------------------------------
                      UNITED STATES                       OMB APPROVAL
           SECURITIES AND EXCHANGE COMMISSION     ------------------------------
                 WASHINGTON, D.C. 20549           OMB Number:          3235-0582
                                                  Expires:        March 31, 2006
                                                  Estimated average burden
                                                  hours per response........14.4
                                                  ------------------------------


                                    FORM N-PX

               ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-7683
                                    --------------------------------------------


                        Morgan Stanley Special Value Fund
--------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)


 1221 Avenue of the Americas, New York, New York                10020
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   (Address of principal executive offices)                    (Zip code)


                                 Barry Fink Esq.

                     Morgan Stanley Investment Advisors Inc.

                           1221 Avenue of the Americas

                            New York, New York 10020
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                     (Name and address of agent for service)


Registrant's telephone number, including area code:  800-869-6397
                                                    -----------------------

Date of fiscal year end:  7/31
                         -------------------

Date of reporting period:  6/30/04
                          ------------------


ITEM 1. PROXY VOTING RECORD.

         Disclose the following information for each matter relating to a
portfolio security considered at any shareholder meeting held during the period
covered by the report and with respect to which the registrant was entitled to
vote:

          (a)  The name of the issuer of the portfolio security;

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          (b)  The exchange ticker symbol of the portfolio security;

          (c)  The Council on Uniform Securities Identification Procedures
               ("CUSIP") number for the portfolio security;

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          (d)  The shareholder meeting date;

          (e)  A brief identification of the matter voted on;

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          (f)  Whether the matter was proposed by the issuer or by a security
               holder;

          (g)  Whether the registrant cast its vote on the matter;

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          (h)  How the registrant cast its vote (e.g., for or against proposal,
               or abstain; for or withhold regarding election of directors);and

          (i)  Whether the registrant cast its vote for or against management.

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******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-07683
Reporting Period: 07/01/2003 - 06/30/2004
Morgan Stanley Special Value Fund









====================== MORGAN STANLEY SPECIAL VALUE FUND =======================


1-800-FLOWERS.COM INC.

Ticker:       FLWS           Security ID:  68243Q106
Meeting Date: DEC 2, 2003    Meeting Type: Annual
Record Date:  OCT 8, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jeffrey C. Walker          For       For        Management
1.2   Elect Director Kevin J. O'Connor          For       For        Management
1.3   Elect Director Lawrence V. Calcano        For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Approve Omnibus Stock Plan                For       Against    Management
4     Ratify Auditors                           For       For        Management


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A. O. SMITH CORP.

Ticker:       SAOSA          Security ID:  831865209
Meeting Date: APR 5, 2004    Meeting Type: Annual
Record Date:  FEB 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William F. Buehler        For       For        Management
1.2   Elect  Director Kathleen J. Hempel        For       For        Management
2     Ratify Auditors                           For       For        Management


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AFC ENTERPRISES, INC.

Ticker:       AFCE           Security ID:  00104Q107
Meeting Date: JUL 19, 2004   Meeting Type: Annual
Record Date:  JUN 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Victor Arias, Jr.         For       For        Management
1.2   Elect  Director Frank J. Belatti          For       For        Management
1.3   Elect  Director Carolyn Hogan Byrd        For       For        Management
1.4   Elect  Director Dick R. Holbrook          For       For        Management
1.5   Elect  Director R. William Ide, III       For       For        Management
1.6   Elect  Director Kelvin J. Pennington      For       For        Management
1.7   Elect  Director John M. Roth              For       For        Management
1.8   Elect  Director Ronald P. Spogli          For       For        Management
1.9   Elect  Director Peter Starrett            For       For        Management
2     Amend Bylaws Regarding the Odd Number of  For       For        Management
      Directors


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AFC ENTERPRISES, INC.

Ticker:       AFCE           Security ID:  00104Q107
Meeting Date: FEB 12, 2004   Meeting Type: Annual
Record Date:  JAN 14, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Victor Arias, Jr.          For       For        Management
1.2   Elect Director Frank J. Belatti           For       For        Management
1.3   Elect Director Carolyn Hogan Byrd         For       For        Management
1.4   Elect Director Dick R. Holbrook           For       For        Management
1.5   Elect Director R. William Ide, III        For       For        Management
1.6   Elect Director Kelvin J. Pennington       For       For        Management
1.7   Elect Director John M. Roth               For       For        Management
1.8   Elect Director Ronald P. Spogli           For       For        Management
1.9   Elect Director Peter Starrett             For       For        Management


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AGL RESOURCES INC.

Ticker:       ATG            Security ID:  001204106
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  FEB 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas D. Bell, Jr.       For       For        Management
1.2   Elect  Director Michael J. Durham         For       For        Management
1.3   Elect  Director D. Raymond Riddle         For       For        Management
1.4   Elect  Director Felker W. Ward, Jr.       For       For        Management
1.5   Elect  Director Henry C. Wolf             For       For        Management


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ALBANY INTERNATIONAL CORP.

Ticker:       AIN            Security ID:  012348108
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Frank R. Schmeler         For       Withhold   Management
1.2   Elect  Director Thomas R. Beecher, Jr.    For       Withhold   Management
1.3   Elect  Director Francis L. McKone         For       Withhold   Management
1.4   Elect  Director Barbara P. Wright         For       For        Management
1.5   Elect  Director Joseph G. Morone          For       For        Management
1.6   Elect  Director Christine L. Standish     For       Withhold   Management
1.7   Elect  Director Erland E. Kailbourne      For       For        Management
1.8   Elect  Director John C. Standish          For       Withhold   Management
1.9   Elect  Director Hugh J. Murphy            For       For        Management
2     Approve Outside Director Stock Awards in  For       For        Management
      Lieu of Cash


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AMBASSADORS GROUP INC

Ticker:       EPAX           Security ID:  023177108
Meeting Date: MAY 14, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dale F. Frey              For       For        Management
1.2   Elect  Director Jeffrey D. Thomas         For       For        Management
1.3   Elect  Director Richard D.C. Whilden      For       For        Management
2     Ratify Auditors                           For       For        Management


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AMETEK, INC.

Ticker:       AME            Security ID:  031100100
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lewis G. Cole             For       For        Management
1.2   Elect  Director Charles D. Klein          For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


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ANTHRACITE CAPITAL, INC.

Ticker:       AHR            Security ID:  037023108
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Donald G. Drapkin         For       Withhold   Management
1.2   Elect  Director Carl F. Geuther           For       For        Management
1.3   Elect  Director Leon T. Kendall           For       For        Management
1.4   Elect  Director Clay G. Lebhar            For       For        Management
2     Ratify Auditors                           For       For        Management


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APEX SILVER MINES LTD

Ticker:       SIL            Security ID:  G04074103
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:  APR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Harry M. Conger           For       For        Management
1.2   Elect  Director Charles L. Hansard        For       For        Management
1.3   Elect  Director Charles B. Smith          For       For        Management
2     APPROVAL OF THE 2004 EQUITY INCENTIVE     For       For        Management
      PLAN
3     RATIFICATION OF PRICEWATERHOUSECOOPERS    For       For        Management
      LLP AS INDEPENDENT ACCOUNTANTS


--------------------------------------------------------------------------------

APRIA HEALTHCARE GROUP, INC.

Ticker:       AHG            Security ID:  037933108
Meeting Date: APR 21, 2004   Meeting Type: Annual
Record Date:  MAR 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Vicente Anido, Jr.        For       For        Management
1.2   Elect  Director I.T. Corley               For       For        Management
1.3   Elect  Director David L. Goldsmith        For       For        Management
1.4   Elect  Director Lawrence M. Higby         For       For        Management
1.5   Elect  Director Richard H. Koppes         For       For        Management
1.6   Elect  Director Philip R. Lochner, Jr.    For       For        Management
1.7   Elect  Director Jeri L. Lose              For       For        Management
1.8   Elect  Director Beverly Benedict Thomas   For       For        Management
1.9   Elect  Director Ralph V. Whitworth        For       For        Management


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APRIA HEALTHCARE GROUP, INC.

Ticker:       AHG            Security ID:  037933108
Meeting Date: JUL 17, 2003   Meeting Type: Annual
Record Date:  MAY 30, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Vicente Anido, Jr.         For       For        Management
1.2   Elect Director I.T. Corley                For       For        Management
1.3   Elect Director David L. Goldsmith         For       For        Management
1.4   Elect Director Lawrence M. Higby          For       For        Management
1.5   Elect Director Richard H. Koppes          For       For        Management
1.6   Elect Director Philip R. Lochner, Jr.     For       For        Management
1.7   Elect Director Jeri L. Lose               For       For        Management
1.8   Elect Director Beverly Benedict Thomas    For       For        Management
1.9   Elect Director Ralph V. Whitworth         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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AZZ INC.

Ticker:       AZZ            Security ID:  002474104
Meeting Date: JUL 8, 2003    Meeting Type: Annual
Record Date:  MAY 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David H. Dingus            For       For        Management
1.2   Elect Director Dana L. Perry              For       For        Management
1.3   Elect Director Daniel E. Berce            For       For        Management
2     Ratify Auditors                           For       For        Management


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BANKATLANTIC BANCORP, INC.

Ticker:       BBX            Security ID:  065908501
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Steven M. Coldren         For       For        Management
1.2   Elect  Director Mary E. Ginestra          For       For        Management
1.3   Elect  Director Willis N. Holcombe        For       For        Management
1.4   Elect  Director Jarett S. Levan           For       For        Management
2     Approve Restricted Stock Plan             For       For        Management


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BANTA CORP.

Ticker:       BN             Security ID:  066821109
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jameson A. Baxter         For       For        Management
1.2   Elect  Director John F. Bergstrom         For       For        Management
1.3   Elect  Director Henry T. DeNero           For       For        Management
1.4   Elect  Director Paul C. Reyelts           For       For        Management
1.5   Elect  Director Ray C. Richelsen          For       For        Management
1.6   Elect  Director Stephanie A. Streeter     For       For        Management
1.7   Elect  Director Michael J. Winkler        For       For        Management
2     Ratify Auditors                           For       For        Management


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BLACK BOX CORP.

Ticker:       BBOX           Security ID:  091826107
Meeting Date: AUG 12, 2003   Meeting Type: Annual
Record Date:  JUN 13, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William F. Andrews         For       For        Management
1.2   Elect Director Thomas W. Golonski         For       For        Management
1.3   Elect Director Thomas G. Greig            For       For        Management
1.4   Elect Director William R. Newlin          For       For        Management
1.5   Elect Director Brian D. Young             For       For        Management
1.6   Elect Director Fred C. Young              For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Amend Non-Employee Director Stock Option  For       Against    Management
      Plan
4     Ratify Auditors                           For       For        Management


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CABOT OIL & GAS CORP.

Ticker:       COG            Security ID:  127097103
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert F. Bailey          For       For        Management
1.2   Elect  Director John G.L. Cabot           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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CAPITAL AUTOMOTIVE REIT

Ticker:       CARS           Security ID:  139733109
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Anderson          For       For        Management
1.2   Elect  Director Thomas D. Eckert          For       For        Management
1.3   Elect  Director Craig L. Fuller           For       For        Management
1.4   Elect  Director Paul M. Higbee            For       For        Management
1.5   Elect  Director William E. Hoglund        For       For        Management
1.6   Elect  Director R. Michael Mccullough     For       For        Management
1.7   Elect  Director John J. Pohanka           For       For        Management
1.8   Elect  Director Robert M. Rosenthal       For       For        Management
1.9   Elect  Director Vincent A. Sheehy         For       For        Management
2     Ratify Auditors                           For       For        Management


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CARRAMERICA REALTY CORP.

Ticker:       CRE            Security ID:  144418100
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas A. Carr            For       For        Management
1.2   Elect  Director Joan Carter               For       For        Management
1.3   Elect  Director Robert E. Torray          For       For        Management
1.4   Elect  Director Wesley S. Williams, Jr.   For       For        Management
1.5   Elect  Director Andrew F. Brimmer         For       For        Management
1.6   Elect  Director Philip L. Hawkins         For       For        Management
1.7   Elect  Director Timothy Howard            For       For        Management
2     Establish Term Limits for Directors       Against   Against    Shareholder


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CCC INFORMATION SERVICES GROUP, INC.

Ticker:       CCCG           Security ID:  12487Q109
Meeting Date: JUN 2, 2004    Meeting Type: Annual
Record Date:  APR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Morgan W. Davis           For       For        Management
1.2   Elect  Director Michael R. Eisenson       For       For        Management
1.3   Elect  Director J. Roderick Heller, III   For       For        Management
1.4   Elect  Director Thomas L. Kempner         For       Withhold   Management
1.5   Elect  Director Githesh Ramamurthy        For       For        Management
1.6   Elect  Director Mark A. Rosen             For       For        Management
1.7   Elect  Director Herbert S. Winokur, Jr.   For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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CIRCOR INTERNATIONAL, INC.

Ticker:       CIR            Security ID:  17273K109
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jerome D. Brady           For       For        Management
1.2   Elect  Director Dewain K. Cross           For       For        Management
2     Ratify Auditors                           For       For        Management


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COMMUNITY FIRST BANKSHARES, INC.

Ticker:       CFBX           Security ID:  203902101
Meeting Date: JUN 30, 2004   Meeting Type: Annual
Record Date:  MAY 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect  Director Mark A. Anderson          For       For        Management
2.2   Elect  Director Patrick Delaney           For       For        Management
2.3   Elect  Director John H. Flittie           For       For        Management
2.4   Elect  Director Darrell G. Knudson        For       For        Management
2.5   Elect  Director Dawn R. Elm               For       For        Management
2.6   Elect  Director Marilyn R. Seymann        For       For        Management
2.7   Elect  Director Harvey L. Wollman         For       For        Management
2.8   Elect  Director Thomas Gallagher          For       For        Management
2.9   Elect  Director Rahn K. Porter            For       For        Management
2.10  Elect  Director Lauris N. Molbert         For       For        Management
2.11  Elect  Director Karen M. Meyer            For       For        Management
3     Ratify Auditors                           For       For        Management


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COMMUNITY FIRST BANKSHARES, INC.

Ticker:       CFBX           Security ID:  203902101
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mark A. Anderson          For       For        Management
1.2   Elect  Director Patrick Delaney           For       For        Management
1.3   Elect  Director John H. Flittie           For       For        Management
1.4   Elect  Director Darrell G. Knudson        For       For        Management
1.5   Elect  Director Dawn R. Elm               For       For        Management
1.6   Elect  Director Marilyn R. Seymann        For       For        Management
1.7   Elect  Director Harvey L. Wollman         For       For        Management
1.8   Elect  Director Thomas Gallagher          For       For        Management
1.9   Elect  Director Rahn K. Porter            For       For        Management
1.10  Elect  Director Lauris N. Molbert         For       For        Management
1.11  Elect  Director Karen M. Meyer            For       For        Management
2     Ratify Auditors                           For       For        Management


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CORN PRODUCTS INTERNATIONAL, INC.

Ticker:       CPO            Security ID:  219023108
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Karen L. Hendricks        For       For        Management
1.2   Elect  Director Bernard H. Kastory        For       For        Management
1.3   Elect  Director Barbara A. Klein          For       For        Management
1.4   Elect  Director Samuel C. Scott III       For       For        Management
2     Ratify Auditors                           For       For        Management


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CORVEL CORP.

Ticker:       CRVL           Security ID:  221006109
Meeting Date: AUG 7, 2003    Meeting Type: Annual
Record Date:  JUN 16, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director V. Gordon Clemons          For       Withhold   Management
1.2   Elect Director Steven J. Hamerslag        For       For        Management
1.3   Elect Director Alan R. Hoops              For       For        Management
1.4   Elect Director R. Judd Jessup             For       For        Management
1.5   Elect Director Jeffrey J. Michael         For       For        Management
2     Ratify Auditors                           For       For        Management

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COUSINS PROPERTIES INC.

Ticker:       CUZ            Security ID:  222795106
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas D. Bell, Jr.       For       For        Management
1.2   Elect  Director Erskine B. Bowles         For       For        Management
1.3   Elect  Director Richard W. Courts, Ii     For       For        Management
1.4   Elect  Director Thomas G. Cousins         For       For        Management
1.5   Elect  Director Lillian C. Giornelli      For       For        Management
1.6   Elect  Director Terence C. Golden         For       For        Management
1.7   Elect  Director Boone A. Knox             For       For        Management
1.8   Elect  Director John J. Mack              For       For        Management
1.9   Elect  Director Hugh L. Mccoll, Jr.       For       For        Management
1.10  Elect  Director William Porter Payne      For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management

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CYTEC INDUSTRIES INC.

Ticker:       CYT            Security ID:  232820100
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  FEB 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Chris A. Davis            For       For        Management
1.2   Elect  Director William P. Powell         For       For        Management
2     Ratify Auditors                           For       For        Management


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DELTA & PINE LAND COMPANY

Ticker:       DLP            Security ID:  247357106
Meeting Date: JAN 15, 2004   Meeting Type: Annual
Record Date:  NOV 21, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Joseph M. Murphy           For       For        Management
1.2   Elect Director Rudi E. Scheidt            For       For        Management
2     Ratify Auditor                            For       For        Management


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DIRECT GENERAL CORP.

Ticker:       DRCT           Security ID:  25456W204
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William C. Adair, Jr.     For       For        Management


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DIVERSA CORPORATION

Ticker:       DVSA           Security ID:  255064107
Meeting Date: MAY 14, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mark Leschly              For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Ratify Auditors                           For       For        Management


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DRS TECHNOLOGIES, INC.

Ticker:       DRS            Security ID:  23330X100
Meeting Date: AUG 5, 2004    Meeting Type: Annual
Record Date:  JUN 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William F. Heitmann       For       For        Management
1.2   Elect  Director C. Shelton James          For       For        Management
1.3   Elect  Director RADM Stuart F. Platt, USN For       Withhold   Management
      (Ret.)
1.4   Elect  Director Eric J. Rosen             For       Withhold   Management
2     Ratify Auditors                           For       For        Management

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DRS TECHNOLOGIES, INC.

Ticker:       DRS            Security ID:  23330X100
Meeting Date: AUG 6, 2003    Meeting Type: Annual
Record Date:  JUN 20, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mark N. Kaplan             For       For        Management
1.2   Elect Director Ira Albom                  For       For        Management
1.3   Elect Director General Dennis J. Reimer,  For       For        Management
      USA (Ret.)
2     Ratify Auditors                           For       For        Management

--------------------------------------------------------------------------------

DRS TECHNOLOGIES, INC.

Ticker:       DRS            Security ID:  23330X100
Meeting Date: JAN 22, 2004   Meeting Type: Special
Record Date:  DEC 18, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Increase Authorized Common Stock          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Other Business                            For       Against    Management

--------------------------------------------------------------------------------

EMS TECHNOLOGIES, INC.

Ticker:       ELMG           Security ID:  26873N108
Meeting Date: MAY 10, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Hermann Buerger           For       Withhold   Management
1.2   Elect  Director Robert P. Crozer          For       Withhold   Management
1.3   Elect  Director John P. Frazee, Jr.       For       Withhold   Management
1.4   Elect  Director Alfred G. Hansen          For       Withhold   Management
1.5   Elect  Director John R. Kreick            For       Withhold   Management
1.6   Elect  Director John B. Mowell            For       Withhold   Management
1.7   Elect  Director Norman E. Thagard         For       Withhold   Management
1.8   Elect  Director John L. Woodward, Jr.     For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management

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EXTREME NETWORKS, INC.

Ticker:       EXTR           Security ID:  30226D106
Meeting Date: DEC 3, 2003    Meeting Type: Annual
Record Date:  OCT 20, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Bob L. Corey               For       For        Management
1.2   Elect Director Peter Wolken               For       For        Management
2     Amend Employee Stock Purchase Plan        For       For        Management
3     Ratify Auditors                           For       For        Management

--------------------------------------------------------------------------------

FIRST NIAGARA FINANCIAL GROUP, INC.

Ticker:       FNFG           Security ID:  33582V108
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gordon P. Assad           For       For        Management
1.2   Elect  Director John J. Bisgrove, Jr.     For       For        Management
1.3   Elect  Director Daniel W. Judge           For       For        Management
1.4   Elect  Director Louise Woerner            For       For        Management
2     Ratify Auditors                           For       For        Management

--------------------------------------------------------------------------------


FURNITURE BRANDS INTERNATIONAL, INC.

Ticker:       FBN            Security ID:  360921100
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director K.B. Bell                 For       For        Management
1.2   Elect  Director J.T. Foy                  For       For        Management
1.3   Elect  Director W.G. Holliman             For       For        Management
1.4   Elect  Director J.R. Jordan, Jr.          For       For        Management
1.5   Elect  Director D.E. Lasater              For       For        Management
1.6   Elect  Director L.M. Liberman             For       For        Management
1.7   Elect  Director R.B. Loynd                For       For        Management
1.8   Elect  Director B.L. Martin               For       For        Management
1.9   Elect  Director A.B. Patterson            For       For        Management
1.10  Elect  Director A.E. Suter                For       For        Management


--------------------------------------------------------------------------------

GEO GROUP INC/THE

Ticker:       GGI            Security ID:  929798106
Meeting Date: NOV 18, 2003   Meeting Type: Special
Record Date:  OCT 14, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Change Company Name                       For       For        Management
2     Adjourn Meeting                           For       Against    Management


--------------------------------------------------------------------------------

GEO GROUP INC/THE

Ticker:       GGI            Security ID:  36159R103
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Wayne H. Calabrese        For       For        Management
1.2   Elect  Director Norman A. Carlson         For       For        Management
1.3   Elect  Director Benjamin R. Civiletti     For       For        Management
1.4   Elect  Director G. Fred DiBona, Jr.       For       For        Management
1.5   Elect  Director Anne N. Foreman           For       For        Management
1.6   Elect  Director Richard H. Glanton        For       For        Management
1.7   Elect  Director George C. Zoley           For       For        Management
2     Ratify Auditors                           For       For        Management


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HANGER ORTHOPEDIC GROUP, INC.

Ticker:       HGR            Security ID:  41043F208
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edmond E. Charrette, Md   For       For        Management
1.2   Elect  Director Thomas P. Cooper, Md      For       For        Management
1.3   Elect  Director Eric Green                For       For        Management
1.4   Elect  Director Thomas F. Kirk            For       For        Management
1.5   Elect  Director C. Raymond Larkin, Jr.    For       For        Management
1.6   Elect  Director Cynthia L. Feldmann       For       For        Management
1.7   Elect  Director Ivan R. Sabel, Cpo        For       For        Management
1.8   Elect  Director H.E. Thranhardt, Cpo      For       For        Management


--------------------------------------------------------------------------------

HUMMINGBIRD  LTD (FORMERLY HUMMINGBIRD COMM. INC.)

Ticker:       HUM.           Security ID:  44544R101
Meeting Date: MAR 9, 2004    Meeting Type: Annual/Special
Record Date:  JAN 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Ratify Deloitte & Touche LLP as Auditors  For       For        Management
2     Elect Fred E. Sorkin, A. Barry Litwin,    For       For        Management
      John T. McLennan, Andrew J. Malik, Inder
      P. S. Duggal and Mark D. Spitzer as
      Directors
3     Allow Board to Appoint Additional         For       For        Management
      Directors Between Annual Meetings


--------------------------------------------------------------------------------


ICON PLC

Ticker:                      Security ID:  45103T107
Meeting Date: JAN 12, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive and Consider Financial Statements For       For        Management
      and Statutory Reports
2     Reelect Lee Jones as a Director           For       For        Management
3     Reelect Thomas Lynch as a Director        For       For        Management
4     Elect Shuji Higuchi as a Director         For       For        Management
5     Authorize Board to Fix Remuneration of    For       For        Management
      the Auditors
6     Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to the Amount of the Authorized
      but Unissued Share Capital
7     Authorize Board to Allot Equity           For       For        Management
      Securities for Cash without Preemptive
      Rights
8     Authorize Repurchase of Up to 10 Percent  For       For        Management
      of Issued Share Capital
9     Amend Articles of Association Re:         For       For        Management
      Electronic Communication


--------------------------------------------------------------------------------

IMAGISTICS INTERNATIONAL INC

Ticker:       IGI            Security ID:  45247T104
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director T. Kevin Dunnigan         For       For        Management
1.2   Elect  Director James A. Thomas           For       For        Management
1.3   Elect  Director Ronald L. Turner          For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

IMATION CORP.

Ticker:       IMN            Security ID:  45245A107
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Glen A. Taylor            For       For        Management
1.2   Elect  Director Daryl J. White            For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

INDEPENDENT BANK CORP. (MI)

Ticker:       IBCP           Security ID:  453838104
Meeting Date: APR 23, 2004   Meeting Type: Annual
Record Date:  FEB 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jeffrey A. Bratsburg      For       Withhold   Management
1.2   Elect  Director Charles C. Van Loan       For       For        Management


--------------------------------------------------------------------------------

INTEGRA BANK CORP.

Ticker:       IBNK           Security ID:  45814P105
Meeting Date: APR 21, 2004   Meeting Type: Annual
Record Date:  FEB 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dr. H. Ray Hoops          For       Withhold   Management
1.2   Elect  Director Ronald G. Reherman        For       Withhold   Management
1.3   Elect  Director Robert W. Swan            For       Withhold   Management
1.4   Elect  Director Robert D. Vance           For       Withhold   Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------


INTRAWEST CORP.

Ticker:       ITW.           Security ID:  460915200
Meeting Date: NOV 10, 2003   Meeting Type: Annual
Record Date:  SEP 26, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director R. Thomas M. Allan         For       For        Management
1.2   Elect Director Joe S. Houssian            For       For        Management
1.3   Elect Director Daniel O. Jarvis           For       For        Management
1.4   Elect Director David A. King              For       For        Management
1.5   Elect Director Gordon H. MacDougall       For       For        Management
1.6   Elect Director Paul M. Manheim            For       For        Management
1.7   Elect Director Paul A. Novelly            For       For        Management
1.8   Elect Director Bernard A. Roy             For       For        Management
1.9   Elect Director Khaled C. Sifri            For       For        Management
1.10  Elect Director Nicholas C.H. Villiers     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Authorize Board to Fix Remuneration of    For       For        Management
      the Auditors


--------------------------------------------------------------------------------

JOURNAL COMMUNICATIONS, INC.

Ticker:       JRN            Security ID:  481130102
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Don H. Davis, Jr.         For       For        Management
1.2   Elect  Director David G. Meissner         For       For        Management
2     Amend Articles to Allow Transfer of Class For       For        Management
      B Common Stock to certain charities
3     Amend Articles to Convert Class B Common  For       For        Management
      Stock into Class A Common Stock held by
      certain charities


--------------------------------------------------------------------------------

LAIDLAW INTERNATIONAL, INC.

Ticker:       LI             Security ID:  50730R102
Meeting Date: FEB 10, 2004   Meeting Type: Annual
Record Date:  DEC 15, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John F. Chlebowski         For       For        Management
1.2   Elect Director James H. Dickerson, Jr.    For       For        Management
1.3   Elect Director Maria A. Sastre            For       For        Management


--------------------------------------------------------------------------------

LNR PROPERTY CORP.

Ticker:       LNR            Security ID:  501940100
Meeting Date: APR 21, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Brian L. Bilzin           For       Withhold   Management
1.2   Elect  Director Connie Mack               For       For        Management
1.3   Elect  Director James M. Carr             For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Approve Deferred Compensation Plan        For       For        Management


--------------------------------------------------------------------------------

LOJACK CORP.

Ticker:       LOJN           Security ID:  539451104
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Fix Number of and Elect Director Ronald   For       For        Management
      J. Rossi
1.2   Elect  Director Joseph F. Abely           For       For        Management
1.3   Elect  Director Lee T. Sprague            For       For        Management
1.4   Elect  Director Robert J. Murray          For       For        Management
1.5   Elect  Director Larry C. Renfro           For       For        Management
1.6   Elect  Director Harvey Rosenthal          For       For        Management
1.7   Elect  Director John H. MacKinnon         For       For        Management
1.8   Elect  Director Robert L. Rewey           For       For        Management
2     Amend Employee Stock Purchase Plan        For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------


MAF BANCORP, INC.

Ticker:       MAFB           Security ID:  55261R108
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Terry A. Ekl              For       Withhold   Management
1.2   Elect  Director Kenneth R. Koranda        For       Withhold   Management
1.3   Elect  Director Thomas R. Perz            For       Withhold   Management
1.4   Elect  Director Lois B. Vasto             For       Withhold   Management
1.5   Elect  Director Jerry A. Weberling        For       Withhold   Management


--------------------------------------------------------------------------------

MAF BANCORP, INC.

Ticker:       MAFB           Security ID:  55261R108
Meeting Date: NOV 25, 2003   Meeting Type: Special
Record Date:  OCT 6, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Approve Omnibus Stock Plan                For       Against    Management


--------------------------------------------------------------------------------

MANTECH INTL CORP

Ticker:       MANT           Security ID:  564563104
Meeting Date: JUN 23, 2004   Meeting Type: Annual
Record Date:  APR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director George J. Pedersen        For       Withhold   Management
1.2   Elect  Director Barry G. Campbell         For       For        Management
1.3   Elect  Director Edward S. Civera          For       For        Management
1.4   Elect  Director Walter R. Fatzinger, Jr.  For       For        Management
1.5   Elect  Director Richard J. Kerr           For       Withhold   Management
1.6   Elect  Director Stephen W. Porter         For       Withhold   Management
1.7   Elect  Director Raymond A. Ranelli        For       For        Management
1.8   Elect  Director Ronald R. Spoehel         For       Withhold   Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

MAXIMUS INC.

Ticker:       MMS            Security ID:  577933104
Meeting Date: MAR 18, 2004   Meeting Type: Annual
Record Date:  JAN 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Paul R. Lederer           For       For        Management
1.2   Elect  Director Peter B. Pond             For       For        Management
1.3   Elect  Director James R. Thompson, Jr.    For       Withhold   Management
2     Amend Employee Stock Purchase Plan        For       For        Management


--------------------------------------------------------------------------------

MAXWELL SHOE CO., INC.

Ticker:       MAXS           Security ID:  577766108
Meeting Date: JUN 20, 2004   Meeting Type: Written Consent
Record Date:  APR 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     REVOKE CONSENT to remove directors Mark   For       For        Management
      J. Cocozza, James J. Tinagero, Stephen A.
      Fine, Malcolm L. Sherman and Anthony J.
      Tiberii
2     REVOKE CONSENT to elect directors Allan   For       For        Management
      Corn, Jeffrey J. Haas, Michael S.
      Koeneke, Harold Leppo and Robert D.
      Martin
3     REVOKE CONSENT to amend                   For       For        Management
      articles/bylaws/charter-non-routine
1     CONSENT to remove directors Mark J.       For       For        Management
      Cocozza, James J. Tinagero, Stephen A.
      Fine, Malcolm L. Sherman and Anthony J.
      Tiberii
2     CONSENT to elect directors Allan Corn,    For       For        Management
      Jeffrey J. Haas, Michael S. Koeneke,
      Harold Leppo and Robert D. Martin
3     CONSENT to amend                          For       For        Management
      articles/bylaws/charter-non-routine


--------------------------------------------------------------------------------


MAXWELL SHOE CO., INC.

Ticker:       MAXS           Security ID:  577766108
Meeting Date: APR 8, 2004    Meeting Type: Annual
Record Date:  FEB 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mark J. Cocozza           For       For        Management
1.2   Elect  Director James J. Tinagero         For       For        Management
1.3   Elect  Director Stephen A. Fine           For       For        Management
1.4   Elect  Director Malcolm L. Sherman        For       For        Management
1.5   Elect  Director Anthony J. Tiberii        For       For        Management


--------------------------------------------------------------------------------

MB FINANCIAL, INC.

Ticker:       MBFI           Security ID:  55264U108
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director E.M. Bakwin               For       For        Management
1.2   Elect  Director Mitchell Feiger           For       For        Management
1.3   Elect  Director James N. Hallene          For       For        Management
1.4   Elect  Director David L. Husman           For       For        Management


--------------------------------------------------------------------------------

MID-ATLANTIC REALTY TRUST

Ticker:       MRR            Security ID:  595232109
Meeting Date: SEP 30, 2003   Meeting Type: Special
Record Date:  AUG 4, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


--------------------------------------------------------------------------------

MOORE WALLACE INCORPORATED (FORMERLY MOORE CORP. LTD. )

Ticker:       MWI            Security ID:  615857109
Meeting Date: FEB 23, 2004   Meeting Type: Special
Record Date:  JAN 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Arrangement Resolution            For       For        Management
2     Issue Shares in Connection with the       None      None       Management
      acquisition of Payment Processing
      Solutions Inc.


--------------------------------------------------------------------------------

MOVIE GALLERY, INC.

Ticker:       MOVI           Security ID:  624581104
Meeting Date: JUN 15, 2004   Meeting Type: Annual
Record Date:  APR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joe T. Malugen            For       Withhold   Management
1.2   Elect  Director H. Harrison Parrish       For       Withhold   Management
1.3   Elect  Director William B. Snow           For       Withhold   Management
1.4   Elect  Director John J. Jump              For       For        Management
1.5   Elect  Director James C. Lockwood         For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

NAVIGANT INTERNATIONAL INC.

Ticker:       FLYR           Security ID:  63935R108
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward S. Adams           For       For        Management
1.2   Elect  Director Vassilios Sirpolaidis     For       For        Management


--------------------------------------------------------------------------------

NEXSTAR BROADCASTING GROUP, INC.

Ticker:       NXST           Security ID:  65336K103
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:  APR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Perry A. Sook             For       Withhold   Management
1.2   Elect  Director Blake R. Battaglia        For       Withhold   Management
1.3   Elect  Director Erik Brooks               For       Withhold   Management
1.4   Elect  Director Jay M. Grossman           For       Withhold   Management
1.5   Elect  Director Peggy Koenig              For       Withhold   Management
1.6   Elect  Director Royce Yudkoff             For       Withhold   Management
1.7   Elect  Director Geoff Armstrong           For       For        Management
1.8   Elect  Director Michael Donovan           For       For        Management
1.9   Elect  Director I. Martin Pompadur        For       For        Management
2     Ratify Auditors                           For       For        Management

--------------------------------------------------------------------------------

NYMAGIC, INC

Ticker:       NYM            Security ID:  629484106
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:  APR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John R. Anderson          For       For        Management
1.2   Elect  Director Glenn Angiolillo          For       For        Management
1.3   Elect  Director John T. Baily             For       For        Management
1.4   Elect  Director David E. Hoffman          For       For        Management
1.5   Elect  Director William J. Michaelcheck   For       For        Management
1.6   Elect  Director William D. Shaw, Jr.      For       For        Management
1.7   Elect  Director Robert G. Simses          For       For        Management
1.8   Elect  Director George R. Trumbull, III   For       Withhold   Management
1.9   Elect  Director David W. Young            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       Against    Management
4     Approve Employee Stock Purchase Plan      For       For        Management

--------------------------------------------------------------------------------

OVERNITE CORP.

Ticker:       OVNT           Security ID:  690322102
Meeting Date: JUN 24, 2004   Meeting Type: Annual
Record Date:  APR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas N. Allen           For       For        Management
1.2   Elect  Director Thomas J. Donohue, Jr.    For       For        Management
1.3   Elect  Director Charles H. Foster, Jr.    For       For        Management
1.4   Elect  Director Patrick D. Hanley         For       For        Management
1.5   Elect  Director Michael D. Jordan         For       For        Management
1.6   Elect  Director Harold D. Marshall        For       For        Management
1.7   Elect  Director George J. Matkov, Jr.     For       For        Management
1.8   Elect  Director Leo H. Suggs              For       For        Management
2     Ratify Auditors                           For       For        Management

--------------------------------------------------------------------------------

PARKWAY PROPERTIES, INC.

Ticker:       PKY            Security ID:  70159Q104
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel P. Friedman        For       For        Management
1.2   Elect  Director Roger P. Friou            For       For        Management
1.3   Elect  Director Martin L. Garcia          For       For        Management
1.4   Elect  Director Matthew W. Kaplan         For       For        Management
1.5   Elect  Director Michael J. Lipsey         For       For        Management
1.6   Elect  Director Joe F. Lynch              For       For        Management
1.7   Elect  Director Steven G. Rogers          For       For        Management
1.8   Elect  Director Leland R. Speed           For       For        Management
1.9   Elect  Director Lenore M. Sullivan        For       For        Management
2     Amend Non-Employee Director Omnibus Stock For       For        Management
      Plan

--------------------------------------------------------------------------------

PENN-AMERICA GROUP, INC.

Ticker:       PNG            Security ID:  707247102
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Irvin Saltzman            For       For        Management
1.2   Elect  Director Jon S. Saltzman           For       For        Management
1.3   Elect  Director Richard L. Duszak         For       For        Management
1.4   Elect  Director Charles Ellman            For       For        Management
1.5   Elect  Director Robert A. Lear            For       For        Management
1.6   Elect  Director M. Moshe Porat            For       For        Management
1.7   Elect  Director Martin Sheffield          For       For        Management
2     Increase Authorized Common Stock          For       For        Management

--------------------------------------------------------------------------------


PFF BANCORP, INC.

Ticker:       PFB            Security ID:  69331W104
Meeting Date: SEP 16, 2003   Meeting Type: Annual
Record Date:  JUL 18, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephen C. Morgan, Ed.D.   For       For        Management
1.2   Elect Director Jil H. Stark               For       For        Management
1.3   Elect Director Royce A. Stutzman          For       For        Management
2     Ratify Auditors                           For       For        Management

--------------------------------------------------------------------------------

PNM RESOURCES INC

Ticker:       PNM            Security ID:  69349H107
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bonnie S. Reitz           For       For        Management
1.2   Elect  Director Jeffry E. Sterba          For       For        Management
1.3   Elect  Director Joan B. Woodard           For       For        Management
1.4   Elect  Director Adelmo E. Archuleta       For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

PROASSURANCE CORP

Ticker:       PRA            Security ID:  74267C106
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Victor T. Adamo           For       For        Management
1.2   Elect  Director Paul R. Butrus            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


--------------------------------------------------------------------------------

PROVIDENT BANCORP, INC

Ticker:       PBCP           Security ID:  74383A109
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William F. Helmer         For       For        Management
1.2   Elect  Director Donald T. Mcnelis         For       For        Management
1.3   Elect  Director William R. Sichol, Jr.    For       For        Management
1.4   Elect  Director F. Gary Zeh               For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

PROVIDENT BANKSHARES CORP.

Ticker:       PBKS           Security ID:  743859100
Meeting Date: APR 21, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Melvin A. Bilal           For       For        Management
1.2   Elect  Director Ward B. Coe, III          For       Withhold   Management
1.3   Elect  Director William J. Crowley, Jr.   For       For        Management
1.4   Elect  Director Gary N. Geisel            For       For        Management
1.5   Elect  Director Bryan J. Logan            For       For        Management
1.6   Elect  Director Frederick W. Meier, Jr.   For       For        Management
2     Approve Merger Agreement                  For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

R&G FINANCIAL CORP.

Ticker:       RGF            Security ID:  749136107
Meeting Date: APR 23, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Victor L. Galan           For       Withhold   Management
1.2   Elect  Director Rafael Nin                For       For        Management
1.3   Elect  Director Benigno Fernandez         For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Stock Option Plan                 For       For        Management
4     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

REINSURANCE GROUP OF AMERICA, INCORPORATED

Ticker:       RGA            Security ID:  759351109
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William J. Bartlett       For       For        Management
1.2   Elect  Director Alan C. Henderson         For       For        Management
1.3   Elect  Director A. Greig Woodring         For       Withhold   Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Articles                            For       For        Management
4     Fix Number of Directors                   For       For        Management
5     Amend Articles                            For       Against    Management
6     Approve Director & Officer                For       For        Management
      Indemnification/Liability Provisions
7     Approve Issuance of Warrants/Convertible  For       Against    Management
      Debentures
8     Amend Omnibus Stock Plan                  For       For        Management

--------------------------------------------------------------------------------

RELIANCE STEEL & ALUMINUM CO.

Ticker:       RS             Security ID:  759509102
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  APR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Change Range for Size of the Board        For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3.1   Elect  Director Joe D. Crider             For       For        Management
3.2   Elect  Director Thomas W. Gimbel          For       For        Management
3.3   Elect  Director David H. Hannah           For       For        Management
3.4   Elect  Director Gregg J. Mollins          For       For        Management
4     Approve Stock Option Plan                 For       For        Management
5     Ratify Auditors                           For       For        Management
6     Other Business                            For       For        Management

--------------------------------------------------------------------------------

REMINGTON OIL & GAS CORP.

Ticker:       REM            Security ID:  759594302
Meeting Date: MAY 24, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Goble, Jr.        For       For        Management
1.2   Elect  Director William E. Greenwood      For       For        Management
1.3   Elect  Director Robert P. Murphy          For       For        Management
1.4   Elect  Director David E. Preng            For       For        Management
1.5   Elect  Director Thomas W. Rollins         For       For        Management
1.6   Elect  Director Alan C. Shapiro           For       For        Management
1.7   Elect  Director James A. Watt             For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management

--------------------------------------------------------------------------------

RIVIANA FOODS, INC.

Ticker:       RVFD           Security ID:  769536103
Meeting Date: OCT 15, 2003   Meeting Type: Annual
Record Date:  SEP 8, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank A. Godchaux III      For       For        Management
1.2   Elect Director Charles R. Godchaux        For       For        Management
1.3   Elect Director Charles H. Cotros          For       For        Management
1.4   Elect Director Frank K. Godchaux          For       For        Management
1.5   Elect Director Joseph A. Hafner, Jr.      For       For        Management
1.6   Elect Director W. David Hanks             For       For        Management
1.7   Elect Director W. Elton Kennedy           For       For        Management
1.8   Elect Director E. James Lowrey            For       For        Management
1.9   Elect Director Theresa G. Payne           For       For        Management
1.10  Elect Director E. Wayne Ray, Jr.          For       For        Management
1.11  Elect Director Patrick W. Rose            For       For        Management
1.12  Elect Director Thomas B. Walker, Jr.      For       For        Management
2     Ratify Auditors                           For       For        Management

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ROCK-TENN COMPANY

Ticker:       RKT            Security ID:  772739207
Meeting Date: JAN 23, 2004   Meeting Type: Annual
Record Date:  DEC 4, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephen G. Anderson        For       For        Management
1.2   Elect Director Robert B. Currey           For       For        Management
1.3   Elect Director L. L. Gellerstedt, III     For       For        Management
1.4   Elect Director John W. Spiegel            For       For        Management
1.5   Elect Director James E. Young             For       For        Management
2     Amend Employee Stock Purchase Plan        For       For        Management

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RUSSELL CORP.

Ticker:       RML            Security ID:  782352108
Meeting Date: APR 21, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C.V. Nalley III           For       For        Management
1.2   Elect  Director John R. Thomas            For       For        Management
1.3   Elect  Director John A. White             For       For        Management
2     Change State of Incorporation from        For       For        Management
      Alabama to Delaware

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SAGA COMMUNICATIONS, INC.

Ticker:       SGA            Security ID:  786598102
Meeting Date: MAY 10, 2004   Meeting Type: Annual
Record Date:  MAR 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jonathan Firestone        For       For        Management
1.2   Elect  Director Brian W. Brady            For       For        Management
1.3   Elect  Director Edward K. Christian       For       Withhold   Management
1.4   Elect  Director Donald J. Alt             For       For        Management
1.5   Elect  Director Robert J. Maccini         For       Withhold   Management
1.6   Elect  Director Gary Stevens              For       Withhold   Management

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SCHOOL SPECIALTY, INC.

Ticker:       SCHS           Security ID:  807863105
Meeting Date: AUG 26, 2003   Meeting Type: Annual
Record Date:  JUL 7, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David J. Vander Zanden     For       For        Management
1.2   Elect Director Rochelle Lamm              For       For        Management
2     Ratify Auditors                           For       For        Management

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SCOTTISH RE GROUP LTD

Ticker:       SCT            Security ID:  G7885T104
Meeting Date: AUG 28, 2003   Meeting Type: Special
Record Date:  JUL 25, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Change Company Name to Scottish Re Group  For       For        Management
      Limited
2     Amend Bylaws Re:  Change of Company Name  For       For        Management
3     Other Business (Voting)                   For       Against    Management

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SINCLAIR BROADCAST GROUP, INC.

Ticker:       SBGI           Security ID:  829226109
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David D. Smith            For       Withhold   Management
1.2   Elect  Director Frederick G. Smith        For       Withhold   Management
1.3   Elect  Director J. Duncan Smith           For       Withhold   Management
1.4   Elect  Director Robert E. Smith           For       Withhold   Management
1.5   Elect  Director Basil A. Thomas           For       Withhold   Management
1.6   Elect  Director Lawrence E. Mccanna       For       Withhold   Management
1.7   Elect  Director Daniel C. Keith           For       Withhold   Management
1.8   Elect  Director Martin R. Leader          For       Withhold   Management
2     Ratify Auditors                           For       Against    Management

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ST. MARY LAND & EXPLORATION CO.

Ticker:       SM             Security ID:  792228108
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:  APR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Barbara M. Baumann        For       For        Management
1.2   Elect  Director Larry W. Bickle           For       For        Management
1.3   Elect  Director Ronald D. Boone           For       For        Management
1.4   Elect  Director Thomas E. Congdon         For       For        Management
1.5   Elect  Director William J. Gardiner       For       For        Management
1.6   Elect  Director Mark A. Hellerstein       For       For        Management
1.7   Elect  Director John M. Seidl             For       For        Management
1.8   Elect  Director William D. Sullivan       For       For        Management
2     Approve Restricted Stock Plan             For       For        Management

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STAGE STORES, INC.

Ticker:       STGS           Security ID:  85254C305
Meeting Date: JUN 3, 2004    Meeting Type: Annual
Record Date:  APR 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Scott Davido              For       For        Management
1.2   Elect  Director Alan Gilman               For       For        Management
1.3   Elect  Director Michael Glazer            For       For        Management
1.4   Elect  Director Michael McCreery          For       For        Management
1.5   Elect  Director John Mentzer              For       For        Management
1.6   Elect  Director Margaret Monaco           For       For        Management
1.7   Elect  Director William Montgoris         For       For        Management
1.8   Elect  Director Walter Salmon             For       For        Management
1.9   Elect  Director James Scarborough         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management

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STONE ENERGY CORP.

Ticker:       SGY            Security ID:  861642106
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director George R. Christmas       For       For        Management
1.2   Elect  Director B.J. Duplantis            For       For        Management
1.3   Elect  Director John P. Laborde           For       For        Management
1.4   Elect  Director Richard A. Pattarozzi     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management

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SUPERIOR ENERGY SERVICES, INC.

Ticker:       SPN            Security ID:  868157108
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Terence E. Hall           For       For        Management
1.2   Elect  Director Joseph R. Edwards         For       For        Management
1.3   Elect  Director Justin L. Sullivan        For       For        Management
1.4   Elect  Director Ben A. Guill              For       For        Management
1.5   Elect  Director Richard A. Bachmann       For       For        Management
1.6   Elect  Director Richard A. Pattarozzi     For       For        Management
1.7   Elect  Director Enoch L. Dawkins          For       For        Management
2     Approve Non-Employee Director Restricted  For       For        Management
      Stock Plan
3     Ratify Auditors                           For       For        Management

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TBC CORP.

Ticker:       TBCC           Security ID:  872180104
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael E. Dunlap         For       For        Management
1.2   Elect  Director C. A. Ledsinger, Jr.      For       For        Management
1.3   Elect  Director William J. Mccarthy       For       For        Management
1.4   Elect  Director Raymond E. Schultz        For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Other Business                            For       Against    Management

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TEREX CORP.

Ticker:       TEX            Security ID:  880779103
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ronald M. DeFeo           For       For        Management
1.2   Elect  Director G. Chris Andersen         For       For        Management
1.3   Elect  Director Don DeFosset              For       For        Management
1.4   Elect  Director William H. Fike           For       For        Management
1.5   Elect  Director Dr. Donald P. Jacobs      For       For        Management
1.6   Elect  Director David A. Sachs            For       For        Management
1.7   Elect  Director J. C. Watts, Jr.          For       For        Management
1.8   Elect  Director Helge H. Wehmeier         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Approve Employee Stock Purchase Plan      For       For        Management
6     Approve Deferred Compensation Plan        For       For        Management
7     Approve Outside Director Stock Options in For       For        Management
      Lieu of Cash

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TOPPS COMPANY, INC., THE

Ticker:       TOPP           Security ID:  890786106
Meeting Date: JUL 1, 2004    Meeting Type: Annual
Record Date:  MAY 14, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Allan A. Feder            For       For        Management
1.2   Elect  Director David M. Mauer            For       Withhold   Management
1.3   Elect  Director Jack H. Nusbaum           For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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TOWER AUTOMOTIVE, INC.

Ticker:       TWR            Security ID:  891707101
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  APR 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director S. A. Johnson             For       For        Management
1.2   Elect  Director Kathleen Ligocki          For       For        Management
1.3   Elect  Director Anthony G. Fernandes      For       For        Management
1.4   Elect  Director Juergen M. Geissinger     For       For        Management
1.5   Elect  Director Ali Jenab                 For       For        Management
1.6   Elect  Director F. Joseph Loughrey        For       For        Management
1.7   Elect  Director James R. Lozelle          For       Withhold   Management
1.8   Elect  Director Georgia R. Nelson         For       For        Management
1.9   Elect  Director Enrique Zambrano          For       For        Management
2     Amend Employee Stock Purchase Plan        For       For        Management


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TRIAD GUARANTY INC.

Ticker:       TGIC           Security ID:  895925105
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  APR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Glenn T. Austin, Jr.      For       For        Management
1.2   Elect  Director Robert T. David           For       For        Management
1.3   Elect  Director William T. Ratliff, III   For       For        Management
1.4   Elect  Director Michael A. F. Roberts     For       For        Management
1.5   Elect  Director Richard S. Swanson        For       For        Management
1.6   Elect  Director Darryl W. Thompson        For       For        Management
1.7   Elect  Director David W. Whitehurst       For       Withhold   Management


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UGI CORP.

Ticker:       UGI            Security ID:  902681105
Meeting Date: FEB 24, 2004   Meeting Type: Annual
Record Date:  DEC 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James W. Stratton          For       For        Management
1.2   Elect Director Stephen D. Ban             For       For        Management
1.3   Elect Director Richard C. Gozon           For       For        Management
1.4   Elect Director Lon R. Greenberg           For       For        Management
1.5   Elect Director Thomas F. Donovan          For       For        Management
1.6   Elect Director Marvin O. Schlanger        For       For        Management
1.7   Elect Director Anne Pol                   For       For        Management
1.8   Elect Director Ernest E. Jones            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote


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UNIVERSAL COMPRESSION HOLDINGS, INC.

Ticker:       UCO            Security ID:  913431102
Meeting Date: JUL 23, 2004   Meeting Type: Annual
Record Date:  JUN 14, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas C. Case            For       For        Management
1.2   Elect  Director Janet F. Clark            For       For        Management
1.3   Elect  Director Uriel E. Dutton           For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Amend Restricted Stock Plan               For       For        Management
4     Ratify Auditors                           For       For        Management


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UNIVERSAL COMPRESSION HOLDINGS, INC.

Ticker:       UCO            Security ID:  913431102
Meeting Date: JUL 18, 2003   Meeting Type: Annual
Record Date:  JUN 9, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Bernard J. Duroc-Danner    For       For        Management
1.2   Elect Director William M. Pruellage       For       For        Management
1.3   Elect Director Samuel Urcis               For       For        Management
2     Ratify Auditors                           For       For        Management


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VARIAN INC

Ticker:       VARI           Security ID:  922206107
Meeting Date: FEB 4, 2004    Meeting Type: Annual
Record Date:  DEC 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John G. McDonald           For       For        Management
1.2   Elect Director Wayne R. Moon              For       For        Management
2     Approve/Amend Executive Incentive Bonus   For       For        Management
      Plan


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WATTS WATER TECHNOLOGIES

Ticker:       WTS            Security ID:  942749102
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Timothy P. Horne          For       For        Management
1.2   Elect  Director Kenneth J. Mcavoy         For       Withhold   Management
1.3   Elect  Director John K. Mcgillicuddy      For       For        Management
1.4   Elect  Director Gordon W. Moran           For       For        Management
1.5   Elect  Director Daniel J. Murphy, III     For       For        Management
1.6   Elect  Director Patrick S. O'Keefe        For       For        Management
1.7   Elect  Director Roger A. Young            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management









                                   SIGNATURES

         Pursuant to the requirements of 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.

(Registrant)     Morgan Stanley Special Value Fund
              ------------------------------------------------------------------


By  (Signature and Title)*
                                          /s/ Ronald E. Robison

                                          Principal Executive Officer
                               -------------------------------------------------



Date    August 27, 2004
      --------------------------------------------------------------------------

*Print the name and title of each signing officer under his or her signature.





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