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

                                    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
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               (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)

                                Amy Doberman Esq

                                Managing Director

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

Date of reporting period:  7/1/04 - 6/30/05
                          -------------------





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

ICA File Number: 811-07683
Reporting Period: 07/01/2004 - 06/30/2005
Morgan Stanley Special Value Fund









============================== SPECIAL VALUE FUND ==============================


A. SCHULMAN, INC.

Ticker:       SHLM           Security ID:  808194104
Meeting Date: DEC 9, 2004    Meeting Type: Annual
Record Date:  OCT 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Terry L. Haines            For       For        Management
1.2   Elect Director Dr. Paul Craig Roberts     For       For        Management
1.3   Elect Director James A. Karman            For       For        Management
1.4   Elect Director Joseph M. Gingo            For       For        Management
2     Ratify Auditors                           For       For        Management


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ACUITY BRANDS, INC.

Ticker:       AYI            Security ID:  00508Y102
Meeting Date: JAN 6, 2005    Meeting Type: Annual
Record Date:  NOV 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John L. Clendenin         For       For        Management
1.2   Elect  Director Robert F. McCullough      For       Withhold   Management
1.3   Elect  Director Neil Williams             For       For        Management
2     Ratify Auditors                           For       For        Management


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ADTRAN, INC.

Ticker:       ADTN           Security ID:  00738A106
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mark C. Smith             For       For        Management
1.2   Elect  Director Howard A. Thrailkill      For       For        Management
1.3   Elect  Director Richard A. Anderson       For       Withhold   Management
1.4   Elect  Director W. Frank Blount           For       For        Management
1.5   Elect  Director H. Fenwick Huss           For       For        Management
1.6   Elect  Director William L. Marks          For       For        Management
1.7   Elect  Director Roy J. Nichols            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan


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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: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     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  R. William Ide, III       For       For        Management
1.5   Elect Director  Kelvin J. Pennington      For       For        Management
1.6   Elect Director  John M. Roth              For       For        Management
1.7   Elect Director  Ronald P. Spogli          For       For        Management
1.8   Elect Director  Peter Starrett            For       For        Management
2     Amend Bundled Compensation Plans          For       For        Management


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AGL RESOURCES INC.

Ticker:       ATG            Security ID:  001204106
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas D. Bell, Jr.       For       For        Management
1.2   Elect  Director Arthur E. Johnson         For       For        Management
1.3   Elect  Director Paula Rosput Reynolds     For       For        Management
1.4   Elect  Director James A. Rubright         For       For        Management
1.5   Elect  Director Bettina M. Whyte          For       For        Management
2     Amend Articles                            For       For        Management
3     Amend Nonqualified Employee Stock         For       For        Management
      Purchase Plan
4     Ratify Auditors                           For       For        Management


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ALABAMA NATIONAL BANCORPORATION

Ticker:       ALAB           Security ID:  010317105
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director W. Ray Barnes             For       For        Management
1.2   Elect  Director Bobby A. Bradley          For       For        Management
1.3   Elect  Director Dan M. David              For       For        Management
1.4   Elect  Director John V. Denson            For       For        Management
1.5   Elect  Director Griffin A. Greene         For       For        Management
1.6   Elect  Director John H. Holcomb, III      For       For        Management
1.7   Elect  Director John D. Johns             For       Withhold   Management
1.8   Elect  Director John J. McMahon, Jr.      For       For        Management
1.9   Elect  Director C. Phillip McWane         For       Withhold   Management
1.10  Elect  Director William D. Montgomery     For       For        Management
1.11  Elect  Director Richard Murray IV         For       For        Management
1.12  Elect  Director C. Lloyd Nix              For       For        Management
1.13  Elect  Director G. Ruffner Page, Jr.      For       For        Management
1.14  Elect  Director John M. Plunk             For       For        Management
1.15  Elect  Director W. Stancil Starnes        For       For        Management
1.16  Elect  Director W. Edgar Welden           For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Stock Option Plan                   For       For        Management
4     Ratify Auditors                           For       For        Management


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ALBANY INTERNATIONAL CORP.

Ticker:       AIN            Security ID:  012348108
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     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 Joseph G. Morone          For       For        Management
1.5   Elect  Director Christine L. Standish     For       Withhold   Management
1.6   Elect  Director Erland E. Kailbourne      For       For        Management
1.7   Elect  Director John C. Standish          For       Withhold   Management
1.8   Elect  Director Juhani Pakkala            For       For        Management
1.9   Elect  Director Paula H.J. Cholmondeley   For       For        Management
2     Approve Stock Option Plan                 For       Against    Management


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ANTHRACITE CAPITAL, INC.

Ticker:       AHR            Security ID:  037023108
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Hugh R. Frater            For       For        Management
1.2   Elect  Director Jeffrey C. Keil           For       For        Management
2     Ratify Auditors                           For       For        Management


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APEX SILVER MINES LTD

Ticker:       SIL            Security ID:  G04074103
Meeting Date: JUN 24, 2005   Meeting Type: Annual
Record Date:  MAY 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ove Hoegh                 For       For        Management
1.2   Elect  Director Keith R. Hulley           For       For        Management
1.3   Elect  Director Paul Soros                For       For        Management
2     APPROVAL OF THE AMENDMENT TO THE          For       Against    Management
      MEMORANDUM OF ASSOCIATION TO INCREASE
      AUTHORIZED SHARE CAPITAL.
3     APPROVAL OF THE AMENDMENT TO THE          For       Against    Management
      MEMORANDUM OF ASSOCIATION TO AUTHORIZE
      THE ISSUANCE OF  BLANK CHECK  PREFERENCE
      SHARES.
4     APPROVAL OF THE AMENDMENT TO ARTICLE 18   For       For        Management
      OF THE ARTICLES OF ASSOCIATION.
5     APPROVAL OF THE AMENDED AND RESTATED      For       For        Management
      MEMORANDUM AND ARTICLES OF ASSOCIATION.
6     RATIFICATION OF PRICEWATERHOUSECOOPERS    For       For        Management
      LLP AS INDEPENDENT ACCOUNTANTS.


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APRIA HEALTHCARE GROUP, INC.

Ticker:       AHG            Security ID:  037933108
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     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
2     Ratify Auditors                           For       For        Management


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AZTAR CORP.

Ticker:       AZR            Security ID:  054802103
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John B. Bohle             For       For        Management
1.2   Elect  Director John A. Spencer           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   Against    Shareholder


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BANTA CORP.

Ticker:       BN             Security ID:  066821109
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     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 David T. Gibbons          For       For        Management
1.5   Elect  Director Paul C. Reyelts           For       For        Management
1.6   Elect  Director Ray C. Richelsen          For       For        Management
1.7   Elect  Director Stephanie A. Streeter     For       For        Management
1.8   Elect  Director Michael J. Winkler        For       Withhold   Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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BELDEN CDT INC

Ticker:       BDC            Security ID:  077454106
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lorne D. Bain             For       For        Management
1.2   Elect  Director Lance C. Balk             For       Withhold   Management
1.3   Elect  Director Christopher I. Byrnes     For       For        Management
1.4   Elect  Director Bryan C. Cressey          For       For        Management
1.5   Elect  Director C. Baker Cunningham       For       For        Management
1.6   Elect  Director Michael F.O. Harris       For       For        Management
1.7   Elect  Director Glenn Kalnasy             For       For        Management
1.8   Elect  Director Ferdinand C. Kuznik       For       For        Management
1.9   Elect  Director John M. Monter            For       For        Management
1.10  Elect  Director Bernard G. Rethore        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


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BIO-RAD LABORATORIES, INC.

Ticker:       BIO            Security ID:  090572207
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Albert J. Hillman          For       Withhold   Management
1.2   Elect Director Philip L. Padou            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan


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BRUSH ENGINEERED MATERIALS INC.

Ticker:       BW             Security ID:  117421107
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Albert C. Bersticker      For       For        Management
1.2   Elect  Director William G. Pryor          For       For        Management
1.3   Elect  Director N. Mohan Reddy, Ph.D.     For       For        Management
2     Other Business                            For       Against    Management


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CCC INFORMATION SERVICES GROUP, INC.

Ticker:       CCCG           Security ID:  12487Q109
Meeting Date: JUN 8, 2005    Meeting Type: Annual
Record Date:  APR 15, 2005

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


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CENTRAL GARDEN & PET CO.

Ticker:       CENT           Security ID:  153527106
Meeting Date: FEB 7, 2005    Meeting Type: Annual
Record Date:  DEC 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William E. Brown          For       Withhold   Management
1.2   Elect  Director Glenn W. Novotny          For       Withhold   Management
1.3   Elect  Director Brooks M Pennington III   For       Withhold   Management
1.4   Elect  Director John B. Balousek          For       For        Management
1.5   Elect  Director David N. Chichester       For       For        Management
1.6   Elect  Director Alfred A. Piergallini     For       For        Management
1.7   Elect  Director Bruce A. Westphal         For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management


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CENTRAL PACIFIC FINANCIAL CORP.

Ticker:       CPF            Security ID:  154760102
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Earl E. Fry               For       For        Management
1.2   Elect  Director B. Jeannie Hedberg        For       For        Management
1.3   Elect  Director Duane K. Kurisu           For       For        Management
1.4   Elect  Director Colbert M. Matsumoto      For       For        Management
1.5   Elect  Director Crystal K. Rose           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve/Amend  Director & Officer         For       For        Management
      Indemnification/Liability Provisions


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CENTRAL PACIFIC FINANCIAL CORP.

Ticker:       CPF            Security ID:  154760102
Meeting Date: SEP 13, 2004   Meeting Type: Special
Record Date:  JUL 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Approve Executive Incentive Bonus Plan    For       For        Management


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CIRCOR INTERNATIONAL, INC.

Ticker:       CIR            Security ID:  17273K109
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David A. Bloss, Sr.       For       For        Management
1.2   Elect  Director Thomas E. Callahan        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


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COLLEGIATE FDG SVCS INC

Ticker:       CFSI           Security ID:  19458M108
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard J. Sterne         For       Withhold   Management
1.2   Elect  Director Athanassios Michas        For       For        Management
2     Ratify Auditors                           For       For        Management


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CONSECO, INC.

Ticker:       CNO            Security ID:  208464883
Meeting Date: AUG 24, 2004   Meeting Type: Annual
Record Date:  JUL 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Debra J. Perry            For       For        Management
1.2   Elect  Director Philip R. Roberts         For       For        Management
1.3   Elect  Director William J. Shea           For       For        Management
1.4   Elect  Director Michael T. Tokarz         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 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard J. Almeida        For       For        Management
1.2   Elect  Director Guenther E. Greiner       For       For        Management
1.3   Elect  Director Gregory B. Kenny          For       For        Management
1.4   Elect  Director James M. Ringler          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Ratify Auditors                           For       For        Management


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COUSINS PROPERTIES INC.

Ticker:       CUZ            Security ID:  222795106
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     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 S. Taylor Glover          For       For        Management
1.7   Elect  Director James H. Hance, Jr.       For       For        Management
1.8   Elect  Director Boone A. Knox             For       For        Management
1.9   Elect  Director John J. Mack              For       Withhold   Management
1.10  Elect  Director William Porter Payne      For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


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CREO INC(FORMERLY CREO PRODUCTS INC.)

Ticker:       CREO           Security ID:  225606102
Meeting Date: MAR 29, 2005   Meeting Type: Annual/Special
Record Date:  FEB 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Acquisition by Kodak              For       For        Management
2     Rescind Shareholder Rights Plan (Poison   For       For        Management
      Pill)
3.1   Elect  Director Douglas A. Brengel        For       For        Management
3.2   Elect  Director Mark Dance                For       For        Management
3.3   Elect  Director Norman B. Francis         For       For        Management
3.4   Elect  Director Steve M. Gordon           For       For        Management
3.5   Elect  Director Jean-Francois Heitz       For       For        Management
3.6   Elect  Director John S. Mcfarlane         For       For        Management
3.7   Elect  Director Amos Michelson            For       For        Management
3.8   Elect  Director Kenneth A. Spencer        For       For        Management
3.9   Elect  Director Morgan Sturdy             For       For        Management
3.10  Elect  Director Charles E. Young          For       For        Management
4     Re-appoint KPMG LLP as Auditors and       For       For        Management
      Authorize Board to Fix Their Remuneration


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CYTEC INDUSTRIES INC.

Ticker:       CYT            Security ID:  232820100
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  FEB 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Anthony G. Fernandes      For       For        Management
1.2   Elect  Director David Lilley              For       For        Management
1.3   Elect  Director Jerry R. Satrum           For       For        Management
1.4   Elect  Director Raymond P. Sharpe         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 11, 2005   Meeting Type: Annual
Record Date:  NOV 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jon E.M. Jacoby           For       For        Management
1.2   Elect  Director F. Murray Robinson        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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DENBURY RESOURCES INC.

Ticker:       DNR            Security ID:  247916208
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ronald G. Greene          For       For        Management
1.2   Elect  Director David I. Heather          For       For        Management
1.3   Elect  Director Greg Mcmichael            For       For        Management
1.4   Elect  Director Gareth Roberts            For       For        Management
1.5   Elect  Director Randy Stein               For       For        Management
1.6   Elect  Director Wieland F. Wettstein      For       For        Management
1.7   Elect  Director Donald D. Wolf            For       For        Management
2     Amend Nonqualified Employee Stock         For       For        Management
      Purchase Plan


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DENNY'S CORPORATION

Ticker:       DENN           Security ID:  24869P104
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  MAR 29, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Vera K. Farris            For       For        Management
1.2   Elect  Director Vada Hill                 For       For        Management
1.3   Elect  Director Brenda J. Lauderback      For       For        Management
1.4   Elect  Director Nelson J. Marchioli       For       For        Management
1.5   Elect  Director Robert E. Marks           For       For        Management
1.6   Elect  Director Michael Montelongo        For       For        Management
1.7   Elect  Director Henry J. Nasella          For       For        Management
1.8   Elect  Director Donald R. Shepherd        For       For        Management
1.9   Elect  Director Debra Smithart-Oglesby    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  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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EMS TECHNOLOGIES, INC.

Ticker:       ELMG           Security ID:  26873N108
Meeting Date: MAY 20, 2005   Meeting Type: Annual
Record Date:  APR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Hermann Buerger           For       Withhold   Management
1.2   Elect  Director Alfred G. Hansen          For       Withhold   Management
1.3   Elect  Director John R. Kreick            For       Withhold   Management
1.4   Elect  Director John B. Mowell            For       Withhold   Management
1.5   Elect  Director Norman E. Thagard         For       Withhold   Management
1.6   Elect  Director John L. Woodward, Jr.     For       Withhold   Management


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FIRST NIAGARA FINANCIAL GROUP, INC.

Ticker:       FNFG           Security ID:  33582V108
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 9, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director G. Thomas Bowers          For       For        Management
1.2   Elect  Director James W. Currie           For       For        Management
1.3   Elect  Director William H. (Tony) Jones   For       For        Management
1.4   Elect  Director B. Thomas Mancuso         For       For        Management
1.5   Elect  Director Robert G. Weber           For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Ratify Auditors                           For       For        Management


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FIRST NIAGARA FINANCIAL GROUP, INC.

Ticker:       FNFG           Security ID:  33582V108
Meeting Date: SEP 28, 2004   Meeting Type: Special
Record Date:  AUG 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Other Business                            For       Against    Management


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GENERAL CABLE CORP.

Ticker:       BGC            Security ID:  369300108
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gregory B. Kenny          For       For        Management
1.2   Elect  Director Robert L. Smialek         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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GEO GROUP, INC., THE

Ticker:       GGI            Security ID:  36159R103
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 17, 2005

#     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 Anne N. Foreman           For       For        Management
1.4   Elect  Director Richard H. Glanton        For       For        Management
1.5   Elect  Director William M. Murphy         For       For        Management
1.6   Elect  Director John M. Perzel            For       For        Management
1.7   Elect  Director George C. Zoley           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Link Executive Compensation to Social     Against   Against    Shareholder
      Issues


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

HERCULES INC.

Ticker:       HPC            Security ID:  427056106
Meeting Date: JUN 16, 2005   Meeting Type: Annual
Record Date:  APR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Anna Cheng Catalano        For       For        Management
1.2   Elect Director Burton M. Joyce            For       For        Management
1.3   Elect Director Jeffrey M. Lipton          For       For        Management
1.4   Elect Director John K. Wulff              For       For        Management
2     Ratify Auditors                           For       For        Management


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

HERITAGE PROPERTY INVESTMENT TRUST INC

Ticker:       HTG            Security ID:  42725M107
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bernard Cammarata         For       For        Management
1.2   Elect  Director Michael J. Joyce          For       For        Management
1.3   Elect  Director Thomas C. Prendergast     For       For        Management


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

HUMMINGBIRD  LTD (FORMERLY HUMMINGBIRD COMM. INC.)

Ticker:       HUM.           Security ID:  44544R101
Meeting Date: MAR 9, 2005    Meeting Type: Annual
Record Date:  JAN 27, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Appoint Deloitte & Touche LLP as Auditors For       For        Management
      and Authorize Board to Fix Remuneration
      of Auditors
2     Elect Fred Sorkin, A. Barry Litwin, John  For       For        Management
      T. McLennan, Andrew Malik, Inder Duggal,
      Mark Spitzer, Stephen Crane and Jack
      Langer as Directors


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

ICON PLC

Ticker:                      Security ID:  45103T107
Meeting Date: JAN 6, 2005    Meeting Type: Annual
Record Date:  NOV 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE THE ACCOUNTS AND REPORTS       For       For        Management
2     TO RE-ELECT DR. JOHN CLIMAX               For       For        Management
3     TO RE-ELECT MR. EDWARD ROBERTS            For       For        Management
4     TO RE-ELECT MR. SHUJI HIGUCHI             For       For        Management
5     TO RE-ELECT DR. BRUCE GIVEN               For       For        Management
6     TO AUTHORISE THE FIXING OF THE AUDITORS   For       For        Management
      REMUNERATION
7     TO AUTHORISE THE COMPANY TO ALLOT SHARES  For       For        Management
8     TO DISAPPLY THE STATUTORY PRE-EMPTION     For       For        Management
      RIGHTS
9     TO AUTHORISE THE COMPANY TO MAKE MARKET   For       For        Management
      PURCHASES OF SHARES


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

INDEPENDENT BANK CORP. (MI)

Ticker:       IBCP           Security ID:  453838104
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael M. Magee, Jr.     For       For        Management
1.2   Elect  Director Stephen L. Gulis, Jr.     For       For        Management
1.3   Elect  Director Terry L. Haske            For       For        Management
1.4   Elect  Director Charles A. Palmer         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


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

INTEGRA BANK CORP.

Ticker:       IBNK           Security ID:  45814P105
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director George D. Martin          For       For        Management
1.2   Elect  Director William E. Vieth          For       For        Management
1.3   Elect  Director Daniel T. Wolfe           For       For        Management
2     Ratify Auditors                           For       For        Management


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

INTERGRAPH CORP.

Ticker:       INGR           Security ID:  458683109
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Sidney L. McDonald        For       For        Management
1.2   Elect  Director Michael D. Bills          For       For        Management
1.3   Elect  Director Richard W. Cardin         For       For        Management
1.4   Elect  Director Linda L. Green            For       For        Management
1.5   Elect  Director Lawrence R. Greenwood     For       For        Management
1.6   Elect  Director Larry J. Laster           For       For        Management
1.7   Elect  Director Thomas J. Lee             For       For        Management
1.8   Elect  Director Kevin M. Twomey           For       For        Management
1.9   Elect  Director R. Halsey Wise            For       For        Management
2     Approve Qualified Employee Stock Purchase For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management
4     Other Business                            For       Against    Management


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

INTRAWEST CORP.

Ticker:       ITW.           Security ID:  460915200
Meeting Date: NOV 8, 2004    Meeting Type: Annual
Record Date:  SEP 27, 2004

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


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

KILROY REALTY CORP.

Ticker:       KRC            Security ID:  49427F108
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John B. Kilroy, Sr.       For       Withhold   Management
1.2   Elect  Director Edward F. Brennan, Ph.D.  For       Withhold   Management
1.3   Elect  Director Matthew J. Hart           For       Withhold   Management


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

LAIDLAW INTERNATIONAL, INC.

Ticker:       LI             Security ID:  50730R102
Meeting Date: FEB 8, 2005    Meeting Type: Annual
Record Date:  DEC 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard R. Randazzo       For       For        Management
1.2   Elect  Director Carroll R. Wetzel, Jr.    For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


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

LNR PROPERTY CORP.

Ticker:       LNR            Security ID:  501940100
Meeting Date: JAN 31, 2005   Meeting Type: Special
Record Date:  DEC 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       Against    Management


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

LOJACK CORP.

Ticker:       LOJN           Security ID:  539451104
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     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
1.9   Elect  Director Richard T. Riley          For       For        Management
2     Amend Articles to Eliminate Unanimity     For       For        Management
      Requirement for Shareholder Action by
      Written Consent
3     Amend Bylaws to Eliminate Unanimity       For       For        Management
      Requirement for Shareholder Action by
      Written Consent
4     Amend Stock Option Plan                   For       For        Management
5     Amend Stock Option Plan                   For       For        Management
6     Eliminate Class of Preferred Stock        For       Against    Management
7     Ratify Auditors                           For       For        Management


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

MAX RE CAPITAL LTD HAMILTON

Ticker:       MXRE           Security ID:  G6052F103
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO ELECT WILLIAM H. HEYMAN TO THE BOARD   For       For        Management
      OF DIRECTORS OF MAX RE CAPITAL LTD.
2     TO ELECT WILLIS T. KING, JR. TO THE BOARD For       For        Management
      OF DIRECTORS OF MAX RE CAPITAL LTD.
3     TO ELECT PETER A. MINTON TO THE BOARD OF  For       For        Management
      DIRECTORS OF MAX RE CAPITAL LTD.
4     TO ELECT STEVEN M. SKALA TO THE BOARD OF  For       For        Management
      DIRECTORS OF MAX RE CAPITAL LTD.
5     TO APPROVE AN AMENDMENT TO THE MAX RE     For       For        Management
      CAPITAL 2000 INCENTIVE PLAN, TO INCREASE
      THE NUMBER OF SHARES FROM 5,000,000 TO
      8,000,000.
6     TO APPROVE AN AMENDMENT TO THE MAX RE     For       For        Management
      CAPITAL 2000 INCENTIVE PLAN TO ALLOW FOR
      THE GRANTING OF AWARDS, AS DEFINED IN THE
      INCENTIVE PLAN, TO THE COMPANY S
      NON-EMPLOYEE DIRECTORS AS DEFINED IN THE
      INCENTIVE PLAN.
7     Ratify Auditors                           For       For        Management
8     TO AUTHORIZE THE ELECTION OF WILLIAM H.   For       For        Management
      HEYMAN TO THE BOARD OF DIRECTORS OF MAX
      RE LTD.
9     TO AUTHORIZE THE ELECTION OF WILLIS T.    For       For        Management
      KING, JR. TO THE BOARD OF DIRECTORS OF
      MAX RE LTD.
10    TO AUTHORIZE THE ELECTION OF PETER A.     For       For        Management
      MINTON TO THE BOARD OF DIRECTORS OF MAX
      RE LTD.
11    TO AUTHORIZE THE ELECTION OF STEVEN M.    For       For        Management
      SKALA TO THE BOARD OF DIRECTORS OF MAX RE
      LTD.
12    Ratify Auditors                           For       For        Management


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

MAXIMUS INC.

Ticker:       MMS            Security ID:  577933104
Meeting Date: MAR 22, 2005   Meeting Type: Annual
Record Date:  JAN 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Russell A. Beliveau       For       For        Management
1.2   Elect  Director John J. Haley             For       For        Management
1.3   Elect  Director Marilyn R. Seymann        For       For        Management
1.4   Elect  Director Raymond B. Ruddy          For       For        Management
2     Ratify Auditors                           For       For        Management


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

MB FINANCIAL, INC.

Ticker:       MBFI           Security ID:  55264U108
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Burton Field               For       Withhold   Management
1.2   Elect Director Lawrence E. Gilford        For       For        Management
1.3   Elect Director Patrick Henry              For       Withhold   Management
1.4   Elect Director Richard J. Holmstrom       For       For        Management
1.5   Elect Director Clarence Mann              For       Withhold   Management
1.6   Elect Director Karen J. May               For       For        Management
1.7   Elect Director Kenneth A. Skopec          For       Withhold   Management


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

MERISTAR HOSPITALITY CORPORATION

Ticker:       MHX            Security ID:  58984Y103
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 20, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bruce G. Wiles            For       For        Management
1.2   Elect  Director James F. Dannhauser       For       For        Management
1.3   Elect  Director Paul J. Klaassen          For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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

METHODE ELECTRONICS, INC.

Ticker:       METH           Security ID:  591520200
Meeting Date: SEP 14, 2004   Meeting Type: Annual
Record Date:  JUL 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Warren L. Batts           For       For        Management
1.2   Elect  Director J. Edward Colgate         For       For        Management
1.3   Elect  Director Darren M. Dawson          For       For        Management
1.4   Elect  Director Donald W. Duda            For       For        Management
1.5   Elect  Director Isabelle C. Goossen       For       For        Management
1.6   Elect  Director Christopher J. Hornung    For       For        Management
1.7   Elect  Director Paul G. Shelton           For       For        Management
1.8   Elect  Director Lawrence B. Skatoff       For       For        Management
1.9   Elect  Director George S. Spindler        For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

MONEYGRAM INTERNATIONAL, INC.

Ticker:       MGI            Security ID:  60935Y109
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Judith K. Hofer           For       For        Management
1.2   Elect  Director Robert C. Krueger         For       For        Management
1.3   Elect  Director Philip W. Milne           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

MOOG INC.

Ticker:       MOG.A          Security ID:  615394202
Meeting Date: JAN 12, 2005   Meeting Type: Annual
Record Date:  DEC 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Increase Authorized Common Stock          For       For        Management
2.1   Elect  Director Robert T. Brady           For       For        Management
3     Ratify Auditors                           For       For        Management


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

NEW YORK & CO INC

Ticker:       NWY            Security ID:  649295102
Meeting Date: JUN 24, 2005   Meeting Type: Annual
Record Date:  MAY 9, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bodil M. Arlander         For       Withhold   Management
1.2   Elect  Director Philip M. Carpenter III   For       Withhold   Management
1.3   Elect  Director Richard P. Crystal        For       Withhold   Management
1.4   Elect  Director M. Katherine Dwyer        For       For        Management
1.5   Elect  Director David H. Edwab            For       For        Management
1.6   Elect  Director John D. Howard            For       Withhold   Management
1.7   Elect  Director Richard L. Perkal         For       Withhold   Management
1.8   Elect  Director Arthur E. Reiner          For       For        Management
1.9   Elect  Director Ronald W. Ristau          For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

NEXSTAR BROADCASTING GROUP, INC.

Ticker:       NXST           Security ID:  65336K103
Meeting Date: MAY 23, 2005   Meeting Type: Annual
Record Date:  APR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Perry A. Sook              For       For        Management
1.2   Elect Director Blake R. Battaglia         For       For        Management
1.3   Elect Director Erik Brooks                For       For        Management
1.4   Elect Director Jay M. Grossman            For       For        Management
1.5   Elect Director Brent Stone                For       For        Management
1.6   Elect Director Royce Yudkoff              For       For        Management
1.7   Elect Director Geoff Armstrong            For       For        Management
1.8   Elect Director Michael Donovan            For       Withhold   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 25, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     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       For        Management
1.9   Elect  Director David W. Young            For       For        Management
2     Ratify Auditors                           For       For        Management


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

ORIENTAL FINANCIAL GROUP, INC.

Ticker:       OFG            Security ID:  68618W100
Meeting Date: OCT 26, 2004   Meeting Type: Annual
Record Date:  SEP 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Juan C. Aguayo            For       For        Management
1.2   Elect  Director Emilio Rodriguez          For       For        Management
1.3   Elect  Director Alberto Richa-Angelini    For       For        Management
1.4   Elect  Director Miguel Vazquez-Deynes     For       For        Management


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

OVERNITE CORP.

Ticker:       OVNT           Security ID:  690322102
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  FEB 24, 2005

#     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


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

PACER INTERNATIONAL, INC.

Ticker:       PACR           Security ID:  69373H106
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Marc E. Becker            For       For        Management
1.2   Elect  Director Andrew C. Clarke          For       For        Management
1.3   Elect  Director Joshua J. Harris          For       For        Management


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

PARKWAY PROPERTIES, INC.

Ticker:       PKY            Security ID:  70159Q104
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 22, 2005

#     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       Withhold   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 Stock Option  For       For        Management
      Plan


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

PENN-AMERICA GROUP, INC.

Ticker:       PNG            Security ID:  707247102
Meeting Date: JAN 24, 2005   Meeting Type: Special
Record Date:  DEC 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       Against    Management


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

PFF BANCORP, INC.

Ticker:       PFB            Security ID:  69331W104
Meeting Date: SEP 14, 2004   Meeting Type: Annual
Record Date:  JUL 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Donald R. Descombes       For       For        Management
1.2   Elect  Director Larry M. Rinehart         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

PLATINUM UNDERWRITERS HOLDINGS LTD

Ticker:       PTP            Security ID:  G7127P100
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director H. Furlong Baldwin        For       For        Management
1.2   Elect  Director Jonathan F. Bank          For       For        Management
1.3   Elect  Director Dan R. Carmichael         For       For        Management
1.4   Elect  Director Neill A. Currie           For       For        Management
1.5   Elect  Director Robert V. Deutsch         For       For        Management
1.6   Elect  Director Gregory E.A. Morrison     For       For        Management
1.7   Elect  Director Steven H. Newman          For       For        Management
1.8   Elect  Director Peter T. Pruitt           For       For        Management
2     TO CONSIDER AND TAKE ACTION UPON A        For       For        Management
      PROPOSAL TO RATIFY THE SELECTION OF KPMG
      LLP AS THE COMPANY S INDEPENDENT
      REGISTERED PUBLIC ACCOUNTING FIRM FOR THE
      2005 FISCAL YEAR.


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

PNM RESOURCES INC

Ticker:       PNM            Security ID:  69349H107
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Adelmo E. Archuleta       For       For        Management
1.2   Elect  Director Julie A. Dobson           For       For        Management
1.3   Elect  Director Charles E. McMahen        For       For        Management
2     Ratify Auditors                           For       Against    Management
3     Amend Votes Per Share of Existing Stock   For       Against    Management
4     Amend Omnibus Stock Plan                  For       For        Management


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

PROASSURANCE CORP

Ticker:       PRA            Security ID:  74267C106
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lucian F. Bloodworth      For       For        Management
1.2   Elect  Director A. Derrill Crowe, M. D.   For       For        Management
1.3   Elect  Director Robert E. Flowers, M. D.  For       For        Management
1.4   Elect  Director Ann F. Putallaz           For       For        Management


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

PROVIDENT BANKSHARES CORP.

Ticker:       PBKS           Security ID:  743859100
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas S. Bozzuto         For       For        Management
1.2   Elect  Director Charles W. Cole, Jr.      For       For        Management
1.3   Elect  Director Barbara B. Lucas          For       For        Management
1.4   Elect  Director Francis G. Riggs          For       For        Management
1.5   Elect  Director Enos K. Fry               For       For        Management
2     Ratify Auditors                           For       For        Management


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

PROVIDENT NEW YORK BANCORP

Ticker:       PBNY           Security ID:  74383A109
Meeting Date: FEB 24, 2005   Meeting Type: Annual
Record Date:  DEC 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dennis L. Coyle           For       For        Management
1.2   Elect  Director Victoria Kossover         For       For        Management
1.3   Elect  Director Burt Steinberg            For       For        Management
1.4   Elect  Director George Strayton           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

R&G FINANCIAL CORP.

Ticker:       RGF            Security ID:  749136107
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Victor J. Galan            For       Withhold   Management
1.2   Elect Director Ramon Prats                For       Withhold   Management
1.3   Elect Director Enrique Umpierre-Suarez    For       Withhold   Management
1.4   Elect Director Eduardo McCormack          For       For        Management
2     Ratify Auditors                           For       For        Management


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

R.H. DONNELLEY CORP.

Ticker:       RHD            Security ID:  74955W307
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director  David M. Veit            For       Withhold   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


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

RALCORP HOLDINGS, INC.

Ticker:       RAH            Security ID:  751028101
Meeting Date: FEB 2, 2005    Meeting Type: Annual
Record Date:  NOV 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bill G. Armstrong         For       For        Management
1.2   Elect  Director David R. Banks            For       For        Management
1.3   Elect  Director Kevin J. Hunt             For       For        Management
1.4   Elect  Director David W. Kemper           For       For        Management
1.5   Elect  Director David P. Skarie           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


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

REINSURANCE GROUP OF AMERICA, INCORPORATED

Ticker:       RGA            Security ID:  759351109
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  MAR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J. Cliff Eason            For       For        Management
1.2   Elect  Director Joseph A. Reali           For       For        Management


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

RELIANCE STEEL & ALUMINUM CO.

Ticker:       RS             Security ID:  759509102
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  APR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Douglas M. Hayes          For       For        Management
1.2   Elect  Director Franklin R. Johnson       For       For        Management
1.3   Elect  Director Leslie A. Waite           For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management
4     Other Business                            For       Against    Management


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

REMINGTON OIL & GAS CORP.

Ticker:       REM            Security ID:  759594302
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     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     Ratify Auditors                           For       For        Management


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

ROCK-TENN COMPANY

Ticker:       RKT            Security ID:  772739207
Meeting Date: JAN 28, 2005   Meeting Type: Annual
Record Date:  DEC 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J. Hyatt Brown            For       For        Management
1.2   Elect  Director Russell M. Currey         For       For        Management
1.3   Elect  Director G. Stephen Felker         For       For        Management
2     Approve Stock Option Plan                 For       For        Management


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

SAGA COMMUNICATIONS, INC.

Ticker:       SGA            Security ID:  786598102
Meeting Date: MAY 9, 2005    Meeting Type: Annual
Record Date:  MAR 30, 2005

#     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 Clarke Brown              For       For        Management
1.6   Elect  Director Robert J. Maccini         For       Withhold   Management
1.7   Elect  Director Gary Stevens              For       Withhold   Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Ratify Auditors                           For       For        Management


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

SCHOOL SPECIALTY, INC.

Ticker:       SCHS           Security ID:  807863105
Meeting Date: AUG 24, 2004   Meeting Type: Annual
Record Date:  JUL 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Leo C. Mckenna            For       For        Management
1.2   Elect  Director Terry L. Lay              For       For        Management
2     Ratify Auditors                           For       For        Management


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

SINCLAIR BROADCAST GROUP, INC.

Ticker:       SBGI           Security ID:  829226109
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 17, 2005

#     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       For        Management
1.7   Elect  Director Daniel C. Keith           For       For        Management
1.8   Elect  Director Martin R. Leader          For       For        Management
2     Ratify Auditors                           For       For        Management


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

ST. MARY LAND & EXPLORATION CO.

Ticker:       SM             Security ID:  792228108
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  APR 8, 2005

#     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 Thomas E. Congdon         For       For        Management
1.4   Elect  Director William J. Gardiner       For       For        Management
1.5   Elect  Director Mark A. Hellerstein       For       For        Management
1.6   Elect  Director John M. Seidl             For       For        Management
1.7   Elect  Director William D. Sullivan       For       For        Management
2     Increase Authorized Common Stock          For       For        Management


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

STAGE STORES, INC.

Ticker:       STGS           Security ID:  85254C305
Meeting Date: JUN 2, 2005    Meeting Type: Annual
Record Date:  APR 6, 2005

#     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 Sharon Mosse              For       For        Management
1.8   Elect  Director William Montgoris         For       For        Management
1.9   Elect  Director Walter Salmon             For       For        Management
1.10  Elect  Director James Scarborough         For       For        Management
2     Ratify Auditors                           For       For        Management


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

SUPERIOR ENERGY SERVICES, INC.

Ticker:       SPN            Security ID:  868157108
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Enoch L. Dawkins          For       For        Management
1.2   Elect  Director James M. Funk             For       For        Management
1.3   Elect  Director Terence E. Hall           For       For        Management
1.4   Elect  Director Ernest E. Howard, III     For       For        Management
1.5   Elect  Director Richard A. Pattarozzi     For       For        Management
1.6   Elect  Director Justin L. Sullivan        For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

TBC CORP.

Ticker:       TBCC           Security ID:  872183108
Meeting Date: JUN 7, 2005    Meeting Type: Annual
Record Date:  APR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard A. Mcstay         For       For        Management
1.2   Elect  Director Dr. Donald Ratajczak      For       For        Management
1.3   Elect  Director Robert R. Schoeberl       For       For        Management
2     Other Business                            For       Against    Management


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

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


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

TOWER AUTOMOTIVE, INC.

Ticker:       TWRAQ          Security ID:  891707101
Meeting Date: SEP 20, 2004   Meeting Type: Special
Record Date:  AUG 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Conversion of Securities          For       For        Management


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

TRIAD GUARANTY INC.

Ticker:       TGIC           Security ID:  895925105
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     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


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

UGI CORP.

Ticker:       UGI            Security ID:  902681105
Meeting Date: FEB 23, 2005   Meeting Type: Annual
Record Date:  DEC 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J.W. Stratton             For       For        Management
1.2   Elect  Director S.D. Ban                  For       For        Management
1.3   Elect  Director R.C. Gozon                For       For        Management
1.4   Elect  Director L.R. Greenberg            For       For        Management
1.5   Elect  Director T.F. Donovan              For       For        Management
1.6   Elect  Director M.O. Schlanger            For       For        Management
1.7   Elect  Director A. Pol                    For       For        Management
1.8   Elect  Director E.E. Jones                For       For        Management
2     Ratify Auditors                           For       For        Management


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

UNITED AMERICA INDEMNITY LTD

Ticker:       INDM           Security ID:  91103X102
Meeting Date: JAN 24, 2005   Meeting Type: Special
Record Date:  DEC 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO APPROVE THE ISSUANCE OF UNITED         For       For        Management
      NATIONAL GROUP CLASS A COMMON SHARES
      PURSUANT TO THE AGREEMENT AND PLAN OF
      MERGER, DATED AS OF OCTOBER 14, 2004, BY
      AND AMONG UNITED NATIONAL GROUP, LTD.,
      U.N. HOLDINGS II, INC., CHELTENHAM
      ACQUISITION CORP. AND PENN-AME
2     TO APPROVE BY SPECIAL RESOLUTION A CHANGE For       For        Management
      OF THE NAME OF UNITED NATIONAL GROUP TO
      UNITED AMERICA INDEMNITY, LTD.  AND A
      CORRESPONDING AMENDEMNT TO UNITED
      NATIONAL GROUP S MEMORANDUM AND ARTICLES
      OF ASSOCIATION.
3     TO APPROVE BY SPECIAL RESOLUTION          For       For        Management
      AMENDMENTS TO ARTICLES 135 AND 136 OF
      UNITED NATIONAL GROUP S ARTICLES OF
      ASSOCIATION.
4     WIND RIVER INSURANCE COMPANY (BARBADOS)   For       For        Management
      LTD. - TO APPROVE AMENDMENTS TO PARAGRAPH
      19 OF THE BY-LAWS OF WIND RIVER INSURANCE
      COMPANY (BARBADOS) LTD.
5     WIND RIVER INSURANCE COMPANY (BERMUDA),   For       For        Management
      LTD. - TO APPROVE AMENDMENTS TO BYE-LAWS
      135 AND 136 OF THE BYE-LAWS OF WIND RIVER
      INSURANCE COMPANY (BERMUDA), LTD.
6     WIND RIVER SERVICES, LTD. - TO APPROVE    For       For        Management
      AMENDMENTS TO BYE-LAWS 135 AND 136 OF THE
      BYE-LAWS OF WIND RIVER SERVICES, LTD.
7     TO ADJOURN OR POSTPONE THE EXTRAORDINARY  For       Against    Management
      GENERAL MEETING, IF NECESSARY, TO SOLICIT
      ADDITIONAL PROXIES IF THERE ARE NOT
      SUFFICIENT VOTES FOR PROPOSALS 1, 2, 3,
      4A, 4B AND 4C.


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

UNITED AMERICA INDEMNITY LTD

Ticker:       INDM           Security ID:  90933T109
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ELECTION OF DIRECTOR: SAUL A. FOX         For       Withhold   Management
2     ELECTION OF DIRECTOR: EDWARD J. NOONAN    For       Withhold   Management
3     ELECTION OF DIRECTOR: TROY W. THACKER     For       Withhold   Management
4     ELECTION OF DIRECTOR: W. DEXTER PAINE,    For       Withhold   Management
      III
5     ELECTION OF DIRECTOR: RUSSELL C. BALL,    For       Withhold   Management
      III
6     ELECTION OF DIRECTOR: MICHAEL J.          For       Withhold   Management
      MCDONOUGH
7     ELECTION OF DIRECTOR: JOHN J. HENDRICKSON For       Withhold   Management
8     ELECTION OF DIRECTOR: KENNETH J.          For       For        Management
      SINGLETON
9     ELECTION OF DIRECTOR: STEPHEN A. COZEN    For       For        Management
10    ELECTION OF DIRECTOR: RICHARD L. DUSZAK   For       For        Management
11    ELECTION OF DIRECTOR: ROBERT A. LEAR      For       Withhold   Management
12    ELECTION OF DIRECTOR: M. MOSHE PORAT      For       For        Management
13    TO APPROVE THE AMENDMENT TO THE SHARE     For       For        Management
      INCENTIVE PLAN.
14    TO APPROVE THE AMENDED AND RESTATED       For       For        Management
      ANNUAL INCENTIVE AWARDS PROGRAM.
15    TO APPROVE PART 1 OF THE INTEGRATION      For       For        Management
      BONUS PLAN.
16    Ratify Auditors                           For       For        Management


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

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


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

WATTS WATER TECHNOLOGIES

Ticker:       WTS            Security ID:  942749102
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Timothy P. Horne          For       For        Management
1.2   Elect  Director Ralph E. Jackson, Jr.     For       For        Management
1.3   Elect  Director Kenneth J. McAvoy         For       For        Management
1.4   Elect  Director John K. McGillicuddy      For       For        Management
1.5   Elect  Director Gordan W. Moran           For       For        Management
1.6   Elect  Director Daniel J. Murphy, III     For       For        Management
1.7   Elect  Director Patrick S. O'Keefe        For       For        Management
2     Ratify Auditors                           For       For        Management

========== END NPX REPORT





                                   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 - Office of the Funds
                            ----------------------------------------------------



Date  August 25, 2005
     ---------------------------------------------------------------------------



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