Report 
 
      
Registrant:   Morgan Stanley 21st Century Trend Fund — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  7/31/04

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1096006
SEC File #:   811-09615

Telephone #:  212-762-5260
 
 2.
Address:      1221 Avenue of the Americas
              New York, NY  10020
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  Yes
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         Morgan Stanley Investment Advisors Inc.
Role:         Adviser
SEC File #:   801-42061
Location:     New York, NY
 
Principal Underwriter 
 
11.1
Name:         Morgan Stanley Distributors Inc.
SEC File #:   008-45262
Location:     New York, NY
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Morgan Stanley Trust
SEC File #:   084-05710
Location:     Jersey City, NJ
 
Independent Public Accountant 
 
13.1
Name:         Deloitte & Touche LLP
Location:     New York, NY
 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  33,831
Sales ($000s):      39,311

Monthly average Value of portfolio ($000s):  85,065

Percent turnover (lesser of Purchases or Sales, divided by Value):  40%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  3
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 –
Net assets of common shareholders ................................
 –
 
75.
Monthly average net assets during the period ($000s):  121,796
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77E:  Legal Proceeding?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Ici Mutual Insurance Co.
2nd Insurer:  Gulf, Zurich, Fidelity & Deposit et al

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  150,000
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  113
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      A. Thomas Smith      
Name:   A. Thomas Smith
Title:  Vice President