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)


                           Stefanie V. Chang Yu, 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: 7/1/09 - 6/30/10


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

ICA File Number: 811-09117
Reporting Period: 07/01/2009 - 06/30/2010
Morgan Stanley Real Estate Fund









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


ACADIA REALTY TRUST

Ticker:       AKR            Security ID:  004239109
Meeting Date: MAY 10, 2010   Meeting Type: Annual
Record Date:  MAR 31, 2010

#     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 Lorrence T. Kellar       For       For          Management
1.4   Elect Director Wendy Luscombe           For       For          Management
1.5   Elect Director William T. Spitz         For       For          Management
1.6   Elect Director Lee S. Wielansky         For       For          Management
2     Ratify Auditors                         For       For          Management


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AMB PROPERTY CORPORATION

Ticker:       AMB            Security ID:  00163T109
Meeting Date: MAY 6, 2010    Meeting Type: Annual
Record Date:  MAR 3, 2010

#     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


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APARTMENT INVESTMENT AND MANAGEMENT COMPANY

Ticker:       AIV            Security ID:  03748R101
Meeting Date: APR 26, 2010   Meeting Type: Annual
Record Date:  FEB 26, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Elect Director James N. Bailey          For       For          Management
2     Elect Director Terry Considine          For       For          Management
3     Elect Director Richard S. Ellwood       For       For          Management
4     Elect Director Thomas L. Keltner        For       For          Management
5     Elect Director J. Landis Martin         For       For          Management
6     Elect Director Robert A. Miller         For       For          Management
7     Elect Director Kathleen M. Nelson       For       For          Management
8     Elect Director Michael A. Stein         For       For          Management
9     Ratify Auditors                         For       For          Management


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ASSISTED LIVING CONCEPTS, INC.

Ticker:       ALC            Security ID:  04544X300
Meeting Date: MAY 3, 2010    Meeting Type: Annual
Record Date:  MAR 10, 2010

#     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       Withhold     Management
1.4   Elect Director Derek H.L. Buntain       For       Withhold     Management
1.5   Elect Director David J. Hennigar        For       Withhold     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, MD      For       For          Management
1.9   Elect Director Michael J. Spector       For       For          Management
2     Ratify Auditors                         For       For          Management


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AVALONBAY COMMUNITIES, INC.

Ticker:       AVB            Security ID:  053484101
Meeting Date: MAY 19, 2010   Meeting Type: Annual
Record Date:  MAR 5, 2010

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


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BOSTON PROPERTIES, INC.

Ticker:       BXP            Security ID:  101121101
Meeting Date: MAY 18, 2010   Meeting Type: Annual
Record Date:  MAR 24, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Mortimer B. Zuckerman    For       For          Management
1.2   Elect Director Carol B. Einiger         For       For          Management
1.3   Elect Director Jacob A. Frenkel         For       For          Management
2     Declassify the Board of Directors and   For       For          Management
      Eliminate Plurality Voting Standard For
      Election of Directors
3     Ratify Auditors                         For       For          Management
4     Prepare a Sustainability Report         Against   Against      Shareholder
5     Require Independent Board Chairman      Against   Against      Shareholder


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BROOKFIELD PROPERTIES CORP.

Ticker:       BPO            Security ID:  112900105
Meeting Date: MAY 5, 2010    Meeting Type: Annual/Special
Record Date:  MAR 8, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Fix Number of Directors at Ten          For       For          Management
2.1   Elect Gordon E. Arnell as Director      For       For          Management
2.2   Elect William T. Cahill as Director     For       For          Management
2.3   Elect Richard B. Clark as Director      For       For          Management
2.4   Elect Jack L. Cockwell as Director      For       For          Management
2.5   Elect Roderick D. Fraser as Director    For       For          Management
2.6   Elect Paul D. McFarlane as Director     For       For          Management
2.7   Elect Allan S. Olson as Director        For       For          Management
2.8   Elect Robert L. Stelzl as Director      For       For          Management
2.9   Elect Diana L. Taylor as Director       For       For          Management
2.10  Elect John E. Zuccotti as Director      For       For          Management
3     Approve Deloitte & Touche LLP as        For       For          Management
      Auditors and Authorize Board to Fix
      Their Remuneration


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CAMDEN PROPERTY TRUST

Ticker:       CPT            Security ID:  133131102
Meeting Date: MAY 3, 2010    Meeting Type: Annual
Record Date:  MAR 12, 2010

#     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
1.10  Elect Director Kelvin R. Westbrook      For       For          Management
2     Ratify Auditors                         For       For          Management


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CAPITAL SENIOR LIVING CORPORATION

Ticker:       CSU            Security ID:  140475104
Meeting Date: JUN 16, 2010   Meeting Type: Annual
Record Date:  APR 19, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director James A. Moore           For       For          Management
1.2   Elect Director Philip A. Brooks         For       For          Management
1.3   Elect Director Ronald A. Malone         For       For          Management
2     Ratify Auditors                         For       For          Management
3     Adopt Shareholder Rights Plan (Poison   For       For          Management
      Pill)
4     Other Business                          For       Against      Management


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CARE INVESTMENT TRUST

Ticker:       CRE            Security ID:  141657106
Meeting Date: JAN 28, 2010   Meeting Type: Special
Record Date:  DEC 23, 2009

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Approve Plan of Liquidation             For       For          Management
2     Adjourn Meeting                         For       For          Management


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COLONY FINANCIAL INC

Ticker:       CLNY           Security ID:  19624R106
Meeting Date: MAY 27, 2010   Meeting Type: Annual
Record Date:  APR 7, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Thomas J. Barrack, Jr.   For       For          Management
1.2   Elect Director Richard B. Saltzman      For       For          Management
1.3   Elect Director George G.C. Parker       For       For          Management
1.4   Elect Director John A. Somers           For       For          Management
1.5   Elect Director John L. Steffens         For       For          Management


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COUSINS PROPERTIES INCORPORATED

Ticker:       CUZ            Security ID:  222795106
Meeting Date: MAY 4, 2010    Meeting Type: Annual
Record Date:  MAR 12, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Erskine B. Bowles        For       For          Management
1.2   Elect Director Tom G. Charlesworth      For       For          Management
1.3   Elect Director James D. Edwards         For       For          Management
1.4   Elect Director Lawrence L. Gellerstedt, For       For          Management
      III
1.5   Elect Director Lillian C. Giornelli     For       For          Management
1.6   Elect Director S. Taylor Glover         For       For          Management
1.7   Elect Director James H. Hance, Jr.      For       For          Management
1.8   Elect Director William B. Harrison, Jr. For       For          Management
1.9   Elect Director William Porter Payne     For       For          Management
2     Increase Authorized Common Stock        For       For          Management
3     Ratify Auditors                         For       For          Management


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CREXUS INVESTMENT CORP.

Ticker:       CXS            Security ID:  226553105
Meeting Date: MAY 27, 2010   Meeting Type: Annual
Record Date:  MAR 29, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Patrick Corcoran         For       For          Management
1.2   Elect Director Nancy Jo Kuenstner       For       For          Management
2     Ratify Auditors                         For       For          Management


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DCT INDUSTRIAL TRUST INC.

Ticker:       DCT            Security ID:  233153105
Meeting Date: MAY 6, 2010    Meeting Type: Annual
Record Date:  MAR 9, 2010

#     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 John C. O'Keefe          For       For          Management
1.8   Elect Director Bruce L. Warwick         For       For          Management
2     Amend Omnibus Stock Plan                For       For          Management
3     Ratify Auditors                         For       For          Management


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DIGITAL REALTY TRUST INC.

Ticker:       DLR            Security ID:  253868103
Meeting Date: APR 27, 2010   Meeting Type: Annual
Record Date:  MAR 8, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Richard A. Magnuson      For       For          Management
1.2   Elect Director Michael F. Foust         For       For          Management
1.3   Elect Director Laurence A. Chapman      For       For          Management
1.4   Elect Director Kathleen Earley          For       For          Management
1.5   Elect Director Ruann F. Ernst, Ph.D.    For       For          Management
1.6   Elect Director Dennis E. Singleton      For       For          Management
1.7   Elect Director Robert H. Zerbst         For       For          Management
2     Ratify Auditors                         For       For          Management


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DOUGLAS EMMETT, INC.

Ticker:       DEI            Security ID:  25960P109
Meeting Date: MAY 27, 2010   Meeting Type: Annual
Record Date:  APR 1, 2010

#     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       Withhold     Management
1.5   Elect Director Ghebre Selassie          For       For          Management
      Mehreteab
1.6   Elect Director Thomas E. O'Hern         For       For          Management
1.7   Elect Director Andrea Rich              For       Withhold     Management
1.8   Elect Director William Wilson III       For       For          Management
2     Ratify Auditors                         For       For          Management


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DUKE REALTY CORPORATION

Ticker:       DRE            Security ID:  264411505
Meeting Date: JUL 22, 2009   Meeting Type: Special
Record Date:  MAY 29, 2009

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


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DUKE REALTY CORPORATION

Ticker:       DRE            Security ID:  264411505
Meeting Date: APR 28, 2010   Meeting Type: Annual
Record Date:  MAR 1, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Elect Director Thomas J. Baltimore, Jr  For       For          Management
2     Elect Director Barrington H. Branch     For       For          Management
3     Elect Director Geoffrey A. Button       For       For          Management
4     Elect Director William Cavanaugh III    For       For          Management
5     Elect Director Ngaire E. Cuneo          For       For          Management
6     Elect Director Charles R. Eitel         For       For          Management
7     Elect Director Martin C. Jischke, PhD   For       For          Management
8     Elect Director Dennis D. Oklak          For       For          Management
9     Elect Director Jack R. Shaw             For       For          Management
10    Elect Director Lynn C. Thurber          For       For          Management
11    Elect Director Robert J. Woodward, Jr   For       For          Management
12    Ratify Auditors                         For       For          Management
13    Approve Stock Option Exchange Program   For       For          Management


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EQUITY LIFESTYLE PROPERTIES, INC.

Ticker:       ELS            Security ID:  29472R108
Meeting Date: MAY 11, 2010   Meeting Type: Annual
Record Date:  MAR 5, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Philip C. Calian         For       For          Management
1.2   Elect Director David J. Contis          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


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EQUITY RESIDENTIAL

Ticker:       EQR            Security ID:  29476L107
Meeting Date: JUN 16, 2010   Meeting Type: Annual
Record Date:  MAR 31, 2010

#     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 Linda Walker Bynoe        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 Mark S. Shapiro           For       For          Management
1.8   Elect Trustee Gerald A. Spector         For       For          Management
1.9   Elect Trustee B. Joseph White           For       For          Management
1.10  Elect Trustee Samuel Zell               For       For          Management
2     Ratify Auditors                         For       For          Management
3     Require a Majority Vote for the         Against   For          Shareholder
      Election of Trustees


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ESSEX PROPERTY TRUST, INC.

Ticker:       ESS            Security ID:  297178105
Meeting Date: MAY 18, 2010   Meeting Type: Annual
Record Date:  FEB 26, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Keith R. Guericke        For       For          Management
1.2   Elect Director Issie N. Rabinovitch     For       For          Management
1.3   Elect Director Thomas E. Randlett       For       For          Management
2     Ratify Auditors                         For       For          Management
3     Other Business                          For       Against      Management


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EXTENDICARE REAL ESTATE INVESTMENT TRUST

Ticker:       EXE.U          Security ID:  302251103
Meeting Date: MAY 6, 2010    Meeting Type: Annual
Record Date:  MAR 12, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Trustee Mel Rhinelander           For       For          Management
1.2   Elect Trustee John F. Angus             For       For          Management
1.3   Elect Trustee Howard Dean               For       For          Management
1.4   Elect Trustee George A. Fierheller      For       For          Management
1.5   Elect Trustee Seth B. Goldsmith         For       For          Management
1.6   Elect Trustee Benjamin J. Hutzel        For       For          Management
1.7   Elect Trustee Michael J.L. Kirby        For       Withhold     Management
1.8   Elect Trustee Alvin G. Libin            For       For          Management
1.9   Elect Trustee J. Thomas MacQuarrie      For       For          Management
1.10  Elect Trustee Timothy L. Lukenda        For       For          Management
2     Ratify KPMG LLP as Auditors             For       For          Management


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FEDERAL REALTY INVESTMENT TRUST

Ticker:       FRT            Security ID:  313747206
Meeting Date: MAY 4, 2010    Meeting Type: Annual
Record Date:  MAR 17, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Jon E. Bortz             For       For          Management
1.2   Elect Director David W. Faeder          For       For          Management
1.3   Elect Director Kristin Gamble           For       For          Management
2     Ratify Auditors                         For       For          Management
3     Approve Omnibus Stock Plan              For       For          Management
4     Prepare Sustainability Report           Against   Against      Shareholder


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FOREST CITY ENTERPRISES, INC.

Ticker:       FCE.A          Security ID:  345550107
Meeting Date: JUN 16, 2010   Meeting Type: Annual
Record Date:  APR 21, 2010

#     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       Withhold     Management
1.4   Elect Director Stan Ross                For       For          Management
2     Increase Authorized Common Stock        For       For          Management
3     Increase Authorized Preferred Stock     For       For          Management
4     Permit Board to Amend Bylaws Without    For       For          Management
      Shareholder Consent
5     Amend Omnibus Stock Plan                For       For          Management
6     Ratify Auditors                         For       For          Management


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GLOBAL BRANDS ACQUISITION CORP

Ticker:       GQN.U          Security ID:  378982102
Meeting Date: DEC 4, 2009    Meeting Type: Special
Record Date:  NOV 18, 2009

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Amend Certificate of Incorporation to   For       For          Management
      Permit Continuance of Existence until
      February 28, 2010
2     Amend Certificate of Incorporation to   For       For          Management
      Allow Holders of IPO Shares to Convert
      Shares
3     If you vote FOR Proposal 2  and wish to None      Abstain      Management
      Exercise your Conversion Rights, you
      should vote FOR this proposal and
      follow the instructions in the
      company's filing with the SEC
4     Amend Trust Agreement to Permit Removal For       For          Management
      of Funds from Trust Account
5     Amend Trust Agreement to Extend         For       For          Management
      Liquidation Date to February 28, 2010
6     Amend Trust Agreement to Permit         For       For          Management
      Withdrawls from Trust Account
7     Adjourn Meeting                         For       For          Management


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HCP, INC.

Ticker:       HCP            Security ID:  40414L109
Meeting Date: APR 22, 2010   Meeting Type: Annual
Record Date:  MAR 2, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director James F. Flaherty III    For       For          Management
1.2   Elect Director Christine N. Garvey      For       For          Management
1.3   Elect Director David B. Henry           For       For          Management
1.4   Elect Director Lauralee E. Martin       For       For          Management
1.5   Elect Director Michael D. Mckee         For       For          Management
1.6   Elect Director Harold M. Messmer, Jr.   For       For          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     Require a Majority Vote for the         Against   For          Shareholder
      Election of Directors


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HEALTHCARE REALTY TRUST, INCORPORATED

Ticker:       HR             Security ID:  421946104
Meeting Date: MAY 18, 2010   Meeting Type: Annual
Record Date:  MAR 18, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Edwin B. Morris, III     For       For          Management
1.2   Elect Director John Knox Singleton      For       For          Management
1.3   Elect Director Roger O. West            For       For          Management
2     Ratify Auditors                         For       For          Management


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HOST HOTELS & RESORTS, INC.

Ticker:       HST            Security ID:  44107P104
Meeting Date: MAY 6, 2010    Meeting Type: Annual
Record Date:  MAR 9, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Elect Director Roberts M. Baylis        For       For          Management
1.2   Elect Director Willard W. Brittain, Jr. For       For          Management
3     Elect Director Terence C. Golden        For       For          Management
4     Elect Director Ann McLaughlin Korologos For       For          Management
5     Elect Director Richard E. Marriott      For       For          Management
6     Elect Director John B. Morse, Jr.       For       For          Management
7     Elect Director Gordon H. Smith          For       For          Management
8     Elect Director W. Edward Walter         For       For          Management
9     Ratify Auditors                         For       For          Management


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KILROY REALTY CORPORATION

Ticker:       KRC            Security ID:  49427F108
Meeting Date: MAY 20, 2010   Meeting Type: Annual
Record Date:  MAR 19, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director John B. Kilroy, Sr.      For       For          Management
1.2   Elect Director John B. Kilroy, Jr.      For       For          Management
1.3   Elect Director Edward F. Brennan        For       Withhold     Management
1.4   Elect Director William P. Dickey        For       For          Management
1.5   Elect Director Scott S. Ingraham        For       For          Management
1.6   Elect Director Dale F. Kinsella         For       For          Management
2     Amend Omnibus Stock Plan                For       Against      Management


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KITE REALTY GROUP TRUST

Ticker:       KRG            Security ID:  49803T102
Meeting Date: MAY 4, 2010    Meeting Type: Annual
Record Date:  MAR 15, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director John A. Kite             For       For          Management
1.2   Elect Director William E. Bindley       For       For          Management
1.3   Elect Director Dr. Richard A. Cosier    For       For          Management
1.4   Elect Director Eugene Golub             For       For          Management
1.5   Elect Director Gerald L. Moss           For       For          Management
1.6   Elect Director Michael L. Smith         For       For          Management
1.7   Elect Director Darell E. Zink, Jr.      For       For          Management
2     Ratify Auditors                         For       For          Management


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LIBERTY PROPERTY TRUST

Ticker:       LRY            Security ID:  531172104
Meeting Date: MAY 20, 2010   Meeting Type: Annual
Record Date:  MAR 19, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Trustee J. Anthony Hayden         For       For          Management
1.2   Elect Trustee M. Leanne Lachman         For       For          Management
1.3   Elect Trustee Stephen D. Steinour       For       For          Management
2     Declassify the Board of Trustees        For       For          Management
3     Ratify Auditors                         For       For          Management


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MACERICH COMPANY, THE

Ticker:       MAC            Security ID:  554382101
Meeting Date: MAY 27, 2010   Meeting Type: Annual
Record Date:  MAR 15, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Elect Director Arthur M. Coppola        For       For          Management
2     Elect Director Edward C. Coppola        For       For          Management
3     Elect Director James S. Cownie          For       For          Management
4     Elect Director Fred S. Hubbell          For       For          Management
5     Elect Director Mason G. Ross            For       For          Management
6     Elect Director Dr. William P. Sexton    For       For          Management
7     Ratify Auditors                         For       For          Management


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MACK-CALI REALTY CORPORATION

Ticker:       CLI            Security ID:  554489104
Meeting Date: MAY 25, 2010   Meeting Type: Annual
Record Date:  APR 8, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Alan S. Bernikow         For       For          Management
1.2   Elect Director Kenneth M. Duberstein    For       Withhold     Management
1.3   Elect Director Vincent Tese             For       Withhold     Management
1.4   Elect Director Roy J. Zuckerberg        For       For          Management
2     Ratify Auditors                         For       For          Management


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MORGANS HOTEL GROUP CO.

Ticker:       MHGC           Security ID:  61748W108
Meeting Date: MAY 19, 2010   Meeting Type: Annual
Record Date:  MAR 26, 2010

#     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 Marc Gordon              For       For          Management
1.4   Elect Director Michael Gross            For       For          Management
1.5   Elect Director David T. Hamamoto        For       For          Management
1.6   Elect Director Thomas L. Harrison       For       For          Management
1.7   Elect Director Fred J. Kleisner         For       For          Management
1.8   Elect Director Edwin L. Knetzger, III   For       For          Management
1.9   Elect Director Michael D. Malone        For       For          Management
2     Ratify Auditors                         For       For          Management


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MORGANS HOTEL GROUP COMPANY

Ticker:       MHGC           Security ID:  61748W108
Meeting Date: JAN 28, 2010   Meeting Type: Special
Record Date:  DEC 11, 2009

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Approve Conversion of Securities        For       For          Management
2     Amend Omnibus Stock Plan                For       For          Management
3     Adjourn Meeting                         For       For          Management


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

NATIONWIDE HEALTH PROPERTIES, INC.

Ticker:       NHP            Security ID:  638620104
Meeting Date: MAY 4, 2010    Meeting Type: Annual
Record Date:  MAR 17, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director David R. Banks           For       For          Management
1.2   Elect Director Douglas M. Pasquale      For       For          Management
1.3   Elect Director Robert D. Paulson        For       For          Management
2     Ratify Auditors                         For       For          Management
3     Amend Omnibus Stock Plan                For       For          Management


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

PEBBLEBROOK HOTEL TRUST

Ticker:       PEB            Security ID:  70509V100
Meeting Date: MAY 21, 2010   Meeting Type: Annual
Record Date:  MAR 22, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Jon E. Bortz             For       For          Management
1.2   Elect Director Cydney C. Donnell        For       For          Management
1.3   Elect Director Ron E. Jackson           For       For          Management
1.4   Elect Director Martin H. Nesbitt        For       For          Management
1.5   Elect Director Michael J. Schall        For       For          Management
1.6   Elect Director Earl E. Webb             For       For          Management
1.7   Elect Director Laura H. Wright          For       For          Management
2     Ratify Auditors                         For       For          Management


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

PLUM CREEK TIMBER COMPANY, INC.

Ticker:       PCL            Security ID:  729251108
Meeting Date: MAY 4, 2010    Meeting Type: Annual
Record Date:  MAR 10, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Rick R. Holley           For       For          Management
1.2   Elect Director Robin Josephs            For       For          Management
1.3   Elect Director John G. McDonald         For       For          Management
1.4   Elect Director  Robert B. McLeod        For       For          Management
1.5   Elect Director John F. Morgan, Sr.      For       For          Management
1.6   Elect Director Marc F. Racicot          For       For          Management
1.7   Elect Director John H. Scully           For       For          Management
1.8   Elect Director  Stephen C. Tobias       For       For          Management
1.9   Elect Director Martin A. White          For       For          Management
2     Ratify Auditors                         For       For          Management
3     Amend Vote Requirements to Amend        Against   Against      Shareholder
      Articles/Bylaws/Charter


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

POST PROPERTIES, INC.

Ticker:       PPS            Security ID:  737464107
Meeting Date: MAY 19, 2010   Meeting Type: Annual
Record Date:  MAR 22, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Robert C. Goddard, III   For       Withhold     Management
1.2   Elect Director Douglas Crocker, II      For       Withhold     Management
1.3   Elect Director David P. Stockert        For       Withhold     Management
1.4   Elect Director Herschel M. Bloom        For       Withhold     Management
1.5   Elect Director Walter M. Deriso, Jr.    For       Withhold     Management
1.6   Elect Director Russell R. French        For       Withhold     Management
1.7   Elect Director Dale Anne Reiss          For       Withhold     Management
1.8   Elect Director Stella F. Thayer         For       Withhold     Management
1.9   Elect Director Ronald de Waal           For       Withhold     Management
2     Ratify Auditors                         For       For          Management


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

PS BUSINESS PARKS, INC.

Ticker:       PSB            Security ID:  69360J107
Meeting Date: MAY 3, 2010    Meeting Type: Annual
Record Date:  MAR 10, 2010

#     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 Jennifer H. Dunbar       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 Harvey Lenkin            For       For          Management
1.8   Elect Director Sara Grootwassink Lewis  For       For          Management
1.9   Elect Director Michael V. McGee         For       For          Management
2     Ratify Auditors                         For       For          Management


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

PUBLIC STORAGE

Ticker:       PSA            Security ID:  74460D109
Meeting Date: MAY 6, 2010    Meeting Type: Annual
Record Date:  MAR 10, 2010

#     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 Dann V. Angeloff         For       For          Management
1.4   Elect Director William C. Baker         For       For          Management
1.5   Elect Director John T. Evans            For       For          Management
1.6   Elect Director Tamara Hughes Gustavson  For       For          Management
1.7   Elect Director Uri P. Harkham           For       For          Management
1.8   Elect Director B. Wayne Hughes, Jr.     For       For          Management
1.9   Elect Director Harvey Lenkin            For       For          Management
1.10  Elect Director Avedick B. Poladian      For       For          Management
1.11  Elect Director Gary E. Pruitt           For       For          Management
1.12  Elect Director Ronald P. Spogli         For       For          Management
1.13  Elect Director Daniel C. Staton         For       For          Management
2     Ratify Auditors                         For       For          Management


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

RAYONIER INC.

Ticker:       RYN            Security ID:  754907103
Meeting Date: MAY 20, 2010   Meeting Type: Annual
Record Date:  MAR 22, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Elect Director C. David Brown, II       For       For          Management
2     Elect Director John E. Bush             For       For          Management
3     Elect Director Lee M. Thomas            For       For          Management
4     Elect Director Paul G. Kirk, Jr.        For       For          Management
5     Increase Authorized Common Stock        For       For          Management
6     Amend Omnibus Stock Plan                For       For          Management
7     Ratify Auditors                         For       For          Management


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

REGENCY CENTERS CORPORATION

Ticker:       REG            Security ID:  758849103
Meeting Date: MAY 4, 2010    Meeting Type: Annual
Record Date:  FEB 23, 2010

#     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             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 Brian M. Smith           For       For          Management
1.11  Elect Director Thomas G. Wattles        For       For          Management
2     Ratify Auditors                         For       For          Management


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

RETAIL OPPORTUNITY INVESTMENTS CORP

Ticker:       ROIC           Security ID:  62941R102
Meeting Date: OCT 20, 2009   Meeting Type: Special
Record Date:  SEP 24, 2009

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Amend Certificate of Incorporation to   For       For          Management
      Change Certain Provisions Related to
      Business Combination
2     Approve SPAC Transaction                For       For          Management
3     If you vote FOR Proposal 2 you should   For       For          Management
      also vote FOR this proposal. If you
      voted AGAINST Proposal 2 and wish to
      Exercise your Conversion Rights, you
      should vote AGAINST this proposal and
      follow the instructions in the
      company's filing with the SEC
4     Amend Charter to Provide for Perpetual  For       For          Management
      Existence
5     Amend Charter to Eliminate Special      For       For          Management
      Purpose Acquisition Provisions
6     Change Company Name                     For       For          Management
7     Approve Stock Ownership Limitations and For       For          Management
      Securities Transfer Restrictions
8     Amend Charter to Allow Board to Make    For       For          Management
      Exceptions to REIT Ownership
      Limitations and Transfer Restrictions
9     Amend Charter to Allow for Automatic    For       For          Management
      Transfer to Trust or Optional
      Redemption of Shares in Certain
      Circumstances
10    Increase Authorized Common Stock        For       For          Management
11    Declassify the Board of Directors       For       For          Management
12    Approve Omnibus Stock Plan              For       Against      Management
13    Adjourn Meeting                         For       For          Management
14    Amend Charter to Extend Company         For       For          Management
      Existence Termination date from October
      23, 2009 to December 4, 2009


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

RETAIL OPPORTUNITY INVESTMENTS CORP.

Ticker:       ROIC           Security ID:  76131N101
Meeting Date: MAY 6, 2010    Meeting Type: Annual
Record Date:  MAR 26, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director  Melvin S. Adess         For       For          Management
1.2   Elect Director Richard A. Baker         For       For          Management
1.3   Elect Director Robert C. Baker          For       For          Management
1.4   Elect Director Michael J. Indiveri      For       For          Management
1.5   Elect Director William L. Mack          For       For          Management
1.6   Elect Director Edward H. Meyer          For       For          Management
1.7   Elect Director Lee S. Neibart           For       For          Management
1.8   Elect Director Charles J. Persico       For       For          Management
1.9   Elect Director Laura H. Pomerantz       For       For          Management
1.10  Elect Director Stuart A. Tanz           For       For          Management
1.11  Elect Director Vincent S. Tese          For       Withhold     Management
2     Ratify Auditors                         For       For          Management


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

SENIOR HOUSING PROPERTIES TRUST

Ticker:       SNH            Security ID:  81721M109
Meeting Date: MAY 12, 2010   Meeting Type: Annual
Record Date:  FEB 21, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Trustee John L. Harrington        For       For          Management
1.2   Elect Trustee Mr. Adam Portnoy          For       For          Management
2     Ratify Auditors                         For       For          Management


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

SIMON PROPERTY GROUP, INC.

Ticker:       SPG            Security ID:  828806109
Meeting Date: MAY 6, 2010    Meeting Type: Annual
Record Date:  MAR 8, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1     Elect Director Melvyn E. Bergstein      For       For          Management
2     Elect Director Linda Walker Bynoe       For       For          Management
3     Elect Director Larry C. Glasscock       For       For          Management
4     Elect Director Karen N. Horn, PhD       For       For          Management
5     Elect Director Allan Hubbard            For       For          Management
6     Elect Director Reuben S. Leibowitz      For       For          Management
7     Elect Director Daniel C. Smith, PhD     For       For          Management
8     Elect Director J. Albert Smith, Jr.     For       For          Management
9     Ratify Auditors                         For       For          Management


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

SOVRAN SELF STORAGE, INC.

Ticker:       SSS            Security ID:  84610H108
Meeting Date: MAY 26, 2010   Meeting Type: Annual
Record Date:  MAR 24, 2010

#     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 Anthony P. Gammie        For       For          Management
1.5   Elect Director Charles E. Lannon        For       For          Management
1.6   Elect Director James R. Boldt           For       For          Management
2     Ratify Auditors                         For       For          Management


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

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Ticker:       HOT            Security ID:  85590A401
Meeting Date: MAY 13, 2010   Meeting Type: Annual
Record Date:  MAR 17, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Adam M. Aron             For       For          Management
1.2   Elect Director Charlene Barshefsky      For       For          Management
1.3   Elect Director Thomas E. Clarke         For       For          Management
1.4   Elect Director Clayton C. Daley, Jr.    For       For          Management
1.5   Elect Director Bruce W. Duncan          For       For          Management
1.6   Elect Director Lizanne Galbreath        For       For          Management
1.7   Elect Director Eric Hippeau             For       For          Management
1.8   Elect Director Stephen R. Quazzo        For       For          Management
1.9   Elect Director Thomas O. Ryder          For       For          Management
1.10  Elect Director Frits van Paasschen      For       For          Management
1.11  Elect Director Kneeland C. Youngblood   For       For          Management
2     Ratify Auditors                         For       For          Management
3     Amend Executive Incentive Bonus Plan    For       For          Management


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

STARWOOD PROPERTY TRUST, INC.

Ticker:       STWD           Security ID:  85571B105
Meeting Date: MAY 6, 2010    Meeting Type: Annual
Record Date:  MAR 19, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Richard D. Bronson       For       For          Management
1.2   Elect Director Jeffrey F. DiModica      For       For          Management
1.3   Elect Director Jeffrey D. Dishner       For       For          Management
1.4   Elect Director Camille J. Douglas       For       For          Management
1.5   Elect Director Ellis F. Rinaldi         For       For          Management
1.6   Elect Director Barry S. Sternlicht      For       For          Management
1.7   Elect Director Strauss Zelnick          For       For          Management
2     Ratify Auditors                         For       For          Management


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

TAUBMAN CENTERS, INC.

Ticker:       TCO            Security ID:  876664103
Meeting Date: MAY 21, 2010   Meeting Type: Annual
Record Date:  MAR 24, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Jerome A. Chazen         For       For          Management
1.2   Elect Director Craig M. Hatkoff         For       For          Management
1.3   Elect Director Ronald W. Tysoe          For       For          Management
2     Ratify Auditors                         For       For          Management
3     Amend Omnibus Stock Plan                For       For          Management


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

VENTAS, INC.

Ticker:       VTR            Security ID:  92276F100
Meeting Date: APR 30, 2010   Meeting Type: Annual
Record Date:  MAR 8, 2010

#     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     Require a Majority Vote for the         Against   For          Shareholder
      Election of Directors


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

VORNADO REALTY TRUST

Ticker:       VNO            Security ID:  929042109
Meeting Date: MAY 13, 2010   Meeting Type: Annual
Record Date:  MAR 15, 2010

#     Proposal                                Mgt Rec   Vote Cast    Sponsor
1.1   Elect Director Candace K. Beinecke      For       Withhold     Management
1.2   Elect Director Robert P. Kogod          For       For          Management
1.3   Elect Director David Mandelbaum         For       Withhold     Management
1.4   Elect Director Richard R. West          For       For          Management
2     Ratify Auditors                         For       For          Management
3     Approve Omnibus Stock Plan              For       For          Management
4     Require a Majority Vote for the         Against   For          Shareholder
      Election of Directors
5     Require Independent Board Chairman      Against   Against      Shareholder
6     Declassify the Board of Directors       Against   For          Shareholder

========== 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/ Randy Takian
                          -----------------------------------------
                          Randy Takian
                          President and Principal Executive Officer

Date August 25, 2010

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