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  811-7377
                                   ---------------------------------------------

                   Morgan Stanley Capital Opportunities Trust
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               (Exact name of registrant as specified in charter)

  1221 Avenue of the Americas, New York, New York                  10020
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     (Address of principal executive offices)                    (Zip code)

                                Amy Doberman Esq

                                Managing Director

                     Morgan Stanley Investment Advisors Inc.

                           1221 Avenue of the Americas

                            New York, New York 10020
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                     (Name and address of agent for service)

Registrant's telephone number, including area code: 800-869-6397
                                                    ----------------------------

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

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





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

ICA File Number: 811-07377
Reporting Period: 07/01/2004 - 06/30/2005
Morgan Stanley Capital Opportunities Trust









========================= CAPITAL OPPORTUNITIES TRUST ==========================


ADOBE SYSTEMS INC.

Ticker:       ADBE           Security ID:  00724F101
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Carol Mills               For       For        Management
1.2   Elect  Director Colleen M. Pouliot        For       For        Management
1.3   Elect  Director Robert Sedgewick          For       For        Management
1.4   Elect  Director John E. Warnock           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Expense Stock Options                     Against   For        Shareholder
5     Review/Limit Executive Compensation       Against   Against    Shareholder
6     Ratify Auditors                           For       For        Management


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AFC ENTERPRISES, INC.

Ticker:       AFCE           Security ID:  00104Q107
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director  Victor Arias, Jr          For       For        Management
1.2   Elect Director  Frank J. Belatti          For       For        Management
1.3   Elect Director  Carolyn Hogan Byrd        For       For        Management
1.4   Elect Director  R. William Ide, III       For       For        Management
1.5   Elect Director  Kelvin J. Pennington      For       For        Management
1.6   Elect Director  John M. Roth              For       For        Management
1.7   Elect Director  Ronald P. Spogli          For       For        Management
1.8   Elect Director  Peter Starrett            For       For        Management
2     Amend Bundled Compensation Plans          For       For        Management


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ALCON INC.

Ticker:       ACL            Security ID:  H01301102
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE 2004 ANNUAL REPORT AND    For       For        Management
      ACCOUNTS OF ALCON, INC. AND THE 2004
      CONSOLIDATED FINANCIAL STATEMENTS OF
      ALCON, INC. AND SUBSIDIARIES
2     APPROPRIATION OF AVAILABLE EARNINGS AND   For       For        Management
      PROPOSED DIVIDEND TO SHAREHOLDERS FOR THE
      FINANCIAL YEAR 2004
3     DISCHARGE OF THE MEMBERS OF THE BOARD OF  For       For        Management
      DIRECTORS
4     ELECTION TO THE BOARD OF DIRECTORS OF:    For       For        Management
      THOMAS G. PLASKETT
5     ELECTION TO THE BOARD OF DIRECTORS OF:    For       For        Management
      WOLFGANG H. REICHENBERGER
6     ELECTION TO THE BOARD OF DIRECTORS OF:    For       For        Management
      CARY RAYMENT
7     ELECTION OF KPMG KLYNVELD PEAT MARWICK    For       For        Management
      GOERDELER SA, ZURICH, AS GROUP AND PARENT
      COMPANY AUDITORS
8     ELECTION OF ZENSOR REVISIONS AG, ZUG, AS  For       For        Management
      SPECIAL AUDITORS


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AMERITRADE HOLDINGS CORP.

Ticker:       AMTD           Security ID:  03074K100
Meeting Date: FEB 16, 2005   Meeting Type: Annual
Record Date:  DEC 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director J. Joe  Ricketts           For       For        Management
1.2   Elect Director Dan W. Cook III            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       Against    Management


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APOGENT TECHNOLOGIES INC.

Ticker:       AOT            Security ID:  03760A101
Meeting Date: AUG 2, 2004    Meeting Type: Special
Record Date:  MAY 14, 2004

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


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BERKSHIRE HATHAWAY INC.

Ticker:       BRK.A          Security ID:  084670207
Meeting Date: APR 30, 2005   Meeting Type: Annual
Record Date:  MAR 2, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Warren E. Buffett         For       For        Management
1.2   Elect  Director Charles T. Munger         For       For        Management
1.3   Elect  Director Howard G. Buffett         For       For        Management
1.4   Elect  Director Malcolm G. Chace          For       For        Management
1.5   Elect  Director William H. Gates III      For       For        Management
1.6   Elect  Director David S. Gottesman        For       For        Management
1.7   Elect  Director Charlotte Guyman          For       For        Management
1.8   Elect  Director Donald R. Keough          For       For        Management
1.9   Elect  Director Thomas S. Murphy          For       For        Management
1.10  Elect  Director Ronald L. Olson           For       For        Management
1.11  Elect  Director Walter Scott, Jr.         For       For        Management
2     Amend Articles                            For       For        Management
3     Amend Articles                            For       For        Management


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BRASCAN CORP (FORMERLY EDPERBRASCAN CORP.)

Ticker:       BNN.LV.A       Security ID:  10549P606
Meeting Date: APR 29, 2005   Meeting Type: Annual/Special
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Decrease in Size of Board         For       For        Management
2.1   Elect Director William A. Dimma           For       For        Management
2.2   Elect Director Lance Liebman              For       For        Management
2.3   Elect Director Philip B. Lind             For       For        Management
2.4   Elect Director Roy MacLaren               For       For        Management
2.5   Elect Director G. Wallace F. McCain       For       For        Management
2.6   Elect Director Jack M. Mintz              For       For        Management
2.7   Elect Director George S. Taylor           For       For        Management
3     Approve Deloitte & Touche as Auditors and For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors


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C.H. ROBINSON WORLDWIDE, INC.

Ticker:       CHRW           Security ID:  12541W100
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert Ezrilov            For       For        Management
1.2   Elect  Director Wayne M. Fortun           For       For        Management
1.3   Elect  Director Brian P. Short            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management


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CAMECO CORP.

Ticker:       CCO.           Security ID:  13321L108
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John S. Auston             For       For        Management
1.2   Elect Director Joe F. Colvin              For       For        Management
1.3   Elect Director Harry D. Cook              For       For        Management
1.4   Elect Director James R. Curtiss           For       For        Management
1.5   Elect Director George S. Dembroski        For       For        Management
1.6   Elect Director Gerald W. Grandey          For       For        Management
1.7   Elect Director Nancy E. Hopkins           For       For        Management
1.8   Elect Director Oyvind Hushovd             For       For        Management
1.9   Elect Director J.W. George Ivany          For       For        Management
1.10  Elect Director A. Neil McMillan           For       For        Management
1.11  Elect Director Robert W. Peterson         For       For        Management
1.12  Elect Director Victor J. Zaleschuk        For       For        Management
2     Ratify KPMG LLP as Auditors               For       For        Management
3     The Undersigned Holder of Record of       None      Abstain    Management
      Shares Declares that all Shares are Held,
      Beneficially owned or Controlled by One
      or More Canadian Residents (Residents
      mark the FOR Box; One or more
      Non-Residents mark the ABSTAIN box)
4     The Undersigned Holder of Shares Declares None      Abstain    Management
      that the Undersigned is a Canadian
      Resident (Residents mark the FOR Box;
      Non-Residents mark the ABSTAIN  Box)


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CHICO

Ticker:       CHS            Security ID:  168615102
Meeting Date: JUN 21, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Marvin J. Gralnick        For       Withhold   Management
1.2   Elect  Director John W. Burden, III       For       Withhold   Management
1.3   Elect  Director Stewart P. Mitchell       For       For        Management
1.4   Elect  Director David F. Walker           For       For        Management
2     Ratify Auditors                           For       For        Management


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CHOICEPOINT INC.

Ticker:       CPS            Security ID:  170388102
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ray M. Robinson           For       For        Management
1.2   Elect  Director John J. Hamre             For       For        Management
1.3   Elect  Director John B. McCoy             For       For        Management
1.4   Elect  Director Terrence Murray           For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management


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COACH, INC.

Ticker:       COH            Security ID:  189754104
Meeting Date: NOV 3, 2004    Meeting Type: Annual
Record Date:  SEP 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joseph Ellis              For       For        Management
1.2   Elect  Director Lew Frankfort             For       For        Management
1.3   Elect  Director Sally Frame Kasaks        For       For        Management
1.4   Elect  Director Gary Loveman              For       For        Management
1.5   Elect  Director Irene Miller              For       For        Management
1.6   Elect  Director Keith Monda               For       For        Management
1.7   Elect  Director Michael Murphy            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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CORPORATE EXECUTIVE BOARD CO. (THE)

Ticker:       EXBD           Security ID:  21988R102
Meeting Date: JUL 28, 2004   Meeting Type: Annual
Record Date:  JUN 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James J. Mcgonigle        For       For        Management
1.2   Elect  Director Robert C. Hall            For       For        Management
1.3   Elect  Director Nancy J. Karch            For       For        Management
1.4   Elect  Director David W. Kenny            For       For        Management
1.5   Elect  Director Daniel O. Leemon          For       For        Management
1.6   Elect  Director Thomas L. Monahan III     For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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CROWN CASTLE INTERNATIONAL CORP.

Ticker:       CCI            Security ID:  228227104
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dale N. Hatfield          For       For        Management
1.2   Elect  Director Lee W. Hogan              For       For        Management
1.3   Elect  Director Robert F. McKenzie        For       For        Management
1.4   Elect  Director Robert E. Garrison, II    For       For        Management
2     Ratify Auditors                           For       For        Management


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DADE BEHRING HLDGS INC

Ticker:       DADE           Security ID:  23342J206
Meeting Date: MAY 23, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard W. Roedel         For       For        Management
1.2   Elect  Director Samuel K. Skinner         For       For        Management
2     Increase Authorized Preferred and Common  For       For        Management
      Stock


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EBAY INC.

Ticker:       EBAY           Security ID:  278642103
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Fred D. Anderson          For       For        Management
1.2   Elect  Director Edward W. Barnholt        For       For        Management
1.3   Elect  Director Scott D. Cook             For       For        Management
1.4   Elect  Director Robert C. Kagle           For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Ratify Auditors                           For       For        Management
5     Performance- Based/Indexed Options        Against   Against    Shareholder
6     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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ELECTRONIC ARTS INC.

Ticker:       ERTS           Security ID:  285512109
Meeting Date: JUL 29, 2004   Meeting Type: Annual
Record Date:  JUN 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director M. Richard Asher          For       For        Management
1.2   Elect  Director William J. Byron          For       For        Management
1.3   Elect  Director Leonard S. Coleman        For       For        Management
1.4   Elect  Director Gary M. Kusin             For       For        Management
1.5   Elect  Director Gregory B. Maffei         For       For        Management
1.6   Elect  Director Timothy Mott              For       For        Management
1.7   Elect  Director Robert W. Pittman         For       For        Management
1.8   Elect  Director Lawrence F. Probst III    For       For        Management
1.9   Elect  Director Linda J. Srere            For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Amend Articles to Consolidate Common      For       For        Management
      Stock
5     Increase Authorized Common Stock          For       For        Management
6     Ratify Auditors                           For       For        Management


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EVERGREEN RESOURCES, INC.

Ticker:                      Security ID:  299900308
Meeting Date: SEP 28, 2004   Meeting Type: Special
Record Date:  JUL 30, 2004

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


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GEN-PROBE, INC.

Ticker:       GPRO           Security ID:  36866T103
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Raymond V. Dittamore      For       For        Management
1.2   Elect  Director Abraham D. Sofaer         For       For        Management
1.3   Elect  Director Phillip M. Schneider      For       For        Management
2     Ratify Auditors                           For       For        Management


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GENENTECH, INC.

Ticker:       DNA            Security ID:  368710406
Meeting Date: APR 14, 2005   Meeting Type: Annual
Record Date:  FEB 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Herbert W. Boyer          For       Withhold   Management
1.2   Elect  Director William M. Burns          For       Withhold   Management
1.3   Elect  Director Erich Hunziker            For       Withhold   Management
1.4   Elect  Director Jonathan K.C. Knowles     For       Withhold   Management
1.5   Elect  Director Arthur D. Levinson        For       Withhold   Management
1.6   Elect  Director Charles A. Sanders        For       For        Management
2     Ratify Auditors                           For       For        Management


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GETTY IMAGES, INC.

Ticker:       GYI            Security ID:  374276103
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Christopher H. Sporborg   For       For        Management
1.2   Elect  Director Mark H. Getty             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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GLOBAL PAYMENTS, INC.

Ticker:       GPN            Security ID:  37940X102
Meeting Date: SEP 21, 2004   Meeting Type: Annual
Record Date:  AUG 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles G. Betty          For       For        Management
1.2   Elect  Director Edwin H. Burba, Jr.       For       For        Management
1.3   Elect  Director Raymond L. Killian        For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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GOOGLE INC

Ticker:       GOOG           Security ID:  38259P508
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Eric Schmidt              For       For        Management
1.2   Elect  Director Larry Page                For       For        Management
1.3   Elect  Director Sergey Brin               For       For        Management
1.4   Elect  Director L. John Doerr             For       Withhold   Management
1.5   Elect  Director John L. Hennessy          For       For        Management
1.6   Elect  Director Arthur D. Levinson        For       For        Management
1.7   Elect  Director Michael Moritz            For       For        Management
1.8   Elect  Director Paul S. Otellini          For       For        Management
1.9   Elect  Director K. Ram Shriram            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management


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GREENHILL & CO INC

Ticker:       GHL            Security ID:  395259104
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert F. Greenhill       For       For        Management
1.2   Elect  Director Scott L. Bok              For       For        Management
1.3   Elect  Director Simon A. Borrows          For       For        Management
1.4   Elect  Director John C. Danforth          For       For        Management
1.5   Elect  Director Steven F. Goldstone       For       For        Management
1.6   Elect  Director Stephen L. Key            For       For        Management
1.7   Elect  Director Isabel V. Sawhill         For       For        Management
2     Ratify Auditors                           For       For        Management


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GTECH HOLDINGS CORP.

Ticker:       GTK            Security ID:  400518106
Meeting Date: AUG 2, 2004    Meeting Type: Annual
Record Date:  JUN 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Christine M. Cournoyer    For       For        Management
1.2   Elect  Director Robert M. Dewey, Jr.      For       For        Management
1.3   Elect  Director Philip R. Lochner, Jr.    For       For        Management
2     Approve Employee Stock Purchase Plan      For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Ratify Auditors                           For       For        Management


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INTERNATIONAL GAME TECHNOLOGY

Ticker:       IGT            Security ID:  459902102
Meeting Date: MAR 1, 2005    Meeting Type: Annual
Record Date:  JAN 6, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Neil Barsky               For       For        Management
1.2   Elect  Director Robert A. Bittman         For       For        Management
1.3   Elect  Director Richard R. Burt           For       For        Management
1.4   Elect  Director Leslie S. Heisz           For       For        Management
1.5   Elect  Director Robert A. Mathewson       For       For        Management
1.6   Elect  Director Thomas J. Matthews        For       For        Management
1.7   Elect  Director Robert Miller             For       Withhold   Management
1.8   Elect  Director Frederick B. Rentschler   For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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KINETIC CONCEPTS, INC.

Ticker:       KCI            Security ID:  49460W208
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  APR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James R. Leininger, M.D.  For       For        Management
1.2   Elect  Director Dennert O. Ware           For       For        Management
2     Ratify Auditors                           For       For        Management


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LAMAR ADVERTISING COMPANY

Ticker:       LAMR           Security ID:  512815101
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 6, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Anna Reilly Cullinan      For       For        Management
1.2   Elect  Director John Maxwell Hamilton     For       For        Management
1.3   Elect  Director Robert M. Jelenic         For       For        Management
1.4   Elect  Director Stephen P. Mumblow        For       For        Management
1.5   Elect  Director Thomas V. Reifenheiser    For       For        Management
1.6   Elect  Director Kevin P. Reilly, Jr.      For       For        Management
1.7   Elect  Director Wendell Reilly            For       For        Management


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LINEAR TECHNOLOGY CORP.

Ticker:       LLTC           Security ID:  535678106
Meeting Date: NOV 3, 2004    Meeting Type: Annual
Record Date:  SEP 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert H. Swanson, Jr.    For       For        Management
1.2   Elect  Director David S. Lee              For       For        Management
1.3   Elect  Director Leo T. McCarthy           For       For        Management
1.4   Elect  Director Richard M. Moley          For       For        Management
1.5   Elect  Director Thomas S. Volpe           For       For        Management
2     Ratify Auditors                           For       For        Management


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MARVELL TECHNOLOGY GROUP LTD

Ticker:       MRVL           Security ID:  G5876H105
Meeting Date: JUN 10, 2005   Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kuo Wei 'Herbert' Chang   For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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MICROSOFT CORP.

Ticker:       MSFT           Security ID:  594918104
Meeting Date: NOV 9, 2004    Meeting Type: Annual
Record Date:  SEP 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William H. Gates III      For       For        Management
1.2   Elect  Director Steven A. Ballmer         For       For        Management
1.3   Elect  Director James I. Cash Jr., Ph.D.  For       For        Management
1.4   Elect  Director Raymond V. Gilmartin      For       For        Management
1.5   Elect  Director Ann McLaughlin Korologos  For       For        Management
1.6   Elect  Director David F. Marquardt        For       For        Management
1.7   Elect  Director Charles H. Noski          For       For        Management
1.8   Elect  Director Dr. Helmut Panke          For       For        Management
1.9   Elect  Director Jon A. Shirley            For       For        Management
2     Amend Bundled Compensation Plans          For       For        Management
3     Amend Bundled Compensation Plans          For       For        Management
4     Amend Stock Option Plan                   For       For        Management
5     Ratify Auditors                           For       For        Management


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MOODY'S CORPORATION

Ticker:       MCO            Security ID:  615369105
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert R. Glauber          For       For        Management
1.2   Elect Director Connie Mack                For       For        Management
1.3   Elect Director Nancy S. Newcomb           For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


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NETWORK APPLIANCE, INC.

Ticker:       NTAP           Security ID:  64120L104
Meeting Date: SEP 2, 2004    Meeting Type: Annual
Record Date:  JUL 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel J. Warmenhoven     For       For        Management
1.2   Elect  Director Donald T. Valentine       For       For        Management
1.3   Elect  Director Carol A. Bartz            For       For        Management
1.4   Elect  Director Mark Leslie               For       For        Management
1.5   Elect  Director Nicholas G. Moore         For       For        Management
1.6   Elect  Director Sachio Semmoto            For       For        Management
1.7   Elect  Director George T. Shaheen         For       For        Management
1.8   Elect  Director Robert T. Wall            For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Ratify Auditors                           For       For        Management


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P.F. CHANG

Ticker:       PFCB           Security ID:  69333Y108
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard L. Federico       For       For        Management
1.2   Elect  Director R. Michael Welborn        For       For        Management
1.3   Elect  Director James G. Shennan, Jr.     For       For        Management
1.4   Elect  Director F. Lane Cardwell, Jr.     For       For        Management
1.5   Elect  Director Kenneth J. Wessels        For       For        Management
1.6   Elect  Director M. Ann Rhoades            For       For        Management
1.7   Elect  Director Lesley H. Howe            For       For        Management
2     Ratify Auditors                           For       For        Management


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PATTERSON  COS INC.

Ticker:       PDCO           Security ID:  703395103
Meeting Date: SEP 13, 2004   Meeting Type: Annual
Record Date:  JUL 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ellen A. Rudnick          For       For        Management
1.2   Elect  Director Peter L. Frechette        For       For        Management
1.3   Elect  Director David K. Beecken          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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PENN NATIONAL GAMING, INC.

Ticker:       PENN           Security ID:  707569109
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  APR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter M. Carlino          For       Withhold   Management
1.2   Elect  Director Harold Cramer             For       Withhold   Management


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

PLUM CREEK TIMBER COMPANY, INC.

Ticker:       PCL            Security ID:  729251108
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Rick R. Holley            For       For        Management
1.2   Elect  Director Ian B. Davidson           For       For        Management
1.3   Elect  Director Robin Josephs             For       For        Management
1.4   Elect  Director John G. McDonald          For       For        Management
1.5   Elect  Director Robert B. McLeod          For       For        Management
1.6   Elect  Director Hamid R. Moghadam         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 Carl B. Webb              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors
4     Performance- Based/Indexed Options        Against   Against    Shareholder
5     Political Contributions/Activities        Against   Against    Shareholder


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

QUALCOMM INC.

Ticker:       QCOM           Security ID:  747525103
Meeting Date: MAR 8, 2005    Meeting Type: Annual
Record Date:  JAN 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert E. Kahn            For       For        Management
1.2   Elect  Director Duane A. Nelles           For       Withhold   Management
1.3   Elect  Director Brent Scowcroft           For       For        Management
2     Declassify the Board of Directors and     For       For        Management
      Eliminate Cumulative Voting
3     Increase Authorized Common Stock          For       For        Management
4     Amend Articles                            For       For        Management
5     Ratify Auditors                           For       For        Management


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

QUESTAR CORP.

Ticker:       STR            Security ID:  748356102
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Phillips S. Baker, Jr.    For       For        Management
1.2   Elect  Director L. Richard Flury          For       For        Management
1.3   Elect  Director James A. Harmon           For       For        Management
1.4   Elect  Director M.W. Scoggins             For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management


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

RED HAT, INC.

Ticker:       RHAT           Security ID:  756577102
Meeting Date: SEP 21, 2004   Meeting Type: Annual
Record Date:  JUL 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gen. H. Hugh Shelton      For       For        Management
1.2   Elect  Director Eugene J. Mcdonald        For       For        Management
1.3   Elect  Director Matthew J. Szulik         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

RINKER GROUP LTD

Ticker:                      Security ID:  76687M101
Meeting Date: JUL 20, 2004   Meeting Type: Annual
Record Date:  JUN 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE AND CONSIDER THE FINANCIAL     For       For        Management
      REPORT AND OTHER REPORTS.
2     TO ADOPT THE REMUNERATION REPORT.         For       For        Management
3     TO RE-ELECT MR JOHN MORSCHEL AS A         For       For        Management
      DIRECTOR.
4     TO ELECT MR JOHN INGRAM AS A DIRECTOR.    For       For        Management
5     TO INCREASE THE MAXIMUM AGGREGATE         For       For        Management
      REMUNERATION OF NON-EXECUTIVE DIRECTORS.


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

ROYAL CARIBBEAN CRUISES  LTD.

Ticker:       RCL            Security ID:  V7780T103
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Laura Laviada             For       For        Management
1.2   Elect  Director Eyal Ofer                 For       For        Management
1.3   Elect  Director William K. Reilly         For       For        Management
1.4   Elect  Director Arne A. Wilhelmsen        For       For        Management
2     RATIFICATION OF APPOINTMENT OF            For       For        Management
      PRICEWATERHOUSECOOPERS LLP AS THE COMPANY
      S INDEPENDENT REGISTERED ACCOUNTING FIRM
      FOR 2005.


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

SCP POOL CORP.

Ticker:       POOL           Security ID:  784028102
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Wilson B. Sexton          For       For        Management
1.2   Elect  Director Andrew W. Code            For       For        Management
1.3   Elect  Director James J. Gaffney          For       For        Management
1.4   Elect  Director George T. Haymaker, Jr.   For       For        Management
1.5   Elect  Director Manuel J. Perez De La     For       For        Management
      Mesa
1.6   Elect  Director Harlan F. Seymour         For       For        Management
1.7   Elect  Director Robert C. Sledd           For       For        Management
1.8   Elect  Director John E. Stokely           For       For        Management
2     Ratify Auditors                           For       For        Management


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

SEARS HOLDINGS CORP

Ticker:       SHLD           Security ID:  498780105
Meeting Date: MAR 24, 2005   Meeting Type: Annual
Record Date:  JAN 26, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Exclusion of Bankruptcy-Related Charter   For       For        Management
      Provision
3     Exclude Rights of Designated Stockholders For       For        Management
      to Designate Directors to the Board of
      Directors
4     Approve Equity Grants to Aylwin B. Lewis  For       For        Management


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

SONIC CORP.

Ticker:       SONC           Security ID:  835451105
Meeting Date: JAN 20, 2005   Meeting Type: Annual
Record Date:  NOV 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Leonard Lieberman         For       For        Management
1.2   Elect  Director H.E. (Gene) Rainbolt      For       For        Management
2     Other Business                            For       For        Management


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

STATION CASINOS, INC.

Ticker:       STN            Security ID:  857689103
Meeting Date: MAY 18, 2005   Meeting Type: Proxy Contest
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank J. Fertitta III      For       None       Management
1.2   Elect Director Lee S. Isgur               For       None       Management
2     Approve Omnibus Stock Plan                For       None       Management
3     Ratify Auditors                           For       None       Management
4     Reduce Supermajority Vote Requirement     Against   None       Shareholder
5     Declassify the Board of Directors         Against   None       Shareholder
6     Submit Shareholder Rights Plan (Poison    Against   None       Shareholder
      Pill) to Shareholder Vote
1.1   Elect Directors Frank J. Fertitta III     None      For        Management
1.2   Elect Director Lee S. Isgur               None      For        Management
2     Approve Omnibus Stock Plan                None      For        Management
3     Ratify Auditors                           None      For        Management
4     Reduce Supermajority Vote Requirement     For       For        Shareholder
5     Declassify the Board of Directors         For       For        Shareholder
6     Submit Shareholder Rights Plan (Poison    For       For        Shareholder
      Pill) to Shareholder Vote


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

STERICYCLE, INC.

Ticker:       SRCL           Security ID:  858912108
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jack W. Schuler           For       Withhold   Management
1.2   Elect  Director Mark C. Miller            For       For        Management
1.3   Elect  Director Rod F. Dammeyer           For       For        Management
1.4   Elect  Director Patrick F. Graham         For       For        Management
1.5   Elect  Director Jonathan T. Lord, M.D.    For       For        Management
1.6   Elect  Director John Patience             For       For        Management
1.7   Elect  Director Thomas R. Reusche         For       For        Management
1.8   Elect  Director Peter Vardy               For       For        Management
1.9   Elect  Director L. John Wilkerson, Ph.D.  For       For        Management
2     Approve Stock Option Plan                 For       For        Management
3     Ratify Auditors                           For       For        Management
4     Report on Waste Incineration              Against   Against    Shareholder


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

SYMANTEC CORP.

Ticker:       SYMC           Security ID:  871503108
Meeting Date: SEP 15, 2004   Meeting Type: Annual
Record Date:  JUL 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Tania Amochaev            For       For        Management
1.2   Elect  Director William T. Coleman        For       For        Management
1.3   Elect  Director Franciscus Lion           For       For        Management
1.4   Elect  Director David Mahoney             For       For        Management
1.5   Elect  Director Robert S. Miller          For       For        Management
1.6   Elect  Director George Reyes              For       For        Management
1.7   Elect  Director Daniel H. Schulman        For       For        Management
1.8   Elect  Director John W. Thompson          For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Amend Outside Director Stock in Lieu of   For       For        Management
      Cash Plan
5     Ratify Auditors                           For       For        Management


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

ULTRA PETROLEUM CORP.

Ticker:       UPL            Security ID:  903914109
Meeting Date: APR 29, 2005   Meeting Type: Annual/Special
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Michael D. Watford         For       For        Management
2     Elect Director William C. Helton          For       For        Management
3     Elect Director James E. Nielson           For       For        Management
4     Elect Director Robert E. Rigney           For       For        Management
5     Elect Director James C. Roe               For       For        Management
6     Approve KPMG LLP as Auditors and          For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors
7     Approve 2:1 Stock Split                   For       For        Management
8     Approve 2005 Stock Incentive Plan         For       Against    Management
9     Other Business                            For       Against    Management


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

UNITEDHEALTH GROUP INCORPORATED

Ticker:       UNH            Security ID:  91324P102
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas H. Kean            For       For        Management
1.2   Elect  Director Robert L. Ryan            For       For        Management
1.3   Elect  Director William G. Spears         For       For        Management
1.4   Elect  Director Gail R. Wilensky, Ph.D.   For       For        Management
2     Ratify Auditors                           For       For        Management
3     Performance- Based/Indexed Options        Against   Against    Shareholder
4     Performance- Based/Indexed Options        Against   Against    Shareholder


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

UNIVISION COMMUNICATIONS INC.

Ticker:       UVN            Security ID:  914906102
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director A. Jerrold Perenchio       For       Withhold   Management
1.2   Elect Director Anthony Cassara            For       Withhold   Management
1.3   Elect Director Harold Gaba                For       For        Management
1.4   Elect Director Alan F. Horn               For       For        Management
1.5   Elect Director John G. Perenchio          For       Withhold   Management
1.6   Elect Director Ray Rodriguez              For       Withhold   Management
1.7   Elect Director Mchenry T. Tichenor, Jr.   For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Adopt Recapitalization Plan Regarding     Against   Against    Shareholder
      Votes Per Share


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

VCA ANTECH INC

Ticker:       WOOF           Security ID:  918194101
Meeting Date: JUL 12, 2004   Meeting Type: Annual
Record Date:  MAY 13, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert L. Antin           For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


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

WHITE MOUNTAINS INSURANCE GROUP LTD

Ticker:       WTM            Security ID:  G9618E107
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John J. Byrne(1)          For       For        Management
1.2   Elect  Director George Gillespie III(1)   For       For        Management
1.3   Elect  Director John D. Gillespie(1)      For       For        Management
1.4   Elect  Director Frank A. Olson(1)         For       For        Management
1.5   Elect  Director Steven E. Fass(2)         For       For        Management
1.6   Elect  Director Gert Lindberg(2)          For       For        Management
1.7   Elect  Director Michael E. Maloney(2)     For       For        Management
1.8   Elect  Director Jan Silverudd(2)          For       For        Management
1.9   Elect  Director Goran Thorstensson(2)     For       For        Management
1.10  Elect  Director Michael E. Tyburski(2)    For       For        Management
1.11  Elect  Director Steven E. Fass(3)         For       For        Management
1.12  Elect  Director John D. Liberator(3)      For       For        Management
1.13  Elect  Director Goran Thorstensson(3)     For       For        Management
1.14  Elect  Director Steven E. Fass(4)         For       For        Management
1.15  Elect  Director Anders Henriksson(4)      For       For        Management
1.16  Elect  Director Mark Kaplen(4)            For       For        Management
1.17  Elect  Director Michael E. Maloney(4)     For       For        Management
1.18  Elect  Director Goran Thorstensson(4)     For       For        Management
1.19  Elect  Director Michael E. Tyburski(4)    For       For        Management
1.20  Elect  Director Raymond Barrette(5)       For       For        Management
1.21  Elect  Director Steven E. Fass(5)         For       For        Management
2     APPROVAL OF THE AMENDMENTS TO THE         For       For        Management
      LONG-TERM INCENTIVE PLAN AND APPROVAL OF
      PERFORMANCE CRITERIA.
3     APPROVAL OF THE APPOINTMENT OF            For       For        Management
      INDEPENDENT REGISTERED PUBLIC ACCOUNTING
      FIRM.


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

WHITE MOUNTAINS INSURANCE GROUP LTD

Ticker:       WTM            Security ID:  G9618E107
Meeting Date: OCT 21, 2004   Meeting Type: Annual
Record Date:  AUG 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bruce R. Berkowitz*       For       For        Management
1.2   Elect  Director Steven E. Fass*           For       For        Management
1.3   Elect  Director Edith E. Holiday*         For       For        Management
1.4   Elect  Director Lowndes A. Smith*         For       For        Management
1.5   Elect  Director Joseph S. Steinberg*      For       For        Management
1.6   Elect  Director Steven E. Fass**          For       For        Management
1.7   Elect  Director Laks Ek**                 For       For        Management
1.8   Elect  Director Gert Lindberg**           For       For        Management
1.9   Elect  Director Goran Thorstensson**      For       For        Management
1.10  Elect  Director Steven E. Fass***         For       For        Management
1.11  Elect  Director Anders Henriksson***      For       For        Management
1.12  Elect  Director Mark Kaplen***            For       For        Management
1.13  Elect  Director Michael E. Maloney***     For       For        Management
1.14  Elect  Director Goran Thorstensson***     For       For        Management
1.15  Elect  Director Michael E. Tyburski***    For       For        Management
1.16  Elect  Director Raymond Barrette****      For       For        Management
1.17  Elect  Director Steven E. Fass****        For       For        Management
2     APPOINTMENT OF INDEPENDENT REGISTERED     For       For        Management
      PUBLIC ACCOUNTING FIRM


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

WM. WRIGLEY JR. CO.

Ticker:       WWY            Security ID:  982526105
Meeting Date: MAR 8, 2005    Meeting Type: Annual
Record Date:  JAN 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John Rau                   For       For        Management
1.2   Elect Director Richard K. Smucker         For       For        Management
1.3   Elect Director William Wrigley, Jr.       For       For        Management
2     Increase Authorized Common Stock          For       Against    Management
3     Ratify Auditors                           For       For        Management
4     Proposal Regarding a Change to Proxy Card Against   Against    Shareholder
      Features


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

WMS INDUSTRIES INC.

Ticker:       WMS            Security ID:  929297109
Meeting Date: DEC 9, 2004    Meeting Type: Annual
Record Date:  OCT 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Louis J. Nicastro         For       Withhold   Management
1.2   Elect  Director Brian R. Gamache          For       Withhold   Management
1.3   Elect  Director Norman J. Menell          For       Withhold   Management
1.4   Elect  Director Harold H. Bach, Jr.       For       Withhold   Management
1.5   Elect  Director William C. Bartholomay    For       Withhold   Management
1.6   Elect  Director Neil D. Nicastro          For       Withhold   Management
1.7   Elect  Director Harvey Reich              For       For        Management
1.8   Elect  Director Ira S. Sheinfeld          For       Withhold   Management
1.9   Elect  Director William J. Vareschi, Jr   For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

WYNN RESORTS LTD

Ticker:       WYNN           Security ID:  983134107
Meeting Date: MAY 2, 2005    Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Kazuo Okada                For       For        Management
1.2   Elect Director Robert J. Miller           For       For        Management
1.3   Elect Director Kiril Sokoloff             For       For        Management
1.4   Elect Director Allan Zeman                For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Ratify Auditors                           For       For        Management


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

YAHOO!, INC.

Ticker:       YHOO           Security ID:  984332106
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Terry S. Semel             For       For        Management
1.2   Elect Director Jerry Yang                 For       For        Management
1.3   Elect Director Roy J. Bostock             For       For        Management
1.4   Elect Director Ronald W. Burkle           For       For        Management
1.5   Elect Director Eric Hippeau               For       For        Management
1.6   Elect Director Arthur H. Kern             For       For        Management
1.7   Elect Director Robert A. Kotick           For       For        Management
1.8   Elect Director Edward R. Kozel            For       For        Management
1.9   Elect Director Gary L. Wilson             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     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 Capital Opportunities Trust
              ------------------------------------------------------------------

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

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



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



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