Nicholas J. Kovich

Morgan Stanley Investment Management, Inc. (MSIM) is an investment management firm headquartered in New York City. The firm was founded in 1975 and is a subsidiary of Morgan Stanley Domestic Holdings, Inc., ultimately held by Morgan Stanley (NYSE: MS). MSIM provides discretionary and non-discretionary investment management services and products to institutional clients and individual investors. The firm also advises clients as to the appropriate allocation of assets among multiple separate accounts and/or investment companies or other pooled vehicles that the firm advises.

Beach Investment Counsel, Inc. is an independent, SEC-registered investment advisor and wealth management firm headquartered in West Conshohocken, Pennsylvania. The firm was founded by Thomas E. Beach and Walter T. Beach in 1996. Beach Investment Counsel provides discretionary investment advisory services and management services to individuals and institutions with separately managed accounts. The firm also provides discretionary investment advisory services and management services to Mill Creek Investment Partners, L.P., each a pooled investment vehicle intended for sophisticated investors and institutional investors.