Briefly describe the change from the current and prior years in each of these key areas and determine if the changes would be positive or negative from an investor / stockholder’s view.

Review Vanguard Total Stock Market Index Fund Admiral Shares most recent Annual Report. Use the Income Statement and Balance Sheet to determine the changes in:

• assets, liabilities, and equity
• total revenue and net income

Briefly describe the change from the current and prior years in each of these key areas and determine if the changes would be positive or negative from an investor / stockholder’s view.