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      811-7927
                                   ---------------------------------------------


                     Morgan Stanley Financial Services 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:   5/31
                         ------------------------


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





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

ICA File Number: 811-07927
Reporting Period: 07/01/2004 - 06/30/2005
Morgan Stanley Financial Services Trust









=========================== FINANCIAL SERVICES TRUST ===========================


ACE LTD.

Ticker:       ACE            Security ID:  G0070K103
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Evan G. Greenberg         For       For        Management
1.2   Elect  Director John A. Krol              For       For        Management
2     Ratify Auditors                           For       For        Management


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ALABAMA NATIONAL BANCORPORATION

Ticker:       ALAB           Security ID:  010317105
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 18, 2005

#     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 John V. Denson            For       For        Management
1.5   Elect  Director Griffin A. Greene         For       For        Management
1.6   Elect  Director John H. Holcomb, III      For       For        Management
1.7   Elect  Director John D. Johns             For       Withhold   Management
1.8   Elect  Director John J. McMahon, Jr.      For       For        Management
1.9   Elect  Director C. Phillip McWane         For       Withhold   Management
1.10  Elect  Director William D. Montgomery     For       For        Management
1.11  Elect  Director Richard Murray IV         For       For        Management
1.12  Elect  Director C. Lloyd Nix              For       For        Management
1.13  Elect  Director G. Ruffner Page, Jr.      For       For        Management
1.14  Elect  Director John M. Plunk             For       For        Management
1.15  Elect  Director W. Stancil Starnes        For       For        Management
1.16  Elect  Director W. Edgar Welden           For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Stock Option Plan                   For       For        Management
4     Ratify Auditors                           For       For        Management


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ALLSTATE CORP., THE

Ticker:       ALL            Security ID:  020002101
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director F. Duane Ackerman         For       For        Management
1.2   Elect  Director James G. Andress          For       For        Management
1.3   Elect  Director Edward A. Brennan         For       For        Management
1.4   Elect  Director W. James Farrell          For       For        Management
1.5   Elect  Director Jack M. Greenberg         For       For        Management
1.6   Elect  Director Ronald T. LeMay           For       For        Management
1.7   Elect  Director Edward M. Liddy           For       For        Management
1.8   Elect  Director J. Christopher Reyes      For       For        Management
1.9   Elect  Director H. John Riley, Jr.        For       For        Management
1.10  Elect  Director Joshua I. Smith           For       For        Management
1.11  Elect  Director Judith A. Sprieser        For       For        Management
1.12  Elect  Director Mary Alice Taylor         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Provide for Cumulative Voting             Against   Against    Shareholder


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AMEGY BANCORPORATION INC

Ticker:       ABNK           Security ID:  84476R109
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Carin M. Barth            For       For        Management
1.2   Elect  Director Paul W. Hobby             For       For        Management
1.3   Elect  Director John W. Johnson           For       For        Management
1.4   Elect  Director Walter E. Johnson         For       For        Management
1.5   Elect  Director Wilhelmina E. Robertson   For       For        Management
1.6   Elect  Director Scott J. McLean           For       For        Management
2     Change Company Name                       For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Ratify Auditors                           For       For        Management


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ASSURANT INC

Ticker:       AIZ            Security ID:  04621X108
Meeting Date: JUN 2, 2005    Meeting Type: Annual
Record Date:  APR 12, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John Michael Palms Ph.D., For       For        Management
      D. Sc.
1.2   Elect  Director J. Kerry Clayton          For       For        Management
1.3   Elect  Director Dr. Robert J. Blendon,    For       For        Management
      Sc.D.
1.4   Elect  Director Beth L. Bronner           For       For        Management
2     Ratify Auditors                           For       For        Management


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BANCO BILBAO VIZCAYA ARGENTARIA

Ticker:       BBV            Security ID:  E11805103
Meeting Date: FEB 26, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Individual and Consolidated       For       Did Not    Management
      Financial Statements, Allocation of                 Vote
      Income and Distribution of Dividend, and
      Discharge Directors
2     Fix Number of Directors; Reelect          For       Did Not    Management
      Directors                                           Vote
3     Authorize Additional Issuance of          For       Did Not    Management
      Nonconvertible Bonds up to Aggregate                Vote
      Nominal Amount of EUR 50 Billion
4     Authorize Repurchase of Shares By Company For       Did Not    Management
      and/or Subsidiaries                                 Vote
5     Reelect Deloitte & Touche Espana, S.L. as For       Did Not    Management
      Auditors                                            Vote
6     Authorize Board to Ratify and Execute     For       Did Not    Management
      Approved Resolutions                                Vote


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BANCO BILBAO VIZCAYA ARGENTARIA

Ticker:       BBV            Security ID:  E11805103
Meeting Date: JUN 13, 2005   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Authorize EUR 260.3 Million Increase in   For       For        Management
      Capital Through the Issuance of 531.1
      Million New Ordinary Shares without
      Preemptive Rights Re: Share Exchange
      Resulting from Tender Offer for Shares of
      Banca Nazionale del Lavoro; Amend Article
      5 Accordingly
2     Authorize Board to Ratify and Execute     For       For        Management
      Approved Resolutions


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BANK OF AMERICA CORP.

Ticker:       BAC            Security ID:  060505104
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William Barnet, III       For       For        Management
1.2   Elect  Director Charles W. Coker          For       For        Management
1.3   Elect  Director John T. Collins           For       For        Management
1.4   Elect  Director Gary L. Countryman        For       Withhold   Management
1.5   Elect  Director Paul Fulton               For       For        Management
1.6   Elect  Director Charles K. Gifford        For       For        Management
1.7   Elect  Director W. Steven Jones           For       For        Management
1.8   Elect  Director Kenneth D. Lewis          For       For        Management
1.9   Elect  Director Walter E. Massey          For       For        Management
1.10  Elect  Director Thomas J. May             For       For        Management
1.11  Elect  Director Patricia E. Mitchell      For       For        Management
1.12  Elect  Director Edward L. Romero          For       For        Management
1.13  Elect  Director Thomas M. Ryan            For       For        Management
1.14  Elect  Director O. Temple Sloan, Jr.      For       For        Management
1.15  Elect  Director Meredith R. Spangler      For       For        Management
1.16  Elect  Director Robert L. Tillman         For       For        Management
1.17  Elect  Director Jackie M. Ward            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Political Contributions         Against   Against    Shareholder
4     Director Nominee Amendment                Against   Against    Shareholder


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BANKATLANTIC BANCORP, INC.

Ticker:       BBX            Security ID:  065908501
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director D. Keith Cobb             For       For        Management
1.2   Elect  Director Bruno L. DiGiulian        For       For        Management
1.3   Elect  Director Alan B. Levan             For       For        Management
2     Approve Omnibus Stock Plan                For       For        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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BNP PARIBAS SA (FM. BANQUE NATIONALE DE PARIS)

Ticker:                      Security ID:  F1058Q238
Meeting Date: MAY 18, 2005   Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
2     Approve Financial Statements and          For       For        Management
      Statutory Reports
3     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 2 per Share
4     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party  Transactions
5     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share  Capital
6     Reelect Jean-Francois Lepetit as Director For       For        Management
7     Reelect Gerhard Cromme as Director        For       For        Management
8     Reelect Francois Grappotte as Director    For       For        Management
9     Reelect Helene Ploix as Director          For       For        Management
10    Reelect Baudoin Prot as Director          For       For        Management
11    Elect Loyola De Palacio Del               For       For        Management
      Valle-Lersundi as Director to Replace
      Jacques Friedmann
12    Approve Remuneration of Directors in the  For       For        Management
      Aggregate Amount of EUR 780,000
13    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities
14    Approve Stock Option Plan Grants          For       For        Management
15    Approve Restricted Stock Plan to          For       Against    Management
      Directors and Employees of Company and
      its Subsidiaries
16    Approve Reduction in Share Capital via    For       For        Management
      Cancellation of Repurchased Shares
17    Approve Change In Number Of Directors     For       For        Management
      Elected By Employees
18    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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CAPITAL ONE FINANCIAL CORP.

Ticker:       COF            Security ID:  14040H105
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Patrick W. Gross           For       For        Management
1.2   Elect Director Ann Fritz Hackett          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors
4     Report on Pay Disparity                   Against   Against    Shareholder


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CENTRAL PACIFIC FINANCIAL CORP.

Ticker:       CPF            Security ID:  154760102
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Earl E. Fry               For       For        Management
1.2   Elect  Director B. Jeannie Hedberg        For       For        Management
1.3   Elect  Director Duane K. Kurisu           For       For        Management
1.4   Elect  Director Colbert M. Matsumoto      For       For        Management
1.5   Elect  Director Crystal K. Rose           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve/Amend  Director & Officer         For       For        Management
      Indemnification/Liability Provisions


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CHARLES SCHWAB CORP., THE

Ticker:       SCH            Security ID:  808513105
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank C. Herringer         For       For        Management
1.2   Elect Director Stephen T. McLin           For       For        Management
1.3   Elect Director Charles R. Schwab          For       For        Management
1.4   Elect Director Roger O. Walther           For       For        Management
1.5   Elect Director Robert N. Wilson           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Declassify the Board of Directors         Against   Against    Shareholder


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CHUBB CORP., THE

Ticker:       CB             Security ID:  171232101
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director ZOE BAIRD                  For       For        Management
1.2   Elect Director SHEILA P. BURKE            For       For        Management
1.3   Elect Director JAMES I. CASH, JR.         For       For        Management
1.4   Elect Director JOEL J. COHEN              For       For        Management
1.5   Elect Director JAMES M. CORNELIUS         For       For        Management
1.6   Elect Director JOHN D. FINNEGAN           For       For        Management
1.7   Elect Director KLAUS J. MANGOLD           For       For        Management
1.8   Elect Director SIR DAVID G SCHOLEY CBE    For       For        Management
1.9   Elect Director RAYMOND G.H. SEITZ         For       For        Management
1.10  Elect Director LAWRENCE M. SMALL          For       For        Management
1.11  Elect Director DANIEL E. SOMERS           For       For        Management
1.12  Elect Director KAREN HASTIE WILLIAMS      For       For        Management
1.13  Elect Director ALFRED W. ZOLLAR           For       For        Management
2     Ratify Auditors                           For       For        Management


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CITIGROUP INC.

Ticker:       C              Security ID:  172967101
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Michael Armstrong      For       For        Management
1.2   Elect  Director Alain J.P. Belda          For       For        Management
1.3   Elect  Director George David              For       For        Management
1.4   Elect  Director Kenneth T. Derr           For       For        Management
1.5   Elect  Director John M. Deutch            For       For        Management
1.6   Elect  Director Roberto Hernandez Ramirez For       For        Management
1.7   Elect  Director Ann Dibble Jordan         For       For        Management
1.8   Elect  Director Klaus Kleinfeld           For       For        Management
1.9   Elect  Director Dudley C. Mecum           For       For        Management
1.10  Elect  Director Anne Mulcahy              For       For        Management
1.11  Elect  Director Richard D. Parsons        For       For        Management
1.12  Elect  Director Charles Prince            For       For        Management
1.13  Elect  Director Judith Rodin              For       For        Management
1.14  Elect  Director Robert E. Rubin           For       For        Management
1.15  Elect  Director Franklin A. Thomas        For       For        Management
1.16  Elect  Director Sanford I. Weill          For       For        Management
1.17  Elect  Director Robert B. Willumstad      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Limit/Prohibit Awards to Executives       Against   Against    Shareholder
5     Report on Political Contributions         Against   Against    Shareholder
6     Prohibit Chairman From Management Duties, Against   For        Shareholder
      Titles or Responsibilities
7     Limit Executive Compensation              Against   Against    Shareholder
8     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
9     Review/Limit Executive Compensation       Against   Against    Shareholder
10    Adopt Simple Majority Vote                Against   For        Shareholder


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CITY NATIONAL CORP.

Ticker:       CYN            Security ID:  178566105
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard L. Bloch          For       For        Management
1.2   Elect  Director Bram Goldsmith            For       For        Management
1.3   Elect  Director Robert H. Tuttle          For       For        Management
1.4   Elect  Director Kenneth Ziffren           For       For        Management
2     Ratify Auditors                           For       For        Management


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COUNTRYWIDE FINANCIAL CORP.

Ticker:       CFC            Security ID:  222372104
Meeting Date: AUG 17, 2004   Meeting Type: Special
Record Date:  JUL 9, 2004

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


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COUNTRYWIDE FINANCIAL CORP.

Ticker:       CFC            Security ID:  222372104
Meeting Date: JUN 15, 2005   Meeting Type: Annual
Record Date:  APR 20, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Angelo R. Mozilo           For       For        Management
1.2   Elect Director Stanford L. Kurland        For       For        Management
1.3   Elect Director Oscar P. Robertson         For       For        Management
1.4   Elect Director Keith P. Russell           For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Ratify Auditors                           For       For        Management


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FIRST REPUBLIC BANK (SAN FRANCISCO)

Ticker:       FRC            Security ID:  336158100
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  APR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James J. Baumberger       For       For        Management
1.2   Elect  Director Frank J. Fahrenkopf Jr.   For       For        Management
1.3   Elect  Director L. Martin Gibbs           For       For        Management
1.4   Elect  Director Pamela J. Joyner          For       For        Management
1.5   Elect  Director Charles V. Moore          For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


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FRANKLIN RESOURCES, INC.

Ticker:       BEN            Security ID:  354613101
Meeting Date: JAN 25, 2005   Meeting Type: Annual
Record Date:  NOV 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Samuel H. Armacost        For       For        Management
1.2   Elect  Director Harmon E. Burns           For       For        Management
1.3   Elect  Director Charles Crocker           For       For        Management
1.4   Elect  Director Robert D. Joffe           For       For        Management
1.5   Elect  Director Charles B. Johnson        For       For        Management
1.6   Elect  Director Rupert H. Johnson, Jr.    For       For        Management
1.7   Elect  Director Thomas H. Kean            For       For        Management
1.8   Elect  Director Chutta Ratnathicam        For       For        Management
1.9   Elect  Director Peter M. Sacerdote        For       For        Management
1.10  Elect  Director Anne M. Tatlock           For       For        Management
1.11  Elect  Director Louis E. Woodworth        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Increase Authorized Common Stock          For       For        Management


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FREDDIE MAC

Ticker:       FRE            Security ID:  313400301
Meeting Date: NOV 4, 2004    Meeting Type: Annual
Record Date:  SEP 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Barbara T. Alexander      For       For        Management
1.2   Elect  Director Geoffrey T. Boisi         For       For        Management
1.3   Elect  Director Michelle Engler           For       For        Management
1.4   Elect  Director Richard Karl Goeltz       For       For        Management
1.5   Elect  Director Thomas S. Johnson         For       For        Management
1.6   Elect  Director William M. Lewis, Jr.     For       For        Management
1.7   Elect  Director John B. Mccoy             For       For        Management
1.8   Elect  Director Eugene M. Mcquade         For       For        Management
1.9   Elect  Director Shaun F. O'Malley         For       For        Management
1.10  Elect  Director Ronald F. Poe             For       For        Management
1.11  Elect  Director Stephen A. Ross           For       For        Management
1.12  Elect  Director Richard F. Syron          For       For        Management
1.13  Elect  Director William J. Turner         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Amend Employee Stock Purchase Plan        For       For        Management


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FULTON FINANCIAL CORP.

Ticker:       FULT           Security ID:  360271100
Meeting Date: APR 13, 2005   Meeting Type: Annual
Record Date:  FEB 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas W. Hunt            For       For        Management
1.2   Elect  Director Patrick J. Freer          For       Withhold   Management
1.3   Elect  Director Carolyn R. Holleran       For       Withhold   Management
1.4   Elect  Director Donald W. Lesher Jr       For       Withhold   Management
1.5   Elect  Director Abraham S. Opatut         For       Withhold   Management
1.6   Elect  Director Mary Ann Russell          For       Withhold   Management
1.7   Elect  Director Gary A. Stewart           For       Withhold   Management
2     Increase Authorized Common Stock          For       For        Management


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GOLDMAN SACHS GROUP, INC., THE

Ticker:       GS             Security ID:  38141G104
Meeting Date: APR 6, 2005    Meeting Type: Annual
Record Date:  FEB 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John H. Bryan             For       For        Management
1.2   Elect  Director Stephen Friedman          For       For        Management
1.3   Elect  Director William W. George         For       For        Management
1.4   Elect  Director Henry M. Paulson, Jr.     For       For        Management
2     Declassify the Board of Directors         For       For        Management
3     Ratify Auditors                           For       For        Management


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HARTFORD FINANCIAL SERVICES GROUP, INC., THE

Ticker:       HIG            Security ID:  416515104
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ramani Ayer               For       For        Management
1.2   Elect  Director Ronald E. Ferguson        For       For        Management
1.3   Elect  Director Edward J. Kelly, III      For       For        Management
1.4   Elect  Director Paul G. Kirk, Jr.         For       For        Management
1.5   Elect  Director Thomas M. Marra           For       For        Management
1.6   Elect  Director Gail J. McGovern          For       For        Management
1.7   Elect  Director Michael G. Morris         For       For        Management
1.8   Elect  Director Robert W. Selander        For       For        Management
1.9   Elect  Director Charles B. Strauss        For       For        Management
1.10  Elect  Director H. Patrick Swygert        For       For        Management
1.11  Elect  Director David K. Zwiener          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Amend Executive Incentive Bonus Plan      For       For        Management


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

INTUIT INC.

Ticker:       INTU           Security ID:  461202103
Meeting Date: DEC 9, 2004    Meeting Type: Annual
Record Date:  OCT 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stephen M. Bennett        For       For        Management
1.2   Elect  Director Christopher W. Brody      For       For        Management
1.3   Elect  Director William V. Campbell       For       For        Management
1.4   Elect  Director Scott D. Cook             For       For        Management
1.5   Elect  Director L. John Doerr             For       For        Management
1.6   Elect  Director Donna L. Dubinsky         For       For        Management
1.7   Elect  Director Michael R. Hallman        For       For        Management
1.8   Elect  Director Dennis D. Powell          For       For        Management
1.9   Elect  Director Stratton D. Sclavos       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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JPMORGAN CHASE & CO.

Ticker:       JPM            Security ID:  46625H100
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Director Hans W. Becherer For       For        Management
1.2   Elect  Director Director John H. Biggs    For       For        Management
1.3   Elect  Director Director Lawrence A.      For       For        Management
      Bossidy
1.4   Elect  Director Director Stephen B. Burke For       For        Management
1.5   Elect  Director Director James S. Crown   For       For        Management
1.6   Elect  Director Director James Dimon      For       For        Management
1.7   Elect  Director Director Ellen V. Futter  For       For        Management
1.8   Elect  Director Director William H. Gray, For       For        Management
      III
1.9   Elect  Director Director William B.       For       For        Management
      Harrison, Jr
1.10  Elect  Director Director Laban P.         For       For        Management
      Jackson, Jr.
1.11  Elect  Director Director John W. Kessler  For       For        Management
1.12  Elect  Director Director Robert I. Lipp   For       For        Management
1.13  Elect  Director Director Richard A.       For       For        Management
      Manoogian
1.14  Elect  Director Director David C. Novak   For       For        Management
1.15  Elect  Director Director Lee R. Raymond   For       For        Management
1.16  Elect  Director Director William C.       For       For        Management
      Weldon
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Establish Term Limits for Directors       Against   Against    Shareholder
5     Separate Chairman and CEO Positions       Against   Against    Shareholder
6     Limit Executive Compensation              Against   Against    Shareholder
7     Adopt Executive Benefit Policy            Against   Against    Shareholder


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

LEGG MASON, INC.

Ticker:       LM             Security ID:  524901105
Meeting Date: JUL 20, 2004   Meeting Type: Annual
Record Date:  MAY 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Harold L. Adams           For       Withhold   Management
1.2   Elect  Director James W. Brinkley         For       For        Management
1.3   Elect  Director Raymond A. Mason          For       For        Management
1.4   Elect  Director Margaret Milner           For       For        Management
      Richardson
1.5   Elect  Director Kurt L. Schmoke           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan


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

M & T BANK CORP.

Ticker:       MTB            Security ID:  55261F104
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director W.F. Allyn                For       For        Management
1.2   Elect  Director B.D. Baird                For       For        Management
1.3   Elect  Director R.J. Bennett              For       For        Management
1.4   Elect  Director C.A. Bontempo             For       For        Management
1.5   Elect  Director R.T. Brady                For       For        Management
1.6   Elect  Director E.L. Brumback             For       For        Management
1.7   Elect  Director M.D. Buckley              For       For        Management
1.8   Elect  Director P.J. Callan               For       For        Management
1.9   Elect  Director R.C. Carballada           For       For        Management
1.10  Elect  Director T.J. Cunningham III       For       For        Management
1.11  Elect  Director R.E. Garman               For       For        Management
1.12  Elect  Director D.C. Hathaway             For       For        Management
1.13  Elect  Director D.R. Hawbaker             For       For        Management
1.14  Elect  Director P.W.E. Hodgson            For       For        Management
1.15  Elect  Director G. Kennedy                For       For        Management
1.16  Elect  Director R.G. King                 For       For        Management
1.17  Elect  Director R.B. Newman, Ii           For       For        Management
1.18  Elect  Director J.G. Pereira              For       For        Management
1.19  Elect  Director M.P. Pinto                For       For        Management
1.20  Elect  Director R.E. Sadler, Jr.          For       For        Management
1.21  Elect  Director E.J. Sheehy               For       For        Management
1.22  Elect  Director S.G. Sheetz               For       For        Management
1.23  Elect  Director H.L. Washington           For       For        Management
1.24  Elect  Director R.G. Wilmers              For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

MARKEL CORP.

Ticker:       MKL            Security ID:  570535104
Meeting Date: MAY 23, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J. Alfred Broaddus, Jr.   For       For        Management
1.2   Elect  Director Douglas C. Eby            For       For        Management
1.3   Elect  Director Leslie A. Grandis         For       Withhold   Management
1.4   Elect  Director Stewart M. Kasen          For       For        Management
1.5   Elect  Director Alan I. Kirshner          For       For        Management
1.6   Elect  Director Anthony F. Markel         For       For        Management
1.7   Elect  Director Steven A. Markel          For       For        Management
1.8   Elect  Director Jay M. Weinberg           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


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

MARSH & MCLENNAN COMPANIES, INC.

Ticker:       MMC            Security ID:  571748102
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael G. Cherkasky       For       For        Management
1.2   Elect Director Stephen R. Hardis          For       Withhold   Management
1.3   Elect Director The Rt. Hon. Lord Lang of  For       For        Management
      Monkton, DL
1.4   Elect Director Morton O. Schapiro         For       For        Management
1.5   Elect Director Adele Simmons              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Option Exchange Program           For       For        Management
4     Limit Executive Compensation              Against   Against    Shareholder
5     Request That the Board of Directors Adopt Against   Against    Shareholder
      an Executive Compensation Policy That All
      Future Stock Option Grants to Senior
      Executives Shall be Performance-Based
6     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

MBNA CORP.

Ticker:       KRB            Security ID:  55262L100
Meeting Date: MAY 2, 2005    Meeting Type: Annual
Record Date:  FEB 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James H. Berick           For       Withhold   Management
1.2   Elect  Director Mary M. Boies             For       For        Management
1.3   Elect  Director Benjamin R. Civiletti     For       Withhold   Management
1.4   Elect  Director Bruce L. Hammonds         For       For        Management
1.5   Elect  Director William L. Jews           For       For        Management
1.6   Elect  Director Randolph D. Lerner        For       For        Management
1.7   Elect  Director Stuart L. Markowitz, M.D. For       For        Management
1.8   Elect  Director William B. Milstead       For       For        Management
1.9   Elect  Director Thomas G. Murdough, Jr.   For       For        Management
1.10  Elect  Director Laura S. Unger            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Expense Stock Options                     Against   For        Shareholder
4     Performance- Based/Indexed Options        Against   For        Shareholder


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

MERRILL LYNCH & CO., INC.

Ticker:       MER            Security ID:  590188108
Meeting Date: APR 22, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jill K. Conway            For       For        Management
1.2   Elect  Director Heinz-Joachim Neuburger   For       For        Management
1.3   Elect  Director E. Stanley O'Neal         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Non-Employee Director Restricted  For       For        Management
      Stock Plan
4     Provide for Cumulative Voting             Against   Against    Shareholder
5     Limit Executive Compensation              Against   Against    Shareholder


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

MITSUBISHI TOKYO FINANCIAL GROUP INC

Ticker:                      Security ID:  606816106
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 30, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE PROPOSED APPROPRIATIONS   For       For        Management
      OF RETAINED EARNINGS AND OTHER CAPITAL
      SURPLUS FOR THE 4TH BUSINESS TERM
2     PARTIAL AMENDMENTS TO THE ARTICLES OF     For       For        Management
      INCORPORATION
3     APPROVAL OF THE PROPOSED MERGER AGREEMENT For       For        Management
      BETWEEN THE COMPANY AND UFJ HOLDINGS,
      INC.
4     ELECTION OF FOUR (4) DIRECTORS            For       For        Management
5     ELECTION OF TWO (2) CORPORATE AUDITORS    For       Against    Management
6     GRANTING OF RETIREMENT GRATUITIES TO      For       Against    Management
      RETIRING DIRECTORS AND CORPORATE AUDITORS


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

PROVIDENT BANKSHARES CORP.

Ticker:       PBKS           Security ID:  743859100
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas S. Bozzuto         For       For        Management
1.2   Elect  Director Charles W. Cole, Jr.      For       For        Management
1.3   Elect  Director Barbara B. Lucas          For       For        Management
1.4   Elect  Director Francis G. Riggs          For       For        Management
1.5   Elect  Director Enos K. Fry               For       For        Management
2     Ratify Auditors                           For       For        Management


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

PRUDENTIAL FINANCIAL INC

Ticker:       PRU            Security ID:  744320102
Meeting Date: JUN 7, 2005    Meeting Type: Annual
Record Date:  APR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James G. Cullen            For       For        Management
1.2   Elect Director James A. Unruh             For       For        Management
1.3   Elect Director Gordon M. Bethune          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Approve Qualified Employee Stock Purchase For       For        Management
      Plan


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

RENAISSANCERE HOLDINGS LTD.

Ticker:       RNR            Security ID:  G7496G103
Meeting Date: JUN 9, 2005    Meeting Type: Annual
Record Date:  APR 29, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edmund B. Greene          For       For        Management
1.2   Elect  Director Brian R. Hall             For       For        Management
1.3   Elect  Director Scott E. Pardee           For       For        Management
1.4   Elect  Director Jean D. Hamilton          For       For        Management
2     Ratify Auditors                           For       For        Management


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

S&T BANCORP, INC.

Ticker:       STBA           Security ID:  783859101
Meeting Date: APR 18, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Todd D. Brice             For       For        Management
1.2   Elect  Director William J. Gatti          For       For        Management
1.3   Elect  Director Ruth M. Grant             For       For        Management
1.4   Elect  Director Samuel Levy               For       For        Management
1.5   Elect  Director Charles A. Spadafora      For       For        Management


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

STATE STREET CORP. (BOSTON)

Ticker:       STT            Security ID:  857477103
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director T. Albright                For       For        Management
1.2   Elect Director K. Burnes                  For       For        Management
1.3   Elect Director T. Casner                  For       For        Management
1.4   Elect Director N. Darehshori              For       For        Management
1.5   Elect Director A. Goldstein               For       For        Management
1.6   Elect Director D. Gruber                  For       For        Management
1.7   Elect Director L. Hill                    For       For        Management
1.8   Elect Director C. LaMantia                For       For        Management
1.9   Elect Director R. Logue                   For       For        Management
1.10  Elect Director R. Sergel                  For       For        Management
1.11  Elect Director R. Skates                  For       For        Management
1.12  Elect Director G. Summe                   For       For        Management
1.13  Elect Director D. Walsh                   For       For        Management
1.14  Elect Director R. Weissman                For       For        Management
2     Ratify Auditors                           For       For        Management


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

SUNTRUST BANKS, INC.

Ticker:       STI            Security ID:  867914103
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas C. Farnsworth Jr.   For       For        Management
1.2   Elect Director Patricia C. Frist          For       For        Management
1.3   Elect Director Blake P. Garrett, Jr.      For       For        Management
1.4   Elect Director L. Philip Humann           For       For        Management
1.5   Elect Director M. Douglas Ivester         For       For        Management
1.6   Elect Director Karen Hastie Williams      For       For        Management
1.7   Elect Director Phail Wynn, Jr.            For       For        Management
1.8   Elect Director Thomas M. Garrott, III     For       For        Management
1.9   Elect Director E. Neville Isdell          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Management Incentive Plan         For       For        Management
4     Approve Performance Unit Plan             For       For        Management


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

SUSQUEHANNA BANCSHARES, INC.

Ticker:       SUSQ           Security ID:  869099101
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James A. Bentley, Jr.     For       For        Management
1.2   Elect  Director Owen O. Freeman, Jr.      For       For        Management
1.3   Elect  Director Russell J. Kunkel         For       For        Management
1.4   Elect  Director Guy W. Miller, Jr.        For       For        Management
1.5   Elect  Director E. Susan Piersol          For       For        Management
1.6   Elect  Director William J. Reuter         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

TEXAS REGIONAL BANKSHARES, INC.

Ticker:       TRBS           Security ID:  882673106
Meeting Date: APR 25, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Morris Atlas              For       For        Management
1.2   Elect  Director Robert F. Boggus          For       For        Management
1.3   Elect  Director Robert R. Farris          For       For        Management
1.4   Elect  Director Hill A. Feinberg          For       For        Management
1.5   Elect  Director C. Kenneth Landrum, M.D.  For       For        Management
1.6   Elect  Director David L. Lane             For       For        Management
1.7   Elect  Director Jack H. Mayfield, Jr.     For       For        Management
1.8   Elect  Director Joe Penland, Sr.          For       For        Management
1.9   Elect  Director Joseph E. Reid            For       For        Management
1.10  Elect  Director G.E. Roney                For       For        Management
1.11  Elect  Director Tudor G. Uhlhorn          For       For        Management
1.12  Elect  Director Walter Umphrey            For       For        Management
1.13  Elect  Director Mario Max Yzaguirre       For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Stock Option Plan                 For       For        Management
4     Approve Stock Option Plan                 For       For        Management
5     Ratify Auditors                           For       For        Management


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

U.S. BANCORP

Ticker:       USB            Security ID:  902973304
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Joel W. Johnson            For       For        Management
1.2   Elect Director David B. O'Maley           For       For        Management
1.3   Elect Director O'Dell M. Owens Md, Mph    For       For        Management
1.4   Elect Director Craig D. Schnuck           For       Withhold   Management
1.5   Elect Director Warren R. Staley           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Performance- Based/Indexed Options        Against   Against    Shareholder
5     Prohibit Auditor from Providing Non-Audit Against   Against    Shareholder
      Services


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

UCBH HOLDINGS, INC.

Ticker:       UCBH           Security ID:  90262T308
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Li-Lin Ko                 For       For        Management
1.2   Elect  Director Richard Li-Chung Wang     For       For        Management
1.3   Elect  Director Dennis Wu                 For       For        Management
2     Ratify Auditors                           For       For        Management


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

UCBH HOLDINGS, INC.

Ticker:       UCBH           Security ID:  90262T308
Meeting Date: SEP 24, 2004   Meeting Type: Special
Record Date:  AUG 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Stock Option Plan                   For       For        Management


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

WACHOVIA CORP.

Ticker:       WB             Security ID:  929903102
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  FEB 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John D. Baker, II          For       For        Management
1.2   Elect Director Peter C. Browing           For       For        Management
1.3   Elect Director Donald M. James            For       For        Management
1.4   Elect Director Van L. Richey              For       For        Management
1.5   Elect Director G. Kennedy Thompson        For       For        Management
1.6   Elect Director John C. Whitaker, Jr.      For       For        Management
1.7   Elect Director Wallace D. Malone, Jr.     For       For        Management
1.8   Elect Director Robert J. Brown            For       For        Management
2     Ratify Auditors                           For       For        Management


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

WACHOVIA CORP.

Ticker:       WB             Security ID:  929903102
Meeting Date: OCT 28, 2004   Meeting Type: Special
Record Date:  AUG 20, 2004

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


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

WELLS FARGO & COMPANY

Ticker:       WFC            Security ID:  949746101
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director J.A. Blanchard III         For       For        Management
1.2   Elect Director Susan E. Engel             For       For        Management
1.3   Elect Director Enrique Hernandez, Jr.     For       For        Management
1.4   Elect Director Robert L. Joss             For       For        Management
1.5   Elect Director Reatha Clark King          For       For        Management
1.6   Elect Director Richard M. Kovacevich      For       For        Management
1.7   Elect Director Richard D. McCormick       For       For        Management
1.8   Elect Director Cynthia H. Milligan        For       Withhold   Management
1.9   Elect Director Philip J. Quigley          For       For        Management
1.10  Elect Director Donald B. Rice             For       Withhold   Management
1.11  Elect Director Judith M. Runstad          For       Withhold   Management
1.12  Elect Director Stephen W. Sanger          For       For        Management
1.13  Elect Director Susan G. Swenson           For       For        Management
1.14  Elect Director Michael W. Wright          For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management
4     Adopt Policy on Payday Lenders            Against   Against    Shareholder
5     Link Executive Compensation to Predatory  Against   Against    Shareholder
      Lending
6     Performance- Based/Indexed Options        Against   Against    Shareholder
7     Limit Executive Compensation              Against   Against    Shareholder
8     Separate Chairman and CEO Positions       Against   Against    Shareholder


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

WILMINGTON TRUST CORP.

Ticker:       WL             Security ID:  971807102
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Carolyn S. Burger         For       For        Management
1.2   Elect  Director Robert V.A. Harra Jr.     For       For        Management
1.3   Elect  Director Rex L. Mears              For       For        Management
1.4   Elect  Director Robert W. Tunnell Jr.     For       For        Management
2     Approve Omnibus Stock Plan                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 Financial Services Trust
                ----------------------------------------------------------------


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

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


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



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