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  811-9117
                                    --------------------------------------------

                         Morgan Stanley Real Estate 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
                                                    ------------

Date of fiscal year end:  11/30
                          -----

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





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

ICA File Number: 811-09117
Reporting Period: 07/01/2004 - 06/30/2005
Morgan Stanley Real Estate Fund









=============================== REAL ESTATE FUND ===============================


ACADIA REALTY TRUST

Ticker:       AKR            Security ID:  004239109
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kenneth F. Bernstein      For       For        Management
1.2   Elect  Director Douglas Crocker Ii        For       For        Management
1.3   Elect  Director Alan S. Forman            For       For        Management
1.4   Elect  Director Suzanne M. Hopgood        For       For        Management
1.5   Elect  Director Lorrence T. Kellar        For       For        Management
1.6   Elect  Director Wendy Luscombe            For       For        Management
1.7   Elect  Director Lee S. Wielansky          For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       Against    Management


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AMB PROPERTY CORP.

Ticker:       AMB            Security ID:  00163T109
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Hamid R. Moghadam         For       For        Management
1.2   Elect  Director W. Blake Baird            For       For        Management
1.3   Elect  Director T. Robert Burke           For       For        Management
1.4   Elect  Director David A. Cole             For       For        Management
1.5   Elect  Director Lydia H. Kennard          For       For        Management
1.6   Elect  Director J. Michael Losh           For       For        Management
1.7   Elect  Director Frederick W. Reid         For       For        Management
1.8   Elect  Director Jeffrey L. Skelton        For       For        Management
1.9   Elect  Director Thomas W. Tusher          For       For        Management
2     Ratify Auditors                           For       For        Management


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AMERICAN CAMPUS COMMUNITIES, INC.

Ticker:       ACC            Security ID:  024835100
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William C. Bayless Jr.    For       For        Management
1.2   Elect  Director R.D. Burck                For       For        Management
1.3   Elect  Director G. Steven Dawson          For       For        Management
1.4   Elect  Director Cydney Donnell            For       For        Management
1.5   Elect  Director Edward Lowenthal          For       For        Management
1.6   Elect  Director Brian B. Nickel           For       For        Management
1.7   Elect  Director Scott H. Rechler          For       For        Management
1.8   Elect  Director Winston W. Walker         For       For        Management


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APARTMENT INVESTMENT & MANAGEMENT CO.

Ticker:       AIV            Security ID:  03748R101
Meeting Date: APR 29, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Terry Considine            For       For        Management
1.2   Elect Director James N. Bailey            For       For        Management
1.3   Elect Director Richard S. Ellwood         For       For        Management
1.4   Elect Director J. Landis Martin           For       For        Management
1.5   Elect Director Thomas L. Rhodes           For       For        Management
1.6   Elect Director Michael A. Stein           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approval of the Sale of High Performance  For       For        Management
      Units


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ARCHSTONE SMITH TRUST

Ticker:       ASN            Security ID:  039583109
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee James A. Cardwell          For       For        Management
1.2   Elect  Trustee Robert P. Kogod            For       For        Management
1.3   Elect  Trustee Director James H. Polk,    For       For        Management
      III
2     Declassify the Board of Trustees          For       For        Management
3     Ratify Auditors                           For       For        Management


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ARDEN REALTY, INC.

Ticker:       ARI            Security ID:  039793104
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard S. Ziman          For       For        Management
1.2   Elect  Director Victor J. Coleman         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Submit Severance Agreement                Against   Against    Shareholder
      (Change-in-Control) to Shareholder Vote


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AVALONBAY COMMUNITIES, INC.

Ticker:       AVB            Security ID:  053484101
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 9, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bryce Blair               For       For        Management
1.2   Elect  Director Bruce A. Choate           For       For        Management
1.3   Elect  Director John J. Healy, Jr.        For       For        Management
1.4   Elect  Director Gilbert M. Meyer          For       For        Management
1.5   Elect  Director Charles D. Peebler, Jr.   For       For        Management
1.6   Elect  Director Lance R. Primis           For       For        Management
1.7   Elect  Director Allan D. Schuster         For       For        Management
1.8   Elect  Director Amy P. Williams           For       For        Management
2     Ratify Auditors                           For       For        Management


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BOSTON PROPERTIES INC.

Ticker:       BXP            Security ID:  101121101
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lawrence S. Bacow         For       For        Management
1.2   Elect  Director Zoe Baird                 For       For        Management
1.3   Elect  Director Alan J. Patricof          For       For        Management
1.4   Elect  Director Martin Turchin            For       For        Management
2     Declassify the Board of Directors         Against   Against    Shareholder


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BRANDYWINE REALTY TRUST

Ticker:       BDN            Security ID:  105368203
Meeting Date: MAY 2, 2005    Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee Walter D'Alessio           For       For        Management
1.2   Elect  Trustee D. Pike Aloian             For       For        Management
1.3   Elect  Trustee Donald E. Axinn            For       For        Management
1.4   Elect  Trustee Wyche Fowler               For       For        Management
1.5   Elect  Trustee Michael J. Joyce           For       For        Management
1.6   Elect  Trustee Anthony A. Nichols Sr.     For       For        Management
1.7   Elect  Trustee Charles P. Pizzi           For       For        Management
1.8   Elect  Trustee Gerard H. Sweeney          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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BRE PROPERTIES, INC.

Ticker:       BRE            Security ID:  05564E106
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert A. Fiddaman        For       For        Management
1.2   Elect  Director L. Michael Foley          For       For        Management
1.3   Elect  Director Roger P. Kuppinger        For       For        Management
1.4   Elect  Director Matthew T. Medeiros       For       For        Management
1.5   Elect  Director Constance B. Moore        For       For        Management
1.6   Elect  Director Jeanne R. Myerson         For       For        Management
1.7   Elect  Director Gregory M. Simon          For       For        Management
2     Increase Authorized Preferred Stock       For       For        Management
3     Ratify Auditors                           For       For        Management


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BROOKFIELD PROPERTIES CORP.

Ticker:       BPO.           Security ID:  112900105
Meeting Date: APR 27, 2005   Meeting Type: Annual/Special
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Fix Number of Directors at Thirteen (13)  For       For        Management
2.1   Elect  Director Gordon E. Arnell          For       For        Management
2.2   Elect  Director William T. Cahill         For       For        Management
2.3   Elect  Director Richard B. Clark          For       For        Management
2.4   Elect  Director Jack L. Cockwell          For       Withhold   Management
2.5   Elect  Director J. Bruce Flatt            For       For        Management
2.6   Elect  Director Roderick D. Fraser        For       For        Management
2.7   Elect  Director Lance Liebman             For       For        Management
2.8   Elect  Director Paul D. Mcfarlane         For       For        Management
2.9   Elect  Director Allan S. Olson            For       For        Management
2.10  Elect  Director Sam Pollock               For       For        Management
2.11  Elect  Director Robert L. Stelzl          For       For        Management
2.12  Elect  Director William C. Wheaton        For       For        Management
2.13  Elect  Director John E. Zuccotti          For       For        Management
3     Adopt New By-Laws                         For       For        Management
4     Approve Deloitte & Touche LLP as Auditors For       For        Management
      and Authorize Board to Fix Remuneration
      of Auditors


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CAPITAL AUTOMOTIVE REIT

Ticker:       CARS           Security ID:  139733109
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

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


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CATELLUS DEVELOPMENT CORP.

Ticker:       CDX            Security ID:  149113102
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter Barker              For       For        Management
1.2   Elect  Director Stephen F. Bollenbach     For       For        Management
1.3   Elect  Director Daryl J. Carter           For       For        Management
1.4   Elect  Director Richard D. Farman         For       For        Management
1.5   Elect  Director Christine Garvey          For       For        Management
1.6   Elect  Director William M. Kahane         For       For        Management
1.7   Elect  Director Leslie D. Michelson       For       For        Management
1.8   Elect  Director Deanna W. Oppenheimer     For       For        Management
1.9   Elect  Director Nelson C. Rising          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Shareholder Rights Plan (Poison     For       For        Management
      Pill)


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CHELSEA PROPERTY GROUP, INC.

Ticker:       CPG            Security ID:  163421100
Meeting Date: OCT 13, 2004   Meeting Type: Special
Record Date:  AUG 23, 2004

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


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CORRECTIONAL PROPERTIES TRUST

Ticker:       CPV            Security ID:  22025E104
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert R. Veach, Jr.      For       For        Management
1.2   Elect  Director Richard R. Wackenhut      For       For        Management
1.3   Elect  Director Kevin J. Foley            For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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DEVELOPERS DIVERSIFIED REALTY CORP.

Ticker:       DDR            Security ID:  251591103
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Fix Number of Directors                   For       For        Management
2.1   Elect  Directors Dean S. Adler            For       For        Management
2.2   Elect  Directors Craig Macnab             For       For        Management
2.3   Elect  Directors Terrance R. Ahern        For       For        Management
2.4   Elect  Directors Scott D. Roulston        For       For        Management
2.5   Elect  Directors Mohsen Anvari            For       For        Management
2.6   Elect  Directors Barry A. Sholem          For       For        Management
2.7   Elect  Directors Robert H. Gidel          For       For        Management
2.8   Elect  Directors William B. Summers, Jr.  For       For        Management
2.9   Elect  Directors Victor B. MacFarlane     For       For        Management
2.10  Elect  Directors Scott A. Wolstein        For       For        Management
3     Ratify Auditors                           For       For        Management


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EQUITY LIFESTYLE PROPERTIES INC

Ticker:       ELS            Security ID:  29472R108
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Donald S. Chisholm        For       For        Management
1.2   Elect  Director Thomas E. Dobrowski       For       For        Management
1.3   Elect  Director Thomas P. Heneghan        For       For        Management
1.4   Elect  Director Joe B. McAdams            For       For        Management
1.5   Elect  Director Sheli Z. Rosenberg        For       For        Management
1.6   Elect  Director Howard Walker             For       For        Management
1.7   Elect  Director Gary L. Waterman          For       For        Management
1.8   Elect  Director Samuel Zell               For       For        Management


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EQUITY OFFICE PROPERTIES TRUST

Ticker:       EOP            Security ID:  294741103
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  MAR 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Marilyn A. Alexander      For       For        Management
1.2   Elect  Director Thomas E. Dobrowski       For       For        Management
1.3   Elect  Director William M. Goodyear       For       For        Management
1.4   Elect  Director James D. Harper, Jr.      For       For        Management
1.5   Elect  Director Richard D. Kincaid        For       For        Management
1.6   Elect  Director David K. McKown           For       For        Management
1.7   Elect  Director Sheli Z. Rosenberg        For       For        Management
1.8   Elect  Director Stephen I. Sadove         For       For        Management
1.9   Elect  Director Sally Susman              For       For        Management
1.10  Elect  Director Jan H.W.R. van der Vlist  For       For        Management
1.11  Elect  Director Samuel Zell               For       For        Management
2     Ratify Auditors                           For       For        Management


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EQUITY RESIDENTIAL

Ticker:       EQR            Security ID:  29476L107
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John W. Alexander          For       For        Management
1.2   Elect Director Charles L. Atwood          For       For        Management
1.3   Elect Director Bruce W. Duncan            For       For        Management
1.4   Elect Director Stephen O. Evans           For       For        Management
1.5   Elect Director James D. Harper, Jr.       For       For        Management
1.6   Elect Director Boone A. Knox              For       For        Management
1.7   Elect Director Desiree G. Rogers          For       For        Management
1.8   Elect Director Sheli Z. Rosenberg         For       For        Management
1.9   Elect Director Gerald A. Spector          For       For        Management
1.10  Elect Director Joseph White               For       For        Management
1.11  Elect Director Samuel Zell                For       For        Management
2     Ratify Auditors                           For       For        Management


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ESSEX PROPERTY TRUST, INC.

Ticker:       ESS            Security ID:  297178105
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David W. Brady            For       For        Management
1.2   Elect  Director Robert E. Larson          For       For        Management
1.3   Elect  Director Michael J. Schall         For       For        Management
1.4   Elect  Director Willard M. Smith, Jr.     For       For        Management
2     Ratify Auditors                           For       For        Management


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FEDERAL REALTY INVESTMENT TRUST

Ticker:       FRT            Security ID:  313747206
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mark S. Ordan             For       For        Management
1.2   Elect  Director Donald C. Wood            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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FOREST CITY ENTERPRISES, INC.

Ticker:       FCE.A          Security ID:  345550107
Meeting Date: JUN 21, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael P. Esposito, Jr.  For       For        Management
1.2   Elect  Director Joan K. Shafran           For       Withhold   Management
1.3   Elect  Director Louis Stokes              For       For        Management
1.4   Elect  Director Stan Ross                 For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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GABLES RESIDENTIAL TRUST

Ticker:       GBP            Security ID:  362418105
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee David D. Fitch             For       For        Management
1.2   Elect  Trustee John W. McIntyre           For       For        Management
1.3   Elect  Trustee Chris D. Wheeler           For       For        Management


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GENERAL GROWTH PROPERTIES, INC.

Ticker:       GGP            Security ID:  370021107
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Matthew Bucksbaum         For       For        Management
1.2   Elect  Director Bernard Freibaum          For       For        Management
1.3   Elect  Director Beth Stewart              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Stock Option Plan                   For       For        Management
4     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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HEALTH CARE PROPERTY INVESTORS, INC.

Ticker:       HCP            Security ID:  421915109
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mary A. Cirillo           For       For        Management
1.2   Elect  Director Robert R. Fanning, Jr.    For       For        Management
1.3   Elect  Director James F. Flaherty III     For       For        Management
1.4   Elect  Director David B. Henry            For       For        Management
1.5   Elect  Director Michael D. McKee          For       Withhold   Management
1.6   Elect  Director Harold M. Messmer, Jr.    For       Withhold   Management
1.7   Elect  Director Peter L. Rhein            For       For        Management
1.8   Elect  Director Kenneth B. Roath          For       For        Management
1.9   Elect  Director Richard M. Rosenberg      For       For        Management
1.10  Elect  Director Joseph P. Sullivan        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Greenhouse Gas Emissions        Against   Against    Shareholder


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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


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HILTON HOTELS CORP.

Ticker:       HLT            Security ID:  432848109
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephen F. Bollenbach      For       For        Management
1.2   Elect Director Barbara Bell Coleman       For       For        Management
1.3   Elect Director Benjamin V. Lambert        For       For        Management
1.4   Elect Director John L. Notter             For       For        Management
1.5   Elect Director Peter V. Ueberroth         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Submit Severance Agreement                Against   Against    Shareholder
      (Change-in-Control) to Shareholder Vote
4     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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HOST MARRIOTT CORP.

Ticker:       HMT            Security ID:  44107P104
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 30, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert M. Baylis          For       For        Management
1.2   Elect  Director Terence C. Golden         For       Withhold   Management
1.3   Elect  Director Ann McLaughlin Korologos  For       For        Management
1.4   Elect  Director Richard E. Marriott       For       For        Management
1.5   Elect  Director Judith A. McHale          For       For        Management
1.6   Elect  Director John B. Morse, Jr.        For       For        Management
1.7   Elect  Director Christopher J. Nassetta   For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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INNKEEPERS USA TRUST

Ticker:       KPA            Security ID:  4576J0104
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Gerald Goldsmith       For       For        Management
1.2   Elect  Director Miles Berger              For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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INTERSATE HOTELS & RESORTS, INC.

Ticker:       IHR            Security ID:  46088S106
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  APR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Paul W. Whetsell          For       For        Management
1.2   Elect  Director Thomas F. Hewitt          For       For        Management
2     Ratify Auditors                           For       For        Management


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KIMCO REALTY CORP.

Ticker:       KIM            Security ID:  49446R109
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martin S. Kimmel          For       Withhold   Management
1.2   Elect  Director Milton Cooper             For       Withhold   Management
1.3   Elect  Director Richard G. Dooley         For       Withhold   Management
1.4   Elect  Director Michael J. Flynn          For       Withhold   Management
1.5   Elect  Director Joe Grills                For       For        Management
1.6   Elect  Director David B. Henry            For       Withhold   Management
1.7   Elect  Director F. Patrick Hughes         For       For        Management
1.8   Elect  Director Frank Lourenso            For       Withhold   Management
1.9   Elect  Director Richard Saltzman          For       For        Management
2     Increase Authorized Common Stock          For       For        Management


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LODGIAN, INC.

Ticker:       LGN            Security ID:  54021P403
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Sean F. Armstrong         For       For        Management
1.2   Elect  Director Russel S. Bernard         For       For        Management
1.3   Elect  Director Stewart J. Brown          For       For        Management
1.4   Elect  Director Kenneth A. Caplan         For       For        Management
1.5   Elect  Director Stephen P. Grathwohl      For       For        Management
1.6   Elect  Director Dr. Sheryl E. Kimes       For       For        Management
1.7   Elect  Director Kevin C. Mctavish         For       For        Management
1.8   Elect  Director W. Thomas Parrington      For       For        Management
2     Ratify Auditors                           For       For        Management


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LTC PROPERTIES, INC.

Ticker:       LTC            Security ID:  502175102
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  APR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Andre C. Dimitriadis      For       For        Management
1.2   Elect  Director Boyd W. Hendrickson       For       For        Management
1.3   Elect  Director Edmund C. King            For       For        Management
1.4   Elect  Director Wendy L. Simpson          For       For        Management
1.5   Elect  Director Timothy J. Triche, M.D.   For       For        Management
1.6   Elect  Director Sam Yellen                For       For        Management
2     Ratify Auditors                           For       For        Management


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MACERICH CO., THE

Ticker:       MAC            Security ID:  554382101
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dana K. Anderson          For       For        Management
1.2   Elect  Director Diana M. Laing            For       For        Management
1.3   Elect  Director Stanley A. Moore          For       For        Management
2     Ratify Auditors                           For       For        Management


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MACK-CALI REALTY CORP.

Ticker:       CLI            Security ID:  554489104
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  APR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Nathan Gantcher           For       For        Management
1.2   Elect  Director David S. Mack             For       For        Management
1.3   Elect  Director William L. Mack           For       For        Management
1.4   Elect  Director Alan G. Philibosian       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

MERISTAR HOSPITALITY CORPORATION

Ticker:       MHX            Security ID:  58984Y103
Meeting Date: DEC 8, 2004    Meeting Type: Special
Record Date:  AUG 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Increase Authorized Common Stock          For       For        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


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

OMEGA HEALTHCARE INVESTORS, INC.

Ticker:       OHI            Security ID:  681936100
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Harold J. Kloosterman     For       For        Management
1.2   Elect  Director C. Taylor Pickett         For       For        Management
2     Ratify Auditors                           For       For        Management


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

PAN PACIFIC RETAIL PROPERTIES, INC.

Ticker:       PNP            Security ID:  69806L104
Meeting Date: APR 29, 2005   Meeting Type: Annual
Record Date:  FEB 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bernard M. Feldman        For       For        Management
1.2   Elect  Director Mark J. Riedy             For       For        Management
2     Amend Articles of Incorporation           Against   Against    Shareholder


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

POST PROPERTIES, INC.

Ticker:       PPS            Security ID:  737464107
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert C. Goddard, III    For       For        Management
1.2   Elect  Director David P. Stockert         For       For        Management
1.3   Elect  Director Herschel M. Bloom         For       For        Management
1.4   Elect  Director Douglas Crocker II        For       For        Management
1.5   Elect  Director Walter M. Deriso, Jr.     For       For        Management
1.6   Elect  Director Russell R. French         For       For        Management
1.7   Elect  Director Nicholas B. Paumgarten    For       For        Management
1.8   Elect  Director Charles E. Rice           For       For        Management
1.9   Elect  Director Ronald de Waal            For       For        Management
2     Approve Nonqualified Employee Stock       For       For        Management
      Purchase Plan


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

PRENTISS PROPERTIES TRUST

Ticker:       PP             Security ID:  740706106
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael V. Prentiss       For       For        Management
1.2   Elect  Director Thomas J. Hynes, Jr.      For       For        Management
1.3   Elect  Director Barry J.C. Parker         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

PRICE LEGACY CORP.

Ticker:       XLG            Security ID:  74144P502
Meeting Date: DEC 20, 2004   Meeting Type: Annual
Record Date:  NOV 4, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jack McGrory              For       For        Management
1.2   Elect  Director Giles H. Bateman          For       For        Management
1.3   Elect  Director Murray Galinson           For       For        Management
1.4   Elect  Director Charles L. Goldberg       For       For        Management
1.5   Elect  Director Robert N. Goodman         For       For        Management
1.6   Elect  Director Jacklyn Horton            For       For        Management
1.7   Elect  Director Keene Wolcott             For       For        Management
2     Approve Merger Agreement                  For       For        Management


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

PROLOGIS

Ticker:       PLD            Security ID:  743410102
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee K. Dane Brooksher          For       For        Management
1.2   Elect  Trustee Walter C. Rakowich         For       For        Management
1.3   Elect  Trustee Jeffrey H. Schwartz        For       For        Management
1.4   Elect  Trustee Kenneth N. Stensby         For       For        Management
2     Declassify the Board of Trustees          For       For        Management
3     Ratify Auditors                           For       For        Management
4     Other Business                            For       Against    Management


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

PS BUSINESS PARKS, INC.

Ticker:       PSB            Security ID:  69360J107
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ronald L. Havner, Jr.     For       For        Management
1.2   Elect  Director Joseph D. Russell, Jr.    For       For        Management
1.3   Elect  Director Harvey Lenkin             For       For        Management
1.4   Elect  Director Vern O. Curtis            For       For        Management
1.5   Elect  Director Arthur M. Friedman        For       For        Management
1.6   Elect  Director James H. Kropp            For       For        Management
1.7   Elect  Director Alan K. Pribble           For       For        Management
1.8   Elect  Director Jack D. Steele            For       For        Management
2     Ratify Auditors                           For       For        Management


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

PUBLIC STORAGE, INC.

Ticker:       PSA            Security ID:  74460D109
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director B. Wayne Hughes           For       For        Management
1.2   Elect  Director Ronald L. Havner, Jr.     For       For        Management
1.3   Elect  Director Harvey Lenkin             For       For        Management
1.4   Elect  Director Robert J. Abernethy       For       For        Management
1.5   Elect  Director Dann V. Angeloff          For       For        Management
1.6   Elect  Director William C. Baker          For       For        Management
1.7   Elect  Director John T. Evans             For       For        Management
1.8   Elect  Director Uri P. Harkham            For       For        Management
1.9   Elect  Director B. Wayne Hughes, Jr.      For       For        Management
1.10  Elect  Director Daniel C. Staton          For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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

RECKSON ASSOCIATES REALTY CORP.

Ticker:       RA             Security ID:  75621K106
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Scott H. Rechler          For       For        Management
1.2   Elect  Director Douglas Crocker Ii        For       For        Management
1.3   Elect  Director Elizabeth Mccaul          For       For        Management
1.4   Elect  Director Ronald H. Menaker         For       For        Management
1.5   Elect  Director Peter Quick               For       For        Management
1.6   Elect  Director Lewis S. Ranieri          For       For        Management
1.7   Elect  Director John F. Ruffle            For       For        Management
1.8   Elect  Director Stanley Steinberg         For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management


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

REGENCY CENTERS CORP.

Ticker:       REG            Security ID:  758849103
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martin E. Stein, Jr.      For       For        Management
1.2   Elect  Director Raymond L. Bank           For       For        Management
1.3   Elect  Director C. Ronald Blankenship     For       For        Management
1.4   Elect  Director A. R. Carpenter           For       For        Management
1.5   Elect  Director J. Dix Druce, Jr.         For       For        Management
1.6   Elect  Director Mary Lou Fiala            For       For        Management
1.7   Elect  Director Bruce M. Johnson          For       For        Management
1.8   Elect  Director Douglas S. Luke           For       For        Management
1.9   Elect  Director John C. Schweitzer        For       For        Management
1.10  Elect  Director Thomas G. Wattles         For       For        Management
1.11  Elect  Director Terry N. Worrell          For       For        Management


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

ROUSE CO., THE

Ticker:       RSE            Security ID:  779273101
Meeting Date: NOV 9, 2004    Meeting Type: Special
Record Date:  OCT 8, 2004

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


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

SENIOR HOUSING PROPERTIES TRUST

Ticker:       SNH            Security ID:  81721M109
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director F.N. Zeytoonjian          For       For        Management


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

SHURGARD STORAGE CENTERS, INC.

Ticker:       SHU            Security ID:  82567D104
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Anna Karin Andrews        For       For        Management
1.2   Elect  Director David K. Grant            For       For        Management
1.3   Elect  Director Raymond A. Johnson        For       For        Management
1.4   Elect  Director W. Thomas Porter          For       For        Management
1.5   Elect  Director Gary E. Pruitt            For       For        Management
2     Declassify the Board of Directors         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

SIMON PROPERTY GROUP, INC.

Ticker:       SPG            Security ID:  828806109
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Birch Bayh                 For       For        Management
1.2   Elect Director Melvyn E. Bergstein        For       For        Management
1.3   Elect Director Linda Walker Bynoe         For       For        Management
1.4   Elect Director Karen N. Horn, Ph.D.       For       For        Management
1.5   Elect Director Reuben S. Leibowitz        For       For        Management
1.6   Elect Director J. Albert Smith, Jr.       For       For        Management
1.7   Elect Director Pieter S. Van Den Berg     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Greenhouse Gas Emissions and    Against   Against    Shareholder
      Energy Efficiency


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

SL GREEN REALTY CORP.

Ticker:       SLG            Security ID:  78440X101
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 30, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Marc Holliday             For       For        Management
1.2   Elect  Director John S. Levy              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

SPIRIT FINANCE CORPORATON

Ticker:       SFC            Security ID:  848568309
Meeting Date: MAY 20, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Morton H. Fleischer       For       For        Management
1.2   Elect  Director Christopher H. Volk       For       For        Management
1.3   Elect  Director Linda J. Blessing, Ph.D.  For       For        Management
1.4   Elect  Director Willie R. Barnes          For       For        Management
1.5   Elect  Director Dennis E. Mitchem         For       For        Management
1.6   Elect  Director Paul F. Oreffice          For       For        Management
1.7   Elect  Director Jim R. Parish             For       For        Management
1.8   Elect  Director Kenneth B. Roath          For       For        Management
1.9   Elect  Director Casey J. Sylla            For       For        Management
1.10  Elect  Director Shelby Yastrow            For       For        Management
2     Amend Articles                            For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Ratify Auditors                           For       For        Management


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

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Ticker:       HOT            Security ID:  85590A203
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Charlene Barshefsky        For       For        Management
1.2   Elect Director Jean-Marc Chapus           For       For        Management
1.3   Elect Director Bruce W. Duncan            For       For        Management
1.4   Elect Director Steven J. Heyer            For       For        Management
1.5   Elect Director Eric Hippeau               For       For        Management
1.6   Elect Director Steven Quazzo              For       For        Management
1.7   Elect Director Thomas O. Ryder            For       For        Management
1.8   Elect Director Barry S. Sternlicht        For       For        Management
1.9   Elect Director Daniel W. Yih              For       For        Management
1.10  Elect Director Kneeland C. Youngblood     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Provide for Confidential Voting           Against   Against    Shareholder
5     Expense Stock Options                     Against   For        Shareholder


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

SUNSTONE HOTEL INVESTORS, INC.

Ticker:       SHO            Security ID:  867892101
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert A. Alter           For       For        Management
1.2   Elect  Director Lewis N. Wolff            For       For        Management
1.3   Elect  Director Z. Jamie Behar            For       For        Management
1.4   Elect  Director Barbara S. Brown          For       For        Management
1.5   Elect  Director Anthony W. Dona           For       For        Management
1.6   Elect  Director Paul D. Kazilionis        For       For        Management
1.7   Elect  Director Jonathan H. Paul          For       For        Management
1.8   Elect  Director Keith P. Russell          For       For        Management
1.9   Elect  Director David M. Siegel           For       For        Management
2     Ratify Auditors                           For       For        Management


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

TAUBMAN CENTERS, INC.

Ticker:       TCO            Security ID:  876664103
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert S. Taubman         For       For        Management
1.2   Elect  Director Lisa A. Payne             For       For        Management
2     Approve Restricted Stock Plan             For       For        Management
3     Approve Outside Director Stock            For       For        Management
      Awards/Options in Lieu of Cash
4     Ratify Auditors                           For       For        Management


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

TRIZEC PROPERTIES, INC.

Ticker:       TRZ            Security ID:  89687P107
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter Munk                For       For        Management
1.2   Elect  Director Timothy H. Callahan       For       For        Management
1.3   Elect  Director L. Jay Cross              For       For        Management
1.4   Elect  Director Brian Mulroney            For       For        Management
1.5   Elect  Director James J. O'Connor         For       For        Management
1.6   Elect  Director Glenn J. Rufrano          For       For        Management
1.7   Elect  Director Richard M. Thomson        For       For        Management
1.8   Elect  Director Polyvios C. Vintiadis     For       For        Management
1.9   Elect  Director Stephen R. Volk           For       For        Management
2     Ratify Auditors                           For       For        Management


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

VENTAS, INC.

Ticker:       VTR            Security ID:  92276F100
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Debra A. Cafaro           For       For        Management
1.2   Elect  Director Ronald G. Geary           For       For        Management
1.3   Elect  Director Douglas Crocker II        For       For        Management
1.4   Elect  Director Christopher T. Hannon     For       For        Management
1.5   Elect  Director Thomas C. Theobald        For       For        Management
1.6   Elect  Director Jay M. Gellert            For       For        Management
1.7   Elect  Director Sheli Z. Rosenberg        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Qualified Employee Stock Purchase For       For        Management
      Plan


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

VORNADO REALTY TRUST

Ticker:       VNO            Security ID:  929042109
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Anthony Deering            For       For        Management
1.2   Elect Director Michael Lynne              For       For        Management
1.3   Elect Director Robert H. Smith            For       For        Management
1.4   Elect Director Ronald Targan              For       For        Management
2     Ratify Auditors                           For       For        Management


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

WYNDHAM INTERNATIONAL, INC.

Ticker:       WBR            Security ID:  983101106
Meeting Date: JUL 1, 2004    Meeting Type: Annual
Record Date:  MAY 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Karim Alibhai             For       For        Management
1.2   Elect  Director Leonard Boxer             For       For        Management
1.3   Elect  Director Adela Cepeda              For       For        Management
1.4   Elect  Director Milton Fine               For       For        Management
1.5   Elect  Director Fred J. Kleisner          For       For        Management
1.6   Elect  Director Rolf E. Ruhfus            For       For        Management
1.7   Elect  Director Lynn C. Swann             For       Withhold   Management
1.8   Elect  Director Sherwood M. Weiser        For       For        Management
1.9   Elect  Director Marc A. Beilinson         For       For        Management
1.10  Elect  Director Paul Fribourg             For       For        Management
1.11  Elect  Director Lawrence J. Ruisi         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 Real Estate Fund
                ----------------------------------------------------------------

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

                             Principal Executive Officer - Office of the Funds
                           -----------------------------------------------------



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



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