spartan Extended Market Index Fund
Investment Changes


Top Ten Stocks as of February 28, 2006
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Berkshire Hathaway, Inc. Class A	2.6	2.6
Google, Inc. Class A (sub. vtg.)	2.1	1.5
Genentech, Inc.	1.1	1.3
Liberty Media Corp. Class A	0.7	0.7
Accenture Ltd. Class A	0.5	0.0
The DIRECTV Group, Inc.	0.4	0.5
Legg Mason, Inc.	0.4	0.3
Marvell Technology Group Ltd.	0.4	0.0
American Tower Corp. Class A	0.4	0.3
Celgene Corp.	0.4	0.3
	9.0
Market Sectors as of February 28, 2006
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Financials	24.2	23.3
Information Technology	16.5	14.1
Consumer Discretionary	15.0	16.9
Health Care	11.2	11.7
Industrials	11.2	9.9
Energy	7.8	7.7
Materials	3.8	3.6
Utilities	3.7	3.7
Consumer Staples	2.4	3.1
Telecommunication Services	1.7	1.6

Percentages are adjusted for the effect of futures contracts and swap contracts, if applicable.

Annual Report A-52

Spartan Extended Market Index Fund
Investments February 28, 2006
Showing Percentage of Net Assets

Common Stocks 97.4%
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY 15.0%
Auto Components – 0.5%
Aftermarket Technology Corp. (a)	14,408		$ 312,654
American Axle & Manufacturing
Holdings, Inc.	22,016		357,100
Amerigon, Inc. (a)(d)	3,487		20,748
ArvinMeritor, Inc.	41,303		691,412
Bandag, Inc.	9,213		394,040
BorgWarner, Inc.	34,817		1,941,744
Drew Industries, Inc. (a)	11,412		370,319
Dura Automotive Systems, Inc.
Class A (a)	4,532		10,378
Exide Technologies (a)(d)	12,228		50,991
GenTek, Inc.	5,509		104,451
Gentex Corp.	95,743		1,595,078
Hayes Lemmerz International, Inc. (a)(d)	9,600		30,048
IMPCO Technologies, Inc. (a)(d)	5,261		32,934
Keystone Automotive Industries,
Inc. (a)(d)	11,886		525,361
Lear Corp. (d)	39,317		820,153
LKQ Corp. (a)	27,810		612,376
Midas, Inc. (a)	9,230		175,739
Modine Manufacturing Co.	20,473		574,268
Noble International Ltd.	3,649		56,012
Proliance International, Inc. (a)	3,337		17,519
Quantum Fuel Systems Technologies
Worldwide, Inc. (a)(d)	11,619		52,634
R&B, Inc. (a)	2,806		29,772
Sauer Danfoss, Inc.	3,933		84,363
Shiloh Industries, Inc. (a)	7,998		130,367
Spartan Motors, Inc.	5,240		56,225
Standard Motor Products, Inc.	9,163		97,219
Stoneridge, Inc. (a)	8,249		48,999
Strattec Security Corp. (a)	1,213		49,078
Superior Industries International, Inc. (d)	15,308		329,887
Tenneco, Inc. (a)	24,053		544,800
TRW Automotive Holdings Corp. (a)	17,562		449,587
Visteon Corp. (a)	94,207		439,005
Zapata Corp. (a)	6,888		41,741
			11,047,002
Automobiles – 0.1%
Coachmen Industries, Inc.	4,577		54,009
Fleetwood Enterprises, Inc. (a)(d)	34,558		390,505
Monaco Coach Corp.	23,075		330,203
National R.V. Holdings, Inc. (a)	1,403		9,091
Thor Industries, Inc.	23,294		1,099,477
Winnebago Industries, Inc.	21,883		702,882
			2,586,167
Distributors 0.1%
All American Semiconductor, Inc. (a)	3,649		17,187
Amcon Distributing Co. (a)	1,022		10,987
Aristotle Corp. (a)	3,170		25,360
Audiovox Corp. Class A (a)	5,832		74,475

	Shares	Value (Note 1)
Building Material Holding Corp. (d)	8,849		$ 595,538
Design Within Reach, Inc. (a)(d)	7,015		44,545
Earle M. Jorgensen Co.	10,176		142,464
Handleman Co.	16,324		160,465
Prestige Brands Holdings, Inc.	27,948		312,459
Source Interlink Companies, Inc. (a)	16,553		177,945
			1,561,425
Diversified Consumer Services 1.0%
Alderwoods Group, Inc. (a)	25,083		428,418
Bright Horizons Family Solutions, Inc. (a)	16,892		566,051
Career Education Corp. (a)	57,339		1,883,013
Carriage Services, Inc. Class A (a)	9,225		45,756
Collectors Universe, Inc. (a)(d)	1,240		18,414
Corinthian Colleges, Inc. (a)(d)	56,176		728,041
CPI Corp.	3,642		63,917
DeVry, Inc. (a)	36,321		852,817
Educate, Inc. (a)	13,204		113,686
Education Management Corp. (a)	41,310		1,553,256
Escala Group, Inc. (a)(d)	11,496		285,676
EVCI Career Colleges, Inc. (a)	1,029		1,471
ITT Educational Services, Inc. (a)	27,383		1,697,746
Jackson Hewitt Tax Service, Inc.	18,628		529,035
Laureate Education, Inc. (a)	27,564		1,427,264
Mace Security International, Inc. (a)	8,918		20,690
Matthews International Corp. Class A	19,095		709,188
Nobel Learning Communities, Inc.	2,715		25,793
Pre Paid Legal Services, Inc. (d)	9,474		342,106
Princeton Review, Inc. (a)	7,132		38,014
Regis Corp.	26,680		1,021,310
Service Corp. International (SCI)	201,178		1,599,365
ServiceMaster Co.	178,022		2,228,835
Sothebys Holdings, Inc. Class A
(ltd. vtg.) (a)	29,237		617,485
Steiner Leisure Ltd. (a)	12,702		541,486
Stewart Enterprises, Inc. Class A	59,128		299,779
Strayer Education, Inc.	8,054		775,842
Universal Technical Institute, Inc. (a)	13,562		417,845
Vertrue, Inc. (a)	7,068		311,416
Weight Watchers International, Inc. (a)(d)	24,962		1,309,756
			20,453,471
Hotels, Restaurants & Leisure 2.8%
AFC Enterprises, Inc. (d)	14,159		220,031
Alliance Gaming Corp. (a)(d)	25,308		374,558
Ambassadors Group, Inc.	10,016		242,287
American Wagering, Inc. (a)(d)	4,600		8,280
Ameristar Casinos, Inc.	14,938		329,980
Applebee’s International, Inc.	52,080		1,205,131
Atlantic Coast Entertainment Holdings,
Inc. warrants 7/23/11 (a)	5,539		0
Aztar Corp. (a)	19,957		602,302
Back Yard Burgers, Inc. (a)	4,772		23,717
Bally Total Fitness Holding Corp. (a)(d)	17,979		142,573
Benihana, Inc. Class A (sub. vtg.) (a)	3,766		101,004

See accompanying notes which are an integral part of the financial statements.

A-53 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Hotels, Restaurants & Leisure – continued
BJ’s Restaurants, Inc. (a)	5,440		$ 138,122
Bluegreen Corp. (a)	15,202		241,256
Bob Evans Farms, Inc.	19,931		581,387
Boyd Gaming Corp.	27,273		1,192,648
Brinker International, Inc.	55,425		2,308,451
Buca, Inc. (a)	5,333		30,185
Buffalo Wild Wings, Inc. (a)(d)	5,685		215,632
California Pizza Kitchen, Inc. (a)	9,897		297,504
CBRL Group, Inc.	29,140		1,294,690
CEC Entertainment, Inc. (a)	25,621		834,220
Cedar Fair LP (depository unit)	14,740		433,061
Champps Entertainment, Inc. (a)	6,082		49,021
Checkers Drive In Restaurants, Inc. (a)	4,865		71,467
Choice Hotels International, Inc. (d)	20,366		906,898
Churchill Downs, Inc.	5,154		206,521
CKE Restaurants, Inc.	36,474		620,423
Cosi, Inc. (a)	15,971		148,690
Dave & Buster’s, Inc. (a)	4,974		89,532
Denny’s Corp. (a)	38,767		172,513
Domino’s Pizza, Inc.	15,096		384,948
Dover Downs Gaming & Entertainment,
Inc.	3,715		61,669
Dover Motorsports, Inc.	22,686		112,749
Empire Resorts, Inc. (a)(d)	7,884		38,080
Famous Dave’s of America, Inc. (a)	6,737		93,038
Fox & Hound Restaurant Group (a)	4,959		80,435
Friendly Ice Cream Corp. (a)	6,031		58,621
Frisch’s Restaurants, Inc.	2,711		56,660
Gaylord Entertainment Co. (a)	22,230		992,570
Great Wolf Resorts, Inc. (a)	12,393		128,020
GTECH Holdings Corp.	74,631		2,491,183
IHOP Corp.	11,626		591,763
International Speedway Corp. Class A	20,316		962,166
Interstate Hotels & Resorts, Inc. (a)	17,282		82,608
Isle of Capri Casinos, Inc. (a)	16,733		507,177
Jack in the Box, Inc. (a)	20,519		820,760
Jameson Inns, Inc. (a)(d)	8,935		23,588
Kerzner International Ltd. (a)	17,779		1,196,349
Krispy Kreme Doughnuts, Inc. (a)(d)	31,771		214,454
Landry’s Seafood Restaurants, Inc.	12,835		396,216
Las Vegas Sands Corp. (a)	74,323		3,965,132
Life Time Fitness, Inc. (a)	14,460		606,742
Littlefield Corp. (a)	500		415
Lodgian, Inc. (a)	30,634		384,150
Lone Star Steakhouse & Saloon, Inc.	12,892		347,568
Luby’s, Inc. (a)	13,286		198,094
Marcus Corp.	12,502		205,408
Max & Erma’s Restaurants, Inc. (a)	2,608		28,427
McCormick & Schmick’s Seafood
Restaurants (a)	5,476		128,303
MGM MIRAGE (a)	71,839		2,655,888

	Shares	Value (Note 1)
Mikohn Gaming Corp. (a)(d)	18,901		$ 150,074
Monarch Casino & Resort, Inc. (a)	3,059		82,012
MTR Gaming Group, Inc. (a)	23,573		235,023
Multimedia Games, Inc. (a)(d)	16,757		177,457
O’Charleys, Inc. (a)	18,262		324,333
Orient Express Hotels Ltd. Class A	23,447		817,831
Outback Steakhouse, Inc.	42,180		1,763,546
P.F. Chang’s China Bistro, Inc. (a)(d)	16,264		786,202
Panera Bread Co. Class A (a)	16,731		1,185,559
Papa John’s International, Inc. (a)	13,182		433,688
Penn National Gaming, Inc. (a)	37,970		1,316,800
Pinnacle Entertainment, Inc. (a)	28,847		809,158
Rare Hospitality International, Inc. (a)(d)	18,243		583,776
Red Lion Hotels Corp. (a)	3,357		39,109
Red Robin Gourmet Burgers, Inc. (a)(d) .	7,997		319,800
Riviera Holdings Corp. (a)	4,031		64,698
Royal Caribbean Cruises Ltd.	80,223		3,534,625
Rubio’s Restaurants, Inc. (a)	3,930		40,283
Ruby Tuesday, Inc. (d)	43,127		1,231,276
Ruth’s Chris Steak House, Inc.	15,729		338,488
Ryan’s Restaurant Group, Inc. (a)	20,876		275,772
Scientific Games Corp. Class A (a)(d)	40,345		1,233,750
Shuffle Master, Inc. (a)(d)	18,171		474,808
Six Flags, Inc. (a)(d)	50,094		528,492
Sonic Corp. (a)	40,230		1,271,670
SPEEDUS Corp. (a)	1,900		2,660
Speedway Motorsports, Inc	9,649		345,917
Station Casinos, Inc.	28,673		1,962,667
Steak n Shake Co. (a)	17,661		321,960
Sunterra Corp. (a)	24,752		371,280
Texas Roadhouse, Inc. Class A (a)	27,896		428,483
The Cheesecake Factory, Inc. (a)	45,908		1,660,033
Triarc Companies, Inc. Class B	24,997		389,953
Trump Entertainment Resorts, Inc. (a)	22,714		420,209
Vail Resorts, Inc. (a)	20,905		690,701
WMS Industries, Inc. (a)(d)	22,642		657,750
Wynn Resorts Ltd. (a)(d)	42,942		2,853,496
Youbet.com, Inc. (a)	5,895		30,241
			59,048,845
Household Durables 1.4%
Advanced Lighting Technologies, Inc. (a)	2,400		0
American Greetings Corp. Class A	42,297		887,391
Applica, Inc. (a)	6,082		12,468
Avatar Holdings, Inc. (a)(d)	2,519		140,636
Bassett Furniture Industries, Inc.	8,703		167,881
Beazer Homes USA, Inc.	23,159		1,469,439
Blount International, Inc. (a)	20,940		342,160
Blyth, Inc.	18,421		410,420
Brookfield Homes Corp. (d)	6,357		316,006
California Coastal Communities, Inc. (a)	3,836		147,648
Cavalier Homes, Inc. (a)	13,027		92,101
Cavco Industries, Inc. (a)	5,868		270,221
Champion Enterprises, Inc. (a)	46,107		715,581

See accompanying notes which are an integral part of the financial statements.

Annual Report A-54

Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Household Durables – continued
Cobra Electronics Corp. (a)	1,132		$ 13,165
Comstock Homebuilding Companies, Inc.
Class A (a)	3,651		34,137
Craftmade International, Inc.	2,794		50,851
CSS Industries, Inc.	3,326		102,441
Dixie Group, Inc. (a)	6,499		106,454
Dominion Homes, Inc. (a)(d)	2,526		24,250
Emerson Radio Corp. (a)(d)	9,263		29,642
Enesco Group, Inc. (a)	4,116		7,697
Ethan Allen Interiors, Inc. (d)	17,753		722,725
Fedders Corp. (d)	13,593		19,982
Flexsteel Industries, Inc.	3,192		45,167
Furniture Brands International, Inc.	32,620		806,366
Garmin Ltd. (d)	34,863		2,399,272
Helen of Troy Ltd. (a)	8,451		169,105
Hooker Furniture Corp.	10,379		159,525
Hovnanian Enterprises, Inc.
Class A (a)(d)	21,115		973,613
Interface, Inc. Class A (a)	27,417		303,780
Jarden Corp. (a)(d)	17,910		537,121
Kimball International, Inc. Class B	25,065		355,171
Knape & Vogt Manufacturing Co.	5,554		102,416
La Z Boy, Inc. (d)	38,209		609,434
Lenox Group, Inc. (a)	11,079		148,015
Levitt Corp. Class A	10,641		247,510
Libbey, Inc.	4,937		43,742
Lifetime Brands, Inc.	5,543		125,161
M.D.C. Holdings, Inc. (d)	19,728		1,209,129
M/I Homes, Inc.	5,737		241,642
Meritage Homes Corp. (a)	12,665		741,282
Mestek, Inc. (a)(d)	3,426		44,298
MITY Enterprises, Inc. (a)	3,184		59,987
Mohawk Industries, Inc. (a)(d)	31,407		2,717,020
National Presto Industries, Inc.	1,847		80,806
NVR, Inc. (a)(d)	3,335		2,511,255
Oneida Ltd. (a)(d)	5,004		2,852
Orleans Homebuilders, Inc.	4,454		87,031
Palm Harbor Homes, Inc. (a)(d)	9,454		198,061
Russ Berrie & Co., Inc.	6,705		91,121
Ryland Group, Inc. (d)	27,141		1,893,085
Salton, Inc. (a)(d)	2,717		3,885
Skyline Corp.	6,866		275,464
Standard Pacific Corp.	39,185		1,287,227
Stanley Furniture Co., Inc.	12,350		314,925
Syntax Brillian Corp. (a)(d)	20,049		86,411
Tarragon Corp. (a)(d)	8,937		172,752
Technical Olympic USA, Inc.	9,819		207,966
Tempur Pedic International, Inc. (a)(d)	21,110		249,098
The Rowe Companies (a)	1,881		3,311
Toll Brothers, Inc. (a)(d)	66,043		2,137,151
Tupperware Brands Corp.	29,093		616,481

		Shares	Value (Note 1)
Universal Electronics, Inc. (a)		13,861		$ 248,944
Virco Manufacturing Co. (a)		4,818		26,499
WCI Communities, Inc. (a)(d)		23,715		598,567
William Lyon Homes, Inc. (a)		2,212		188,241
Yankee Candle Co., Inc. (d)		30,630		889,495
				30,292,680
Internet & Catalog Retail 0.7%
1 800 CONTACTS, Inc. (a)(d)		3,181		42,975
1 800 FLOWERS.com, Inc. Class A (a)	.	19,046		121,513
Alloy, Inc. (a)(d)		9,144		120,426
Audible, Inc. (a)(d)		9,878		100,064
Blair Corp.		1,894		78,128
Blue Nile, Inc. (a)(d)		11,439		381,719
Bluefly, Inc. (a)(d)		1,778		1,920
Coldwater Creek, Inc. (a)		28,990		651,405
dELiA*s, Inc. (a)(d)		18,288		162,946
Drugstore.com, Inc. (a)		21,155		53,311
eDiets.com, Inc. (a)(d)		14,028		112,925
Expedia, Inc. (a)(d)		166,127		3,151,429
FTD Group, Inc.		8,626		80,739
Gaiam, Inc. Class A (a)		3,743		51,653
GSI Commerce, Inc. (a)(d)		10,161		162,068
Hollywood Media Corp. (a)		26,946		130,958
IAC/InterActiveCorp (a)(d)		179,392		5,245,422
Insight Enterprises, Inc. (a)(d)		30,700		660,971
J. Jill Group, Inc. (a)		13,957		329,804
MediaBay, Inc. (a)		997		997
Netflix, Inc. (a)(d)		17,962		481,561
NutriSystem, Inc. (a)(d)		17,144		736,678
Overstock.com, Inc. (a)(d)		5,574		125,415
PC Mall, Inc. (a)		3,555		21,970
PetMed Express, Inc. (a)(d)		20,357		380,472
PhotoWorks, Inc. (a)		1,628		814
Priceline.com, Inc. (a)(d)		11,020		270,541
RedEnvelope, Inc. (a)(d)		5,119		49,450
Sportsmans Guide, Inc. (a)		3,969		100,376
Stamps.com, Inc. (a)		13,411		431,968
Systemax, Inc. (a)		10,200		70,890
ValueVision Media, Inc. Class A (a)		11,622		147,716
Varsity Group, Inc. (a)(d)		4,794		19,272
VistaPrint Ltd.		6,995		252,939
				14,731,435
Leisure Equipment & Products 0.3%
Adams Golf, Inc. (a)		9,544		11,453
Aldila, Inc.		300		9,690
Arctic Cat, Inc.		8,551		205,224
Callaway Golf Co		37,554		619,265
Concord Camera Corp. (a)		6,760		7,436
Escalade, Inc.		6,336		71,850
Fairchild Corp. Class A (a)		9,497		22,603
JAKKS Pacific, Inc. (a)		17,767		440,977
Johnson Outdoors, Inc. Class A (a)		1,929		34,452
K2, Inc. (a)		26,086		297,380

See accompanying notes which are an integral part of the financial statements.

A-55 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Leisure Equipment & Products – continued
Leapfrog Enterprises, Inc. Class A (a)(d) .	23,870		$ 278,086
Marine Products Corp.	11,382		139,430
MarineMax, Inc. (a)	11,754		362,728
Marvel Entertainment, Inc. (a)(d)	44,266		819,806
Meade Instruments Corp. (a)	4,023		11,466
Nautilus, Inc. (d)	17,412		286,427
Oakley, Inc. (d)	14,586		221,999
Polaris Industries, Inc. (d)	26,090		1,305,805
RC2 Corp. (a)	12,056		434,378
SCP Pool Corp.	33,564		1,459,027
Steinway Musical Instruments, Inc. (a)	3,201		105,473
Sturm Ruger & Co., Inc.	11,303		81,382
			7,226,337
Media 4.0%
4Kids Entertainment, Inc. (a)	5,021		85,357
ACME Communications, Inc. (a)	6,362		23,349
ADVO, Inc.	22,291		716,656
Arbitron, Inc.	18,937		742,330
Ballantyne of Omaha, Inc. (a)	30		122
Beasley Broadcast Group, Inc. Class A	4,117		55,744
Belo Corp. Series A	57,299		1,217,031
Cablevision Systems Corp. – NY Group
Class A (a)	105,485		2,768,981
Cadmus Communications Corp.	4,716		89,274
Carmike Cinemas, Inc. (d)	7,620		181,508
Catalina Marketing Corp.	29,141		646,347
Charter Communications, Inc. Class A (a)	230,363		264,917
Citadel Broadcasting Corp.	31,994		356,413
CKX, Inc. (a)	21,174		305,117
Clear Channel Outdoor Holding, Inc.
Class A	19,199		419,306
Courier Corp.	5,166		203,902
Cox Radio, Inc. Class A (a)(d)	21,705		300,180
Crown Media Holdings, Inc.
Class A (a)(d)	4,844		38,025
Cumulus Media, Inc. Class A (a)(d)	33,745		391,442
Digital Generation Systems, Inc. (a)	16,431		10,680
Discovery Holding Co. Class A (a)	173,705		2,536,093
DreamWorks Animation SKG, Inc.
Class A (a)	27,785		750,195
EchoStar Communications Corp.
Class A (a)	132,868		3,902,333
EMAK Worldwide, Inc. (a)	3,798		31,296
Emmis Communications Corp.
Class A (a)	24,658		403,651
Entercom Communications Corp.
Class A (a)	20,503		577,570
Entravision Communication Corp.
Class A (a)	35,214		261,640
Fisher Communications, Inc. (a)	2,738		117,186
Franklin Electronic Publishers, Inc. (a)(d)	2,339		9,941

	Shares	Value (Note 1)
Gemstar TV Guide International,
Inc. (a)(d)	171,391		$ 517,601
Getty Images, Inc. (a)(d)	29,570		2,396,057
Granite Broadcasting Corp. (non vtg.) (a)	6,146		860
Gray Television, Inc.	27,891		234,842
Harris Interactive, Inc. (a)	41,822		235,040
Harte Hanks, Inc.	32,107		899,317
Hearst Argyle Television, Inc.	16,843		402,042
Hollinger International, Inc. Class A	38,534		358,366
Image Entertainment, Inc. (a)(d)	7,100		24,140
Insignia Systems, Inc. (a)	4,959		6,705
Interactive Data Corp.	21,295		479,138
John Wiley & Sons, Inc. Class A	30,121		1,134,056
Journal Communications, Inc. Class A (d)	24,775		304,980
Journal Register Co.	23,387		300,757
Knology, Inc. (a)	9,513		48,136
Lamar Advertising Co. Class A (a)(d)	51,252		2,614,877
Lee Enterprises, Inc.	25,079		876,511
Liberty Global, Inc. Class A	276,965		5,625,159
Liberty Media Corp. Class A (a)	1,680,000		13,843,200
LIN TV Corp. Class A (a)	17,098		159,524
Live Nation, Inc. (a)	34,700		619,395
LodgeNet Entertainment Corp. (a)	13,711		195,245
Martha Stewart Living Omnimedia, Inc.
Class A (a)(d)	21,694		375,306
Media General, Inc. Class A	13,137		658,164
Mediacom Communications Corp.
Class A (a)	39,749		224,184
Morningstar, Inc.	4,189		178,577
National Lampoon, Inc. (a)(d)	1,200		3,240
Navarre Corp. (a)(d)	8,023		30,728
New Frontier Media, Inc. (a)	3,930		28,021
Nexstar Broadcasting Group, Inc.
Class A (a)(d)	3,834		15,555
NTL, Inc. (a)	46,430		3,057,416
NTN Communications, Inc. (a)	16,316		22,679
Outdoor Channel Holdings, Inc. (a)	22,403		293,927
Paxson Communications Corp.
Class A (a)	15,438		14,666
Penton Media, Inc. (a)	11,976		6,826
Pixar (a)	34,977		2,231,533
Playboy Enterprises, Inc. Class B
(non vtg.) (a)	17,049		236,299
Point.360 (a)	2,433		5,523
PRIMEDIA, Inc. (a)	73,347		165,764
ProQuest Co. (a)(d)	14,343		305,506
R.H. Donnelley Corp. (a)	36,076		2,200,636
Radio One, Inc. Class A (a)	48,606		410,721
Radio Unica Communications Corp. (a) .	1,600		0
RCN Corp. (a)(d)	25,965		649,125
Reading International, Inc. Class A (a)(d)	10,681		86,409
Regal Entertainment Group Class A	33,181		631,103
Regent Communication, Inc. (a)	13,099		59,862
Rentrak Corp. (a)	6,275		67,080

See accompanying notes which are an integral part of the financial statements.

Annual Report A-56

Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Media – continued
Saga Communications, Inc.
Class A (a)(d)	5,932		$ 56,176
Salem Communications Corp. Class A (a)	6,831		95,497
Scholastic Corp. (a)	16,941		498,404
Sinclair Broadcast Group, Inc. Class A	29,981		215,563
Sirius Satellite Radio, Inc. (a)(d)	716,698		3,662,327
Spanish Broadcasting System, Inc.
Class A (a)	18,581		104,239
SPAR Group, Inc. (a)	4,346		4,998
The DIRECTV Group, Inc. (a)	561,316		8,846,340
The McClatchy Co. Class A	11,883		656,773
The Reader’s Digest Association, Inc.
(non vtg.)	59,704		906,904
Thomas Nelson, Inc.	4,973		145,460
TiVo, Inc. (a)(d)	43,101		239,211
Traffix, Inc.	3,088		16,058
Triple Crown Media, Inc. (a)	2,789		18,686
Valassis Communications, Inc. (a)(d)	28,966		798,013
Value Line, Inc.	523		17,704
Warner Music Group Corp.	31,941		656,388
Washington Post Co. Class B	3,674		2,763,767
Westwood One, Inc.	53,716		598,933
World Wrestling Entertainment, Inc.
Class A	11,638		173,988
WorldSpace, Inc. Class A (d)	15,523		179,912
WPT Enterprises, Inc. (a)(d)	6,993		46,014
XM Satellite Radio Holdings, Inc.
Class A (a)(d)	130,570		2,884,291
Young Broadcasting, Inc. Class A (a)	4,865		14,741
			84,241,771
Multiline Retail – 0.2%
99 Cents Only Stores (a)	34,348		390,880
Conn’s, Inc. (a)(d)	6,864		255,684
Dollar Tree Stores, Inc. (a)	63,711		1,746,956
Fred’s, Inc. Class A	25,065		350,158
Gottschalks, Inc. (a)(d)	13,746		125,226
Retail Ventures, Inc. (a)(d)	21,851		289,744
Saks, Inc. (d)	77,017		1,455,621
The Bon Ton Stores, Inc.	6,038		164,354
Tuesday Morning Corp.	16,824		370,296
			5,148,919
Specialty Retail 3.2%
A.C. Moore Arts & Crafts, Inc. (a)(d)	7,682		138,276
Aaron Rents, Inc.	26,238		687,436
Abercrombie & Fitch Co. Class A	53,195		3,581,087
Advance Auto Parts, Inc. (a)	63,756		2,636,311
Aeropostale, Inc. (a)	36,326		1,042,193
America’s Car Mart, Inc. (a)(d)	3,022		55,665
American Eagle Outfitters, Inc.	78,587		1,999,253
AnnTaylor Stores Corp. (a)	43,578		1,581,881
Asbury Automotive Group, Inc. (a)	11,092		212,412

	Shares	Value (Note 1)
Barnes & Noble, Inc.	33,291	$ 1,433,843
bebe Stores, Inc.	12,614	216,582
Big 5 Sporting Goods Corp.	11,825	257,667
Big Dog Holdings, Inc. (a)	2,572	25,849
Blockbuster, Inc. Class A (a)(d)	88,517	342,561
Books A Million, Inc.	7,672	88,535
Borders Group, Inc. (d)	41,602	1,003,856
Build A Bear Workshop, Inc. (a)(d)	5,718	165,422
Burlington Coat Factory Warehouse
Corp.	11,907	536,291
Cabela’s, Inc. Class A (a)(d)	23,226	439,204
Cache, Inc. (a)	6,059	105,305
CarMax, Inc. (a)	62,846	1,974,621
Casual Male Retail Group, Inc. (a)(d)	9,009	82,072
Charlotte Russe Holding, Inc. (a)	9,874	179,707
Charming Shoppes, Inc. (a)(d)	60,113	804,913
Chico’s FAS, Inc. (a)	108,132	5,087,611
Christopher & Banks Corp.	28,650	628,295
Citi Trends, Inc. (d)	4,152	178,744
Claire’s Stores, Inc.	51,597	1,653,168
Cost Plus, Inc. (a)(d)	14,259	273,630
CSK Auto Corp. (a)	28,658	455,949
Deb Shops, Inc.	3,517	111,313
Dick’s Sporting Goods, Inc. (a)(d)	22,287	844,677
Dress Barn, Inc. (a)(d)	13,297	574,164
DSW, Inc. Class A	16,555	473,142
E Com Ventures, Inc. (a)	1,076	18,722
Emerging Vision, Inc. (a)	5,700	684
Finish Line, Inc. Class A	22,102	369,987
Finlay Enterprises, Inc. (a)	2,122	17,995
Foot Locker, Inc.	96,808	2,237,233
Franklin Covey Co. (a)	2,994	23,263
Gamestop Corp. Class A (a)(d)	34,099	1,364,983
Gander Mountain Co. (a)(d)	2,718	18,183
Genesco, Inc. (a)(d)	13,891	563,975
Group 1 Automotive, Inc. (a)	13,990	535,537
Guess?, Inc. (a)	13,986	506,153
Guitar Center, Inc. (a)(d)	14,719	761,855
Gymboree Corp. (a)	17,416	398,130
Hancock Fabrics, Inc. (d)	6,826	28,328
Haverty Furniture Companies, Inc.	7,633	108,770
Hibbett Sporting Goods, Inc. (a)	23,699	760,264
Hot Topic, Inc. (a)(d)	27,947	368,341
Jo Ann Stores, Inc. (a)(d)	10,058	133,771
Jos. A. Bank Clothiers, Inc. (a)(d)	8,126	362,501
Kirkland’s, Inc. (a)	4,549	23,837
Lithia Motors, Inc. Class A (sub. vtg.)	14,522	465,285
Maidenform Brands, Inc.	15,537	150,398
Michaels Stores, Inc.	83,249	2,672,293
Monro Muffler Brake, Inc.	7,185	259,953
Mothers Work, Inc. (a)	1,684	41,915
Movie Gallery, Inc. (d)	14,422	46,006
New York & Co., Inc. (a)	5,028	84,822
O’Reilly Automotive, Inc. (a)	66,110	2,163,119

See accompanying notes which are an integral part of the financial statements.

A-57 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

CONSUMER DISCRETIONARY – continued
Specialty Retail – continued
Pacific Sunwear of California, Inc. (a)	45,442	$ 1,081,974
Payless ShoeSource, Inc. (a)	38,064	902,117
PETCO Animal Supplies, Inc. (a)	22,280	433,569
PETsMART, Inc. (d)	87,280	2,265,789
Pier 1 Imports, Inc. (d)	52,278	550,487
Pomeroy IT Solutions, Inc. (a)	3,930	36,549
Rent A Center, Inc. (a)	45,330	1,058,002
Rent Way, Inc. (a)	6,653	45,041
Restoration Hardware, Inc. (a)	8,795	47,317
Rex Stores Corp. (a)	2,776	42,528
Ross Stores, Inc.	87,608	2,481,059
Select Comfort Corp. (a)(d)	21,930	801,542
Sharper Image Corp. (a)(d)	4,600	54,280
Shoe Carnival, Inc. (a)	3,930	88,307
Sonic Automotive, Inc. Class A (sub. vtg.)	19,823	525,111
Sports Authority, Inc. (a)	17,457	638,752
Stage Stores, Inc.	14,554	424,395
Stein Mart, Inc.	15,865	264,628
Syms Corp.	3,930	57,378
Talbots, Inc.	13,392	357,031
The Bombay Company, Inc. (a)	12,084	38,185
The Buckle, Inc.	7,245	277,121
The Cato Corp. Class A (sub. vtg.)	25,770	537,820
The Children’s Place Retail Stores,
Inc. (a)(d)	11,746	548,186
The Men’s Wearhouse, Inc.	28,255	884,947
The Pantry, Inc. (a)(d)	12,174	720,336
The Pep Boys – Manny, Moe & Jack	29,619	465,018
Too, Inc. (a)	17,843	542,962
Tractor Supply Co. (a)(d)	21,621	1,366,015
Trans World Entertainment Corp. (a)	16,560	99,360
Tweeter Home Entertainment Group,
Inc. (a)(d)	5,520	44,381
United Auto Group, Inc. (d)	13,193	570,465
United Retail Group, Inc. (a)	2,807	46,456
Urban Outfitters, Inc. (a)	72,183	2,028,342
Volcom, Inc.	13,237	453,235
West Marine, Inc. (a)(d)	7,073	91,030
Wet Seal, Inc. Class A (a)(d)	48,133	255,586
Williams Sonoma, Inc. (a)	55,367	2,241,810
Wilsons Leather Experts, Inc. (a)(d)	22,999	77,047
Winmark Corp. (a)	2,614	58,946
Zale Corp. (a)(d)	33,409	870,304
Zumiez, Inc.	4,000	212,520
		68,943,866
Textiles, Apparel & Luxury Goods 0.7%
Ashworth, Inc. (a)	4,840	40,462
Brown Shoe Co., Inc.	11,746	560,284
Carter’s, Inc. (a)	9,051	579,173
Charles & Colvard Ltd. (d)	5,525	77,461
Cherokee, Inc.	3,331	128,377

	Shares	Value (Note 1)
Columbia Sportswear Co. (a)(d)	7,295		$ 367,376
Culp, Inc. (a)	4,772		23,621
Cutter & Buck, Inc.	14,375		171,925
Deckers Outdoor Corp. (a)	4,587		155,499
Delta Apparel, Inc	6,654		103,137
Delta Woodside Industries, Inc. (a)	200		62
Everlast Worldwide, Inc. (a)(d)	200		3,280
Forward Industries, Inc.
(NY Shares) (a)(d)	5,267		47,403
Fossil, Inc. (a)	36,621		623,289
G III Apparel Group Ltd. (a)	4,576		73,170
Hampshire Group Ltd. (a)	1,872		45,733
Hartmarx Corp. (a)(d)	12,514		108,496
Iconix Brand Group, Inc. (a)	9,733		130,228
Innovo Group, Inc. (a)(d)	3,410		3,274
K Swiss, Inc. Class A (d)	10,498		306,332
Kellwood Co.	14,721		378,919
Kenneth Cole Productions, Inc. Class A
(sub. vtg.)	6,696		184,207
Mossimo, Inc. (a)	2,730		17,172
Movado Group, Inc.	17,220		375,396
Oxford Industries, Inc.	8,404		384,735
Perry Ellis International, Inc. (a)	2,111		46,463
Phillips Van Heusen Corp. (d)	22,563		800,987
Polo Ralph Lauren Corp. Class A	34,883		2,021,819
Quaker Fabric Corp. (a)(d)	5,848		16,550
Quiksilver, Inc. (a)	73,863		1,071,014
Rocky Shoes Boots, Inc. (a)(d)	2,631		62,460
Russell Corp.	20,101		287,042
Samsonite Corp. (a)	2,743		2,414
Skechers U.S.A., Inc. Class A
(sub. vtg.) (a)	9,818		208,142
Sport Haley, Inc. (a)	100		505
Steven Madden Ltd	12,541		401,939
Stride Rite Corp.	28,006		389,283
Superior Uniform Group, Inc.	4,343		48,120
Tandy Brands Accessories, Inc.	1,058		11,437
Tarrant Apparel Group (a)(d)	9,692		11,243
Timberland Co. Class A (a)	31,923		1,118,901
True Religion Apparel, Inc. (a)(d)	10,785		252,153
Under Armour, Inc. Class A (d)	10,498		295,939
Unifi, Inc. (a)	31,529		96,794
Unifirst Corp.	7,281		243,986
Warnaco Group, Inc. (a)	23,486		545,110
Weyco Group, Inc.	9,210		177,661
Wolverine World Wide, Inc.	35,134		775,056
Xerium Technologies, Inc.	8,793		81,335
			13,855,364

TOTAL CONSUMER DISCRETIONARY		319,137,282

CONSUMER STAPLES 2.4%
Beverages 0.1%
Boston Beer Co., Inc. Class A (a)	3,368		90,027

See accompanying notes which are an integral part of the financial statements.

Annual Report A-58

Common Stocks continued
	Shares	Value (Note 1)

CONSUMER STAPLES – continued
Beverages – continued
Coca Cola Bottling Co. Consolidated	2,129		$ 96,295
Hansen Natural Corp. (a)(d)	8,124		758,294
Jones Soda Co. (a)(d)	14,150		92,400
MGP Ingredients, Inc.	3,212		42,816
National Beverage Corp.	11,130		96,163
PepsiAmericas, Inc.	47,242		1,130,029
Vermont Pure Holdings Ltd. (a)	4,384		7,804
			2,313,828
Food & Staples Retailing – 0.4%
Allion Healthcare, Inc.	9,407		155,686
Andersons, Inc.	4,023		226,294
Arden Group, Inc. Class A	749		68,047
BJ’s Wholesale Club, Inc. (a)	40,848		1,29 3,248
Casey’s General Stores, Inc.	29,439		772,185
Central European Distribution
Corp. (a)(d)	8,043		337,082
Foodarama Supermarkets (a)	590		30,680
Fresh Brands, Inc. (a)	3,849		27,135
Ingles Markets, Inc. Class A	7,689		126,945
Longs Drug Stores Corp.	18,187		697,835
Marsh Supermarkets, Inc. Class B (d)	3,767		29,458
Nash Finch Co.	9,067		281,077
Pathmark Stores, Inc. (a)	20,086		202,065
Performance Food Group Co. (a)(d)	25,594		751,696
Pricesmart, Inc. (a)	21,057		168,456
Rite Aid Corp. (a)(d)	250,294		923,585
Ruddick Corp.	21,523		520,426
Smart & Final, Inc. (a)	8,436		127,384
Spartan Stores, Inc. (a)	7,298		86,043
The Great Atlantic & Pacific Tea
Co. (a)(d)	9,076		292,792
Topps Co., Inc.	25,992		210,015
United Natural Foods, Inc. (a)(d)	26,942		896,091
Weis Markets, Inc.	6,612		295,292
Wild Oats Markets, Inc. (a)(d)	12,280		220,426
			8,739,943
Food Products – 1.3%
Alico, Inc.	3,393		153,465
American Italian Pasta Co. Class A (d)	10,263		44,644
Bridgford Foods Corp. (a)	4,789		31,129
Bunge Ltd.	67,581		3,831,167
Calavo Growers, Inc.	7,029		69,517
Chiquita Brands International, Inc.	20,132		346,673
Corn Products International, Inc.	42,678		1,150,599
Darling International, Inc. (a)	19,466		85,261
Dean Foods Co. (a)	88,440		3,313,847
Del Monte Foods Co.	114,417		1,244,857
Delta & Pine Land Co.	23,202		587,243
Diamond Foods, Inc.	6,125		126,175
Farmer Brothers Co.	6,050		131,588
Flowers Foods, Inc.	33,604		924,110

	Shares	Value (Note 1)
Fresh Del Monte Produce, Inc.	16,390		$ 330,095
Galaxy Nutritional Foods, Inc. (a)	5,579		5,858
Gardenburger, Inc. (a)	5,600		84
Gold Kist, Inc. Delaware (a)	24,839		329,614
Green Mountain Coffee Roasters, Inc. (a)	2,713		111,260
Griffin Land & Nurseries, Inc. (a)	1,112		34,472
Hain Celestial Group, Inc. (a)(d)	18,331		427,846
Hines Horticulture, Inc. (a)	5,290		19,626
Hormel Foods Corp.	43,807		1,508,275
J&J Snack Foods Corp.	8,332		282,871
John B. Sanfilippo & Son, Inc. (a)(d)	4,719		68,897
Kraft Foods, Inc. Class A	161,186		4,850,087
Lancaster Colony Corp.	15,611		626,626
Lance, Inc.	14,940		324,796
Lifeway Foods, Inc. (a)(d)	4,862		56,107
Maui Land & Pineapple, Inc. (a)	3,029		114,739
Monterey Gourmet Foods, Inc. (a)	4,304		16,829
Omega Protein Corp. (a)	5,131		32,274
Peet’s Coffee & Tea, Inc. (a)	10,925		327,095
Pilgrims Pride Corp. Class B	21,492		495,606
Poore Brothers, Inc. (a)	3,448		10,378
Premium Standard Farms, Inc.	13,982		209,730
Ralcorp Holdings, Inc. (a)	19,924		769,465
Reddy Ice Holdings, Inc.	14,055		283,911
Sanderson Farms, Inc.	9,699		226,181
Seaboard Corp.	182		271,908
Smithfield Foods, Inc. (a)	56,397		1,490,573
Tasty Baking Co.	4,304		30,817
The J.M. Smucker Co.	35,506		1,403,197
Tootsie Roll Industries, Inc. (d)	18,775		530,582
TreeHouse Foods, Inc. (a)	15,232		343,482
			27,573,556
Household Products – 0.2%
Central Garden & Pet Co. Class A (a)	11,247		611,387
Church & Dwight Co., Inc.	37,080		1,280,372
Energizer Holdings, Inc. (a)	42,807		2,338,546
Katy Industries, Inc. (a)	1,778		6,365
Oil Dri Corp. of America	4,520		84,795
Spectrum Brands, Inc. (a)(d)	19,299		368,032
WD 40 Co.	12,405		378,725
			5,068,222
Personal Products 0.2%
Carrington Laboratories, Inc. (a)	5,146		23,404
Chattem, Inc. (a)(d)	9,478		369,547
Elizabeth Arden, Inc. (a)	13,382		326,521
Herbalife Ltd. (a)	18,068		559,927
Integrated Biopharma, Inc. (a)	2,198		13,188
Inter Parfums, Inc.	7,365		128,888
Mannatech, Inc. (d)	7,829		104,830
MediFast, Inc. (a)(d)	1,591		11,121
Natural Health Trends Corp. (a)(d)	8,588		77,636
Nature’s Sunshine Products, Inc.	4,464		75,754
NBTY, Inc. (a)	32,713		716,415

See accompanying notes which are an integral part of the financial statements.

A-59 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

CONSUMER STAPLES – continued
Personal Products – continued
Nu Skin Enterprises, Inc. Class A	32,176		$ 581,742
Parlux Fragrances, Inc. (a)(d)	6,559		226,876
Playtex Products, Inc. (a)	21,944		230,412
Reliv International, Inc.	10,690		140,894
Revlon, Inc.:
rights 3/20/06 (a)	66,788		4,007
Class A (sub. vtg.) (a)(d)	66,788		225,743
Schiff Nutrition International, Inc. (a)	11,731		62,292
USANA Health Sciences, Inc. (a)(d)	7,765		335,060
			4,214,257
Tobacco – 0.2%
Alliance One International, Inc.	44,284		197,064
Loews Corp. – Carolina Group	46,627		2,214,316
Star Scientific, Inc. (a)(d)	16,374		43,719
Universal Corp.	14,549		591,708
Vector Group Ltd. (d)	17,268		321,357
			3,368,164

TOTAL CONSUMER STAPLES			51,277,970

ENERGY 7.7%
Energy Equipment & Services – 2.8%
Atwood Oceanics, Inc. (a)	8,251		744,075
Bristow Group, Inc. (a)	10,557		315,232
Bronco Drilling Co., Inc.	5,081		123,011
Cal Dive International, Inc. (a)(d)	41,950		1,477,060
Carbo Ceramics, Inc.	12,671		693,737
Cooper Cameron Corp. (a)	67,094		2,717,307
Dawson Geophysical Co. (a)	4,846		129,243
Diamond Offshore Drilling, Inc.	37,532		2,904,601
Dresser Rand Group, Inc.	17,628		445,812
Dril Quip, Inc. (a)	4,548		231,038
ENSCO International, Inc.	92,816		4,147,947
FMC Technologies, Inc. (a)	41,524		1,948,306
Global Industries Ltd. (a)	59,058		750,627
GlobalSantaFe Corp.	132,686		7,342,843
Grant Prideco, Inc. (a)	76,183		3,083,126
Grey Wolf, Inc. (a)	106,994		742,538
Gulf Island Fabrication, Inc. (d)	8,203		186,454
Gulfmark Offshore, Inc. (a)	14,032		384,757
Hanover Compressor Co. (a)(d)	56,748		867,109
Helmerich & Payne, Inc.	25,830		1,698,839
Hercules Offshore, Inc.	8,061		245,054
Hornbeck Offshore Services, Inc. (a)	12,652		406,888
Hydril Co. (a)	13,876		934,410
Hyperdynamics Corp. (a)(d)	30,744		74,708
Infinity Energy Resources, Inc. (a)(d)	5,988		51,497
Input/Output, Inc. (a)(d)	34,941		264,154
Lone Star Technologies, Inc. (a)	16,419		816,024
Lufkin Industries, Inc.	7,580		392,341
Matrix Service Co. (a)(d)	16,669		184,526

	Shares	Value (Note 1)
Maverick Tube Corp. (a)	26,611	$ 1,238,210
Metretek Technologies, Inc. (a)(d)	2,400	33,840
Mitcham Industries, Inc. (a)	6,187	103,632
NATCO Group, Inc. Class A (a)	10,044	248,890
Newpark Resources, Inc. (a)	63,182	471,338
NS Group, Inc. (a)	13,541	552,337
Oceaneering International, Inc. (a)	13,877	765,178
Oil States International, Inc. (a)(d)	18,420	636,043
Parker Drilling Co. (a)	59,292	548,451
Particle Drilling Technologies, Inc. (a)(d) .	18,049	100,713
Patterson UTI Energy, Inc.	100,486	2,768,389
PHI, Inc. (non vtg.) (a)	5,544	216,161
Pioneer Drilling Co. (a)	24,618	354,253
Pride International, Inc. (a)	93,503	2,895,788
Royale Energy, Inc. (a)(d)	5,582	34,162
RPC, Inc.	21,778	461,476
SEACOR Holdings, Inc. (a)	12,125	884,761
Smith International, Inc. (d)	127,305	4,930,523
Sulphco, Inc. (a)(d)	15,000	105,150
Superior Energy Services, Inc. (a)	42,731	1,111,006
Superior Well Services, Inc.	8,767	215,230
T 3 Energy Services, Inc. (a)	4,721	66,991
TETRA Technologies, Inc. (a)	18,894	710,414
Tidewater, Inc. (d)	33,541	1,752,517
TODCO Class A	36,215	1,213,927
Trico Marine Services, Inc. (a)	6,800	198,084
Union Drilling, Inc.	10,737	134,749
Unit Corp. (a)	21,049	1,119,175
Universal Compression Holdings, Inc. (a)	14,960	654,500
Veritas DGC, Inc. (a)	23,383	985,126
W H Energy Services, Inc. (a)	18,543	732,449
		60,546,727
Oil, Gas & Consumable Fuels 4.9%
Abraxas Petroleum Corp. (a)	25,751	146,523
Adams Resources & Energy, Inc.	9,021	237,162
Alliance Resource Partners LP	6,950	256,525
Alon USA Energy, Inc.	14,033	272,942
Alpha Natural Resources, Inc.	29,786	636,527
APCO Argentina, Inc.	2,706	236,775
Arch Coal, Inc.	40,126	2,933,612
Arlington Tankers Ltd.	14,838	339,048
Atlas America, Inc. (a)	7,942	532,035
ATP Oil & Gas Corp. (a)	10,098	376,151
Barnwell Industries, Inc.	3,174	72,685
Berry Petroleum Co. Class A	13,836	934,622
Bill Barrett Corp. (a)(d)	19,676	651,669
Bois d’Arc Energy LLC	20,456	306,840
BP Prudhoe Bay Royalty Trust (d)	8,577	580,663
Brigham Exploration Co. (a)	34,475	295,451
Buckeye Partners LP	8,566	379,131
Cabot Oil & Gas Corp.	27,367	1,238,630
Callon Petroleum Co. (a)	15,101	266,986
Cano Petroleum, Inc. (a)(d)	10,000	82,800

See accompanying notes which are an integral part of the financial statements.

Annual Report A-60

Common Stocks continued
	Shares	Value (Note 1)

ENERGY – continued
Oil, Gas & Consumable Fuels – continued
Carrizo Oil & Gas, Inc. (a)	12,276		$ 285,908
Castle Energy Corp.	4,491		100,823
Chaparral Resources, Inc. (a)	13,947		72,803
Cheniere Energy, Inc. (a)(d)	33,068		1,311,146
Chesapeake Energy Corp.	205,681		6,106,669
Cimarex Energy Co.	47,136		2,010,822
Clayton Williams Energy, Inc. (a)	4,863		211,395
CNX Gas Corp. (a)	16,000		344,640
Comstock Resources, Inc. (a)	25,142		706,490
CONSOL Energy, Inc.	55,095		3,527,182
Copano Energy LLC	9,789		398,217
CREDO Petroleum Corp. (a)	2,128		46,518
Cross Timbers Royalty Trust	1,715		76,575
Crosstex Energy LP	846		31,302
Crosstex Energy, Inc.	7,425		590,807
Delta Petroleum Corp. (a)(d)	27,210		530,867
Denbury Resources, Inc. (a)	63,899		1,811,537
Dorchester Minerals LP	6,550		164,929
Double Eagle Petroleum Co. (a)(d)	8,444		139,242
Edge Petroleum Corp. (a)	10,892		304,322
Enbridge Energy Management LLC (d)	2,822		130,094
Encore Acquisition Co. (a)	27,867		853,845
Endeavor International Corp. (a)(d)	74,100		228,228
Energy Partners Ltd. (a)	21,381		491,549
Enterprise Products Partners LP	65,000		1,578,200
EXCO Resources, Inc.	29,911		382,861
Forest Oil Corp. (a)	32,356		1,606,475
Foundation Coal Holdings, Inc.	21,806		872,240
Frontier Oil Corp.	37,456		1,732,340
FX Energy, Inc. (a)(d)	24,929		137,857
Gasco Energy, Inc. (a)(d)	60,806		347,202
General Maritime Corp.	21,980		805,127
Giant Industries, Inc. (a)(d)	12,017		699,389
GMX Resources, Inc. (a)	6,855		246,163
Goodrich Petroleum Corp. (a)(d)	12,161		294,053
GSV, Inc. (a)(d)	700		84
Harken Energy Corp. (a)	45,664		30,595
Harvest Natural Resources, Inc. (a)	17,676		159,261
Holly Corp.	17,500		1,044,750
Holly Energy Partners LP	6,668		267,453
Houston Exploration Co. (a)	18,119		1,048,003
Hugoton Royalty Trust	8,323		284,813
Inergy LP	2,246		61,406
International Coal Group, Inc. (a)	67,000		572,850
James River Coal Co. (a)	9,436		341,111
K Sea Transn Partners L P	4,670		161,909
KCS Energy, Inc. (a)	25,968		612,845
KFX, Inc. (a)(d)	49,052		1,024,206
Kinder Morgan Management LLC	32,354		1,414,840
Linn Energy LLC	7,996		166,077
Magellan Midstream Partners LP	6,924		218,037

	Shares	Value (Note 1)
Maritrans, Inc.	2,984		$ 67,916
Markwest Energy Partners LP	1,943		87,435
Markwest Hydrocarbon, Inc.	3,848		88,042
Massey Energy Co. (d)	44,619		1,659,827
McMoRan Exploration Co. (a)(d)	14,526		256,965
Meridian Resource Corp. (a)	58,885		249,672
National Energy Group, Inc. (a)	5,079		28,849
Natural Resource Partners LP	2,339		123,195
Newfield Exploration Co. (a)	72,776		2,812,792
NGAS Resources, Inc. (a)(d)	16,181		148,056
Noble Energy, Inc.	103,142		4,336,090
OMI Corp.	46,074		806,295
Overseas Shipholding Group, Inc.	18,052		912,890
Pacific Energy Partners LP	2,620		81,089
Pacific Ethanol, Inc. (a)(d)	10,539		198,133
Panhandle Royalty Co. Class A	14,442		277,575
Parallel Petroleum Corp. (a)	21,371		363,521
Peabody Energy Corp.	156,478		7,553,193
Penn Octane Corp. (a)	4,809		3,270
Penn Virginia Corp.	12,425		768,486
Penn Virginia Resource Partners LP	2,552		147,199
Petrohawk Energy Corp. (a)	54,833		692,541
Petroleum Development Corp. (a)	11,924		512,851
Petroquest Energy, Inc. (a)	30,204		282,407
Pioneer Natural Resources Co.	84,936		3,574,956
Plains Exploration & Production Co. (a) .	46,736		1,904,492
Pogo Producing Co.	31,925		1,591,781
Quicksilver Resources, Inc. (a)	30,758		1,117,131
Range Resources Corp.	73,349		1,755,242
Remington Oil & Gas Corp. (a)	15,181		636,084
Rentech, Inc. (a)(d)	68,016		264,582
Resource America, Inc. Class A	8,687		142,641
Rio Vista Energy Partners LP	601		3,191
Ship Finance International Ltd.
(NY Shares)	28,958		530,221
Southwestern Energy Co. (a)	98,956		3,175,498
St. Mary Land & Exploration Co. (d)	36,093		1,385,610
Stone Energy Corp. (a)	16,100		666,540
Sunoco Logistics Partners LP	2,807		120,308
Swift Energy Co. (a)	17,337		671,982
Syntroleum Corp. (a)(d)	20,072		177,035
TC Pipelines LP	5,010		174,098
Teekay Shipping Corp.	28,028		1,090,289
TEPPCO Partners LP	18,928		689,547
Tesoro Corp.	42,754		2,582,769
The Exploration Co. of Delaware, Inc. (a)	25,348		250,692
Toreador Resources Corp. (a)(d)	8,042		241,019
Transmeridian Exploration, Inc. (a)(d)	30,106		170,099
TransMontaigne, Inc. (a)	50,020		377,151
Tri Valley Corp. (a)(d)	35,638		293,657
Ultra Petroleum Corp. (a)	91,868		4,780,811
USEC, Inc.	59,260		737,194
Valero LP	2,901		150,910
W&T Offshore, Inc.	13,308		517,814

See accompanying notes which are an integral part of the financial statements.

A-61 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

ENERGY – continued
Oil, Gas & Consumable Fuels – continued
Warren Resources, Inc. (a)	27,804		$ 406,773
Western Gas Resources, Inc.	40,952		1,937,439
Western Refining, Inc.	14,761		239,719
Westmoreland Coal Co. (a)(d)	7,132		173,450
Whiting Petroleum Corp. (a)	22,752		923,731
World Fuel Services Corp. (d)	22,228		673,508
		103,949,087

TOTAL ENERGY		164,495,814

FINANCIALS 24.2%
Capital Markets 1.7%
A.G. Edwards, Inc	44,184		1,975,025
Affiliated Managers Group, Inc. (a)(d)	19,077		1,877,749
BlackRock, Inc. Class A	9,997		1,420,574
Calamos Asset Management, Inc.
Class A	15,211		583,646
Cohen & Steers, Inc.	6,504		146,145
Eaton Vance Corp. (non vtg.)	82,948		2,337,475
Epoch Holding Corp. (a)	5,333		29,332
FirstCity Financial Corp. (a)(d)	5,260		61,752
GAMCO Investors, Inc. Class A	2,893		130,156
GFI Group, Inc. (a)	3,376		202,763
Greenhill & Co., Inc. (d)	4,473		292,087
Investment Technology Group, Inc. (a)(d)	25,418		1,156,011
Investors Financial Services Corp. (d)	39,440		1,779,138
Jefferies Group, Inc.	30,092		1,716,448
Knight Capital Group, Inc. Class A (a)	59,952		754,796
LaBranche & Co., Inc. (a)(d)	36,155		511,593
Ladenburg Thalmann Financial Services,
Inc. (a)	3,489		2,303
Legg Mason, Inc.	65,452		8,547,377
MarketAxess Holdings, Inc. (a)(d)	14,835		195,080
Nuveen Investments, Inc. Class A	37,649		1,813,552
Olympic Cascade Financial Corp. (a)	1,000		1,010
optionsXpress Holdings, Inc.	23,257		715,850
Piper Jaffray Companies (a)(d)	14,962		743,312
Raymond James Financial, Inc.	36,021		1,548,183
Sanders Morris Harris Group, Inc.	8,833		141,151
SEI Investments Co.	39,230		1,639,422
Siebert Financial Corp. (a)	7,668		19,569
Stifel Financial Corp. (a)	3,778		144,811
SWS Group, Inc.	12,863		313,471
TD Ameritrade Holding Corp.	166,028		3,612,769
TradeStation Group, Inc. (a)(d)	23,223		368,781
W.P. Stewart & Co. Ltd.	19,230		385,562
Waddell & Reed Financial, Inc. Class A .	48,955		1,140,162
Westwood Holdings Group, Inc.	3,071		59,885
			36,366,940
Commercial Banks – 4.8%
1st Source Corp.	6,554		174,664

		Shares	Value (Note 1)
Abigail Adams National Bancorp, Inc.		3,050		$ 41,633
Alabama National Bancorp, Delaware		11,256		783,080
Amcore Financial, Inc.		13,595		406,626
American National Bankshares, Inc. (d)		2,434		58,586
AmericanWest Bancorp (a)(d)		6,795		171,914
Ameris Bancorp		12,734		292,882
AmeriServ Financial, Inc. (a)		8,597		39,030
Arrow Financial Corp.		5,947		159,439
Associated Banc Corp.		75,965		2,618,514
Banc Corp. (a)		13,693		156,374
BancFirst Corp.		2,840		240,264
BancorpSouth, Inc.		44,288		1,063,798
BancTrust Financial Group, Inc.		4,917		108,469
Bank of Granite Corp.		5,074		99,450
Bank of Hawaii Corp		28,723		1,533,808
Bank of Marin, California		4,231		156,547
Bank of the Ozarks, Inc.		5,292		188,184
BankFinancial Corp.		14,566		231,599
Banner Corp.		12,592		402,944
Bar Harbor Bankshares		2,569		71,418
Bay View Capital Corp. (a)		10,319		176,558
BOK Financial Corp.		14,930		684,839
Boston Private Financial Holdings, Inc.	.	23,964		733,538
Bryn Mawr Bank Corp.		2,058		44,700
Camden National Corp.		3,305		110,321
Capital Bank Corp. (d)		4,787		74,486
Capital City Bank Group, Inc.		9,046		315,886
Capital Corp. of the West		4,467		150,270
Capitol Bancorp Ltd.		9,607		416,367
Cardinal Financial Corp.		17,899		220,158
Cascade Bancorp		8,012		208,392
Cascade Financial Corp.		7,932		144,759
Cathay General Bancorp		26,860		957,022
Cavalry Bancorp, Inc.		1,123		28,086
Centennial Bank Holdings, Inc.,
Delaware (a)(d)		28,160		335,667
Center Bancorp, Inc. (d)		9,529		107,773
Central Pacific Financial Corp.		19,330		715,210
Century Bancorp, Inc. Class A (non vtg.)		2,001		56,088
Chemical Financial Corp.		13,177		424,168
Chittenden Corp.		26,827		772,349
Citizens & Northern Corp. (d)		6,628		168,881
Citizens Banking Corp., Michigan		21,376		566,036
Citizens Financial Services, Inc.		1,500		33,375
City Holding Co.		8,606		313,344
City National Corp.		24,743		1,879,478
CoBiz, Inc.		10,647		202,825
Colonial Bancgroup, Inc.		85,371		2,143,666
Columbia Banking Systems, Inc.		9,470		317,529
Commerce Bancorp, Inc., New Jersey (d)		97,071		3,219,845
Commerce Bancshares, Inc.		38,296		1,974,159
Commercial Bankshares, Inc.		2,677		95,328
Community Bancorp, Inc. Escon
California		3,266		113,983

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-62

Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Commercial Banks – continued
Community Bank of Nevada (a)	3,329		$ 99,770
Community Bank System, Inc.	16,667		361,174
Community Banks, Inc.	19,069		531,072
Community Bankshares, Inc., South
Carolina	3,531		55,084
Community Capital Corp.	1,900		42,275
Community Trust Bancorp, Inc.	8,277		262,546
Cullen/Frost Bankers, Inc.	27,803		1,532,501
CVB Financial Corp. (d)	36,783		614,644
East West Bancorp, Inc.	30,536		1,150,902
Eastern Virgina Bankshares, Inc.	3,012		65,330
Enterprise Financial Services Corp. (d)	9,184		245,121
Exchange National Bancshares, Inc.	5,406		160,829
Farmers Capital Bank Corp.	5,002		163,015
Fidelity Southern Corp.	4,918		87,295
Financial Institutions, Inc.	5,570		106,498
First Bancorp, North Carolina	11,778		261,825
First Bancorp, Puerto Rico	42,880		542,861
First Charter Corp.	16,428		402,650
First Citizen Bancshares, Inc.	2,716		508,327
First Commonwealth Financial Corp.	42,191		570,422
First Community Bancorp, California	8,732		521,475
First Financial Bancorp, Ohio	25,729		435,077
First Financial Bankshares, Inc.	12,289		449,532
First Financial Corp., Indiana (d)	6,060		173,922
First Indiana Corp.	6,395		176,438
First M&F Corp.	842		29,470
First Mariner Bancorp, Inc. (a)	999		18,551
First Merchants Corp.	13,779		354,947
First Midwest Bancorp, Inc., Delaware	31,234		1,050,399
First Oak Brook Bancshares, Inc.	3,857		103,792
First of Long Island Corp.	936		39,780
First Regional Bancorp (a)	1,346		112,660
First Republic Bank, California	13,861		503,016
First Security Group, Inc.	5,000		53,400
First South Bancorp, Inc., Virginia (d)	3,944		138,829
First State Bancorp.	6,080		156,986
First United Corp.	5,930		128,147
FirstMerit Corp.	45,831		1,133,859
Flag Financial Corp.	18,529		324,258
FNB Corp., North Carolina (d)	7,866		162,984
FNB Corp., Pennsylvania	33,467		551,871
FNB Corp., Virginia	3,618		122,940
FNB Financial Services Corp.	4,785		76,321
Foothill Independent Bancorp	4,225		111,751
Frontier Financial Corp., Washington	15,992		515,262
Fulton Financial Corp. (d)	92,335		1,625,096
German American Bancorp	5,749		76,462
Glacier Bancorp, Inc.	21,982		693,312
Gold Banc Corp., Inc.	22,069		403,642
Great Southern Bancorp, Inc.	5,120		144,230

	Shares	Value (Note 1)
Greater Bay Bancorp (d)	32,296		$ 868,762
Greater Community Bancorp	4,313		64,868
Hancock Holding Co.	15,250		680,913
Hanmi Financial Corp.	30,770		552,322
Harleysville National Corp., Pennsylvania	14,797		327,754
Harrington West Financial Group, Inc. .	4,000		64,640
Heritage Commerce Corp.	8,124		186,608
IBERIABANK Corp.	4,708		271,934
Independent Bank Corp., Massachusetts	11,103		336,421
Independent Bank Corp., Michigan	12,296		331,623
Integra Bank Corp.	9,801		211,604
Interchange Financial Services Corp.	11,917		226,781
International Bancshares Corp.	27,966		809,056
Intervest Bancshares Corp. Class A (a)	3,943		124,047
Irwin Financial Corp.	8,888		178,116
Lakeland Financial Corp.	5,206		228,023
Leesport Financial Corp.	1,861		46,525
LSB Bancshares, Inc.	6,571		118,278
Main Street Banks, Inc.	7,229		186,797
MainSource Financial Group, Inc.	14,638		267,583
MB Financial, Inc.	18,021		662,452
Mercantile Bancorp, Inc., Illinois	1,192		77,718
Mercantile Bank Corp.	7,973		309,592
Mercantile Bankshares Corp.	72,306		2,762,089
Merchants Bancshares, Inc.	2,649		64,477
Merrill Merchants Bancshares, Inc.	2,431		55,962
Metrocorp Bancshares, Inc.	2,855		70,947
Mid State Bancshares	14,138		406,750
Midsouth Bancorp, Inc.	2,653		72,560
Midwest Banc Holdings, Inc.	10,162		261,163
MidWestOne Financial Group, Inc.	3,499		66,166
Nara Bancorp, Inc.	10,184		177,914
National Penn Bancshares, Inc.	24,206		506,390
NBT Bancorp, Inc.	20,369		466,043
North Valley Bancorp	4,804		84,550
Northern Empire Bancshares	3,115		79,339
Northern States Financial Corp.	2,836		70,049
Northrim Bancorp, Inc.	936		21,762
Oak Hill Financial, Inc.	1,403		44,195
Ohio Valley Banc Corp.	6,000		150,900
Old National Bancorp, Indiana	41,341		878,496
Old Second Bancorp, Inc.	8,393		267,905
Omega Financial Corp.	7,364		239,477
Oriental Financial Group, Inc.	11,839		168,824
PAB Bankshares, Inc.	7,746		161,427
Pacific Capital Bancorp	25,368		906,399
Pacific Mercantile Bancorp (a)	7,285		132,951
Park National Corp.	7,388		775,001
Peapack Gladstone Financial Corp.	4,448		125,656
Pennsylvania Communication Bancorp,
Inc. (a)	3,180		98,580
Peoples Bancorp, Inc.	5,422		159,732
Peoples Banctrust Co., Inc.	1,053		19,502
Peoples Financial Corp., Mississippi	4,312		71,148

See accompanying notes which are an integral part of the financial statements.

A-63 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Commercial Banks – continued
Placer Sierra Bancshares	6,716		$ 176,496
Popular, Inc.	148,893		3,041,884
Preferred Bank, Los Angeles California	2,365		113,662
Premier Community Bankshares, Inc. (d)	1,057		22,356
Princeton National Bancorp, Inc.	2,512		83,147
PrivateBancorp, Inc.	10,376		393,562
Prosperity Bancshares, Inc.	18,851		544,040
Provident Bankshares Corp.	24,064		875,208
QCR Holdings, Inc.	4,300		78,260
Renasant Corp.	9,680		333,670
Republic Bancorp, Inc.	41,826		507,349
Republic Bancorp, Inc., Kentucky Class A	7,350		147,000
Republic First Bancorp, Inc.	5,968		84,149
Royal Bancshares of Pennsylvania, Inc.
Class A	2,480		60,140
S&T Bancorp, Inc.	13,933		507,719
S.Y. Bancorp, Inc.	6,456		159,980
Sandy Spring Bancorp, Inc.	10,316		365,909
Santander Bancorp	1,969		47,039
Savannah Bancorp, Inc.	3,165		112,674
Seacoast Banking Corp., Florida	7,060		190,196
Security Bank Corp., Georgia	7,718		177,746
Shore Bancshares, Inc.	3,876		130,970
Signature Bank, New York (a)	16,986		550,346
Simmons First National Corp. Class A	9,580		272,743
Sky Financial Group, Inc.	63,796		1,682,301
SNB Bancshares, Inc., Texas (a)	14,800		260,776
South Financial Group, Inc.	49,688		1,307,291
Southwest Bancorp, Inc., Oklahoma	9,075		198,652
Southwest Community Bancorp	2,000		76,500
Southwest Georgia Financial Corp.	2,582		64,163
State Bancorp, Inc., New York	2,592		41,135
Sterling Bancorp, New York	16,378		333,129
Sterling Bancshares, Inc.	29,025		517,226
Sterling Financial Corp., Pennsylvania	15,767		325,273
Sterling Financial Corp., Washington	23,355		675,894
Suffolk Bancorp	7,466		256,158
Summit Bancshares, Inc.	5,340		97,669
Summit Bank Corp., Georgia	3,888		61,469
Summit Financial Group, Inc. (d)	1,800		40,212
Sun Bancorp, Inc., New Jersey	4,957		103,106
Susquehanna Bancshares, Inc.,
Pennsylvania	27,587		665,123
SVB Financial Group (a)(d)	21,275		1,084,812
TCF Financial Corp.	78,448		1,989,441
TD Banknorth, Inc.	68,593		2,107,863
Temecula Valley Bancorp, Inc. (a)	11,685		238,374
Texas Capital Bancshares, Inc. (a)	12,023		259,456
Texas Regional Bancshares, Inc. Class A	25,734		794,666
TIB Financial Corp.	3,327		103,004
Tompkins Trustco, Inc.	4,081		190,460

		Shares	Value (Note 1)
Trico Bancshares		7,477		$ 193,505
Trustco Bank Corp., New York		46,945		590,099
Trustmark Corp.		32,201		970,860
UCBH Holdings, Inc.		52,822		945,514
UMB Financial Corp.		9,378		634,328
Umpqua Holdings Corp. (d)		31,435		846,545
Union Bankshares Corp.		5,956		268,675
UnionBanCal Corp.		30,797		2,127,765
United Bankshares, Inc., West Virginia		24,718		926,183
United Community Banks, Inc., Georgia .		28,972		792,384
Unizan Financial Corp.		12,257		334,616
USB Holding Co., Inc.		8,800		193,248
Valley National Bancorp		72,389		1,758,329
Vineyard National Bancorp		9,652		289,560
Virginia Commerce Bancorp, Inc. (a)		6,686		242,702
Washington Banking Co., Oak Harbor	.	3,760		70,462
Washington Trust Bancorp, Inc.		6,961		189,130
WesBanco, Inc.		12,467		395,827
West Coast Bancorp, Oregon		13,366		360,748
Westamerica Bancorp.		20,890		1,133,074
Westbank Corp.		2,759		42,516
Westcorp		11,604		833,747
Western Alliance Bancorp. (d)		14,932		525,308
Whitney Holding Corp.		36,345		1,244,089
Wilber Corp.		9,865		104,569
Wilmington Trust Corp., Delaware		43,537		1,863,819
Wilshire Bancorp, Inc.		23,616		454,608
Wintrust Financial Corp.		12,853		677,096
Yardville National Bancorp		4,169		149,876
			102,965,210
Consumer Finance – 0.4%
ACE Cash Express, Inc. (a)		6,892		169,750
Advance America Cash Advance
Centers, Inc.		42,673		593,581
Advanta Corp. Class B		11,900		417,333
AmeriCredit Corp. (a)		82,256		2,426,552
Asta Funding, Inc. (d)		8,785		305,894
Cash America International, Inc.		15,145		405,886
Cash Systems, Inc. (a)		14,761		105,541
Collegiate Funding Services, Inc. (a)(d)	.	7,480		149,525
CompuCredit Corp. (a)(d)		20,341		768,890
Consumer Portfolio Services, Inc. (a)		11,918		81,042
Dollar Financial Corp. (a)		1,700		24,055
EZCORP, Inc. Class A (a)		10,373		224,368
First Cash Financial Services, Inc. (a)		17,226		300,077
First Marblehead Corp. (d)		17,867		646,428
Nelnet, Inc. Class A (a)		15,295		633,978
QC Holdings, Inc. (a)(d)		10,421		132,451
Rewards Network, Inc. (a)(d)		5,988		47,126
Student Loan Corp.		2,571		564,309
United Panam Financial Corp. (a)		5,347		143,834

See accompanying notes which are an integral part of the financial statements.

Annual Report A-64

Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Consumer Finance – continued
WFS Financial, Inc. (a)	2,896		$ 238,428
World Acceptance Corp. (a)	9,975		257,156
			8,636,204
Diversified Financial Services – 0.8%
AllianceBernstein Holding LP	8,379		538,518
Ampal-American Israel Corp. Class A (a)	4,585		19,440
Asset Acceptance Capital Corp. (a)	7,917		158,261
California First National Bancorp	4,060		54,810
Catskill Litigation Trust (a)	1,036		0
CBOT Holdings, Inc. Class A (d)	2,047		240,625
Chicago Mercantile Exchange Holdings,
Inc. Class A	16,800		7,150,080
Encore Capital Group, Inc. (a)	10,962		188,985
eSpeed, Inc. Class A (a)	22,397		186,119
EuroBancshares, Inc. (a)	10,674		133,532
Financial Federal Corp.	17,445		487,239
Finova Group, Inc. (a)	22,736		1,364
First Albany Companies, Inc. (a)	2,377		13,715
IntercontinentalExchange, Inc.	10,130		554,618
International Securities Exchange, Inc.
Class A	19,178		809,503
Leucadia National Corp.	47,810		2,593,693
Marlin Business Services Corp. (a)	7,748		178,204
Medallion Financial Corp.	18,998		230,636
MicroFinancial, Inc.	5,166		18,856
NCP Litigation Trust (a)	200		0
Newtek Business Services, Inc. (a)	5,503		10,181
Portfolio Recovery Associates, Inc. (a)(d)	10,409		509,104
Primus Guaranty Ltd. (a)	21,499		268,738
The Nasdaq Stock Market, Inc. (a)	43,600		1,766,236
			16,112,457
Insurance – 6.6%
21st Century Holding Co. (d)	1,797		30,010
21st Century Insurance Group	10,709		173,486
Affirmative Insurance Holdings, Inc.	11,382		156,958
Alfa Corp.	25,874		416,054
Alleghany Corp.	3,197		920,736
American Equity Investment Life Holding
Co.	22,474		300,927
American Financial Group, Inc., Ohio	22,342		924,959
American Independence Corp. (a)	3,087		37,044
American National Insurance Co.	9,184		1,051,017
American Physicians Capital, Inc. (a)	8,485		418,226
AmerUs Group Co. (d)	22,536		1,357,794
Arch Capital Group Ltd. (a)	16,801		950,265
Argonaut Group, Inc. (a)	18,674		681,974
Arthur J. Gallagher & Co. (d)	54,379		1,603,637
Aspen Insurance Holdings Ltd.	26,502		615,111
Assurant, Inc.	68,522		3,110,899
Assured Guaranty Ltd.	27,591		728,402

	Shares	Value (Note 1)
Atlantic American Corp. (a)	10,720		$ 27,765
Axis Capital Holdings Ltd.	73,741		2,283,021
Baldwin & Lyons, Inc. Class B	3,866		95,684
Berkshire Hathaway, Inc. Class A (a)	625		54,249,956
Bristol West Holdings, Inc.	9,584		177,687
Brooke Corp.	8,106		91,274
Brown & Brown, Inc.	65,971		2,062,913
Capital Title Group, Inc.	21,082		132,606
Ceres Group, Inc. (a)	14,502		78,456
Citizens, Inc. Class A	10,666		56,743
Clark, Inc.	7,815		82,526
CNA Financial Corp. (a)	21,156		654,144
CNA Surety Corp. (a)	12,254		212,975
Commerce Group, Inc., Massachusetts	18,229		984,548
Conseco, Inc. (a)(d)	88,975		2,210,139
Covanta Holding Corp. (a)	61,751		1,071,380
Crawford & Co. Class B	11,783		71,405
Delphi Financial Group, Inc. Class A	15,115		787,189
Direct General Corp.	16,682		266,745
Donegal Group, Inc.:
Class A	3,900		95,355
Class B	5,785		130,163
EMC Insurance Group	12,011		294,510
Endurance Specialty Holdings Ltd.	37,768		1,189,692
Enstar Group, Inc. (a)	3,751		298,880
Erie Indemnity Co. Class A	17,147		909,991
Everest Re Group Ltd.	35,765		3,542,166
FBL Financial Group, Inc. Class A	8,164		279,372
Fidelity National Financial, Inc.	95,202		3,594,828
Fidelity National Title Group, Inc. Class A	14,553		344,906
First Acceptance Corp. (a)	24,679		302,318
First American Corp., California	50,161		2,114,788
FPIC Insurance Group, Inc. (a)	7,567		265,904
Gainsco, Inc. (a)	800		6,840
Great American Financial Resources, Inc.	4,585		90,691
Hanover Insurance Group, Inc.	30,056		1,456,213
Harleysville Group, Inc.	11,446		301,373
HCC Insurance Holdings, Inc. (d)	63,675		2,049,698
Hilb Rogal & Hobbs Co.	18,031		696,898
Horace Mann Educators Corp.	25,370		473,151
Independence Holding Co.	5,623		125,112
Infinity Property & Casualty Corp.	12,293		487,540
Investors Title Co.	1,641		70,934
IPC Holdings Ltd.	32,804		861,761
James River Group, Inc.	9,136		219,264
Kansas City Life Insurance Co.	3,631		183,002
KMG America Corp. (a)	12,545		131,723
LandAmerica Financial Group, Inc.	9,553		637,185
Markel Corp. (a)	5,269		1,731,130
Max Re Capital Ltd.	26,495		646,743
Meadowbrook Insurance Group, Inc. (a)	9,169		60,699
Mercer Insurance Group, Inc. (a)	5,069		94,283
Merchants Group, Inc.	2,177		64,875

See accompanying notes which are an integral part of the financial statements.

A-65 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Insurance – continued
Mercury General Corp.	18,196	$ 1,017,156
Montpelier Re Holdings Ltd.	56,338	971,267
National Financial Partners Corp.	18,798	1,106,262
National Security Group, Inc.	2,778	45,889
National Western Life Insurance Co.
Class A	1,547	345,074
Nationwide Financial Services, Inc.
Class A (sub. vtg.)	35,142	1,506,186
Navigators Group, Inc. (a)	5,206	244,161
Nymagic, Inc.	2,755	69,426
Odyssey Re Holdings Corp. (d)	6,991	164,149
Ohio Casualty Corp.	40,342	1,234,869
Old Republic International Corp.	131,724	2,804,404
PartnerRe Ltd.	31,646	1,918,064
Penn Treaty American Corp. (a)	31,965	332,436
Philadelphia Consolidated Holdings
Corp. (a)	11,982	1,282,074
Phoenix Companies, Inc. (d)	56,405	809,412
Platinum Underwriters Holdings Ltd.	31,249	956,844
PMA Capital Corp. Class A (a)	7,234	69,591
Presidential Life Corp.	14,950	327,555
ProAssurance Corp. (a)	17,526	898,909
ProCentury Corp.	9,119	112,346
Protective Life Corp.	41,127	2,004,941
PXRE Group Ltd. (d)	24,287	82,576
Quotesmith.com, Inc. (a)	779	2,321
Reinsurance Group of America, Inc.	19,797	915,215
RenaissanceRe Holdings Ltd.	42,814	1,907,364
RLI Corp.	15,615	823,223
RTW, Inc. (a)	655	6,661
Safety Insurance Group, Inc.	9,803	423,784
Scottish Re Group Ltd.	25,919	647,975
SCPIE Holding, Inc. (a)	1,965	44,684
SeaBright Insurance Holdings, Inc. (a)	7,000	116,270
Selective Insurance Group, Inc.	16,312	884,437
Specialty Underwriters’ Alliance, Inc. (a)	14,899	93,713
StanCorp Financial Group, Inc.	34,279	1,854,494
State Auto Financial Corp.	6,485	211,281
Stewart Information Services Corp.	10,893	511,426
The Midland Co.	8,704	293,064
Tower Group, Inc.	6,299	113,949
Transatlantic Holdings, Inc.	16,127	986,005
UICI	18,649	684,232
Unico American Corp. (a)	2,607	24,897
United Fire & Casualty Co.	10,429	373,254
Unitrin, Inc.	29,612	1,431,740
Universal American Financial Corp. (a) .	21,286	322,483
USI Holdings Corp. (a)	16,821	241,213
W.R. Berkley Corp.	63,529	3,677,694
Wesco Financial Corp.	832	330,304

		Shares	Value (Note 1)
White Mountains Insurance Group Ltd.	.	4,903	$ 2,706,505
Zenith National Insurance Corp.		18,187	936,631
			141,695,053
Real Estate 7.7%
Aames Investment Corp., Maryland		29,126	167,766
Acadia Realty Trust (SBI) (d)		15,258	334,608
Affordable Residential Communties,
Inc. (d)		25,798	244,049
Agree Realty Corp.		3,217	100,403
Alexanders, Inc. (a)		1,399	332,263
Alexandria Real Estate Equities, Inc.		12,917	1,136,954
AMB Property Corp. (SBI)		48,988	2,628,206
America First Apartment Investment, Inc.		10,576	150,602
American Campus Communities, Inc.		9,838	247,918
American Financial Realty Trust (SBI)		82,622	976,592
American Home Mortgage Investment
Corp.		25,552	728,232
American Land Lease, Inc.		4,333	115,604
American Mortgage Acceptance Co.		4,770	73,458
American Real Estate Partners LP		11,925	513,848
American Realty Investments, Inc. (a)		1,965	15,406
AmeriVest Properties, Inc. (a)		10,370	47,702
Annaly Mortgage Management, Inc. (d)		71,487	839,972
Anthracite Capital, Inc.		32,496	348,357
Anworth Mortgage Asset Corp.		34,106	256,136
Arbor Realty Trust, Inc.		9,197	241,973
Arden Realty, Inc.		38,778	1,758,970
Ashford Hospitality Trust, Inc.		31,094	388,364
Associated Estates Realty Corp.		8,335	93,852
AvalonBay Communities, Inc.		41,162	4,239,686
Bedford Property Investors, Inc.		11,464	307,464
BioMed Realty Trust, Inc.		25,287	699,944
BNP Residential Properties, Inc.		5,592	95,903
BNS Holding, Inc. Class A (a)		20	115
Boston Properties, Inc. (d)		64,372	5,450,377
Boykin Lodging Co. (a)		7,111	90,879
Brandywine Realty Trust (SBI)		51,625	1,516,226
BRE Properties, Inc. Class A (d)		28,952	1,574,120
BRT Realty Trust		3,818	98,886
Camden Property Trust (SBI)		29,555	1,946,197
Capital Lease Funding, Inc.		14,178	153,690
Capital Trust, Inc. Class A		7,202	243,428
CapitalSource, Inc.		73,594	1,811,148
Capstead Mortgage Corp.		5,005	34,985
CarrAmerica Realty Corp.		33,301	1,380,659
CB Richard Ellis Group, Inc. Class A (a)	.	35,193	2,417,055
CBL & Associates Properties, Inc.		34,886	1,486,144
Cedar Shopping Centers, Inc.		28,684	436,284
CenterPoint Properties Trust (SBI)		29,212	1,456,218
CentraCore Properties Trust		8,745	236,290
Colonial Properties Trust (SBI) (d)		27,483	1,328,803
Columbia Equity Trust, Inc.		18,406	318,056
Commercial Net Lease Realty, Inc.		30,094	684,639
Consolidated Tomoka Land Co.		2,587	168,155

See accompanying notes which are an integral part of the financial statements.

Annual Report A-66

Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Real Estate continued
Corporate Office Properties Trust (SBI) (d)	24,963	$ 1,036,464
Cousins Properties, Inc. (d)	26,372	808,829
Crescent Real Estate Equities Co.	66,016	1,389,637
Deerfield Triarc Capital Corp. (d)	26,441	345,319
Developers Diversified Realty Corp.	61,972	3,110,375
DiamondRock Hospitality Co.	45,374	582,148
Digital Realty Trust, Inc.	17,715	489,111
Duke Realty Corp.	82,973	2,912,352
Eagle Hospitality Properties Trust, Inc.	18,912	162,643
Eastgroup Properties, Inc.	14,682	674,638
ECC Capital Corp.	32,592	52,473
Education Realty Trust, Inc. (d)	12,344	166,644
Entertainment Properties Trust (SBI)	14,682	607,101
Equity Inns, Inc.	34,751	537,945
Equity Lifestyle Properties, Inc.	11,921	568,512
Equity One, Inc.	29,605	666,113
Essex Property Trust, Inc.	11,308	1,126,842
Extra Space Storage, Inc.	41,150	617,250
Federal Realty Investment Trust (SBI)	29,681	2,068,469
FelCor Lodging Trust, Inc.	30,744	610,268
Feldman Mall Properties, Inc.	12,239	137,934
Fieldstone Investment Corp.	34,652	410,280
First Industrial Realty Trust, Inc.	25,124	969,284
First Potomac Realty Trust	9,520	282,173
Forest City Enterprises, Inc. Class A	39,621	1,605,047
Franklin Street Properties Corp.	31,084	633,492
Friedman, Billings, Ramsey Group, Inc.
Class A (d)	92,162	917,934
General Growth Properties, Inc.	132,134	6,658,232
Getty Realty Corp.	15,746	446,399
Gladstone Commercial Corp.	10,600	198,750
Glenborough Realty Trust, Inc.	29,024	561,614
Glimcher Realty Trust (d)	18,529	494,354
Global Signal, Inc.	8,543	396,481
GMH Communities Trust	21,223	352,726
Government Properties Trust, Inc.	17,885	152,738
Gramercy Capital Corp.	9,940	261,024
Grubb & Ellis Co. (a)	700	8,047
Health Care Property Investors, Inc.	83,442	2,292,152
Health Care REIT, Inc. (d)	38,272	1,395,014
Healthcare Realty Trust, Inc.	33,862	1,263,391
Heritage Property Investment Trust,
Inc. (d)	19,776	758,607
Hersha Hospitality Trust	18,712	177,203
Highland Hospitality Corp.	44,191	544,433
Highwoods Properties, Inc. (SBI) (d)	32,711	1,058,201
Home Properties of New York, Inc.	21,868	1,079,404
HomeBanc Mortgage Corp., Georgia	30,699	267,081
Hospitality Properties Trust (SBI)	42,625	1,896,813
Host Marriott Corp.	192,837	3,746,823
HRPT Properties Trust (SBI)	129,750	1,390,920

	Shares	Value (Note 1)
Impac Mortgage Holdings, Inc. (d)	38,183		$ 317,301
Inland Real Estate Corp.	36,867		567,383
Innkeepers USA Trust (SBI) (d)	24,065		421,859
Investors Real Estate Trust	30,237		286,042
iStar Financial, Inc.	69,327		2,641,359
JER Investments Trust, Inc.	22,756		397,775
Jones Lang LaSalle, Inc. (d)	17,355		1,174,586
Kilroy Realty Corp.	16,871		1,262,288
Kimco Realty Corp.	124,543		4,474,830
Kite Realty Group Trust	13,413		202,939
KKR Financial Corp.	47,190		1,079,235
LaSalle Hotel Properties (SBI)	23,738		948,333
Lexington Corporate Properties Trust (d) .	36,080		769,226
Liberty Property Trust (SBI) (d)	49,372		2,210,878
Longview Fibre Co.	27,165		511,245
LTC Properties, Inc.	19,272		426,489
Luminent Mortgage Capital, Inc.	17,808		134,985
Mack Cali Realty Corp. (d)	37,338		1,676,476
Maguire Properties, Inc.	22,925		775,782
Medical Properties Trust, Inc.	40,296		402,960
MeriStar Hospitality Corp. (a)	47,613		490,890
MFA Mortgage Investments, Inc.	38,509		227,973
Mid America Apartment Communities,
Inc.	13,893		754,390
Mission West Properties, Inc.	23,945		256,212
Monmouth Real Estate Investment Corp.
Class A	9,627		80,482
MortgageIT Holdings, Inc.	18,881		219,964
National Health Investors, Inc.	15,612		415,591
National Health Realty, Inc.	10,570		209,286
Nationwide Health Properties, Inc.	41,218		928,229
New Century Financial Corp.	34,801		1,348,539
New Plan Excel Realty Trust (d)	61,245		1,534,187
New York Mortgage Trust, Inc.	18,314		103,657
Newcastle Investment Corp.	26,945		644,524
Newkirk Realty Trust, Inc.	6,602		113,422
NorthStar Realty Finance Corp.	19,589		200,200
Novastar Financial, Inc. (d)	15,425		472,776
Omega Healthcare Investors, Inc.	30,486		394,489
One Liberty Properties, Inc. (d)	4,885		98,970
Opteum, Inc. Class A	11,595		100,992
Origen Financial, Inc.	17,799		120,499
Pan Pacific Retail Properties, Inc.	24,191		1,674,259
Parkway Properties, Inc.	7,044		310,218
Pennsylvania (REIT) (SBI)	19,482		787,073
PMC Commercial Trust	6,561		83,718
Post Properties, Inc.	23,070		1,024,308
Potlatch Corp.	22,470		818,807
PS Business Parks, Inc.	10,667		567,378
RAIT Investment Trust (SBI)	20,451		558,312
Ramco Gershenson Properties Trust
(SBI) (d)	10,459		303,939
Rayonier, Inc.	38,586		1,663,057
Realty Income Corp.	51,076		1,177,302

See accompanying notes which are an integral part of the financial statements.

A-67 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Real Estate continued
Reckson Associates Realty Corp.	47,528	$ 1,943,895
Redwood Trust, Inc. (d)	13,217	547,977
Regency Centers Corp.	34,835	2,246,858
Saul Centers, Inc.	5,254	203,803
Saxon Capital, Inc.	24,875	247,506
Senior Housing Properties Trust (SBI)	47,284	847,802
Shurgard Storage Centers, Inc. Class A .	27,240	1,746,901
Sizeler Property Investors, Inc.	6,607	95,802
SL Green Realty Corp.	23,248	2,020,484
Sovran Self Storage, Inc.	11,587	602,524
Spirit Finance Corp. (d)	47,020	566,591
Strategic Hotel Capital, Inc.	20,166	435,586
Stratus Properties, Inc. (a)	2,986	67,872
Sun Communities, Inc. (d)	15,926	551,358
Sunset Financial Resources, Inc.	21,053	187,582
Sunstone Hotel Investors, Inc.	35,280	1,035,821
Supertel Hospitality, Inc., Maryland	13,197	62,805
Tanger Factory Outlet Centers, Inc.	18,971	612,763
Taubman Centers, Inc.	28,839	1,146,062
Tejon Ranch Co. (a)(d)	5,055	239,607
The Macerich Co.	39,578	2,851,595
The Mills Corp.	32,755	1,294,805
The St. Joe Co.	42,878	2,569,679
Thomas Properties Group, Inc.	9,183	111,206
Thornburg Mortgage, Inc. (SBI) (d)	61,152	1,588,117
Town & Country Trust	12,547	505,519
Trammell Crow Co. (a)	20,383	662,040
Transcontinental Realty Investors, Inc. (a)	1,497	24,251
Trizec Properties, Inc. (d)	52,562	1,275,680
Trustreet Properties, Inc.	36,989	536,341
U Store It Trust	25,925	577,350
United Capital Corp. (a)	2,068	55,774
United Dominion Realty Trust, Inc.
(SBI) (d)	84,835	2,269,336
United Mobile Homes, Inc.	4,453	69,022
Universal Health Realty Income Trust (SBI)	9,322	328,601
Urstadt Biddle Properties, Inc.	5,274	86,388
Urstadt Biddle Properties, Inc. Class A	17,626	299,995
Ventas, Inc.	63,148	1,957,588
W.P. Carey & Co. LLC	8,724	226,998
Washington (REIT) (SBI)	24,745	826,978
Weingarten Realty Investors (SBI)	49,920	1,965,850
Wellsford Real Properties, Inc.	2,805	16,493
Windrose Medical Properties Trust	19,064	281,575
Winston Hotels, Inc. (d)	23,362	240,161
Winthrop Realty Trust	1,011	5,439
ZipRealty, Inc. (a)(d)	10,323	93,320
		163,301,584
Thrifts & Mortgage Finance – 2.2%
Accredited Home Lenders Holding
Co. (a)(d)	13,472	718,192

	Shares	Value (Note 1)
Aether Holdings, Inc. (a)	10,666		$ 36,478
American Bancorp of New Jersey, Inc. .	20,535		218,492
Anchor BanCorp Wisconsin, Inc.	12,340		375,753
Astoria Financial Corp.	60,717		1,740,756
Bank Mutual Corp.	41,999		476,269
BankAtlantic Bancorp, Inc. Class A
(non vtg.)	22,979		313,663
BankUnited Financial Corp. Class A	25,017		698,975
BCSB Bankcorp, Inc.	4,872		62,118
Berkshire Bancorp, Inc.	1,110		18,537
Berkshire Hills Bancorp, Inc.	5,489		181,411
Brookline Bancorp, Inc., Delaware	36,986		555,160
Camco Financial Corp.	7,852		110,792
Capital Crossing Bank (a)	2,400		77,016
Capitol Federal Financial	15,476		510,089
CFS Bancorp, Inc.	5,521		81,048
Charter Financial Corp., Georgia	3,434		130,492
Charter Municipal Mortgage Acceptance
Co.	29,222		644,930
Cheviot Financial Corp.	52		615
Citizens First Bancorp, Inc., Delaware	3,754		108,040
Citizens South Banking Corp., Delaware	1,310		16,375
City Bank Lynnwood, Washington	7,439		314,818
Clifton Savings Bancorp, Inc.	8,458		86,948
Coastal Financial Corp.	9,310		123,171
Commercial Capital Bancorp, Inc.	29,913		428,653
Corus Bankshares, Inc. (d)	9,501		570,535
Delta Financial Corp. (d)	3,088		28,286
Dime Community Bancshares, Inc.	22,145		302,944
Doral Financial Corp.	68,986		769,884
Downey Financial Corp.	12,619		801,937
ESB Financial Corp.	7,483		88,449
Farmer Mac Class A (multi vtg.)	3,846		77,305
Fidelity Bankshares, Inc.	13,812		441,017
First Busey Corp.	9,363		191,099
First Defiance Financial Corp.	3,003		82,853
First Federal Bancshares of Arkansas, Inc.	3,747		86,368
First Federal Bankshares, Inc.	2,907		65,989
First Financial Holdings, Inc.	9,293		300,350
First Financial Service Corp.	617		17,646
First Mutual Bancshares, Inc.	871		22,115
First Niagara Financial Group, Inc.	67,949		957,401
First Place Financial Corp.	14,173		338,593
FirstBank NW Corp., Delaware	6,160		113,898
FirstFed Financial Corp., Delaware (a)(d)	8,047		482,900
Flagstar Bancorp, Inc.	18,764		289,904
Flushing Financial Corp.	7,219		119,691
FMS Financial Corp.	1,116		21,204
Franklin Bank Corp. (a)	9,733		166,045
Fremont General Corp.	39,592		939,122
Greater Delaware Valley Savings Bank .	749		18,538
Harbor Florida Bancshares, Inc.	12,096		459,769
Heritage Financial Corp., Washington	4,130		111,510

See accompanying notes which are an integral part of the financial statements.

Annual Report A-68

Common Stocks continued
	Shares	Value (Note 1)

FINANCIALS – continued
Thrifts & Mortgage Finance – continued
HMN Financial, Inc.	2,852		$ 91,977
Home Federal Bancorp	2,558		64,845
Home Federal Bancorp, Inc., Delaware .	14,626		189,407
HopFed Bancorp, Inc.	7,731		123,688
Horizon Financial Corp.	8,123		197,145
Hudson City Bancorp, Inc.	358,891		4,633,283
Independence Community Bank Corp.	48,105		1,971,343
IndyMac Bancorp, Inc. (d)	38,520		1,495,346
ITLA Capital Corp. (a)	4,543		210,250
Jefferson Bancshares, Inc., Tennessee	5,738		77,176
Kearny Financial Corp.	13,844		183,018
KNBT Bancorp, Inc.	18,610		294,410
Legacy Bancorp, Inc. (a)	18,619		267,183
Lincoln Bancorp	3,496		61,131
LSB Corp.	3,904		68,354
MAF Bancorp., Inc.	20,500		878,630
MASSBANK Corp.	1,965		64,845
MutualFirst Financial, Inc.	2,603		56,225
NASB Financial, Inc.	3,384		121,147
NetBank, Inc.	18,817		140,187
New York Community Bancorp, Inc.	147,765		2,492,796
NewAlliance Bancshares, Inc.	64,757		918,902
NewMil Bancorp, Inc.	3,195		97,288
Northwest Bancorp, Inc.	19,130		434,634
OceanFirst Financial Corp.	4,849		114,921
Ocwen Financial Corp. (a)(d)	23,396		229,749
Pamrapo Bancorp, Inc.	2,874		58,044
Parkvale Financial Corp.	2,919		81,498
Partners Trust Financial Group, Inc.	34,184		402,688
Pennfed Financial Services, Inc.	6,162		114,490
People’s Bank, Connecticut	39,919		1,235,094
Peoples Bancorp, Auburn, Indiana	3,388		72,842
PFF Bancorp, Inc.	11,713		368,140
Pocahontas Bancorp, Inc.	2,049		26,330
Provident Financial Holdings, Inc.	3,631		108,204
Provident Financial Services, Inc.	46,394		862,928
Provident New York Bancorp	32,025		381,738
Pulaski Financial Corp.	6,450		105,458
PVF Capital Corp.	5,643		59,195
R&G Financial Corp. Class B	13,850		163,292
Radian Group, Inc.	50,095		2,842,891
Rainier Pacific Financial Group, Inc.	3,186		49,702
Riverview Bancorp, Inc.	4,378		111,201
Rockville Financial, Inc. (a)(d)	7,892		114,513
Rome Bancorp, Inc.	12,337		144,960
Sound Federal Bancorp, Inc.	7,809		159,147
TF Financial Corp.	1,778		50,673
The PMI Group, Inc.	54,242		2,348,679
TierOne Corp.	14,855		490,215
Timberland Bancorp, Inc.	2,387		63,256
Triad Guaranty, Inc. (a)	6,388		289,951

	Shares	Value (Note 1)
United Community Financial Corp., Ohio	15,305		$ 187,333
W Holding Co., Inc.	97,504		783,932
Washington Federal, Inc.	53,747		1,271,654
Wauwatosa Holdings, Inc. (d)	7,726		97,193
Webster Financial Corp.	32,287		1,522,332
Westfield Financial, Inc.	4,996		123,701
Willow Grove Bancorp, Inc.	15,648		265,703
WSFS Financial Corp.	2,718		163,868
			46,492,868

TOTAL FINANCIALS		515,570,316

HEALTH CARE 11.2%
Biotechnology – 4.2%
Aastrom Biosciences, Inc. (a)(d)	75,401		128,936
Abgenix, Inc. (a)(d)	47,106		1,047,637
Acadia Pharmaceuticals, Inc. (a)(d)	14,251		213,337
Affymetrix, Inc. (a)(d)	40,692		1,444,973
Albany Molecular Research, Inc. (a)	10,983		110,818
Alexion Pharmaceuticals, Inc. (a)	18,522		696,057
Alkermes, Inc. (a)	56,257		1,429,490
Alliance Pharmaceutical Corp. (a)	2,080		166
Allos Therapeutics, Inc. (a)	6,613		21,294
Alnylam Pharmaceuticals, Inc. (a)	9,444		151,860
Amylin Pharmaceuticals, Inc. (a)(d)	60,091		2,606,748
Anadys Pharmaceuticals, Inc. (a)	9,204		119,652
Antigenics, Inc. (a)(d)	19,086		116,615
AP Pharma, Inc. (a)	17,810		39,360
Applera Corp. – Celera Genomics
Group (a)	45,121		518,440
Arena Pharmaceuticals, Inc. (a)(d)	30,201		534,860
ARIAD Pharmaceuticals, Inc. (a)	50,987		342,123
ArQule, Inc. (a)	21,813		117,354
Array Biopharma, Inc. (a)	36,227		327,854
Avant Immunotherapeutics, Inc. (a)	18,683		36,806
AVAX Technologies, Inc. (a)(d)	4,900		1,078
AVI BioPharma, Inc. (a)(d)	25,727		196,812
Avigen, Inc. (a)	5,520		31,464
Axonyx, Inc. (a)	15,192		17,927
BioCryst Pharmaceuticals, Inc. (a)(d)	14,318		284,785
Bioenvision, Inc. (a)	47,174		397,205
BioMarin Pharmaceutical, Inc. (a)(d)	49,907		652,784
Biopure Corp. Class A (a)(d)	1,611		1,530
BioSphere Medical, Inc. (a)	4,678		35,553
Boston Life Sciences, Inc. (a)(d)	1,366		3,852
Caliper Life Sciences, Inc. (a)(d)	28,993		192,224
Calypte Biomedical Corp. (a)	656		125
Cambrex Corp.	17,248		319,433
CancerVax Corp. (a)(d)	16,900		43,771
Cel Sci Corp. (a)(d)	5,333		4,746
Celgene Corp. (a)(d)	200,838		7,631,844
Cell Genesys, Inc. (a)(d)	18,760		132,070
Cell Therapeutics, Inc. (a)(d)	22,072		42,599
Cephalon, Inc. (a)(d)	35,621		2,831,157

See accompanying notes which are an integral part of the financial statements.

A-69 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Biotechnology – continued
Cepheid, Inc. (a)	18,560		$ 170,010
Charles River Laboratories International,
Inc. (a)	42,319		2,046,124
Ciphergen Biosystems, Inc. (a)	8,010		14,018
Coley Pharmaceutical Group, Inc. (d)	14,423		216,345
CorAutus Genetics, Inc. (a)(d)	2,623		13,325
Cotherix, Inc. (a)	8,776		101,100
Covalent Group, Inc. (a)	7,298		15,837
Critical Therapeutics, Inc. (a)(d)	7,164		38,972
Cryo Cell International, Inc. (a)	6,550		22,598
Cubist Pharmaceuticals, Inc. (a)	28,601		632,368
CuraGen Corp. (a)(d)	15,692		78,303
Curis, Inc. (a)	10,011		25,028
CV Therapeutics, Inc. (a)(d)	29,023		781,009
Cytogen Corp. (a)(d)	15,067		48,516
Cytokinetics, Inc. (a)	8,459		60,397
CytRx Corp. (a)(d)	8,702		11,835
Dendreon Corp. (a)(d)	72,352		352,354
Digene Corp. (a)(d)	17,190		712,697
Discovery Partners International, Inc. (a)	7,205		17,292
Diversa Corp. (a)	14,786		116,957
DOV Pharmaceutical, Inc. (a)(d)	12,543		241,453
DUSA Pharmaceuticals, Inc. (a)(d)	9,863		71,507
Dyax Corp. (a)	9,263		55,578
Dynavax Technologies Corp. (a)(d)	7,600		45,904
Embrex, Inc. (a)	1,225		14,618
Encysive Pharmaceuticals, Inc. (a)	39,210		356,811
EntreMed, Inc. (a)(d)	6,269		15,422
Enzo Biochem, Inc. (a)	19,619		258,382
Enzon Pharmaceuticals, Inc. (a)	21,730		146,895
Exact Sciences Corp. (a)	5,146		13,225
Exelixis, Inc. (a)	45,686		496,150
Genaera Corp. (a)(d)	20,058		34,901
Gene Logic, Inc. (a)	7,441		28,425
Genelabs Technologies, Inc. (a)	7,653		14,158
Genentech, Inc. (a)	280,293		24,018,307
Genitope Corp. (a)(d)	16,300		148,493
Genta, Inc. (a)(d)	73,275		204,437
GenVec, Inc. (a)	10,563		21,337
Geron Corp. (a)(d)	29,508		264,392
GTC Biotherapeutics, Inc. (a)	4,398		5,454
GTx, Inc. (a)(d)	15,842		171,410
Harvard Bioscience, Inc. (a)	8,617		42,999
Hemispherx Biopharma, Inc. (a)(d)	10,059		33,496
Human Genome Sciences, Inc. (a)(d)	84,080		1,052,682
ICOS Corp. (a)(d)	36,432		879,104
Idenix Pharmaceuticals, Inc. (a)(d)	13,126		268,689
IDM Pharma, Inc. (a)(d)	908		5,448
Illumina, Inc. (a)	22,937		583,288
ImClone Systems, Inc. (a)(d)	41,815		1,605,278
Immunicon Corp. (a)	7,192		22,799

		Shares	Value (Note 1)
ImmunoGen, Inc. (a)(d)		33,884		$ 154,850
Immunomedics, Inc. (a)(d)		11,508		33,143
Incyte Corp. (a)		42,798		251,652
Indevus Pharmaceuticals, Inc. (a)		18,476		111,595
Inhibitex, Inc. (a)(d)		8,093		65,715
Insmed, Inc. (a)(d)		10,199		25,192
Interleukin Genetics, Inc. (a)(d)		6,973		52,646
InterMune, Inc. (a)(d)		23,464		447,224
Introgen Therapeutics, Inc. (a)(d)		5,863		34,768
Invitrogen Corp. (a)		31,384		2,226,067
Isis Pharmaceuticals, Inc. (a)		74,775		601,191
Kendle International, Inc. (a)		4,210		133,668
Keryx Biopharmaceuticals, Inc. (a)(d)		26,089		445,078
Kosan Biosciences, Inc. (a)		8,015		39,354
La Jolla Pharmaceutical Co. (a)(d)		2,763		14,920
Lexicon Genetics, Inc. (a)		22,319		91,508
Lipid Sciences, Inc. (a)(d)		6,973		18,409
Luminex Corp. (a)		20,616		288,624
Manhattan Pharmaceuticals, Inc. (a)(d)	.	9,897		12,965
MannKind Corp. (a)(d)		19,534		337,743
Martek Biosciences (a)(d)		19,036		648,747
Matritech, Inc. (a)		9,731		7,785
Maxygen, Inc. (a)		12,092		94,076
Medarex, Inc. (a)		69,788		1,030,071
Memory Pharmaceuticals Corp. (a)(d)		6,681		16,101
Millennium Pharmaceuticals, Inc. (a)(d)	.	184,906		1,937,815
Momenta Pharmaceuticals, Inc. (a)(d)		7,051		168,096
Monogram Biosciences, Inc. (a)(d)		94,829		188,710
Myogen, Inc. (a)		15,991		606,059
Myriad Genetics, Inc. (a)		25,042		643,079
Nabi Biopharmaceuticals (a)(d)		37,645		154,721
Nanogen, Inc. (a)(d)		35,888		90,438
Nektar Therapeutics (a)(d)		52,560		1,099,030
Neopharm, Inc. (a)(d)		8,402		85,028
NeoRX Corp. (a)(d)		5,171		6,942
Neose Technologies, Inc. (a)		9,641		31,526
Neurobiological Tech, Inc. (a)(d)		4,585		17,652
Neurocrine Biosciences, Inc. (a)(d)		22,297		1,462,906
Neurogen Corp. (a)		14,550		98,067
Northfield Laboratories, Inc. (a)(d)		10,230		107,108
Northwest Biotherapeutics, Inc. (a)		2,800		980
Novavax, Inc. (a)(d)		14,561		84,454
NPS Pharmaceuticals, Inc. (a)(d)		39,572		607,034
Nuvelo, Inc. (a)		28,620		490,547
ONYX Pharmaceuticals, Inc. (a)		27,163		774,146
Orchid Cellmark, Inc. (a)		20,246		135,446
Ortec International, Inc. (a)		20		4
Orthologic Corp. (a)		36,394		210,721
Oscient Pharmaceuticals Corp. (a)(d)		74,754		151,003
OSI Pharmaceuticals, Inc. (a)(d)		39,479		1,282,278
OXiGENE, Inc. (a)		3,532		13,739
Palatin Technologies, Inc. (a)(d)		9,806		29,418
Panacos Pharmaceuticals, Inc. (a)		19,594		142,644
PDL BioPharma, Inc. (a)		69,870		2,187,630

See accompanying notes which are an integral part of the financial statements.

Annual Report A-70

Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Biotechnology – continued
Peregrine Pharmaceuticals, Inc. (a)(d)	144,570		$ 202,398
Pharmacopeia Drug Discovery, Inc. (a) .	2,994		14,461
Pharmacyclics, Inc. (a)(d)	5,240		24,890
Pharmion Corp. (a)	9,904		163,614
PRAECIS Pharmaceuticals, Inc. (a)	2,601		15,502
Progenics Pharmaceuticals, Inc. (a)	14,422		425,449
Regeneron Pharmaceuticals, Inc. (a)	26,283		430,253
Renovis, Inc. (a)	15,599		337,874
Repligen Corp. (a)	7,531		33,513
Rigel Pharmaceuticals, Inc. (a)	20,536		195,092
Sangamo Biosciences, Inc. (a)	5,746		36,545
Savient Pharmaceuticals, Inc. (a)	19,114		98,819
SciClone Pharmaceuticals, Inc. (a)	14,063		33,048
Seattle Genetics, Inc. (a)	19,175		101,244
Sequenom, Inc. (a)	10,320		6,708
Seracare Life Sciences, Inc. (a)	5,802		65,040
Serologicals Corp. (a)(d)	20,562		497,395
SIGA Technologies, Inc. (a)	5,146		5,197
Sirna Therapeutics, Inc. (a)(d)	9,668		59,458
Solexa, Inc. (a)(d)	501		3,823
Sonus Pharmaceuticals, Inc. (a)(d)	4,772		27,487
StemCells, Inc. (a)(d)	46,919		170,316
Stratagene Corp.	1,955		20,469
Tanox, Inc. (a)(d)	18,496		352,904
Tapestry Pharmaceuticals, Inc. (a)	673		2,403
Targeted Genetics Corp. (a)	17,490		8,570
Techne Corp. (a)	20,822		1,238,284
Telik, Inc. (a)(d)	30,126		666,387
Theravance, Inc. (a)	29,980		841,239
Third Wave Technologies, Inc. (a)	10,841		33,498
Threshold Pharmaceuticals, Inc.	15,598		234,750
Titan Pharmaceuticals, Inc. (a)	11,415		39,496
Transgenomic, Inc. (a)	4,398		3,958
Trimeris, Inc. (a)	6,241		78,262
Unigene Laboratories, Inc. (a)(d)	74,735		246,626
United Therapeutics Corp. (a)(d)	14,261		879,048
Valentis, Inc. (a)(d)	148		376
Vertex Pharmaceuticals, Inc. (a)	53,853		2,328,604
ViaCell, Inc. (a)	31,009		161,557
Vical, Inc. (a)	4,304		20,272
Vion Pharmaceuticals, Inc. (a)	41,496		99,590
Viragen, Inc. (a)(d)	2,058		1,502
XOMA Ltd. (a)	31,255		52,508
Zymogenetics, Inc. (a)	19,085		422,542
			90,092,750
Health Care Equipment & Supplies 3.0%
Abaxis, Inc. (a)	16,975		373,280
Abiomed, Inc. (a)(d)	7,205		74,932
Adeza Biomedical Corp. (a)	7,000		155,400
Advanced Magnetics, Inc. (a)	1,558		38,950
Advanced Medical Optics, Inc. (a)	38,376		1,706,964

	Shares	Value (Note 1)
Aksys Ltd. (a)(d)	7,205		$ 12,321
Align Technology, Inc. (a)(d)	19,490		159,038
American Medical Systems Holdings,
Inc. (a)	37,167		805,409
Analogic Corp.	7,145		385,473
Angeion Corp. (a)	2		8
Angiodynamics, Inc. (a)	7,846		197,013
Anika Therapeutics, Inc. (a)	1,029		14,118
Aradigm Corp. (a)(d)	3,665		13,121
Arrow International, Inc.	13,330		412,430
ArthroCare Corp. (a)(d)	13,624		615,396
Aspect Medical Systems, Inc. (a)	10,493		281,107
ATS Medical, Inc. (a)(d)	6,269		17,240
Beckman Coulter, Inc. (d)	37,689		2,033,322
Bio Rad Laboratories, Inc. Class A (a)	13,313		762,968
BioLase Technology, Inc. (d)	9,270		71,101
Biosite, Inc. (a)	10,527		569,300
BioVeris Corp. (a)	7,558		32,575
Bruker BioSciences Corp. (a)	29,315		131,038
Cambridge Heart, Inc. (a)	1,200		1,740
Candela Corp. (a)	20,642		395,294
Cantel Medical Corp. (a)	6,163		105,511
Cardiac Science Corp. (a)	17,399		173,990
Cardiodynamics International
Corp. (a)(d)	13,842		17,995
Cardiogenesis Corp. (a)(d)	2,780		1,501
Cardiotech International, Inc. (a)(d)	3,688		10,658
Cerus Corp. (a)	15,391		166,685
Cholestech Corp. (a)	3,743		43,269
Clarient, Inc. (a)(d)	8,140		9,117
Clinical Data, Inc. (d)	941		21,455
Conceptus, Inc. (a)	11,964		171,444
CONMED Corp. (a)	20,195		390,975
Conor Medsystems, Inc. (a)	15,762		405,872
Cooper Companies, Inc.	26,562		1,393,708
Curon Medical, Inc. (a)	10,105		3,941
Cutera, Inc. (a)	9,296		251,829
Cyberonics, Inc. (a)(d)	12,152		330,170
Cygnus, Inc. (a)	9,600		0
Cytyc Corp. (a)(d)	70,786		2,040,760
Dade Behring Holdings, Inc.	52,081		1,899,915
Datascope Corp.	9,720		370,818
DENTSPLY International, Inc.	43,570		2,483,054
DexCom, Inc.	12,402		216,415
Diagnostic Products Corp.	16,738		772,459
Digirad Corp. (a)	4,978		19,663
Dionex Corp. (a)(d)	12,188		668,756
DJ Orthopedics, Inc. (a)	12,563		438,197
E Z EM, Inc. (a)	3,324		68,042
Edwards Lifesciences Corp. (a)(d)	37,721		1,559,763
Encore Medical Corp. (a)(d)	17,150		102,214
Endologix, Inc. (a)	29,516		144,038
Enpath Medical, Inc. (a)	3,275		30,589
EP Medsystems, Inc. (a)	14,220		40,100

See accompanying notes which are an integral part of the financial statements.

A-71 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Health Care Equipment & Supplies – continued
Epix Pharmaceuticals, Inc. (a)	14,654		$ 63,745
Escalon Medical Corp. (a)(d)	3,512		17,911
ev3, Inc.	19,359		322,521
Exactech, Inc. (a)	2,414		30,658
Fonar Corp. (a)	19,649		14,540
Foxhollow Technologies, Inc. (a)(d)	6,285		166,930
Gen Probe, Inc. (a)	31,210		1,559,252
Greatbatch, Inc. (a)	13,770		304,455
Haemonetics Corp. (a)	15,676		812,017
HealthTronics, Inc. (a)	18,929		137,614
Hillenbrand Industries, Inc.	34,881		1,773,350
Hologic, Inc. (a)	25,994		1,243,293
I Flow Corp. (a)	9,152		125,657
ICU Medical, Inc. (a)	9,059		317,971
IDEXX Laboratories, Inc. (a)	18,794		1,476,833
Immucor, Inc. (a)	27,287		813,698
Implant Sciences Corp. (a)(d)	468		1,956
INAMED Corp. (a)	21,920		1,938,386
Integra LifeSciences Holdings Corp. (a) .	12,331		491,267
Intermagnetics General Corp. (a)(d)	25,218		741,914
IntraLase Corp. (a)(d)	5,385		99,784
Intuitive Surgical, Inc. (a)	20,371		1,837,464
Invacare Corp.	20,710		648,430
Inverness Medical Innovations, Inc. (a)	12,010		318,145
Iridex Corp. (a)	100		825
IRIS International, Inc. (a)	10,010		227,527
IVAX Diagnostics, Inc. (a)	7,111		23,609
Kensey Nash Corp. (a)(d)	8,253		202,033
Kinetic Concepts, Inc. (a)	32,591		1,209,126
Kyphon, Inc. (a)	21,036		751,196
Laserscope, Inc. (a)(d)	9,323		203,894
LifeCell Corp. (a)(d)	18,394		405,772
Lifecore Biomedical, Inc. (a)	13,141		171,884
Med Design Corp. (a)(d)	3,555		2,133
Medical Action Industries, Inc. (a)	9,139		216,412
Medwave, Inc. (a)(d)	2,979		8,937
Mentor Corp.	20,631		887,958
Meridian Bioscience, Inc.	14,642		326,370
Merit Medical Systems, Inc. (a)	18,942		269,924
Microtek Medical Holdings, Inc. (a)	12,551		44,180
Molecular Devices Corp. (a)	12,725		405,037
National Dentex Corp. (a)	2,508		50,160
Natus Medical, Inc. (a)	9,348		186,586
Neogen Corp. (a)	2,838		64,423
NeuroMetrix, Inc. (a)	2,297		82,508
NMT Medical, Inc. (a)(d)	5,000		119,000
North American Scientific, Inc. (a)	3,930		9,000
Novoste Corp. (a)(d)	1,286		3,562
Nutraceutical International Corp. (a)	4,825		69,335
NuVasive, Inc. (a)	14,309		264,573
OraSure Technologies, Inc. (a)	25,183		239,742

	Shares	Value (Note 1)
Orthovita, Inc. (a)	20,662		$ 83,681
Osteotech, Inc. (a)	4,011		18,330
Palomar Medical Technologies, Inc. (a) .	10,766		343,974
PolyMedica Corp.	15,493		626,537
Possis Medical, Inc. (a)	16,597		155,182
Quidel Corp. (a)	19,545		219,686
Regeneration Technologies, Inc. (a)	6,737		49,517
ResMed, Inc. (a)(d)	42,512		1,725,562
Respironics, Inc. (a)	45,469		1,653,253
Retractable Technologies, Inc. (a)	5,601		22,292
Rita Medical Systems, Inc. (a)	5,240		19,598
Schick Technologies, Inc. (a)	6,700		290,713
Somanetics Corp. (a)(d)	8,762		221,854
Sonic Innovations, Inc. (a)	6,362		27,484
SonoSite, Inc. (a)	8,947		361,101
Spectrx, Inc. (a)	10,741		2,363
Staar Surgical Co. (a)	8,437		68,508
Stereotaxis, Inc. (a)	21,349		282,447
Steris Corp.	41,424		1,026,072
Strategic Diagnostics, Inc. (a)	3,743		13,924
SurModics, Inc. (a)(d)	9,780		379,073
Sybron Dental Specialties, Inc. (a)	24,711		945,443
Symmetry Medical, Inc. (a)	17,466		361,896
Synovis Life Technologies, Inc. (a)	4,155		39,223
The Spectranetics Corp. (a)	26,606		304,905
Theragenics Corp. (a)	8,161		27,584
Thermogenesis Corp. (a)(d)	39,439		157,362
Thoratec Corp. (a)	31,157		626,879
Trimedyne, Inc. (a)(d)	8,608		6,215
TriPath Imaging, Inc. (a)	13,366		86,478
Urologix, Inc. (a)	5,053		18,949
Utah Medical Products, Inc.	3,222		106,358
Varian Medical Systems, Inc. (a)(d)	78,395		4,537,503
Varian, Inc. (a)	17,582		701,522
Vasomedical, Inc. (a)	19,274		5,451
Ventana Medical Systems, Inc. (a)	18,375		666,461
Viasys Healthcare, Inc. (a)	15,673		457,338
Vision Sciences, Inc. (a)	8,293		15,425
Vital Signs, Inc.	6,169		314,989
West Pharmaceutical Services, Inc.	18,684		603,306
Wright Medical Group, Inc. (a)	15,912		307,579
Young Innovations, Inc.	3,599		121,286
Zoll Medical Corp. (a)	5,795		152,119
			63,471,360
Health Care Providers & Services 3.0%
A.D.A.M., Inc. (a)	2,620		28,202
Accelrys, Inc. (a)	5,988		37,126
Air Methods Corp. (a)	2,008		47,610
Alliance Imaging, Inc. (a)	12,948		76,134
Allied Healthcare International, Inc. (a) .	21,264		102,918
Allscripts Healthcare Solutions, Inc. (a)(d)	16,195		303,656
Amedisys, Inc. (a)(d)	10,186		327,785
America Service Group, Inc. (a)	4,584		82,741

See accompanying notes which are an integral part of the financial statements.

Annual Report A-72

Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Health Care Providers & Services continued
American Dental Partners, Inc. (a)	13,941		$ 181,651
American Retirement Corp. (a)	18,506		498,182
AMERIGROUP Corp. (a)	31,850		681,272
AMICAS, Inc. (a)	31,224		153,310
AMN Healthcare Services, Inc. (a)	20,446		424,050
AmSurg Corp. (a)(d)	19,017		416,662
Andrx Corp. (a)	44,968		881,373
Apria Healthcare Group, Inc. (a)	27,513		632,524
Beverly Enterprises, Inc. (a)	60,098		742,811
Bio Imaging Technologies, Inc. (a)	2,110		8,735
Bio Reference Laboratories, Inc. (a)	15,824		272,331
Bioanalytical Systems, Inc. (a)	4,772		30,064
BioScrip, Inc. (a)	27,406		196,501
BriteSmile, Inc. (a)(d)	1,435		1,665
Brookdale Senior Living, Inc.	8,268		273,753
Capital Senior Living Corp. (a)	8,498		91,354
Centene Corp. (a)(d)	22,220		607,717
Cerner Corp. (a)(d)	35,359		1,471,995
Chemed Corp.	14,624		810,755
Claimsnet.com, Inc. (a)	2,700		297
Community Health Systems, Inc. (a)	52,031		1,973,016
Comprehensive Care Corp. (a)	300		390
Computer Programs & Systems, Inc.	4,771		219,275
Corvel Corp. (a)	3,080		60,060
Covance, Inc. (a)	39,144		2,209,679
Cross Country Healthcare, Inc. (a)	12,122		221,954
Cryolife, Inc. (a)	5,006		22,277
DaVita, Inc. (a)	60,517		3,533,588
Dendrite International, Inc. (a)	18,964		252,221
Eclipsys Corp. (a)	22,643		582,378
Emageon, Inc.	18,876		331,274
Emdeon Corp. (a)	192,245		2,026,262
Emeritus Corp. (a)	1,897		47,235
eResearchTechnology, Inc. (a)(d)	23,930		352,010
Five Star Quality Care, Inc. (a)	24,607		204,238
Genesis HealthCare Corp. (a)(d)	11,326		450,209
Gentiva Health Services, Inc. (a)	15,272		254,432
Hanger Orthopedic Group, Inc. (a)	6,855		41,747
Health Grades, Inc. (a)	14,002		82,052
Health Net, Inc. (a)	68,410		3,280,260
HealthAxis, Inc. (a)	190		257
HealthExtras, Inc. (a)	13,937		431,490
Healthspring, Inc.	2,995		70,682
HealthStream, Inc. (a)(d)	6,041		18,244
Healthways, Inc. (a)	19,916		867,342
HearUSA, Inc. (a)(d)	11,117		15,119
Henry Schein, Inc. (a)	50,769		2,368,374
HMS Holdings Corp. (a)	6,175		53,105
Hooper Holmes, Inc.	50,431		143,224
Horizon Health Corp. (a)	9,996		230,608
Hythiam, Inc. (a)	13,644		98,237

	Shares	Value (Note 1)
Kindred Healthcare, Inc. (a)(d)	15,832		$ 342,288
LCA Vision, Inc.	9,840		429,024
Lifeline Systems, Inc. (a)	6,086		290,180
LifePoint Hospitals, Inc. (a)	32,535		1,010,537
Lincare Holdings, Inc. (a)	61,756		2,525,820
Magellan Health Services, Inc. (a)	19,643		750,166
Matria Healthcare, Inc. (a)	13,876		600,415
Medcath Corp. (a)	4,959		113,660
Medical Staffing Network Holdings,
Inc. (a)	8,863		45,556
Mediware Information Systems, Inc. (a) .	1,310		13,362
Merge Technologies, Inc. (a)	15,882		306,999
Metropolitan Health Networks, Inc. (a)	36,067		77,544
Molina Healthcare, Inc. (a)	4,735		134,521
MWI Veterinary Supply, Inc.	5,699		172,965
National Healthcare Corp.	5,307		215,199
National Home Health Care Corp.	1,600		17,958
National Medical Health Card Systems,
Inc. (a)	2,994		90,569
National Research Corp.	1,185		25,359
NovaMed Eyecare, Inc. (a)	4,865		36,001
NWH, Inc.	2,958		36,827
Odyssey Healthcare, Inc. (a)	21,592		406,361
Omnicare, Inc.	71,945		4,377,853
Omnicell, Inc. (a)	6,445		74,504
Option Care, Inc.	9,298		130,358
Owens & Minor, Inc.	25,023		797,983
PAREXEL International Corp. (a)	15,838		405,770
PDI, Inc. (a)	3,836		37,248
Pediatrix Medical Group, Inc. (a)	13,885		1,310,466
Per Se Technologies, Inc. (a)(d)	21,629		546,349
Pharmaceutical Product Development,
Inc.	30,349		2,111,987
Phase Forward, Inc. (a)	18,189		180,799
PRA International (a)	13,580		357,833
Precis, Inc. (a)	3,930		5,502
Providence Service Corp. (a)	4,271		131,675
ProxyMed, Inc. (a)(d)	3,259		20,108
PSS World Medical, Inc. (a)	44,962		776,943
Psychemedics Corp.	3,872		69,502
Psychiatric Solutions, Inc. (a)	29,360		969,761
QMed, Inc. (a)	4,585		43,282
Radiation Therapy Services, Inc. (a)(d)	5,067		143,852
Radiologix, Inc. (a)	6,550		12,380
RehabCare Group, Inc. (a)	10,698		215,886
Renal Care Group, Inc. (a)	41,584		1,983,973
ResCare, Inc. (a)	11,581		211,816
Rotech Healthcare, Inc. (a)	15,900		237,546
Rural/Metro Corp. (a)(d)	8,327		71,779
SFBC International, Inc. (a)(d)	9,166		216,318
Sierra Health Services, Inc. (a)	32,829		1,368,641
SRI/Surgical Express, Inc. (a)	2,620		16,034
Sun Healthcare Group, Inc. (a)	7,484		47,748
Sunrise Senior Living, Inc. (a)	23,401		829,799

See accompanying notes which are an integral part of the financial statements.

A-73 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

HEALTH CARE continued
Health Care Providers & Services continued
Symbion, Inc. (a)	13,630		$ 321,395
Triad Hospitals, Inc. (a)	50,768		2,186,070
Tripos, Inc. (a)	2,058		6,483
TriZetto Group, Inc. (a)	26,787		448,950
U.S. Physical Therapy, Inc. (a)	4,585		88,261
United Surgical Partners International,
Inc. (a)	26,365		926,730
Universal Health Services, Inc. Class B	30,315		1,522,722
VCA Antech, Inc. (a)	51,045		1,426,708
Ventiv Health, Inc. (a)	15,538		432,889
VistaCare, Inc. Class A (a)	9,859		133,589
Vital Images, Inc. (a)	9,800		325,360
WebMD Health Corp. Class A (d)	4,693		174,392
Wellcare Health Plans, Inc. (a)	19,440		757,188
			63,920,156
Pharmaceuticals 1.0%
Acusphere, Inc. (a)(d)	1,403		8,179
Adams Respiratory Therapeutics, Inc.	13,559		508,598
Adolor Corp. (a)	22,706		623,734
Advancis Pharmaceutical Corp. (a)	4,491		9,880
Alpharma, Inc. Class A	26,807		810,912
Alteon, Inc. (a)(d)	9,772		2,638
American Pharmaceutical Partners,
Inc. (a)(d)	23,499		710,610
Atherogenics, Inc. (a)(d)	21,187		341,534
AVANIR Pharmaceuticals Class A (a)	14,261		244,434
Barrier Therapeutics, Inc. (a)(d)	6,541		66,130
Bentley Pharmaceuticals, Inc. (a)(d)	12,642		225,280
Bradley Pharmaceuticals, Inc. (a)(d)	5,396		63,673
Caraco Pharmaceutical Laboratories
Ltd. (a)	20,224		254,418
CNS., Inc.	5,283		109,834
Collagenex Pharmaceuticals, Inc. (a)	4,585		60,751
Columbia Laboratories, Inc. (a)(d)	12,667		57,382
Connetics Corp. (a)(d)	18,114		287,650
Corcept Therapeutics, Inc. (a)	7,957		38,591
Corgentech, Inc. (a)	1,142		10,050
Cortex Pharmaceuticals, Inc. (a)	7,017		19,648
Cypress Bioscience, Inc. (a)	19,092		114,170
DepoMed, Inc. (a)	14,582		95,512
Discovery Laboratories, Inc. (a)(d)	33,851		256,929
Durect Corp. (a)(d)	14,242		81,037
Emisphere Technologies, Inc. (a)	4,678		29,378
Endo Pharmaceuticals Holdings, Inc. (a) .	66,022		2,081,013
Epicept Corp. (a)(d)	1,640		5,346
Ergo Science Corp. (a)	3,743		3,182
First Horizon Pharmaceutical Corp. (a)(d)	12,197		250,282
Heska Corp. (a)	20,430		28,602
Hi Tech Pharmacal Co., Inc. (a)	2,620		64,557
Hollis-Eden Pharmaceuticals, Inc. (a)(d) .	6,761		43,068
Immtech International, Inc. (a)(d)	2,377		18,374

	Shares	Value (Note 1)
Inspire Pharmaceuticals, Inc. (a)	16,447		$ 83,057
Interpharm Holdings, Inc. (a)(d)	2,260		3,571
Ista Pharmaceuticals, Inc. (a)(d)	7,132		43,648
Kos Pharmaceuticals, Inc. (a)	15,012		658,576
KV Pharmaceutical Co. Class A (a)	27,399		629,355
Matrixx Initiatives, Inc. (a)	3,745		96,396
Medicines Co. (a)	32,192		656,395
Medicis Pharmaceutical Corp. Class A	34,846		991,020
MGI Pharma, Inc. (a)	43,956		774,944
Miravant Medical Technologies (a)	5,240		629
Nastech Pharmaceutical Co., Inc. (a)(d) .	15,653		328,400
New River Pharmaceuticals, Inc. (a)(d)	13,190		403,350
NitroMed, Inc. (a)(d)	19,202		225,624
Noven Pharmaceuticals, Inc. (a)	9,569		144,205
Nutrition 21, Inc. (a)(d)	16,280		20,350
Oxis International, Inc. (a)(d)	5,100		1,530
Pain Therapeutics, Inc. (a)(d)	28,510		307,623
Par Pharmaceutical Companies,
Inc. (a)(d)	23,901		710,816
Penwest Pharmaceuticals Co. (a)	18,669		434,054
Perrigo Co.	53,974		857,647
Pharmos Corp. (a)	12,987		27,662
Pozen, Inc. (a)	16,220		281,904
Salix Pharmaceuticals Ltd. (a)(d)	26,208		413,038
Santarus, Inc. (a)(d)	9,294		69,612
SCOLR Pharma, Inc. (a)(d)	17,200		121,088
Sepracor, Inc. (a)(d)	63,231		3,623,769
Spectrum Pharmaceuticals, Inc. (a)	284		1,519
SuperGen, Inc. (a)(d)	29,317		149,224
Valeant Pharmaceuticals International (d)	62,307		1,110,311
ViroPharma, Inc. (a)	43,086		833,714
Vivus, Inc. (a)	59,578		196,012
Xenoport, Inc.	11,920		229,102
Zila, Inc. (a)	11,602		43,391
			21,996,912

TOTAL HEALTH CARE		239,481,178

INDUSTRIALS – 11.2%
Aerospace & Defense – 1.0%
AAR Corp. (a)	17,638		446,418
Alliant Techsystems, Inc. (a)(d)	23,073		1,763,239
Applied Signal Technology, Inc.	5,054		118,466
Argon ST, Inc. (a)(d)	10,954		325,443
Armor Holdings, Inc. (a)(d)	18,303		1,074,935
Astronics Corp. (a)	3,368		44,741
Aviall, Inc. (a)	14,956		570,571
BE Aerospace, Inc. (a)	32,481		779,219
Ceradyne, Inc. (a)(d)	12,324		750,285
CPI Aerostructures, Inc. (a)	1,677		16,435
Cubic Corp.	9,321		201,520
Curtiss Wright Corp.	13,089		809,424
DHB Industries, Inc. (a)	15,368		71,461
DRS Technologies, Inc.	23,224		1,225,530

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-74

Common Stocks continued
	Shares	Value (Note 1)

INDUSTRIALS – continued
Aerospace & Defense – continued
Ducommun, Inc. (a)	2,048		$ 45,240
EDO Corp.	9,094		264,908
Essex Corp. (a)	13,719		308,678
Esterline Technologies Corp. (a)	14,234		592,704
Firearms Training Systems, Inc.
Class A (a)	32,643		32,643
GenCorp, Inc. (non vtg.) (a)(d)	29,877		575,132
Hawk Corp. Class A (a)	3,526		53,948
Heico Corp. Class A	19,833		515,856
Herley Industries, Inc. (a)	12,228		230,009
Hexcel Corp. (a)(d)	41,623		895,727
Innovative Solutions & Support, Inc. (a)(d)	8,701		122,771
Ionatron, Inc. (a)(d)	15,916		182,397
Irvine Sensors Corp. (a)	390		1,088
K&F Industries Holdings, Inc.	18,051		279,429
Kaman Corp.	14,710		334,064
KVH Industries, Inc. (a)	2,861		30,041
Ladish Co., Inc. (a)	17,165		377,458
Moog, Inc. Class A (a)	26,446		887,528
MTC Technologies, Inc. (a)	6,932		191,254
Orbital Sciences Corp. (a)(d)	28,133		428,466
Pemco Aviation Group, Inc. (a)(d)	664		12,058
Precision Castparts Corp.	78,000		4,137,120
Sequa Corp. Class A (a)	3,323		282,156
Sypris Solutions, Inc.	8,306		86,133
Teledyne Technologies, Inc. (a)	19,691		652,363
The Allied Defense Group, Inc. (a)	1,497		34,281
Todd Shipyards Corp.	976		25,962
Triumph Group, Inc. (a)	9,892		413,980
TVI Corp. (a)	29,926		120,003
United Industrial Corp. (d)	7,610		393,133
			20,704,217
Air Freight & Logistics – 0.7%
ABX Air, Inc. (a)	32,319		259,198
AirNet Systems, Inc. (a)	400		1,368
C.H. Robinson Worldwide, Inc.	100,203		4,491,098
Dynamex, Inc. (a)	9,891		200,985
EGL, Inc. (a)	23,205		938,642
Expeditors International of Washington,
Inc.	62,850		4,889,102
Forward Air Corp.	20,302		720,315
Hub Group, Inc. Class A (a)	12,954		540,182
Pacer International, Inc. (d)	20,798		662,416
Park Ohio Holdings Corp. (a)	2,246		46,537
UTI Worldwide, Inc.	10,692		1,118,704
Velocity Express Corp. (a)	10		19
			13,868,566
Airlines – 0.5%
AirTran Holdings, Inc. (a)(d)	46,245		822,236
Alaska Air Group, Inc. (a)	17,505		561,035
AMR Corp. (a)	101,837		2,556,109

	Shares	Value (Note 1)
Continental Airlines, Inc. Class B (a)(d)	48,082	$ 1,120,311
ExpressJet Holdings, Inc. Class A (a)	15,449	116,176
Frontier Airlines, Inc. (a)(d)	24,186	174,139
Hawaiian Holdings, Inc. (a)	24,994	123,720
JetBlue Airways Corp. (a)(d)	92,899	1,059,049
MAIR Holdings, Inc. (a)(d)	10,106	51,642
Mesa Air Group, Inc. (a)(d)	31,372	358,268
Midwest Air Group, Inc. (a)(d)	2,199	11,787
Pinnacle Airlines Corp. (a)(d)	9,213	69,558
Republic Airways Holdings, Inc. (a)	11,927	167,217
SkyWest, Inc.	34,479	998,857
UAL Corp. (a)	51,000	1,808,970
US Airways Group, Inc. (a)(d)	17,489	578,711
World Air Holdings, Inc. (a)	12,306	106,693
		10,684,478
Building Products – 0.4%
Aaon, Inc. (a)	3,343	73,111
Advanced Environmental Recycling
Technologies, Inc. Class A (a)(d)	11,364	21,705
American Woodmark Corp.	6,070	206,380
Ameron International Corp.	7,159	425,245
Apogee Enterprises, Inc.	19,597	338,832
Armstrong Holdings, Inc. (a)(d)	17,029	17,710
Builders FirstSource, Inc.	13,109	310,814
ElkCorp	10,708	386,559
Griffon Corp. (a)(d)	13,433	315,944
Insteel Industries, Inc. (d)	14,783	551,849
International Aluminum Corp.	2,821	111,430
Jacuzzi Brands, Inc. (a)	41,827	409,068
Lennox International, Inc.	31,983	1,028,253
NCI Building Systems, Inc. (a)(d)	10,453	602,929
Owens Corning (a)(d)	25,785	46,413
PW Eagle, Inc. (d)	4,678	103,337
Quixote Corp.	2,744	61,603
Simpson Manufacturing Co. Ltd.	23,400	914,706
Trex Co., Inc. (a)(d)	5,040	130,990
Universal Forest Products, Inc. (d)	12,000	741,960
US Home Systems, Inc. (a)(d)	1,441	11,081
USG Corp. (a)(d)	19,196	1,621,678
Water Pik Technologies, Inc. (a)	4,117	113,423
		8,545,020
Commercial Services & Supplies 2.6%
A.T. Cross Co. Class A (a)	7,939	36,122
ABM Industries, Inc.	21,247	392,007
ACCO Brands Corp. (a)	23,987	570,411
Adesa, Inc.	52,465	1,311,625
Administaff, Inc.	14,570	691,347
Advisory Board Co. (a)	10,260	553,732
Ambassadors International, Inc.	3,352	59,263
American Ecology Corp.	7,611	144,761
American Reprographics Co.	10,952	314,322
Amrep Corp.	1,187	36,987
Angelica Corp.	3,181	63,874

See accompanying notes which are an integral part of the financial statements.

A-75 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

INDUSTRIALS – continued
Commercial Services & Supplies – continued
APAC Customer Services, Inc. (a)	13,380		$ 25,957
Aramark Corp. Class B	72,283		2,057,174
Banta Corp.	12,999		633,181
Barrett Business Services, Inc. (a)	6,200		149,234
Bowne & Co., Inc.	22,482		334,757
Brady Corp. Class A	25,827		955,082
Casella Waste Systems, Inc. Class A (a) .	6,013		85,084
CBIZ, Inc. (a)	38,465		279,256
CDI Corp.	6,472		158,499
Central Parking Corp.	12,239		199,496
Cenveo, Inc. (a)	25,258		355,885
ChoicePoint, Inc. (a)(d)	53,897		2,393,027
Clean Harbors, Inc. (a)	5,976		197,088
Coinstar, Inc. (a)(d)	12,617		325,519
Competitive Technologies, Inc. (a)	3,836		18,796
Comsys IT Partners, Inc. (a)(d)	9,126		106,500
Consolidated Graphics, Inc. (a)	7,126		363,925
Copart, Inc. (a)	41,362		1,068,794
Cornell Companies, Inc. (a)	2,994		40,449
Corporate Executive Board Co.	25,065		2,506,500
Corrections Corp. of America (a)(d)	23,626		1,016,154
CoStar Group, Inc. (a)	10,946		564,923
CRA International, Inc. (a)	6,878		321,547
Deluxe Corp.	29,550		731,954
DiamondCluster International, Inc. (a)	15,755		153,926
Dun & Bradstreet Corp. (a)	40,895		2,974,702
Duratek, Inc. (a)	9,904		217,096
Ennis, Inc.	16,601		327,372
Evans Systems, Inc. (a)(d)	3,400		85
Exponent, Inc. (a)	4,404		140,047
First Advantage Corp. Class A (a)	10,252		244,203
First Consulting Group, Inc. (a)	8,047		50,294
Food Technology Service, Inc. (a)	24,286		19,672
FTI Consulting, Inc. (a)	23,898		667,710
G&K Services, Inc. Class A	11,899		465,251
Global Cash Access Holdings, Inc.	11,583		195,753
GP Strategies Corp. (a)	6,690		48,168
Healthcare Services Group, Inc. (d)	12,453		229,882
Heidrick & Struggles International,
Inc. (a)	13,431		496,947
Herman Miller, Inc.	40,091		1,210,347
HNI Corp.	25,339		1,477,010
Hudson Highland Group, Inc. (a)	15,335		254,408
Humitech International Group, Inc. (a)	75		0
Huron Consulting Group, Inc. (a)	5,724		157,067
ICT Group, Inc. (a)	2,304		54,697
IHS, Inc. Class A	10,025		252,029
IKON Office Solutions, Inc. (d)	81,546		1,072,330
Innotrac Corp. (a)	3,181		11,833
Integrated Alarm Services Group,
Inc. (a)(d)	5,801		18,273

	Shares	Value (Note 1)
Intersections, Inc. (a)	3,842		$ 35,001
John H. Harland Co.	16,990		614,868
Kaiser Ventures LLC Class A (a)	100		0
Kelly Services, Inc. Class A (non vtg.)	11,483		309,926
Kenexa Corp.	14,861		397,086
Kforce, Inc. (a)	23,628		286,135
Knoll, Inc.	13,994		278,621
Korn/Ferry International (a)	25,616		539,217
Labor Ready, Inc. (a)	33,824		831,056
Layne Christensen Co. (a)	9,628		268,525
Learning Tree International, Inc. (a)	4,772		55,880
LECG Corp. (a)	10,710		173,181
M&F Worldwide Corp. (a)	6,406		105,699
Mac Gray Corp. (a)	3,487		41,844
Manpower, Inc.	51,478		2,761,280
McGrath RentCorp.	12,352		339,927
Medialink Worldwide, Inc. (a)(d)	9,153		41,097
Mine Safety Appliances Co.	15,582		620,943
Mobile Mini, Inc. (a)	9,513		518,268
Multi Color Corp.	954		26,502
Nashua Corp. (a)	4,665		31,773
Navigant Consulting, Inc. (a)(d)	28,457		554,627
NCO Group, Inc. (a)(d)	17,519		393,652
Odyssey Marine Exploration, Inc. (a)	41,200		154,500
On Assignment, Inc. (a)	17,692		196,204
Perma Fix Environmental Services,
Inc. (a)	8,161		15,179
PHH Corp. (a)	36,385		1,040,247
PICO Holdings, Inc. (a)	3,619		122,214
Pike Electric Corp.	9,650		183,833
PRG Schultz International, Inc. (a)(d)	51,315		24,631
Protection One, Inc. (a)	512		8,755
RCM Technologies, Inc. (a)	5,333		32,425
RemedyTemp, Inc. Class A (a)	2,024		21,252
Republic Services, Inc.	70,924		2,756,816
Resources Connection, Inc. (a)	27,370		753,222
Rollins, Inc.	23,114		447,718
Schawk, Inc. Class A	8,849		219,898
School Specialty, Inc. (a)(d)	14,123		492,610
Sirva, Inc. (a)	9,936		79,488
SITEL Corp. (a)	17,217		62,326
SOURCECORP, Inc. (a)	10,346		264,858
Spherion Corp. (a)	38,741		386,635
Spherix, Inc. (a)(d)	5,297		13,243
Standard Register Co.	11,044		181,342
Steelcase, Inc. Class A	27,429		466,293
Stericycle, Inc. (a)	25,247		1,526,181
Synagro Technologies, Inc.	52,957		253,134
Team, Inc. (a)	1,942		57,483
TeamStaff, Inc. (a)	6,456		10,782
Teletech Holdings, Inc. (a)	22,516		278,073
Tetra Tech, Inc. (a)	37,617		669,959
The Brink’s Co.	34,168		1,673,207
The Geo Group, Inc. (a)	6,188		139,849

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-76

Common Stocks continued
	Shares	Value (Note 1)

INDUSTRIALS – continued
Commercial Services & Supplies – continued
TRC Companies, Inc. (a)	3,649		$ 40,394
TRM Corp. (a)(d)	4,518		40,662
U.S. Liquids, Inc. (a)	500		0
United Stationers, Inc. (a)(d)	20,551		1,017,275
Venture Catalyst, Inc. (a)	4,800		6,816
Viad Corp.	15,820		506,398
Volt Information Sciences, Inc. (a)	4,078		97,587
Waste Connections, Inc. (a)	29,276		1,072,673
Waste Industries USA, Inc.	5,309		82,290
Waterlink, Inc. (a)	13,000		3
Watson Wyatt Worldwide, Inc. Class A .	25,237		771,243
WCA Waste Corp. (a)	14,127		102,845
West Corp. (a)	14,461		629,487
Westaff, Inc. (a)	6,445		28,422
			55,955,894
Construction & Engineering – 0.7%
Comfort Systems USA, Inc.	22,009		241,879
EMCOR Group, Inc. (a)	16,822		733,271
ENGlobal Corp. (a)(d)	5,236		52,884
Foster Wheeler Ltd. (a)	28,951		1,389,648
Granite Construction, Inc.	20,803		964,219
Infrasource Services, Inc. (a)(d)	14,105		252,056
Insituform Technologies, Inc. Class A (a) .	17,094		460,000
Jacobs Engineering Group, Inc. (a)	35,296		3,026,279
McDermott International, Inc. (a)	36,403		1,876,575
Michael Baker Corp. (a)	1,542		42,636
Modtech Holdings, Inc. (a)(d)	5,824		45,194
Perini Corp. (a)	10,236		311,072
Quanta Services, Inc. (a)	61,926		847,767
Shaw Group, Inc. (a)	44,759		1,492,713
Sterling Construction Co., Inc. (a)	7,183		132,311
URS Corp. (a)	24,798		1,080,945
Washington Group International, Inc.	16,552		966,140
Williams Scotsman International, Inc.	10,317		230,379
Xanser Corp. (a)	6,501		28,409
			14,174,377
Electrical Equipment 0.9%
A.O. Smith Corp.	12,464		577,083
Active Power, Inc. (a)(d)	12,538		58,427
Acuity Brands, Inc.	27,137		1,071,640
Alpine Group, Inc. (a)	500		1,460
American Superconductor Corp. (a)(d)	25,860		260,669
AMETEK, Inc.	41,561		1,780,473
AML Communications, Inc. (a)	4,959		5,703
Arotech Corp. (a)(d)	6,082		2,710
Artesyn Technologies, Inc. (a)	26,577		289,689
AZZ, Inc. (a)	2,745		62,559
Baldor Electric Co.	16,987		547,831
Beacon Power Corp. (a)(d)	1,934		2,746
BTU International, Inc. (a)	5,333		77,915

	Shares	Value (Note 1)
C&D Technologies, Inc.	10,479		$ 89,491
Capstone Turbine Corp. (a)(d)	73,813		233,249
Color Kinetics, Inc. (a)(d)	4,701		82,126
Digital Power Corp. (a)	4,959		5,951
Distributed Energy Systems Corp. (a)(d) .	8,514		79,436
Encore Wire Corp. (a)	10,750		335,293
Energy Conversion Devices, Inc. (a)(d)	17,908		838,990
EnerSys (a)	6,321		85,839
Evergreen Solar, Inc. (a)(d)	30,083		468,994
EXX, Inc. Class A (a)	3,975		8,348
Franklin Electric Co., Inc.	9,580		429,663
FuelCell Energy, Inc. (a)(d)	37,064		412,522
General Cable Corp. (a)	33,452		903,204
Genlyte Group, Inc. (a)	15,318		947,878
Global Power Equipment Group, Inc. (a)	12,875		65,148
GrafTech International Ltd. (a)	57,460		293,046
Hubbell, Inc. Class B	36,622		1,701,824
II VI, Inc. (a)	14,906		271,140
LaBarge, Inc. (a)	3,526		59,025
Lamson & Sessions Co. (a)(d)	7,205		170,110
LSI Industries, Inc.	18,573		288,624
M Wave, Inc. (a)	3,800		2,584
MagneTek, Inc. (a)	6,175		24,700
Medis Technologies Ltd. (a)(d)	10,041		190,779
Microvision, Inc. (a)(d)	4,959		17,158
Millennium Cell, Inc. (a)(d)	10,760		17,646
Peco II, Inc. (a)	2,700		6,075
Plug Power, Inc. (a)(d)	58,171		296,090
Powell Industries, Inc. (a)	3,555		80,165
Power One, Inc. (a)	50,364		285,564
Preformed Line Products Co.	2,387		97,986
Regal Beloit Corp.	19,376		779,690
Roper Industries, Inc.	51,838		2,336,339
Technology Research Corp.	3,139		24,516
Thomas & Betts Corp. (a)	35,897		1,766,132
Ultralife Batteries, Inc. (a)(d)	14,770		183,887
UQM Technologies, Inc. (a)(d)	9,558		38,614
Valence Technology, Inc. (a)(d)	28,181		64,816
Vicor Corp.	14,143		281,304
Woodward Governor Co	19,734		634,448
			19,637,299
Industrial Conglomerates 0.3%
Carlisle Companies, Inc.	19,455		1,529,163
Raven Industries, Inc.	9,493		334,913
Standex International Corp.	6,940		221,178
Teleflex, Inc.	21,515		1,390,945
Tredegar Corp.	13,644		225,126
Walter Industries, Inc. (d)	23,057		1,517,842
			5,219,167
Machinery – 2.5%
3D Systems Corp. (a)	4,678		88,882
A.S.V., Inc. (a)(d)	11,508		370,327
Accuride Corp.	12,530		141,840

See accompanying notes which are an integral part of the financial statements.

A-77 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

INDUSTRIALS – continued
Machinery – continued
Actuant Corp. Class A (d)	17,860		$ 984,086
AGCO Corp. (a)	51,958		1,015,779
Alamo Group, Inc.	3,665		87,447
Albany International Corp. Class A	14,164		526,476
American Science & Engineering,
Inc. (a)(d)	6,072		462,018
Ampco Pittsburgh Corp.	3,730		75,756
Astec Industries, Inc. (a)	12,330		442,894
Axsys Technologies, Inc. (a)	2,806		46,439
Badger Meter, Inc.	3,952		211,195
Baldwin Technology Co., Inc. Class A (a)	3,555		20,086
Barnes Group, Inc.	12,389		475,490
Briggs & Stratton Corp.	32,859		1,165,837
Bucyrus International, Inc. Class A	12,457		784,542
Cascade Corp.	7,531		390,558
Catalytica Energy Systems, Inc. (a)	8,234		10,869
Circor International, Inc.	7,340		202,584
CLARCOR, Inc. (d)	31,280		1,058,828
Columbus McKinnon Corp. (NY
Shares) (a)	8,489		228,354
Commercial Vehicle Group, Inc. (a)	14,684		268,717
Crane Co.	30,297		1,166,132
Donaldson Co., Inc.	44,900		1,556,234
Dynamic Materials Corp. (d)	3,352		109,610
Eastern Co.	4,969		107,330
EnPro Industries, Inc. (a)(d)	10,275		336,712
ESCO Technologies, Inc. (a)	14,648		743,825
Federal Signal Corp.	25,728		460,788
Flanders Corp. (a)	10,793		118,183
Flow International Corp. (a)(d)	32,121		419,821
Flowserve Corp. (a)(d)	31,026		1,594,736
FreightCar America, Inc.	7,160		504,780
Gardner Denver, Inc. (a)(d)	15,772		967,770
Gehl Co. (a)	4,183		138,415
Gorman Rupp Co.	3,011		68,560
Graco, Inc.	41,054		1,710,720
Greenbrier Companies, Inc.	8,932		337,451
Hardinge, Inc.	3,618		60,168
Harsco Corp.	24,173		1,928,522
Hirsch International Corp. Class A (a)	2,100		2,625
Hurco Companies, Inc. (a)	6,978		200,966
IDEX Corp.	30,653		1,448,354
JLG Industries, Inc.	28,071		1,655,908
Joy Global, Inc.	69,826		3,600,229
Kadant, Inc. (a)	10,799		203,993
Kaydon Corp.	15,748		566,928
Kennametal, Inc.	22,939		1,341,473
Key Technology, Inc. (a)	2,697		30,719
L.B. Foster Co. Class A (a)	18,649		281,227
Lincoln Electric Holdings, Inc.	20,798		960,036
Lindsay Manufacturing Co.	9,496		232,652

	Shares	Value (Note 1)
Lydall, Inc. (a)	4,210		$ 37,343
Manitowoc Co., Inc.	17,602		1,356,586
Met Pro Corp.	6,581		89,370
Middleby Corp. (a)	3,871		366,584
Milacron, Inc. (a)	13,450		21,655
Miller Industries, Inc. (a)	8,914		227,307
Mueller Industries, Inc.	25,850		853,309
NACCO Industries, Inc. Class A	3,619		502,317
Nordson Corp.	21,411		1,068,837
Omega Flex, Inc. (a)	3,426		62,079
Oshkosh Truck Co.	44,852		2,544,454
Paragon Technologies, Inc. (a)	1,565		15,932
Pentair, Inc.	59,587		2,392,418
Portec Rail Products, Inc.	5,406		77,198
RBC Bearings, Inc.	10,315		203,515
Robbins & Myers, Inc.	5,734		120,299
Spire Corp. (a)(d)	200		2,000
SPX Corp.	46,606		2,295,346
Stewart & Stevenson Services, Inc.	18,216		627,541
Sun Hydraulics Corp.	8,640		196,474
Tecumseh Products Co. Class A
(non vtg.) (a)	9,990		225,874
Tennant Co.	3,550		165,785
Terex Corp. (a)	29,245		2,314,742
The L.S. Starrett Co. Class A	5,190		75,255
Timken Co.	51,635		1,480,892
Titan International, Inc. (d)	8,031		139,258
Toro Co.	25,824		1,191,261
Trinity Industries, Inc.	27,078		1,435,134
TurboChef Technologies, Inc. (a)(d)	7,368		97,994
Valmont Industries, Inc.	8,590		312,418
Wabash National Corp	17,869		356,844
Wabtec Corp.	26,922		889,234
Watts Water Technologies, Inc. Class A .	13,498		482,958
Wolverine Tube, Inc. (a)(d)	11,965		43,912
			54,185,996
Marine – 0.1%
Alexander & Baldwin, Inc.	27,488		1,339,490
American Commercial Lines, Inc.	5,413		205,694
Eagle Bulk Shipping, Inc. (d)	13,844		179,834
Genco Shipping & Trading Ltd.	11,502		187,828
Horizon Lines, Inc. Class A	12,681		162,317
International Shipholding Corp. (a)	4,464		69,594
Kirby Corp. (a)	12,683		777,468
			2,922,225
Road & Rail 0.8%
AMERCO (a)	4,227		375,527
Arkansas Best Corp.	13,868		576,354
Celadon Group, Inc. (a)	11,048		266,257
Central Freight Lines, Inc. (a)	4,722		9,397
CNF, Inc.	30,036		1,507,206
Covenant Transport, Inc. Class A (a)	4,491		69,611
Dollar Thrifty Automotive Group, Inc. (a)	12,284		496,028

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-78

Common Stocks continued
		Shares	Value (Note 1)

INDUSTRIALS – continued
Road & Rail – continued
Florida East Coast Industries, Inc. Class A		16,017		$ 814,304
Frozen Food Express Industries, Inc. (a)		4,026		46,943
Genesee & Wyoming, Inc. Class A (a)		15,021		687,211
Heartland Express, Inc.		28,966		669,984
J.B. Hunt Transport Services, Inc.		75,955		1,797,095
Kansas City Southern (a)(d)		45,367		1,051,153
Knight Transportation, Inc.		33,740		667,715
Laidlaw International, Inc.		59,918		1,653,737
Landstar System, Inc.		32,839		1,529,969
Marten Transport Ltd. (a)		8,071		188,781
Old Dominion Freight Lines, Inc. (a)		23,057		607,783
P.A.M. Transportation Services, Inc. (a)		3,368		70,829
Patriot Transportation Holding, Inc. (a)		534		36,184
Quality Distribution, Inc. (a)		6,526		71,525
RailAmerica, Inc. (a)		27,000		267,300
SCS Transportation, Inc. (a)		10,643		287,680
Swift Transportation Co., Inc. (a)(d)		30,530		727,835
U.S. Xpress Enterprises, Inc. Class A (a)	.	6,026		102,804
Universal Truckload Services, Inc.		5,000		123,400
USA Truck, Inc. (a)		4,594		135,201
Werner Enterprises, Inc.		34,718		674,571
YRC Worldwide, Inc. (a)		31,715		1,517,246
				17,029,630
Trading Companies & Distributors – 0.7%
Aceto Corp.		13,271		98,338
Applied Industrial Technologies, Inc.		15,418		659,582
Beacon Roofing Supply, Inc. (a)(d)		20,283		796,311
BlueLinx Corp.		14,464		229,688
Electro Rent Corp. (a)		14,337		213,621
Fastenal Co.		84,514		3,711,010
GATX Corp.		27,942		1,109,297
Hughes Supply, Inc.		40,416		1,869,240
Huttig Building Products, Inc. (a)		6,924		60,031
Interline Brands, Inc. (a)		13,866		322,385
Lawson Products, Inc.		2,516		89,041
MSC Industrial Direct Co., Inc. Class A		28,048		1,328,634
NuCo2, Inc. (a)		6,606		197,850
Rush Enterprises, Inc. Class A (a)		13,800		255,300
TAL International Group, Inc.		7,469		159,388
UAP Holding Corp.		21,052		458,092
United Rentals, Inc. (a)(d)		38,056		1,240,626
Watsco, Inc.		11,978		833,908
WESCO International, Inc. (a)		27,007		1,548,041
Willis Lease Finance Corp. (a)		2,246		21,359
				15,201,742

		Shares	Value (Note 1)
Transportation Infrastructure 0.0%
Interpool, Inc. (d)		6,238		$ 122,390
Macquarie Infrastructure Co. Trust		19,419		671,897
				794,287

TOTAL INDUSTRIALS			238,922,898

INFORMATION TECHNOLOGY 16.5%
Communications Equipment – 1.7%
3Com Corp. (a)(d)		244,447		1,136,679
ACE*COMM Corp. (a)(d)		4,585		13,663
Adtran, Inc.		39,404		1,084,398
Airnet Communications Corp. (a)		290		232
Airspan Networks, Inc. (a)(d)		55,386		340,624
Alliance Fiber Optic Products, Inc. (a)		23,499		31,019
AltiGen Communications, Inc. (a)		1,965		3,301
American Access Technologies, Inc. (a)	.	3,100		4,340
Anaren, Inc. (a)		13,340		229,181
Applied Innovation, Inc. (a)		4,398		17,988
Arris Group, Inc. (a)		72,069		914,556
Avanex Corp. (a)(d)		47,520		67,478
Avici Systems, Inc. (a)		5,006		18,072
Avocent Corp. (a)		30,320		1,012,991
Aware, Inc. (a)		10,854		58,503
Bel Fuse, Inc. Class B (non vtg.)		4,800		158,928
Belden CDT, Inc.		28,018		722,304
Black Box Corp.		9,551		456,347
Blue Coat Systems, Inc. (a)(d)		6,464		137,231
Bookham, Inc. (a)(d)		57,200		399,256
C COR, Inc. (a)		39,930		283,503
Carrier Access Corp. (a)		8,499		43,345
Centillium Communications, Inc. (a)		7,672		22,709
Comarco, Inc. (a)		2,807		33,544
CommScope, Inc. (a)		29,560		709,144
Communications Systems, Inc.		2,049		24,486
Comtech Telecommunications Corp. (a)	.	14,149		443,288
Digi International, Inc. (a)		8,313		90,362
Ditech Communications Corp. (a)		12,275		126,555
Dycom Industries, Inc. (a)		26,769		571,518
EFJ, Inc. (a)		12,549		145,568
EMS Technologies, Inc. (a)		5,416		94,780
Endwave Corp. (a)(d)		4,014		37,410
Enterasys Networks, Inc. (a)		9,054		125,670
Entrada Networks, Inc. (a)		292		1
eOn Communications Corp. (a)		3,013		5,152
Extreme Networks, Inc. (a)		71,148		329,415
Ezenia!, Inc. (a)		2,900		9,570
F5 Networks, Inc. (a)(d)		21,795		1,478,137
Finisar Corp. (a)(d)		162,977		453,076
Foundry Networks, Inc. (a)(d)		70,661		992,080
Glenayre Technologies, Inc. (a)		20,210		78,819
Globecomm Systems, Inc. (a)		1,591		10,437
Harmonic, Inc. (a)		45,500		262,535

See accompanying notes which are an integral part of the financial statements.

A-79 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Communications Equipment – continued
Harris Corp.	79,655	$ 3,638,640
Inter Tel, Inc.	14,007	274,957
InterDigital Communication Corp. (a)(d) .	30,916	796,087
ION Networks, Inc. (a)	12,500	2,250
ISCO International, Inc. (a)	19,929	7,174
Ixia (a)	16,955	204,477
Juniper Networks, Inc. (a)	335,986	6,178,783
Lantronix, Inc. (a)	17,964	40,419
Loral Space & Communications Ltd. (a)	11,797	94
Loral Space & Communications Ltd. (a)	8,569	231,106
MasTec, Inc. (a)	18,207	235,781
Microwave Filter Co., Inc. (d)	3,836	6,306
MRV Communications, Inc. (a)(d)	62,152	182,105
NETGEAR, Inc. (a)	16,068	275,727
Network Engines, Inc. (a)	9,093	19,822
Network Equipment Technologies, Inc. (a)	9,591	39,227
NMS Communications Corp. (a)	36,033	128,277
NumereX Corp. Class A (a)	4,959	40,713
Occam Networks, Inc. (a)	97,158	38,863
Oplink Communications, Inc. (a)	13,673	223,554
Optelecom Nkf, Inc. (a)	1,053	18,396
Optical Cable Corp. (a)	1,228	6,177
Optical Cable Corp. warrants
10/24/07 (a)	1,083	162
Optical Communication Products, Inc. (a)	7,672	21,712
Packeteer, Inc. (a)	20,916	250,155
Parkervision, Inc. (a)(d)	3,649	29,557
PC Tel, Inc. (a)	4,261	32,171
Performance Technologies, Inc. (a)	4,304	34,002
Plantronics, Inc.	29,494	1,019,313
Polycom, Inc. (a)	57,034	1,107,600
Powerwave Technologies, Inc. (a)	61,190	898,269
Radyne Corp. (a)	20,583	288,985
Redback Networks, Inc. (a)(d)	36,163	685,289
SafeNet, Inc. (a)(d)	15,786	393,387
Science Dynamics Corp. (a)	3,000	180
SCM Microsystems, Inc. (a)(d)	4,117	14,204
SeaChange International, Inc. (a)	14,511	130,744
Sirenza Microdevices, Inc. (a)	8,140	65,771
Sonus Networks, Inc. (a)	143,376	695,374
SpectraLink Corp.	7,222	89,336
Stratex Networks, Inc. (a)	60,182	309,335
Stratos International, Inc. (a)(d)	2,179	14,665
Superior Essex, Inc. (a)	17,936	469,385
Sycamore Networks, Inc. (a)	132,666	619,550
Symmetricom, Inc. (a)(d)	36,266	325,306
Tekelec (a)(d)	39,792	533,611
Telkonet, Inc. (a)(d)	34,540	139,542
Telular Corp. (a)(d)	4,093	12,811
Terabeam, Inc. (a)	2,250	10,620
Terayon Communication Systems, Inc. (a)	45,746	122,599

	Shares	Value (Note 1)
Tollgrade Communications, Inc. (a)	3,530		$ 50,303
Tut Systems, Inc. (a)(d)	5,838		17,514
UTStarcom, Inc. (a)(d)	68,749		429,681
Veramark Technologies, Inc. (a)	1,700		1,649
Verilink Corp. (a)(d)	5,552		4,386
ViaSat, Inc. (a)	13,487		362,126
Vyyo, Inc. (a)(d)	7,423		52,852
Wave Wireless Corp. (a)	40		5
Wegener Corp. (a)	11,602		15,779
Westell Technologies, Inc. Class A (a)	23,209		110,243
Wi Tron, Inc. (a)	2,500		400
WJ Communications, Inc. (a)	17,073		31,756
Zhone Technologies, Inc. (a)	48,510		118,364
			35,275,823
Computers & Peripherals 1.5%
ActivCard Corp. (a)	30,377		111,180
Adaptec, Inc. (a)	97,213		608,553
Advanced Digital Information Corp. (a) .	45,733		396,048
Ampex Corp. Class A (a)	1,884		38,339
Avid Technology, Inc. (a)	24,292		1,137,837
Brocade Communications Systems,
Inc. (a)(d)	156,363		824,033
Concurrent Computer Corp. (a)(d)	79,110		207,268
CopyTele, Inc. (a)(d)	16,655		16,655
Cray, Inc. (a)(d)	54,672		107,157
Datalink Corp. (a)(d)	2,058		10,907
Dataram Corp.	3,649		17,698
Diebold, Inc.	46,734		1,869,360
Dot Hill Systems Corp. (a)	30,475		206,011
Electronics for Imaging, Inc. (a)	33,162		889,405
Emulex Corp. (a)(d)	46,295		824,051
Exabyte Corp. (a)(d)	814		651
FOCUS Enhancements, Inc. (a)	7,672		4,995
Hauppauge Digital, Inc. (a)	4,117		16,880
HEI, Inc. (a)(d)	3,368		9,936
Hutchinson Technology, Inc. (a)	15,974		439,445
Hypercom Corp. (a)	33,443		257,177
iCAD, Inc. (a)(d)	5,579		8,313
Imation Corp.	20,686		907,081
Immersion Corp. (a)	12,108		86,935
InFocus Corp. (a)	16,952		68,825
Innovex, Inc. (a)	4,552		19,528
Intergraph Corp. (a)	17,605		638,357
Intermec, Inc. (a)(d)	27,134		832,471
Interphase Corp. (a)	2,203		13,548
Iomega Corp. (a)	46,398		129,914
Komag, Inc. (a)(d)	19,044		892,021
LaserCard Corp. (a)	2,282		41,692
Lexar Media, Inc. (a)(d)	40,833		273,581
Maxtor Corp. (a)	144,804		1,390,118
McDATA Corp. Class A (a)(d)	86,096		380,544
Mobility Electronics, Inc. (a)	18,109		170,768
MTI Technology Corp. (a)(d)	9,637		12,528

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-80

Common Stocks continued
		Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Computers & Peripherals – continued
Neoware Systems, Inc. (a)(d)		14,217		$ 348,743
Novatel Wireless, Inc. (a)(d)		18,380		149,981
Overland Storage, Inc. (a)		6,049		51,779
Palm, Inc. (a)(d)		27,114		1,119,808
Presstek, Inc. (a)(d)		19,299		244,518
Printronix, Inc.		1,310		19,362
Qualstar Corp. (a)		2,735		11,350
Quantum Corp. (a)		114,189		407,655
Rackable Systems, Inc.		11,369		448,280
Rimage Corp. (a)		3,259		70,981
SanDisk Corp. (a)		110,501		6,667,630
SBS Technologies, Inc. (a)		5,427		60,185
Seagate Technology		230,968		6,136,820
SimpleTech, Inc. (a)		16,223		67,488
Socket Communications, Inc. (a)(d)		8,047		9,656
Sona Mobile Holdings Corp. (a)(d)		2,400		4,920
SteelCloud, Inc., (a)		4,772		7,969
Stratasys, Inc. (a)(d)		3,681		101,117
Synaptics, Inc. (a)		12,462		292,732
Transact Technologies, Inc. (a)(d)		2,830		26,772
ViewCast.com, Inc. (a)		10,386		2,129
VPGI Corp. (a)		1,500		105
Western Digital Corp. (a)(d)		129,004		2,870,339
Zoom Technologies, Inc. (a)		5,240		7,965
				32,988,094
Electronic Equipment & Instruments – 2.0%
Acacia Research Corp. – Acacia
Technologies (a)		43,910		364,453
Advanced Photonix, Inc. Class A (a)(d)		11,134		32,066
Aeroflex, Inc. (a)		53,481		695,253
Aetrium, Inc. (a)		100		537
Agilysys, Inc.		17,133		244,831
Allied Motion Technologies, Inc. (a)		3,555		15,749
American Technical Ceramics Corp. (a)	.	2,713		37,548
American Technology Corp. (a)(d)		2,713		10,065
Amphenol Corp. Class A		53,005		2,662,441
Anixter International, Inc.		23,502		1,075,217
APA Enterprises, Inc. (a)		3,836		4,795
Applied Films Corp. (a)		4,696		90,210
Arrow Electronics, Inc. (a)		68,970		2,399,466
Avnet, Inc. (a)(d)		81,193		2,040,380
AVX Corp.		37,968		628,750
Axcess, Inc. (a)		6,529		6,594
Bell Industries, Inc. (a)		7,298		18,245
Bell Microproducts, Inc. (a)(d)		21,017		126,312
Benchmark Electronics, Inc. (a)		24,409		859,685
Brightpoint, Inc. (a)		25,792		729,656
CalAmp Corp. (a)		5,601		56,290
Cash Technologies, Inc. (a)		2,900		2,320
CDW Corp.		38,945		2,214,413
Checkpoint Systems, Inc. (a)		23,666		675,901

	Shares	Value (Note 1)
Chyron Corp. (a)(d)	7,000		$ 4,130
Cogent, Inc. (a)	23,674		550,657
Cognex Corp.	26,826		737,983
Coherent, Inc. (a)	18,552		602,198
Conolog Corp. (a)(d)	170		150
CTS Corp.	29,802		368,055
CyberOptics Corp. (a)	1,204		18,566
Daktronics, Inc.	10,862		384,949
Digital Angel Corp. (a)(d)	7,990		31,161
Dolby Laboratories, Inc. Class A	25,320		515,768
DTS, Inc. (a)	10,547		194,592
Echelon Corp. (a)(d)	15,261		123,614
Electro Scientific Industries, Inc. (a)	15,506		387,030
eMagin Corp. (a)(d)	28,133		13,504
En Pointe Technologies, Inc. (a)	2,994		7,156
Excel Technology, Inc. (a)	11,164		333,357
Fargo Electronics, Inc. (a)	4,491		85,015
FARO Technologies, Inc. (a)(d)	4,015		64,200
FLIR Systems, Inc. (a)	45,842		1,184,557
Frequency Electronics, Inc.	1,170		15,210
Gerber Scientific, Inc. (a)	18,124		188,308
Giga Tronics, Inc. (a)	4,585		11,463
Global Imaging Systems, Inc. (a)	17,904		646,334
GTSI Corp. (a)	3,743		28,409
I. D. Systems Inc. (a)(d)	2,045		44,704
Identix, Inc. (a)	53,889		440,273
Ingram Micro, Inc. Class A (a)	88,670		1,753,893
InPlay Technologies, Inc. (a)	4,023		12,190
Intelli Check, Inc. (a)(d)	1,429		8,302
Interlink Electronics, Inc. (a)	2,903		9,261
International DisplayWorks, Inc. (a)(d)	11,072		73,297
Iteris, Inc. (a)	4,304		9,254
Itron, Inc. (a)	13,904		826,732
Jaco Electronics, Inc. (a)(d)	3,836		13,695
Keithley Instruments, Inc.	4,405		66,427
KEMET Corp. (a)	50,913		453,635
Landauer, Inc.	6,794		312,524
LeCroy Corp. (a)	3,181		47,079
LightPath Technologies, Inc. Class A (a)(d)	1,150		5,210
Littelfuse, Inc. (a)	18,342		527,149
LoJack Corp. (a)	11,896		270,634
Lowrance Electronics, Inc.	5,300		195,835
M Flex Electronix, Inc. (a)	6,965		396,587
Maxwell Technologies, Inc. (a)(d)	3,836		70,391
MDI, Inc. (a)(d)	7,859		8,566
Measurement Specialties, Inc. (a)	7,492		182,955
Mechanical Technology, Inc. (a)(d)	9,637		35,561
Mercury Computer Systems, Inc. (a)	13,741		236,895
Merix Corp. (a)	4,257		41,208
Mesa Laboratories, Inc.	4,207		61,044
Methode Electronics, Inc. Class A	31,984		392,444
Metrologic Instruments, Inc. (a)	6,046		135,491
Micronetics, Inc. (a)	3,743		70,743
MSGI Security Solutions, Inc. (a)	58		212

See accompanying notes which are an integral part of the financial statements.

A-81 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Electronic Equipment & Instruments – continued
MTS Systems Corp.	12,034		$ 475,584
Napco Security Systems, Inc. (a)(d)	11,648		177,166
National Instruments Corp.	34,153		1,108,265
Newport Corp. (a)	24,770		439,420
NU Horizons Electronics Corp. (a)	3,462		30,223
OSI Systems, Inc. (a)	6,635		137,676
OYO Geospace Corp. (a)	1,267		60,043
Par Technology Corp. (a)	6,450		116,100
Park Electrochemical Corp.	13,110		378,486
Paxar Corp. (a)	24,171		463,600
PC Connection, Inc. (a)(d)	6,035		33,072
Pemstar, Inc. (a)(d)	10,011		23,125
Perceptron, Inc. (a)	2,600		21,164
PFSweb, Inc. (a)(d)	13,371		21,662
Photon Dynamics, Inc. (a)	10,818		229,233
Planar Systems, Inc. (a)(d)	3,555		55,245
Plexus Corp. (a)	24,216		812,689
RadiSys Corp. (a)	13,283		242,282
RAE Systems, Inc. (a)	46,052		166,708
Research Frontiers, Inc. (a)(d)	3,836		16,034
RF Industries Ltd. (a)	2,339		11,906
RF Monolithics, Inc. (a)	3,462		19,456
Richardson Electronics Ltd.	4,959		41,953
Rofin Sinar Technologies, Inc. (a)	11,467		604,082
Rogers Corp. (a)	8,834		433,219
Satcon Technology Corp. (a)(d)	5,988		11,078
ScanSource, Inc. (a)	6,683		388,349
Sigmatron International, Inc. (a)	762		8,207
Smart Modular Tech WWH, Inc.	4,633		40,539
Somera Communications, Inc. (a)	13,567		7,055
Spatializer Audio Labs, Inc. (a)	12,700		279
Spectrum Control, Inc. (a)	4,200		31,290
Staktek Holdings, Inc. (a)	7,258		40,137
StockerYale, Inc. (a)(d)	2,400		2,136
Sunpower Corp. Class A (d)	10,604		465,516
Suntron Corp. (a)	13,394		34,824
Superconductor Technologies, Inc. (a)(d)	18,291		8,957
SYNNEX Corp. (a)	5,731		105,852
Taser International, Inc. (a)(d)	33,192		317,316
Tech Data Corp. (a)	35,147		1,459,655
Technitrol, Inc.	22,567		493,766
Trimble Navigation Ltd. (a)	33,875		1,385,826
TTM Technologies, Inc. (a)	27,980		361,222
Universal Display Corp. (a)(d)	12,461		176,946
Viisage Technology, Inc. (a)(d)	9,777		179,701
Vishay Intertechnology, Inc. (a)	100,188		1,454,730
Woodhead Industries, Inc.	15,450		224,025
X Rite, Inc. (d)	20,571		262,280
Zomax, Inc. (a)	12,351		25,320

	Shares	Value (Note 1)
Zones, Inc. (a)	3,275		$ 22,074
Zygo Corp. (a)	5,333		91,674
			41,906,881
Internet Software & Services 3.1%
24/7 Real Media, Inc. (a)	16,663		147,134
Akamai Technologies, Inc. (a)(d)	90,328		2,393,692
aQuantive, Inc. (a)	35,806		952,082
Ariba, Inc. (a)	46,753		476,881
Art Technology Group, Inc. (a)	80,342		235,402
Autobytel, Inc. (a)	12,311		57,492
Bankrate, Inc. (a)(d)	6,081		219,828
BroadVision, Inc. (a)(d)	7,431		4,013
Chordiant Software, Inc. (a)	58,922		195,032
Click Commerce, Inc. (a)(d)	5,741		144,788
CMGI, Inc. (a)	277,855		405,668
CNET Networks, Inc. (a)(d)	84,746		1,172,885
Communication Intelligence Corp. (a)(d)	7,900		3,555
Corillian Corp. (a)	13,730		52,998
CyberSource Corp. (a)	17,560		146,802
DealerTrack Holdings, Inc.	7,871		181,899
deltathree, Inc. (a)	4,398		13,986
Digital Insight Corp. (a)	18,919		625,273
Digital River, Inc. (a)(d)	19,483		733,340
Digitas, Inc. (a)	54,916		775,963
DSL.net, Inc. (a)(d)	12,818		564
Dynabazaar, Inc. (a)	5,600		2,016
EarthLink, Inc. (a)	71,682		711,085
EasyLink Services Corp. Class A (a)	9,785		7,730
eCollege.com (a)	12,145		250,551
EDGAR Online, Inc. (a)(d)	3,836		15,728
eGain Communications Corp. (a)	1,156		1,445
Elcom International, Inc. (a)	6,500		748
Entrust, Inc. (a)	55,731		206,205
Equinix, Inc. (a)(d)	16,304		854,982
Firstwave Technologies, Inc. (a)	1,123		2,134
GlobeTel Communications Corp. (a)(d)	41,174		121,463
Globix Corp. (a)(d)	62,474		115,577
Google, Inc. Class A (sub. vtg.) (a)	120,491		43,692,446
Greenfield Online, Inc. (a)	7,300		51,173
Homestore, Inc. (a)	110,620		688,056
Housevalues, Inc. (a)(d)	9,851		132,989
Hyperfeed Technologies, Inc. (a)(d)	702		702
I Many, Inc. (a)	9,263		14,636
iBasis, Inc. (a)	9,824		20,336
iMergent, Inc. (a)(d)	3,575		32,175
InfoSpace, Inc. (a)	13,841		333,707
Innodata Isogen, Inc. (a)	7,485		23,054
InsWeb Corp. (a)	283		724
Interland, Inc. (a)	4,656		26,958
Internap Network Services Corp. (a)	72,216		37,552
Internet America, Inc. (a)	6,082		2,615
Internet Capital Group, Inc. (a)	26,835		244,199
Internet Commerce Corp. Class A (a)(d) .	3,400		14,348

See accompanying notes which are an integral part of the financial statements.

Annual Report A-82

Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Internet Software & Services – continued
Interwoven, Inc. (a)	29,600		$ 257,520
iPass, Inc. (a)	28,602		211,083
IPIX Corp. (a)(d)	5,133		9,599
iVillage, Inc. (a)	27,650		225,348
j2 Global Communications, Inc. (a)(d)	13,435		585,766
Jupiter Media Metrix, Inc. (a)	14,700		0
Jupitermedia Corp. (a)(d)	11,806		175,201
Keynote Systems, Inc. (a)	6,393		71,921
Kintera, Inc. (a)	6,752		14,854
LivePerson, Inc. (a)	14,420		79,310
LookSmart Ltd. (a)	5,164		23,754
Loudeye Corp. (a)(d)	122,650		68,525
LQ Corp., Inc. (a)	1,092		1,911
Marchex, Inc. Class B (a)(d)	16,526		362,580
MatrixOne, Inc. (a)	41,847		254,011
MIVA, Inc. (a)	10,274		44,897
NaviSite, Inc. (a)	8,077		14,781
Neoforma, Inc. (a)	4,996		49,510
Neomedia Technologies, Inc. (a)	5,500		2,145
Net2Phone, Inc. (a)	18,989		38,548
NetRatings, Inc. (a)(d)	5,877		76,577
NIC, Inc. (a)	14,170		85,162
On2.Com, Inc. (a)(d)	12,070		10,984
Online Resources Corp. (a)	15,282		194,081
Onstream Media Corp. (a)(d)	1,100		1,133
Onvia.com, Inc. (a)(d)	1,133		6,945
Openwave Systems, Inc. (a)(d)	56,185		1,115,272
Optio Software, Inc. (a)	3,200		4,480
Perficient, Inc. (a)	13,219		144,351
PlanetOut, Inc. (a)	12,610		118,534
Prescient Applied Intel, Inc. (a)	150		39
Private Business, Inc. (a)(d)	2,038		3,077
Raindance Communications, Inc. (a)	10,947		29,010
RealNetworks, Inc. (a)	58,843		462,506
S1 Corp. (a)	35,549		146,462
Saba Software, Inc. (a)(d)	4,717		29,340
Salon Media Group, Inc. (a)	4,600		874
SAVVIS, Inc. (a)	129,530		91,966
Selectica, Inc. (a)	7,017		19,297
SonicWALL, Inc. (a)	25,492		171,051
Stellent, Inc. (a)	18,656		204,283
Supportsoft, Inc. (a)	17,744		73,283
Synergy Brands, Inc. (a)	515		896
Terremark Worldwide, Inc. (a)(d)	17,735		95,414
The Knot, Inc. (a)	4,092		62,157
The Sedona Corp. (a)	8,300		1,411
TheStreet.com, Inc. (a)	5,520		42,835
Travelzoo, Inc. (a)(d)	1,369		25,436
Tumbleweed Communications Corp. (a) .	13,941		39,314
United Online, Inc. (d)	38,002		456,404
Uphonia, Inc. (a)(d)	283		85

	Shares	Value (Note 1)
US Dataworks, Inc. (a)	4,512		$ 1,579
ValueClick, Inc. (a)	60,009		1,050,758
VCampus Corp. (a)(d)	380		274
Vignette Corp. (a)	18,250		293,825
Vitria Technology, Inc. (a)	7,321		19,986
Webb Interactive Services, Inc. (a)	4,865		778
WebEx Communications, Inc. (a)	17,515		488,318
webMethods, Inc. (a)	32,537		242,075
Websense, Inc. (a)	13,836		855,203
WebSideStory, Inc. (a)	7,965		124,812
WorldGate Communications, Inc. (a)(d) .	10,573		11,630
Zix Corp. (a)(d)	12,791		21,361
			65,859,133
IT Services 2.5%
Accenture Ltd. Class A	342,109		11,173,280
Acxiom Corp. (d)	52,492		1,358,493
Affinity Technology Group, Inc. (a)	12,100		1,997
Alliance Data Systems Corp. (a)	40,856		1,767,431
Analysts International Corp. (a)(d)	9,684		26,244
Answerthink, Inc. (a)	44,735		273,778
Anteon International Corp. (a)	17,968		993,451
Applied Digital Solutions, Inc. (a)(d)	41,642		112,433
BearingPoint, Inc. (a)(d)	97,455		868,324
CACI International, Inc. Class A (a)	18,187		1,096,130
Carreker Corp. (a)	6,269		37,112
Ceridian Corp. (a)	88,740		2,294,816
CheckFree Corp. (a)	46,863		2,317,844
Ciber, Inc. (a)	29,128		168,651
Cognizant Technology Solutions Corp.
Class A (a)	83,839		4,829,965
Computer Horizons Corp. (a)	7,299		33,940
Computer Task Group, Inc. (a)	11,529		46,577
Covansys Corp. (a)	8,731		130,790
CSG Systems International, Inc. (a)	30,734		675,533
CSP, Inc. (a)	3,555		19,979
Direct Insite Corp. (a)	53		29
DST Systems, Inc. (a)(d)	37,995		2,136,459
DynTek, Inc. Class A (a)	8,047		475
Edgewater Technology, Inc. (a)	4,972		29,484
eFunds Corp. (a)	29,430		796,964
Electronic Clearing House, Inc. (a)	3,439		42,506
eLoyalty Corp. (a)	4,341		58,517
Enherent Corp. (a)	8,200		1,279
ePresence, Inc. (a)	5,520		0
Euronet Worldwide, Inc. (a)(d)	18,027		632,027
Fidelity National Information Services,
Inc.	36,481		1,446,472
Forrester Research, Inc. (a)	8,617		194,830
Gartner, Inc. Class A (a)	31,334		441,183
Gevity HR, Inc.	14,736		371,052
Global Payments, Inc.	45,591		2,373,467
Heartland Payment Systems, Inc.	7,112		156,820
Hewitt Associates, Inc. Class A (a)	37,037		999,629
iGate Corp. (a)	13,687		91,019

See accompanying notes which are an integral part of the financial statements.

A-83 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
IT Services – continued
Indus International, Inc. (a)	18,393		$ 64,376
Infocrossing, Inc. (a)(d)	13,968		164,264
Inforte Corp.	1,679		6,951
infoUSA, Inc.	16,450		193,288
Integral Systems, Inc.	10,707		299,903
Intrado, Inc. (a)	10,378		266,299
iPayment, Inc. (a)	8,228		351,582
Iron Mountain, Inc. (a)(d)	65,195		2,849,022
Kanbay International, Inc. (a)(d)	10,793		183,265
Keane, Inc. (a)	32,173		377,711
Lightbridge, Inc. (a)	25,032		245,564
Lionbridge Technologies, Inc. (a)	30,073		215,323
ManTech International Corp. Class A (a)	9,479		266,360
Maximus, Inc.	10,408		379,996
MoneyGram International, Inc.	51,726		1,482,984
MPS Group, Inc. (a)	66,751		1,010,610
MTM Technologies, Inc. (a)	1,200		4,800
New Century Equity Holdings Corp. (a) .	5,500		1,045
Pegasus Solutions, Inc. (a)	20,422		188,699
Perot Systems Corp. Class A (a)	50,269		759,565
Rainmaker Systems, Inc. (a)	6,480		23,911
RightNow Technologies, Inc. (a)	7,620		125,654
Safeguard Scientifics, Inc. (a)(d)	102,664		195,062
Sapient Corp. (a)	43,233		324,248
SI International, Inc. (a)	5,805		189,011
SM&A (a)	4,117		27,666
SRA International, Inc. Class A (a)	21,690		748,739
StarTek, Inc.	4,563		89,891
Storage Engine, Inc. (a)	500		1
Sykes Enterprises, Inc. (a)	10,853		144,562
Syntel, Inc.	10,172		172,924
TALX Corp.	20,346		650,258
Technology Solutions Co. (a)	479		3,889
TechTeam Global, Inc. (a)	6,114		65,726
The BISYS Group, Inc. (a)	69,236		976,920
The Management Network Group,
Inc. (a)	14,649		35,158
theglobe.com, Inc. (a)	7,111		2,311
Tier Technologies, Inc. Class B (a)	4,678		35,553
TNS, Inc. (a)	18,791		302,535
Total System Services, Inc.	25,931		508,248
TSR, Inc.	4,079		20,681
Tyler Technologies, Inc. (a)	26,754		265,132
VeriFone Holdings, Inc. (d)	27,685		730,884
WidePoint Corp. (a)(d)	5,600		14,168
Wright Express Corp. (d)	24,656		592,730
Zanett, Inc. (a)(d)	5,579		19,136
			53,575,585
Office Electronics – 0.1%
Zebra Technologies Corp. Class A (a)	43,803		1,933,464

	Shares	Value (Note 1)
Semiconductors & Semiconductor Equipment – 3.2%
8X8, Inc. (a)(d)	9,978		$ 16,763
Actel Corp. (a)	16,843		245,739
ADE Corp. (a)	6,152		203,508
Advanced Analogic Technologies, Inc. (d)	26,029		310,786
Advanced Energy Industries, Inc. (a)	23,751		340,114
Advanced Power Technology, Inc. (a)	3,930		59,775
Agere Systems, Inc. (a)	109,364		1,468,759
Alliance Semiconductor Corp. (a)	9,169		23,931
AMIS Holdings, Inc. (a)	22,175		191,149
Amkor Technology, Inc. (a)	59,715		530,269
Amtech Systems, Inc. (a)	4,491		39,325
ANADIGICS, Inc. (a)	7,298		46,050
Asyst Technologies, Inc. (a)	35,628		347,729
Atheros Communications, Inc. (a)	22,822		469,677
Atmel Corp. (a)	252,756		1,150,040
ATMI, Inc. (a)	21,435		643,693
Axcelis Technologies, Inc. (a)	73,491		507,823
AXT, Inc. (a)	6,269		18,243
Brooks Automation, Inc. (a)	50,058		785,410
Cabot Microelectronics Corp. (a)(d)	20,422		696,799
California Micro Devices Corp. (a)	4,585		27,923
Catalyst Semiconductor, Inc. (a)	7,298		36,855
Ceva, Inc. (a)	6,171		37,211
Cirrus Logic, Inc. (a)	48,818		370,529
Cohu, Inc.	13,557		286,324
Conexant Systems, Inc. (a)	295,307		880,015
Credence Systems Corp. (a)(d)	43,614		377,697
Cree, Inc. (a)(d)	49,684		1,488,036
Cymer, Inc. (a)	22,213		999,141
Cypress Semiconductor Corp. (a)(d)	77,446		1,375,441
Diodes, Inc. (a)	13,974		527,938
DSP Group, Inc. (a)	22,414		602,937
Electroglas, Inc. (a)	6,456		28,471
EMCORE Corp. (a)(d)	9,356		72,509
Entegris, Inc. (a)	75,235		786,958
ESS Technology, Inc. (a)	12,644		47,289
Exar Corp. (a)	26,161		325,704
Fairchild Semiconductor International,
Inc. (a)	71,940		1,250,317
FEI Co. (a)	17,910		358,379
FormFactor, Inc. (a)	19,439		716,133
FSI International, Inc. (a)	7,956		47,020
Genesis Microchip, Inc. (a)(d)	18,331		394,117
Hi/fn, Inc. (a)	3,346		23,522
Hittite Microwave Corp.	3,700		102,231
Ibis Technology Corp. (a)(d)	5,001		17,103
Ikanos Communications, Inc.	6,198		136,356
Integrated Device Technology, Inc. (a)	117,416		1,743,628
Integrated Silicon Solution, Inc. (a)	13,777		87,071
International Rectifier Corp. (a)	43,855		1,627,021
Intersil Corp. Class A	94,310		2,672,745
Intevac, Inc. (a)	13,428		294,476
IXYS Corp. (a)	8,168		87,398

See accompanying notes which are an integral part of the financial statements.

Annual Report A-84

Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Semiconductors & Semiconductor Equipment – continued
JMAR Technologies, Inc. (a)(d)	5,707		$ 6,392
Kopin Corp. (a)(d)	28,979		126,059
Kulicke & Soffa Industries, Inc. (a)	33,480		374,976
Lam Research Corp. (a)	80,269		3,459,594
Lattice Semiconductor Corp. (a)	62,973		286,527
Leadis Technology, Inc. (a)	8,107		43,940
Logic Devices, Inc. (a)(d)	8,982		10,150
LogicVision, Inc. (a)(d)	5,047		6,864
LTX Corp. (a)(d)	39,917		225,930
Marvell Technology Group Ltd. (a)	133,221		8,155,790
Mattson Technology, Inc. (a)	19,712		238,121
MEMC Electronic Materials, Inc. (a)(d)	90,966		3,046,451
Micrel, Inc. (a)	36,567		510,841
Micro Component Technology, Inc. (a)	6,643		2,458
Micro Linear Corp. (a)	7,672		11,892
Microchip Technology, Inc.	125,462		4,416,262
Microsemi Corp. (a)	34,127		1,049,405
Microtune, Inc. (a)	62,874		339,520
Mindspeed Technologies, Inc. (a)(d)	73,473		273,320
MIPS Technologies, Inc. (a)	19,049		160,012
MKS Instruments, Inc. (a)	24,430		546,255
Monolithic Power Systems, Inc. (a)	10,222		174,285
Monolithic System Technology, Inc. (a)	8,011		57,920
Nanometrics, Inc. (a)	3,555		47,210
NeoMagic Corp. (a)(d)	2,507		17,173
Netlogic Microsystems, Inc. (a)(d)	8,669		306,449
NVE Corp. (a)(d)	1,357		22,499
Omnivision Technologies, Inc. (a)(d)	35,986		917,643
ON Semiconductor Corp. (a)(d)	67,586		445,392
PDF Solutions, Inc. (a)	12,368		208,896
Pericom Semiconductor Corp. (a)	12,297		110,796
Photronics, Inc. (a)	23,121		406,236
Pixelworks, Inc. (a)	25,246		113,859
PLX Technology, Inc. (a)	18,777		226,826
PortalPlayer, Inc. (a)(d)	4,893		123,597
Power Integrations, Inc. (a)	18,379		456,351
QuickLogic Corp. (a)	5,545		27,780
Rambus, Inc. (a)(d)	59,162		1,836,980
Ramtron International Corp. (a)	4,828		9,753
RF Micro Devices, Inc. (a)	114,346		769,549
Rudolph Technologies, Inc. (a)(d)	23,489		387,099
Semitool, Inc. (a)	27,663		349,384
Semtech Corp. (a)	42,213		792,760
Sigma Designs, Inc. (a)(d)	21,853		321,239
SigmaTel, Inc. (a)(d)	11,892		127,839
Silicon Image, Inc. (a)	58,674		640,720
Silicon Laboratories, Inc. (a)(d)	23,103		1,108,482
Silicon Storage Technology, Inc. (a)	69,338		313,408
SiRF Technology Holdings, Inc. (a)	20,806		778,769
Skyworks Solutions, Inc. (a)	97,386		512,250
Spansion, Inc.	24,600		359,160

	Shares	Value (Note 1)
SRS Labs, Inc. (a)	2,620		$ 15,589
Standard Microsystems Corp. (a)	13,643		443,670
Supertex, Inc. (a)(d)	7,135		240,235
Tegal Corp. (a)(d)	10,666		6,293
Tessera Technologies, Inc. (a)	26,647		832,186
Therma Wave, Inc. (a)(d)	6,802		10,475
Transmeta Corp. (a)	70,922		117,021
Transwitch Corp. (a)(d)	22,128		37,618
Trident Microsystems, Inc. (a)	33,616		939,231
TriQuint Semiconductor, Inc. (a)	87,741		415,892
Ultratech, Inc. (a)	14,773		295,312
Varian Semiconductor Equipment
Associates, Inc. (a)	21,080		994,133
Veeco Instruments, Inc. (a)	16,440		330,280
Virage Logic Corp. (a)	6,362		70,109
Vitesse Semiconductor Corp. (a)	121,183		381,726
Volterra Semiconductor Corp. (a)	14,179		246,856
White Electronic Designs Corp. (a)	5,571		33,705
Zilog, Inc. (a)	8,368		18,912
Zoran Corp. (a)	30,773		608,690
			67,223,073
Software 2.4%
Activision, Inc. (a)	157,492		1,968,650
Actuate Corp. (a)	49,006		190,143
Adept Technology, Inc. (a)	1,291		10,560
Advent Software, Inc. (a)	17,829		495,646
Agile Software Corp. (a)	31,777		220,532
Altiris, Inc. (a)	18,172		359,987
American Software, Inc. Class A	5,825		39,610
Analytical Surveys, Inc. (a)	240		358
Ansoft Corp. (a)	5,117		200,433
Ansys, Inc. (a)	18,147		860,531
Applix, Inc. (a)	3,275		21,189
ARI Network Services, Inc. (a)	2,620		5,764
Artisoft, Inc. (a)	1,066		981
Aspen Technology, Inc. (a)(d)	31,641		379,059
Atari, Inc. (a)	40,661		34,765
Authentidate Holding Corp. (a)	8,307		21,017
Avatech Solutions, Inc. (a)(d)	735		1,433
AXS One, Inc. (a)	5,614		14,316
BEA Systems, Inc. (a)	238,588		2,736,604
Bitstream, Inc. Class A (a)	3,682		29,640
Blackbaud, Inc.	10,813		197,878
Blackboard, Inc. (a)	13,362		384,959
Borland Software Corp. (a)	51,221		271,984
Bottomline Technologies, Inc. (a)	7,799		95,694
BSQUARE Corp. (a)	2,830		9,339
Cadence Design Systems, Inc. (a)	166,062		2,947,601
CAM Commerce Solutions, Inc.	1,965		43,328
Captaris, Inc. (a)	10,666		41,917
Catapult Communications Corp. (a)	3,462		48,156
Concur Technologies, Inc. (a)(d)	19,834		300,683
Convera Corp. Class A (a)(d)	8,548		83,770

See accompanying notes which are an integral part of the financial statements.

A-85 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Software – continued
DATATRAK International, Inc. (a)(d)	9,664		$ 72,480
Datawatch Corp. (a)	3,120		11,076
Digimarc Corp. (a)	4,491		33,278
DocuCorp International, Inc. (a)	5,314		41,316
Dynamics Research Corp. (a)	2,901		39,570
ebix.com, Inc. (a)	421		8,416
Embarcadero Technologies, Inc. (a)	7,901		54,122
eMerge Interactive, Inc. Class A (a)	4,201		1,555
Epicor Software Corp. (a)	27,320		339,314
EPIQ Systems, Inc. (a)	7,558		166,049
ePlus, Inc. (a)	3,612		50,929
Evans & Sutherland Computer Corp. (a) .	4,929		30,313
Evolving Systems, Inc. (a)	3,885		10,995
FactSet Research Systems, Inc.	23,813		932,279
Fair, Isaac & Co., Inc.	41,349		1,762,294
FalconStor Software, Inc. (a)	11,290		104,997
FileNET Corp. (a)(d)	27,456		706,717
Forgent Networks, Inc. (a)	9,544		17,179
Gensym Corp. (a)	4,023		7,201
GraphOn Corp. (a)	7,300		1,752
GSE Systems, Inc. (a)	1,893		3,123
Guardian Technologies
International (a)(d)	560		1,456
Hyperion Solutions Corp. (a)	34,182		1,146,806
i2 Technologies, Inc. (a)(d)	9,321		160,228
Informatica Corp. (a)	53,631		859,169
Interactive Intelligence, Inc. (a)	2,713		24,553
Internet Security Systems, Inc. (a)	21,102		491,888
InterVideo, Inc. (a)	4,632		51,554
Intervoice, Inc. (a)	30,006		257,151
Intrusion, Inc. (a)	1,567		3,040
Jack Henry & Associates, Inc.	46,590		1,025,446
JDA Software Group, Inc. (a)	18,714		256,943
Kronos, Inc. (a)	20,933		858,462
Lawson Software, Inc. (a)(d)	37,697		299,691
Logility, Inc. (a)(d)	7,206		77,537
Macrovision Corp. (a)(d)	29,462		595,427
Magma Design Automation, Inc. (a)	23,182		199,829
Majesco Entertainment Co. (a)(d)	18,551		23,003
Manhattan Associates, Inc. (a)	20,433		430,523
Manugistics Group, Inc. (a)(d)	22,995		42,771
MapInfo Corp. (a)	18,383		247,987
McAfee, Inc. (a)	102,488		2,383,871
Mentor Graphics Corp. (a)	54,015		606,588
MetaSolv, Inc. (a)	10,105		26,273
MICROS Systems, Inc. (a)	21,746		941,384
MicroStrategy, Inc. Class A (a)	6,510		596,837
Midway Games, Inc. (a)(d)	19,693		195,158
Mobius Management Systems, Inc. (a)	6,867		44,017
Moldflow Corp. (a)	3,930		55,295
Motive, Inc. (a)	11,600		38,512

	Shares	Value (Note 1)
MRO Software, Inc. (a)	9,923		$ 146,265
Napster, Inc. (a)	25,066		89,736
NAVTEQ Corp. (a)	53,281		2,467,443
Netguru, Inc.	1,800		738
NetIQ Corp. (a)	31,798		359,317
NetManage, Inc. (a)	1,259		6,862
NetScout Systems, Inc. (a)	9,644		65,193
Netsmart Technologies, Inc. (a)	3,644		48,145
NetSol Technologies, Inc. (a)(d)	880		1,725
Nuance Communications, Inc. (a)(d)	76,676		820,433
Omtool Ltd. (a)	200		1,372
ONYX Software Corp. (a)	982		3,830
Open Solutions, Inc. (a)	14,358		389,820
OpenTV Corp. Class A (a)(d)	89,696		236,797
Opnet Technologies, Inc. (a)	6,308		60,557
Opsware, Inc. (a)	55,228		434,644
PASW, Inc. (a)	3,300		462
Peerless Systems Corp. (a)	6,456		48,226
Pegasystems, Inc. (a)	8,702		71,182
Pervasive Software, Inc. (a)	3,743		15,870
Phoenix Technologies Ltd. (a)	6,540		45,322
Plato Learning, Inc. (a)	5,621		44,518
Progress Software Corp. (a)	23,085		674,082
QAD, Inc.	13,833		110,664
Quality Systems, Inc.	5,738		397,184
Quest Software, Inc. (a)	34,661		505,011
Quovadx, Inc. (a)	11,829		33,713
Radiant Systems, Inc. (a)	16,141		230,493
Red Hat, Inc. (a)(d)	97,490		2,619,556
Renaissance Learning, Inc.	1,747		29,751
Reynolds & Reynolds Co. Class A	36,047		998,502
RSA Security, Inc. (a)	50,137		736,011
SAFLINK Corp. (a)(d)	59,330		57,550
Salesforce.com, Inc. (a)(d)	46,271		1,612,544
Scientific Learning Corp. (a)	3,264		17,136
SCO Group, Inc. (a)(d)	3,511		15,097
Secure Computing Corp. (a)(d)	20,864		252,454
Segue Software, Inc. (a)	2,713		23,033
SERENA Software, Inc. (a)	17,016		406,682
Smith Micro Software, Inc. (a)	6,638		59,543
Sonic Foundry, Inc. (a)(d)	10,711		13,067
Sonic Solutions, Inc. (a)	12,392		224,915
SPSS, Inc. (a)	15,151		494,529
SSA Global Technologies, Inc.	6,135		102,700
StorageNetworks, Inc. (a)	29,377		0
SumTotal Systems, Inc. (a)	15,011		64,547
Sybase, Inc. (a)	50,253		1,071,896
Synopsys, Inc. (a)	88,603		1,937,748
Synplicity, Inc. (a)	6,924		48,606
Take Two Interactive Software, Inc. (a)(d)	37,219		579,872
TeleCommunication Systems, Inc.
Class A (a)(d)	3,743		7,860
TenFold Corp. (a)	6,737		2,695
THQ, Inc. (a)(d)	37,196		892,704

See accompanying notes which are an integral part of the financial statements.

Annual Report A-86

Common Stocks continued
	Shares	Value (Note 1)

INFORMATION TECHNOLOGY – continued
Software – continued
TIBCO Software, Inc. (a)	118,370	$ 1,026,268
Transaction Systems Architects, Inc.
Class A (a)	22,705	757,439
Ulticom, Inc. (a)	5,893	65,884
Ultimate Software Group, Inc. (a)(d)	11,363	265,894
VA Software Corp. (a)(d)	13,984	51,881
Vasco Data Security International,
Inc. (a)(d)	13,265	132,517
Verint Systems, Inc. (a)	6,268	227,090
Versant Corp. (a)	308	1,577
VerticalNet, Inc. (a)(d)	4,472	2,460
Viewpoint Corp. (a)(d)	6,830	7,103
Voxware, Inc. (a)	43	243
WatchGuard Technologies, Inc. (a)	7,672	31,148
Wave Systems Corp. Class A (a)(d)	14,715	9,550
Wind River Systems, Inc. (a)	43,049	665,968
Witness Systems, Inc. (a)	18,839	441,398
		51,617,903

TOTAL INFORMATION TECHNOLOGY		350,379,956

MATERIALS 3.8%
Chemicals 1.6%
A. Schulman, Inc.	18,560	434,861
ADA ES, Inc. (a)	6,212	140,205
Airgas, Inc.	39,428	1,434,785
Albemarle Corp.	25,635	1,088,206
Altair Nanotechnologies, Inc. (a)	15,064	51,067
American Pacific Corp. (a)	6,762	38,746
American Vanguard Corp. (d)	8,670	248,916
Arch Chemicals, Inc.	14,064	396,886
Balchem Corp.	9,996	214,614
Cabot Corp.	37,230	1,378,255
Calgon Carbon Corp.	19,943	155,157
Celanese Corp. Class A	43,073	921,762
CF Industries Holdings, Inc.	32,831	578,482
Chemtura Corp.	143,459	1,589,526
Cytec Industries, Inc.	22,824	1,217,432
Eden Bioscience Corp. (a)	11,228	7,074
Ferro Corp.	26,096	524,008
FMC Corp. (a)	21,416	1,302,307
Georgia Gulf Corp.	18,325	525,928
H.B. Fuller Co. (d)	18,199	738,879
Hawkins, Inc.	5,284	73,712
Huntsman Corp.	52,082	1,062,994
Kronos Worldwide, Inc.	4,133	120,270
Landec Corp. (a)	4,226	30,639
LESCO, Inc. (a)	4,008	65,130
LSB Industries, Inc. (a)(d)	3,264	21,216
Lubrizol Corp.	39,895	1,725,858
Lyondell Chemical Co.	137,618	2,878,969

	Shares	Value (Note 1)
MacDermid, Inc.	13,898		$ 408,879
Material Sciences Corp. (a)	5,053		65,740
Minerals Technologies, Inc.	11,385		609,439
Mosaic Co. (a)	76,168		1,211,071
Nalco Holding Co. (a)	55,668		974,190
Nanophase Technologies Corp. (a)(d)	5,146		36,382
NewMarket Corp. (a)	15,561		536,388
NL Industries, Inc. (d)	2,181		28,767
Olin Corp.	47,665		1,001,442
OM Group, Inc. (a)	15,898		337,197
OMNOVA Solutions, Inc. (a)	18,956		115,063
Penford Corp.	1,403		22,273
Pioneer Companies, Inc. (a)	7,295		219,725
PolyOne Corp. (a)(d)	66,589		581,322
Quaker Chemical Corp.	4,322		86,397
Rockwood Holdings, Inc.	20,456		468,442
RPM International, Inc.	70,004		1,262,872
Senomyx, Inc. (a)	17,125		278,453
Sensient Technologies Corp.	26,401		473,106
Spartech Corp.	19,265		466,213
Stepan Co.	3,010		80,397
Symyx Technologies, Inc. (a)	21,339		618,831
Terra Industries, Inc. (a)	57,036		404,385
The Scotts Co. Class A	25,710		1,231,252
Tronox, Inc. Class A	23,022		352,237
Valhi, Inc.	8,061		143,889
Valspar Corp.	54,890		1,450,743
W.R. Grace & Co. (a)	39,207		397,951
Wellman, Inc.	18,990		119,257
Westlake Chemical Corp.	6,116		209,901
Zoltek Companies, Inc. (a)(d)	2,526		43,599
			33,201,687
Construction Materials – 0.5%
Eagle Materials, Inc. (d)	32,664		1,768,102
Florida Rock Industries, Inc.	30,591		1,762,348
Headwaters, Inc. (a)(d)	26,772		993,777
Lafarge North America, Inc.	18,184		1,506,908
Martin Marietta Materials, Inc.	27,434		2,674,815
Texas Industries, Inc.	14,387		872,715
U.S. Concrete, Inc. (a)	25,666		321,595
			9,900,260
Containers & Packaging – 0.5%
AEP Industries, Inc. (a)	1,858		50,017
Aptargroup, Inc.	19,839		1,052,459
Caraustar Industries, Inc. (a)	16,241		165,171
Chesapeake Corp.	8,263		108,989
Constar International, Inc. (a)	2,862		10,157
Crown Holdings, Inc. (a)	101,204		1,852,033
Graphic Packaging Corp. (a)	49,076		127,598
Greif Brothers Corp. Class A	10,128		586,512
MOD PAC Corp. (sub. vtg.) (a)	1,684		18,591
Myers Industries, Inc.	11,528		184,448
Owens Illinois, Inc. (a)	83,397		1,562,860

See accompanying notes which are an integral part of the financial statements.

A-87 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

MATERIALS – continued
Containers & Packaging – continued
Packaging Corp. of America	40,233		$ 917,715
Packaging Dynamics Corp.	5,375		74,551
Rock Tenn Co. Class A	12,646		165,916
Silgan Holdings, Inc. (d)	15,625		615,938
Smurfit Stone Container Corp. (a)	146,337		1,919,941
Sonoco Products Co.	58,303		1,907,674
			11,320,570
Metals & Mining – 1.1%
A.M. Castle & Co. (d)	5,414		153,324
AK Steel Holding Corp. (a)(d)	70,998		788,078
Aleris International, Inc. (a)	17,516		750,210
Amcol International Corp.	14,746		407,137
Brush Engineered Materials, Inc. (a)	15,090		262,717
Canyon Resources Corp. (a)	8,249		6,764
Carpenter Technology Corp. (d)	13,679		1,143,428
Century Aluminum Co. (a)(d)	15,707		559,012
Chaparral Steel Co. (a)	14,709		673,819
Cleveland Cliffs, Inc.	12,498		1,075,453
Coeur d’Alene Mines Corp. (a)(d)	155,556		861,780
Commercial Metals Co.	34,180		1,548,012
Compass Minerals International, Inc.	21,799		543,885
Gibraltar Industries, Inc.	16,064		409,793
Glamis Gold Ltd. (a)	77,565		2,112,275
Hecla Mining Co. (a)	71,181		354,481
Meridian Gold, Inc. (a)	58,668		1,481,998
Metal Management, Inc.	19,301		544,481
NN, Inc.	5,189		64,032
Northwest Pipe Co. (a)	2,655		70,278
Olympic Steel, Inc.	5,717		150,700
Oregon Steel Mills, Inc. (a)(d)	21,212		803,511
Quanex Corp.	15,044		933,781
Reliance Steel & Aluminum Co.	17,175		1,415,048
Roanoke Electric Steel Corp.	8,456		236,345
Rock of Ages Corp. Class A	600		3,060
Royal Gold, Inc. (d)	11,756		369,491
RTI International Metals, Inc. (a)	13,020		547,491
Ryerson Tull, Inc. (d)	15,717		396,697
Schnitzer Steel Industries, Inc. Class A	12,586		391,425
Southern Copper Corp.	22,469		1,789,656
Steel Dynamics, Inc.	27,276		1,254,696
Steel Technologies, Inc.	9,322		257,194
Stillwater Mining Co. (a)	30,042		390,846
Titanium Metals Corp. (a)(d)	19,280		790,866
Universal Stainless & Alloy Products,
Inc. (a)	5,512		107,153
Wheeling Pittsburgh Corp. (a)	3,638		60,573
Worthington Industries, Inc.	47,398		929,001
			24,638,491
Paper & Forest Products 0.1%
Bowater, Inc.	32,625		848,903

	Shares	Value (Note 1)
Buckeye Technologies, Inc. (a)	16,675		$ 146,907
Deltic Timber Corp.	6,683		349,254
MAXXAM, Inc. (a)	2,331		74,825
Neenah Paper, Inc.	6,000		183,660
P.H. Glatfelter Co.	28,046		461,076
Pope & Talbot, Inc. (a)	3,531		26,730
Schweitzer Mauduit International, Inc. (d)	7,420		190,694
Wausau Mosinee Paper Corp.	26,262		341,406
			2,623,455

TOTAL MATERIALS			81,684,463

TELECOMMUNICATION SERVICES 1.7%
Diversified Telecommunication Services – 0.4%
Alaska Communication Systems Group,
Inc.	33,687		373,589
Allegiance Telecom, Inc. (a)	15,750		72
Arbinet thexchange, Inc. (a)	8,129		51,700
Atlantic Tele Network, Inc.	2,585		102,108
Broadwing Corp. (a)(d)	43,884		393,201
C2 Global Technologies, Inc. (a)(d)	275		193
Cincinnati Bell, Inc. (a)(d)	167,572		685,369
Cogent Communications Group,
Inc. (a)(d)	19,236		137,537
Commonwealth Telephone Enterprises,
Inc.	14,738		475,743
Consolidated Communications Holdings,
Inc.	22,499		320,386
Covad Communications Group,
Inc. (a)(d)	173,698		225,807
CT Communications, Inc.	14,682		194,390
D&E Communications, Inc.	5,104		51,806
eLEC Communications Corp. (a)	14,200		6,390
FairPoint Communications, Inc.	12,449		175,157
Fonix Corp. (a)	595		12
General Communications, Inc.
Class A (a)	36,915		415,294
Global Crossing Ltd. (a)(d)	6,900		118,542
HickoryTech Corp.	10,207		81,452
Hungarian Telephone & Cable
Corp. (a)(d)	3,053		47,627
IDT Corp. Class B (a)(d)	38,521		458,015
Iowa Telecommunication Services, Inc. .	13,847		245,092
Level 3 Communications, Inc. (a)(d)	364,914		1,240,708
Moscow CableCom Corp. (a)	3,275		25,807
NeuStar, Inc. Class A (d)	14,137		407,146
North Pittsburgh Systems, Inc. 01/01/06	5,561		113,111
Pac West Telecomm, Inc. (a)	6,849		6,507
PanAmSat Holding Corp.	31,660		794,983
Premiere Global Services, Inc. (a)	39,920		327,743
Primus Telecommunications Group,
Inc. (a)(d)	28,517		24,810
Rapid Link, Inc. (a)	4,800		1,440
Shenandoah Telecommunications Co.	7,394		322,157

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-88

Common Stocks continued
	Shares	Value (Note 1)

TELECOMMUNICATION SERVICES continued
TELECOMMUNICATION SERVICES continued
Diversified Telecommunication Services – continued
SureWest Communications	7,402		$ 187,123
Talk America Holdings, Inc. (a)(d)	17,075		145,650
Time Warner Telecom, Inc. Class A (a)	41,308		521,720
U.S. LEC Corp. Class A (a)	5,708		12,101
Valor Communications Group, Inc.	23,981		296,165
Warwick Valley Telephone Co.	842		18,650
WQN, Inc. (a)	1,740		2,888
XETA Technologies, Inc. (a)	3,181		6,267
			9,014,458
Wireless Telecommunication Services – 1.3%
@Road, Inc. (a)	15,022		77,514
American Tower Corp. Class A (a)	246,796		7,855,517
Centennial Communications Corp.
Class A	17,544		133,159
Crown Castle International Corp. (a)	137,478		4,309,935
Dobson Communications Corp.
Class A (a)(d)	89,253		646,192
First Ave Networks, Inc. (a)	24,000		202,560
GoAmerica, Inc. (a)	118		473
Hughes Communications, Inc. (a)	940		32,900
InPhonic, Inc. (a)(d)	15,876		89,223
LCC International, Inc. (a)	9,142		27,426
Leap Wireless International, Inc. (a)	26,757		1,126,737
Metro One Telecommunications,
Inc. (a)(d)	6,550		3,865
Nextel Partners, Inc. Class A (a)	89,699		2,516,954
NII Holdings, Inc. (a)	78,482		4,019,848
Price Communications Corp. (a)	26,945		451,329
Rural Cellular Corp. Class A (a)	3,181		45,965
SBA Communications Corp. Class A (a) .	49,330		1,109,432
SkyTerra Communications, Inc. (a)(d)	1,881		43,263
SunCom Wireless Holdings, Inc.
Class A (a)	20,145		34,247
Syniverse Holdings, Inc.	18,182		260,003
Telephone & Data Systems, Inc.	60,838		2,275,341
U.S. Cellular Corp. (a)	12,417		682,314
Ubiquitel, Inc. (a)	47,417		463,264
USA Mobility, Inc.	16,032		462,042
Wireless Facilities, Inc. (a)	21,324		95,958
			26,965,461

TOTAL TELECOMMUNICATION SERVICES			35,979,919

UTILITIES 3.7%
Electric Utilities – 0.9%
Allete, Inc.	15,089		704,204
Capital Rock Energy Corp. (a)(d)	485		10,350
Central Vermont Public Service Corp.	4,526		96,902
Cleco Corp. (d)	30,451		684,843
DPL, Inc.	72,621		1,954,957
Duquesne Light Holdings, Inc.	53,427		926,958

	Shares	Value (Note 1)
El Paso Electric Co. (a)	23,885		$ 488,448
Empire District Electric Co.	13,229		292,625
Great Plains Energy, Inc.	46,732		1,327,189
Green Mountain Power Corp.	3,042		85,784
Hawaiian Electric Industries, Inc.	47,767		1,276,812
IDACORP, Inc. (d)	28,268		931,148
ITC Holdings Corp.	11,362		296,094
MGE Energy, Inc.	10,865		364,195
Northeast Utilities	94,733		1,858,661
Otter Tail Corp.	15,829		493,073
Pepco Holdings, Inc.	117,513		2,793,284
Reliant Energy, Inc. (a)	186,270		1,892,503
Sierra Pacific Resources (a)	65,326		930,242
UIL Holdings Corp.	8,334		427,118
Unisource Energy Corp.	18,785		571,252
Unitil Corp.	2,839		72,395
Westar Energy, Inc.	50,029		1,076,624
			19,555,661
Gas Utilities 1.1%
AGL Resources, Inc.	50,742		1,821,638
Atmos Energy Corp.	57,253		1,511,479
Cascade Natural Gas Corp.	4,582		89,807
Chesapeake Utilities Corp.	7,710		232,611
Delta Natural Gas Co., Inc.	2,782		72,026
Energen Corp.	36,505		1,304,324
EnergySouth, Inc.	8,653		258,465
Equitable Resources, Inc.	72,664		2,642,063
Laclede Group, Inc.	12,640		425,842
National Fuel Gas Co.	51,284		1,660,576
New Jersey Resources Corp.	15,267		687,015
Northwest Natural Gas Co.	16,795		575,061
ONEOK, Inc.	59,316		1,814,476
Piedmont Natural Gas Co., Inc. (d)	48,886		1,208,462
Questar Corp. (d)	53,696		3,933,232
SEMCO Energy, Inc. (a)	5,396		30,218
South Jersey Industries, Inc.	17,998		514,743
Southern Union Co.	69,593		1,713,380
Southwest Gas Corp.	19,512		556,482
UGI Corp.	61,803		1,387,477
WGL Holdings, Inc. (d)	36,873		1,135,688
			23,575,065
Independent Power Producers & Energy Traders 0.4%
Black Hills Corp.	22,042		761,992
Mirant Corp. (a)(d)	180,435		4,438,701
NRG Energy, Inc. (a)(d)	47,239		2,043,087
Ormat Technologies, Inc. (d)	6,685		256,905
			7,500,685
Multi-Utilities – 1.1%
Alliant Energy Corp.	70,298		2,326,864
Aquila, Inc. (a)	262,388		1,023,313
Avista Corp.	27,686		542,646
CH Energy Group, Inc.	10,964		538,332

See accompanying notes which are an integral part of the financial statements.

A-89 Annual Report

Spartan Extended Market Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)

UTILITIES – continued
Multi-Utilities – continued
Energy East Corp.	90,014	$ 2,255,751
Florida Public Utilities Co.	5,845	82,999
MDU Resources Group, Inc.	67,028	2,362,737
NorthWestern Energy Corp.	18,206	590,421
NSTAR	66,873	1,963,391
OGE Energy Corp.	62,945	1,809,669
PNM Resources, Inc.	39,559	979,085
Puget Energy, Inc.	75,396	1,625,538
SCANA Corp.	67,551	2,754,730
Vectren Corp.	50,387	1,328,201
Wisconsin Energy Corp.	69,007	2,820,316
WPS Resources Corp.	22,954	1,206,233
		24,210,226
Water Utilities – 0.2%
American States Water Co.	11,845	408,534
Aqua America, Inc.	68,882	1,979,669
Artesian Resources Corp. Class A	2,509	74,281
Cadiz, Inc. (a)(d)	14,433	265,134
California Water Service Group	10,939	478,691
Connecticut Water Service, Inc.	5,523	140,063
Middlesex Water Co.	9,279	179,085
SJW Corp.	2,247	115,361
Southwest Water Co.	7,002	126,526
York Water Co.	8,433	226,173
		3,993,517

TOTAL UTILITIES		78,835,154

TOTAL COMMON STOCKS
(Cost $1,709,938,770)	2,075,764,950

U.S. Treasury Obligations 0.2%
	Principal
	Amount
U.S. Treasury Bills, yield at date of
purchase 3.93% 3/23/06 (e)
(Cost $3,990,059)	$ 4,000,000	3,989,392

Money Market Funds 15.9%
		Shares	Value (Note 1)
Fidelity Cash Central Fund,
4.57% (b)		41,327,112		$ 41,327,112
Fidelity Securities Lending Cash
Central Fund, 4.58% (b)(c)		298,147,061		298,147,061

TOTAL MONEY MARKET FUNDS
(Cost $339,474,173)			339,474,173

TOTAL INVESTMENT PORTFOLIO 113.5%
(Cost $2,053,403,002)			2,419,228,515

NET OTHER ASSETS (13.5)%			(287,880,737)
NET ASSETS 100%		$ 2,131,347,778


Futures Contracts
	Expiration	Underlying		Unrealized
	Date	Face Amount		Appreciation/
		at Value		(Depreciation)
Purchased

Equity Index Contracts
425 Russell 1000
Mini Index
Contracts	March 2006	$ 31,110,000		$ 909,871
70 S&P 500 E Mini
Index Contracts	March 2006	4,488,400		38,585
6 S&P 500 Index
Contracts	March 2006	1,923,600		(12,984)
208 S&P MidCap
400 E Mini Index
Contracts	March 2006	16,120,000		231,047
TOTAL EQUITY INDEX
CONTRACTS		$ 53,642,000		$ 1,166,519

The face value of futures purchased as a percentage of net assets -2.6%

Swap Agreements

	Expiration	Notional	Value
	Date	Amount

Equity Total Return Swaps
Receive monthly a
return equal to Plains
All American Pipeline
LP and pay monthly
a floating rate based
on 1 month LIBOR
plus 40 basis points
with Goldman Sachs	Sept. 2006	$ 1,134,250	$ (15,879)

See accompanying notes which are an integral part of the financial statements.

Annual Report A-90

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 1,424,413
Fidelity Securities Lending Cash Central Fund		2,586,331
Total		$ 4,010,744

See accompanying notes which are an integral part of the financial statements.

A-91 Annual Report

Spartan Extended Market Index

Financial Statements


Statement of Assets and Liabilities
		February 28, 2006

Assets
Investment in securities, at value (in-
cluding securities loaned of
$280,091,288) — See accom-
panying schedule:
Unaffiliated issuers (cost
$1,713,928,829)	$ 2,079,754,342
Affiliated Central Funds (cost
$339,474,173)	339,474,173
Total Investments (cost
$2,053,403,002)		$2,419,228,515
Cash			34,341
Receivable for investments sold			3,691,891
Receivable for fund shares sold			7,046,024
Dividends receivable			1,491,516
Interest receivable			168,178
Other affiliated receivables			293
Other receivables			230,196
Total assets			2,431,890,954

Liabilities
Payable for fund shares redeemed .	$ 1,681,390
Swap agreements, at value	15,879
Accrued management fee	122,165
Payable for daily variation on futures
contracts	539,662
Other affiliated payables	37,019
Collateral on securities loaned, at
value	298,147,061
Total liabilities			300,543,176

Net Assets		$ 2,131,347,778
Net Assets consist of:
Paid in capital		$1,746,043,975
Undistributed net investment income			6,716,236
Accumulated undistributed net real-
ized gain (loss) on investments and
foreign currency transactions			11,611,414
Net unrealized appreciation (de-
preciation) on investments			366,976,153
Net Assets		$ 2,131,347,778
Investor Class:
Net Asset Value, offering price and
redemption price per share
($1,499,847,984 ÷
40,918,472 shares)			$ 36.65
Fidelity Advantage Class:
Net Asset Value, offering price and
redemption price per share
($631,499,794 ÷ 17,227,517
shares)			$ 36.66

Statement of Operations
	Year ended February 28, 2006

Investment Income
Dividends		$ 19,666,940
Interest		123,303
Income from affiliated Central Funds
(including $2,586,331 from sec-
urity lending)		4,010,744
Total income		23,800,987

Expenses
Management fee	$ 1,472,895
Transfer agent fees	177,727
Independent trustees’ compensation	7,110
Miscellaneous	4,221
Total expenses before reductions	1,661,953
Expense reductions	(61,997)	1,599,956

Net investment income (loss)		22,201,031
Realized and Unrealized Gain
(Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	39,143,330
Foreign currency transactions	10
Futures contracts	1,518,660
Swap agreements	313,742
Total net realized gain (loss)		40,975,742
Change in net unrealized appreci-
ation (depreciation) on:
Investment securities	228,956,836
Futures contracts	819,659
Swap agreements	(146,816)
Total change in net unrealized ap-
preciation (depreciation)		229,629,679
Net gain (loss)		270,605,421
Net increase (decrease) in net as-
sets resulting from operations		$ 292,806,452

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-92

Statement of Changes in Net Assets
				Year ended				Year ended
				February 28,				February 28,
				2006				2005
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)					$ 22,201,031			$ 10,455,923
Net realized gain (loss)					40,975,742			9,327,284
Change in net unrealized appreciation (depreciation)				229,629,679				89,628,045
Net increase (decrease) in net assets resulting from operations				292,806,452				109,411,252
Distributions to shareholders from net investment income				(18,167,972)				(8,519,893)
Distributions to shareholders from net realized gain					(5,453,013)			—
Total distributions				(23,620,985)				(8,519,893)
Share transactions — net increase (decrease)				400,646,865				374,336,026
Redemption fees					208,326				331,247
Total increase (decrease) in net assets				670,040,658				475,558,632

Net Assets
Beginning of period				1,461,307,120				985,748,488
End of period (including undistributed net investment income of $6,716,236 and undistributed net investment income
of $2,822,404, respectively)				$ 2,131,347,778			$ 1,461,307,120

Financial Highlights Investor Class
Years ended February 28,	2006	2005	2004^D			2003			2002
Selected Per Share Data
Net asset value, beginning of period	$ 31.47	$ 28.76		$ 18.29		$ 22.59			$ 24.77
Income from Investment Operations
Net investment income (loss)^B	43	.28^F		.20		.18			.24
Net realized and unrealized gain (loss)	5.19	2.64		10.40		(4.29)			(1.81)
Total from investment operations	5.62	2.92		10.60		(4.11)			(1.57)
Distributions from net investment income	(.34)	(.22)		(.14)		(.19)			(.25)
Distributions from net realized gain	(.10)	—		—		—			(.37)
Total distributions	(.44)	(.22)		(.14)		(.19)			(.62)
Redemption fees added to paid in capital^B	—^E	.01		.01		—^E			.01
Net asset value, end of period	$ 36.65	$ 31.47		$ 28.76		$ 18.29			$ 22.59
Total Return^A	17.94%	10.20%		58.07%		(18.25)%			(6.19)%
Ratios to Average Net Assets^C
Expenses before reductions	10%	.43%		.44%		.45%			.45%
Expenses net of fee waivers, if any	10%	.23%		.40%		.30%			.25%
Expenses net of all reductions	10%	.23%		.40%		.30%			.25%
Net investment income (loss)	1.30%	.96%^F		.82%		.88%			1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$1,499,848	$1,461,307	$ 985,748			$ 421,714		$ 446,777
Portfolio turnover rate	13%	17%		18%		18%			34%

^ATotal returns would have been lower had certain expenses not been reduced during the periods shown. ^BCalculated based on average shares outstanding during the period. ^CExpense ratios reflect operating expenses of the class. Expenses before
reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect
expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^DFor the year ended February 29. ^EAmount represents
less than $.01 per share. ^FAs a result in the change in the estimate of the return of capital components of dividend income realized in the year ended February 29, 2004, net investment income per share and the ratio of net investment income to
average net assets for the year ended February 28, 2005 have been reduced by $.01 per share and .03%, respectively. The change in estimate has no impact on total net assets or total return of the class.

See accompanying notes which are an integral part of the financial statements.

A-93

Annual Report

Financial Highlights Fidelity Advantage Class

		2006^E
Selected Per Share Data
Net asset value, beginning of period		$ 32.60
Income from Investment Operations
Net investment income (loss)^D		17
Net realized and unrealized gain (loss)		4.28
Total from investment operations		4.45
Distributions from net investment income		(.29)
Distributions from net realized gain		(.10)
Total distributions		(.39)
Redemption fees added to paid in capital^D		—^G
Net asset value, end of period		$ 36.66
Total Return^B,C		13.71%
Ratios to Average Net Assets^F
Expenses before reductions		07%^A
Expenses net of fee waivers, if any		07%^A
Expenses net of all reductions		07%^A
Net investment income (loss)		1.28%^A
Supplemental Data
Net assets, end of period (000 omitted)		$ 631,500
Portfolio turnover rate		13%

See accompanying notes which are an integral part of the financial statements.

Annual Report A-94

Spartan International Index Fund
Performance: The Bottom Line

Average Annual Total Returns
Periods ended February 28, 2006	Past 1	Past 5	Life of
	year	years	fund
Spartan International Index Fund Investor Class^A	17.23%	7.04%	6.80%
Spartan International Index Fund Fidelity Advantage Class^B	17.27%	7.05%	6.81%

A From November 5, 1997.

B The initial offering of Fidelity Advantage Class took place on October 14, 2005. Returns prior to October 14, 2005, are those of Investor Class.

$10,000 Over Life of Fund

Let’s say hypothetically that $10,000 was invested in Spartan International Index Fund Investor Class on November 5, 1997, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® Index performed over the same period.

A-95

Annual Report

Spartan International Index Fund

Management’s Discussion of Fund Performance

Comments from Jeffrey Adams, who oversees the Spartan® International Index Fund’s investment management team as Head of Indexing for Geode Capital Management, LLC

Foreign stock markets enjoyed broad based advances during the 12 month period that ended February 28, 2006, encouraged by better than expected corporate earnings and markedly improved economies. For the 12 months overall, the Morgan Stanley Capital International^SMEurope, Australasia, Far

East (MSCI® EAFE®) Index a performance measure of developed stock markets outside the United States and Canada rose 17.60% . That return significantly outperformed the overall U.S. equity market, as the Dow Jones Wilshire 5000 Composite Index^SM, the broadest measure of U.S. stock performance, increased 10.67% . Japan, the world’s second largest economy and second largest component of the MSCI EAFE index with a 23% weighting on average during the period also had the benchmark’s second best gain, climbing 31.00% . Prime Minister Koizumi’s decisive election victory and an improving economic environment helped attract record flows into Japanese stocks from overseas investors. Conversely, the largest index component the United Kingdom was a significant relative detractor. It recorded a roughly 9% gain, held back by its weakening economy.

For the 12 months ending February 28, 2006, the fund’s Investor Class shares gained 17.23%, roughly in line with the MSCI EAFE index. The fund’s peer group average, the Lipper^SMInternational Funds Average, returned 18.56% . For additional performance information, including that of the new Fidelity Advantage Class, please refer to the performance section of this shareholder report. Many of the period’s best performers were Japanese companies. Automaker Toyota Motor was helped by domestic currency weakness and also benefited from dramatic gains in market share at the expense of strug gling U.S. automakers. Japan’s financial sector strengthened as domestic investors returned to the equity market and the overall pace of economic activity increased after a decade of stagnation. Banks such as Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group also enjoyed favorable performance. Swiss pharmaceutical giant Roche Holding gained on strong sales of its Tamiflu vaccine, which offers protection from avian flu. One major negative was a stronger U.S. dollar, which adversely affected results for U.S. investors in foreign securities. The telecommunication services sector was another source of weakness. Many of Europe’s largest telecom companies reported disappointing earnings and the likelihood of future revenue declines. Notable laggards included U.K. based Vodafone Group, France Telecom, Germany’s Deutsche Telekom, Telecom Italia and Spain based Telefonica.

Annual Report

A-96

Spartan International Index Fund
Investment Changes


Top Ten Stocks as of February 28, 2006
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
BP PLC (United Kingdom, Oil, Gas
& Consumable Fuels)	2.1	2.5
HSBC Holdings PLC (United
Kingdom) (Reg.) (United
Kingdom, Commercial Banks)	1.7	1.8
Toyota Motor Corp. (Japan,
Automobiles)	1.4	1.2
GlaxoSmithKline PLC (United
Kingdom, Pharmaceuticals)	1.3	1.5
Total SA Series B (France, Oil,
Gas & Consumable Fuels)	1.3	1.5
Novartis AG (Reg.) (Switzerland,
Pharmaceuticals)	1.2	1.2
Mitsubishi UFJ Financial Group,
Inc. (Japan, Commercial Banks)	1.2	0.8
Nestle SA (Reg.) (Switzerland,
Food Products)	1.1	1.2
Vodafone Group PLC (United
Kingdom, Wireless
Telecommunication Services)	1.1	1.8
Royal Dutch Shell PLC Class A
(United Kingdom) (United
Kingdom, Oil, Gas &
Consumable Fuels)	1.1	1.4
	13.5
Market Sectors as of February 28, 2006
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Financials	29.2	26.9
Consumer Discretionary	11.2	11.2
Industrials	9.8	8.8
Materials	8.7	7.6
Energy	7.7	9.2
Consumer Staples	7.4	7.7
Health Care	7.0	8.1
Information Technology	5.4	4.9
Utilities	5.7	5.6
Telecommunication Services	5.1	6.8

A-97 Annual Report

Spartan International Index Fund
Investments February 28, 2006
Showing Percentage of Net Assets

Common Stocks 96.8%
	Shares	Value (Note 1)
Australia 5.0%
Alinta Ltd.	30,277		$ 249,968
Alumina Ltd.	210,492		1,084,582
Amcor Ltd.	156,289		863,314
AMP Ltd.	344,779		2,201,438
Ansell Ltd.	25,930		211,769
APN News & Media Ltd.	28,780		101,497
Aristocrat Leisure Ltd.	62,901		562,745
Australia & New Zealand Banking Group
Ltd.	334,740		6,392,133
Australian Gas Light Co.	78,056		1,109,794
Australian Stock Exchange Ltd.	16,315		393,190
AXA Asia Pacific Holdings Ltd.	201,141		873,622
Babcock & Brown Ltd.	19,561		251,685
BHP Billiton Ltd.	652,496		11,747,807
Billabong International Ltd.	31,113		358,510
BlueScope Steel Ltd.	122,030		597,968
Boral Ltd.	113,032		737,662
Brambles Industries Ltd.	170,500		1,272,207
Caltex Australia Ltd.	29,681		379,031
Centro Properties Group unit	153,081		772,854
CFS Gandel Retail Trust	347,512		503,120
Challenger Financial Services Group Ltd.	44,690		129,071
Coca Cola Amatil Ltd.	110,311		577,398
Cochlear Ltd.	12,912		469,739
Coles Myer Ltd.	203,757		1,485,564
Commonwealth Bank of Australia	234,128		7,796,201
Commonwealth Property Office Fund	253,363		253,948
Computershare Ltd.	54,899		275,944
CSL Ltd.	32,804		1,283,526
CSR Ltd.	119,744		339,613
DB RREEF Trust unit	498,081		521,418
DCA Group Ltd.	41,114		107,143
Downer EDI Ltd.	65,328		380,747
Fosters Group Ltd.	371,433		1,500,191
Futuris Corp. Ltd.	136,290		238,805
Harvey Norman Holdings Ltd.	119,495		310,517
Iluka Resources Ltd.	58,142		308,216
ING Industrial Fund	114,900		195,354
Insurance Australia Group Ltd.	293,555		1,174,750
Investa Property Group unit	317,314		473,535
John Fairfax Holdings Ltd.	193,291		569,730
Leighton Holdings Ltd.	25,636		346,789
Lend Lease Corp. Ltd.	64,349		636,853
Lion Nathan Ltd.	36,606		217,425
Macquarie Airports unit	157,800		378,422
Macquarie Bank Ltd.	43,873		2,092,196
Macquarie Communications
Infrastructure Group unit	39,263		165,285
Macquarie Goodman Group unit	221,053		828,810
Macquarie Infrastructure Group unit	436,742		1,134,907
Macquarie Office Trust	352,600		354,723
Mayne Pharma Ltd. (a)	125,108		257,295

	Shares	Value (Note 1)
Mirvac Group unit	180,259		$ 563,438
Multiplex Group unit	159,959		375,287
National Australia Bank Ltd.	284,135		7,706,310
Newcrest Mining Ltd.	55,972		880,996
OneSteel Ltd.	142,555		408,542
Orica Ltd.	56,739		968,474
Origin Energy Ltd.	144,038		737,893
Pacific Brands Ltd.	154,209		259,898
PaperlinX Ltd.	51,762		130,664
Patrick Corp. Ltd.	130,488		663,634
Perpetual Trustees Australia Ltd.	8,210		414,495
Publishing & Broadcasting Ltd.	18,053		228,395
Qantas Airways Ltd.	170,088		517,756
QBE Insurance Group Ltd.	144,038		2,213,679
Rinker Group Ltd.	161,770		2,148,699
Rio Tinto Ltd.	49,836		2,634,453
Santos Ltd.	105,789		889,107
SFE Corp. Ltd.	14,934		141,812
Sonic Healthcare Ltd.	48,511		559,344
Stockland unit	244,996		1,224,169
Suncorp Metway Ltd.	111,687		1,696,584
Symbion Health Ltd.	125,108		311,170
Tabcorp Holdings Ltd.	95,929		1,081,870
Telstra Corp. Ltd.	351,488		1,004,705
The GPT Group unit	367,300		1,131,713
Toll Holdings Ltd.	46,206		400,690
Transurban Group unit	159,223		844,056
UNiTAB Ltd.	14,511		148,354
Wesfarmers Ltd.	68,345		1,857,184
Westfield Group unit	268,383		3,546,845
Westpac Banking Corp.	336,892		5,905,462
Woodside Petroleum Ltd.	89,665		2,695,491
Woolworths Ltd.	211,552		2,890,029
TOTAL AUSTRALIA		102,650,209

Austria 0.5%
Andritz AG	1,200		155,226
Boehler Uddeholm AG	1,540		288,960
Erste Bank der Oesterreichischen
Sparkassen AG	33,323		2,025,942
Flughafen Wien AG	1,669		134,617
IMMOFINANZ Immobilien Anlagen
AG (a)	58,728		599,283
Mayr Melnhof Karton AG	1,559		229,430
Meinl European Land Ltd. (a)	22,020		405,563
Meinl European Land Ltd. rights
3/3/06 (a)	22,020		1,313
Oesterreichische Elektrizitaetswirtschafts
AG (Verbund)	1,515		704,352
OMV AG	27,790		1,724,336
Raiffeisen International Bank Holding AG	6,500		542,406
RHI AG (a)	250		7,132
Telekom Austria AG	62,944		1,437,681
voestalpine AG	3,528		411,362

See accompanying notes which are an integral part of the financial statements.

Annual Report A-98

Common Stocks continued
	Shares	Value (Note 1)
Austria – continued
Wiener Staedische Versicher AG	5,600		$ 357,153
Wienerberger Baustoffindust AG	14,056		651,647
TOTAL AUSTRIA			9,676,403

Belgium – 1.1%
Agfa Gevaert NV	15,132		301,610
Barco NV	1,359		114,053
Bekaert SA	3,498		359,243
Belgacom SA	29,878		898,987
Cofinimmo SA	2,132		337,773
Colruyt NV	3,183		458,750
Compagnie Maritime Belge SA (CMB)	845		27,379
D’ieteren SA	766		229,931
Delhaize Group	12,792		853,963
Dexia SA	101,294		2,516,484
Euronav NV	1,014		29,458
Fortis	212,321		7,567,925
Fortis (strip VVPR) (a)	1,764		126
Groupe Bruxelles Lambert SA (GBL)	12,276		1,348,543
InBev SA	32,115		1,485,048
KBC Groupe SA	33,100		3,456,565
Mobistar SA	6,304		443,009
Omega Pharma SA	2,960		160,234
Solvay SA	11,639		1,288,280
UCB SA	14,171		671,507
Umicore SA	3,682		523,645
TOTAL BELGIUM			23,072,513

Bermuda 0.0%
Frontline Ltd.	7,750		297,481
Noble Group Ltd. (d)	135,000		101,510
SCMP Group Ltd.	46,000		17,047
TOTAL BERMUDA			416,038

Cayman Islands 0.0%
Hutchison Telecommunications
International Ltd. (a)	290,000		446,706
Kingboard Chemical Holdings Ltd.	103,000		325,281
TOTAL CAYMAN ISLANDS			771,987

Denmark – 0.6%
A.P. Moller – Maersk AS Series B	226		2,072,450
Bang & Olufsen AS Series B	2,900		345,158
Carlsberg AS Series B	4,238		265,406
Coloplast AS Series B	4,910		327,885
Dampskibsselskabet TORM AS	2,050		99,725
Danisco AS	7,325		537,136
Danske Bank AS	78,548		2,801,499
DSV de Sammensluttede Vognmaend AS	3,019		405,623
East Asiatic Co. Ltd.	4,141		414,136
FLS Industries	1,400		43,950
GN Store Nordic AS	42,265		563,808
H. Lundbeck AS	13,435		276,880

	Shares	Value (Note 1)
NKT Holding AS	5,300		$ 268,410
Novo Nordisk AS Series B	45,430		2,670,880
Novozymes AS Series B	7,193		430,928
Topdanmark AS (a)	4,615		467,439
Trygvesta AS	5,000		277,181
Vestas Wind Systems AS (a)(d)	32,628		684,154
William Demant Holding AS (a)	4,767		277,592
TOTAL DENMARK			13,230,240

Finland – 1.4%
Amer Group PLC (A Shares)	10,650		222,812
Cargotec Corp. (B Shares)	5,320		215,627
Elisa Corp. (A Shares)	31,050		627,029
Fortum Oyj	75,212		1,820,103
KCI Konecranes Oyj	700		44,060
Kesko Oyj	12,100		380,372
Kone Oyj (B Shares)	14,980		619,661
Metso Corp.	21,307		784,862
Neste Oil Oyj	24,006		735,185
Nokia Corp.	770,370		14,313,474
Nokian Tyres Ltd.	16,500		262,590
OKO Bank (A Shares)	17,250		290,771
Orion Yhtyma Oyj (B Shares)	16,800		362,093
Outokumpu Oyj (A Shares)	15,725		285,498
Rautaruukki Oyj (K Shares)	21,500		725,077
Sampo Oyj (A Shares)	68,905		1,381,623
Stora Enso Oyj (R Shares)	121,945		1,731,619
TietoEnator Oyj	16,860		606,582
UPM Kymmene Corp.	95,118		2,018,345
Uponor Oyj	14,100		368,949
Wartsila Oyj (B Shares)	11,350		414,028
YIT Yhtyma OY	12,350		627,176
TOTAL FINLAND			28,837,536

France – 8.8%
Accor SA	34,688		2,086,186
Air France KLM (Reg.)	26,409		611,384
Alcatel SA (RFD) (a)	227,046		3,065,120
Alstom SA (a)	21		39
Alstom SA (a)	19,487		1,667,947
Atos Origin SA (a)	10,713		747,102
Autoroutes du Sud de la France	10,476		633,164
AXA SA	273,774		9,686,125
BIC SA	4,989		304,209
BNP Paribas SA	140,508		13,006,343
Bouygues SA	34,747		1,825,049
Business Objects SA (a)	11,324		422,272
Cap Gemini SA (a)	24,145		1,193,066
Carrefour SA	101,634		5,047,438
Casino Guichard Perrachon et
Compagnie	5,455		340,102
CNP Assurances	6,865		657,975
Compagnie de St. Gobain	55,025		3,673,337
Credit Agricole SA	109,456		4,000,593

See accompanying notes which are an integral part of the financial statements.

A-99 Annual Report

Spartan International Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)
France – continued
Dassault Systemes SA	10,711		$ 597,570
Essilor International SA	18,141		1,563,552
France Telecom SA	308,722		6,742,488
Gaz de France	35,750		1,237,188
Gecina SA	1,357		169,695
Groupe Danone	43,275		5,004,048
Hermes International SA	3,975		994,158
Imerys	6,984		596,531
Klepierre SA	4,536		523,433
L’Air Liquide SA	18,762		3,703,839
L’Oreal SA	55,269		4,892,048
Lafarge SA (Bearer)	32,686		3,419,177
Lagardere S.C.A. (Reg.)	21,145		1,635,931
Louis Vuitton Moet Hennessy (LVMH)	46,334		4,211,651
Michelin SA (Compagnie Generale des
Etablissements) Series B	26,163		1,596,872
Neopost SA	5,912		591,654
PagesJaunes Groupe SA	25,937		694,143
Pernod Ricard SA	13,664		2,339,079
Peugeot Citroen SA	27,560		1,607,560
Pinault Printemps Redoute SA	11,529		1,329,018
Publicis Groupe SA	26,565		1,014,330
Renault SA	34,587		3,325,293
Safran SA	33,033		841,128
Sanofi Aventis	190,133		16,210,741
Schneider Electric SA	40,728		4,163,321
SCOR SA	180,446		434,522
Societe des Autoroutes du Nord et de
l’Est de la France	5,571		385,189
Societe Des Autoroutes Paris Rhin Rhone	7,128		520,459
Societe Generale Series A	64,068		9,081,043
Sodexho Alliance SA	19,243		819,631
Suez SA:
(France)	181,241		6,674,013
(strip VVRP) (a)	15,232		182
Technip Coflexip SA	18,050		1,085,553
Television Francaise 1 SA	20,760		625,629
Thales SA	16,309		743,266
Thomson SA	45,550		783,008
Total SA:
(strip VVPR) (a)	774		9
Series B	101,090		25,500,963
Unibail (Reg.)	7,976		1,307,376
Valeo SA	9,846		394,260
Veolia Environnement	65,030		3,396,250
Vinci SA	30,141		2,784,659
Vivendi Universal SA	205,200		6,186,779
Zodiac SA	5,619		352,671
TOTAL FRANCE		179,047,361

Germany 6.6%
Adidas Salomon AG	9,170		1,792,994

	Shares	Value (Note 1)
Allianz AG (Reg.)	69,530	$ 11,249,954
Altana AG	11,139	598,476
BASF AG	97,449	7,366,170
Bayer AG	121,642	4,894,874
Beiersdorf AG	3,863	525,025
Celesio AG	6,136	569,744
Commerzbank AG	107,557	3,915,799
Continental AG	24,208	2,477,779
DaimlerChrysler AG (Reg.)	166,284	9,223,773
Deutsche Bank AG	89,478	9,909,689
Deutsche Boerse AG	18,410	2,317,118
Deutsche Lufthansa AG (Reg.)	46,505	768,379
Deutsche Post AG	129,898	3,392,794
Deutsche Postbank AG	10,500	742,637
Deutsche Telekom AG (Reg.)	505,255	7,977,975
Douglas Holding AG	5,588	256,732
E.ON AG	113,815	12,647,123
Epcos AG (a)	2,900	39,411
Fresenius Medical Care AG	11,592	1,246,458
HeidelbergCement AG (strip VVPR) (a) .	239	3
Heidelberger Druckmaschinen AG	11,086	476,555
Hochtief AG	9,403	505,092
Hypo Real Estate Holding AG	24,981	1,643,848
Infineon Technologies AG (a)	114,787	1,057,188
IVG Immobilien AG	20,936	542,333
KarstadtQuelle AG (a)(d)	19,211	470,395
Linde AG	14,576	1,154,638
MAN AG	24,150	1,522,374
Merck KGaA	7,763	777,359
Metro AG	23,567	1,253,283
MLP AG	10,000	225,307
Muenchener
Rueckversicherungs Gesellschaft AG
(Reg.)	35,702	4,841,240
Premiere AG (d)	14,084	235,725
Puma AG	2,678	963,480
RWE AG	75,361	6,455,748
SAP AG	40,402	8,258,169
Schering AG	32,659	2,342,304
Siemens AG (Reg.)	145,781	13,408,937
Suedzucker AG (Bearer)	9,065	240,010
Thyssenkrupp AG	72,468	1,835,768
TUI AG	41,669	822,595
Volkswagen AG	31,531	2,204,918
Wincor Nixdorf AG	3,480	443,890
TOTAL GERMANY		133,594,063

Greece 0.7%
Alpha Bank AE	52,078	1,984,147
Bank of Piraeus	33,975	988,239
Coca Cola Hellenic Bottling Co. SA
(Bearer)	18,741	558,529
Cosmote Mobile Telecommunications SA	26,126	561,229
EFG Eurobank Ergasias SA	35,690	1,421,038

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-100

Common Stocks continued
	Shares	Value (Note 1)
Greece – continued
Emporiki Bank of Greece SA	12,762		$ 453,060
Folli Follie SA	730		21,547
Germanos SA	16,130		337,269
Greek Organization of Football
Prognostics SA	39,855		1,514,655
Hellenic Duty Free Shops SA	1,170		21,870
Hellenic Exchanges Holding SA	7,100		106,137
Hellenic Petroleum SA	24,620		343,389
Hellenic Technodomiki Tev SA	28,650		247,956
Hellenic Telecommunication Organization
SA (OTE) (a)	53,188		1,134,957
Hyatt Regency SA (Reg.)	3,104		41,295
Intracom Holdings SA (Reg.)	5,790		42,656
National Bank of Greece SA	50,056		2,579,013
Public Power Corp. of Greece	22,110		494,464
Technical Olympic SA (Reg.)	3,590		23,196
Titan Cement Co. SA (Reg.)	9,270		442,031
Viohalco SA	19,130		211,629
TOTAL GREECE			13,528,306

Hong Kong – 1.6%
ASM Pacific Technology Ltd.	54,829		306,376
Bank of East Asia Ltd.	283,582		974,163
BOC Hong Kong Holdings Ltd.	747,066		1,507,055
Cathay Pacific Airways Ltd.	160,327		298,628
Cheung Kong Holdings Ltd.	285,449		3,013,480
Cheung Kong Infrastructure Holdings Ltd.	130,450		411,130
CLP Holdings Ltd.	344,657		1,974,762
Esprit Holdings Ltd.	183,023		1,407,252
Giordano International Ltd.	290,194		154,301
Hang Lung Properties Ltd.	417,423		753,287
Hang Seng Bank Ltd.	132,601		1,775,899
Henderson Land Development Co. Ltd.	123,963		663,925
Hong Kong & China Gas Co. Ltd.	754,427		1,808,781
Hong Kong Electric Holdings Ltd.	295,176		1,364,037
Hong Kong Exchanges & Clearing Ltd.	188,198		966,717
Hopewell Holdings Ltd.	94,000		263,538
Hutchison Whampoa Ltd.	396,158		3,778,818
Hysan Development Co. Ltd.	68,932		168,822
Johnson Electric Holdings Ltd.	276,062		270,443
Kerry Properties Ltd.	121,500		391,536
Li & Fung Ltd.	346,930		704,333
Link (REIT)	424,000		929,117
MTR Corp. Ltd.	262,482		597,173
New World Development Co. Ltd.	380,988		608,960
Orient Overseas International Ltd.	63,400		233,728
PCCW Ltd.	670,751		462,563
Shangri La Asia Ltd.	154,842		248,493
Sino Land Co. (d)	190,032		285,370
SmarTone Telecommunications Holdings
Ltd.	14,000		15,881
Solomon Systech Ltd.	310,000		145,851

	Shares	Value (Note 1)
Sun Hung Kai Properties Ltd.	236,141	$ 2,465,541
Swire Pacific Ltd. (A Shares)	157,384	1,510,362
Techtronic Industries Co. Ltd.	188,000	325,939
Television Broadcasts Ltd.	52,000	292,579
Texwinca Holdings Ltd.	26,000	20,444
Wharf Holdings Ltd.	205,965	764,613
Wing Hang Bank Ltd.	16,500	127,293
Yue Yuen Industrial Holdings Ltd.	66,000	204,604
TOTAL HONG KONG		32,195,794

Ireland 0.8%
Allied Irish Banks PLC	158,911	3,797,972
Bank of Ireland	180,863	3,223,321
C&C Group PLC	39,416	263,132
CRH PLC	99,200	3,247,319
DCC PLC (Ireland)	18,780	427,604
DEPFA BANK PLC	59,879	994,348
Elan Corp. PLC (a)	73,490	980,327
Fyffes PLC (Ireland)	53,646	134,298
Grafton Group PLC Class A unit	36,355	446,390
Greencore Group PLC	55,849	229,027
IAWS Group PLC	16,000	267,030
IAWS Group PLC (Ireland)	9,000	150,205
Independent News & Media PLC	47,343	150,688
Independent News & Media PLC (Ireland)	26,951	85,783
Irish Life & Permanent PLC	49,760	1,096,806
Kerry Group PLC Class A	25,606	566,542
Kingspan Group PLC (Ireland)	17,895	258,551
Paddy Power PLC (United Kingdom)	6,000	96,131
Ryanair Holdings PLC (a)	35,718	326,158
TOTAL IRELAND		16,741,632

Italy 3.5%
Alleanza Assicurazioni Spa	79,378	983,169
Arnoldo Mondadori Editore Spa	30,725	290,637
Assicurazioni Generali Spa	176,496	6,330,963
Autogrill Spa	14,172	207,937
Autostrade Spa	54,404	1,389,194
Banca Antonveneta Spa	12,285	387,066
Banca Fideuram Spa	46,828	284,031
Banca Intesa Spa	709,895	4,197,479
Banca Monte dei Paschi di Siena Spa	180,791	935,792
Banca Nazionale del Lavoro (BNL) (a)	202,354	703,416
Banca Popolare di Milano	83,670	1,058,273
Banche Popolari Unite SCpA	58,391	1,468,031
Banco Popolare di Verona e Novara	67,483	1,619,388
Benetton Group Spa	18,370	233,990
Bulgari Spa	18,787	223,422
Capitalia Spa	315,497	2,384,499
Enel Spa	796,790	6,622,378
ENI Spa	478,071	13,689,565
Fiat Spa (a)(d)	91,629	991,817
Finmeccanica Spa	53,960	1,183,786
Gruppo Editoriale L’espresso Spa (d)	11,600	59,628

See accompanying notes which are an integral part of the financial statements.

A-101 Annual Report

Spartan International Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)
Italy – continued
Italcementi Spa	17,867		$ 365,879
Lottomatica Spa New	3,000		119,806
Luxottica Group Spa	23,613		663,289
Mediaset Spa	149,003		1,754,950
Mediobanca Spa	84,016		1,758,430
Mediolanum Spa	35,212		291,441
Pirelli & C Spa	593,771		561,242
San Paolo IMI Spa	207,988		3,670,987
Seat Pagine Gialle Spa	809,700		397,873
Snam Rete Gas Spa	165,985		729,154
Telecom Italia Media Spa (a)	69,534		35,312
Telecom Italia Spa	1,956,565		5,252,612
Terna Spa	257,575		677,671
Tiscali Spa (a)(d)	45,537		134,083
Unicredito Italiano Spa	1,442,153		10,495,659
TOTAL ITALY			72,152,849

Japan 24.6%
77 Bank Ltd.	50,223		376,463
Acom Co. Ltd.	13,910		845,985
Aderans Co. Ltd.	10,300		282,508
Advantest Corp.	13,495		1,532,287
Aeon Co. Ltd.	117,300		2,787,657
Aeon Credit Service Ltd.	18,600		527,587
Aiful Corp.	10,955		726,921
Aisin Seiki Co. Ltd.	32,600		1,152,399
Ajinomoto Co., Inc.	105,866		1,118,189
Alfresa Holdings Corp.	5,400		311,401
All Nippon Airways Co. Ltd.	114,000		413,668
Alps Electric Co. Ltd.	22,977		358,164
Amada Co. Ltd.	70,000		659,463
Amano Corp.	3,000		53,791
Anritsu Corp.	4,000		22,862
Aoyama Trading Co. Ltd.	11,000		337,312
Ariake Japan Co. Ltd	990		27,491
Asahi Breweries Ltd.	72,903		976,813
Asahi Glass Co. Ltd.	197,677		2,778,288
Asahi Kasei Corp.	219,727		1,446,772
Asatsu DK, Inc.	9,400		333,888
Ashikaga Financial Group, Inc. (a)	605		0
Astellas Pharma, Inc.	96,500		3,698,938
Autobacs Seven Co. Ltd.	5,000		250,429
Bank of Fukuoka Ltd.	105,300		889,769
Bank of Kyoto Ltd.	48,000		558,508
Bank of Yokohama Ltd.	219,084		1,769,115
Benesse Corp.	8,100		276,673
Bridgestone Corp.	130,479		2,534,035
Canon Sales Co., Inc.	16,000		340,038
Canon, Inc.	136,163		8,507,465
Casio Computer Co. Ltd.	44,700		719,625
Central Glass Co. Ltd.	38,000		212,013
Central Japan Railway Co	303		2,942,284

	Shares	Value (Note 1)
Chiba Bank Ltd.	121,674	$ 1,019,835
Chiyoda Corp.	30,000	723,177
Chubu Electric Power Co., Inc.	104,764	2,748,527
Chugai Pharmaceutical Co. Ltd.	50,825	924,299
Circle K Sunkus Co. Ltd.	11,400	262,669
Citizen Watch Co. Ltd.	72,766	645,853
Coca Cola West Japan Co. Ltd	11,900	281,792
COMSYS Holdings Corp.	19,000	263,640
Credit Saison Co. Ltd.	29,552	1,389,515
Csk Holdings Corp.	10,800	491,250
Dai Nippon Printing Co. Ltd.	112,242	1,969,517
Daicel Chemical Industries Ltd.	46,000	369,493
Daido Steel Co. Ltd.	72,000	631,081
Daiichi Sankyo Co. Ltd. (a)	121,570	2,474,922
Daikin Industries Ltd.	49,594	1,639,072
Dainippon Ink & Chemicals, Inc.	122,995	497,643
Dainippon Screen Manufacturing Co. Ltd.	27,000	250,454
Daito Trust Construction Co.	15,263	708,555
Daiwa House Industry Co. Ltd.	86,184	1,374,997
Daiwa Securities Group, Inc.	231,985	2,766,465
Denki Kagaku Kogyo KK	65,358	273,906
Denso Corp.	98,238	3,581,463
Dentsu, Inc.	322	1,072,432
Dowa Mining Co. Ltd.	55,168	608,547
E*TRADE Securities Co. Ltd. (d)	267	616,336
eAccess Ltd. (d)	181	135,520
East Japan Railway Co	625	4,408,060
Ebara Corp.	64,934	403,215
Eisai Co. Ltd.	44,478	2,049,650
Electric Power Development Co. Ltd.	28,080	889,769
Elpida Memory, Inc. (a)	9,100	330,984
FamilyMart Co. Ltd.	8,900	276,707
Fanuc Ltd.	33,072	2,788,899
Fast Retailing Co. Ltd.	10,000	865,428
Fuji Electric Holdings Co. Ltd.	94,153	440,295
Fuji Photo Film Co. Ltd.	87,205	2,790,560
Fuji Soft ABC, Inc.	2,200	62,028
Fuji Television Network, Inc.	136	326,682
Fujikura Ltd.	49,000	545,935
Fujitsu Ltd.	313,075	2,498,763
Furukawa Electric Co. Ltd. (a)	116,790	916,226
Glory Ltd.	6,400	142,285
Gunma Bank Ltd.	69,663	517,435
Gunze Ltd.	60,000	381,265
Hakuhodo DY Holdings, Inc.	5,500	441,786
Hankyu Department Stores, Inc.	40,000	350,941
Hikari Tsushin, Inc.	4,900	338,079
Hino Motors Ltd.	58,000	365,098
Hirose Electric Co. Ltd.	5,698	767,832
Hitachi Cable Ltd.	8,000	44,907
Hitachi Capital Corp.	4,500	85,286
Hitachi Chemical Co. Ltd.	23,900	661,635
Hitachi Construction Machinery Co. Ltd.	19,200	474,282

See accompanying notes which are an integral part of the financial statements.

Annual Report A-102

Common Stocks continued
	Shares	Value (Note 1)
Japan continued
Hitachi Ltd.	580,271	$ 4,053,193
Hitachi Software Engineerng Co. Ltd.	1,400	25,758
Hokkaido Electric Power Co., Inc.	41,000	951,673
Hokuhoku Financial Group, Inc.	193,715	833,282
Honda Motor Co. Ltd.	142,780	8,389,753
House Foods Corp.	4,000	61,193
Hoya Corp.	79,716	3,150,654
Ibiden Co. Ltd.	24,300	1,142,569
Index Corp. (d)	206	373,752
INPEX Corp.	76	725,051
Isetan Co. Ltd.	35,000	633,526
Ishihara Sangyo Kaisha Ltd.	14,000	27,547
Ishikawajima Harima Heavy Industries
Co. Ltd. (a)	206,185	628,749
Ito En Ltd.	10,200	313,649
Itochu Corp.	285,986	2,379,998
ITOCHU TECHNO SCIENCE Corp. (CTC)	7,200	277,209
JAFCO Co. Ltd.	4,600	315,029
Japan Airlines Corp. (d)	74,420	197,146
Japan Prime Realty Investment Corp.	36	109,780
Japan Real Estate Investment Corp	69	611,251
Japan Retail Fund Investment Corp	74	573,602
Japan Tobacco, Inc	159	2,708,721
JFE Holdings, Inc.	102,275	3,763,487
JGC Corp.	41,117	875,586
Joyo Bank Ltd.	129,941	829,020
Js Group Corp.	56,459	1,096,491
JSR Corp.	34,216	1,005,508
JTEKT Corp.	30,000	567,298
Kajima Corp.	156,317	913,414
Kaken Pharmaceutical Co. Ltd. (d)	4,000	32,709
Kamigumi Co. Ltd.	30,663	232,979
Kaneka Corp.	53,559	699,378
Kansai Electric Power Co., Inc.	138,736	3,196,639
Kansai Paint Co. Ltd. Osaka	50,000	426,325
Kao Corp.	92,750	2,496,538
Katokichi Co. Ltd.	6,000	40,835
Kawasaki Heavy Industries Ltd	229,945	789,344
Kawasaki Kisen Kaisha Ltd. (d)	75,000	466,360
KDDI Corp.	452	2,306,229
Keihin Electric Express Railway Co.
Ltd. (d)	73,061	603,663
Keio Corp.	108,410	663,950
Keisei Electric Railway Co.	57,000	366,086
Keyence Corp.	5,500	1,501,509
Kikkoman Corp.	19,849	193,082
Kinden Corp.	34,000	317,994
Kintetsu Corp.	268,100	1,029,937
Kirin Brewery Co. Ltd.	146,256	1,916,052
Kobe Steel Ltd.	464,000	1,762,747
Kokuyo Co. Ltd.	17,900	264,844
Komatsu Ltd.	160,145	2,844,177

		Shares	Value (Note 1)
Komori Corp.		15,000		$ 313,675
Konami Corp.		14,000		344,042
Konica Minolta Holdings, Inc.		77,000		957,593
Kose Corp.		3,300		134,082
Kubota Corp.		184,864		1,810,870
Kuraray Co. Ltd.		70,486		840,559
Kuraya Sanseido, Inc.		31,200		507,338
Kurita Water Industries Ltd.		13,300		283,223
Kyocera Corp.		31,302		2,776,174
Kyowa Hakko Kogyo Co. Ltd.		86,000		647,572
Kyushu Electric Power Co., Inc.		70,470		1,680,736
Lawson, Inc.		13,116		485,991
Leopalace21 Corp.		20,800		745,903
Mabuchi Motor Co. Ltd.		5,121		260,415
Makita Corp.		23,200		671,899
Marubeni Corp.		240,244		1,188,956
Marui Co. Ltd.		48,749		921,841
Matsui Securities Co. Ltd.		25,900		356,515
Matsumotokiyoshi Co. Ltd.		10,000		274,279
Matsushita Electric Industrial Co. Ltd.		380,073		8,023,341
Matsushita Electric Works Co. Ltd.		51,000		592,111
Meiji Dairies Corp.		43,000		230,752
Meiji Seika Kaisha Ltd.		56,888		288,805
Meitec Corp.		4,900		166,953
Millea Holdings, Inc.		267		5,419,032
Minebea Co. Ltd.		60,008		360,359
Mitsubishi Chemical Holdings Corp. (a)	.	227,275		1,370,636
Mitsubishi Corp.		246,102		5,701,921
Mitsubishi Electric Corp.		352,106		2,804,285
Mitsubishi Estate Co. Ltd.		200,723		4,214,550
Mitsubishi Gas Chemical Co., Inc.		75,867		892,450
Mitsubishi Heavy Industries Ltd.		519,256		2,432,660
Mitsubishi Logistics Corp.		26,000		404,843
Mitsubishi Materials Corp.		174,937		907,478
Mitsubishi Rayon Co. Ltd.		102,312		821,818
Mitsubishi UFJ Financial Group, Inc.		1,555		23,169,501
Mitsubishi UFJ Securities Co. Ltd.		60,000		876,501
Mitsui & Co. Ltd.		270,123		3,681,448
Mitsui Chemicals, Inc.		100,683		801,014
Mitsui Engineering & Shipbuilding Co.		150,000		470,193
Mitsui Fudosan Co. Ltd.		134,677		2,787,641
Mitsui Mining & Smelting Co. Ltd.		112,154		759,485
Mitsui O.S.K. Lines Ltd.		209,285		1,527,763
Mitsui Sumitomo Insurance Co. Ltd.		210,475		2,778,877
Mitsui Trust Holdings, Inc.		99,300		1,453,147
Mitsukoshi Ltd.		83,376		472,280
Mitsumi Electric Co. Ltd.		3,300		40,618
Mizuho Financial Group, Inc.		1,750		13,952,469
Murata Manufacturing Co. Ltd.		34,854		2,161,330
Namco Bandai Holdings, Inc. (a)		45,050		551,812
NEC Corp.		357,951		2,237,983
Nec Electronics Corp.		6,500		216,485
Net One Systems Co. Ltd.		59		118,102
NGK Insulators Ltd.		52,309		704,888

See accompanying notes which are an integral part of the financial statements.

A-103 Annual Report

Spartan International Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)
Japan continued
NGK Spark Plug Co. Ltd.	34,000		$ 771,815
NHK Spring Co. Ltd.	35,000		414,102
Nichii Gakkan Co.	900		19,319
Nichirei Corp.	57,860		263,675
Nidec Corp.	21,442		1,698,578
Nikko Cordial Corp.	152,563		2,419,725
Nikon Corp.	51,838		880,903
Nintendo Co. Ltd.	18,396		2,704,590
Nippon Building Fund, Inc.	69		658,270
Nippon Electric Glass Co. Ltd.	33,000		796,901
Nippon Express Co. Ltd.	130,546		690,546
Nippon Kayaku Co. Ltd.	41,000		339,808
Nippon Light Metal Co. Ltd.	77,000		215,786
Nippon Meat Packers, Inc.	38,740		381,135
Nippon Mining Holdings, Inc.	141,000		1,046,103
Nippon Oil Corp.	242,129		1,821,146
Nippon Paper Group, Inc.	198		907,370
Nippon Sheet Glass Co. Ltd.	56,000		234,688
Nippon Shokubai Co. Ltd.	33,000		373,855
Nippon Steel Corp.	1,104,661		4,394,233
Nippon Telegraph & Telephone Corp.	937		4,066,580
Nippon Yusen KK	207,578		1,347,328
Nishi Nippon City Bank Ltd.	93,000		475,304
Nishimatsu Construction Co. Ltd. (d)	68,000		286,716
Nissan Chemical Industries Co. Ltd.	26,000		427,211
Nissan Motor Co. Ltd.	410,848		4,726,806
Nisshin Seifun Group, Inc.	26,090		263,126
Nisshin Steel Co. Ltd.	124,000		414,043
Nisshinbo Industries, Inc.	30,000		312,525
Nissin Food Products Co. Ltd.	18,823		569,186
Nitori Co. Ltd.	5,800		282,593
Nitto Denko Corp.	28,994		2,484,525
NOK Corp.	21,300		620,502
Nomura Holdings, Inc.	325,047		6,270,157
Nomura Real Estate Office Fund, Inc.	21		168,145
Nomura Research Institute Ltd.	3,200		363,071
NSK Ltd.	81,576		623,293
NTN Corp.	81,611		602,010
NTT Data Corp.	233		1,077,688
NTT DoCoMo, Inc.	3,166		4,695,178
NTT Urban Development Co.	62		490,619
Obayashi Corp.	113,704		844,558
Obic Co. Ltd.	1,100		216,442
Odakyu Electric Railway Co. Ltd.	147,000		895,283
Oji Paper Co. Ltd.	153,352		1,052,838
Oki Electric Industry Co. Ltd.	119,000		380,115
Okumura Holdings, Inc.	47,000		251,417
Olympus Corp.	40,429		1,160,540
Omron Corp.	36,160		997,954
Onward Kashiyama Co. Ltd.	28,000		472,476
Oracle Corp. Japan	4,100		189,636
Oriental Land Co. Ltd.	8,056		469,367

	Shares	Value (Note 1)
ORIX Corp.	14,878	$ 3,941,324
Osaka Gas Co. Ltd.	372,525	1,412,058
Pioneer Corp.	30,238	472,120
Promise Co. Ltd.	16,925	1,013,494
QP Corp.	7,000	66,185
Rakuten, Inc.	765	658,143
Resona Holdings, Inc. (a)	829	2,930,487
Ricoh Co. Ltd.	119,770	2,208,732
Rinnai Corp.	2,600	75,078
Rohm Co. Ltd.	18,644	1,785,018
Ryohin Keikaku Co. Ltd.	5,300	396,828
Sanden Corp.	5,000	21,423
Sanken Electric Co. Ltd.	23,000	343,633
Sankyo Co. Ltd. (Gunma)	10,200	619,479
Santen Pharmaceutical Co. Ltd.	14,900	338,237
Sanwa Shutter Corp.	12,000	79,013
Sanyo Electric Co. Ltd. (a)(d)	310,382	748,204
Sapporo Breweries Ltd. (d)	51,578	265,801
SBI Holdings, Inc. (d)	1,049	555,780
Secom Co. Ltd.	36,267	1,791,747
Sega Sammy Holdings, Inc.	24,100	981,256
Seiko Epson Corp.	22,600	535,168
Seino Holdings Co. Ltd.	19,000	184,014
Sekisui Chemical Co. Ltd.	70,293	563,429
Sekisui House Ltd.	92,467	1,398,049
Seven & I Holdings Co. Ltd. (a)	143,700	5,850,889
SFCG Co. Ltd.	640	132,962
Sharp Corp.	167,675	2,956,486
Shimachu Co. Ltd.	11,100	324,305
Shimamura Co. Ltd.	3,800	429,205
SHIMANO, Inc.	11,000	313,888
SHIMIZU Corp.	113,416	794,115
Shin Etsu Chemical Co. Ltd.	70,062	3,717,986
Shinko Securities Co. Ltd.	109,000	563,576
Shinsei Bank Ltd.	176,000	1,176,846
Shionogi & Co. Ltd.	56,091	767,319
Shiseido Co. Ltd.	63,950	1,119,411
Shizuoka Bank Ltd.	103,274	1,007,242
Showa Denko KK	221,336	948,325
Showa Shell Sekiyu KK	24,300	273,430
Skylark Co. Ltd.	15,551	240,951
SMC Corp.	10,271	1,447,931
Softbank Corp.	137,830	4,226,525
Sojitz Corp. (a)(d)	57,900	317,615
Sompo Japan Insurance, Inc	145,712	2,108,754
Sony Corp.	180,585	8,465,825
Stanley Electric Co. Ltd.	30,725	588,859
Sumco Corp.	9,000	447,706
Sumitomo Bakelite Co. Ltd.	43,000	365,907
Sumitomo Chemical Co. Ltd.	268,334	2,079,957
Sumitomo Corp.	181,842	2,462,796
Sumitomo Electric Industries Ltd.	126,906	1,904,694
Sumitomo Heavy Industries Ltd.	100,822	901,741
Sumitomo Metal Industries Ltd.	725,966	3,221,745

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-104

Common Stocks continued
	Shares	Value (Note 1)
Japan continued
Sumitomo Metal Mining Co. Ltd.	102,065	$ 1,355,377
Sumitomo Mitsui Financial Group, Inc. .	1,075	11,720,756
Sumitomo Osaka Cement Co. Ltd.	97,144	302,855
Sumitomo Realty & Development Co. Ltd.	68,000	1,581,280
Sumitomo Rubber Industries Ltd.	33,000	397,466
Sumitomo Trust & Banking Co. Ltd.	221,344	2,249,290
Suzuken Co. Ltd.	10,760	317,121
T&D Holdings, Inc.	40,350	3,014,257
Taiheiyo Cement Corp.	162,684	698,413
Taisei Corp.	176,594	851,392
Taisho Pharmaceutical Co. Ltd.	25,524	537,011
Taiyo Nippon Sanso Corp. Tokyo	33,000	229,091
Taiyo Yuden Co. Ltd.	10,000	151,791
Takara Holdings, Inc.	28,551	170,724
Takashimaya Co. Ltd.	50,000	724,029
Takeda Pharamaceutical Co. Ltd.	160,242	8,872,109
Takefuji Corp.	21,441	1,366,104
Takuma Co. Ltd.	3,000	24,046
Tanabe Seiyaku Co. Ltd.	48,000	525,799
TDK Corp.	23,125	1,607,345
Teijin Ltd	175,341	1,178,413
Teikoku Oil Co. Ltd.	45,000	606,012
Terumo Corp.	30,812	934,345
The Daimaru, Inc.	46,000	617,520
The Goodwill Group, Inc. (d)	375	267,678
The Suruga Bank Ltd.	29,000	374,238
THK Co. Ltd.	21,200	595,919
TIS, Inc.	5,600	148,349
Tobu Railway Co. Ltd.	125,297	626,493
Toda Corp.	54,762	278,478
Toho Co. Ltd.	27,954	520,275
Tohoku Electric Power Co., Inc.	76,790	1,720,274
Tokuyama Corp.	42,000	624,641
Tokyo Broadcasting System, Inc.	4,700	138,520
Tokyo Electric Power Co.	213,418	5,708,183
Tokyo Electron Ltd.	28,818	1,922,042
Tokyo Gas Co. Ltd.	411,395	1,867,770
Tokyo Steel Manufacturing Co. Ltd.	25,800	495,568
Tokyo Style Co. Ltd.	5,000	56,602
Tokyo Tatemono Co. Ltd.	48,000	463,651
Tokyu Corp.	164,954	1,027,111
Tokyu Land Corp.	80,000	699,838
TonenGeneral Sekiyu KK	51,856	511,499
Toppan Printing Co. Ltd	100,013	1,267,642
Toray Industries, Inc.	250,883	1,925,454
Toshiba Corp.	554,880	3,147,824
Tosoh Corp.	103,816	544,731
Toto Ltd.	55,185	463,484
Toyo Seikan Kaisha Ltd.	42,900	734,498
Toyo Suisan Kaisha Ltd.	20,000	288,760
Toyobo Co. Ltd.	85,000	262,823
Toyoda Gosei Co. Ltd.	7,500	159,073

	Shares	Value (Note 1)
Toyota Industries Corp.	36,586	$ 1,458,472
Toyota Motor Corp.	526,251	28,120,223
Toyota Tsusho Corp.	30,000	692,513
Trend Micro, Inc.	18,500	567,298
Ube Industries Ltd.	163,605	480,787
Uni Charm Corp.	9,260	456,695
Uniden Corp.	16,000	239,867
UNY Co. Ltd.	30,000	453,583
Ushio, Inc.	16,000	389,783
USS Co. Ltd.	5,600	365,865
Wacoal Holdings Corp.	21,000	286,026
West Japan Railway Co	297	1,194,086
Yahoo! Japan Corp	1,335	1,569,269
Yakult Honsha Co. Ltd.	24,966	572,056
Yamada Denki Co. Ltd.	12,725	1,361,396
Yamaha Corp.	37,643	642,889
Yamaha Motor Co. Ltd.	37,300	854,670
Yamato Holdings Co. Ltd.	59,232	1,125,119
Yamazaki Baking Co. Ltd.	8,000	63,987
Yaskawa Electric Corp. (a)(d)	40,000	436,121
Yokogawa Electric Corp.	35,000	640,979
Zeon Corp.	25,000	313,675
TOTAL JAPAN		500,165,047

Luxembourg 0.2%
Arcelor SA	94,412	3,450,738
Oriflame Cosmetics SA unit	2,300	74,852
Stolt Offshore SA (a)	31,600	425,336
Stolt Nielsen SA	11,850	370,559
TOTAL LUXEMBOURG		4,321,485

Netherlands – 3.6%
ABN AMRO Holding NV	326,107	9,496,236
Aegon NV	260,429	4,299,835
Akzo Nobel NV	47,562	2,407,113
ASML Holding NV (a)	86,284	1,784,353
Buhrmann NV	24,286	407,924
Corio NV	10,104	664,281
DSM NV	27,521	1,144,992
EADS NV	43,387	1,590,958
Euronext NV	15,281	958,187
Getronics NV (d)	28,788	391,227
Hagemeyer NV (a)	81,351	327,787
Heineken NV (Bearer)	43,954	1,655,763
IHC Caland NV	6,817	672,065
ING Groep NV (Certificaten Van
Aandelen)	342,492	12,874,274
James Hardie Industries NV	86,321	569,111
Koninklijke Ahold NV (a)	278,171	2,272,657
Koninklijke KPN NV	368,872	3,816,876
Koninklijke Numico NV (a)	31,359	1,358,127
Koninklijke Philips Electronics NV	239,179	7,778,101
Oce NV	18,965	328,271
QIAGEN NV (a)	18,885	285,462

See accompanying notes which are an integral part of the financial statements.

A-105 Annual Report

Spartan International Index Fund
Investments - continued


Common Stocks continued
		Shares	Value (Note 1)
Netherlands – continued
Randstad Holdings NV		8,713		$ 487,970
Reed Elsevier NV		126,408		1,708,836
Rodamco Europe NV		8,961		821,477
STMicroelectronics NV		120,953		2,050,154
TNT NV		73,461		2,391,615
Unilever NV (Certificaten Van Aandelen)		103,243		7,169,176
Vedior NV (Certificaten Van Aandelen)		27,506		519,720
VNU NV		49,823		1,614,329
Wereldhave NV		3,105		330,911
Wolters Kluwer NV (Certificaten Van
Aandelen)		54,734		1,201,876
TOTAL NETHERLANDS				73,379,664

New Zealand – 0.2%
Auckland International Airport Ltd.		169,844		210,384
Contact Energy Ltd.		45,065		214,629
Fisher & Paykel Appliances Holdings Ltd.		11,536		29,954
Fisher & Paykel Healthcare Corp.		122,393		306,456
Fletcher Building Ltd.		56,191		293,301
Kiwi Income Property Trust		135,107		113,658
Sky City Entertainment Group Ltd.		107,223		355,123
Sky Network Television Ltd.		52,975		221,773
Telecom Corp. of New Zealand Ltd.		351,128		1,228,509
The Warehouse Group Ltd.		10,165		25,856
Tower Ltd. (a)		15,726		22,292
Vector Ltd.		24,000		41,016
Waste Management NZ Ltd.		7,286		31,129
TOTAL NEW ZEALAND				3,094,080

Norway 0.7%
DnB NOR ASA		114,959		1,397,056
Norsk Hydro ASA		27,360		3,194,280
Norske Skogindustrier ASA (A Shares)		33,300		498,451
Orkla ASA (A Shares)		33,869		1,478,239
Petroleum Geo Services ASA (a)		8,790		345,217
ProSafe ASA		3,600		178,733
Schibsted ASA (B Shares)		11,400		314,250
Statoil ASA		115,478		2,943,641
Storebrand ASA (A Shares)		63,850		707,342
TANDBERG ASA		25,950		200,947
TANDBERG Television ASA (a)		9,500		168,951
Telenor ASA		142,208		1,538,523
Tomra Systems AS		42,700		340,144
Yara International ASA		30,617		466,231
TOTAL NORWAY				13,772,005

Portugal 0.3%
Banco Comercial Portugues SA (Reg.)		368,478		1,093,764
Banco Espirito Santo SA (BES) (Reg.)		21,873		360,354
BPI SGPS SA		77,418		418,074
Brisa Auto Estradas de Portugal SA (d)	.	49,914		439,723
Cimpor Cimentos de Portugal SGPS SA	.	31,922		195,218
Energias de Portugal SA		344,289		1,202,551

	Shares	Value (Note 1)
Jeronimo Martins SGPS SA	1,860		$ 30,266
Portugal Telecom SGPS SA (Reg.)	127,317		1,472,214
PT Multimedia SGPS SA	19,380		234,956
Sonae Industria SGPS SA (a)	11,461		100,830
Sonae SGPS SA	169,057		261,993
TOTAL PORTUGAL			5,809,943

Singapore – 0.8%
Allgreen Properties Ltd.	15,000		12,666
Ascendas Real Estate Investment Trust
(A REIT)	207,100		275,708
CapitaLand Ltd.	224,000		579,846
CapitaMall Trust	139,000		199,612
Chartered Semiconductor Manufacturing
Ltd. (a)(d)	416,800		346,798
City Developments Ltd.	89,000		521,109
ComfortDelgro Corp. Ltd.	232,784		236,729
Cosco Investment (Singapore) Ltd.	116,000		85,079
Creative Technology Ltd. (Singapore) (d)	3,000		23,482
Datacraft Asia Ltd.	11,000		12,760
DBS Group Holdings Ltd.	200,361		2,025,221
Fraser & Neave Ltd.	42,630		501,839
Haw Par Corp. Ltd.	6,000		21,079
Jardine Cycle & Carriage Ltd.	19,272		122,343
Keppel Corp. Ltd.	92,000		793,837
Keppel Land Ltd.	26,000		70,829
Neptune Orient Lines Ltd.	105,000		163,082
Olam International Ltd.	211,000		239,285
Oversea Chinese Banking Corp. Ltd.	459,968		1,927,755
Overseas Union Enterprises Ltd.	6,000		44,006
Parkway Holdings Ltd.	144,000		217,442
SembCorp Industries Ltd.	138,130		265,618
SembCorp Logistics Ltd.	16,784		17,896
Sembcorp Marine Ltd.	147,000		265,461
Singapore Airlines Ltd.	103,170		941,088
Singapore Exchange Ltd.	205,000		482,650
Singapore Land Ltd.	6,000		22,558
Singapore Petroleum Co. Ltd.	24,000		74,700
Singapore Post Ltd.	269,000		200,610
Singapore Press Holdings Ltd.	270,021		738,917
Singapore Technologies Engineering Ltd.	298,161		558,650
Singapore Telecommunications Ltd.	1,198,187		1,927,438
SMRT Corp. Ltd.	112,000		75,932
STATS ChipPAC Ltd. (a)	183,000		128,579
Suntec (REIT)	300,000		220,031
United Overseas Bank Ltd.	204,846		1,893,800
United Overseas Land Ltd.	195,984		322,513
Venture Corp. Ltd.	30,808		248,743
Want Want Holdings Ltd.	53,000		66,780
Wing Tai Holdings Ltd.	39,000		36,055
TOTAL SINGAPORE			16,908,526

Spain 3.7%
Abertis Infraestructuras SA	38,691		1,002,726

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-106

Common Stocks continued
	Shares	Value (Note 1)
Spain – continued
Acerinox SA (Reg.)	26,196		$ 401,908
Actividades de Construccion y Servicios
SA (ACS)	43,588		1,626,387
Aguas de Barcelona SA	11,232		310,640
Aguas de Barcelona SA Class A (a)	112		2,977
Altadis SA (Spain)	49,702		2,085,591
Antena 3 Television SA (d)	14,272		378,894
Azucarera Ebro Agricolas SA	8,948		162,990
Banco Bilbao Vizcaya Argentaria SA	625,105		12,695,882
Banco Popular Espanol SA (Reg.)	152,927		2,050,923
Banco Santander Central Hispano SA	1,093,008		15,979,775
Cintra Concesiones de Infrastructuras de
Transporte SA	28,817		382,690
Corporacion Mapfre SA (Reg.)	16,065		309,673
Endesa SA	177,626		5,943,367
Fomento Construcciones y Contratas SA
(FOCSA)	6,383		434,103
Gas Natural SDG SA Series E	29,835		908,719
Grupo Acciona SA	6,839		953,874
Grupo Auxiliar Metalurgico SA
(Gamesa)	38,109		660,094
Grupo Ferrovial SA	9,779		732,677
Iberdrola SA	148,082		4,672,711
Iberia Lineas Aereas de Espana SA	53,405		152,157
Inditex SA	39,494		1,418,544
Indra Sistemas SA	24,240		482,572
Inmobiliaria Colonial	3,441		221,099
Metrovacesa SA	9,048		674,133
NH Hoteles SA	8,457		136,606
Promotora de Informaciones SA (PRISA)	11,702		216,782
Repsol YPF SA	166,744		4,670,499
Sogecable SA (a)(d)	9,529		383,157
Telefonica Publicidad e Informacion SA .	24,682		260,103
Telefonica SA	824,490		12,702,641
Union Fenosa SA	24,032		902,429
Vallehermoso SA	18,835		529,896
Zeltia SA (d)	33,770		234,297
TOTAL SPAIN			74,681,516

Sweden 2.3%
Alfa Laval AB	21,200		535,875
Assa Abloy AB (B Shares)	47,043		799,677
Atlas Copco AB:
(A Shares)	59,280		1,460,966
(B Shares)	45,655		1,038,623
Axfood AB	10,600		273,966
Billerud AB	2,900		41,417
Capio AB (a)	18,382		318,281
Castellum AB	7,500		314,226
D. Carnegie & Co. AB	4,190		70,960
Electrolux AB (B Shares)	50,869		1,407,974
Elekta AB (B Shares)	21,794		322,270
Eniro AB	24,815		275,206

		Shares	Value (Note 1)
Fabege AB		12,765		$ 253,290
Gambro AB:
(A Shares)		20,900		213,298
(B Shares)		22,400		230,729
Getinge AB (B Shares)		34,600		500,701
Hennes & Mauritz AB (H&M) (B Shares)		88,371		3,222,203
Hoganas AB (A Shares)		5,300		112,199
Holmen AB (B Shares)		7,300		283,243
Kungsleden AB		7,070		247,512
Lundin Petroleum AB (a)		28,400		314,068
Modern Times Group AB (MTG)
(B Shares) (a)		10,400		482,388
Nordea Bank AB		402,273		4,550,312
OMX AB		20,400		348,066
Sandvik AB		39,266		2,114,090
SAS AB (a)		19,600		258,863
Scania AB (B Shares)		14,504		606,755
Securitas AB (B Shares)		53,808		989,480
Skandia Foersaekrings AB		38,500		253,024
Skandinaviska Enskilda Banken AB
(A Shares)		83,575		1,848,467
Skanska AB (B Shares)		72,069		1,161,331
SKF AB (B Shares)		62,600		909,849
SSAB Swedish Steel AB:
(A Shares)		8,020		360,846
(B Shares)		7,020		296,777
Svenska Cellulosa AB (SCA) (B Shares)	.	34,104		1,431,003
Svenska Handelsbanken AB (A Shares)	.	96,864		2,521,894
Swedish Match Co.		61,750		827,256
TELE2 AB (B Shares)		66,359		717,073
Telefonaktiebolaget LM Ericsson
(B Shares)		2,696,573		9,195,313
Telelogic AB (a)		49,000		119,523
TeliaSonera AB		347,135		1,851,433
Trelleborg AB (B Shares)		9,000		187,682
Volvo AB:
(A Shares)		18,640		790,380
(B Shares)		36,922		1,612,243
Wihlborgs Fastigheter AB		2,553		70,502
WM Data AB (B Shares)		84,000		247,362
TOTAL SWEDEN				45,988,596

Switzerland 6.7%
ABB Ltd. (Reg.) (a)		363,508		4,350,071
Adecco SA		21,399		1,174,380
Ciba Specialty Chemicals, Inc.		14,452		894,472
Clariant AG (Reg.)		37,465		572,562
Compagnie Financiere Richemont unit		92,934		4,048,308
Credit Suisse Group (Reg.)		220,735		12,206,646
Geberit AG (Reg.)		773		701,736
Givaudan AG		1,516		1,085,622
Holcim Ltd. (Reg.)		33,809		2,664,622
Kudelski SA (Bearer) (d)		4,500		126,910
Kuehne & Nagel International AG		1,800		543,313

See accompanying notes which are an integral part of the financial statements.

A-107 Annual Report

Spartan International Index Fund
Investments - continued


Common Stocks continued
	Shares	Value (Note 1)
Switzerland – continued
Kuoni Reisen Holding AG Class B (Reg.)	863		$ 369,025
Logitech International SA (Reg.) (a)	15,398		622,047
Lonza Group AG	9,221		598,474
Micronas Semiconductor Holding AG (a)	3,473		111,844
Nestle SA (Reg.)	75,091		22,078,855
Nobel Biocare Holding AG (Switzerland)	4,783		1,068,195
Novartis AG (Reg.)	432,843		23,292,592
Phonak Holding AG	10,852		524,423
PSP Swiss Property AG	8,642		408,403
Rieter Holding AG (Reg.)	823		319,301
Roche Holding AG (participation
certificate)	129,426		19,128,550
Schindler Holding AG	1,311		621,550
Serono SA Series B	1,010		720,736
SIG Holding AG	1,512		335,373
Societe Generale de Surveillance Holding
SA (SGS) (Reg.)	729		673,462
Straumann Holding AG	1,625		383,041
Sulzer AG (Reg.)	730		456,546
Swiss Reinsurance Co. (Reg.)	59,833		4,261,895
Swisscom AG (Reg.)	4,030		1,211,043
Syngenta AG:
warrants 5/22/06 (a)	20,731		25,599
(Switzerland)	20,731		2,945,875
The Swatch Group AG:
(Bearer)	6,115		992,793
(Reg.)	12,039		396,421
UBS AG (Reg.)	190,586		20,245,951
Unaxis Holding AG (Reg.) (a)	1,400		293,723
Valora Holding AG	715		145,376
Zurich Financial Services AG	25,720		6,077,366
TOTAL SWITZERLAND		136,677,101

United Kingdom – 23.1%
3i Group PLC	97,554		1,606,858
Aegis Group PLC	170,932		396,539
Aggreko PLC	43,472		226,672
Alliance Unichem PLC	50,226		771,791
AMEC PLC	51,507		358,693
Amvescap PLC	138,508		1,308,968
Anglo American PLC (United Kingdom) .	260,419		9,716,433
ARM Holdings PLC	281,113		678,032
Arriva PLC	38,420		406,725
Associated British Ports Holdings PLC	57,775		626,318
AstraZeneca PLC (United Kingdom)	286,615		13,255,946
Aviva PLC	431,839		5,976,757
BAA PLC	189,084		2,653,454
BAE Systems PLC	585,508		4,313,689
Balfour Beatty PLC	68,552		450,639
Barclays PLC	1,180,927		13,837,505
Barratt Developments PLC	41,107		744,874
BBA Group PLC	68,695		322,642
Bellway PLC	25,815		530,721

	Shares	Value (Note 1)
Berkeley Group Holdings PLC unit (a)	21,080		$ 411,929
BG Group PLC	628,612		7,360,387
BHP Billiton PLC	447,971		7,543,760
BOC Group PLC	86,186		2,282,866
Boots Group PLC	77,767		967,864
Bovis Homes Group PLC	24,234		339,655
BP PLC	3,792,115		41,978,709
Brambles Industries PLC	136,135		984,458
British Airways PLC (a)	113,612		652,019
British American Tobacco PLC	284,324		6,806,719
British Land Co. PLC	93,220		1,978,615
British Sky Broadcasting Group PLC
(BSkyB)	217,872		1,930,010
Brixton PLC	53,669		438,238
BT Group PLC	1,525,182		5,525,740
Bunzl PLC	50,004		560,496
Burberry Group PLC	83,902		674,805
Cable & Wireless PLC	478,749		896,484
Cadbury Schweppes PLC	395,546		4,024,313
Capita Group PLC	100,767		839,612
Carnival PLC	34,104		1,881,177
Cattles PLC	68,552		417,269
Centrica PLC	650,187		3,313,227
Close Brothers Group PLC	28,237		512,408
Cobham PLC	162,610		484,912
Compass Group PLC	383,873		1,462,898
Cookson Group PLC (a)	47,342		392,803
Corus Group PLC	870,170		1,099,014
Daily Mail & General Trust PLC Class A .	53,550		610,576
Davis Service Group PLC	27,173		234,991
De La Rue PLC	39,790		388,075
Diageo PLC	521,465		8,043,595
DSG International PLC	360,715		1,088,327
Eircom Group PLC	115,149		302,335
Electrocomponents PLC	71,601		362,353
EMAP PLC	40,012		667,128
EMI Group PLC	159,039		684,892
Enterprise Inns PLC	61,859		972,792
First Choice Holidays PLC	96,981		384,044
FirstGroup PLC	80,965		596,149
FKI PLC	137,084		292,166
Friends Provident PLC	359,497		1,303,790
Gallaher Group PLC	125,242		1,937,807
George Wimpey PLC	61,706		598,576
GKN PLC	113,954		679,134
GlaxoSmithKline PLC	1,059,075		26,911,099
Great Portland Estates PLC	24,961		202,726
Group 4 Securicor PLC (United Kingdom)	232,905		727,220
GUS PLC	158,544		2,920,155
Hammerson PLC	52,187		1,043,600
Hanson PLC	122,038		1,491,018
Hays PLC	325,290		844,499
HBOS PLC	699,740		13,035,507
HMV Group PLC	76,140		247,422

See accompanying notes which are an integral part of the financial statements.

Annual Report A-108

Common Stocks continued
	Shares	Value (Note 1)
United Kingdom – continued
HSBC Holdings PLC (United Kingdom)
(Reg.)	2,066,604	$ 35,417,444
Icap PLC	95,696	746,161
IMI PLC	61,532	564,507
Imperial Chemical Industries PLC	231,878	1,375,035
Imperial Tobacco Group PLC	128,074	3,852,936
Inchcape PLC	10,881	460,185
InterContinental Hotel Group PLC	77,050	1,185,329
International Power PLC	272,363	1,365,215
Intertek Group PLC	35,117	462,004
Invensys PLC (a)	974,020	358,801
iSoft Group PLC	21,129	68,938
ITV PLC	821,306	1,563,153
J. Sainsbury PLC	226,805	1,274,115
Johnson Matthey PLC	39,206	983,457
Kelda Group PLC	66,750	932,618
Kesa Electricals PLC	84,921	396,245
Kingfisher PLC	419,030	1,677,732
Ladbrokes PLC	281,699	1,823,385
Land Securities Group PLC	82,800	2,673,935
Legal & General Group PLC	1,207,490	2,758,849
Liberty International PLC	35,864	697,681
Lloyds TSB Group PLC	1,028,387	9,989,346
LogicaCMG PLC	185,422	653,769
London Stock Exchange PLC	48,725	730,777
Man Group PLC	53,106	2,152,833
Marks & Spencer Group PLC	303,545	2,760,823
Meggitt PLC	79,014	517,333
MFI Furniture Group PLC	108,759	175,040
Misys PLC	113,341	467,220
Mitchells & Butlers PLC	72,566	504,393
National Express Group PLC Class L	24,250	377,951
National Grid PLC	499,268	5,254,746
Next PLC	52,100	1,507,955
Old Mutual PLC	928,824	3,059,004
Pearson PLC	137,085	1,704,916
Peninsular & Oriental Steam Navigation
Co.	137,620	1,245,052
Persimmon PLC	50,681	1,241,073
Pilkington PLC	212,669	604,346
Premier Farnell PLC	119,063	427,629
Provident Financial PLC	38,167	403,043
Prudential PLC	437,697	4,629,751
Punch Taverns Ltd.	48,003	720,369
Rank Group PLC	93,290	426,294
Reckitt Benckiser PLC	109,529	3,900,245
Reed Elsevier PLC	221,273	1,998,952
Rentokil Initial PLC	312,082	860,847
Resolution PLC	37,172	434,919
Reuters Group PLC	265,981	1,770,103
Rexam PLC	97,030	862,940

		Shares	Value (Note 1)
Rio Tinto PLC (Reg.)		195,419	$ 9,215,961
Rolls Royce Group PLC		297,573	2,290,221
Royal & Sun Alliance Insurance Group
PLC		519,660	1,185,030
Royal Bank of Scotland Group PLC		581,604	19,476,012
Royal Dutch Shell PLC:
Class A (United Kingdom)		726,920	21,893,926
Class B		503,888	15,880,033
SABMiller PLC		164,882	3,279,843
Sage Group PLC		274,028	1,332,703
Schroders PLC		25,792	520,521
Scottish & Newcastle PLC		144,931	1,302,297
Scottish & Southern Energy PLC		145,332	2,929,193
Scottish Power PLC		336,219	3,444,307
Serco Group PLC		94,205	573,830
Severn Trent PLC		63,827	1,292,043
Signet Group PLC		264,787	479,572
Slough Estates PLC		57,689	616,784
Smith & Nephew PLC		170,561	1,524,476
Smiths Group PLC		102,558	1,689,281
SSL International PLC		16,114	92,360
Stagecoach Group PLC		148,026	291,468
Tate & Lyle PLC		89,687	940,800
Taylor Woodrow PLC		132,983	970,412
Telent PLC (a)		31,876	220,586
Tesco PLC	1,429,486		8,475,461
TI Automotive Ltd. (a)		22,478	0
Tomkins PLC		122,243	714,060
Travis Perkins PLC		24,435	636,082
Trinity Mirror PLC		58,155	589,123
Unilever PLC		494,201	5,133,512
United Business Media PLC		64,878	764,206
United Utilities PLC		153,001	1,833,081
Vodafone Group PLC	11,359,835		21,947,238
Whitbread PLC		41,773	776,360
William Hill PLC		66,726	680,631
Wolseley PLC		103,261	2,564,876
WPP Group PLC		235,207	2,727,931
Yell Group PLC		120,948	1,178,024
TOTAL UNITED KINGDOM			469,995,257

United States of America – 0.0%
Synthes, Inc.		9,575	1,045,846
TOTAL COMMON STOCKS
(Cost $1,626,177,331)		1,971,753,997

Nonconvertible Preferred Stocks 0.4%

Germany 0.2%
Henkel KGaA		11,356	1,251,270
Porsche AG (non vtg.)		1,378	1,160,512
ProSiebenSat.1 Media AG		15,631	368,016

See accompanying notes which are an integral part of the financial statements.

A-109 Annual Report

Spartan International Index Fund
Investments - continued


Nonconvertible Preferred Stocks continued
	Shares	Value (Note 1)
Germany – continued
RWE AG (non vtg.)	7,200	$ 566,486
Volkswagen AG	23,284	1,200,206
TOTAL GERMANY		4,546,490

Italy 0.2%
Banca Intesa Spa (Risp)	175,955	968,653
Telecom Italia Spa (Risp)	1,071,201	2,463,292
TOTAL ITALY		3,431,945

TOTAL NONCONVERTIBLE PREFERRED
STOCKS
(Cost $6,337,941)		7,978,435

Government Obligations 0.3%
	Principal
	Amount
United States of America – 0.3%
U.S. Treasury Bills, yield at date of
purchase 3.93% to 4.23%
3/23/06 (e)
(Cost $6,283,913)	$ 6,300,000	6,283,292

Money Market Funds 2.9%
	Shares
Fidelity Cash Central Fund,
4.57% (b)	48,738,423	48,738,423
Fidelity Securities Lending Cash
Central Fund, 4.58% (b)(c)	9,662,972	9,662,972
TOTAL MONEY MARKET FUNDS
(Cost $58,401,395)		58,401,395

TOTAL INVESTMENT PORTFOLIO 100.4%
(Cost $1,697,200,580)	2,044,417,119

NET OTHER ASSETS (0.4)%		(8,838,727)
NET ASSETS 100%	$ 2,035,578,392

Futures Contracts
	Expiration	Underlying	Unrealized
	Date	Face Amount	Appreciation/
		at Value	(Depreciation)

Purchased

Equity Index Contracts
143 British Pound
Contracts (United
Kingdom)	March 2006	$15,680,844	$ (215,446)
13 CAC 40 Index
Contracts (France)	March 2006	775,407	(9,945)
1 DAX 100 Index
Contracts
(Germany)	March 2006	172,974	(3,478)
317 Dow Jones Euro
Stoxx 50 Index
Contracts
(Germany)	March 2006	14,273,121	102,229
154 FTSE 100 Index
Contracts (United
Kingdom)	March 2006	15,572,168	(38,549)
8 Hang Seng 100
Index Contracts
(Hong Kong)	March 2006	816,664	(2,055)
3 IBEX 35 Index
Contracts (Spain)	March 2006	420,913	4,708
2 MIB 30 Index
Contracts (Italy)	March 2006	449,577	(4,355)
7 MSCI Index
Contracts
(Singapore)	March 2006	254,287	2,562
98 Nikkei 225 Index
Contracts (Japan)	March 2006	7,822,850	(235,785)
131 OMX Index
Contracts (Sweden)	March 2006	1,645,716	(13,693)
35 Share Price Index
200 Contracts
(Australia)	March 2006	3,198,846	9,826
47 TOPIX 150 Index
Contracts (Japan)	March 2006	6,731,977	(77,785)

TOTAL EQUITY INDEX
CONTRACTS		$ 67,815,344	$ (481,766)

The face value of futures purchased as a percentage of net assets -3.3%

See accompanying notes which are an integral part of the financial statements.

Annual Report

A-110

Forward Foreign Currency Contracts
	Settlement	Value	Unrealized
	Dates	(Note 1)	Appreciation/
			(Depreciation)
Contracts to Buy
4,556,000 AUD	April 2006	$ 3,379,155	$ (25,513)
13,509,000 EUR	April 2006	16,145,279	(364,277)
1,691,925,000 JPY	April 2006	14,700,121	(153,261)
13,106,000 SEK	April 2006	1,661,753	(54,838)
		$ 35,886,308	$ (597,889)

(Payable Amount $36,484,197)

The value of contracts to buy as a percentage of net assets – 1.8%

Currency Abbreviations
AUD	—	Australian dollar
EUR	—	European Monetary Unit
JPY	—	Japanese yen
SEK	—	Swedish krona

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 1,427,728
Fidelity Securities Lending Cash Central Fund		232,392
Total		$ 1,660,120

Income Tax Information

At February 28, 2006, the fund had a capital loss carryforward of approximately $26,766,843 all of which will expire on February 28, 2011.

See accompanying notes which are an integral part of the financial statements.

A-111 Annual Report

Spartan International Index Fund

Financial Statements


Statement of Assets and Liabilities
				February 28, 2006

Assets
Investment in securities, at value (in-
cluding securities loaned of
$8,786,529) — See accompany-
ing schedule:
Unaffiliated issuers (cost
$1,638,799,185)		$1,986,015,724
Affiliated Central Funds (cost
$58,401,395)			58,401,395
Total Investments (cost
$1,697,200,580)				$2,044,417,119
Foreign currency held at value (cost
$1,328,707)					1,335,526
Receivable for investments sold					1,221,229
Receivable for fund shares sold					6,517,587
Dividends receivable					3,052,443
Interest receivable					231,003
Receivable from investment adviser
for expense reductions					176,337
Other affiliated receivables					1,167
Other receivables					22,059
Total assets					2,056,974,470

Liabilities
Payable for investments purchased			$ 9,027,218
Unrealized depreciation on foreign
currency contracts			597,889
Payable for closed foreign currency
contracts			182,029
Payable for fund shares redeemed	.		1,026,851
Accrued management fee			279,339
Payable for daily variation on futures
contracts			584,778
Other affiliated payables			35,002
Collateral on securities loaned, at
value			9,662,972
Total liabilities					21,396,078

Net Assets				$ 2,035,578,392
Net Assets consist of:
Paid in capital				$1,731,792,342
Undistributed net investment income					10,008,763
Accumulated undistributed net real-
ized gain (loss) on investments and
foreign currency transactions					(52,318,373)
Net unrealized appreciation (de-
preciation) on investments and
assets and liabilities in foreign
currencies					346,095,660
Net Assets				$ 2,035,578,392
Investor Class:
Net Asset Value, offering price and
redemption price per share
($1,440,236,058 ÷
38,300,316 shares)					$ 37.60
Fidelity Advantage Class:
Net Asset Value, offering price and
redemption price per share
($595,342,334 ÷ 15,831,154
shares)					$ 37.61

Statement of Operations
	Year ended February 28, 2006

Investment Income
Dividends		$ 37,282,586
Interest		302,239
Income from affiliated Central Funds
(including $232,392 from security
lending)		1,660,120
		39,244,945
Less foreign taxes withheld		(3,134,469)
Total income		36,110,476

Expenses
Management fee	$ 2,701,367
Transfer agent fees	158,385
Independent trustees’ compensation	5,922
Miscellaneous	3,463
Total expenses before reductions	2,869,137
Expense reductions	(1,533,295)	1,335,842

Net investment income (loss)		34,774,634
Realized and Unrealized Gain
(Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	6,155,020
Foreign currency transactions	(4,743,158)
Futures contracts	10,661,775
Total net realized gain (loss)		12,073,637
Change in net unrealized appreci-
ation (depreciation) on:
Investment securities	216,236,506
Assets and liabilities in foreign
currencies	(598,324)
Futures contracts	(505,204)
Total change in net unrealized ap-
preciation (depreciation)		215,132,978
Net gain (loss)		227,206,615
Net increase (decrease) in net as-
sets resulting from operations		$ 261,981,249

See accompanying notes which are an integral part of the financial statements.
*Annual Report*		A-112

Statement of Changes in Net Assets
				Year ended				Year ended
				February 28,				February 28,
				2006				2005
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)					$ 34,774,634			$ 15,697,701
Net realized gain (loss)					12,073,637				7,822,886
Change in net unrealized appreciation (depreciation)				215,132,978				114,875,267
Net increase (decrease) in net assets resulting from operations				261,981,249				138,395,854
Distributions to shareholders from net investment income				(28,024,338)				(14,806,537)
Distributions to shareholders from net realized gain					(2,603,383)			(2,000,569)
Total distributions				(30,627,721)				(16,807,106)
Share transactions — net increase (decrease)				623,019,068				502,623,792
Redemption fees					224,559				190,748
Total increase (decrease) in net assets				854,597,155				624,403,288

Net Assets
Beginning of period				1,180,981,237				556,577,949
End of period (including undistributed net investment income of $10,008,763 and undistributed net investment income
of $2,367,277, respectively)				$ 2,035,578,392			$ 1,180,981,237

Financial Highlights Investor Class
Years ended February 28,	2006		2005	2004^D		2003			2002
Selected Per Share Data
Net asset value, beginning of period	$ 32.69		$ 28.41	$ 18.91		$ 23.41			$ 29.38
Income from Investment Operations
Net investment income (loss)^B	85		.64	.47		.41			.41
Net realized and unrealized gain (loss)	4.72		4.25	9.57		(4.52)			(6.07)
Total from investment operations	5.57		4.89	10.04		(4.11)			(5.66)
Distributions from net investment income	(.60)		(.55)	(.55)		(.39)			(.32)
Distributions from net realized gain	(.07)		(.07)	—		—			—
Total distributions	(.67)		(.62)	(.55)		(.39)			(.32)
Redemption fees added to paid in capital^B	01		.01	.01		—^E			.01
Net asset value, end of period	$ 37.60		$ 32.69	$ 28.41		$ 18.91			$ 23.41
Total Return^A	17.23%		17.41%	53.55%		(17.65)%			(19.26)%
Ratios to Average Net Assets^C
Expenses before reductions	20%		.58%	.60%		.58%			.56%
Expenses net of fee waivers, if any	10%		.25%	.47%		.40%			.35%
Expenses net of all reductions	10%		.25%	.47%		.39%			.35%
Net investment income (loss)	2.54%		2.19%	1.99%		1.87%			1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$1,440,236	$1,180,981		$ 556,578		$ 327,245		$ 305,235
Portfolio turnover rate	2%		6%	31%		19%			12%

See accompanying notes which are an integral part of the financial statements.

A-113

Annual Report

Spartan International Index Fund
Financial Statements - continued


Financial Highlights Fidelity Advantage Class
Year ended February 28,		2006^E
Selected Per Share Data
Net asset value, beginning of period		$ 33.92
Income from Investment Operations
Net investment income (loss)^D		18
Net realized and unrealized gain (loss)		4.03
Total from investment operations		4.21
Distributions from net investment income		(.52)
Redemption fees added to paid in capital^D		—^G
Net asset value, end of period		$ 37.61
Total Return^B,C		12.49%
Ratios to Average Net Assets^F
Expenses before reductions		17%^A
Expenses net of fee waivers, if any		07%^A
Expenses net of all reductions		07%^A
Net investment income (loss)		1.35%^A
Supplemental Data
Net assets, end of period (000 omitted)		$ 595,342
Portfolio turnover rate		2%

See accompanying notes which are an integral part of the financial statements.

Annual Report A-114

Notes to Financial Statements
For the period ended February 28, 2006

1. Significant Accounting Policies

Spartan Total Market Index Fund, Spartan Extended Market Index Fund and Spartan International Index Fund (the funds) are funds of Fidelity Concord Street Trust (the trust) and are authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open end management investment company organized as a Massachusetts business trust.

Each fund offers Investor Class and Fidelity Advantage Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Each fund commenced sale of Fidelity Advantage Class (Advantage Class) shares on October 14, 2005, and the existing class of each fund was re designated as Investor Class (Investor Class). After the commencement of the Advan tage Class, each fund began offering conversion privileges between classes within each fund to eligible shareholders of the Investor Class. Investment income, realized and unrealized capital gains and losses, the common expenses of each fund, and certain fund level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of each fund. Each class differs with respect to transfer agent fees incurred and certain class level expense reductions.

Each fund may invest in affiliated money market central funds (Money Market Central Funds) which are open end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:

Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, each fund uses independent pricing services approved by the Board of Trustees to value their investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open end mutual funds, are valued at their closing net asset value each business day. Short term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because each fund’s utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

Foreign Currency. Certain funds may use foreign currency contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Pur chases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex dividend date, except for certain dividends from foreign securities where the ex dividend date may have passed, which are recorded as soon as the funds are informed of the ex dividend date. Non cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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Annual Report

Notes to Financial Statements continued

1. Significant Accounting Policies continued

Expenses. Most expenses of each trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.

Income Tax Information and Distributions to Shareholders. Each year, each fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, each fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book tax differences are primarily due to futures transactions, swap agreements, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.

The tax basis components of distributable earnings and the federal tax cost as of period end were as follows for each fund:
	Cost for					Net Unrealized
	Federal Income		Unrealized		Unrealized	Appreciation/
	Tax Purposes		Appreciation		Depreciation	(Depreciation)
Spartan Total Market Index	$ 3,362,682,368		$ 886,090,143	$ (362,390,574)		$ 523,699,569
Spartan Extended Market Index	2,060,519,353		572,024,479	(213,315,317)		358,709,162
Spartan International Index	1,723,275,098		408,362,885	(87,220,864)		321,142,021

					Undistributed
			Undistributed		Long-term	Capital Loss
			Ordinary Income		Capital Gain	Carryforward
Spartan Total Market Index			$ 11,462,042		$ —	$ (32,181,218)
Spartan Extended Market Index			6,561,493		16,725,815	—
Spartan International Index			6,025,712		—	(26,766,843)

The tax character of distributions paid was as follows:


					Long-term
February 28, 2006		Ordinary Income			Capital Gains	Total
Spartan Total Market Index			$ 50,233,105		$ —	$ 50,233,105
Spartan Extended Market Index			18,167,972		5,453,013	23,620,985
Spartan International Index			30,627,721		—	30,627,721


					Long-term
February 28, 2005		Ordinary Income			Capital Gains	Total
Spartan Total Market Index			$ 38,260,068		$ —	$ 38,260,068
Spartan Extended Market Index			8,519,893		—	8,519,893
Spartan International Index			16,807,106		—	16,807,106

Short Term Trading (Redemption) Fees. Shares held in the funds less than 90 days are subject to a redemption fee equal to .50%, .75% and 1.00% of the amount invested in Spartan Total Market Index, Spartan Extended Market Index and Spartan International Index, respectively. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the funds and accounted for as an addition to paid in capital.

Spartan Extended Market Index and Spartan International Index also receive their allocable share of redemption fees attributable to redemptions from the Fidelity Four in One Index Fund. For the period these fees totaled $5,743 and $7,657, respectively.

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2. Operating Policies.

Forward Foreign Currency Contracts. Spartan International Index Fund generally uses foreign currency contracts to facilitate transactions in foreign denominated securities and to manage the fund’s currency exposure. Contracts to sell generally are used to hedge the fund’s investments against currency fluctuations, while contracts to buy generally are used to offset a previous contract to sell. Also, a contract to buy can be used to acquire exposure to foreign currencies and a contract to sell can be used to offset a previous contract to buy. These contracts involve market risk in excess of the unrealized gain or loss reflected in the fund’s Statement of Assets and Liabilities. The U.S. dollar value of the currencies the fund has committed to buy or sell is shown in the Schedule of Investments under the caption “Forward Foreign Currency Contracts.” This amount represents the aggregate exposure to each currency the fund has acquired or hedged through currency contracts at period end. Losses may arise from changes in the value of foreign currency or if the counterparties do not perform under the contracts’ terms.

The U.S. dollar value of forward foreign currency contracts is determined using forward currency exchange rates supplied by a quotation service. Purchases and sales of forward foreign currency contracts having the same settlement date and broker are offset and any realized gain (loss) recog nized on the date of offset: otherwise, gain (loss) is recognized on settlement date.

Futures Contracts. Certain funds may use futures contracts to manage their exposure to the stock markets and to fluctuations in currency values. Buying futures tends to increase a fund’s exposure to the underlying instrument, while selling futures tends to decrease a fund’s exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount (“initial margin”) equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments (“variation margin”) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in each applicable fund’s Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in each applicable fund’s Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in each applicable fund’s Schedule of Investments under the caption “Futures Contracts.” This amount reflects each contract’s exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract’s terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Swap Agreements. Certain funds may invest in swaps for the purpose of managing their market exposure. A swap is an agreement to exchange one payment stream for another, for a set period of time. Payments are based on a notional principal amount and are settled periodically. Total return swaps usually involve commitments to pay interest in exchange for the return of an equity security. Each applicable fund will make periodic payments based on a notional principal amount to the counterparty and will receive payments from the counterparty representing dividends of the underlying security. Periodic payments received or made by each applicable fund are recorded in the accompanying Statement of Operations as realized gains or losses, respectively. Gains or losses are realized upon expiration or termination of the swap agreement based on the change in value of the underlying equity security.

Swaps are marked to market daily based on dealer supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Collateral, in the form of cash or securities, may be required to be held in segregated accounts with each applicable fund’s custodian in compliance with swap contracts. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the fluctuation of interest rates or in the price of the underlying security, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in each applicable fund’s Schedule of Investments under the caption “Swap Agreements”.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short term securities and U.S. government securities, are noted in the table below.
	Purchases ($)	Sales ($)
Spartan Total Market Index	690,681,069	182,128,769
Spartan Extended Market Index	581,216,092	214,620,629
Spartan International Index	623,794,069	26,515,799

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Annual Report

Notes to Financial Statements continued

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the funds with investment management related services for which the funds pay a monthly manage ment fee.

Spartan Total Market Index and Spartan Extended Market Index. Effective October 1, 2005 an amendment to the management contract was approved by the Board of Trustees lowering the management fee from .10% to .07% of each funds average net assets. In addition, effective October 1, 2005, a new expense contract with FMR was approved by the Board of Trustees limiting total expenses of the Investor Class to .10% of average net assets and those of the Advantage Class to .07% of average net assets, excluding the compensation of the independent Trustees and certain other expenses such as interest expense. Prior to October 1, 2005, the management fee was based on an annual rate of .10% of each fund’s average net assets. FMR paid all other expenses (with certain exceptions).

Spartan International Index. Effective October 1, 2005, an amendment to the management contract was approved by the Board of Trustees lowering the management fee from .20% to .17% of average net assets. In addition, effective October 1, 2005, a new expense contract with FMR was approved by the Board of Trustees limiting total expenses of the Investor Class to .20% of average net assets and those of the Advantage Class to .17% of average net assets, excluding the compensation of the independent Trustees and certain other expenses such as interest expense. Prior to October 1, 2005, the management fee was based on an annual rate of .20% of average net assets. FMR paid all other expenses (with certain exceptions).

Sub Adviser. Geode Capital Management, LLC (Geode), serves as sub adviser for the funds. Geode provides discretionary investment advisory services to the funds and is paid by FMR for providing these services.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the funds’ transfer, dividend disbursing and shareholder servicing agent. Effective October 1, 2005, FSC receives asset based fees of .06% and .03% of average net assets for the Investor Class and Advantage Class, respectively. Under the new expense contract, the Investor Class pays transfer agent fees at an annual rate of .03%, and the Advantage Class pays no transfer agent fees. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements.

The Money Market Central Funds do not pay a management fee.

5. Committed Line of Credit.

Certain funds participate with other funds managed by FMR in a $4.2 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short term liquidity purposes. The participating funds have agreed to pay commit ment fees on their pro rata portion of the line of credit, which is included in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Security Lending.

Certain funds lend portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund’s Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds.

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7. Expense Reductions.

FMR voluntarily agreed to reimburse Spartan International Index to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

		Reimbursement
Spartan International Index	Expense Limitation	from advisor
Investor Class	10%	$ 1,309,053
Advantage Class	07%	191,689

In addition, through arrangements with each applicable fund’s custodian and transfer agent, credits realized as result of univested cash balances were used to reduce each applicable fund’s expenses. All of the applicable expense reductions are noted in the table below.

	Transfer agent	Fund level
	expense reduction	expense reduction
Spartan Total Market Index	$ 39,099	$ 4,791
Spartan Extended Market Index	53,122	8,875
Spartan International Index	32,553	—


8. Other.

The funds’ organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the funds. In the normal course of business, the funds may also enter into contracts that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the funds. The risk of material loss from such claims is considered remote.

At the end of the period, Fidelity Four in One Index Fund was the owner of record of approximately 11% of the total outstanding shares of Spartan International Index Fund.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:
Years ended February 28,	2006^A	2005
Spartan Total Market Index
From net investment income
Investor Class	$ 31,243,077	$ 38,260,068
Advantage Class	18,990,028	—
Total	$ 50,233,105	$ 38,260,068

Spartan Extended Market Index
From net investment income
Investor Class	$ 13,602,704	$ 8,519,893
Advantage Class	4,565,268	—
Total	$ 18,167,972	$ 8,519,893
From net realized gain
Investor Class	$ 3,889,725	$ —
Advantage Class	1,563,288	—
Total	$ 5,453,013	$ —

Spartan International Index
From net investment income
Investor Class	$ 20,816,606	$ 14,806,537
Advantage Class	7,207,732	—
Total	$ 28,024,338	$ 14,806,537
From net realized gain
Investor Class	$ 2,603,383	$ 2,000,569

A Distributions for Advantage Class are for the period October 14, 2005 (commencement of sale of shares) to February 28, 2006.

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Annual Report

Notes to Financial Statements continued



10. Share Transactions.

Transactions for each class of shares were as follows:
	Shares		Dollars
Years ended February 28,	2006^A	2005	2006^A	2005
Spartan Total Market Index
Investor Class
Shares sold	27,503,962	29,018,068	$ 929,047,540	$ 904,681,812
Initial Conversions to Advantage Class	(39,428,740)	—	(1,303,157,204)	—
Reinvestment of distributions	859,861	1,100,762	29,592,057	35,603,764
Shares redeemed	(20,608,817)	(15,781,625)	(709,055,002)	(490,697,412)
Net increase (decrease)	(31,673,734)	14,337,205	$(1,053,572,609)	$ 449,588,164
Advantage Class
Shares sold	19,799,986	—	$ 395,534,563	$ —
Initial Conversions from Investor Class	39,428,740	—	1,303,157,204	—
Reinvestment of distributions	482,273	—	16,976,010	—
Shares redeemed	(11,262,719)	—	(92,318,292)	—
Net increase (decrease)	48,596,460	—	$ 1,623,349,485	$ —
Spartan Extended Market Index
Investor Class
Shares sold	19,799,986	22,103,988	$ 666,017,298	$ 660,858,222
Initial Conversions to Advantage Class	(14,548,461)	—	(474,291,836)	—
Reinvestment of distributions	491,415	260,644	16,969,419	8,134,705
Shares redeemed	(11,262,719)	(10,201,525)	(377,629,738)	(294,656,901)
Net increase (decrease)	(5,519,779)	12,163,107	$ (168,934,857)	$ 374,336,026
Advantage Class
Shares sold	3,542,936	—	$ 125,830,995	$ —
Initial Conversions from Investor Class	14,548,461	—	474,291,836	—
Reinvestment of distributions	160,809	—	5,658,853	—
Shares redeemed	(1,024,689)	—	(36,199,962)	—
Net increase (decrease)	17,227,517	—	$ 569,581,722	$ —
Spartan International Index
Investor Class
Shares sold	24,024,661	20,484,779	$ 818,982,803	$ 619,234,446
Initial Conversions to Advantage Class	(11,894,813)	—	(403,343,187)	—
Reinvestment of distributions	636,980	515,618	22,219,480	15,774,278
Shares redeemed	(10,588,847)	(4,470,909)	(359,116,578)	(132,384,932)
Net increase (decrease)	2,177,981	16,529,488	$ 78,742,518	$ 502,623,792
Advantage Class
Shares sold	5,248,631	—	$ 189,741,573	$ —
Initial Conversions from Investor Class	11,894,813	—	403,343,187	—
Reinvestment of distributions	174,574	—	6,256,729	—
Shares redeemed	(1,486,864)	—	(55,064,939)	—
Net increase (decrease)	15,831,154	—	$ 544,276,550	$ —

A Share transactions for Advantage Class are for the period October 14, 2005 (commencement of sale of shares) to February 28, 2006.

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Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Concord Street Trust and the Shareholders of Spartan Total Market Index Fund, Spartan Extended Market Index Fund and Spartan International Index Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Spartan Total Market Index Fund, Spartan Extended Market Index Fund and Spartan International Index Fund (funds of Fidelity Concord Street Trust) at February 28, 2006, and the results of their operations, the changes in their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Concord Street Trust’s Management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2006 by correspon dence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 17, 2006

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Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund’s activities, review contractual arrangements with companies that provide services to each fund, and review each fund’s performance. Except for William O. McCoy and Albert R. Gamper, Jr., each of the Trustees oversees 326 funds advised by FMR or an affiliate. Mr. McCoy oversees 328 funds advised by FMR or an affiliate. Mr. Gamper oversees 258 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapac itated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The funds’ Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

Edward C. Johnson 3d (75)

Year of Election or Appointment: 1987

Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc.

Stephen P. Jonas (53)

Year of Election or Appointment: 2005

Mr. Jonas is Senior Vice President of Spartan Total Market Index (2005 present), Spartan Extended Market Index (2005 present), and Spartan International Index (2005 present). He also serves as Senior Vice President of other Fidelity funds (2005 present). Mr. Jonas is Executive Director of FMR (2005 present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004 2005), Chief Administrative Officer (2002 2004), and Chief Financial Officer of FMR Co. (1998 2000). Mr. Jonas has been with Fidelity Investments since 1987 and has held various financial and management positions including Chief Financial Officer of FMR. In addition, he serves on the Boards of Boston Ballet (2003 present) and Simmons College (2003 present).

Robert L. Reynolds (53)

Year of Election or Appointment: 2003

* Trustees have been determined to be “Interested Trustees” by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation

Dennis J. Dirks (57)

Year of Election or Appointment: 2005

Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999 2003). He also served as President, Chief Operating Officer, and Board member of The De pository Trust Company (DTC) (1999 2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999 2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001 2003) and Chief Executive Officer and Board member of the Mortgage Backed Securities Clearing Corporation (2001 2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005 present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006 present).

Albert R. Gamper, Jr. (63)

Year of Election or Appointment: 2006

Mr. Gamper also serves as a Trustee (2006 present) or Member of the Advisory Board (2005 present) of other investment compa nies advised by FMR. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, includ ing Chairman (1987 1989; 1999 2001; 2002 2004), Chief Executive Officer (1987 2004), and President (1989 2002). He cur rently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001 present), Chairman of the Board of Governors, Rutgers University (2004 present), and Chairman of the Board of Saint Barnabas Health Care System.

Robert M. Gates (62)

Year of Election or Appointment: 1997

George H. Heilmeier (69)

Year of Election or Appointment: 2004

Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corpo ration (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004 present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992 2002), Compaq (1994 2002), Automatic Data Processing, Inc. (ADP) (technology based business outsourcing, 1995 2002), INET Technologies Inc. (telecommunications network surveillance, 2001 2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display.

Marie L. Knowles (59)

Year of Election or Appointment: 2001

Prior to Ms. Knowles’ retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Rich field Company (ARCO) (diversified energy, 1996 2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002 present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.

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Trustees and Officers - continued

Name, Age; Principal Occupation

Ned C. Lautenbach (62)

Year of Election or Appointment: 2000

Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Pre viously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004 present) and Eaton Corpora tion (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005 present), as well as a member of the Council on Foreign Relations.

William O. McCoy (72)

Year of Election or Appointment: 1997

Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of BellSouth Corporation (telecommunica tions) and President of BellSouth Enterprises. He is currently a Director of Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999 2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves as Chairman of the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16 school system).

Cornelia M. Small (61)

Year of Election or Appointment: 2005

William S. Stavropoulos (66)

Year of Election or Appointment: 2001

Mr. Stavropoulos is Chairman of the Board (2000 present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management posi tions, including President (1993 2000; 2002 2003), CEO (1995 2000; 2002 2004), and Chairman of the Executive Committee (2000 2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002 present), and Metalmark Capital (private equity investment firm, 2005 present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.

Kenneth L. Wolfe (67)

Year of Election or Appointment: 2005

Advisory Board Members and Executive Officers:

Name, Age; Principal Occupation

James H. Keyes (65)

Year of Election or Appointment: 2006

Member of the Advisory Board of Fidelity Concord Street Trust. Prior to his retirement in 2003, Mr. Keyes was Chairman, Presi dent, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993 2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies, 1984 present), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002 present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998 present).

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Name, Age; Principal Occupation

Peter S. Lynch (62)

Year of Election or Appointment: 2003

Dwight D. Churchill (52)

Year of Election or Appointment: 2005

Vice President of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Churchill also serves as Vice President of certain Equity Funds (2005 present) and certain High Income Funds (2005 present). He is Executive Vice President of FMR (2005 present) and FMR Co., Inc. (2005 present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2005 present). Previously, Mr. Churchill served as Head of Fidelity’s Fixed Income Division (2000 2005), Vice President of Fidelity’s Money Market Funds (2000 2005), Vice President of Fidelity’s Bond Funds, and Senior Vice President of FMR.

Eric D. Roiter (57)

Year of Election or Appointment: 1998

Secretary of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. He also serves as Sec retary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001 present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001 present), Fidelity Research & Analysis Company (2001 present), and Fidelity Investments Money Management, Inc. (2001 present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston Col lege Law School (2003 present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998 2005).

Stuart Fross (46)

Year of Election or Appointment: 2003

Assistant Secretary of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003 present), Vice President and Secretary of FDC (2005 present), and is an employee of FMR.

Christine Reynolds (47)

Year of Election or Appointment: 2004

President and Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Ms. Re ynolds also serves as President and Treasurer of other Fidelity funds (2004 present) and is a Vice President (2003 present) and an employee (2002 present) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980 2002), where she was most recently an audit partner with PwC’s investment management practice.

R. Stephen Ganis (39)

Year of Election or Appointment: 2006

Anti Money Laundering (AML) officer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Ganis also serves as AML officer of other Fidelity funds (2006 present) and FMR Corp. (2003 present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000 2002).

Paul M. Murphy (58)

Year of Election or Appointment: 2005

Chief Financial Officer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Murphy also serves as Chief Financial Officer of other Fidelity funds (2005 present). He also serves as Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS).

Kenneth A. Rathgeber (58)

Year of Election or Appointment: 2004

Chief Compliance Officer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004 present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002 present). He is Chief Compliance Officer of FMR (2005 present), FMR Co., Inc. (2005 present), Fidelity Management & Research (U.K.) Inc. (2005 present), Fidelity Research & Analysis Company (2005 present), Fidelity Investments Money Management, Inc. (2005 present), and Strategic Advisers, Inc. (2005 present). Pre viously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998 2002).

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Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Bryan A. Mehrmann (44)

Year of Election or Appointment: 2005

Deputy Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Cor poration, Inc. (FIIOC) Client Services (1998 2004).

Kimberley H. Monasterio (42)

Year of Election or Appointment: 2004

Deputy Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Invest ments, Ms. Monasterio served as Treasurer (2000 2004) and Chief Financial Officer (2002 2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000 2004).

Kenneth B. Robins (36)

Year of Election or Appointment: 2005

Deputy Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2004 present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG’s department of professional practice (2002 2004) and a Senior Manager (1999 2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000 2002).

Robert G. Byrnes (39)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003 2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000 2003).

John H. Costello (59)

Year of Election or Appointment: 1997

Assistant Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.

Peter L. Lydecker (52)

Year of Election or Appointment: 2004

Assistant Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.

Mark Osterheld (50)

Year of Election or Appointment: 2002

Assistant Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.

Gary W. Ryan (47)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999 2005).

Salvatore Schiavone (40)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan Extended Market Index, Spartan International Index, and Spartan Total Market Index. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003 2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996 2003).

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Distributions

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Spartan Total Market Index
Investor Class	4/10/06	4/7/06	$0.11	—
Fidelity Advantage Class	4/10/06	4/7/06	$0.11312	—
Spartan Extended Market Index
Investor Class	4/10/06	4/7/06	$0.08	$0.32
Fidelity Advantage Class	4/10/06	4/7/06	$0.08323	$0.32
Spartan International Index
Investor Class	4/10/06	4/7/06	$0.11	—
Fidelity Advantage Class	4/10/06	4/7/06	$0.11338	—

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividends received deduction for corporate shareholders:

	April	December
Spartan Total Market Index
Investor Class	100%	98%
Fidelity Advantage Class	—	97%
Spartan Extended Market Index
Investor Class	73%	70%
Fidelity Advantage Class	—	70%

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

	April	December
Spartan Total Market Index
Investor Class	100%	99%
Fidelity Advantage Class	—	98%
Spartan Extended Market Index
Investor Class	76%	73%
Fidelity Advantage Class	—	73%
Spartan International Index
Investor Class	54%	100%
Fidelity Advantage Class	—	100%

Theamountspersharewhich represent incomederivedfrom sourceswithin,andtaxes paidto, foreign countries orpossessions ofthe UnitedStates are as follows:

Fund	Pay Date	Income	Taxes
Spartan International Index
Investor Class	4/11/05	.043	.0055
	12/27/05	.306	.0487
Fidelity Advantage Class	12/27/05	.307	.0487

The fund hereby designates as a capital gain dividend with respect to the taxable year ended February 28, 2006 $22,178,827 or, if subsequently determined to be different, the net capital gain of such year.

The funds will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.

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Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Spartan Total Market Index Fund / Spartan Extended Market Index Fund / Spartan International Index Fund

Each year, typically in July, the Board of Trustees, including the independent Trustees (together, the Board), votes on the renewal of the management contract and sub advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of each fund’s Advisory Contracts, including the services and support provided to each fund and its shareholders by Fidelity. At the time of the renewal, the Board had 11 standing committees, each composed of independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Equity Contract Committee, meets periodically during the first six months of each year and as necessary to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the independent Trustees concerning, the approval and annual review of the Advisory Contracts.

At its July 2005 meeting, the Board of Trustees, including the independent Trustees, unanimously determined to renew the Advisory Contracts for each fund. In reaching its determination, the Board considered all factors it believed relevant, including (1) the nature, extent, and quality of the services to be provided to each fund and its shareholders by Fidelity (including the investment performance of each fund); (2) the competitiveness of the man agement fee and total expenses of each fund; (3) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with each fund; (4) the extent to which economies of scale would be realized as each fund grows; and (5) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In determining whether to renew the Advisory Contracts for each fund, the Board ultimately reached a determination, with the assistance of fund counsel and independent Trustees’ counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contracts is consistent with Fidelity’s fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that each fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided by Fidelity. The Board considered staffing within the investment adviser, FMR, and the sub advisers (together, the Investment Advisers), including the backgrounds of the funds’ portfolio managers and the funds’ investment objectives and disciplines. The independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Fidelity Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Invest ment Advisers’ investment staff, their use of technology, and the Investment Advisers’ approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel.

Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund. The Board also considered the nature and extent of the Investment Advisers’ supervision of third party service providers, principally custodians and subcustodians. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the resources devoted to, and the record of com pliance with, each fund’s compliance policies and procedures.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24 hour access to account information and market informa tion through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of a fund for shares of other Fidelity funds, as set forth in the fund’s prospectus, without paying a sales charge. The Board noted that, since the last Advisory Contract renewals in July 2004, Fidelity has taken a number of actions that benefited particular funds, including (i) voluntarily deciding in 2004 to stop using “soft” commission dollars to pay for market data and, instead, to pay for that data out of its own resources, (ii) contractually agreeing to impose management fee reductions and expense limita tions on its five Spartan stock index funds and its stock index fund available through variable insurance products, (iii) contractually agreeing to eliminate the management fees on the Fidelity Freedom Funds and the Fidelity Advisor Freedom Funds, (iv) contractually agreeing to reduce the management fees on most of its investment grade taxable bond funds, and (v) contractually agreeing to impose expense limitations on its retail and Spartan investment grade taxable bond funds.

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Investment Performance. The Board considered whether each fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund’s absolute investment performance, as well as each fund’s relative investment performance measured against (i) a broad based securities market index, and (ii) a peer group of mutual funds over multiple periods. For each fund, the following charts considered by the Board show, over the one , three , and five year periods ended December 31, 2004, the fund’s returns, the returns of a broad based securities market index (“benchmark”), and a range of returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the fund.

The Board reviewed the fund’s relative investment performance against its Lipper peer group and stated that the performance of the fund was in the second quartile for the one and three year periods and the third quartile for the five year period. The Board noted that FMR does not consider that Lipper peer group to be a meaningful comparison for the fund, however, because the peer group includes funds with narrower investment mandates than those of the fund, which is managed to track the performance of a specified broad securities index. The Board also stated that the relative invest ment performance of the fund was lower than its benchmark over time, but considered that, unlike the benchmark, the fund has fees and transaction costs.

The Board reviewed the fund’s relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one and three year periods and the second quartile for the five year period. The Board noted that FMR does not consider that

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Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Lipper peer group to be a meaningful comparison for the fund, however, because the peer group includes funds with narrower investment mandates than those of the fund, which is managed to track the performance of a specified broad securities index. The Board also stated that the relative invest ment performance of the fund was lower than its benchmark over time, but considered that, unlike the benchmark, the fund has fees and transaction costs.

The Board reviewed the fund’s relative investment performance against its Lipper peer group and stated that the performance of the fund was in the second quartile for the one , three and five year periods. The Board noted that FMR does not consider that Lipper peer group to be a meaningful comparison for the fund, however, because the peer group includes funds with broader investment mandates than those of the fund, which is managed to track the performance of a specified securities index. The Board also stated that the relative investment performance of the fund was lower than its benchmark over time, but considered that, unlike the benchmark, the fund has fees and transaction costs.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit each fund’s shareholders, particularly in light of the Board’s view that each fund’s shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered each fund’s management fee and total expenses compared to “mapped groups” of competitive funds and classes. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board’s management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12 month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group” and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund’s standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a TMG % of 38% would mean that 62% of the funds in the Total Mapped Group had higher management fees than a fund. The “Asset Size Peer Group” (ASPG) compari son focuses on a fund’s standing relative to non Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile (“quadrant”) in which a fund’s management fee ranked, is also included in the charts and considered by the Board.

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The Board noted that the fund’s management fee ranked below the median of its Total Mapped Group and above the median of its ASPG for 2004.

Furthermore, the Board considered that on February 17, 2005, after the periods shown in the chart above, it had approved an amendment (effective March 1, 2005) to the fund’s management contract that reduced the fund’s management fee from 24 basis points to 10 basis points. The Board noted that, if the amended management contract had been in effect in 2004, the fund’s management fee would have ranked below the median of its ASPG.

The Board noted that the fund’s management fee ranked below the median of its Total Mapped Group and above the median of its ASPG for 2004.

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Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board noted that the fund’s management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2004.

Based on its review, the Board concluded that each fund’s management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each fund’s total expenses, the Board considered the fund’s management fee as well as other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the new contractual arrangements described below. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that each fund’s total expenses ranked below its competitive median for 2004.

Furthermore, the Board considered that on February 17, 2005, it had approved changes (effective March 1, 2005) in the contractual arrangements for each of Spartan Total Market Index Fund and Spartan Extended Market Index Fund that (i) have the effect of setting the total “fund level” expenses (including, among other expenses, the management fee) at 10 basis points, and (ii) limit the total expenses of the fund’s existing class of shareholders to 10 basis points. These new contractual arrangements may not be increased without Board and shareholder approval. (Effective August 31, 2004, FMR had voluntarily agreed to limit each fund’s expenses to 10 basis points.)

Furthermore, the Board considered that on February 17, 2005, it had approved changes (effective March 1, 2005) in the contractual arrangements for Spartan International Index Fund that (i) have the effect of setting the total “fund level” expenses (including, among other expenses, the management fee) at 20 basis points, and (ii) limit the total expenses of the fund’s existing class of shareholders to 20 basis points. These new contractual arrangements may not be increased without Board and shareholder approval. In addition, FMR voluntarily agreed to further limit the expenses of the fund’s existing class of shareholders to 10 basis points. (Effective August 31, 2004, FMR had voluntarily agreed to limit the fund’s expenses to 10 basis points.)

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that each fund’s total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the busi ness of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.

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On an annual basis, FMR presents to the Board Fidelity’s profitability for each fund. Fidelity calculates the profitability for each fund, as well as aggre gate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of the results of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of Fidelity’s methodologies used in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After consider ing PwC’s reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity’s profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity’s non fund businesses and any fall out benefits related to the mutual fund business as well as cases where Fidelity’s affiliates may benefit from or be related to the funds’ business. In addition, a special committee of the Board reviewed services provided to Fidelity by its affiliates and determined that the fees that Fidelity paid for such services were reasonable.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and determined that the amount of profit is a fair entrepreneurial profit for the management of each fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information regarding (i) equity fund transfer agency fees; (ii) Fidelity’s fund profitability methodology and the impact of various changes in the methodology over time; (iii) benefits to shareholders from economies of scale; (iv) composition and characteristics of various fund and industry data used in comparisons; and (v) compensation of portfolio managers and research analysts.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the exist ing advisory fee structures are fair and reasonable, and that each fund’s existing Advisory Contracts should be renewed.

On September 15, 2005, subsequent to approving the July renewal of each fund’s Advisory Contracts, the Board approved an amended and restated management contract (the Amended Contract) for each fund, effective October 1, 2005. In determining whether to approve the contracts, the Board considered that each Amended Contract lowered the management fee from 10 basis points to 7 basis points of the fund’s average daily net assets.

In connection with its approval, the Board also considered the management fees and total expenses of similar funds offered by other fund companies. At its meeting, the Board also approved an expense contract for Fidelity Advantage Class of each fund that obliges FMR to pay all class level expenses of Fidelity Advantage Class and limits the total expenses of the class’s shareholders to 7 basis points for Spartan Total Market Index Fund and Spartan Extended Market Index Fund and to 17 basis points for Spartan International Index Fund. The Board noted that the new contractual expense limits may not be increased without the approval of the Board and of Fidelity Advantage Class shareholders. In addition, the Board considered that FMR voluntarily agreed to further limit the expenses of Fidelity Advantage Class shareholders of Spartan International Index Fund to 7 basis points.

Based on its review, the Board concluded that the amended advisory fee structures are fair and reasonable, and the each fund’s Amended Contract should be approved.

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Annual Report

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Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub Adviser
FMR Co., Inc.
Geode Capital Management, LLC
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Service Company, Inc.
Boston, MA
Custodian
Mellon Bank, N.A.
Pittsburg, PA

The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance		1-800-544-6666
Product Information		1-800-544-6666
Retirement Accounts		1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service		1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated phone logo)		1-800-544-5555
(automated phone logo) Automated line for quickest service

SIF UANNPRO 0406
1.790918.102

Spartan®
U.S. Equity Index
Fund -
Investor Class
Fidelity Advantage Class

Annual Report
February 28, 2006

Contents


Chairman’s Message	4	Ned Johnson’s message to shareholders.
Performance	5	How the fund has done over time.
Management’s Discussion	6	The manager’s review of fund
		performance, strategy and outlook.
Shareholder Expense	7	An example of shareholder expenses.
Example
Investment Changes	9	A summary of major shifts in the fund’s
		investments over the past year.
Investments	10	A complete list of the fund’s investments
		with their market values.
Financial Statements	29	Statements of assets and liabilities,
		operations, and changes in net assets,
		as well as financial highlights.
Notes	34	Notes to the financial statements.
Report of Independent	41
Registered Public
Accounting Firm
Trustees and Officers	42
Distributions	52
Board Approval of	53
Investment Advisory
Contracts and
Management Fees

If additional copies of financial reports, prospectuses or historical account information are
needed, or for more information on any Fidelity fund including charges and expenses, please
the appropriate number listed below or the number provided to your institutional or employer
sponsored retirement plan. Read the prospectus carefully before you invest or send money.

Retirement Plan Level Accounts
Corporate Clients		1-800-962-1375
“Not For Profit” Clients		1-800-343-0860
Financial and Other Institutions
Nationwide		1-800-221-5207
Other Investors		1-800-544-6666

Annual Report 2

This report and the financial statements contained herein are submitted for the general information
of the shareholders of the fund. This report is not authorized for distribution to prospective investors
in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N Q. Forms N Q are available on the SEC’s web site at
http://www.sec.gov. A fund’s Forms N Q may be reviewed and copied at the SEC’s Public Reference
Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference
Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio
holdings, view the most recent quarterly holdings report, semiannual report, or annual report
on Fidelity’s web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.

3 Annual Report

Chairman’s Message

(photograph of Edward C. Johnson 3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time tested, funda mental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets’ inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets’ best days can significantly diminish investor returns. Patience also affords the benefits of compounding of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn’t eliminate risk, it can considerably lessen the effect of short term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio’s long term success. The right mix of stocks, bonds and cash aligned to your particular risk tolerance and investment objective is very important. Age appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities which historically have been the best performing asset class over time is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more stable fixed investments (bonds or savings plans).

A third investment principle invest ing regularly can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won’t pay for all your shares at market highs. This strategy known as dollar cost averaging also reduces unconstructive “emotion” from investing, helping shareholders avoid selling weak per formers just prior to an upswing, or chasing a hot performer just before a correction.

Sincerely,

/s/ Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report 4

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class’ dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of perfor mance each year. The $100,000 table and the fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns
Periods ended February 28, 2006	Past 1	Past 5	Past 10
	year	years	years
Investor Class	8.36%	2.23%	8.75%
Fidelity Advantage Class ^A	8.37%	2.23%	8.75%

A The initial offering of Fidelity Advantage Class took place on October 14, 2005. Returns prior to October 14, 2005, are those of Investor Class.

$100,000 Over 10 Years

Let’s say hypothetically that $100,000 was invested in Spartan® US Equity Index Fund Investor Class on February 29, 1996. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor’s 500^SMIndex performed over the same period.

5 Annual Report

Management’s Discussion of Fund Performance

Comments from Jeffrey Adams, who oversees the Spartan U.S. Equity Index Fund’s investment management team as Head of Indexing for Geode Capital Management, LLC

With the exception of several popular large cap stock performance measures, most major U.S. equity benchmarks had double digit returns for the year ending February 28, 2006. For much of the period, market gains were driven largely by the energy sector, although utilities ultimately sneaked into the top spot for the year overall. Financials and telecom munication services also reached double figures, outperforming the 8.40% return of the broader market as measured by the large cap oriented Standard & Poor’s 500^SMIndex. The consumer discretionary segment home to the weak performing automobile and media industries was the biggest disappointment. Although the overall return for the S&P 500® beat the small cap Russell 2000® Index in calendar year 2005 the first time that’s happened in six years small caps stormed back in early 2006, leading to a 16.59% advance during the past 12 months, nearly twice the broader market’s gain. Mid caps soared even higher, returning 17.67% according to the Russell Midcap® Index. The technology heavy NASDAQ Composite® Index also fared well, climbing 12.13%, but the Dow Jones Industrial Average^SM, an index of 30 large cap, blue chip stocks, managed to rise only 4.52% .

During the past 12 months, the fund’s Investor Class shares gained 8.36%, in line with the 8.40% return of the Standard & Poor’s 500 Index. The fund’s peer group average, the Lipper^SMS&P 500 Index Objective Funds Average, returned 7.84% . For additional perfor mance information, including that of the new Fidelity Advantage Class, please refer to the performance section of this report. Energy and utility stocks were particular standouts, as both groups benefited from strength in oil and natural gas prices. In the consumer discre tionary sector, automobile related stocks were poor performers, hit hard by the U.S. auto industry’s troubles. Media stocks also lost ground as competition in the group tightened. Oil field services giant Schlumberger saw its shares jump in January after reporting a doubling of fourth quarter earnings. Hewlett Packard, a maker of personal computers, printers and scientific products, gained ground on improved earnings and operating margins. On the negative side, Dell underperformed, as the retailer of personal computers and consumer electronics battled fierce global competition. Also, retail giant Wal Mart saw its valuation fall as investors worried that rising energy costs would pinch the company’s customers.

Annual Report

6 6

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2005 to February 28, 2006) for Investor Class and for the entire period (October 14, 2005 to February 28, 2006) for Fidelity Advantage Class. The hypothetical expense Example is based on an investment of $1,000 invested for the one half year period (September 1, 2005 to February 28, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

7 Annual Report

Shareholder Expense Example continued


			Ending
	Beginning		Account Value		Expenses Paid
	Account Value		February 28, 2006		During Period
Investor Class
Actual	$	1,000.00	$	1,058.80	$	.51^B
Hypothetical^A	$	1,000.00	$	1,024.30	$	.50^C
Fidelity Advantage Class
Actual	$	1,000.00	$	1,087.30	$	.28^B
Hypothetical^A	$	1,000.00	$	1,024.45	$	.35^C

^A5% return per year before expenses

^BActual expenses are equal to each Class’ annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one half year period) for Investor Class and multiplied by 138/365 (to reflect the period October 14, 2005 to February 28, 2006) for Fidelity Advantage Class.

		Annualized
		Expense Ratio
Investor Class		10%
Fidelity Advantage Class		07%

Annual Report 8

Investment Changes


Top Ten Stocks as of February 28, 2006
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Exxon Mobil Corp.	3.2	3.4
General Electric Co.	3.0	3.1
Microsoft Corp.	2.1	2.5
Citigroup, Inc.	2.0	2.0
Bank of America Corp.	1.8	1.5
Procter & Gamble Co.	1.7	1.2
Pfizer, Inc.	1.7	1.7
American International Group, Inc.	1.5	1.4
Johnson & Johnson	1.5	1.7
Altria Group, Inc.	1.3	1.3
	19.8
Market Sectors as of February 28, 2006
	% of fund’s	% of fund’s net assets
	net assets	6 months ago
Financials	21.0	19.7
Information Technology	15.2	15.4
Health Care	13.2	13.2
Industrials	11.1	10.9
Consumer Discretionary	10.3	11.2
Energy	9.4	9.6
Consumer Staples	9.3	10.0
Utilities	3.3	3.5
Telecommunication Services	3.2	3.1
Materials	2.9	2.9

9 Annual Report

Investments February 28, 2006
Showing Percentage of Net Assets

Common Stocks 98.9%
	Shares	Value (Note 1)
		(000s)

CONSUMER DISCRETIONARY – 10.3%
Auto Components 0.2%
Cooper Tire & Rubber Co.	126,044		$ 1,878
Dana Corp. (d)	309,235		544
Goodyear Tire & Rubber Co. (a)(d)	362,749		5,198
Johnson Controls, Inc.	396,756		28,277
			35,897
Automobiles – 0.3%
Ford Motor Co.	3,819,748		30,443
General Motors Corp. (d)	1,162,842		23,617
Harley Davidson, Inc.	564,721		29,653
			83,713
Distributors – 0.1%
Genuine Parts Co.	356,836		15,886
Diversified Consumer Services – 0.1%
Apollo Group, Inc. Class A (a)(d)	299,275		14,778
H&R Block, Inc.	673,742		15,024
			29,802
Hotels, Restaurants & Leisure 1.5%
Carnival Corp. unit	890,878		46,014
Darden Restaurants, Inc.	269,269		11,293
Harrah’s Entertainment, Inc.	377,886		27,178
Hilton Hotels Corp.	674,586		16,325
International Game Technology (d)	692,856		24,783
Marriott International, Inc. Class A	338,449		23,150
McDonald’s Corp.	2,587,984		90,347
Starbucks Corp. (a)(d)	1,580,202		57,393
Starwood Hotels & Resorts Worldwide, Inc. unit	450,852		28,629
Wendy’s International, Inc.	239,072		13,842
Yum! Brands, Inc.	582,054		27,764
			366,718
Household Durables – 0.8%
Black & Decker Corp.	161,230		13,798
Centex Corp.	262,691		17,761
D.R. Horton, Inc.	559,789		19,094
Fortune Brands, Inc.	300,479		23,302
Harman International Industries, Inc.	135,383		14,940
KB Home (d)	160,968		10,790
Leggett & Platt, Inc.	378,272		8,882
Lennar Corp. Class A	282,398		16,904

See accompanying notes which are an integral part of the financial statements.

Annual Report

Common Stocks continued
	Shares	Value (Note 1)
		(000s)

CONSUMER DISCRETIONARY – continued
Household Durables – continued
Maytag Corp.	164,807		$ 2,835
Newell Rubbermaid, Inc.	566,534		14,090
Pulte Homes, Inc.	441,102		16,943
Snap-On, Inc.	119,095		4,635
The Stanley Works	149,595		7,501
Whirlpool Corp.	138,766		12,460
			183,935
Internet & Catalog Retail 0.1%
Amazon.com, Inc. (a)(d)	630,689		23,645
Leisure Equipment & Products – 0.2%
Brunswick Corp.	198,378		7,782
Eastman Kodak Co. (d)	590,550		16,565
Hasbro, Inc. (d)	366,744		7,441
Mattel, Inc.	830,388		13,992
			45,780
Media – 3.3%
CBS Corp. Class B	1,588,908		38,865
Clear Channel Communications, Inc.	1,111,468		31,455
Comcast Corp. Class A (a)	4,465,172		119,801
Dow Jones & Co., Inc. (d)	121,289		4,930
E.W. Scripps Co. Class A	177,057		8,513
Gannett Co., Inc.	493,250		30,660
Interpublic Group of Companies, Inc. (a)(d)	894,164		9,264
Knight-Ridder, Inc. (d)	142,726		8,566
McGraw Hill Companies, Inc.	770,942		40,929
Meredith Corp.	86,221		4,750
News Corp. Class A	5,003,514		81,457
Omnicom Group, Inc.	370,767		29,595
The New York Times Co. Class A	298,380		8,420
The Walt Disney Co.	3,955,502		110,715
Time Warner, Inc.	9,587,605		165,961
Tribune Co.	538,353		16,474
Univision Communications, Inc. Class A (a)	459,789		15,380
Viacom, Inc. Class B (non-vtg.)	1,588,908		63,493
			789,228
Multiline Retail – 1.1%
Big Lots, Inc. (a)(d)	234,253		2,977
Dillard’s, Inc. Class A	126,626		3,124
Dollar General Corp. (d)	651,047		11,341

See accompanying notes which are an integral part of the financial statements.

11 Annual Report

Investments continued


Common Stocks continued
	Shares	Value (Note 1)
		(000s)

CONSUMER DISCRETIONARY – continued
Multiline Retail – continued
Family Dollar Stores, Inc.	319,263		$ 8,211
Federated Department Stores, Inc.	559,794		39,768
JCPenney Co., Inc.	477,550		28,004
Kohl’s Corp. (a)	708,868		34,104
Nordstrom, Inc.	449,462		17,080
Sears Holdings Corp. (a)	205,242		24,721
Target Corp. (d)	1,807,831		98,346
			267,676
Specialty Retail – 2.2%
AutoNation, Inc. (a)(d)	372,283		7,784
AutoZone, Inc. (a)(d)	113,514		10,975
Bed Bath & Beyond, Inc. (a)	576,692		20,784
Best Buy Co., Inc.	840,471		45,268
Circuit City Stores, Inc. (d)	322,047		7,739
Gap, Inc.	1,180,177		21,880
Home Depot, Inc.	4,368,068		184,114
Limited Brands, Inc.	716,107		16,950
Lowe’s Companies, Inc.	1,607,805		109,620
Office Depot, Inc. (a)(d)	635,090		22,660
OfficeMax, Inc. (d)	145,608		4,271
RadioShack Corp. (d)	276,804		5,412
Sherwin-Williams Co.	230,807		10,513
Staples, Inc.	1,503,899		36,906
Tiffany & Co., Inc.	292,539		10,862
TJX Companies, Inc. (d)	947,316		23,200
			538,938
Textiles, Apparel & Luxury Goods – 0.4%
Coach, Inc. (a)	781,549		27,917
Jones Apparel Group, Inc	240,270		6,949
Liz Claiborne, Inc.	219,282		7,901
NIKE, Inc. Class B	390,853		33,918
VF Corp.	182,843		10,020
			86,705

TOTAL CONSUMER DISCRETIONARY			2,467,923

CONSUMER STAPLES 9.3%
Beverages – 2.1%
Anheuser-Busch Companies, Inc.	1,596,344		66,312

See accompanying notes which are an integral part of the financial statements.

Annual Report

Common Stocks continued
	Shares	Value (Note 1)
		(000s)

CONSUMER STAPLES – continued
Beverages – continued
Brown-Forman Corp. Class B (non-vtg.)	170,797		$ 12,017
Coca-Cola Enterprises, Inc.	623,176		12,245
Constellation Brands, Inc. Class A (sub. vtg.) (a)(d)	404,572		10,656
Molson Coors Brewing Co. Class B	116,078		7,284
Pepsi Bottling Group, Inc.	281,883		8,276
PepsiCo, Inc.	3,411,717		201,667
The Coca-Cola Co.	4,256,201		178,633
			497,090
Food & Staples Retailing – 2.3%
Albertsons, Inc. (d)	758,279		19,291
Costco Wholesale Corp.	970,733		49,779
CVS Corp.	1,674,250		47,432
Kroger Co. (a)	1,490,511		29,870
Safeway, Inc.	923,839		22,459
SUPERVALU, Inc.	280,005		8,848
Sysco Corp.	1,275,501		38,380
Wal-Mart Stores, Inc.	5,136,769		233,004
Walgreen Co.	2,081,086		93,358
Whole Foods Market, Inc.	282,884		18,071
			560,492
Food Products 1.0%
Archer-Daniels Midland Co.	1,343,079		42,602
Campbell Soup Co.	382,684		11,913
ConAgra Foods, Inc. (d)	1,067,017		22,439
General Mills, Inc. (d)	730,564		35,980
H.J. Heinz Co.	688,172		26,061
Hershey Co.	372,377		19,047
Kellogg Co.	528,108		23,400
McCormick & Co., Inc. (non-vtg.) (d)	275,225		9,036
Sara Lee Corp.	1,561,770		27,596
Tyson Foods, Inc. Class A	517,570		7,003
Wm. Wrigley Jr. Co.	368,940		23,442
			248,519
Household Products – 2.3%
Clorox Co. (d)	309,900		18,888
Colgate-Palmolive Co.	1,065,252		58,035
Kimberly Clark Corp.	960,655		56,852
Procter & Gamble Co.	6,892,134		413,046
			546,821

See accompanying notes which are an integral part of the financial statements.

13 Annual Report

Investments continued


Common Stocks continued
	Shares	Value (Note 1)
		(000s)

CONSUMER STAPLES – continued
Personal Products 0.2%
Alberto-Culver Co.	155,241		$ 7,090
Avon Products, Inc.	942,600		27,194
Estee Lauder Companies, Inc. Class A	248,378		9,294
			43,578
Tobacco 1.4%
Altria Group, Inc.	4,281,938		307,871
Reynolds American, Inc.	175,772		18,658
UST, Inc. (a)	336,309		13,076
			339,605

TOTAL CONSUMER STAPLES			2,236,105

ENERGY 9.4%
Energy Equipment & Services – 1.8%
Baker Hughes, Inc.	702,898		47,776
BJ Services Co.	662,876		20,755
Halliburton Co.	1,054,549		71,709
Nabors Industries Ltd. (a)	324,911		21,428
National Oilwell Varco, Inc. (a)	358,432		21,821
Noble Corp. (d)	281,505		20,806
Rowan Companies, Inc.	224,749		9,046
Schlumberger Ltd. (NY Shares)	1,211,340		139,304
Transocean, Inc. (a)	678,758		50,350
Weatherford International Ltd. (a)	714,781		30,821
			433,816
Oil, Gas & Consumable Fuels – 7.6%
Amerada Hess Corp. (d)	164,512		22,754
Anadarko Petroleum Corp	487,727		48,363
Apache Corp.	677,140		45,314
Burlington Resources, Inc.	777,380		70,104
Chevron Corp.	4,616,288		260,728
ConocoPhillips	2,853,227		173,933
Devon Energy Corp. (d)	913,578		53,563
El Paso Corp.	1,355,807		17,734
EOG Resources, Inc.	496,719		33,479
Exxon Mobil Corp.	12,794,897		759,627
Kerr-McGee Corp.	238,461		23,298
Kinder Morgan, Inc.	216,382		20,076
Marathon Oil Corp.	753,559		53,201

See accompanying notes which are an integral part of the financial statements.

Annual Report

Common Stocks continued
	Shares	Value (Note 1)
		(000s)

ENERGY – continued
Oil, Gas & Consumable Fuels – continued
Murphy Oil Corp. (d)	339,496	$	15,912
Occidental Petroleum Corp.	884,672		80,983
Sunoco, Inc. (d)	279,882		20,739
Valero Energy Corp.	1,268,720		68,244
Williams Companies, Inc.	1,178,252		25,415
XTO Energy, Inc.	746,820		31,284
			1,824,751

TOTAL ENERGY			2,258,567

FINANCIALS – 21.0%
Capital Markets 3.4%
Ameriprise Financial, Inc.	505,889		23,008
Bank of New York Co., Inc.	1,583,786		54,229
Bear Stearns Companies, Inc.	245,452		32,999
Charles Schwab Corp.	2,121,185		34,384
E*TRADE Financial Corp. (a)	841,178		21,517
Federated Investors, Inc. Class B (non-vtg.) (d)	174,091		6,770
Franklin Resources, Inc.	305,285		31,347
Goldman Sachs Group, Inc. (d)	926,916		130,964
Janus Capital Group, Inc.	443,495		9,726
Lehman Brothers Holdings, Inc.	550,854		80,397
Mellon Financial Corp. (d)	859,756		31,029
Merrill Lynch & Co., Inc.	1,889,646		145,900
Morgan Stanley	2,216,519		132,238
Northern Trust Corp.	381,437		20,109
State Street Corp.	674,290		42,130
T. Rowe Price Group, Inc.	268,729		20,633
			817,380
Commercial Banks – 5.9%
AmSouth Bancorp.	716,786		19,891
Bank of America Corp.	9,550,909		437,909
BB&T Corp.	1,115,104		44,080
Comerica, Inc.	339,795		19,477
Compass Bancshares, Inc.	256,107		12,877
Fifth Third Bancorp (d)	1,140,979		44,099
First Horizon National Corp.	259,108		10,134
Huntington Bancshares, Inc.	469,249		11,285
KeyCorp	838,539		31,252
M&T Bank Corp.	164,051		18,439

See accompanying notes which are an integral part of the financial statements.

15 Annual Report

Investments continued


Common Stocks continued
	Shares	Value (Note 1)
		(000s)

FINANCIALS – continued
Commercial Banks – continued
Marshall & Ilsley Corp.	430,069		$ 18,923
National City Corp.	1,133,280		39,438
North Fork Bancorp, Inc., New York	978,082		24,980
PNC Financial Services Group, Inc.	600,881		42,272
Regions Financial Corp.	941,639		32,750
SunTrust Banks, Inc.	743,139		53,781
Synovus Financial Corp.	642,179		18,206
U.S. Bancorp, Delaware (d)	3,734,855		115,444
Wachovia Corp.	3,194,328		179,106
Wells Fargo & Co.	3,438,600		220,758
Zions Bancorp	214,721		17,719
			1,412,820
Consumer Finance – 1.0%
American Express Co.	2,553,233		137,568
Capital One Financial Corp. (d)	615,914		53,954
SLM Corp.	858,090		48,405
			239,927
Diversified Financial Services – 3.5%
CIT Group, Inc.	410,819		22,090
Citigroup, Inc.	10,402,610		482,369
JPMorgan Chase & Co.	7,195,054		296,005
Moody’s Corp.	510,272		34,188
			834,652
Insurance – 4.8%
ACE Ltd.	662,844		36,940
AFLAC, Inc.	1,028,854		47,584
Allstate Corp.	1,333,766		73,064
AMBAC Financial Group, Inc.	216,285		16,254
American International Group, Inc.	5,337,306		354,184
Aon Corp.	657,994		26,063
Cincinnati Financial Corp.	359,271		15,937
Genworth Financial, Inc. Class A (non-vtg.)	774,492		24,644
Hartford Financial Services Group, Inc.	617,695		50,886
Jefferson-Pilot Corp. (d)	275,586		16,604
Lincoln National Corp. (d)	356,252		20,224
Loews Corp.	278,794		25,722
Marsh & McLennan Companies, Inc.	1,120,038		34,620
MBIA, Inc. (d)	275,648		16,192
MetLife, Inc.	1,557,129		78,043

See accompanying notes which are an integral part of the financial statements.

Annual Report

Common Stocks continued
	Shares	Value (Note 1)
		(000s)

FINANCIALS – continued
Insurance – continued
Principal Financial Group, Inc.	576,080		$ 28,067
Progressive Corp.	405,635		43,585
Prudential Financial, Inc.	1,038,458		80,003
SAFECO Corp.	254,047		13,086
The Chubb Corp.	411,095		39,362
The St. Paul Travelers Companies, Inc.	1,423,879		61,198
Torchmark Corp.	213,393		11,666
UnumProvident Corp. (d)	612,851		12,680
XL Capital Ltd. Class A	358,574		24,222
			1,150,830
Real Estate 0.8%
Apartment Investment & Management Co. Class A (d)	196,822		8,721
Archstone-Smith Trust (d)	435,886		20,661
Equity Office Properties Trust (d)	835,220		26,268
Equity Residential (SBI)	592,530		26,830
Plum Creek Timber Co., Inc. (d)	378,447		14,059
ProLogis Trust	500,649		26,294
Public Storage, Inc.	169,994		13,263
Simon Property Group, Inc. (d)	383,373		31,808
Vornado Realty Trust	242,799		21,607
			189,511
Thrifts & Mortgage Finance – 1.6%
Countrywide Financial Corp.	1,227,950		42,340
Fannie Mae	1,990,319		108,831
Freddie Mac	1,420,903		95,755
Golden West Financial Corp., Delaware (d)	524,036		37,222
MGIC Investment Corp.	186,615		11,897
Sovereign Bancorp, Inc.	734,429		15,298
Washington Mutual, Inc. (d)	2,028,916		86,635
			397,978

TOTAL FINANCIALS			5,043,098

HEALTH CARE – 13.2%
Biotechnology – 1.5%
Amgen, Inc. (a)(d)	2,538,109		191,602
Applera Corp. – Applied Biosystems Group	386,376		10,923
Biogen Idec, Inc. (a)(d)	697,902		32,976
Chiron Corp. (a)(d)	224,878		10,270

See accompanying notes which are an integral part of the financial statements.

17 Annual Report

Investments continued


Common Stocks continued
	Shares	Value (Note 1)
		(000s)

HEALTH CARE – continued
Biotechnology – continued
Genzyme Corp. (a)	530,981		$ 36,818
Gilead Sciences, Inc. (a)	941,629		58,635
MedImmune, Inc. (a)(d)	506,008		18,464
			359,688
Health Care Equipment & Supplies – 2.1%
Bausch & Lomb, Inc. (d)	110,555		7,652
Baxter International, Inc.	1,354,311		51,261
Becton, Dickinson & Co.	518,292		33,093
Biomet, Inc. (d)	512,204		18,644
Boston Scientific Corp. (a)(d)	1,213,270		29,628
C.R. Bard, Inc.	215,633		14,122
Fisher Scientific International, Inc. (a)(d)	252,179		17,189
Guidant Corp.	682,277		52,372
Hospira, Inc. (a)	330,733		13,130
Medtronic, Inc.	2,487,264		134,188
Millipore Corp. (a)	107,072		7,423
PerkinElmer, Inc.	268,947		6,398
St. Jude Medical, Inc. (a)	753,766		34,372
Stryker Corp.	599,559		27,712
Thermo Electron Corp. (a)(d)	333,445		11,544
Waters Corp. (a)	227,544		9,723
Zimmer Holdings, Inc. (a)(d)	509,521		35,249
			503,700
Health Care Providers & Services – 3.1%
Aetna, Inc.	1,176,212		59,987
AmerisourceBergen Corp.	428,769		19,719
Cardinal Health, Inc.	880,594		63,931
Caremark Rx, Inc. (a)	924,796		46,009
CIGNA Corp.	258,649		31,749
Coventry Health Care, Inc. (a)	334,020		19,914
Express Scripts, Inc. (a)	299,498		26,137
HCA, Inc.	871,644		41,752
Health Management Associates, Inc. Class A	508,331		10,822
Humana, Inc. (a)	334,707		17,294
IMS Health, Inc.	425,025		10,243
Laboratory Corp. of America Holdings (a)	273,304		15,882
Manor Care, Inc.	162,673		6,727
McKesson Corp.	632,662		34,246
Medco Health Solutions, Inc. (a)	632,426		35,239

See accompanying notes which are an integral part of the financial statements.

Annual Report

Common Stocks continued
	Shares	Value (Note 1)
		(000s)

HEALTH CARE – continued
Health Care Providers & Services – continued
Patterson Companies, Inc. (a)	284,301		$ 10,246
Quest Diagnostics, Inc. (d)	340,705		18,013
Tenet Healthcare Corp. (a)(d)	965,205		7,615
UnitedHealth Group, Inc. (d)	2,804,197		163,288
WellPoint, Inc. (a)	1,356,922		104,198
			743,011
Pharmaceuticals – 6.5%
Abbott Laboratories	3,189,728		140,922
Allergan, Inc.	270,612		29,296
Barr Pharmaceuticals, Inc. (a)	221,233		14,862
Bristol-Myers Squibb Co.	4,023,148		92,935
Eli Lilly & Co.	2,337,206		129,995
Forest Laboratories, Inc. (a)	694,586		31,881
Johnson & Johnson	6,117,223		352,658
King Pharmaceuticals, Inc. (a)	497,156		8,079
Merck & Co., Inc. (d)	4,496,326		156,742
Mylan Laboratories, Inc.	449,457		10,338
Pfizer, Inc.	15,157,596		396,977
Schering-Plough Corp.	3,038,920		56,220
Watson Pharmaceuticals, Inc. (a)	208,543		6,252
Wyeth	2,760,042		137,450
			1,564,607

TOTAL HEALTH CARE			3,171,006

INDUSTRIALS – 11.1%
Aerospace & Defense – 2.3%
General Dynamics Corp.	413,953		51,028
Goodrich Corp.	252,772		10,576
Honeywell International, Inc.	1,732,972		70,965
L 3 Communications Holdings, Inc.	247,064		20,533
Lockheed Martin Corp.	735,267		53,579
Northrop Grumman Corp.	730,619		46,833
Raytheon Co. (d)	918,551		39,865
Rockwell Collins, Inc.	355,269		18,883
The Boeing Co.	1,659,924		120,660
United Technologies Corp.	2,094,676		122,539
			555,461

See accompanying notes which are an integral part of the financial statements.

19 Annual Report

Investments continued


Common Stocks continued
	Shares	Value (Note 1)
		(000s)

INDUSTRIALS – continued
Air Freight & Logistics – 1.0%
FedEx Corp.	623,155		$ 66,827
Ryder System, Inc.	131,910		5,849
United Parcel Service, Inc. Class B (d)	2,269,216		169,533
			242,209
Airlines – 0.1%
Southwest Airlines Co.	1,434,446		24,056
Building Products 0.2%
American Standard Companies, Inc.	375,915		14,879
Masco Corp. (d)	871,404		27,179
			42,058
Commercial Services & Supplies – 0.7%
Allied Waste Industries, Inc. (a)(d)	448,760		4,806
Avery Dennison Corp.	227,112		13,627
Cendant Corp.	2,106,425		35,009
Cintas Corp.	283,172		11,636
Equifax, Inc.	267,040		9,784
Monster Worldwide, Inc. (a)(d)	253,154		12,394
Pitney Bowes, Inc.	469,083		20,049
R.R. Donnelley & Sons Co.	446,785		15,039
Robert Half International, Inc.	350,235		12,580
Waste Management, Inc.	1,134,684		37,740
			172,664
Construction & Engineering – 0.1%
Fluor Corp.	178,499		15,404
Electrical Equipment – 0.5%
American Power Conversion Corp.	353,452		7,221
Cooper Industries Ltd. Class A	188,448		15,773
Emerson Electric Co.	844,753		69,109
Rockwell Automation, Inc.	368,357		25,111
			117,214
Industrial Conglomerates – 4.0%
3M Co.	1,562,578		114,990
General Electric Co.	21,726,919		714,164
Textron, Inc.	272,179		23,982
Tyco International Ltd.	4,139,385		106,755
			959,891
Machinery – 1.5%
Caterpillar, Inc.	1,398,653		102,214

See accompanying notes which are an integral part of the financial statements.

Annual Report

Common Stocks continued
	Shares	Value (Note 1)
		(000s)

INDUSTRIALS – continued
Machinery – continued
Cummins, Inc.	96,303		$ 10,428
Danaher Corp.	487,803		29,551
Deere & Co.	495,923		37,824
Dover Corp.	416,754		19,979
Eaton Corp.	304,354		21,204
Illinois Tool Works, Inc.	421,063		36,144
Ingersoll-Rand Co. Ltd. Class A	680,301		27,913
ITT Industries, Inc.	379,848		19,942
Navistar International Corp. (a)(d)	126,821		3,722
PACCAR, Inc.	348,152		24,325
Pall Corp.	256,187		7,537
Parker Hannifin Corp.	246,307		19,254
			360,037
Road & Rail 0.7%
Burlington Northern Santa Fe Corp.	767,813		60,381
CSX Corp. (d)	446,659		24,736
Norfolk Southern Corp.	835,733		42,773
Union Pacific Corp.	544,761		48,239
			176,129
Trading Companies & Distributors – 0.0%
W.W. Grainger, Inc.	156,324		11,574

TOTAL INDUSTRIALS			2,676,697

INFORMATION TECHNOLOGY – 15.2%
Communications Equipment – 2.9%
ADC Telecommunications, Inc. (a)	239,606		6,067
Andrew Corp. (a)	334,018		4,529
Avaya, Inc. (a)(d)	861,076		9,575
CIENA Corp. (a)	1,188,409		4,777
Cisco Systems, Inc. (a)	12,630,716		255,646
Comverse Technology, Inc. (a)(d)	415,394		11,947
Corning, Inc. (a)	3,133,659		76,493
JDS Uniphase Corp. (a)	3,397,793		10,329
Lucent Technologies, Inc. (a)(d)	9,139,774		25,591
Motorola, Inc.	5,121,789		109,606
QUALCOMM, Inc.	3,380,919		159,613
Tellabs, Inc. (a)	922,098		13,546
			687,719

See accompanying notes which are an integral part of the financial statements.

21 Annual Report

Investments continued


Common Stocks continued
	Shares	Value (Note 1)
		(000s)

INFORMATION TECHNOLOGY – continued
Computers & Peripherals – 3.6%
Apple Computer, Inc. (a)	1,732,990		$ 118,779
Dell, Inc. (a)	4,839,451		140,344
EMC Corp. (a)	4,915,938		68,921
Gateway, Inc. (a)	544,747		1,286
Hewlett-Packard Co.	5,891,184		193,290
International Business Machines Corp.	3,247,888		260,611
Lexmark International, Inc. Class A (a)(d)	238,676		11,239
NCR Corp. (a)(d)	377,520		15,135
Network Appliance, Inc. (a)	765,108		25,371
QLogic Corp. (a)	165,450		6,807
Sun Microsystems, Inc. (a)(d)	7,020,582		29,276
			871,059
Electronic Equipment & Instruments – 0.3%
Agilent Technologies, Inc. (a)	845,341		30,432
Jabil Circuit, Inc. (a)(d)	357,785		13,542
Molex, Inc.	295,218		9,397
Sanmina-SCI Corp. (a)	1,080,778		4,172
Solectron Corp. (a)	1,878,566		6,782
Symbol Technologies, Inc.	516,086		5,997
Tektronix, Inc.	171,449		5,281
			75,603
Internet Software & Services – 0.8%
eBay, Inc. (a)(d)	2,350,056		94,143
VeriSign, Inc. (a)	526,851		12,465
Yahoo!, Inc. (a)	2,596,404		83,241
			189,849
IT Services – 1.1%
Affiliated Computer Services, Inc. Class A (a)	255,580		16,081
Automatic Data Processing, Inc.	1,185,609		54,763
Computer Sciences Corp. (a)	380,411		20,672
Convergys Corp. (a)	287,808		4,999
Electronic Data Systems Corp.	1,072,407		28,633
First Data Corp.	1,571,142		70,906
Fiserv, Inc. (a)	379,354		15,743
Paychex, Inc.	685,793		27,466
Sabre Holdings Corp. Class A (d)	269,834		6,511
Unisys Corp. (a)(d)	701,724		4,688
			250,462

See accompanying notes which are an integral part of the financial statements.

Annual Report

Common Stocks continued
	Shares	Value (Note 1)
		(000s)

INFORMATION TECHNOLOGY – continued
Office Electronics – 0.1%
Xerox Corp. (a)(d)	1,974,822		$ 29,425
Semiconductors & Semiconductor Equipment – 3.0%
Advanced Micro Devices, Inc. (a)(d)	830,908		32,131
Altera Corp. (a)	745,316		14,936
Analog Devices, Inc.	754,283		28,768
Applied Materials, Inc.	3,336,286		61,187
Applied Micro Circuits Corp. (a)	614,362		2,218
Broadcom Corp. Class A (a)(d)	891,967		40,219
Freescale Semiconductor, Inc. Class B (a)	843,892		22,819
Intel Corp.	12,397,273		255,384
KLA Tencor Corp. (d)	405,967		21,204
Linear Technology Corp. (d)	626,699		23,100
LSI Logic Corp. (a)	805,416		7,853
Maxim Integrated Products, Inc. (d)	674,105		26,351
Micron Technology, Inc. (a)	1,270,760		19,709
National Semiconductor Corp.	706,650		19,822
Novellus Systems, Inc. (a)	274,244		7,331
NVIDIA Corp. (a)(d)	352,020		16,591
PMC-Sierra, Inc. (a)(d)	376,783		3,847
Teradyne, Inc. (a)(d)	404,916		6,799
Texas Instruments, Inc.	3,327,179		99,316
Xilinx, Inc. (d)	716,702		19,552
			729,137
Software 3.4%
Adobe Systems, Inc.	1,236,231		47,743
Autodesk, Inc.	474,592		17,868
BMC Software, Inc. (a)(d)	444,728		9,726
CA, Inc.	943,586		25,628
Citrix Systems, Inc. (a)	362,638		11,735
Compuware Corp. (a)	796,695		6,541
Electronic Arts, Inc. (a)(d)	618,106		32,123
Intuit, Inc. (a)(d)	363,862		17,676
Microsoft Corp.	18,823,961		506,365
Novell, Inc. (a)	785,496		7,470
Oracle Corp. (a)	7,733,302		96,048

See accompanying notes which are an integral part of the financial statements.

23 Annual Report

Investments continued


Common Stocks continued
	Shares	Value (Note 1)
		(000s)

INFORMATION TECHNOLOGY – continued
Software – continued
Parametric Technology Corp. (a)	223,997		$ 3,409
Symantec Corp. (a)	2,223,813		37,560
			819,892

TOTAL INFORMATION TECHNOLOGY			3,653,146

MATERIALS 2.9%
Chemicals – 1.5%
Air Products & Chemicals, Inc.	456,326		29,278
Ashland, Inc.	147,598		9,634
Dow Chemical Co. (d)	1,984,509		85,393
E.I. du Pont de Nemours & Co. (d)	1,890,516		76,074
Eastman Chemical Co.	167,533		8,264
Ecolab, Inc.	379,032		13,717
Engelhard Corp.	246,597		9,802
Hercules, Inc. (a)	231,827		2,747
International Flavors & Fragrances, Inc.	166,152		5,754
Monsanto Co.	552,034		46,305
PPG Industries, Inc. (d)	343,405		20,821
Praxair, Inc.	662,795		35,778
Rohm & Haas Co.	296,183		14,735
Sigma Aldrich Corp.	138,301		8,908
			367,210
Construction Materials 0.1%
Vulcan Materials Co.	209,404		16,543
Containers & Packaging – 0.2%
Ball Corp.	213,935		9,114
Bemis Co., Inc.	216,517		6,491
Pactiv Corp. (a)	294,675		6,757
Sealed Air Corp.	167,352		9,519
Temple-Inland, Inc.	230,746		9,846
			41,727
Metals & Mining – 0.8%
Alcoa, Inc. (d)	1,789,418		52,466
Allegheny Technologies, Inc.	174,840		8,831
Freeport-McMoRan Copper & Gold, Inc. Class B	378,433		19,160
Newmont Mining Corp.	918,680		48,617
Nucor Corp. (d)	319,991		27,535

See accompanying notes which are an integral part of the financial statements.

Annual Report

Common Stocks continued
	Shares	Value (Note 1)
		(000s)

MATERIALS – continued
Metals & Mining – continued
Phelps Dodge Corp.	208,820	$	28,817
United States Steel Corp.	233,108		12,704
			198,130
Paper & Forest Products 0.3%
International Paper Co. (d)	1,008,596		33,052
Louisiana-Pacific Corp.	217,490		6,183
MeadWestvaco Corp.	373,133		10,381
Weyerhaeuser Co.	500,120		34,153
			83,769

TOTAL MATERIALS			707,379

TELECOMMUNICATION SERVICES – 3.2%
Diversified Telecommunication Services – 2.4%
AT&T, Inc.	8,032,659		221,621
BellSouth Corp. (d)	3,760,150		118,746
CenturyTel, Inc.	269,349		9,691
Citizens Communications Co.	686,590		9,166
Qwest Communications International, Inc. (a)(d)	3,174,474		20,063
Verizon Communications, Inc.	6,009,125		202,508
			581,795
Wireless Telecommunication Services – 0.8%
ALLTEL Corp.	787,389		49,724
Sprint Nextel Corp.	6,075,225		145,988
			195,712

TOTAL TELECOMMUNICATION SERVICES			777,507

UTILITIES – 3.3%
Electric Utilities – 1.6%
Allegheny Energy, Inc. (a)	334,838		11,974
American Electric Power Co., Inc.	809,494		29,547
Cinergy Corp.	410,121		18,078
Edison International	669,992		29,721
Entergy Corp.	426,642		30,936
Exelon Corp.	1,372,008		78,355
FirstEnergy Corp.	678,253		34,645
FPL Group, Inc.	811,897		34,043
Pinnacle West Capital Corp.	203,586		8,357

See accompanying notes which are an integral part of the financial statements.

25 Annual Report

Investments continued


Common Stocks continued
	Shares	Value (Note 1)
		(000s)

UTILITIES – continued
Electric Utilities – continued
PPL Corp.	781,694		$ 24,858
Progress Energy, Inc. (d)	517,509		22,967
Southern Co.	1,524,739		51,887
			375,368
Gas Utilities 0.0%
Nicor, Inc. (d)	90,868		3,901
Peoples Energy Corp. (d)	78,379		2,877
			6,778
Independent Power Producers & Energy Traders – 0.6%
AES Corp. (a)	1,343,071		23,235
Constellation Energy Group, Inc.	367,013		21,558
Duke Energy Corp.	1,907,332		54,168
Dynegy, Inc. Class A (a)(d)	619,537		3,352
TXU Corp.	992,852		52,016
			154,329
Multi-Utilities – 1.1%
Ameren Corp.	420,050		21,284
CenterPoint Energy, Inc. (d)	637,660		8,270
CMS Energy Corp. (a)(d)	452,621		6,373
Consolidated Edison, Inc. (d)	503,754		23,107
Dominion Resources, Inc.	714,047		53,625
DTE Energy Co.	365,668		15,833
KeySpan Corp.	358,557		14,611
NiSource, Inc.	560,625		11,510
PG&E Corp.	705,484		26,844
Public Service Enterprise Group, Inc.	515,527		35,772
Sempra Energy	528,647		25,290
TECO Energy, Inc. (d)	427,903		7,300
Xcel Energy, Inc. (d)	828,485		15,377
			265,196

TOTAL UTILITIES			801,671

TOTAL COMMON STOCKS
(Cost $17,140,280)		23,793,099

See accompanying notes which are an integral part of the financial statements.

Annual Report

U.S. Treasury Obligations 0.1%
		Principal	Value (Note 1)
		Amount (000s)	(000s)
U.S. Treasury Bills, yield at date of purchase 3.93% 3/23/06 (e)
(Cost $19,950)		$ 20,000	$ 19,947
Money Market Funds 2.0%
		Shares
Fidelity Cash Central Fund, 4.57% (b)		149,336,042	149,336
Fidelity Securities Lending Cash Central Fund, 4.58% (b)(c)		328,001,339	328,001
TOTAL MONEY MARKET FUNDS
(Cost $477,337)			477,337

TOTAL INVESTMENT PORTFOLIO 101.0%
(Cost $17,637,567)			24,290,383

NET OTHER ASSETS – (1.0)%			(247,112)
NET ASSETS 100%			$ 24,043,271

Futures Contracts
	Expiration	Underlying	Unrealized
	Date	Face Amount	Appreciation/
		at Value	(Depreciation)
		(000s)	(000s)
Purchased
Equity Index Contracts
770 S&P 500 Index Contracts	March 2006	$ 246,862	$ (1,621)

The face value of futures purchased as a percentage of net assets – 1%

(c) Investment made with cash collateral
received from securities on loan.

(d) Security or a portion of the security is on
loan at period end.

(e) Security or a portion of the security was
pledged to cover margin requirements
for futures contracts. At the period end,
the value of securities pledged
amounted to $10,971,000.

See accompanying notes which are an integral part of the financial statements.

27 Annual Report

Investments continued

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
	(amounts in thousands)
Fidelity Cash Central Fund		$ 7,745
Fidelity Securities Lending Cash Central Fund		1,260
Total		$ 9,005

Income Tax Information

At February 28, 2006, the fund had a capital loss carryforward of approximately $307,143,000 of which $266,181,000 and $40,962,000 will expire on February 28, 2011 and February 29, 2012, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report 28

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per share amounts)		February 28, 2006

Assets
Investment in securities, at value (including securities
loaned of $313,665) See accompanying schedule:
Unaffiliated issuers (cost $17,160,230)	$ 23,813,046
Affiliated Central Funds (cost $477,337)	477,337
Total Investments (cost $17,637,567)			$ 24,290,383
Receivable for investments sold			20
Receivable for fund shares sold			78,959
Dividends receivable			47,052
Interest receivable			364
Other affiliated receivables			115
Other receivables			226
Total assets			24,417,119

Liabilities
Payable for investments purchased	$ 14,777
Payable for fund shares redeemed	27,018
Accrued management fee	1,392
Payable for daily variation on futures contracts	1,791
Other affiliated payables	869
Collateral on securities loaned, at value	328,001
Total liabilities			373,848

Net Assets			$ 24,043,271
Net Assets consist of:
Paid in capital			$ 17,784,578
Undistributed net investment income			77,121
Accumulated undistributed net realized gain (loss) on
investments			(469,623)
Net unrealized appreciation (depreciation) on
investments			6,651,195
Net Assets			$ 24,043,271
Investor Class:
Net Asset Value, offering price and redemption price
per share ($20,618,733 ÷ 453,649 shares)			$ 45.45
Fidelity Advantage Class:
Net Asset Value, offering price and redemption price
per share ($3,424,538 ÷ 75,342 shares)			$ 45.45

See accompanying notes which are an integral part of the financial statements.

29 Annual Report

Financial Statements continued


Statement of Operations
Amounts in thousands	Year ended February 28, 2006

Investment Income
Dividends		$ 412,412
Interest		963
Income from affiliated Central Funds		9,005
Total income		422,380

Expenses
Management fee	$ 19,424
Transfer agent fees	2,553
Independent trustees’ compensation	95
Appreciation in deferred trustee compensation account	14
Interest	5
Miscellaneous	64
Total expenses before reductions	22,155
Expense reductions	(1,379)	20,776

Net investment income (loss)		401,604
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	361,927
Futures contracts	42,444
Total net realized gain (loss)		404,371
Change in net unrealized appreciation (depreciation) on:
Investment securities	1,052,352
Futures contracts	(4,530)
Total change in net unrealized appreciation
(depreciation)		1,047,822
Net gain (loss)		1,452,193
Net increase (decrease) in net assets resulting from
operations		$ 1,853,797

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets
	Year ended	Year ended
	February 28,	February 28,
Amounts in thousands	2006	2005
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 401,604	$ 368,009
Net realized gain (loss)	404,371	177,492
Change in net unrealized appreciation (depreciation) .	1,047,822	784,965
Net increase (decrease) in net assets resulting
from operations	1,853,797	1,330,466
Distributions to shareholders from net investment income .	(384,743)	(350,633)
Share transactions - net increase (decrease)	1,441,580	1,590,870
Total increase (decrease) in net assets	2,910,634	2,570,703

Net Assets
Beginning of period	21,132,637	18,561,934
End of period (including undistributed net investment
income of $77,121 and undistributed net investment
income of $60,282, respectively)	$ 24,043,271	$ 21,132,637

See accompanying notes which are an integral part of the financial statements.

31 Annual Report

Financial Highlights Investor Class


Years ended February 28,	2006	2005	2004 ^E	2003	2002
Selected Per Share Data
Net asset value, beginning of
period	$ 42.68	$ 40.67	$ 29.87	$ 39.26	$ 44.04
Income from Investment
Operations
Net investment income (loss) ^B	77	.77 ^C	.55	.51	.50
Net realized and unrealized
gain (loss)	2.75	1.98	10.79	(9.39)	(4.76)
Total from investment operations	3.52	2.75	11.34	(8.88)	(4.26)
Distributions from net investment
income	(.75)	(.74)	(.54)	(.51)	(.49)
Distributions from net realized
gain	—	—	—	—	(.03)
Total distributions	(.75)	(.74)	(.54)	(.51)	(.52)
Net asset value, end of period	$ 45.45	$ 42.68	$ 40.67	$ 29.87	$ 39.26
Total Return ^A	8.36%	6.85%	38.29%	(22.79)%	(9.69)%
Ratios to Average Net Assets ^D
Expenses before reductions	10%	.40%	.40%	.39%	.40%
Expenses net of fee waivers,
if any	10%	.14%	.19%	.19%	.19%
Expenses net of all reductions	09%	.14%	.19%	.19%	.18%
Net investment income (loss)	1.79%	1.91% ^C	1.55%	1.51%	1.23%
Supplemental Data
Net assets, end of period
(in millions)	$20,619	$21,133	$18,562	$12,349	$15,963
Portfolio turnover rate	6%	5%	5%	6%	4%

A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Investment income per share reflects a special dividend which amounted to $.12 per share. Excluding the special dividend, the ratio of net
investment income (loss) to average net assets would have been 1.61% .
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or
expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Ex
penses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrange
ments. Expenses net of all reductions represent the net expenses paid by the class.
E For the year ended February 29.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights Fidelity Advantage Class


Year ended February 28,	2006 ^E
Selected Per Share Data
Net asset value, beginning of period		$ 42.01
Income from Investment Operations
Net investment income (loss) ^D		33
Net realized and unrealized gain (loss)		3.33
Total from investment operations		3.66
Distributions from net investment income		(.22)
Net asset value, end of period		$ 45.45
Total Return ^B,C		8.73%
Ratios to Average Net Assets ^F
Expenses before reductions		07% ^A
Expenses net of fee waivers, if any		07% ^A
Expenses net of all reductions		07% ^A
Net investment income (loss)		1.96% ^A
Supplemental Data
Net assets, end of period (in millions)		$ 3,425
Portfolio turnover rate		6%

A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 14, 2005 (commencement of sale of shares) to February 28, 2006.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or
expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense
ratios before reductions for start up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect
expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions
represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

33 Annual Report

Notes to Financial Statements

For the period ended February 28, 2006

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Spartan U.S. Equity Index Fund (the fund) is a fund of Fidelity Concord Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open end management investment company organized as a Massachusetts business trust.

The fund offers Investor Class and Fidelity Advantage Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The fund commenced sale of Fidelity Advantage Class (Advantage Class) shares on October 14, 2005, and the existing class of the fund was re designated as Investor Class (Investor Class). After the commencement of the Advantage Class, the fund began offering conversion privileges between classes to eligible shareholders of the Investor Class. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent fees incurred and certain class level expense reductions.

The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require manage ment to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Annual Report

1. Significant Accounting Policies continued
Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securi ties markets, reviewing developments in foreign markets and evaluating the perfor mance of ADRs, futures contracts and exchange traded funds. Because the fund’s utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex dividend date, except for certain dividends from foreign securities where the ex dividend date may have passed, which are recorded as soon as the fund is informed of the ex dividend date. Non cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of invest ments and/or as a realized gain. The fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross section of other Fidelity funds, and are marked to market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

35 Annual Report

Notes to Financial Statements continued
(Amounts in thousands except ratios)

1. Significant Accounting Policies continued

Book tax differences are primarily due to futures transactions, redemptions in kind, deferred trustees compensation, capital loss carryforwards, and losses deferred due to wash sales.

The tax basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ 8,491,906
Unrealized depreciation	(2,003,191)
Net unrealized appreciation (depreciation)	6,488,715
Undistributed ordinary income	77,478
Capital loss carryforward	(307,143)

Cost for federal income tax purposes	$ 17,801,668

The tax character of distributions paid was as follows:

	February 28, 2006	February 28, 2005
Ordinary Income	$ 384,743	$ 350,633

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal

Annual Report

2. Operating Policies continued

Repurchase Agreements continued

to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund’s exposure to the underlying instrument, while selling futures tends to decrease a fund’s exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount (“initial margin”) equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments (“variation margin”) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption “Futures Contracts.” This amount reflects each contract’s exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract’s terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short term securities and U.S. government securities, and in kind transactions aggregated $2,884,615 and $1,368,451, respectively.

Securities received and delivered on an in kind basis aggregated $78,621 and $70,532, respectively. Realized gain (loss) of $47,161 on securities delivered on an in kind basis is included in the accompanying Statement of Operations as realized gain or loss on investment securities and is not taxable to the fund.

37 Annual Report

Notes to Financial Statements continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment manage ment related services for which the fund pays a monthly management fee. Effective October 1, 2005, an amendment to the management contract was approved by the Board of Trustees lowering the management fee from .10% to .07% of average net assets. In addition, effective October 1, 2005, a new expense contract with FMR was approved by the Board of Trustees limiting total expenses of the Investor Class to .10% of average net assets and those of the Advantage Class to .07% of average net assets, excluding the compensation of the independent Trustees and certain other expenses such as interest expense. Prior to October 1, 2005, the management fee was based on an annual rate of .10% of the fund’s average net assets. FMR paid all other expenses (with certain exceptions).

Sub Adviser. Geode Capital Management, LLC (Geode), serves as sub adviser for the fund. Geode provides discretionary investment advisory services to the fund and is paid by FMR for providing these services.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund’s transfer, dividend disbursing and shareholder servicing agent. Effective October 1, 2005, FSC receives asset based fees of .06% and .03% of average net assets for the Investor Class and Advantage Class, respectively. Under the new expense contract, the Investor Class pays transfer agent fees at an annual rate of .03%, and the Advantage Class pays no transfer agent fees. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Invest ments Money Management, Inc. (FIMM), an affiliate of FMR. The Money Market Central Funds do not pay a management fee.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund share holder redemptions or for other short term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which is included in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the fund receives collateral (in the form of U.S.

Annual Report

6. Security Lending continued

Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund’s Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds. Net income from lending portfolio securities during the period amounted to $1,260.

7. Bank Borrowings.

The fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank’s base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $26,291. The weighted average interest rate was 3.23% . At period end, there were no bank borrowings outstanding.

8. Expense Reductions.

Through arrangements with the fund’s custodian and each class’ transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund’s expenses. During the period, these credits reduced the fund’s management fee by $70 and reduced Investor Class’ transfer agent fee by $1,309.

9. Other.

39 Annual Report

Notes to Financial Statements continued
(Amounts in thousands except ratios)

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Years ended February 28,
	2006 ^A	2005
From net investment income
Investor Class	$ 369,956	$ 350,633
Advantage Class	14,787	—
Total	$ 384,743	$ 350,633

A Distributions for Advantage Class are for the period October 14, 2005 (commencement of sale of shares) to February 28, 2006.

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Years ended February 28,		Years ended February 28,
	2006 ^A	2005	2006 ^A	2005
Investor Class
Shares sold	141,141	142,943	$ 6,118,456	$ 5,775,743
Initial conversions to
Advantage Class	(63,775)	—	(2,692,968)	—
Reinvestment of
distributions	8,539	8,443	365,898	346,499
Shares redeemed	(127,344)	(112,656)	(5,559,036)	(4,531,372)
Net increase (decrease) .	(41,439)	38,730	$ (1,767,650)	$ 1,590,870
Advantage Class
Shares sold	17,452	—	$ 780,271	$ —
Initial conversions from
Investor Class	63,775		2,692,968
Reinvestment of
distributions	316	—	14,187	—
Shares redeemed	(6,201)	—	(278,196)	—
Net increase (decrease) .	75,342	—	$ 3,209,230	$ —

A Share transactions for Advantage Class are for the period October 14, 2005 (commencement of sale of shares) to February 28, 2006.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Concord Street Trust and the Shareholders of Spar tan U.S. Equity Index Fund:

In our opinion, the accompanying statement of assets and liabilities, including the sched ule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Spartan U.S. Equity Index Fund (a fund of Fidelity Concord Street Trust) at February 28, 2006 and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Spartan U.S. Equity Index Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting prin ciples used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2006 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 11, 2006

41 Annual Report

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

Edward C. Johnson 3d (75)

Year of Election or Appointment: 1987

Annual Report

Name, Age; Principal Occupation

Stephen P. Jonas (53)

Year of Election or Appointment: 2005

Mr. Jonas is Senior Vice President of Spartan U.S. Equity Index. He also serves as Senior Vice President of other Fidelity funds (2005 present). Mr. Jonas is Executive Director of FMR (2005 present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004 2005), Chief Administrative Officer (2002 2004), and Chief Financial Officer of FMR Co. (1998 2000). Mr. Jonas has been with Fidelity Investments since 1987 and has held various financial and management positions including Chief Financial Officer of FMR. In addition, he serves on the Boards of Boston Ballet (2003 present) and Simmons College (2003 present).

Robert L. Reynolds (53)

Year of Election or Appointment: 2003

* Trustees have been determined to be “Interested Trustees” by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

43 Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation

Dennis J. Dirks (57)

Year of Election or Appointment: 2005

Albert R. Gamper, Jr. (63)

Year of Election or Appointment: 2006

Annual Report

Name, Age; Principal Occupation

Robert M. Gates (62)

Year of Election or Appointment: 1997

George H. Heilmeier (69)

Year of Election or Appointment: 2004

Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (commu nication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Labo ratories (private research and development, 2004 present). He is Chair man of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992 2002), Compaq (1994 2002), Automatic Data Processing, Inc. (ADP) (technology based business outsourcing, 1995 2002), INET Technologies Inc. (telecommunications network surveillance, 2001 2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display.

45 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Marie L. Knowles (59)

Year of Election or Appointment: 2001

Ned C. Lautenbach (62)

Year of Election or Appointment: 2000

William O. McCoy (72)

Year of Election or Appointment: 1997

Prior to his retirement in December 1994, Mr. McCoy was Vice Chair man of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999 2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves as Chairman of the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16 school system).

Annual Report

Name, Age; Principal Occupation

Cornelia M. Small (61)

Year of Election or Appointment: 2005

William S. Stavropoulos (66)

Year of Election or Appointment: 2001

Mr. Stavropoulos is Chairman of the Board (2000 present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993 2000; 2002 2003), CEO (1995 2000; 2002 2004), and Chair man of the Executive Committee (2000 2004). Currently, he is a Direc tor of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corpo ration, Maersk Inc. (industrial conglomerate, 2002 present), and Metal mark Capital (private equity investment firm, 2005 present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.

Kenneth L. Wolfe (67)

Year of Election or Appointment: 2005

Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993 2001). He cur rently serves as a member of the boards of Adelphia Communications Corporation (2003 present), Bausch & Lomb, Inc., and Revlon Inc. (2004 present).

47 Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Name, Age; Principal Occupation

James H. Keyes (65)

Year of Election or Appointment: 2006

Peter S. Lynch (62)

Year of Election or Appointment: 2003

Dwight D. Churchill (52)

Year of Election or Appointment: 2005

Vice President of Spartan U.S. Equity Index. Mr. Churchill also serves as Vice President of certain Equity Funds (2005 present) and certain High Income Funds (2005 present). He is Executive Vice President of FMR (2005 present) and FMR Co., Inc. (2005 present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2005 present). Previously, Mr. Churchill served as Head of Fidelity’s Fixed Income Division (2000 2005), Vice President of Fidelity’s Money Market Funds (2000 2005), Vice President of Fidelity’s Bond Funds, and Senior Vice President of FMR.

Annual Report

Name, Age; Principal Occupation

Eric D. Roiter (57)

Year of Election or Appointment: 1998

Secretary of Spartan U.S. Equity Index. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001 present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001 present), Fidelity Research & Analysis Company (2001 present), and Fidelity Investments Money Management, Inc. (2001 present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003 present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998 2005).

Stuart Fross (46)

Year of Election or Appointment: 2003

Assistant Secretary of Spartan U.S. Equity Index. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003 present), Vice President and Secretary of FDC (2005 present), and is an employee of FMR.

Christine Reynolds (47)

Year of Election or Appointment: 2004

President and Treasurer of Spartan U.S. Equity Index. Ms. Reynolds also serves as President and Treasurer of other Fidelity funds (2004 present) and is a Vice President (2003 present) and an employee (2002 present) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980 2002), where she was most recently an audit partner with PwC’s investment management practice.

R. Stephen Ganis (39)

Year of Election or Appointment: 2006

Anti Money Laundering (AML) officer of Spartan U.S. Equity Index. Mr. Ganis also serves as AML officer of other Fidelity funds (2006 present) and FMR Corp. (2003 present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000 2002).

Paul M. Murphy (58)

Year of Election or Appointment: 2005

Chief Financial Officer of Spartan U.S. Equity Index. Mr. Murphy also serves as Chief Financial Officer of other Fidelity funds (2005 present). He also serves as Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS).

49 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Kenneth A. Rathgeber (58)

Year of Election or Appointment: 2004

Chief Compliance Officer of Spartan U.S. Equity Index. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004 present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002 present). He is Chief Compliance Officer of FMR (2005 present), FMR Co., Inc. (2005 present), Fidelity Manage ment & Research (U.K.) Inc. (2005 present), Fidelity Research & Analysis Company (2005 present), Fidelity Investments Money Management, Inc. (2005 present), and Strategic Advisers, Inc. (2005 present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998 2002).

Bryan A. Mehrmann (44)

Year of Election or Appointment: 2005

Deputy Treasurer of Spartan U.S. Equity Index. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice Presi dent of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998 2004).

Kimberley H. Monasterio (42)

Year of Election or Appointment: 2004

Deputy Treasurer of Spartan U.S. Equity Index. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000 2004) and Chief Financial Officer (2002 2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000 2004).

Kenneth B. Robins (36)

Year of Election or Appointment: 2005

Deputy Treasurer of Spartan U.S. Equity Index. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2004 present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG’s department of professional practice (2002 2004) and a Senior Manager (1999 2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000 2002).

Annual Report

Name, Age; Principal Occupation

Robert G. Byrnes (39)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan U.S. Equity Index. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003 2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000 2003).

John H. Costello (59)

Year of Election or Appointment: 1988

Assistant Treasurer of Spartan U.S. Equity Index. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.

Peter L. Lydecker (52)

Year of Election or Appointment: 2004

Assistant Treasurer of Spartan U.S. Equity Index. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.

Mark Osterheld (50)

Year of Election or Appointment: 2002

Assistant Treasurer of Spartan U.S. Equity Index. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.

Gary W. Ryan (47)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan U.S. Equity Index. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999 2005).

Salvatore Schiavone (40)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan U.S. Equity Index. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003 2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996 2003).

51 Annual Report

Distributions

A total of .30% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Spartan U.S. Equity Index Fund

Each year, typically in July, the Board of Trustees, including the independent Trustees (together, the Board), votes on the renewal of the management contract and sub advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund’s Advisory Contracts, including the services and support provided to the fund and its shareholders by Fidelity. At the time of the renewal, the Board had 11 standing committees, each composed of independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such com mittee, the Equity Contract Committee, meets periodically during the first six months of each year and as necessary to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the independent Trustees concerning, the approval and annual review of the Advisory Contracts.

At its July 2005 meeting, the Board of Trustees, including the independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (1) the nature, extent, and quality of the services to be provided to the fund and its shareholders by Fidelity (including the investment performance of the fund); (2) the competitiveness of the management fee and total expenses of the fund; (3) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (4) the extent to which economies of scale would be realized as the fund grows; and (5) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In determining whether to renew the Advisory Contracts for the fund, the Board ulti mately reached a determination, with the assistance of fund counsel and independent Trustees’ counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity’s fidu ciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its

53 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees continued

prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided by Fidelity. The Board consid ered staffing within the investment adviser, FMR, and the sub advisers (together, the Investment Advisers), including the backgrounds of the fund’s portfolio managers and the fund’s investment objective and discipline. The independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Fidelity Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers’ invest ment staff, their use of technology, and the Investment Advisers’ approach to recruiting, training, and retaining portfolio managers and other research, advisory, and manage ment personnel.

Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers’ supervision of third party service providers, principally custodians and subcustodians. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the resources devoted to, and the record of compliance with, the fund’s compliance policies and procedures.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24 hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Annual Report

expense limitations on its five Spartan stock index funds and its stock index fund available through variable insurance products, (iii) contractually agreeing to eliminate the management fees on the Fidelity Freedom Funds and the Fidelity Advisor Freedom Funds, (iv) contractually agreeing to reduce the management fees on most of its investment grade taxable bond funds, and (v) contractually agreeing to impose expense limitations on its retail and Spartan investment grade taxable bond funds.

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restric tions. It also reviewed the fund’s absolute investment performance, as well as the fund’s relative investment performance measured against (i) a broad based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one , three , and five year periods ended December 31, 2004, the fund’s returns, the returns of a broad based securities market index (“benchmark”), and a range of returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the fund.

The Board reviewed the fund’s relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one , three and five year periods. The Board also stated that the relative investment

55 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees continued

performance of the fund was lower than its benchmark over time, but considered that, unlike the benchmark, the fund has fees and transaction costs.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund’s shareholders, particularly in light of the Board’s view that the fund’s shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund’s management fee and total expenses compared to “mapped groups” of competitive funds and classes. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable management fee charac teristics. Combining Lipper investment objective categories aids the Board’s manage ment fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12 month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group” and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund’s standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund’s. For example, a TMG % of 32% means that 68% of the funds in the Total Mapped Group had higher management fees than the fund. The “Asset Size Peer Group” (ASPG) comparison focuses on a fund’s standing relative to non Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile (“quadrant”) in which the fund’s management fee ranked, is also included in the chart and considered by the Board.

Annual Report

The Board noted that the fund’s management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2004.

Based on its review, the Board concluded that the fund’s management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of the fund’s total expenses, the Board considered the fund’s management fee as well as other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the new contractual arrange ments described below. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund’s total expenses ranked below its competitive median for 2004.

Furthermore, the Board considered that on February 17, 2005, it had approved changes (effective March 1, 2005) in the contractual arrangements for the fund that (i) have the effect of setting the total “fund level” expenses (including, among other expenses, the

57 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees continued

management fee) at 10 basis points, and (ii) limit the total expenses of the fund’s existing class of shareholders to 10 basis points. These new contractual arrangements may not be increased without Board and shareholder approval. (Effective August 31, 2004, FMR had voluntarily agreed to limit the fund’s expenses to 10 basis points.)

Based on its review, the Board concluded that the fund’s total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, market ing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity’s profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board’s assessment of the results of Fidelity’s profitability analysis. PwC’s engagement includes the review and assessment of Fidelity’s methodologies used in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC’s reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity’s profitabil ity methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity’s non fund businesses and any fall out benefits related to the mutual fund business as well as cases where Fidelity’s affiliates may benefit from or be related to the fund’s business. In addition, a special committee of the Board reviewed services provided to Fidelity by its affiliates and determined that the fees that Fidelity paid for such services were reasonable.

Annual Report

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information regarding (i) equity fund transfer agency fees; (ii) Fidelity’s fund profitability methodology and the impact of various changes in the methodology over time; (iii) benefits to shareholders from economies of scale; (iv) composition and characteristics of various fund and industry data used in comparisons; and (v) com pensation of portfolio managers and research analysts.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the existing advisory fee structures are fair and reasonable, and that the fund’s existing Advisory Contracts should be renewed.

On September 15, 2005, subsequent to approving the July renewal of the fund’s Advisory Contracts, the Board approved an amended and restated management contract (the Amended Contract) for the fund, effective October 1, 2005. In determining whether to approve the contract, the Board considered that the Amended Contract lowered the management fee from 10 basis points to 7 basis points of the fund’s average daily net assets.

Based on its review, the Board concluded that the amended advisory fee structures are fair and reasonable, and the fund’s Amended Contract should be approved.

59 Annual Report

Managing Your Investments

By Phone

By PC

Fidelity’s web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

Annual Report 60

To Write Fidelity

We’ll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277 0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

To Visit Fidelity

Annual Report 62

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

63 Annual Report

Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub Adviser
FMR Co., Inc.
Geode Capital Management, LLC
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Mellon Bank, N.A.
Pittsburgh, PA

UEI-UANN-0406
1.790915.102

Spartan® Short Term Treasury
Bond Index Fund
Spartan Intermediate Treasury
Bond Index Fund
Spartan Long-Term Treasury
Bond Index Fund

Annual Report
February 28, 2006

Contents


Chairman’s Message	4	Ned Johnson’s message to shareholders.
Shareholder Expense	5	An example of shareholder expenses.
Example
Spartan Short Term Treasury Bond Index Fund
	7	Investment Summary
	8	Investments
	9	Financial Statements
Spartan Intermediate Treasury Bond Index Fund
	14	Investment Summary
	15	Investments
	16	Financial Statements
Spartan Long-Term Treasury Bond Index Fund
	21	Investment Summary
	22	Investments
	23	Financial Statements
Notes	28	Notes to the financial statements
Report of Independent	33
Registered Public
Accounting Firm
Trustees and Officers	34
Distributions	46
Board Approval of	47
Investment Advisory
Contracts and
Management Fees

Annual Report 2

This report and the financial statements contained herein are submitted for the general
information of the shareholders of the funds. This report is not authorized for distribution to
prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N Q. Forms N Q are available on the SEC’s web site at
http://www.sec.gov. A fund’s Forms N Q may be reviewed and copied at the SEC’s Public Reference
Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference
Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio
holdings, view the most recent quarterly holdings report, semiannual report, or annual report
on Fidelity’s web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.

3 Annual Report

Chairman’s Message

(photograph of Edward C. Johnson 3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time tested, funda mental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets’ inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets’ best days can significantly diminish investor returns. Patience also affords the benefits of compounding of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn’t eliminate risk, it can considerably lessen the effect of short term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio’s long term success. The right mix of stocks, bonds and cash aligned to your particular risk tolerance and investment objective is very important. Age appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities which historically have been the best performing asset class over time is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more stable fixed investments (bonds or savings plans).

A third investment principle investing regularly can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won’t pay for all your shares at market highs. This strategy known as dollar cost averaging also reduces unconstructive “emotion” from investing, helping shareholders avoid selling weak per formers just prior to an upswing, or chasing a hot performer just before a correction.

Sincerely,

/s/ Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report 4

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 20, 2005 to February 28, 2006). The hypothetical expense Example is based on an investment of $1,000 invested for the one half period (September 1, 2005 to February 28, 2006).

Actual Expenses

The first line of the table below for each class of each Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. These fees and ex penses are not included in each fund’s annualized expense ration used to calculate the expense estimates in the table below. If they were, the estimate of expense you paid during the period would be higher, and your ending account value lower.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of each Fund provides information about hypothetical account values and hypothetical expenses based on a Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. These fees and expenses are not included in each fund’s annualized expense ratio used to calculate the expense estimates in the table below. If they were, the estimate of expense you paid during the period would be higher, and your ending account value lower.

5 Annual Report

Shareholder Expense Example continued


	Beginning Account Value		Ending Account Value February 28, 2006		Expenses Paid During Period
	Beginning Account Value				Expenses Paid During Period

Spartan Short Term Treasury Bond Index Fund
Investor Class
Actual	$	1,000.00	$	1,002.10	$	.39^B
Hypothetical^A	$	1,000.00	$	1,023.80	$	1.00^C
Fidelity Advantage Class
Actual	$	1,000.00	$	1,002.30	$	.19^B
Hypothetical^A	$	1,000.00	$	1,024.30	$	.50^C
Spartan Intermediate Treasury Bond Index Fund
Investor Class
Actual	$	1,000.00	$	998.50	$	.39^B
Hypothetical^A	$	1,000.00	$	1,023.80	$	1.00^C
Fidelity Advantage Class
Actual	$	1,000.00	$	998.70	$	.19^B
Hypothetical^A	$	1,000.00	$	1,024.30	$	.50^C
Spartan Long Term Treasury Bond Index Fund
Investor Class
Actual	$	1,000.00	$	1,009.50	$	.39^B
Hypothetical^A	$	1,000.00	$	1,023.80	$	1.00^C
Fidelity Advantage Class
Actual	$	1,000.00	$	1,009.70	$	.20^B
Hypothetical^A	$	1,000.00	$	1,024.30	$	.50^C

^A5% return per year before expenses

^BActual expenses are equal to each Class’ annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 71/365 (to reflect the period December 20, 2005 to February 28, 2006).

		Annualized
		Expense Ratio
Spartan Short Term Treasury Bond Index Fund
Investor Class		20%
Fidelity Advantage Class		10%
Spartan Intermediate Treasury Bond Index Fund
Investor Class		20%
Fidelity Advantage Class		10%
Spartan Long Term Treasury Bond Index Fund
Investor Class		20%
Fidelity Advantage Class		10%

Annual Report

Spartan Short Term Treasury Bond Index Fund
Investment Summary

Coupon Distribution as of February 28, 2006
		% of fund’s
		investments
2 – 2.99%		38.2
3 – 3.99%		27.2
4 – 4.99%		15.3
6 – 6.99%		19.1

Coupon distribution shows the range of stated interest rates on the fund’s investments, excluding short term investments.

Average Years to Maturity as of February 28, 2006
Years		2.7

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund’s bonds, weighted by dollar amount.

Duration as of February 28, 2006
Years		2.4

7 Annual Report

Spartan Short Term Treasury Bond Index Fund

Investments February 28, 2006
Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations 99.3%
	Principal	Value
	Amount	(Note 1)
U.S. Treasury Obligations – 99.3%
U.S. Treasury Notes:
2.625% 5/15/08	$ 3,848,000	$ 3,683,858
2.75% 8/15/07	3,047,000	2,963,208
3% 11/15/07	547,000	531,851
3% 2/15/09	2,472,000	2,359,408
3.375% 2/28/07	785,000	774,636
3.625% 4/30/07	1,089,000	1,075,430
4.25% 10/15/10	1,613,000	1,587,986
4.25% 1/15/11	262,000	257,988
4.5% 2/15/09	200,000	199,109
4.75% 11/15/08	621,000	622,310
6% 8/15/09	577,000	601,726
6.5% 2/15/10	2,551,000	2,719,904
TOTAL U.S. GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS
(Cost $17,429,516)		17,377,414

Cash Equivalents 0.2%
	Maturity
	Amount
Investments in repurchase agreements (Collateralized by U.S.
Government Obligations, in a joint trading account at
4.58%, dated 2/28/06 due 3/1/06)
(Cost $26,000)	$ 26,003	26,000

TOTAL INVESTMENT PORTFOLIO – 99.5%
(Cost $17,455,516)		17,403,414

NET OTHER ASSETS – 0.5%		87,941
NET ASSETS 100%		$ 17,491,355

See accompanying notes which are an integral part of the financial statements.

Annual Report

Spartan Short Term Treasury Bond Index Fund

Financial Statements

Statement of Assets and Liabilities
		February 28, 2006

Assets
Investment in securities, at value
(including repurchase agreements of $26,000)
See accompanying schedule:
Unaffiliated issuers (cost $17,455,516)			$ 17,403,414
Cash			539
Receivable for investments sold			2,063,269
Receivable for fund shares sold			717,685
Interest receivable			88,747
Total assets			20,273,654

Liabilities
Payable for investments purchased	$ 2,755,908
Payable for fund shares redeemed	21,291
Distributions payable	3,596
Accrued management fee	1,029
Other affiliated payables	475
Total liabilities			2,782,299

Net Assets			$ 17,491,355
Net Assets consist of:
Paid in capital			$ 17,540,462
Undistributed net investment income			9,661
Accumulated undistributed net realized gain (loss) on
investments			(6,666)
Net unrealized appreciation (depreciation) on
investments			(52,102)
Net Assets			$ 17,491,355
Investor Class:
Net Asset Value, offering price and redemption price
per share ($7,357,218 ÷ 738,955 shares)			$ 9.96
Fidelity Advantage Class:
Net Asset Value, offering price and redemption price
per share ($10,134,137 ÷ 1,017,864 shares)			$ 9.96

See accompanying notes which are an integral part of the financial statements.

9 Annual Report

Spartan Short Term Treasury Bond Index Fund
Financial Statements continued

Statement of Operations
	For the period December 20, 2005
	(commencement of operations) to February 28, 2006

Investment Income
Interest		$ 59,528

Expenses
Management fee	$ 1,479
Transfer agent fees	690
Independent trustees’ compensation	2
Total expenses		2,171

Net investment income		57,357
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		(9,343)
Change in net unrealized appreciation (depreciation) on
investment securities		(52,102)
Net gain (loss)		(61,445)
Net increase (decrease) in net assets resulting from
operations		$ (4,088)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets
	For the period
	December 20, 2005
	(commencement of
	operations) to
	February 28, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income		$ 57,357
Net realized gain (loss)		(9,343)
Change in net unrealized appreciation (depreciation)		(52,102)
Net increase (decrease) in net assets resulting from operations		(4,088)
Distributions to shareholders from net investment income		(45,019)
Share transactions - net increase (decrease)		17,540,462
Total increase (decrease) in net assets		17,491,355

Net Assets
Beginning of period		—
End of period (including undistributed net investment income of $9,661)		$ 17,491,355

See accompanying notes which are an integral part of the financial statements.

11 Annual Report

Financial Highlights Investor Class


Year ended February 28,				2006^D
Selected Per Share Data
Net asset value, beginning of period				$ 10.00
Income from Investment Operations
Net investment income^C				075
Net realized and unrealized gain (loss)				(.054)
Total from investment operations				021
Distributions from net investment income				(.061)
Net asset value, end of period				$ 9.96
Total Return^B				21%
Ratios to Average Net Assets^E
Expenses before reductions				20%^A
Expenses net of fee waivers, if any				20%^A
Expenses net of all reductions				20%^A
Net investment income				4.08%^A
Supplemental Data
Net assets, end of period (000 omitted)				$ 7,357
Portfolio turnover rate				34%

A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D For the period December 20, 2005 (commencement of operations) to February 28, 2006.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or
expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense
ratios before reductions for start up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect
expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions
represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights Fidelity Advantage Class


Year ended February 28,				2006^D
Selected Per Share Data
Net asset value, beginning of period				$ 10.00
Income from Investment Operations
Net investment income^C				076
Net realized and unrealized gain (loss)				(.053)
Total from investment operations				023
Distributions from net investment income				(.063)
Net asset value, end of period				$ 9.96
Total Return^B				23%
Ratios to Average Net Assets^E
Expenses before reductions				10%^A
Expenses net of fee waivers, if any				10%^A
Expenses net of all reductions				10%^A
Net investment income				4.18%^A
Supplemental Data
Net assets, end of period (000 omitted)				$10,134
Portfolio turnover rate				34%

See accompanying notes which are an integral part of the financial statements.

13 Annual Report

Spartan Intermediate Treasury Bond Index Fund
Investment Summary

Coupon Distribution as of February 28, 2006
		% of fund’s
		investments
3 – 3.99%		7.0
4 – 4.99%		86.9
5 – 5.99%		1.8
9 – 9.99%		4.3

Coupon distribution shows the range of stated interest rates on the fund’s investments, excluding short term investments.

Average Years to Maturity as of February 28, 2006
Years		7.4

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund’s bonds, weighted by dollar amount.

Duration as of February 28, 2006
Years		6.0

Annual Report 14

Spartan Intermediate Treasury Bond Index Fund
Investments February 28, 2006
Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations 98.7%
	Principal	Value
	Amount	(Note 1)
U.S. Treasury Obligations – 98.7%
U.S. Treasury Bonds 9.25% 2/15/16	$ 360,000	$ 491,667
U.S. Treasury Notes:
3.125% 1/31/07	368,000	362,739
3.75% 5/15/08	458,000	449,270
4% 6/15/09	307,000	300,908
4% 4/15/10	7,000	6,832
4% 11/15/12	290,000	279,873
4% 2/15/15	2,342,000	2,240,268
4.125% 8/15/10	61,000	59,778
4.25% 8/15/13	3,087,000	3,016,333
4.25% 8/15/14	576,000	561,443
4.5% 11/15/15	986,000	978,913
4.5% 2/15/16	200,000	199,250
4.75% 5/15/14	859,000	866,751
4.875% 2/15/12	1,503,000	1,523,256
5% 2/15/11	200,000	203,531

TOTAL INVESTMENT PORTFOLIO 98.7%
(Cost $11,613,665)		11,540,812

NET OTHER ASSETS – 1.3%		151,877
NET ASSETS 100%		$ 11,692,689

See accompanying notes which are an integral part of the financial statements.

15 Annual Report

Spartan Intermediate Treasury Bond Index Fund

Financial Statements

Statement of Assets and Liabilities
		February 28, 2006

Assets
Investment in securities, at value
See accompanying schedule:
Unaffiliated issuers (cost $11,613,665)			$ 11,540,812
Cash			4,510
Receivable for investments sold			779,133
Receivable for fund shares sold			81,639
Interest receivable			50,164
Total assets			12,456,258

Liabilities
Payable for investments purchased	$ 760,833
Distributions payable	1,536
Accrued management fee	835
Other affiliated payables	365
Total liabilities			763,569

Net Assets			$ 11,692,689
Net Assets consist of:
Paid in capital			$ 11,775,528
Undistributed net investment income			1,583
Accumulated undistributed net realized gain (loss) on
investments			(11,569)
Net unrealized appreciation (depreciation) on
investments			(72,853)
Net Assets			$ 11,692,689
Investor Class:
Net Asset Value, offering price and redemption price
per share ($5,319,059 ÷ 536,578 shares)			$ 9.91
Fidelity Advantage Class:
Net Asset Value, offering price and redemption price
per share ($6,373,630 ÷ 642,967 shares)			$ 9.91

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations
	For the period December 20, 2005
	(commencement of operations) to February 28, 2006

Investment Income
Interest			$ 50,280

Expenses
Management fee		$ 1,240
Transfer agent fees		552
Independent trustees’ compensation		2
Total expenses			1,794

Net investment income			48,486
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers			(11,870)
Change in net unrealized appreciation (depreciation) on
investment securities			(72,853)
Net gain (loss)			(84,723)
Net increase (decrease) in net assets resulting from
operations			$ (36,237)

See accompanying notes which are an integral part of the financial statements.

17 Annual Report

Spartan Intermediate Treasury Bond Index Fund
Financial Statements continued

Statement of Changes in Net Assets
	For the period
	December 20, 2005
	(commencement of
	operations) to
	February 28, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income		$ 48,486
Net realized gain (loss)		(11,870)
Change in net unrealized appreciation (depreciation)		(72,853)
Net increase (decrease) in net assets resulting from operations		(36,237)
Distributions to shareholders from net investment income		(46,601)
Share transactions - net increase (decrease)		11,775,527
Total increase (decrease) in net assets		11,692,689

Net Assets
Beginning of period		—
End of period (including undistributed net investment income of $1,583)		$ 11,692,689

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights Investor Class


Year ended February 28,				2006^D
Selected Per Share Data
Net asset value, beginning of period				$ 10.00
Income from Investment Operations
Net investment income^C				076
Net realized and unrealized gain (loss)				(.091)
Total from investment operations				(.015)
Distributions from net investment income				(.075)
Net asset value, end of period				$ 9.91
Total Return^B				(.15)%
Ratios to Average Net Assets^E
Expenses before reductions				20%^A
Expenses net of fee waivers, if any				20%^A
Expenses net of all reductions				20%^A
Net investment income				4.09%^A
Supplemental Data
Net assets, end of period (000 omitted)				$ 5,319
Portfolio turnover rate				27%

See accompanying notes which are an integral part of the financial statements.

19 Annual Report

Financial Highlights Fidelity Advantage Class


Year ended February 28,				2006^D
Selected Per Share Data
Net asset value, beginning of period				$ 10.00
Income from Investment Operations
Net investment income^C				078
Net realized and unrealized gain (loss)				(.091)
Total from investment operations				(.013)
Distributions from net investment income				(.077)
Net asset value, end of period				$ 9.91
Total Return^B				(.13)%
Ratios to Average Net Assets^E
Expenses before reductions				10%^A
Expenses net of fee waivers, if any				10%^A
Expenses net of all reductions				10%^A
Net investment income				4.19%^A
Supplemental Data
Net assets, end of period (000 omitted)				$ 6,374
Portfolio turnover rate				27%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Spartan Long-Term Treasury Bond Index Fund
Investment Summary

Coupon Distribution as of February 28, 2006
		% of fund’s
		investments
Less than 5%		2.7
5 – 5.99%		3.4
6 – 6.99%		41.3
7 – 7.99%		6.4
8 – 8.99%		44.6

Coupon distribution shows the range of stated interest rates on the fund’s investments, excluding short term investments.

Average Years to Maturity as of February 28, 2006
Years		17.1

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund’s bonds, weighted by dollar amount.

Duration as of February 28, 2006
Years		10.4

21 Annual Report

Spartan Long-Term Treasury Bond Index Fund

Investments February 28, 2006
Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations 97.8%
	Principal		Value
	Amount		(Note 1)
U.S. Treasury Obligations – 97.8%
U.S. Treasury Bonds:
4.5% 2/15/36	$ 82,000		$ 81,955
5.375% 2/15/31	93,000		103,524
6% 2/15/26	254,000		296,882
6.125% 11/15/27	376,000		449,526
6.25% 8/15/23	236,000		279,052
6.25% 5/15/30	180,000		221,730
6.625% 2/15/27	10,000		12,560
7.25% 5/15/16	162,000		196,071
8% 11/15/21	284,000		386,928
8.5% 2/15/20	495,000		685,421
8.75% 8/15/20	10,000		14,200
8.875% 8/15/17	200,000		273,969
TOTAL U.S. GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS
(Cost $2,995,711)		3,001,818

Cash Equivalents 1.6%
	Maturity
	Amount
Investments in repurchase agreements (Collateralized by U.S.
Government Obligations, in a joint trading account at
4.58%, dated 2/28/06 due 3/1/06)
(Cost $49,000)	$ 49,006		49,000

TOTAL INVESTMENT PORTFOLIO 99.4%
(Cost $3,044,711)		3,050,818

NET OTHER ASSETS – 0.6%			19,528
NET ASSETS 100%		$ 3,070,346

See accompanying notes which are an integral part of the financial statements.

Annual Report

Spartan Long-Term Treasury Bond Index Fund

Financial Statements

Statement of Assets and Liabilities
		February 28, 2006

Assets
Investment in securities, at value
(including repurchase agreements of $49,000) See
accompanying schedule:
Unaffiliated issuers (cost $3,044,711)			$ 3,050,818
Cash			895
Receivable for investments sold			128,686
Receivable for fund shares sold			10,187
Interest receivable			23,533
Total assets			3,214,119

Liabilities
Payable for investments purchased	$ 143,438
Accrued management fee	213
Other affiliated payables	122
Total liabilities			143,773

Net Assets			$ 3,070,346
Net Assets consist of:
Paid in capital			$ 3,064,664
Undistributed net investment income			508
Accumulated undistributed net realized gain (loss) on
investments			(933)
Net unrealized appreciation (depreciation) on
investments			6,107
Net Assets			$ 3,070,346
Investor Class:
Net Asset Value, offering price and redemption price
per share ($1,736,671 ÷ 173,448 shares)			$ 10.01
Fidelity Advantage Class:
Net Asset Value, offering price and redemption price
per share ($1,333,675 ÷ 133,199 shares)			$ 10.01

See accompanying notes which are an integral part of the financial statements.

23 Annual Report

Spartan Long-Term Treasury Bond Index Fund
Financial Statements continued

Statement of Operations
	For the period December 20, 2005
	(commencement of operations) to February 28, 2006

Investment Income
Interest			$ 20,071

Expenses
Management fee		$ 456
Transfer agent fees		243
Independent trustees’ compensation		1
Total expenses			700

Net investment income			19,371
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers			(396)
Change in net unrealized appreciation (depreciation) on
investment securities			6,107
Net gain (loss)			5,711
Net increase (decrease) in net assets resulting from
operations			$ 25,082

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets
	For the period
	December 20, 2005
	(commencement of
	operations) to
	February 28, 2006
Increase (Decrease) in Net Assets
Operations
Net investment income		$ 19,371
Net realized gain (loss)		(396)
Change in net unrealized appreciation (depreciation)		6,107
Net increase (decrease) in net assets resulting from operations		25,082
Distributions to shareholders from net investment income		(19,399)
Share transactions - net increase (decrease)		3,064,663
Total increase (decrease) in net assets		3,070,346

Net Assets
Beginning of period		—
End of period (including undistributed net investment income of $508)		$ 3,070,346

See accompanying notes which are an integral part of the financial statements.

25 Annual Report

Financial Highlights Investor Class


Year ended February 28,				2006^D
Selected Per Share Data
Net asset value, beginning of period				$ 10.00
Income from Investment Operations
Net investment income^C				084
Net realized and unrealized gain (loss)				011
Total from investment operations				095
Distributions from net investment income				(.085)
Net asset value, end of period				$ 10.01
Total Return^B				95%
Ratios to Average Net Assets^E
Expenses before reductions				20%^A
Expenses net of fee waivers, if any				20%^A
Expenses net of all reductions				20%^A
Net investment income				4.34%^A
Supplemental Data
Net assets, end of period (000 omitted)				$ 1,737
Portfolio turnover rate				9%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights Fidelity Advantage Class


Year ended February 28,				2006^D
Selected Per Share Data
Net asset value, beginning of period				$ 10.00
Income from Investment Operations
Net investment income^C				086
Net realized and unrealized gain (loss)				011
Total from investment operations				097
Distributions from net investment income				(.087)
Net asset value, end of period				$ 10.01
Total Return^B				97%
Ratios to Average Net Assets^E
Expenses before reductions				10%^A
Expenses net of fee waivers, if any				10%^A
Expenses net of all reductions				10%^A
Net investment income				4.44%^A
Supplemental Data
Net assets, end of period (000 omitted)				$ 1,334
Portfolio turnover rate				9%

See accompanying notes which are an integral part of the financial statements.

27 Annual Report

Notes to Financial Statements

For the period ended February 28, 2006

1. Significant Accounting Policies.

Spartan Short Term Treasury Bond Index Fund, Spartan Intermediate Treasury Bond Index Fund, and Spartan Long Term Treasury Bond Index Fund (the funds) are funds of Fidelity Concord Street Trust (the trust) and are authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open end management investment company organized as a Massachusetts business trust.

Each fund offers Investor Class and Fidelity Advantage Class (Advantage Class) shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Each fund offers conversion privileges between share classes within each fund to eligible shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each fund, and certain fund level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of each fund. Each class differs with respect to transfer agent fees incurred and certain class level expense reductions.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:

Security Valuation. Investments are valued and net asset value per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Wherever possible, each fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accor dance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open end mutual funds are valued at their closing net asset value each business day. Short term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Annual Report

1. Significant Accounting Policies continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.

Dividends are declared daily and paid monthly from net investment income. Distribu tions from realized gains, if any, are recorded on the ex dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, certain funds will claim a portion of the payment made to redeeming shareholders as a distraction for income tax purposes.

Book tax differences are primarily due to market discount, wash sales, and losses deferred due to excise tax regulations.

The tax basis components of distributable earnings and the federal tax cost as of period end were as follows:

	Cost for Federal			Net	Unrealized
	Income Tax	Unrealized		Unrealized	Appreciation/
	Purposes	Appreciation		Depreciation	(Depreciation)
Spartan Short Term Treasury
Bond Index Fund	$ 17,452,060		$ 2,105	$ (50,751)	$ (48,646)
Spartan Intermediate Treasury
Bond Index Fund	11,621,094		3,875	(84,157)	(80,282)
Spartan Long Term Treasury
Bond Index Fund	3,045,650		9,301	(4,133)	5,168

				Undistributed
				Ordinary Income
Spartan Long Term Treasury Bond Index Fund					$ 508

The tax character of distributions paid was as follows:

February 28, 2006				Ordinary Income
Spartan Short Term Treasury Bond Index Fund					$ 45,019
Spartan Intermediate Treasury Bond Index Fund					46,601
Spartan Long Term Treasury Bond Index Fund					19,399



	29			*Annual Report*

Notes to Financial Statements continued
2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agree ments. Certain funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

3. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee. The management fee is based on an annual rate of .10% of each fund’s average net assets. Under the management contract, FMR pays all other fund level expenses, except the compensation of independent Trustees and certain other expenses such as interest expense.

In addition, under an expense contract, FMR pays all class level expenses of each Advantage Class and Investor Class so that total expenses do not exceed .10% and .20% of the class’ average net assets, respectively, with certain exceptions.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is each fund’s transfer, dividend disbursing and shareholder servicing agent. FSC receives asset based fees of .10% and .06% of average net assets for each fund’s Investor Class and Advantage Class, respectively. Under the expense contract, each Investor Class pays transfer agent fees at an annual rate of .10%, and each Advantage Class pays no transfer agent fees. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements.

Annual Report

4. Other.

The funds’ organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the perfor mance of their duties to the funds. In the normal course of business, the funds may also enter into contracts that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the funds. The risk of material loss from such claims is considered remote.

5. Distributions to Shareholders.

				Year ended
				February 28,
				2006^A
Spartan Short Term Treasury Bond Index Fund
From net investment income
Investor Class				$ 19,910
Advantage Class				25,109
Total				$ 45,019
Spartan Intermediate Treasury Bond Index Fund
From net investment income
Investor Class				$ 20,443
Advantage Class				26,158
Total				$ 46,601
Spartan Long Term Treasury Bond Index Fund
From net investment income
Investor Class				$ 10,238
Advantage Class				9,161
Total				$ 19,399

^AFor the period December 20, 2005 (commencement of operations) to February 28, 2006.

31 Annual Report

Notes to Financial Statements continued


6. Share Transactions.

Transactions for each class of shares were as follows:

	Shares^A	Dollars^A
	Year Ended February 28, 2006
Spartan Short Term Treasury Bond Index Fund
Investor Class
Shares sold	816,469	$ 8,153,844
Reinvestment of distributions	1,819	18,134
Shares redeemed	(79,333)	(790,153)
Net increase (decrease)	738,955	$ 7,381,825
Advantage Class
Shares sold	1,063,132	$ 10,609,041
Reinvestment of distributions	2,278	22,705
Shares redeemed	(47,546)	(473,109)
Net increase (decrease)	1,017,864	$ 10,158,637
Spartan Intermediate Treasury Bond Index Fund
Investor Class
Shares sold	535,054	$ 5,341,308
Reinvestment of distributions	2,030	20,158
Shares redeemed	(506)	(5,000)
Net increase (decrease)	536,578	$ 5,356,466
Advantage Class
Shares sold	690,920	$ 6,894,232
Reinvestment of distributions	2,485	24,671
Shares redeemed	(50,438)	(499,842)
Net increase (decrease)	642,967	$ 6,419,061
Spartan Long Term Treasury Bond Index Fund
Investor Class
Shares sold	178,708	$ 1,785,549
Reinvestment of distributions	1,023	10,238
Shares redeemed	(6,283)	(62,725)
Net increase (decrease)	173,448	$ 1,733,062
Advantage Class
Shares sold	132,284	$ 1,322,440
Reinvestment of distributions	915	9,161
Shares redeemed	—	—
Net increase (decrease)	133,199	$ 1,331,601

^AFor the period December 20, 2005 (commencement of operations) to February 28, 2006.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Concord Street Trust and the Shareholders of Spartan Short Term Treasury Bond Index Fund, Spartan Intermediate Treasury Bond Index Fund, and Spartan Long Term Treasury Bond Index Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Spartan Short Term Treasury Bond Index Fund, Spartan Intermediate Treasury Bond Index Fund and Spartan Long-Term Treasury Bond Index Fund (the Funds), each a fund of Fidelity Concord Street Trust, at February 28, 2006 and the results of their operations, the changes in their net assets and the financial highlights for the period indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Concord Street Trust’s management; our responsibility is to express an opinion on these financial state ments based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2006 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 17, 2006

33 Annual Report

Trustees and Officers

The funds’ Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

Edward C. Johnson 3d (75)

Year of Election or Appointment: 1987

Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc.

Annual Report

Name, Age; Principal Occupation

Stephen P. Jonas (53)

Year of Election or Appointment: 2005

Mr. Jonas is Senior Vice President of Spartan Short Term Treasury Bond Index (2005 present), Spartan Intermediate Treasury Bond Index (2005 present), and Spartan Long Term Treasury Bond Index (2005 present). He also serves as Senior Vice President of other Fidelity funds (2005 present). Mr. Jonas is Executive Director of FMR (2005 present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004 2005), Chief Administrative Officer (2002 2004), and Chief Financial Officer of FMR Co. (1998 2000). Mr. Jonas has been with Fidelity Investments since 1987 and has held various financial and management positions including Chief Financial Officer of FMR. In addition, he serves on the Boards of Boston Ballet (2003 present) and Simmons College (2003 present).

Robert L. Reynolds (53)

Year of Election or Appointment: 2003

* Trustees have been determined to be “Interested Trustees” by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

35 Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation

Dennis J. Dirks (57)

Year of Election or Appointment: 2005

Albert R. Gamper, Jr. (63)

Year of Election or Appointment: 2006

Annual Report

Name, Age; Principal Occupation

Robert M. Gates (62)

Year of Election or Appointment: 1997

George H. Heilmeier (69)

Year of Election or Appointment: 2004

Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004 present). He is Chair man of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992 2002), Compaq (1994 2002), Automatic Data Processing, Inc. (ADP) (technology based business outsourcing, 1995 2002), INET Technologies Inc. (telecommunications network surveillance, 2001 2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display.

37 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Marie L. Knowles (59)

Year of Election or Appointment: 2001

Ned C. Lautenbach (62)

Year of Election or Appointment: 2000

William O. McCoy (72)

Year of Election or Appointment: 1997

Prior to his retirement in December 1994, Mr. McCoy was Vice Chair man of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999 2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves as Chairman of the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16 school system).

Annual Report

Name, Age; Principal Occupation

Cornelia M. Small (61)

Year of Election or Appointment: 2005

William S. Stavropoulos (66)

Year of Election or Appointment: 2001

Mr. Stavropoulos is Chairman of the Board (2000 present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993 2000; 2002 2003), CEO (1995 2000; 2002 2004), and Chair man of the Executive Committee (2000 2004). Currently, he is a Direc tor of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corpo ration, Maersk Inc. (industrial conglomerate, 2002 present), and Metal mark Capital (private equity investment firm, 2005 present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.

Kenneth L. Wolfe (67)

Year of Election or Appointment: 2005

Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993 2001). He cur rently serves as a member of the boards of Adelphia Communications Corporation (2003 present), Bausch & Lomb, Inc., and Revlon Inc. (2004 present).

39 Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Name, Age; Principal Occupation

James H. Keyes (65)

Year of Election or Appointment: 2006

Peter S. Lynch (62)

Year of Election or Appointment: 2003

Walter C. Donovan (43)

Year of Election or Appointment: 2005

Vice President of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Donovan also serves as Vice President of Fidelity’s High Income Funds (2005 present), Fidelity’s Fixed Income Funds (2005 present), certain Asset Allocation Funds (2005 present), and certain Balanced Funds (2005 present). Mr. Donovan also serves as Executive Vice President of FMR (2005 present) and FMRC (2005 present). Previously, Mr. Donovan served as Vice President and Director of Fidelity’s International Equity Trading group (1998 2005).

Annual Report

Name, Age; Principal Occupation

David L. Murphy (58)

Year of Election or Appointment: 2005

Vice President of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Murphy also serves as Vice President of Fidelity’s Money Market Funds (2002 present), certain Asset Allocation Funds (2003 present), Fidelity’s Investment Grade Bond Funds (2005 present), and Fidelity’s Balanced Funds (2005 present). He serves as Senior Vice President (2000 present) and Head (2004 present) of the Fidelity Investments Fixed Income Division. Mr. Murphy is also a Senior Vice President of Fidelity Investments Money Management, Inc. (2003 present) and an Executive Vice President of FMR (2005 present). Previously, Mr. Murphy served as Money Market Group Leader (2002 2004), Bond Group Leader (2000 2002), and Vice President of Fidelity’s Taxable Bond Funds (2000 2002) and Fidelity’s Municipal Bond Funds (2001 2002).

Thomas J. Silvia (44)

Year of Election or Appointment: 2005

Vice President of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Silvia also serves as Vice President of Fidelity’s Bond Funds (2005 present), certain Balanced Funds (2005 present), certain Asset Allocation Funds (2005 present), and Senior Vice President and Bond Group Leader of the Fidelity Investments Fixed Income Division (2005 present). Previously, Mr. Silvia served as Director of Fidelity’s Taxable Bond portfolio managers (2002 2004) and a portfolio manager in the Bond Group (1997 2004).

Eric D. Roiter (57)

Year of Election or Appointment: 2005

Secretary of Spartan Short Term Treasury Bond Index, Spartan Inter mediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001 present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001 present), FRAC (2001 present), and Fidelity Investments Money Management, Inc. (2001 present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003 present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998 2005).

41 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Stuart Fross (46)

Year of Election or Appointment: 2005

Assistant Secretary of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003 present), Vice President and Secretary of FDC (2005 present), and is an employee of FMR.

Christine Reynolds (47)

Year of Election or Appointment: 2005

President and Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Ms. Reynolds also serves as President and Treasurer of other Fidelity funds (2004 present) and is a Vice President (2003 present) and an employee (2002 present) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980 2002), where she was most recently an audit partner with PwC’s investment management practice.

R. Stephen Ganis (39)

Year of Election or Appointment: 2006

Anti Money Laundering (AML) officer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Ganis also serves as AML officer of other Fidelity funds (2006 present) and FMR Corp. (2003 present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000 2002).

Paul M. Murphy (58)

Year of Election or Appointment: 2005

Chief Financial Officer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Murphy also serves as Chief Financial Officer of other Fidelity funds (2005 present). He also serves as Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS).

Annual Report

Name, Age; Principal Occupation

Kenneth A. Rathgeber (58)

Year of Election or Appointment: 2005

Chief Compliance Officer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004 present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002 present). He is Chief Com pliance Officer of FMR (2005 present), FMR Co., Inc. (2005 present), Fidelity Management & Research (U.K.) Inc. (2005 present), Fidelity Research & Analysis Company (2005 present), Fidelity Investments Money Management, Inc. ( 2005 present), and Strategic Advisers, Inc. (2005 present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998 2002).

Bryan A. Mehrmann (44)

Year of Election or Appointment: 2005

Deputy Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998 2004).

Kimberley H. Monasterio (42)

Year of Election or Appointment: 2005

Deputy Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000 2004) and Chief Financial Officer (2002 2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000 2004).

43 Annual Report

Trustees and Officers - continued

Name, Age; Principal Occupation

Kenneth B. Robins (36)

Year of Election or Appointment: 2005

Deputy Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2004 present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG’s department of professional practice (2002 2004) and a Senior Manager (1999 2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000 2002).

Robert G. Byrnes (39)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003 2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000 2003).

John H. Costello (59)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.

Peter L. Lydecker (52)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.

Mark Osterheld (50)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.

Annual Report

Name, Age; Principal Occupation

Gary W. Ryan (47)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999 2005).

Salvatore Schiavone (40)

Year of Election or Appointment: 2005

Assistant Treasurer of Spartan Short Term Treasury Bond Index, Spartan Intermediate Treasury Bond Index, and Spartan Long Term Treasury Bond Index. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003 2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996 2003).

45 Annual Report

Distributions

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:

Spartan Short-Term Treasury Bond Index Fund		99.8%
Spartan Intermediate Treasury Bond Index Fund		99.5%
Spartan Long-Term Treasury Bond Index Fund		100%

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended February 28, 2006 as qualifying to be taxed as interest related dividends for nonresident alien shareholders.

Fund
Spartan Short-Term Treasury Bond Index Fund				$ 44,864
Spartan Intermediate Treasury Bond Index Fund				$ 46,527
Spartan Long-Term Treasury Bond Index Fund				$ 19,369

The funds will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Spartan Short Term Treasury Bond Index Fund Spartan Intermediate Treasury Bond Index Fund Spartan Long Term Treasury Bond Index Fund

On November 17, 2005, the Board of Trustees, including the independent Trustees (together, the Board), voted to approve the management contract and sub advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, considered a broad range of information.

In determining whether to approve the Advisory Contracts for each fund, the Board was aware that shareholders have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that shareholders, with the opportunity to review and weigh the disclosure provided by each fund in its prospectus and other public disclosures, may choose to invest in that fund, managed by Fidelity.

Fidelity Resources Dedicated to Investment Management and Support Services. The Board considered Fidelity’s extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity’s analysts have access to a variety of technological tools that enable them to perform both fundamental and quanti tative analysis and to specialize in various disciplines. The Board also considered that Fidelity’s portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund’s portfolio, as well as an electronic communication system that provides immediate real time access to research concerning issuers and credit enhancers.

47 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees continued

account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment Performance. Spartan Short Term Treasury Bond Index Fund, Spartan Intermediate Treasury Bond Index Fund, and Spartan Long Term Treasury Bond Index Fund are new funds and therefore had no historical performance for the Board to review at the time it approved each fund’s Advisory Contracts. Once the funds have been in operation for at least one calendar year, the Board will review each fund’s absolute investment performance, as well as each fund’s relative investment performance mea sured against (i) a broad based securities market index and (ii) a peer group of mutual funds deemed appropriate by the Board.

Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit each fund’s shareholders, particularly in light of the Board’s view that each fund’s shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered each fund’s proposed management fee and projected operating expenses in reviewing the Advisory Contracts. The Board noted that each fund’s proposed manage ment fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also approved expense contracts for Investor Class and Fidelity Advantage Class of each fund that oblige FMR to pay all class level expenses for each class and limit the total expenses of each class’s shareholders to 20 basis points for Investor Class and 10 basis points for Fidelity Advantage Class. The Board noted that the expense limit for each class of each fund may not be increased without the approval of the Board and of the class’s share holders. The Board also noted each fund’s management fee and projected expenses relative to those of similar index funds that Fidelity offers to shareholders.

During the course of the year, the Board receives materials relating to its review of total expenses for each Fidelity fund. This information includes Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. The Board considered this informa tion in its review of total expenses for Spartan Short Term Treasury Bond Index Fund,

Annual Report

Spartan Intermediate Treasury Bond Index Fund, and Spartan Long Term Treasury Bond Index Fund.

Based on its review, the Board concluded that each fund’s management fee and the total expenses for each fund were fair and reasonable in light of the services that each fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The funds are new funds and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contracts. In connection with its future renewal of each fund’s management contract and sub advisory agreements, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders.

Economies of Scale. The Board considered the extent to which each fund will benefit from economies of scale through increased services to each fund, through waivers or reimbursements, or through fee or expense reductions, including reductions.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board received additional information regarding similar funds offered by other fund companies.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund’s Advisory Contracts should be approved.

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Manage ment, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for each fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub advisory agreements for each fund with affiliates of FMR that allow FMR to obtain research, non discretionary advice, or discretionary portfolio management at no additional expense to each fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, considered a broad range of information and determined that it would be beneficial for each fund to access the research and investment advisory support services supplied by FRAC at no additional expense to each fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under each fund’s manage ment contract or sub advisory agreements; (ii) the investment process or strategies employed in the management of each fund’s assets; (iii) the nature or level of services

49 Annual Report

Board Approval of Investment Advisory Contracts and Management Fees continued

provided under each fund’s management contract or sub advisory agreements; (iv) the day to day management of each fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of each Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of each fund’s management contract or sub advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which each fund will not bear any additional management fees or expenses and under which each fund’s portfolio manager would not change, it did not consider each fund’s investment perfor mance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of each fund’s management contract and sub advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to each fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of each fund’s management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that each fund’s Agreement is fair and reasonable, and that each fund’s Agreement should be approved.

Annual Report

Managing Your Investments

By Phone

By PC

Fidelity’s web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

51 Annual Report

To Visit Fidelity

Annual Report 52

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

53 Annual Report

Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub Adviser
FMR Co., Inc.
Fidelity Research & Analysis Company
(formerly Fidelity Management &
Research (Far East) Inc.)
Geode Capital Management, LLC
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Service Company, Inc.
Boston, MA
Custodian
Mellon Bank, N.A.
Pittsburg, PA

The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance		1-800-544-6666
Product Information		1-800-544-6666
Retirement Accounts		1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service		1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated phone logo)		1-800-544-5555
(automated phone logo) Automated line for quickest service

LBX-UANN-0406
1.821047.100

Item 2. Code of Ethics

As of the end of the period, February 28, 2006, Fidelity Concord Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

(a) Audit Fees.

For the fiscal years ended February 28, 2006 and February 28, 2005, the aggregate Audit Fees billed by PricewaterhouseCoopers LLP (PwC) for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for the Fidelity U.S. Bond Index Fund, Spartan Extended Market Index Fund, Spartan Intermediate Treasury Bond Index Fund, Spartan International Index Fund, Spartan Long-Term Treasury Bond Index Fund, Spartan Short-Term Treasury Bond Index Fund, Spartan Total Market Fund and Spartan U.S. Equity Index Fund (the funds) and for all funds in the Fidelity Group of Funds are shown in the table below.

Fund	2006^A	2005^A,B
Fidelity U.S. Bond Index Fund	$70,000	$62,000
Spartan Extended Market Index Fund	$59,000	$53,000
Spartan Intermediate Treasury Bond Index Fund	$44,000	$0
Spartan International Index Fund	$57,000	$49,000
Spartan Long-Term Treasury Bond Index Fund	$44,000	$0
Spartan Short-Term Treasury Bond Index Fund	$44,000	$0
Spartan Total Market Index Fund	$64,000	$57,000
Spartan U.S. Equity Index Fund	$141,000	$120,000
All funds in the Fidelity Group of Funds audited by PwC	$12,500,000	$11,200,000

Aggregate amounts may reflect rounding.

No Audit Fees were billed by PwC for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements to Spartan Intermediate Treasury Bond Index Fund, Spartan Long-Term Treasury Bond Index Fund and Spartan Short-Term Treasury Bond Index Fund, as the funds did not commence operations until December 20, 2005.

(b) Audit-Related Fees.

In each of the fiscal years ended February 28, 2006 and February 28, 2005, the aggregate Audit-Related Fees billed by PwC for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.

Fund	2006^A	2005^A,B
Fidelity U.S. Bond Index Fund	$0	$0
Spartan Extended Market Index Fund	$0	$0
Spartan Intermediate Treasury Bond Index Fund	$0	$0
Spartan International Index Fund	$0	$0
Spartan Long-Term Treasury Bond Index Fund	$0	$0
Spartan Short-Term Treasury Bond Index Fund	$0	$0
Spartan Total Market Index Fund	$0	$0
Spartan U.S. Equity Index Fund	$0	$0

Aggregate amounts may reflect rounding.

No Audit-Related Fees were billed by PwC for services rendered for assurance and related services to Spartan Intermediate Treasury Bond Index Fund, Spartan Long-Term Treasury Bond Index Fund and Spartan Short-Term Treasury Bond Index Fund that are reasonably related to the performance of the audit or review of the funds' financial statements, but not reported as Audit Fees, as the funds did not commence operations until December 20, 2005.

In each of the fiscal years ended February 28, 2006 and February 28, 2005, the aggregate Audit-Related Fees that were billed by PwC that were required to be approved by the Audit Committee for services rendered on behalf of Fidelity Management & Research Company (FMR) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the funds ("Fund Service Providers") for assurance and related services that relate directly to the operations and financial reporting of each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.

Billed By	2006^A	2005^A
PwC	$0	$0

^A	Aggregate amounts may reflect rounding.

Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent registered public accounting firm. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.

In each of the fiscal years ended February 28, 2006 and February 28, 2005, the aggregate Tax Fees billed by PwC for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.

Fund	2006^A	2005^A,B
Fidelity U.S. Bond Index Fund	$2,700	$2,500
Spartan Extended Market Index Fund	$2,700	$2,500
Spartan Intermediate Treasury Bond Index Fund	$2,500	$0
Spartan International Index Fund	$2,700	$2,500
Spartan Long-Term Treasury Bond Index Fund	$2,500	$0
Spartan Short-Term Treasury Bond Index Fund	$2,500	$0
Spartan Total Market Index Fund	$2,700	$2,500
Spartan U.S. Equity Index Fund	$3,600	$3,400

^A	Aggregate amounts may reflect rounding.
^B	No Tax Fees were billed by PwC for services rendered for tax compliance, tax advice, and tax planning for Spartan Intermediate Treasury Bond Index Fund, Spartan Long-Term Treasury Bond Index Fund and Spartan Short-Term Treasury Bond Index Fund as the funds did not commence operations until December 20, 2005.

In each of the fiscal years ended February 28, 2006 and February 28, 2005, the aggregate Tax Fees billed by PwC that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.

Billed By	2006^A	2005^A
PwC	$0	$0

^A	Aggregate amounts may reflect rounding.

Fees included in the Tax Fees category comprise all services performed by professional staff in the independent registered public accounting firm's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees.

In each of the fiscal years ended February 28, 2006 and February 28, 2005, the aggregate Other Fees billed by PwC for all other non-audit services rendered to the funds is shown in the table below.

Fund	2006^A	2005^A,B
Fidelity U.S. Bond Index Fund	$4,300	$3,800
Spartan Extended Market Index Fund	$1,900	$1,500
Spartan Intermediate Treasury Bond Index Fund	$300	$0
Spartan International Index Fund	$1,800	$1,300
Spartan Long-Term Treasury Bond Index Fund	$300	$0
Spartan Short-Term Treasury Bond Index Fund	$300	$0
Spartan Total Market Index Fund	$2,800	$2,300
Spartan U.S. Equity Index Fund	$14,100	$12,100

^A	Aggregate amounts may reflect rounding.
^B	No Other Fees were billed by PwC for all other non-audit services rendered to Spartan Intermediate Treasury Bond Index Fund, Spartan Long-Term Treasury Bond Index Fund and Spartan Short-Term Treasury Bond Index Fund as the funds did not commence operations until December 20, 2005.

In each of the fiscal years ended February 28, 2006 and February 28, 2005, the aggregate Other Fees billed by PwC that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund is shown in the table below.

Billed By	2006^A	2005^A
PwC	$155,000	$520,000

^A	Aggregate amounts may reflect rounding.

Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.

(e) (1)

Audit Committee Pre-Approval Policies and Procedures:

The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity Fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund (Non-Covered Service) but that are expected to exceed $50,000 are also subject to pre-approval by the Audit Committee.

All Covered Services, as well as Non-Covered Services that are expected to exceed $50,000, must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee. Neither pre-approval nor advance notice of Non-Covered Service engagements for which fees are not expected to exceed $50,000 is required; such engagements are to be reported to the Audit Committee monthly.

(e) (2)

Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 28, 2006 and February 28, 2005 on behalf of each fund.

There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 28, 2006 and February 28, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 28, 2006 and February 28, 2005 on behalf of each fund.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 28, 2006 and February 28, 2005 on behalf of each fund.

(f) Not applicable.

(g) For the fiscal years ended February 28, 2006 and February 28, 2005, the aggregate fees billed by PwC of $1,225,000^A and $1,350,000^{A, B}for non-audit services rendered on behalf of the funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.

	2006^A	2005^A
Covered Services	$225,000	$550,000
Non-Covered Services	$1,000,000	$800,000^B

^A	Aggregate amounts may reflect rounding.
^B	Reflects current period presentation.

(h) The trust's Audit Committee has considered Non-Covered Services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the funds, taking into account representations from PwC, in accordance with Independence Standards Board Standard No.1, regarding its independence from the funds and their related entities.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Concord Street Trust

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	April 20, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	April 20, 2006

By:	/s/Paul M. Murphy
	Paul M. Murphy
	Chief Financial Officer

Date:	April 20, 2006