Adam M. Ferguson, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 2004, has worked in investment management since 2008. He has managed the California Intermediate-Term Tax-Exempt Fund since 2013. Education: B.S., Wilmington University; M.B.A., Drexel University.

James M. D’Arcy, CFA, Portfolio Manager at Vanguard. He has worked in investment management since 1996, has managed investment portfolios since 1999, has been with Vanguard since 2011. Prior to this, James D'Arcy is a director and senior portfolio manager for Columbia Management focusing on tax-exempt and crossover short duration accounts. In addition, he manages two short-term funds and various short-term separate accounts and is responsible for developing tax-exempt strategies for Columbia Management’s tax-exempt liquidity strategies group. Mr. D'Arcy joined Columbia Management in 1999 and has been a member of the investment community since 1996. Prior to joining Columbia Management, Mr. D'Arcy worked on the fixed-income trading desk at Wells Capital Management. Mr. D'Arcy received his B.A. in economics from the University of Colorado at Boulder. He holds the Chartered Financial Analyst designation. In addition, he is a member of the CFA North Carolina Society and the National Federation of Municipal Analysts.