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 811-07683

                        Morgan Stanley Special Value 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: 7/31

Date of reporting period: 7/1/06 - 6/30/07



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

ICA File Number: 811-07683
Reporting Period: 07/01/2006 - 06/30/2007
Morgan Stanley Special Value Fund









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


AAR CORP.

Ticker:       AIR            Security ID:  000361105
Meeting Date: OCT 18, 2006   Meeting Type: Annual
Record Date:  AUG 21, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael R. Boyce           For       For        Management
1.2   Elect Director James G. Brocksmith, Jr.   For       For        Management
1.3   Elect Director David P. Storch            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


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ACCO BRANDS CORPORATION

Ticker:       ABD            Security ID:  00081T108
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gordon R. Lohman           For       For        Management
1.2   Elect Director Patricia O. Ewers          For       For        Management
1.3   Elect Director George V. Bayly            For       For        Management
2     Ratify Auditors                           For       For        Management


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ACUITY BRANDS, INC.

Ticker:       AYI            Security ID:  00508Y102
Meeting Date: JAN 11, 2007   Meeting Type: Annual
Record Date:  NOV 13, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Vernon J. Nagel            For       For        Management
1.2   Elect Director John L. Clendenin          For       For        Management
1.3   Elect Director Julia B. North             For       For        Management
2     Ratify Auditors                           For       For        Management


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ADTRAN, INC.

Ticker:       ADTN           Security ID:  00738A106
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mark C. Smith              For       For        Management
1.2   Elect Director Thomas R. Stanton          For       For        Management
1.3   Elect Director H. Fenwick Huss            For       For        Management
1.4   Elect Director William L. Marks           For       For        Management
1.5   Elect Director James E. Matthews          For       For        Management
1.6   Elect Director Balan Nair                 For       For        Management
1.7   Elect Director Roy J. Nichols             For       For        Management
2     Ratify Auditors                           For       For        Management


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ADVO, INC.

Ticker:       AD             Security ID:  007585102
Meeting Date: SEP 13, 2006   Meeting Type: Special
Record Date:  AUG 4, 2006

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


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AERCAP HOLDINGS N.V.

Ticker:       AER            Security ID:  N00985106
Meeting Date: MAY 11, 2007   Meeting Type: Annual
Record Date:  APR 10, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ADOPTION OF THE ANNUAL ACCOUNTS FOR THE   For       For        Management
      FINANCIAL YEAR 2006.
2     DISCHARGE OF THE DIRECTORS (LEDEN RAAD    For       For        Management
      VAN BESTUUR) IN RESPECT OF THEIR
      MANAGEMENT DURING FISCAL YEAR 2006.
3     CONFIRMATION (BEVESTIGING) TERM OF        For       For        Management
      APPOINTMENT OF THE DIRECTORS.
4     DESIGNATION OF MR. KEITH A. HELMING, AS   For       For        Management
      THE PERSON REFERRED TO IN ARTICLE 16,
      PARAGRAPH 8 OF THE ARTICLES OF
      ASSOCIATION OF THE COMPANY.
5     APPOINTMENT OF PRICEWATERHOUSECOOPERS     For       For        Management
      ACCOUNTANTS N.V. AS THE REGISTERED
      ACCOUNTANTS OF THE COMPANY.
6     AUTHORIZATION BOARD OF DIRECTORS TO       For       For        Management
      REPURCHASE SHARES.
7     AMENDMENT OF ARTICLES OF ASSOCIATION OF   For       For        Management
      THE COMPANY AND DESIGNATION OF EACH OF
      THE COMPANY S DIRECTORS AND EACH LAWYER
      WORKING AT NAUTADUTILH N.V. TO IMPLEMENT
      THE AMENDMENT.


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AFC ENTERPRISES, INC.

Ticker:       AFCE           Security ID:  00104Q107
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  APR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Victor Arias, Jr.          For       For        Management
1.2   Elect Director Cheryl A. Bachelder        For       For        Management
1.3   Elect Director Frank J. Belatti           For       For        Management
1.4   Elect Director Carolyn Hogan Byrd         For       For        Management
1.5   Elect Director John M. Cranor, III        For       For        Management
1.6   Elect Director John F. Hoffner            For       For        Management
1.7   Elect Director R. William Ide, III        For       For        Management
1.8   Elect Director Kelvin J. Pennington       For       For        Management
2     Report on Feasibility of Improving Animal Against   Against    Shareholder
      Welfare Standards


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AGL RESOURCES INC.

Ticker:       ATG            Security ID:  001204106
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas D. Bell, Jr.        For       For        Management
1.2   Elect Director Michael J. Durham          For       For        Management
1.3   Elect Director Charles H. Mctier          For       For        Management
1.4   Elect Director Dean R. O'Hare             For       For        Management
1.5   Elect Director D. Raymond Riddle          For       For        Management
1.6   Elect Director Felker W. Ward, Jr.        For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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ALABAMA NATIONAL BANCORPORATION

Ticker:       ALAB           Security ID:  010317105
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

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


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ALBANY INTERNATIONAL CORP.

Ticker:       AIN            Security ID:  012348108
Meeting Date: APR 13, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank R. Schmeler          For       For        Management
1.2   Elect Director Joseph G. Morone           For       For        Management
1.3   Elect Director Thomas R. Beecher, Jr.     For       For        Management
1.4   Elect Director Christine L. Standish      For       For        Management
1.5   Elect Director Erland E. Kailbourne       For       For        Management
1.6   Elect Director John C. Standish           For       For        Management
1.7   Elect Director Juhani Pakkala             For       For        Management
1.8   Elect Director Paula H.J. Cholmondeley    For       For        Management
1.9   Elect Director John F. Cassidy, Jr.       For       For        Management
1.10  Elect Director Edgar G. Hotard            For       For        Management


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AMTRUST FINANCIAL SERVICES INC

Ticker:       AFSI           Security ID:  032359309
Meeting Date: JUN 14, 2007   Meeting Type: Annual
Record Date:  APR 24, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Barry D. Zyskind           For       For        Management
1.2   Elect Director Michael Karfunkel          For       For        Management
1.3   Elect Director George Karfunkel           For       For        Management
1.4   Elect Director Donald T. DeCarlo          For       For        Management
1.5   Elect Director Abraham Gulkowitz          For       For        Management
1.6   Elect Director Isaac M. Neuberger         For       For        Management
1.7   Elect Director Jay J. Miller              For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Ratify Auditors                           For       For        Management


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ANTHRACITE CAPITAL, INC.

Ticker:       AHR            Security ID:  037023108
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Donald G. Drapkin          For       For        Management
1.2   Elect Director Carl F. Geuther            For       For        Management
1.3   Elect Director John B. Levy               For       For        Management
2     Ratify Auditors                           For       For        Management


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APRIA HEALTHCARE GROUP, INC.

Ticker:       AHG            Security ID:  037933108
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Vicente Anido, Jr.         For       For        Management
1.2   Elect Director Terry P. Bayer             For       For        Management
1.3   Elect Director I.T. Corley                For       For        Management
1.4   Elect Director David L. Goldsmith         For       For        Management
1.5   Elect Director Lawrence M. Higby          For       For        Management
1.6   Elect Director Richard H. Koppes          For       For        Management
1.7   Elect Director Philip R. Lochner, Jr.     For       For        Management
1.8   Elect Director Norman C. Payson, M.D.     For       For        Management
1.9   Elect Director Mahvash Yazdi              For       For        Management
2     Ratify Auditors                           For       For        Management


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AVISTA CORPORATION

Ticker:       AVA            Security ID:  05379B107
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Eric J. Anderson           For       For        Management
1.2   Elect Director Kristianne Blake           For       For        Management
1.3   Elect Director Jack W. Gustavel           For       For        Management
1.4   Elect Director Michael L. Noel            For       For        Management
1.5   Elect Director Scott L. Morris            For       For        Management
2     Declassify the Board of Directors         None      For        Management
3     Ratify Auditors                           For       For        Management


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BELDEN CDT INC

Ticker:       BDC            Security ID:  077454106
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  APR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David Aldrich              For       For        Management
1.2   Elect Director Lorne D. Bain              For       For        Management
1.3   Elect Director Lance C. Balk              For       For        Management
1.4   Elect Director Bryan C. Cressey           For       For        Management
1.5   Elect Director Michael F.O. Harris        For       For        Management
1.6   Elect Director Glenn Kalnasy              For       For        Management
1.7   Elect Director John M. Monter             For       For        Management
1.8   Elect Director Bernard G. Rethore         For       For        Management
1.9   Elect Director John S. Stroup             For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


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BIO-RAD LABORATORIES, INC.

Ticker:       BIO            Security ID:  090572207
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Louis Drapeau              For       For        Management
1.2   Elect Director Albert J. Hillman          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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BRINKS COMPANY, THE

Ticker:       BCO            Security ID:  109696104
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James R. Barker            For       For        Management
1.2   Elect Director Thomas R. Hudson Jr.       For       For        Management
1.3   Elect Director Murray D. Martin           For       For        Management
1.4   Elect Director Timothy Smart              For       For        Management
1.5   Elect Director Ronald L. Turner           For       For        Management
2     Ratify Auditors                           For       For        Management


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CELLCOM ISRAEL LTD

Ticker:       CEL            Security ID:  M2196U109
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  APR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ELECTION OF DIRECTOR: AMI EREL            For       For        Management
2     ELECTION OF DIRECTOR: SHAY LIVNAT         For       For        Management
3     ELECTION OF DIRECTOR: RAANAN COHEN        For       For        Management
4     ELECTION OF DIRECTOR: OREN LIEDER         For       For        Management
5     ELECTION OF DIRECTOR: AVRAHAM BIGGER      For       For        Management
6     ELECTION OF DIRECTOR: RAFI BISKER         For       For        Management
7     ELECTION OF DIRECTOR: SHLOMO WAXE         For       For        Management
8     ELECTION OF EXTERNAL DIRECTOR: RONIT      For       For        Management
      BAYTEL
9     ELECTION OF EXTERNAL DIRECTOR: JOSEPH     For       For        Management
      BARNEA
10    APPROVAL OF FEES TO BE PAID TO EXTERNAL   For       For        Management
      DIRECTORS.
11    APPROVAL OF LIABILITY INSURANCE COVERING  For       For        Management
      DIRECTORS.
12    Ratify Auditors                           For       For        Management
13    IF SHAREHOLDER MARKS YES OR DOES NOT      None      Against    Management
      CHECK OFF A BOX IN AGENDA ITEM #6 ENTIRE
      PROXY IS NOT COUNTED. PLEASE MARK THE YES
      BOX IF YOU VOTE  FOR  AND THE NO BOX FOR
      AGAINST .


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CENTRAL GARDEN & PET CO.

Ticker:       CENT           Security ID:  153527106
Meeting Date: SEP 28, 2006   Meeting Type: Special
Record Date:  AUG 21, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Authorize a New Class of Common Stock     For       Against    Management


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CENTRAL GARDEN & PET CO.

Ticker:       CENT           Security ID:  153527106
Meeting Date: FEB 12, 2007   Meeting Type: Annual
Record Date:  DEC 15, 2006

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


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CENVEO INC

Ticker:       CVO            Security ID:  15670S105
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert G. Burton, Sr.      For       For        Management
1.2   Elect Director Patrice M. Daniels         For       For        Management
1.3   Elect Director Leonard C. Green           For       For        Management
1.4   Elect Director Mark J. Griffin            For       For        Management
1.5   Elect Director Robert T. Kittel           For       For        Management
1.6   Elect Director Robert B. Obernier         For       For        Management
1.7   Elect Director Thomas W. Oliva            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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CIRCOR INTERNATIONAL, INC.

Ticker:       CIR            Security ID:  17273K109
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 14, 2007

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


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CONSECO, INC.

Ticker:       CNO            Security ID:  208464883
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  APR 4, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Donna A. James             For       For        Management
1.2   Elect Director Debra J. Perry             For       For        Management
1.3   Elect Director C. James Prieur            For       For        Management
1.4   Elect Director Philip R. Roberts          For       For        Management
1.5   Elect Director Michael T. Tokarz          For       For        Management
1.6   Elect Director R. Glenn Hilliard          For       For        Management
1.7   Elect Director Neal C. Schneider          For       For        Management
1.8   Elect Director Michael S. Shannon         For       For        Management
1.9   Elect Director John G. Turner             For       For        Management
1.10  Elect Director Doreen A. Wright           For       For        Management
2     Ratify Auditors                           For       For        Management


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CORN PRODUCTS INTERNATIONAL, INC.

Ticker:       CPO            Security ID:  219023108
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

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


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CYTEC INDUSTRIES INC.

Ticker:       CYT            Security ID:  232820100
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Chris A. Davis             For       For        Management
1.2   Elect Director Louis L. Hoynes, Jr.       For       For        Management
1.3   Elect Director William P. Powell          For       For        Management
2     Ratify Auditors                           For       For        Management


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DAYTON SUPERIOR CORP.

Ticker:       DSUP           Security ID:  240028308
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  APR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephen Berger             For       For        Management
1.2   Elect Director William F. Hopkins         For       For        Management
2     Amend Stock Option Plan                   For       For        Management


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DELTA & PINE LAND COMPANY

Ticker:       DLP            Security ID:  247357106
Meeting Date: DEC 21, 2006   Meeting Type: Special
Record Date:  OCT 23, 2006

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


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DENBURY RESOURCES INC.

Ticker:       DNR            Security ID:  247916208
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

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


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DENNY'S CORPORATION

Ticker:       DENN           Security ID:  24869P104
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 27, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Vera K. Farris             For       For        Management
2     Elect Director Brenda J. Lauderback       For       For        Management
3     Elect Director Nelson J. Marchioli        For       For        Management
4     Elect Director Robert E. Marks            For       For        Management
5     Elect Director Michael Montelongo         For       For        Management
6     Elect Director Henry J. Nasella           For       For        Management
7     Elect Director Donald R. Shepherd         For       For        Management
8     Elect Director Debra Smithart-Oglesby     For       For        Management
9     Ratify Auditors                           For       For        Management
10    Report on Animal Welfare                  Against   Against    Shareholder


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DRS TECHNOLOGIES, INC.

Ticker:       DRS            Security ID:  23330X100
Meeting Date: AUG 3, 2006    Meeting Type: Annual
Record Date:  JUN 23, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ira Albom                  For       For        Management
1.2   Elect Director Mark N. Kaplan             For       Withhold   Management
1.3   Elect Director D.J. Reimer, USA           For       For        Management
1.4   Elect Director C.G. Boyd, USAF            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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EMPLOYERS HOLDINGS INC.

Ticker:       EIG            Security ID:  292218104
Meeting Date: MAY 31, 2007   Meeting Type: Annual
Record Date:  APR 4, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Rose E. Mckinney-James     For       For        Management
1.2   Elect Director John P. Sande, III         For       For        Management
1.3   Elect Director Martin J. Welch            For       For        Management
2     Ratify Auditors                           For       For        Management


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FIRST NIAGARA FINANCIAL GROUP, INC.

Ticker:       FNFG           Security ID:  33582V108
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas E. Baker            For       For        Management
1.2   Elect Director Daniel W. Judge            For       For        Management
1.3   Elect Director John R. Koelmel            For       For        Management
1.4   Elect Director George M. Philip           For       For        Management
1.5   Elect Director Louise Woerner             For       For        Management
2     Ratify Auditors                           For       For        Management


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FTI CONSULTING, INC.

Ticker:       FCN            Security ID:  302941109
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Brenda J. Bacon            For       For        Management
1.2   Elect Director James W. Crownover         For       For        Management
1.3   Elect Director Dennis J. Shaughnessy      For       For        Management
1.4   Elect Director George P. Stamas           For       For        Management
2     Ratify Auditors                           For       For        Management


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G&K SERVICES, INC.

Ticker:       GKSR           Security ID:  361268105
Meeting Date: NOV 16, 2006   Meeting Type: Annual
Record Date:  SEP 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Richard L. Marcantonio     For       For        Management
1.2   Elect Director Paul Baszucki              For       For        Management
1.3   Elect Director Alice M. Richter           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend                                     For       For        Management
      Articles/Bylaws/Charter-Organization-Rela
      ted
4     Ratify Auditors                           For       For        Management


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GARTNER , INC.

Ticker:       IT             Security ID:  366651107
Meeting Date: JUN 5, 2007    Meeting Type: Annual
Record Date:  APR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Bingle          For       For        Management
1.2   Elect Director Richard J. Bressler        For       For        Management
1.3   Elect Director Russell P. Fradin          For       For        Management
1.4   Elect Director Anne Sutherland Fuchs      For       For        Management
1.5   Elect Director William O. Grabe           For       For        Management
1.6   Elect Director Eugene A. Hall             For       For        Management
1.7   Elect Director Max D. Hopper              For       Withhold   Management
1.8   Elect Director John R. Joyce              For       Withhold   Management
1.9   Elect Director Stephen G. Pagliuca        For       Withhold   Management
1.10  Elect Director James C. Smith             For       For        Management
1.11  Elect Director Jeffrey W. Ubben           For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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GENERAL CABLE CORP.

Ticker:       BGC            Security ID:  369300108
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Welsh, III        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Common Stock          For       Against    Management


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GEO GROUP, INC., THE

Ticker:       GEO            Security ID:  36159R103
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Wayne H. Calabrese         For       For        Management
1.2   Elect Director Norman A. Carlson          For       For        Management
1.3   Elect Director Anne N. Foreman            For       For        Management
1.4   Elect Director Richard H. Glanton         For       For        Management
1.5   Elect Director John M. Palms              For       For        Management
1.6   Elect Director John M. Perzel             For       For        Management
1.7   Elect Director George C. Zoley            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

GEVITY HR INC

Ticker:       GVHR           Security ID:  374393106
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 14, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Erik Vonk                  For       For        Management
1.2   Elect Director George B. Beitzel          For       For        Management
1.3   Elect Director Darcy E. Bradbury          For       For        Management
1.4   Elect Director Paul R. Daoust             For       For        Management
1.5   Elect Director Jonathan H. Kagan          For       For        Management
1.6   Elect Director David S. Katz              For       For        Management
1.7   Elect Director Michael J. Lavington       For       For        Management
1.8   Elect Director Jeffrey A. Sonnenfeld      For       For        Management
1.9   Elect Director Daniel J. Sullivan         For       For        Management


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

GREATER BAY BANCORP

Ticker:       GBBK           Security ID:  391648102
Meeting Date: MAY 30, 2007   Meeting Type: Annual
Record Date:  APR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frederick J. De Grosz      For       For        Management
1.2   Elect Director John M. Gatto              For       For        Management
1.3   Elect Director Robert B. Kaplan           For       For        Management
1.4   Elect Director Daniel G. Libarle          For       For        Management
1.5   Elect Director Arthur K. Lund             For       For        Management
1.6   Elect Director George M. Marcus           For       For        Management
1.7   Elect Director Duncan L. Matteson         For       For        Management
1.8   Elect Director Glen McLaughlin            For       For        Management
1.9   Elect Director Linda R. Meier             For       Withhold   Management
1.10  Elect Director Thomas E. Randlett         For       For        Management
1.11  Elect Director Byron A. Scordelis         For       For        Management
1.12  Elect Director James C. Thompson          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Company-Specific -- Restrict the          Against   Against    Shareholder
      Company's Use of Preferred Stock


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

HERCULES INC.

Ticker:       HPC            Security ID:  427056106
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John C. Hunter, III        For       For        Management
1.2   Elect Director Robert D. Kennedy          For       For        Management
1.3   Elect Director Craig A. Rogerson          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management


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

HUMMINGBIRD  LTD.

Ticker:       HUM.           Security ID:  44544R101
Meeting Date: JUL 21, 2006   Meeting Type: Special
Record Date:  JUN 19, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Acquisition                       For       Against    Management


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

HUMMINGBIRD  LTD.

Ticker:       HUM.           Security ID:  44544R101
Meeting Date: SEP 15, 2006   Meeting Type: Special
Record Date:  AUG 21, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Plan of Arrangement               For       For        Management
2     Ratify Stock Option Grants                For       For        Management


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

INTEGRA BANK CORP.

Ticker:       IBNK           Security ID:  45814P105
Meeting Date: APR 18, 2007   Meeting Type: Annual
Record Date:  FEB 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Roxy M. Baas               For       For        Management
1.2   Elect Director H. Ray Hoops               For       For        Management
1.3   Elect Director Robert W. Swan             For       For        Management
1.4   Elect Director Robert D. Vance            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Cash Award to Executive                   For       For        Management
4     Ratify Auditors                           For       For        Management


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

INTERGRAPH CORP.

Ticker:       INGR           Security ID:  458683109
Meeting Date: NOV 20, 2006   Meeting Type: Special
Record Date:  OCT 11, 2006

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


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

JACKSON HEWITT TAX SERVICE, INC.

Ticker:       JTX            Security ID:  468202106
Meeting Date: SEP 20, 2006   Meeting Type: Annual
Record Date:  AUG 1, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James C. Spira             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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

JARDEN CORP.

Ticker:       JAH            Security ID:  471109108
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ian G.H. Ashken            For       For        Management
1.2   Elect Director Richard L. Molen           For       For        Management
1.3   Elect Director Charles R. Kaye            For       For        Management
2     Ratify Auditors                           For       For        Management


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

LAIDLAW INTERNATIONAL, INC.

Ticker:       LI             Security ID:  50730R102
Meeting Date: FEB 9, 2007    Meeting Type: Annual
Record Date:  DEC 14, 2006

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


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

LASALLE HOTEL PROPERTIES

Ticker:       LHO            Security ID:  517942108
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  FEB 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Donald S. Perkins          For       For        Management
1.2   Elect Director Stuart L. Scott            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Preferred and Common  For       For        Management
      Stock


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

LITHIA MOTORS, INC.

Ticker:       LAD            Security ID:  536797103
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Sidney B. Deboer           For       For        Management
1.2   Elect Director M.L. Dick Heimann          For       For        Management
1.3   Elect Director Thomas Becker              For       For        Management
1.4   Elect Director William J. Young           For       For        Management
1.5   Elect Director Maryann N. Keller          For       For        Management


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

MAIDENFORM BRANDS INC

Ticker:       MFB            Security ID:  560305104
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  APR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David B. Kaplan            For       For        Management
1.2   Elect Director Thomas J. Ward             For       For        Management
1.3   Elect Director Norman Axelrod             For       For        Management
1.4   Elect Director Harold F. Compton          For       For        Management
1.5   Elect Director Barbara Eisenberg          For       For        Management
1.6   Elect Director Karen Rose                 For       For        Management
1.7   Elect Director Adam L. Stein              For       For        Management
2     Ratify Auditors                           For       For        Management


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

MAX RE CAPITAL LTD HAMILTON

Ticker:       MXRE           Security ID:  G6052F103
Meeting Date: SEP 18, 2006   Meeting Type: Annual
Record Date:  JUN 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO ELECT ZACK H. BACON, III TO THE BOARD  For       For        Management
      OF DIRECTORS OF MAX RE CAPITAL LTD.
2     TO ELECT GEORGE LAWTON ESTES, III TO THE  For       For        Management
      BOARD OF DIRECTORS OF MAX RE CAPITAL LTD.
3     TO ELECT WILLIAM KRONENBERG, III TO THE   For       For        Management
      BOARD OF DIRECTORS OF MAX RE CAPITAL LTD.
4     TO ELECT JAMES L. ZECH TO THE BOARD OF    For       For        Management
      DIRECTORS OF MAX RE CAPITAL LTD.
5     Ratify Auditors                           For       For        Management
6     TO AUTHORIZE THE ELECTION OF ZACK H.      For       For        Management
      BACON, III TO THE BOARD OF DIRECTORS OF
      MAX RE LTD.
7     TO AUTHORIZE THE ELECTION OF GEORGE       For       For        Management
      LAWTON ESTES, III TO THE BOARD OF
      DIRECTORS OF MAX RE LTD.
8     TO AUTHORIZE THE ELECTION OF WILLIAM      For       For        Management
      KRONENBERG, III TO THE BOARD OF DIRECTORS
      OF MAX RE LTD.
9     TO AUTHORIZE THE ELECTION OF JAMES L.     For       For        Management
      ZECH TO THE BOARD OF DIRECTORS OF MAX RE
      LTD.
10    Ratify Auditors                           For       For        Management


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

MAX RE CAPITAL LTD HAMILTON

Ticker:       MXRE           Security ID:  G6052F103
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO ELECT W. MARSTON BECKER TO THE BOARD   For       For        Management
      OF DIRECTORS OF MAX RE CAPITAL LTD.
2     TO ELECT GORDON F. CHEESBROUGH TO THE     For       For        Management
      BOARD OF DIRECTORS OF MAX RE CAPITAL LTD.
3     TO ELECT K. BRUCE CONNELL TO THE BOARD OF For       For        Management
      DIRECTORS OF MAX RE CAPITAL LTD.
4     TO ELECT MARIO P. TORSIELLO TO THE BOARD  For       For        Management
      OF DIRECTORS OF MAX RE CAPITAL LTD.
5     TO AUTHORIZE THE ELECTION OF W. MARSTON   For       For        Management
      BECKER TO THE BOARD OF DIRECTORS OF MAX
      RE LTD.
6     TO AUTHORIZE THE APPROVAL OF AN AMENDMENT For       For        Management
      TO THE BYE-LAWS OF MAX RE LTD. TO REDUCE
      THE MINIMUM NUMBER OF DIRECTORS TO TWO.
7     TO APPROVE CHANGING THE NAME OF MAX RE    For       For        Management
      CAPITAL LTD. TO MAX CAPITAL GROUP LTD.
8     TO AUTHORIZE THE APPROVAL OF CHANGING THE For       For        Management
      NAME OF MAX RE LTD. TO MAX BERMUDA LTD.
9     Ratify Auditors                           For       For        Management
10    Ratify Auditors                           For       For        Management


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

MAXIMUS INC.

Ticker:       MMS            Security ID:  577933104
Meeting Date: MAR 20, 2007   Meeting Type: Annual
Record Date:  JAN 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Paul R. Lederer            For       For        Management
1.2   Elect Director Peter B. Pond              For       For        Management
1.3   Elect Director James R. Thompson, Jr.     For       For        Management
1.4   Elect Director Richard A. Montoni         For       For        Management
2     Ratify Auditors                           For       For        Management


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

MB FINANCIAL, INC.

Ticker:       MBFI           Security ID:  55264U108
Meeting Date: AUG 1, 2006    Meeting Type: Special
Record Date:  JUN 20, 2006

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


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

MB FINANCIAL, INC.

Ticker:       MBFI           Security ID:  55264U108
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mitchell Feiger            For       For        Management
1.2   Elect Director James N. Hallene           For       For        Management
1.3   Elect Director Richard M. Rieser, Jr.     For       For        Management
1.4   Elect Director Charles J. Gries           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


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

METHODE ELECTRONICS, INC.

Ticker:       METH           Security ID:  591520200
Meeting Date: SEP 14, 2006   Meeting Type: Annual
Record Date:  JUL 26, 2006

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


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

MICROSEMI CORP.

Ticker:       MSCC           Security ID:  595137100
Meeting Date: FEB 21, 2007   Meeting Type: Annual
Record Date:  JAN 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Dennis R. Leibel           For       For        Management
1.2   Elect Director James J. Peterson          For       For        Management
1.3   Elect Director Thomas R. Anderson         For       For        Management
1.4   Elect Director William E. Bendush         For       For        Management
1.5   Elect Director William L. Healey          For       For        Management
1.6   Elect Director Paul F. Folino             For       For        Management
1.7   Elect Director Matthew E. Massengill      For       For        Management
2     Ratify Auditors                           For       For        Management


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

MOOG INC.

Ticker:       MOG.A          Security ID:  615394202
Meeting Date: JAN 10, 2007   Meeting Type: Annual
Record Date:  NOV 28, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Increase Authorized Common Stock          For       For        Management
2     Elect Director Robert R. Banta            For       For        Management
3     Ratify Auditors                           For       For        Management


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

MSC.SOFTWARE CORPORATION

Ticker:       MNSC           Security ID:  553531104
Meeting Date: SEP 25, 2006   Meeting Type: Annual
Record Date:  JUL 28, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Donald Glickman *          For       For        Management
1.2   Elect Director William F. Grun *          For       For        Management
1.3   Elect Director George N. Riordan *        For       For        Management
1.4   Elect Director Mark A. Stevens **         For       For        Management
1.5   Elect Director William J. Weyand **       For       For        Management
1.6   Elect Director Masood A. Jabbar ***       For       For        Management
1.7   Elect Director Ashfaq A. Munshi ***       For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

MSC.SOFTWARE CORPORATION

Ticker:       MSCS           Security ID:  553531104
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  APR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Donald Glickman            For       For        Management
1.2   Elect Director William F. Grun            For       For        Management
1.3   Elect Director George N. Riordan          For       For        Management
2     Ratify Auditors                           For       For        Management


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

MTC TECHNOLOGIES, INC.

Ticker:       MTCT           Security ID:  55377A106
Meeting Date: APR 18, 2007   Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Don R. Graber              For       For        Management
1.2   Elect Director Lester L. Lyles            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

NATIONAL FINANCIAL PARTNERS CORP.

Ticker:       NFP            Security ID:  63607P208
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 22, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephanie Abramson         For       For        Management
1.2   Elect Director Arthur Ainsberg            For       For        Management
1.3   Elect Director Jessica Bibliowicz         For       For        Management
1.4   Elect Director R. Bruce Callahan          For       For        Management
1.5   Elect Director John Elliott               For       For        Management
1.6   Elect Director Shari Loessberg            For       For        Management
1.7   Elect Director Kenneth Mlekush            For       For        Management
2     Ratify Auditors                           For       For        Management


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

NYMAGIC, INC

Ticker:       NYM            Security ID:  629484106
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  APR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John R. Anderson           For       For        Management
1.2   Elect Director Glenn Angiolillo           For       For        Management
1.3   Elect Director John T. Baily              For       For        Management
1.4   Elect Director David E. Hoffman           For       For        Management
1.5   Elect Director A. George Kallop           For       For        Management
1.6   Elect Director William J. Michaelcheck    For       For        Management
1.7   Elect Director William D. Shaw, Jr.       For       For        Management
1.8   Elect Director Robert G. Simses           For       For        Management
1.9   Elect Director George R. Trumbull, III    For       For        Management
1.10  Elect Director Glenn R. Yanoff            For       For        Management
1.11  Elect Director David W. Young             For       For        Management
2     Ratify Auditors                           For       For        Management


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

PACER INTERNATIONAL, INC.

Ticker:       PACR           Security ID:  69373H106
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director P. Michael Giftos          For       For        Management
1.2   Elect Director Bruce H. Spector           For       For        Management
1.3   Elect Director Michael E. Uremovich       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

PARKWAY PROPERTIES, INC.

Ticker:       PKY            Security ID:  70159Q104
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Daniel P. Friedman         For       For        Management
1.2   Elect Director Roger P. Friou             For       For        Management
1.3   Elect Director Martin L. Garcia           For       For        Management
1.4   Elect Director Matthew W. Kaplan          For       For        Management
1.5   Elect Director Michael J. Lipsey          For       For        Management
1.6   Elect Director Steven G. Rogers           For       For        Management
1.7   Elect Director Leland R. Speed            For       For        Management
1.8   Elect Director Troy A. Stovall            For       For        Management
1.9   Elect Director Lenore M. Sullivan         For       For        Management
2     Ratify Auditors                           For       For        Management


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

PAXAR CORP.

Ticker:       PXR            Security ID:  704227107
Meeting Date: JUN 14, 2007   Meeting Type: Annual
Record Date:  MAY 18, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect Director Jack Becker                For       For        Management
2.2   Elect Director Leo Benatar                For       For        Management
2.3   Elect Director Victor Hershaft            For       For        Management
2.4   Elect Director David E. McKinney          For       For        Management
2.5   Elect Director James R. Painter           For       For        Management
2.6   Elect Director Roger M. Widmann           For       For        Management


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

PLATINUM UNDERWRITERS HOLDINGS LTD

Ticker:       PTP            Security ID:  G7127P100
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director H. Furlong Baldwin         For       For        Management
1.2   Elect Director Jonathan F. Bank           For       For        Management
1.3   Elect Director Dan R. Carmichael          For       For        Management
1.4   Elect Director Robert V. Deutsch          For       For        Management
1.5   Elect Director A. John Hass               For       For        Management
1.6   Elect Director Edmund R. Megna            For       For        Management
1.7   Elect Director Steven H. Newman           For       For        Management
1.8   Elect Director Michael D. Price           For       For        Management
1.9   Elect Director Peter T. Pruitt            For       For        Management
2     TO CONSIDER AND TAKE ACTION UPON A        For       For        Management
      PROPOSAL TO RATIFY THE SELECTION OF KPMG
      LLP AS THE COMPANY S INDEPENDENT
      REGISTERED PUBLIC ACCOUNTING FIRM FOR THE
      2007 FISCAL YEAR.


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

PNM RESOURCES INC

Ticker:       PNM            Security ID:  69349H107
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  APR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Adelmo E. Archuleta        For       For        Management
1.2   Elect Director Julie A. Dobson            For       For        Management
1.3   Elect Director Woody L. Hunt              For       For        Management
1.4   Elect Director Charles E. McMahen         For       For        Management
1.5   Elect Director Manuel T. Pacheco          For       For        Management
1.6   Elect Director Robert M. Price            For       For        Management
1.7   Elect Director Bonnie S. Reitz            For       For        Management
1.8   Elect Director Jeffry E. Sterba           For       For        Management
1.9   Elect Director Joan B. Woodard            For       For        Management
2     Ratify Auditors                           For       For        Management


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

PRA INTERNATIONAL INC

Ticker:       PRAI           Security ID:  69353C101
Meeting Date: JUN 12, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Melvin D. Booth            For       For        Management
1.2   Elect Director Robert E. Conway           For       For        Management
1.3   Elect Director Gregory P. Spivy           For       For        Management
2     Ratify Auditors                           For       For        Management


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

PROASSURANCE CORP

Ticker:       PRA            Security ID:  74267C106
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 31, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Victor T. Adamo            For       For        Management
1.2   Elect Director Paul R. Butrus             For       For        Management
1.3   Elect Director William J. Listwan, M.D.   For       For        Management


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

PROVIDENT NEW YORK BANCORP

Ticker:       PBNY           Security ID:  744028101
Meeting Date: FEB 15, 2007   Meeting Type: Annual
Record Date:  DEC 19, 2006

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


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

ROCK-TENN COMPANY

Ticker:       RKT            Security ID:  772739207
Meeting Date: JAN 26, 2007   Meeting Type: Annual
Record Date:  NOV 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephen G. Anderson        For       For        Management
1.2   Elect Director Robert B. Currey           For       Withhold   Management
1.3   Elect Director L.L. Gellerstedt, III      For       For        Management
1.4   Elect Director John W. Spiegel            For       For        Management
2     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
3     Amend Stock Option Plan                   For       For        Management
4     Ratify Auditors                           For       For        Management


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

SCIELE PHARMA INC

Ticker:       SCRX           Security ID:  808627103
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Patrick P. Fourteau        For       For        Management
1.2   Elect Director Jon S. Saxe                For       For        Management
1.3   Elect Director Jerry C. Griffin           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

SILGAN HOLDINGS INC.

Ticker:       SLGN           Security ID:  827048109
Meeting Date: MAY 31, 2007   Meeting Type: Annual
Record Date:  APR 11, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director R. Philip Silver           For       Withhold   Management
1.2   Elect Director William C. Jennings        For       For        Management
2     Ratify Auditors                           For       For        Management


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

SINCLAIR BROADCAST GROUP, INC.

Ticker:       SBGI           Security ID:  829226109
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

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


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

ST. MARY LAND & EXPLORATION CO.

Ticker:       SM             Security ID:  792228108
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Barbara M. Baumann         For       For        Management
1.2   Elect Director Anthony J. Best            For       For        Management
1.3   Elect Director Larry W. Bickle            For       For        Management
1.4   Elect Director William J. Gardiner        For       For        Management
1.5   Elect Director Mark A. Hellerstein        For       For        Management
1.6   Elect Director Julio M. Quintana          For       For        Management
1.7   Elect Director John M. Seidl              For       For        Management
1.8   Elect Director William D. Sullivan        For       For        Management
2     Ratify Auditors                           For       For        Management


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

STAGE STORES, INC.

Ticker:       SSI            Security ID:  85254C305
Meeting Date: JUN 7, 2007    Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alan J. Barocas            For       For        Management
1.2   Elect Director Michael L. Glazer          For       For        Management
1.3   Elect Director Michael E. McCreery        For       For        Management
1.4   Elect Director John T. Mentzer            For       For        Management
1.5   Elect Director Margaret T. Monaco         For       For        Management
1.6   Elect Director William J. Montgoris       For       For        Management
1.7   Elect Director Sharon B. Mosse            For       For        Management
1.8   Elect Director James R. Scarborough       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Company Specific-Specify Authorized       For       Against    Management
      Preferred Stock
5     Amend Articles/Bylaws/Charter General     For       For        Management
      Matters --Eliminate Bankruptcy related
      language


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

STANTEC INC.

Ticker:       STN            Security ID:  85472N109
Meeting Date: MAY 3, 2007    Meeting Type: Annual/Special
Record Date:  MAR 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Anthony P. Franceschini   For       For        Management
1.2   Elect  Director Robert J. Bradshaw        For       For        Management
1.3   Elect  Director Ivor M. Ruste             For       For        Management
1.4   Elect  Director Aram H. Keith             For       For        Management
1.5   Elect  Director William D. Grace          For       For        Management
1.6   Elect  Director Susan E. Hartman          For       For        Management
1.7   Elect  Director Robert R. Mesel           For       For        Management
1.8   Elect  Director Ronald Triffo             For       For        Management
2     Approve Ernst & Young as Auditors and     For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors
3     Amend Stock Option Plan                   For       For        Management
4     Approve US Employee Share Purchase Plan   For       For        Management


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

SUPERIOR ENERGY SERVICES, INC.

Ticker:       SPN            Security ID:  868157108
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

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


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

SYNIVERSE HOLDINGS, INC.

Ticker:       SVR            Security ID:  87163F106
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 29, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David A. Donnini           For       For        Management
1.2   Elect Director John C. Hofmann            For       For        Management
1.3   Elect Director Tony G. Holcombe           For       For        Management
1.4   Elect Director James B. Lipham            For       For        Management
1.5   Elect Director Robert J. Marino           For       For        Management
1.6   Elect Director Jack Pearlstein            For       For        Management
1.7   Elect Director Collin E. Roche            For       For        Management
1.8   Elect Director Timothy A. Samples         For       For        Management
2     Ratify Auditors                           For       For        Management


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

TAL INTERNATIONAL GROUP, INC.

Ticker:       TAL            Security ID:  874083108
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Brian M. Sondey            For       For        Management
1.2   Elect Director Malcolm P. Baker           For       For        Management
1.3   Elect Director Bruce R. Berkowitz         For       For        Management
1.4   Elect Director A. Richard Caputo, Jr.     For       For        Management
1.5   Elect Director Brian J. Higgins           For       For        Management
1.6   Elect Director John W. Jordan Ii          For       For        Management
1.7   Elect Director Frederic H. Lindeberg      For       For        Management
1.8   Elect Director David W. Zalaznick         For       For        Management
1.9   Elect Director Douglas J. Zych            For       For        Management
2     Ratify Auditors                           For       For        Management


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

TEKELEC

Ticker:       TKLC           Security ID:  879101103
Meeting Date: AUG 4, 2006    Meeting Type: Annual
Record Date:  JUN 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert V. Adams            For       For        Management
1.2   Elect Director Jean-Claude Asscher        For       For        Management
1.3   Elect Director Daniel L. Brenner          For       For        Management
1.4   Elect Director Mark A. Floyd              For       For        Management
1.5   Elect Director Martin A. Kaplan           For       Withhold   Management
1.6   Elect Director Franco Plastina            For       For        Management
1.7   Elect Director Jon F. Rager               For       For        Management


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

TEKELEC

Ticker:       TKLC           Security ID:  879101103
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert V. Adams            For       For        Management
1.2   Elect Director Daniel L. Brenner          For       For        Management
1.3   Elect Director Mark A. Floyd              For       For        Management
1.4   Elect Director Martin A. Kaplan           For       Withhold   Management
1.5   Elect Director Franco Plastina            For       For        Management
1.6   Elect Director Michael P. Ressner         For       For        Management
2     Ratify Auditors                           For       For        Management


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

TWEEN BRANDS INC

Ticker:       TWB            Security ID:  901166108
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  APR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David A. Krinsky           For       For        Management
1.2   Elect Director Kenneth T. Stevens         For       For        Management
1.3   Elect Director Kenneth J. Strottman       For       For        Management
2     Ratify Auditors                           For       For        Management


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

UGI CORP.

Ticker:       UGI            Security ID:  902681105
Meeting Date: FEB 27, 2007   Meeting Type: Annual
Record Date:  DEC 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director J.W. Stratton              For       For        Management
1.2   Elect Director S.D. Ban                   For       For        Management
1.3   Elect Director R.C. Gozon                 For       For        Management
1.4   Elect Director L.R. Greenberg             For       For        Management
1.5   Elect Director M.O. Schlanger             For       For        Management
1.6   Elect Director A. Pol                     For       For        Management
1.7   Elect Director E.E. Jones                 For       For        Management
1.8   Elect Director J.L. Walsh                 For       For        Management
1.9   Elect Director R.B. Vincent               For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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

UNITED AMERICA INDEMNITY LTD

Ticker:       INDM           Security ID:  90933T109
Meeting Date: MAY 25, 2007   Meeting Type: Annual
Record Date:  APR 3, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1a    ELECTION OF DIRECTOR: SAUL A. FOX         For       For        Management
1b    ELECTION OF DIRECTOR: ROBERT M. FISHMAN   For       For        Management
1c    ELECTION OF DIRECTOR: TROY W. THACKER     For       For        Management
1d    ELECTION OF DIRECTOR: JOHN J. HENDRICKSON For       For        Management
1e    ELECTION OF DIRECTOR: EDWARD J. NOONAN    For       For        Management
1f    ELECTION OF DIRECTOR: STEPHEN A. COZEN    For       For        Management
1g    ELECTION OF DIRECTOR: RICHARD L. DUSZAK   For       For        Management
1h    ELECTION OF DIRECTOR: LARRY A. FRAKES     For       For        Management
2     TO APPROVE THE AMENDMENT TO THE SHARE     For       For        Management
      INCENTIVE PLAN.
3     TO APPROVE THE AMENDMENT TO THE AMENDED   For       For        Management
      AND RESTATED ANNUAL INCENTIVE AWARDS
      PROGRAM.
4     TO RATIFY THE APPOINTMENT OF              For       For        Management
      PRICEWATERHOUSECOOPERS LLP AS THE
      INDEPENDENT REGISTERED ACCOUNTING FIRM OF
      UNITED AMERICA INDEMNITY, LTD. FOR 2007
      AND TO AUTHORIZE THE BOARD OF DIRECTORS
      OF UNITED AMERICA INDEMNITY, LTD.
5a.1a Elect  Director Alan Bossin-Wr Wrs        For       For        Management
5a.1b Elect  Director Larry A. Frakes-Wr        For       For        Management
5a.1c Elect  Director David R. Whiting-Wr Wrs   For       For        Management
5a.1d Elect  Director J.B. Waldron-Alt Wr Wrs   For       For        Management
5a.1e Elect  Director R.H. Black-Alt Wr Wrs     For       For        Management
5b.1a Elect  Director Alan Bossin-Wr Svc        For       For        Management
5b.1b Elect  Director David R. Whiting-Wr Svc   For       For        Management
5b.1e Elect  Director J.B. Waldron-Alt Wr Svc   For       For        Management
5b.1d Elect  Director R.H. Black-Alt Wr Svc     For       For        Management
5b.2  Ratify Auditors                           For       For        Management
5b.3  Ratify Auditors                           For       For        Management
5b.4  TO WAIVE A SEPARATE AUDITORS  REPORT AND  For       For        Management
      AUDITED FINANCIAL STATEMENTS WITH RESPECT
      TO WIND RIVER SERVICES, LTD.


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

WATTS WATER TECHNOLOGIES

Ticker:       WTS            Security ID:  942749102
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert L. Ayers            For       For        Management
1.2   Elect Director Timothy P. Horne           For       For        Management
1.3   Elect Director Ralph E. Jackson, Jr.      For       For        Management
1.4   Elect Director Kenneth J. McAvoy          For       For        Management
1.5   Elect Director John K. McGillicuddy       For       For        Management
1.6   Elect Director Gordon W. Moran            For       For        Management
1.7   Elect Director Daniel J. Murphy, III      For       For        Management
1.8   Elect Director Patrick S. O'Keefe         For       For        Management
2     Increase Authorized Common Stock and      For       Against    Management
      Capital Stock
3     Amend Restricted Stock Plan               For       For        Management
4     Ratify Auditors                           For       For        Management


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

WEST PHARMACEUTICAL SERVICES, INC.

Ticker:       WST            Security ID:  955306105
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director L. Robert Johnson          For       For        Management
1.2   Elect Director John P. Neafsey            For       For        Management
1.3   Elect Director Geoffrey F. Worden         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

WRIGHT EXPRESS CORP

Ticker:       WXS            Security ID:  98233Q105
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Shikhar Ghosh              For       For        Management
1.2   Elect Director Kirk P. Pond               For       For        Management
2     Ratify Auditors                           For       For        Management
========== END NPX REPORT



                                   SIGNATURES

     Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

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

By (Signature and Title):


                                      /s/ Ronald E. Robison
                 ---------------------------------------------------------------
                 President and Principal Executive Officer - Office of the Funds

Date August 28, 2007


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