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           SECURITIES AND EXCHANGE COMMISSION    ------------------------------
                 WASHINGTON, D.C. 20549          OMB Number:          3235-0582
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                                    FORM N-PX

               ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number  811-8600
                                    --------------------------------------------

                        Morgan Stanley Total Return 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)

                                 Barry Fink Esq.

                     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:   7/31
                           --------------------

Date of reporting period:  6/30/04
                           ------------------

ITEM 1. PROXY VOTING RECORD.

         Disclose the following information for each matter relating to a
portfolio security considered at any shareholder meeting held during the period
covered by the report and with respect to which the registrant was entitled to
vote:

         (a)  The name of the issuer of the portfolio security;
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         (b)  The exchange ticker symbol of the portfolio security;
         (c)  The Council on Uniform Securities Identification Procedures
              ("CUSIP") number for the portfolio security;
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         (d)  The shareholder meeting date;
         (e)  A brief identification of the matter voted on;
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         (f)  Whether the matter was proposed by the issuer or by a security
              holder;
         (g)  Whether the registrant cast its vote on the matter;
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         (h)  How the registrant cast its vote (e.g., for or against proposal,
              or abstain; for or withhold regarding election of directors);and
         (i)  Whether the registrant cast its vote for or against management.
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                                 NPX_811-08600

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

ICA File Number: 811-08600
Reporting Period: 07/01/2003 - 06/30/2004
Morgan Stanley Total Return Trust









====================== MORGAN STANLEY TOTAL RETURN TRUST =======================


ANTEON INTERNATIONAL CORP.

Ticker:       ANT            Security ID:  03674E108
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joseph M. Kampf           For       For        Management
1.2   Elect  Director Paul G. Kaminski          For       For        Management
1.3   Elect  Director Steven M. Lefkowitz       For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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BEA SYSTEMS, INC.

Ticker:       BEAS           Security ID:  073325102
Meeting Date: JUL 11, 2003   Meeting Type: Annual
Record Date:  MAY 27, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William T. Coleman III     For       For        Management
1.2   Elect Director Dale Crandall              For       For        Management
1.3   Elect Director William H. Janeway         For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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IMPAC MORTGAGE HOLDINGS, INC.

Ticker:       IMH            Security ID:  45254P102
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joseph R. Tomkinson       For       For        Management
1.2   Elect  Director William S. Ashmore        For       For        Management
1.3   Elect  Director James Walsh               For       For        Management
1.4   Elect  Director Frank P. Filipps          For       For        Management
1.5   Elect  Director Stephan R. Peers          For       Withhold   Management
1.6   Elect  Director William E. Rose           For       For        Management
1.7   Elect  Director Leigh J. Abrams           For       For        Management
2     Amend Charter                             For       For        Management


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                                 NPX_811-08600

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JPMORGAN CHASE & CO.

Ticker:       JPM            Security ID:  46625h100
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect  Director Hans W. Becherer          For       For        Management
2.2   Elect  Director Frank A. Bennack, Jr.     For       For        Management
2.3   Elect  Director John H. Biggs             For       For        Management
2.4   Elect  Director Lawrence A. Bossidy       For       For        Management
2.5   Elect  Director Ellen V. Futter           For       For        Management
2.6   Elect  Director William H. Gray, III      For       For        Management
2.7   Elect  Director William B. Harrison, Jr   For       For        Management
2.8   Elect  Director Helene L. Kaplan          For       For        Management
2.9   Elect  Director Lee R. Raymond            For       For        Management
2.10  Elect  Director John R. Stafford          For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Adjourn Meeting                           For       Against    Management
6     Establish Term Limits for Directors       Against   Against    Shareholder
7     Charitable Contributions                  Against   Against    Shareholder
8     Political Contributions                   Against   Against    Shareholder
9     Separate Chairman and CEO Positions       Against   Against    Shareholder
10    Provide Adequate Disclosure for over the  Against   Against    Shareholder
      counter Derivatives
11    Auditor Independence                      Against   Against    Shareholder
12    Submit Non-Employee Director Compensation Against   Against    Shareholder
      to Vote
13    Report on Pay Disparity                   Against   Against    Shareholder


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YAHOO!, INC.

Ticker:       YHOO           Security ID:  984332106
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:  MAR 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Terry S. Semel            For       Withhold   Management
1.2   Elect  Director Jerry Yang                For       Withhold   Management
1.3   Elect  Director Roy J. Bostock            For       Withhold   Management
1.4   Elect  Director Ronald W. Burkle          For       Withhold   Management
1.5   Elect  Director Eric Hippeau              For       Withhold   Management
1.6   Elect  Director Arthur H. Kern            For       Withhold   Management
1.7   Elect  Director Robert A. Kotick          For       Withhold   Management
1.8   Elect  Director Edward R. Kozel           For       Withhold   Management
1.9   Elect  Director Gary L. Wilson            For       Withhold   Management
2     Amend Employee Stock Purchase Plan        For       For        Management
3     Ratify Auditors                           For       For        Management
4     Expense Stock Options                     Against   For        Shareholder


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ZIMMER HOLDINGS INC

Ticker:       ZMH            Security ID:  98956P102
Meeting Date: JUL 22, 2003   Meeting Type: Special
Record Date:  JUN 16, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       For        Management
      Acquisition







                                   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 Total Return Trust
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By  (Signature and Title)*
                                              /s/ Ronald E. Robison

                                          Principal Executive Officer
                             ---------------------------------------------------



Date  August 27, 2004
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*Print the name and title of each signing officer under his or her signature.





























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