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 811-09117

                         MORGAN STANLEY REAL ESTATE FUND
               (Exact name of registrant as specified in charter)


                                                                   
  522 Fifth Avenue, New York, New York                                   10036
(Address of principal executive offices)                              (Zip code)


                               Amy Doberman, Esq.
                                Managing Director
                     Morgan Stanley Investment Advisors Inc.
                                522 Fifth Avenue
                            New York, New York 10036
                     (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: 7/1/07 -- 6/30/08



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

ICA File Number: 811-09117
Reporting Period: 07/01/2007 - 06/30/2008
Morgan Stanley Real Estate Fund

======================= MORGAN STANLEY REAL ESTATE FUND ========================

ACADIA REALTY TRUST

Ticker:       AKR            Security ID:  004239109
Meeting Date: MAY 14, 2008   Meeting Type: Annual
Record Date:  MAR 31, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Trustee Kenneth F. Bernstein        For       For        Management
1.2   Elect Trustee Douglas Crocker, II         For       For        Management
1.3   Elect Trustee Suzanne Hopgood             For       For        Management
1.4   Elect Trustee Lorrence T. Kellar          For       For        Management
1.5   Elect Trustee Wendy Luscombe              For       For        Management
1.6   Elect Trustee William T. Spitz            For       For        Management
1.7   Elect Trustee Lee S. Wielansky            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
AMB PROPERTY CORP.

Ticker:       AMB            Security ID:  00163T109
Meeting Date: MAY 8, 2008    Meeting Type: Annual
Record Date:  MAR 6, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1     Elect Director T. Robert Burke            For       For        Management
2     Elect Director David A. Cole              For       For        Management
3     Elect Director Lydia H. Kennard           For       For        Management
4     Elect Director J. Michael Losh            For       For        Management
5     Elect Director Hamid R. Moghadam          For       For        Management
6     Elect Director Frederick W. Reid          For       For        Management
7     Elect Director Jeffrey L. Skelton         For       For        Management
8     Elect Director Thomas W. Tusher           For       For        Management
9     Elect Director Carl B. Webb               For       For        Management
10    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
ARCHSTONE SMITH TRUST

Ticker:       ASN            Security ID:  039583109
Meeting Date: AUG 21, 2007   Meeting Type: Special
Record Date:  JUL 12, 2007



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




- --------------------------------------------------------------------------------
ASSISTED LIVING CONCEPTS, INC.

Ticker:       ALC            Security ID:  04544X102
Meeting Date: MAY 5, 2008    Meeting Type: Annual
Record Date:  MAR 21, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Laurie A. Bebo             For       For        Management
1.2   Elect Director Alan Bell                  For       For        Management
1.3   Elect Director Jesse C. Brotz             For       For        Management
1.4   Elect Director Derek H.L. Buntain         For       For        Management
1.5   Elect Director David J. Hennigar          For       For        Management
1.6   Elect Director Malen S. Ng                For       For        Management
1.7   Elect Director Melvin A. Rhinelander      For       For        Management
1.8   Elect Director C.H. Roadman, II, M.D.     For       For        Management
1.9   Elect Director Michael J. Spector         For       For        Management
2     Amend Articles of Incorporation           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------
AVALONBAY COMMUNITIES, INC.

Ticker:       AVB            Security ID:  053484101
Meeting Date: MAY 21, 2008   Meeting Type: Annual
Record Date:  MAR 7, 2008



#     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 Timothy J. Naughton        For       For        Management
1.6   Elect Director Lance R. Primis            For       For        Management
1.7   Elect Director Peter S. Rummell           For       For        Management
1.8   Elect Director H. Jay Sarles              For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
BOSTON PROPERTIES INC.

Ticker:       BXP            Security ID:  101121101
Meeting Date: MAY 12, 2008   Meeting Type: Annual
Record Date:  MAR 20, 2008



#     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     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   For        Shareholder




- --------------------------------------------------------------------------------
BRANDYWINE REALTY TRUST

Ticker:       BDN            Security ID:  105368203
Meeting Date: JUN 18, 2008   Meeting Type: Annual
Record Date:  MAR 27, 2008



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


- --------------------------------------------------------------------------------
BRE PROPERTIES, INC.

Ticker:       BRE            Security ID:  05564E106
Meeting Date: MAY 15, 2008   Meeting Type: Annual
Record Date:  MAR 14, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Paula F. Downey            For       For        Management
1.2   Elect Director Robert A. Fiddaman         For       For        Management
1.3   Elect Director Irving F. Lyons III        For       For        Management
1.4   Elect Director Edward E. Mace             For       For        Management
1.5   Elect Director Christopher J. Mcgurk      For       For        Management
1.6   Elect Director Matthew T. Medeiros        For       For        Management
1.7   Elect Director Constance B. Moore         For       For        Management
1.8   Elect Director Jeanne R. Myerson          For       For        Management
1.9   Elect Director Thomas E. Robinson         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
BROOKDALE SENIOR LIVING INC.

Ticker:       BKD            Security ID:  112463104
Meeting Date: JUN 5, 2008    Meeting Type: Annual
Record Date:  APR 14, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Wesley R. Edens            For       For        Management
1.2   Elect Director Frank M. Bumstead          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Qualified Employee Stock Purchase For       For        Management
      Plan




- --------------------------------------------------------------------------------
BROOKFIELD PROPERTIES CORP.

Ticker:       BPO            Security ID:  112900105
Meeting Date: APR 24, 2008   Meeting Type: Annual/Special
Record Date:  MAR 17, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1     Fix Number of Directors at Twelve         For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3.1   Elect  Director Gordon E. Arnell          For       For        Management
3.2   Elect  Director William T. Cahill         For       For        Management
3.3   Elect  Director Richard B. Clark          For       For        Management
3.4   Elect  Director Jack L. Cockwell          For       For        Management
3.5   Elect  Director J. Bruce Flatt            For       For        Management
3.6   Elect  Director Roderick D. Fraser        For       For        Management
3.7   Elect  Director Paul D. McFarlane         For       For        Management
3.8   Elect  Director Allan S. Olson            For       For        Management
3.9   Elect  Director Linda D. Rabbitt          For       For        Management
3.10  Elect  Director Robert L. Stelzl          For       For        Management
3.11  Elect  Director Diana L. Taylor           For       For        Management
3.12  Elect  Director John E. Zuccotti          For       For        Management
4     Approve Deloitte & Touche LLP as Auditors For       For        Management
      and Authorize Board to Fix Their
      Remuneration


- --------------------------------------------------------------------------------
CAMDEN PROPERTY TRUST

Ticker:       CPT            Security ID:  133131102
Meeting Date: MAY 6, 2008    Meeting Type: Annual
Record Date:  MAR 14, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Richard J. Campo           For       For        Management
1.2   Elect Director William R. Cooper          For       For        Management
1.3   Elect Director Scott S. Ingraham          For       For        Management
1.4   Elect Director Lewis A. Levey             For       For        Management
1.5   Elect Director William B. McGuire, Jr.    For       For        Management
1.6   Elect Director William F. Paulsen         For       For        Management
1.7   Elect Director D. Keith Oden              For       For        Management
1.8   Elect Director F. Gardner Parker          For       For        Management
1.9   Elect Director Steven A. Webster          For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------
CARE INVESTMENT TRUST

Ticker:       CRE            Security ID:  141657106
Meeting Date: JUN 3, 2008    Meeting Type: Annual
Record Date:  APR 28, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Flint D. Besecker          For       For        Management
1.2   Elect Director G.E. Bisbee, Jr. Ph.D.     For       For        Management
1.3   Elect Director Kirk E. Gorman             For       For        Management
1.4   Elect Director Alexandra Lebenthal        For       For        Management
1.5   Elect Director Walter J. Owens            For       For        Management
1.6   Elect Director Karen P. Robards           For       For        Management
1.7   Elect Director J. Rainer Twiford          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
CEDAR SHOPPING CENTERS, INC.

Ticker:       CDR            Security ID:  150602209
Meeting Date: SEP 12, 2007   Meeting Type: Special
Record Date:  AUG 1, 2007



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1     Increase Authorized Common Stock          For       For        Management
2     Increase Authorized Preferred Stock       For       For        Management


- --------------------------------------------------------------------------------
DCT INDUSTRIAL TRUST INC.

Ticker:       DCT            Security ID:  233153105
Meeting Date: MAY 20, 2008   Meeting Type: Annual
Record Date:  MAR 26, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect  Director Thomas G. Wattles         For       For        Management
1.2   Elect  Director Philip L. Hawkins         For       For        Management
1.3   Elect  Director Phillip R. Altinger       For       For        Management
1.4   Elect  Director Thomas F. August          For       For        Management
1.5   Elect  Director John S. Gates, Jr.        For       For        Management
1.6   Elect  Director Tripp H. Hardin           For       For        Management
1.7   Elect  Director James R. Mulvihill        For       For        Management
1.8   Elect  Director John C. O'Keeffe          For       For        Management
1.9   Elect  Director Bruce L. Warwick          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
DEVELOPERS DIVERSIFIED REALTY CORP.

Ticker:       DDR            Security ID:  251591103
Meeting Date: MAY 13, 2008   Meeting Type: Annual
Record Date:  MAR 20, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Dean S. Adler              For       For        Management
1.2   Elect Director Terrance R. Ahern          For       Withhold   Management
1.3   Elect Director Robert H. Gidel            For       For        Management
1.4   Elect Director Victor B. MacFarlane       For       Withhold   Management
1.5   Elect Director Craig Macnab               For       For        Management
1.6   Elect Director Scott D. Roulston          For       For        Management
1.7   Elect Director Barry A. Sholem            For       Withhold   Management
1.8   Elect Director William B. Summers, Jr.    For       Withhold   Management
1.9   Elect Director Scott A. Wolstein          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Adopt Majority Voting for Uncontested     For       For        Management
      Election of Directors
4     Adjust Par Value of Common Stock          For       For        Management
5     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------
DIAMONDROCK HOSPITALITY COMPANY

Ticker:       DRH            Security ID:  252784301
Meeting Date: APR 24, 2008   Meeting Type: Annual
Record Date:  MAR 24, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director William W. McCarten        For       For        Management
1.2   Elect Director Daniel J. Altobello        For       For        Management
1.3   Elect Director W. Robert Grafton          For       For        Management
1.4   Elect Director Maureen L. McAvey          For       For        Management
1.5   Elect Director Gilbert T. Ray             For       For        Management
1.6   Elect Director John L. Williams           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
DOUGLAS EMMETT, INC.

Ticker:       DEI            Security ID:  25960P109
Meeting Date: MAY 29, 2008   Meeting Type: Annual
Record Date:  APR 3, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Dan A. Emmett              For       For        Management
1.2   Elect Director Jordan L. Kaplan           For       For        Management
1.3   Elect Director Kenneth M. Panzer          For       For        Management
1.4   Elect Director Leslie E. Bider            For       For        Management
1.5   Elect Director Victor J. Coleman          For       For        Management
1.6   Elect Director G. Selassie Mehreteab      For       For        Management
1.7   Elect Director Thomas E. O'Hern           For       For        Management
1.8   Elect Director Andrea Rich                For       For        Management
1.9   Elect Director William Wilson, III        For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
DUKE REALTY CORPORATION

Ticker:       DRE            Security ID:  264411505
Meeting Date: APR 30, 2008   Meeting Type: Annual
Record Date:  MAR 3, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Barrington H. Branch       For       For        Management
1.2   Elect Director Geoffrey Button            For       For        Management
1.3   Elect Director William Cavanaugh III      For       For        Management
1.4   Elect Director Ngaire E. Cuneo            For       For        Management
1.5   Elect Director Charles R. Eitel           For       For        Management
1.6   Elect Director R. Glenn Hubbard, Ph.D.    For       For        Management
1.7   Elect Director M.C. Jischke, Ph.D.        For       For        Management
1.8   Elect  Director L. Ben Lytle              For       For        Management
1.9   Elect Director Dennis D. Oklak            For       For        Management
1.10  Elect Director William O. Mccoy           For       For        Management
1.11  Elect Director Jack R. Shaw               For       For        Management
1.12  Elect Director Robert J. Woodward, Jr.    For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------
EQUITY LIFESTYLE PROPERTIES INC

Ticker:       ELS            Security ID:  29472R108
Meeting Date: MAY 8, 2008    Meeting Type: Annual
Record Date:  MAR 7, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect  Director Philip C. Calian          For       For        Management
1.2   Elect  Director Donald S. Chisholm        For       For        Management
1.3   Elect  Director Thomas E. Dobrowski       For       For        Management
1.4   Elect  Director Thomas P. Heneghan        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
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
EQUITY ONE, INC.

Ticker:       EQY            Security ID:  294752100
Meeting Date: MAY 27, 2008   Meeting Type: Annual
Record Date:  MAR 31, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Noam Ben-Ozer              For       For        Management
1.2   Elect Director James S. Cassel            For       For        Management
1.3   Elect Director Cynthia R. Cohen           For       For        Management
1.4   Elect Director Neil Flanzraich            For       For        Management
1.5   Elect Director Nathan Hetz                For       For        Management
1.6   Elect Director Chaim Katzman              For       For        Management
1.7   Elect Director Peter Linneman             For       For        Management
1.8   Elect Director Jeffrey S. Olson           For       For        Management
1.9   Elect Director Dori Segal                 For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
EQUITY RESIDENTIAL

Ticker:       EQR            Security ID:  29476L107
Meeting Date: JUN 10, 2008   Meeting Type: Annual
Record Date:  MAR 31, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Trustee John W. Alexander           For       For        Management
1.2   Elect Trustee Charles L. Atwood           For       For        Management
1.3   Elect Trustee Stephen O. Evans            For       For        Management
1.4   Elect Trustee Boone A. Knox               For       For        Management
1.5   Elect Trustee John E. Neal                For       For        Management
1.6   Elect Trustee David J. Neithercut         For       For        Management
1.7   Elect Trustee Desiree G. Rogers           For       For        Management
1.8   Elect Trustee Sheli Z. Rosenberg          For       For        Management
1.9   Elect Trustee Gerald A. Spector           For       For        Management
1.10  Elect Trustee B. Joseph White             For       For        Management
1.11  Elect Trustee Samuel Zell                 For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------
ESSEX PROPERTY TRUST, INC.

Ticker:       ESS            Security ID:  297178105
Meeting Date: MAY 6, 2008    Meeting Type: Annual
Record Date:  FEB 28, 2008



#     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 H. Smith, Jr.      For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
FEDERAL REALTY INVESTMENT TRUST

Ticker:       FRT            Security ID:  313747206
Meeting Date: MAY 7, 2008    Meeting Type: Annual
Record Date:  MAR 19, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1     Elect Trustee Warren M. Thompson          For       For        Management
2     Elect Trustee Donald C. Wood              For       For        Management
3     Ratify Auditors                           For       For        Management
4     Declassify the Board of Trustees          Against   For        Shareholder


- --------------------------------------------------------------------------------
FOREST CITY ENTERPRISES, INC.

Ticker:       FCE.A          Security ID:  345550107
Meeting Date: JUN 19, 2008   Meeting Type: Annual
Record Date:  APR 21, 2008



#     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       For        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     Amend Executive Incentive Bonus Plan      For       For        Management
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
GENERAL GROWTH PROPERTIES, INC.

Ticker:       GGP            Security ID:  370021107
Meeting Date: MAY 14, 2008   Meeting Type: Annual
Record Date:  MAR 17, 2008



#     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     Declassify the Board of Directors         Against   For        Shareholder




- --------------------------------------------------------------------------------
GMH COMMUNITIES TRUST

Ticker:       GCT            Security ID:  36188G102
Meeting Date: JUN 10, 2008   Meeting Type: Special
Record Date:  APR 21, 2008



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


- --------------------------------------------------------------------------------
HEALTHCARE REALTY TRUST, INC.

Ticker:       HR             Security ID:  421946104
Meeting Date: MAY 13, 2008   Meeting Type: Annual
Record Date:  MAR 13, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director David R. Emery             For       For        Management
1.2   Elect Director Batey M. Gresham, Jr.      For       For        Management
1.3   Elect Director Dan S. Wilford             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
HERSHA HOSPITALITY TRUST

Ticker:       HT             Security ID:  427825104
Meeting Date: MAY 22, 2008   Meeting Type: Annual
Record Date:  MAR 31, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Donald J. Landry           For       For        Management
1.2   Elect Director Thomas S. Capello          For       For        Management
1.3   Elect Director Jay H. Shah                For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
HOST HOTELS & RESORTS, INC.

Ticker:       HST            Security ID:  44107P104
Meeting Date: MAY 14, 2008   Meeting Type: Annual
Record Date:  MAR 27, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1     Elect Director Roberts M. Baylis          For       For        Management
2     Elect Director Terence C. Golden          For       For        Management
3     Elect Director Ann M. Korologos           For       For        Management
4     Elect Director Richard E. Marriott        For       For        Management
5     Elect Director Judith A. McHale           For       For        Management
6     Elect Director John B. Morse Jr           For       For        Management
7     Elect Director W. Edward Walter           For       For        Management
8     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------
KILROY REALTY CORP.

Ticker:       KRC            Security ID:  49427F108
Meeting Date: MAY 20, 2008   Meeting Type: Annual
Record Date:  MAR 11, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect  Director John B. Kilroy, Sr.       For       For        Management
1.2   Elect  Director Edward F. Brenna, Ph.D.   For       For        Management
1.3   Elect  Director Scott S. Ingraham         For       For        Management
2     Declassify the Board of Directors         Against   For        Shareholder


- --------------------------------------------------------------------------------
LIBERTY PROPERTY TRUST

Ticker:       LRY            Security ID:  531172104
Meeting Date: MAY 15, 2008   Meeting Type: Annual
Record Date:  MAR 20, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Frederick F. Buchholz      For       For        Management
1.2   Elect Director Thomas C. DeLoach, Jr.     For       For        Management
1.3   Elect Director Daniel P. Garton           For       For        Management
1.4   Elect Director Stephen B. Siegel          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
MACERICH CO., THE

Ticker:       MAC            Security ID:  554382101
Meeting Date: MAY 29, 2008   Meeting Type: Annual
Record Date:  MAR 11, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1     Elect Director Dana K. Anderson           For       For        Management
2     Elect Director Diana M. Laing             For       For        Management
3     Elect Director Stanley A. Moore           For       For        Management
4     Ratify Auditors                           For       For        Management
5     Declassify the Board of Directors         For       For        Management


- --------------------------------------------------------------------------------
MACK-CALI REALTY CORP.

Ticker:       CLI            Security ID:  554489104
Meeting Date: MAY 21, 2008   Meeting Type: Annual
Record Date:  APR 3, 2008



#     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




- --------------------------------------------------------------------------------
MANOR CARE, INC.

Ticker:       HCR            Security ID:  564055101
Meeting Date: OCT 17, 2007   Meeting Type: Special
Record Date:  SEP 10, 2007



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


- --------------------------------------------------------------------------------
MORGANS HOTEL GROUP COMPANY

Ticker:       MHGC           Security ID:  61748W108
Meeting Date: MAY 20, 2008   Meeting Type: Annual
Record Date:  APR 2, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect  Director Robert Friedman           For       For        Management
1.2   Elect  Director Jeffrey M. Gault          For       For        Management
1.3   Elect  Director David T. Hamamoto         For       For        Management
1.4   Elect  Director Thomas L. Harrison        For       For        Management
1.5   Elect  Director Fred J. Kleisner          For       For        Management
1.6   Elect  Director Edwin L. Knetzger, III    For       For        Management
1.7   Elect  Director Michael D. Malone         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


- --------------------------------------------------------------------------------
PARKWAY PROPERTIES, INC.

Ticker:       PKY            Security ID:  70159Q104
Meeting Date: MAY 8, 2008    Meeting Type: Annual
Record Date:  MAR 18, 2008



#     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 Michael J. Lipsey          For       For        Management
1.5   Elect Director Steven G. Rogers           For       For        Management
1.6   Elect Director Leland R. Speed            For       For        Management
1.7   Elect Director Troy A. Stovall            For       For        Management
1.8   Elect Director Lenore M. Sullivan         For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------
PLUM CREEK TIMBER COMPANY, INC.

Ticker:       PCL            Security ID:  729251108
Meeting Date: MAY 7, 2008    Meeting Type: Annual
Record Date:  MAR 10, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1     Elect Director Rick R. Holley             For       For        Management
2     Elect Director  Ian B. Davidson           For       For        Management
3     Elect Director Robin Josephs              For       For        Management
4     Elect Director John G. McDonald           For       For        Management
5     Elect Director  Robert B. McLeod          For       For        Management
6     Elect Director John F. Morgan, Sr.        For       For        Management
7     Elect Director John H. Scully             For       For        Management
8     Elect Director  Stephen C. Tobias         For       For        Management
9     Elect Director Martin A. White            For       For        Management
10    Ratify Auditors                           For       For        Management
11    Report on Political Contributions         Against   Against    Shareholder


- --------------------------------------------------------------------------------
PROLOGIS

Ticker:       PLD            Security ID:  743410102
Meeting Date: MAY 9, 2008    Meeting Type: Annual
Record Date:  MAR 13, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Stephen L. Feinberg        For       For        Management
1.2   Elect Director George L. Fotiades         For       For        Management
1.3   Elect Director Christine N. Garvey        For       For        Management
1.4   Elect Director Lawrence V. Jackson        For       For        Management
1.5   Elect Director Donald P. Jacobs           For       For        Management
1.6   Elect Director Jeffrey H. Schwartz        For       For        Management
1.7   Elect Director D. Michael Steuert         For       For        Management
1.8   Elect Director J. Andre Teixeira          For       For        Management
1.9   Elect Director William D. Zollars         For       For        Management
1.10  Elect Director Andrea M. Zulberti         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
PS BUSINESS PARKS, INC.

Ticker:       PSB            Security ID:  69360J107
Meeting Date: MAY 5, 2008    Meeting Type: Annual
Record Date:  MAR 14, 2008



#     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 R. Wesley Burns            For       For        Management
1.4   Elect Director Arthur M. Friedman         For       For        Management
1.5   Elect Director James H. Kropp             For       For        Management
1.6   Elect Director Harvey Lenkin              For       For        Management
1.7   Elect Director Michael V. Mcgee           For       For        Management
1.8   Elect Director Alan K. Pribble            For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------
PUBLIC STORAGE

Ticker:       PSA            Security ID:  74460D109
Meeting Date: MAY 8, 2008    Meeting Type: Annual
Record Date:  MAR 10, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Trustee B. Wayne Hughes             For       For        Management
1.2   Elect Trustee Ronald L. Havner, Jr.       For       For        Management
1.3   Elect Trustee Harvey Lenkin               For       For        Management
1.4   Elect Trustee Dann V. Angeloff            For       For        Management
1.5   Elect Trustee William C. Baker            For       For        Management
1.6   Elect Trustee John T. Evans               For       For        Management
1.7   Elect Trustee Uri P. Harkham              For       For        Management
1.8   Elect Trustee B. Wayne Hughes, Jr         For       For        Management
1.9   Elect Trustee Gary E. Pruitt              For       For        Management
1.10  Elect Trustee Daniel C. Staton            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
RAMCO-GERSHENSON PROPERTIES TRUST

Ticker:       RPT            Security ID:  751452202
Meeting Date: JUN 11, 2008   Meeting Type: Annual
Record Date:  APR 14, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect  Director Arthur H. Goldberg        For       Withhold   Management
1.2   Elect  Director Mark K. Rosenfeld         For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Non-Employee Director Restricted  For       For        Management
      Stock Plan
4     Declassify the Board of Directors         Against   For        Shareholder


- --------------------------------------------------------------------------------
REGENCY CENTERS CORP.

Ticker:       REG            Security ID:  758849103
Meeting Date: MAY 6, 2008    Meeting Type: Annual
Record Date:  FEB 26, 2008



#     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
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
SENIOR HOUSING PROPERTIES TRUST

Ticker:       SNH            Security ID:  81721M109
Meeting Date: MAY 15, 2008   Meeting Type: Annual
Record Date:  MAR 18, 2008



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




- --------------------------------------------------------------------------------
SIMON PROPERTY GROUP, INC.

Ticker:       SPG            Security ID:  828806109
Meeting Date: MAY 8, 2008    Meeting Type: Annual
Record Date:  MAR 7, 2008



#     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              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     Amend Omnibus Stock Plan                  For       For        Management
4     Pay For Superior Performance              Against   Against    Shareholder


- --------------------------------------------------------------------------------
SOVRAN SELF STORAGE, INC.

Ticker:       SSS            Security ID:  84610H108
Meeting Date: MAY 21, 2008   Meeting Type: Annual
Record Date:  MAR 24, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect  Director Robert J. Attea           For       For        Management
1.2   Elect  Director Kenneth F. Myszka         For       For        Management
1.3   Elect  Director John E. Burns             For       For        Management
1.4   Elect  Director Michael A. Elia           For       For        Management
1.5   Elect  Director Anthony P. Gammie         For       For        Management
1.6   Elect  Director Charles E. Lannon         For       For        Management
2     Amend Outside Director Stock              For       For        Management
      Awards/Options in Lieu of Cash
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Ticker:       HOT            Security ID:  85590A401
Meeting Date: APR 30, 2008   Meeting Type: Annual
Record Date:  MAR 3, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Adam Aron                  For       For        Management
1.2   Elect Director Charlene Barshefsky        For       For        Management
1.3   Elect Director Bruce Duncan               For       For        Management
1.4   Elect Director Lizanne Galbreath          For       For        Management
1.5   Elect Director Eric Hippeau               For       For        Management
1.6   Elect Director Stephen R. Quazzo          For       For        Management
1.7   Elect Director Thomas O. Ryder            For       For        Management
1.8   Elect Director Frits Van Paasschen        For       For        Management
1.9   Elect Director Kneeland C. Youngblood     For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------
STRATEGIC HOTELS & RESORTS INC

Ticker:       BEE            Security ID:  86272T106
Meeting Date: MAY 22, 2008   Meeting Type: Annual
Record Date:  MAR 28, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect  Director Robert P. Bowen           For       Withhold   Management
1.2   Elect  Director Michael W. Brennan        For       Withhold   Management
1.3   Elect  Director Edward C. Coppola         For       Withhold   Management
1.4   Elect  Director Kenneth Fisher            For       Withhold   Management
1.5   Elect  Director Laurence S. Geller        For       Withhold   Management
1.6   Elect  Director James A. Jeffs            For       Withhold   Management
1.7   Elect  Director Sir David M.C. Michels    For       Withhold   Management
1.8   Elect  Director William A. Prezant        For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------
TAUBMAN CENTERS, INC.

Ticker:       TCO            Security ID:  876664103
Meeting Date: MAY 29, 2008   Meeting Type: Annual
Record Date:  APR 7, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director Ronald W. Tysoe            For       For        Management
1.2   Elect Director Robert S. Taubman          For       For        Management
1.3   Elect Director Lisa A. Payne              For       For        Management
1.4   Elect Director William U. Parfet          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Declassify the Board of Directors         Against   For        Shareholder


- --------------------------------------------------------------------------------
U-STORE-IT TRUST

Ticker:       YSI            Security ID:  91274F104
Meeting Date: MAY 6, 2008    Meeting Type: Annual
Record Date:  MAR 24, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Director J.C. (jack) Dannemiller    For       Withhold   Management
1.2   Elect Director W.M. Diefenderfer III      For       For        Management
1.3   Elect Director Harold S. Haller           For       For        Management
1.4   Elect Director Daniel B. Hurwitz          For       For        Management
1.5   Elect Director Dean Jernigan              For       For        Management
1.6   Elect Director Marianne M. Keler          For       For        Management
1.7   Elect Director David J. Larue             For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------
VENTAS, INC.

Ticker:       VTR            Security ID:  92276F100
Meeting Date: MAY 19, 2008   Meeting Type: Annual
Record Date:  MAR 24, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect  Director Debra A. Cafaro           For       For        Management
1.2   Elect  Director Douglas Crocker II        For       For        Management
1.3   Elect  Director Ronald G. Geary           For       For        Management
1.4   Elect  Director Jay M. Gellert            For       For        Management
1.5   Elect  Director Robert D. Reed            For       For        Management
1.6   Elect  Director Sheli Z. Rosenberg        For       For        Management
1.7   Elect  Director James D. Shelton          For       For        Management
1.8   Elect  Director Thomas C. Theobald        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Eliminate the Board's Ability to grant    For       For        Management
      Waivers


- --------------------------------------------------------------------------------
VORNADO REALTY TRUST

Ticker:       VNO            Security ID:  929042109
Meeting Date: MAY 15, 2008   Meeting Type: Annual
Record Date:  MAR 14, 2008



#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
- ----- ----------------------------------------- --------- ---------- -----------
                                                         
1.1   Elect Trustee Anthony W. Deering          For       For        Management
1.2   Elect Trustee Michael Lynne               For       For        Management
1.3   Elect Trustee Robert H. Smith             For       For        Management
1.4   Elect Trustee Ronald G. Targan            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Trustees


========== 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
- ------------------------------------
President and Principal Executive
Officer -- Office of the Funds

Date August 28, 2008


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