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|------------------------------------------------- | ------- | --------- | ------------- | ----- | -------------- |  | ----------------------- |  | --------------- |  | --------- |  |  |  | -------------- | 
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|Morgan Stanley ABS Capital I Inc. Series 2004-NC5
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|2004 Annual Statement                            
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                 |  |           |  | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                            |         | CLASS     |               | CUSIP |                |  | INTEREST                |  |                 |  | PRINCIPAL |  | 
|200407                                            | A-1     | 61746RFS5 | $494,779.28   |       | $4,501,906.56  |  | $381,458,093.44         | 
|200408                                            | A-1     | 61746RFS5 | $599,207.09   |       | $10,037,392.35 |  | $371,420,701.09         | 
|200409                                            | A-1     | 61746RFS5 | $697,961.40   |       | $9,602,568.45  |  | $361,818,132.64         | 
|200410                                            | A-1     | 61746RFS5 | $640,217.08   |       | $13,043,903.59 |  | $348,774,229.05         | 
|200411                                            | A-1     | 61746RFS5 | $733,975.99   |       | $13,744,558.84 |  | $335,029,670.21         | 
|200412                                            | A-1     | 61746RFS5 | $754,603.43   |       | $15,777,601.33 |  | $319,252,068.88         | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $3,920,744.27           |  | $66,707,931.12  |  |           |  | 
|200407                                            | A-2     | 61746RFU0 | $82,911.11    |       | $952,822.21    |  | $69,047,177.79          | 
|200408                                            | A-2     | 61746RFU0 | $100,693.80   |       | $2,325,583.37  |  | $66,721,594.42          | 
|200409                                            | A-2     | 61746RFU0 | $117,124.20   |       | $2,063,020.59  |  | $64,658,573.83          | 
|200410                                            | A-2     | 61746RFU0 | $107,620.60   |       | $2,100,119.54  |  | $62,558,454.29          | 
|200411                                            | A-2     | 61746RFU0 | $124,143.78   |       | $2,870,152.95  |  | $59,688,301.34          | 
|200412                                            | A-2     | 61746RFU0 | $127,500.06   |       | $2,933,870.44  |  | $56,754,430.90          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $659,993.55             |  | $13,245,569.10  |  |           |  | 
|200407                                            | A-3     | 61746RGC9 | $114,717.78   |       | $1,808,143.48  |  | $102,691,856.52         | 
|200408                                            | A-3     | 61746RGC9 | $139,489.77   |       | $4,413,193.12  |  | $98,278,663.40          | 
|200409                                            | A-3     | 61746RGC9 | $161,709.35   |       | $3,914,935.23  |  | $94,363,728.17          | 
|200410                                            | A-3     | 61746RGC9 | $148,255.90   |       | $3,985,336.85  |  | $90,378,391.32          | 
|200411                                            | A-3     | 61746RGC9 | $169,710.53   |       | $5,446,607.24  |  | $84,931,784.07          | 
|200412                                            | A-3     | 61746RGC9 | $172,646.33   |       | $5,567,522.12  |  | $79,364,261.96          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $906,529.66             |  | $25,135,738.04  |  |           |  | 
|200407                                            | A-4     | 61746RGD7 | $37,656.72    |       | $0.00          |  | $28,337,000.00          | 
|200408                                            | A-4     | 61746RGD7 | $46,047.63    |       | $0.00          |  | $28,337,000.00          | 
|200409                                            | A-4     | 61746RGD7 | $54,938.36    |       | $0.00          |  | $28,337,000.00          | 
|200410                                            | A-4     | 61746RGD7 | $51,573.34    |       | $0.00          |  | $28,337,000.00          | 
|200411                                            | A-4     | 61746RGD7 | $61,270.89    |       | $0.00          |  | $28,337,000.00          | 
|200412                                            | A-4     | 61746RGD7 | $65,410.87    |       | $0.00          |  | $28,337,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $316,897.81             |  | $0.00           |  |           |  | 
|200407                                            | B-1     | 61746RFY2 | $26,220.86    |       | $0.00          |  | $10,870,000.00          | 
|200408                                            | B-1     | 61746RFY2 | $31,251.25    |       | $0.00          |  | $10,870,000.00          | 
|200409                                            | B-1     | 61746RFY2 | $36,020.46    |       | $0.00          |  | $10,870,000.00          | 
|200410                                            | B-1     | 61746RFY2 | $32,465.07    |       | $0.00          |  | $10,870,000.00          | 
|200411                                            | B-1     | 61746RFY2 | $37,996.69    |       | $0.00          |  | $10,870,000.00          | 
|200412                                            | B-1     | 61746RFY2 | $39,131.86    |       | $0.00          |  | $10,870,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $203,086.19             |  | $0.00           |  |           |  | 
|200407                                            | B-2     | 61746RFZ9 | $23,485.38    |       | $0.00          |  | $9,058,000.00           | 
|200408                                            | B-2     | 61746RFZ9 | $27,928.83    |       | $0.00          |  | $9,058,000.00           | 
|200409                                            | B-2     | 61746RFZ9 | $32,091.74    |       | $0.00          |  | $9,058,000.00           | 
|200410                                            | B-2     | 61746RFZ9 | $28,814.50    |       | $0.00          |  | $9,058,000.00           | 
|200411                                            | B-2     | 61746RFZ9 | $33,675.63    |       | $0.00          |  | $9,058,000.00           | 
|200412                                            | B-2     | 61746RFZ9 | $34,558.67    |       | $0.00          |  | $9,058,000.00           | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $180,554.75             |  | $0.00           |  |           |  | 
|200407                                            | B-3     | 61746RGA3 | $23,979.27    |       | $0.00          |  | $6,523,000.00           | 
|200408                                            | B-3     | 61746RGA3 | $28,266.33    |       | $0.00          |  | $6,523,000.00           | 
|200409                                            | B-3     | 61746RGA3 | $32,079.57    |       | $0.00          |  | $6,523,000.00           | 
|200410                                            | B-3     | 61746RGA3 | $28,360.55    |       | $0.00          |  | $6,523,000.00           | 
|200411                                            | B-3     | 61746RGA3 | $32,948.40    |       | $0.00          |  | $6,523,000.00           | 
|200412                                            | B-3     | 61746RGA3 | $33,312.51    |       | $0.00          |  | $6,523,000.00           | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $178,946.63             |  | $0.00           |  |           |  | 
|200407                                            | B-4     | 61746RGB1 | $29,305.96    |       | $0.00          |  | $7,972,000.00           | 
|200408                                            | B-4     | 61746RGB1 | $34,545.33    |       | $0.00          |  | $7,972,000.00           | 
|200409                                            | B-4     | 61746RGB1 | $39,205.63    |       | $0.00          |  | $7,972,000.00           | 
|200410                                            | B-4     | 61746RGB1 | $34,660.48    |       | $0.00          |  | $7,972,000.00           | 
|200411                                            | B-4     | 61746RGB1 | $40,267.46    |       | $0.00          |  | $7,972,000.00           | 
|200412                                            | B-4     | 61746RGB1 | $40,712.46    |       | $0.00          |  | $7,972,000.00           | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $218,697.32             |  | $0.00           |  |           |  | 
|200407                                            | M-1     | 61746RFV8 | $63,459.12    |       | $0.00          |  | $45,292,000.00          | 
|200408                                            | M-1     | 61746RFV8 | $77,373.83    |       | $0.00          |  | $45,292,000.00          | 
|200409                                            | M-1     | 61746RFV8 | $91,961.63    |       | $0.00          |  | $45,292,000.00          | 
|200410                                            | M-1     | 61746RFV8 | $85,954.15    |       | $0.00          |  | $45,292,000.00          | 
|200411                                            | M-1     | 61746RFV8 | $101,957.32   |       | $0.00          |  | $45,292,000.00          | 
|200412                                            | M-1     | 61746RFV8 | $108,448.59   |       | $0.00          |  | $45,292,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $529,154.64             |  | $0.00           |  |           |  | 
|200407                                            | M-2     | 61746RFW6 | $69,791.44    |       | $0.00          |  | $38,045,000.00          | 
|200408                                            | M-2     | 61746RFW6 | $84,016.04    |       | $0.00          |  | $38,045,000.00          | 
|200409                                            | M-2     | 61746RFW6 | $98,171.95    |       | $0.00          |  | $38,045,000.00          | 
|200410                                            | M-2     | 61746RFW6 | $89,955.29    |       | $0.00          |  | $38,045,000.00          | 
|200411                                            | M-2     | 61746RFW6 | $105,934.19   |       | $0.00          |  | $38,045,000.00          | 
|200412                                            | M-2     | 61746RFW6 | $110,752.73   |       | $0.00          |  | $38,045,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $558,621.64             |  | $0.00           |  |           |  | 
|200407                                            | M-3     | 61746RFX4 | $22,688.11    |       | $0.00          |  | $10,870,000.00          | 
|200408                                            | M-3     | 61746RFX4 | $27,175.00    |       | $0.00          |  | $10,870,000.00          | 
|200409                                            | M-3     | 61746RFX4 | $31,536.59    |       | $0.00          |  | $10,870,000.00          | 
|200410                                            | M-3     | 61746RFX4 | $28,660.57    |       | $0.00          |  | $10,870,000.00          | 
|200411                                            | M-3     | 61746RFX4 | $33,648.69    |       | $0.00          |  | $10,870,000.00          | 
|200412                                            | M-3     | 61746RFX4 | $34,919.73    |       | $0.00          |  | $10,870,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $178,628.69             |  | $0.00           |  |           |  | 
|200407                                            | P       | MS04C5102 | $77,412.69    |       | $0.00          |  | $0.00                   | 
|200408                                            | P       | MS04C5102 | $310,018.86   |       | $0.00          |  | $0.00                   | 
|200409                                            | P       | MS04C5102 | $341,486.53   |       | $0.00          |  | $0.00                   | 
|200410                                            | P       | MS04C5102 | $337,878.88   |       | $0.00          |  | $0.00                   | 
|200411                                            | P       | MS04C5102 | $95,635.38    |       | $0.00          |  | $0.00                   | 
|200412                                            | P       | MS04C5102 | $385,826.48   |       | $0.00          |  | $0.00                   | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $1,548,258.82           |  | $0.00           |  |           |  | 
|200407                                            | R       | MS04C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200408                                            | R       | MS04C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200409                                            | R       | MS04C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                            | R       | MS04C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                            | R       | MS04C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                            | R       | MS04C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $0.00                   |  | $0.00           |  |           |  | 
|200407                                            | REMIC I | MS04C5LT1 | $4,021,492.42 |       | $7,262,928.59  |  | $717,410,865.41         | 
|200408                                            | REMIC I | MS04C5LT1 | $4,212,097.34 |       | $16,776,230.50 |  | $700,634,634.91         | 
|200409                                            | REMIC I | MS04C5LT1 | $4,148,902.26 |       | $15,580,524.27 |  | $685,054,110.64         | 
|200410                                            | REMIC I | MS04C5LT1 | $4,058,362.08 |       | $19,129,359.98 |  | $665,924,750.66         | 
|200411                                            | REMIC I | MS04C5LT1 | $3,708,994.72 |       | $22,061,319.03 |  | $643,863,431.63         | 
|200412                                            | REMIC I | MS04C5LT1 | $3,875,848.94 |       | $24,278,993.89 |  | $619,584,437.74         | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $24,025,697.76          |  | $105,089,356.26 |  |           |  | 
|200407                                            | X       | MS04C5101 | $2,955,084.70 |       | $56.34         |  | $7,246,737.94           | 
|200408                                            | X       | MS04C5101 | $2,706,083.58 |       | $61.66         |  | $7,246,676.28           | 
|200409                                            | X       | MS04C5101 | $2,414,614.85 |       | $0.00          |  | $7,246,676.28           | 
|200410                                            | X       | MS04C5101 | $2,443,945.67 |       | $0.00          |  | $7,246,676.28           | 
|200411                                            | X       | MS04C5101 | $2,137,829.77 |       | $0.00          |  | $7,246,676.28           | 
|200412                                            | X       | MS04C5101 | $1,968,025.22 |       | $0.00          |  | $7,246,676.28           | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $14,625,583.79          |  | $118.00         |  |           |  | 
|                                                  |         |           |               |       |                |  | $48,051,395.52          |  | $210,178,712.52 |  |           |  |