UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:  811—06062

THE THAI CAPITAL FUND, INC.

(Exact name of registrant as specified in charter)

c/o Daiwa Securities Trust Company
One Evertrust Plaza
Jersey City, New Jersey 07302

 (Address of principal executive offices)   (Zip code)

John J. O’Keefe
The Thai Capital Fund, Inc.
c/o Daiwa Securities Trust Company
One Evertrust Plaza
Jersey City, New Jersey 07302

(Name and Address of Agent for Service)

With a copy to:

Leonard B. Mackey, Jr., Esq.
Clifford Chance US LLP
31 West 52nd Street
New York, New York 10019

Registrant’s telephone number, including area code:  (201) 915-3054

Date of fiscal year end: December 31

Date of reporting period: June 30, 2004

Item 1. Proxy Voting Record.

Issuer Name:	Advanced Info Service Public Company Ltd.
Exchange Ticker Symbol:	ADVANC
SEDOL/CUSIP #	6412568
Meeting Date:	4/23/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve prior year’s minutes
2	Approve year-end financials
3	Approve dividend
4	Approve funds transfer
5	Election of Directors
6	Approve share allocation

Issuer Name:	Aapico Hitech Public Company Ltd.
Exchange Ticker Symbol:	AH
SEDOL/CUSIP #	6554329
Meeting Date:	4/23/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve extra-ordinary minutes
2	Approve year-end financials
3	Approve dividend
4	Election of Directors
5	Approve director renumeration
6	Approve auditor
7	Approve par value 5-to-1 split

Issuer Name:	Amarin Printing Group Public Company Ltd.
Exchange Ticker Symbol:	APRINT
SEDOL/CUSIP #	6026903
Meeting Date:	4/28/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve prior year’s minutes
2	Approve year-end financials
3	Approve share decrease
4	Approve share increase
5	Approve change in par value
6	Approve dividend (cash and stock)
7	Election of Directors
8	Approve auditor
9	Approve connected transaction regulation

2

Issuer Name:	Asia Plus Securities Public Company Ltd.
Exchange Ticker Symbol:	AST
SEDOL/CUSIP #	6057141
Meeting Date:	4/29/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve prior year’s minutes
2	Approve year-end financials
3	Approve appropriation of profit
4	Election of Directors
5	Approve auditor

Issuer Name:	Bank of Ayudhya Public Company Ltd.
Exchange Ticker Symbol:	BAY
SEDOL/CUSIP #	6075938
Meeting Date:	4/27/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve prior year’s minutes
2	Approve year-end financials
3	Approve reserves transfer
4	Election of Directors
5	Approve auditor
6	Approve Class A Preferred conversion
7	Approve warrant cancellation
8	Approved capital reduction
9	Approve share allocation
10	Approve resolution cancellation

Issuer Name:	Bangkok Bank Public Company Ltd.
Exchange Ticker Symbol:	BBL
SEDOL/CUSIP #	6077008
Meeting Date:	4/9/04

3

Issuer Name:	BEC World Public Company Ltd.
Exchange Ticker Symbol:	BEC
SEDOL/CUSIP #	6078131
Meeting Date:	4/28/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve extra-ordinary minutes
2	Approve year-end financials
3	Approve dividend
4	Election of Directors
5	Approve auditor

Issuer Name:	BIG C Supercenter Public Company Ltd.
Exchange Ticker Symbol:	BIGC
SEDOL/CUSIP #	6777728
Meeting Date:	4/26/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve extra-ordinary minutes
2	Approve year-end financials
3	Approve dividend
4	Election of Directors
5	Approve auditor
6	Approve revenue recognition

Issuer Name:	C.P. 7-Eleven Public Company Ltd.
Exchange Ticker Symbol:	CP711
SEDOL/CUSIP #	6703734
Meeting Date:	4/28/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve extra-ordinary minutes
2	Approve year-end financials
3	Approve dividend
4	Election of Directors
5	Approve director renumeration
6	Approve amendment to Memo of Assoc.
7	Approve director authorizations required

4

Issuer Name:	Eastern Water Resources Development and Management Public Company Ltd.
Exchange Ticker Symbol:	EASTW
SEDOL/CUSIP #	6297282
Meeting Date:	1/28/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve extra-ordinary minutes
2	Approve interim audit
3	Approve year-end financials
4	Approve dividend
5	Approve director renumeration
6	Election of Directors
7	Approve director authorizations required
8	Approve auditor
9	Approved capital reduction
10	Approve amendment to Memo of Assoc.
11	Approve debenture offering
12	Approve issue of warrants
13	Approve increase in shares
14	Approve amendment to Memo of Assoc.
15	Approve share allotment

Issuer Name:	Electricity Generating Public Company Ltd.
Exchange Ticker Symbol:	EGCOMP
SEDOL/CUSIP #	6304632
Meeting Date:	2/23/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve extra-ordinary minutes
2	Disapproved change to Article 7

5

Issuer Name:	EGV Entertainment Public Company Ltd.
Exchange Ticker Symbol:	EGV
SEDOL/CUSIP #	6651316
Meeting Date:	10/31/03

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve extra-ordinary minutes
2	Approve year-end financials
3	Approve dividend
4	Election of Directors and renumeration
5	Approve auditor
6	Approve business objective

Issuer Name:	GMM Media Public Company Ltd.
Exchange Ticker Symbol:	GMMM
SEDOL/CUSIP #	6566108
Meeting Date:	4/26/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve extra-ordinary minutes
2	Approve year-end financials
3	Approve dividend
4	Election of Directors and renumeration
5	Approve auditor
6	Approve connected transaction regulation
7	Approve office rental agreement
8	Approve joint venture

Issuer Name:	Hana Microelectronic Public Company Ltd.
Exchange Ticker Symbol:	HANA
SEDOL/CUSIP #	6409463
Meeting Date:	4/30/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve extra-ordinary minutes
2	Approve year-end financials
3	Election of Directors and renumeration
4	Approve dividend
5	Approve auditor
6	Approve amendment to Memo of Assoc.
7	Approve amendment to Memo of Assoc.
8	Approve change in par value
9	Approve amendment to Memo of Assoc.
10	Approve additional warrant reserves
11	Approve warrant issuance
12	Approve increase in capital
13	Approve warrants to directors
14	Approve purchase of Hana Semiconductor

6

Issuer Name:	Italian-Thai Development Public Company Ltd.
Exchange Ticker Symbol:	ITD
SEDOL/CUSIP #	6459071
Meeting Date:	4/2/04

Agenda Number	Proposal	Mgmt Rec.	Vote Cast	Manner Cast	Proposed by
1	Approve prior year’s minutes
2	Approve year-end financials
3	Approve dividend
4	Election of Directors and renumeration
5	Approve auditor
6	Approve change in par value
7	Approve amendment to Memo of Assoc.
8	Approve amendment of Articles of Assoc.
9	Approve convertible debentures
10	Approve increase in capital
11	Approve amendment to Memo of Assoc.
12	Approve allocation of new shares

Issuer Name:	ITV Public Company Ltd.
Exchange Ticker Symbol:	ITV
SEDOL/CUSIP #	6513687
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

7

Issuer Name:	Kasikornbank Public Company Ltd.
Exchange Ticker Symbol:	KBANK
SEDOL/CUSIP #	6888783
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Lalin Property Public Company Ltd.
Exchange Ticker Symbol:	LALIN
SEDOL/CUSIP #	6568966
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Land and House Public Company Ltd.
Exchange Ticker Symbol:	LH
SEDOL/CUSIP #	6523921
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Major Cineplex Group Public Company Ltd.
Exchange Ticker Symbol:	MAJOR
SEDOL/CUSIP #	6614212
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

8

Issuer Name:	Siam Makro Public Company Ltd.
Exchange Ticker Symbol:	MAKRO
SEDOL/CUSIP #	6807410
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Mida Assets Public Company Ltd.
Exchange Ticker Symbol:	MIDA
SEDOL/CUSIP #	6666945
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Modernform Group Public Company Ltd.
Exchange Ticker Symbol:	MODERN
SEDOL/CUSIP #	6578772
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

9

Issuer Name:	Noble Development Public Company Ltd.
Exchange Ticker Symbol:	NOBLE
SEDOL/CUSIP #	6606736
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Padaeng Industry Public Company Ltd.
Exchange Ticker Symbol:	PDI
SEDOL/CUSIP #	6666989
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	PTT Public Company Ltd.
Exchange Ticker Symbol:	PTT
SEDOL/CUSIP #	6420389
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

10

Issuer Name:	PTT Exploration and Production Public Company Ltd.
Exchange Ticker Symbol:	PTTEP
SEDOL/CUSIP #	6665458
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Samart Corp. Public Company Ltd.
Exchange Ticker Symbol:	SAMART
SEDOL/CUSIP #	6771106
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Sammakorn Public Company Ltd.
Exchange Ticker Symbol:	SAMCO
SEDOL/CUSIP #	6853974
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

11

Issuer Name:	Shin Satellite Public Company Ltd.
Exchange Ticker Symbol:	SATTEL
SEDOL/CUSIP #	6799562
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	The Siam Cement Public Company Ltd.
Exchange Ticker Symbol:	SCC
SEDOL/CUSIP #	6806785
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Siam General Factoring Public Company Ltd.
Exchange Ticker Symbol:	SGF
SEDOL/CUSIP #	6808521
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

12

Issuer Name:	Shin Corp. Public Company Ltd.
Exchange Ticker Symbol:	SHIN
SEDOL/CUSIP #	6397535
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	S&P Syndicate Public Company Ltd.
Exchange Ticker Symbol:	SNP
SEDOL/CUSIP #	6413345
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Serm Suk Public Company Ltd.
Exchange Ticker Symbol:	SSC
SEDOL/CUSIP #	6616144
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

13

Issuer Name:	Thai Stanley Elctric Public Company Ltd.
Exchange Ticker Symbol:	STANLY
SEDOL/CUSIP #	6886312
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	SinoThai Engineering and Construction Public Company Ltd.
Exchange Ticker Symbol:	STECON
SEDOL/CUSIP #	6541406
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

14

Issuer Name:	True Corp. Public Company Ltd.
Exchange Ticker Symbol:	TRU
SEDOL/CUSIP #	6875934
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	TISCO Finance Public Company Ltd.
Exchange Ticker Symbol:	TISCO
SEDOL/CUSIP #	6892869
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Thitikorn Public Company Ltd.
Exchange Ticker Symbol:	TK
SEDOL/CUSIP #	6696878
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

15

Issuer Name:	Thai Rung Union Car Public Company Ltd.
Exchange Ticker Symbol:	TRU
SEDOL/CUSIP #	6886215
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Thai Union Frozen Products Public Company Ltd.
Exchange Ticker Symbol:	TUF
SEDOL/CUSIP #	6422705
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	Tycoons Worldwide Group (Thailand) Public Company Ltd.
Exchange Ticker Symbol:	TYCN
SEDOL/CUSIP #	6718545
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

16

Issuer Name:	United Broadcasting Corp. Public Company Ltd.
Exchange Ticker Symbol:	UBC
SEDOL/CUSIP #	6456629
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

Issuer Name:	United Communication Industry Public Company Ltd.
Exchange Ticker Symbol:	UCOM
SEDOL/CUSIP #	6919188
Meeting Date:

Agenda Number Proposal Mgmt Rec. Vote Cast Manner Cast Proposed by

17

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.

THE THAI CAPITAL FUND, INC.
By:	/s/ John O’Keefe
	Name:	John O’Keefe
	Title:	Vice President and Treasurer
Date:  August 31, 2004

18