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|--------------------------------------------------- | ------ | --------- | ------------- | ----- | -------------- |  | ----------------------- |  | --------------- |  | --------- |  |  |  | -------------- | 
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|                                                    |        |           |               |       |               
|Morgan Stanley Home Equity Loan Trust Series 2005-1
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|2005 Annual Statement                              
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                 |  |           |  | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                              |        | CLASS     |               | CUSIP |                |  | INTEREST                |  |                 |  | PRINCIPAL |  | 
|200502                                              | A-1MZ  | 61744CLA2 | $162,756.05   |       | $1,006,078.74  |  | $72,449,921.26          | 
|200503                                              | A-1MZ  | 61744CLA2 | $165,668.82   |       | $1,304,021.37  |  | $71,145,899.89          | 
|200504                                              | A-1MZ  | 61744CLA2 | $192,370.61   |       | $1,863,998.48  |  | $69,281,901.41          | 
|200505                                              | A-1MZ  | 61744CLA2 | $191,102.58   |       | $1,997,834.67  |  | $67,284,066.74          | 
|200506                                              | A-1MZ  | 61744CLA2 | $208,468.47   |       | $2,009,116.28  |  | $65,274,950.46          | 
|200507                                              | A-1MZ  | 61744CLA2 | $182,992.23   |       | $2,813,852.86  |  | $62,461,097.60          | 
|200508                                              | A-1MZ  | 61744CLA2 | $201,697.29   |       | $3,031,560.81  |  | $59,429,536.79          | 
|200509                                              | A-1MZ  | 61744CLA2 | $207,673.21   |       | $4,040,537.43  |  | $55,388,999.36          | 
|200510                                              | A-1MZ  | 61744CLA2 | $183,829.93   |       | $2,929,400.36  |  | $52,459,599.00          | 
|200511                                              | A-1MZ  | 61744CLA2 | $195,488.51   |       | $3,055,886.09  |  | $49,403,712.91          | 
|200512                                              | A-1MZ  | 61744CLA2 | $196,791.45   |       | $2,664,145.94  |  | $46,739,566.97          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $2,088,839.15           |  | $26,716,433.03  |  |           |  | 
|200502                                              | A-1SS  | 61744CKZ8 | $646,451.41   |       | $4,024,301.27  |  | $289,798,698.73         | 
|200503                                              | A-1SS  | 61744CKZ8 | $658,165.04   |       | $5,216,067.70  |  | $284,582,631.03         | 
|200504                                              | A-1SS  | 61744CKZ8 | $764,578.67   |       | $7,455,968.54  |  | $277,126,662.49         | 
|200505                                              | A-1SS  | 61744CKZ8 | $759,788.93   |       | $7,991,311.46  |  | $269,135,351.03         | 
|200506                                              | A-1SS  | 61744CKZ8 | $828,936.88   |       | $8,036,437.78  |  | $261,098,913.25         | 
|200507                                              | A-1SS  | 61744CKZ8 | $727,904.90   |       | $11,255,373.12 |  | $249,843,540.13         | 
|200508                                              | A-1SS  | 61744CKZ8 | $802,483.57   |       | $12,126,202.00 |  | $237,717,338.13         | 
|200509                                              | A-1SS  | 61744CKZ8 | $826,463.95   |       | $16,162,094.70 |  | $221,555,243.43         | 
|200510                                              | A-1SS  | 61744CKZ8 | $731,747.73   |       | $11,717,561.55 |  | $209,837,681.88         | 
|200511                                              | A-1SS  | 61744CKZ8 | $778,337.51   |       | $12,223,502.78 |  | $197,614,179.10         | 
|200512                                              | A-1SS  | 61744CKZ8 | $783,650.01   |       | $10,656,547.52 |  | $186,957,631.58         | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $8,308,508.60           |  | $106,865,368.42 |  |           |  | 
|200502                                              | A-2A   | 61744CLB0 | $337,243.31   |       | $8,486,066.64  |  | $153,379,933.36         | 
|200503                                              | A-2A   | 61744CLB0 | $330,448.55   |       | $7,338,166.10  |  | $146,041,767.26         | 
|200504                                              | A-2A   | 61744CLB0 | $373,501.82   |       | $13,543,008.31 |  | $132,498,758.95         | 
|200505                                              | A-2A   | 61744CLB0 | $346,705.09   |       | $10,106,166.00 |  | $122,392,592.95         | 
|200506                                              | A-2A   | 61744CLB0 | $360,140.20   |       | $11,581,324.50 |  | $110,811,268.45         | 
|200507                                              | A-2A   | 61744CLB0 | $295,997.34   |       | $15,690,759.91 |  | $95,120,508.54          | 
|200508                                              | A-2A   | 61744CLB0 | $293,235.39   |       | $12,295,707.13 |  | $82,824,801.41          | 
|200509                                              | A-2A   | 61744CLB0 | $276,910.92   |       | $17,467,956.86 |  | $65,356,844.55          | 
|200510                                              | A-2A   | 61744CLB0 | $207,961.85   |       | $14,880,304.32 |  | $50,476,540.23          | 
|200511                                              | A-2A   | 61744CLB0 | $180,709.52   |       | $19,473,277.28 |  | $31,003,262.95          | 
|200512                                              | A-2A   | 61744CLB0 | $118,811.39   |       | $10,950,803.68 |  | $20,052,459.27          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $3,121,665.38           |  | $141,813,540.73 |  |           |  | 
|200502                                              | A-2B   | 61744CLC8 | $387,625.00   |       | $0.00          |  | $180,000,000.00         | 
|200503                                              | A-2B   | 61744CLC8 | $400,400.00   |       | $0.00          |  | $180,000,000.00         | 
|200504                                              | A-2B   | 61744CLC8 | $474,300.00   |       | $0.00          |  | $180,000,000.00         | 
|200505                                              | A-2B   | 61744CLC8 | $484,500.00   |       | $0.00          |  | $180,000,000.00         | 
|200506                                              | A-2B   | 61744CLC8 | $544,500.00   |       | $0.00          |  | $180,000,000.00         | 
|200507                                              | A-2B   | 61744CLC8 | $493,413.20   |       | $0.00          |  | $180,000,000.00         | 
|200508                                              | A-2B   | 61744CLC8 | $568,850.00   |       | $0.00          |  | $180,000,000.00         | 
|200509                                              | A-2B   | 61744CLC8 | $616,200.00   |       | $0.00          |  | $180,000,000.00         | 
|200510                                              | A-2B   | 61744CLC8 | $585,800.00   |       | $0.00          |  | $180,000,000.00         | 
|200511                                              | A-2B   | 61744CLC8 | $658,362.50   |       | $0.00          |  | $180,000,000.00         | 
|200512                                              | A-2B   | 61744CLC8 | $704,200.00   |       | $0.00          |  | $180,000,000.00         | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $5,918,150.70           |  | $0.00           |  |           |  | 
|200502                                              | A-2C   | 61744CLD6 | $79,182.64    |       | $0.00          |  | $35,000,000.00          | 
|200503                                              | A-2C   | 61744CLD6 | $81,666.66    |       | $0.00          |  | $35,000,000.00          | 
|200504                                              | A-2C   | 61744CLD6 | $96,444.44    |       | $0.00          |  | $35,000,000.00          | 
|200505                                              | A-2C   | 61744CLD6 | $98,291.66    |       | $0.00          |  | $35,000,000.00          | 
|200506                                              | A-2C   | 61744CLD6 | $110,366.67   |       | $0.00          |  | $35,000,000.00          | 
|200507                                              | A-2C   | 61744CLD6 | $99,752.56    |       | $0.00          |  | $35,000,000.00          | 
|200508                                              | A-2C   | 61744CLD6 | $114,829.17   |       | $0.00          |  | $35,000,000.00          | 
|200509                                              | A-2C   | 61744CLD6 | $124,172.22   |       | $0.00          |  | $35,000,000.00          | 
|200510                                              | A-2C   | 61744CLD6 | $117,852.78   |       | $0.00          |  | $35,000,000.00          | 
|200511                                              | A-2C   | 61744CLD6 | $132,234.37   |       | $0.00          |  | $35,000,000.00          | 
|200512                                              | A-2C   | 61744CLD6 | $141,283.33   |       | $0.00          |  | $35,000,000.00          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $1,196,076.50           |  | $0.00           |  |           |  | 
|200502                                              | B-1    | 61744CLL8 | $35,600.83    |       | $0.00          |  | $11,862,000.00          | 
|200503                                              | B-1    | 61744CLL8 | $36,442.70    |       | $0.00          |  | $11,862,000.00          | 
|200504                                              | B-1    | 61744CLL8 | $42,390.18    |       | $0.00          |  | $11,862,000.00          | 
|200505                                              | B-1    | 61744CLL8 | $42,703.20    |       | $0.00          |  | $11,862,000.00          | 
|200506                                              | B-1    | 61744CLL8 | $47,734.67    |       | $0.00          |  | $11,862,000.00          | 
|200507                                              | B-1    | 61744CLL8 | $42,572.27    |       | $0.00          |  | $11,862,000.00          | 
|200508                                              | B-1    | 61744CLL8 | $48,621.02    |       | $0.00          |  | $11,862,000.00          | 
|200509                                              | B-1    | 61744CLL8 | $52,100.54    |       | $0.00          |  | $11,862,000.00          | 
|200510                                              | B-1    | 61744CLL8 | $49,019.72    |       | $0.00          |  | $11,862,000.00          | 
|200511                                              | B-1    | 61744CLL8 | $54,519.89    |       | $0.00          |  | $11,862,000.00          | 
|200512                                              | B-1    | 61744CLL8 | $57,899.74    |       | $0.00          |  | $11,862,000.00          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $509,604.76             |  | $0.00           |  |           |  | 
|200502                                              | B-2    | 61744CLM6 | $24,001.59    |       | $0.00          |  | $7,756,000.00           | 
|200503                                              | B-2    | 61744CLM6 | $24,552.05    |       | $0.00          |  | $7,756,000.00           | 
|200504                                              | B-2    | 61744CLM6 | $28,518.38    |       | $0.00          |  | $7,756,000.00           | 
|200505                                              | B-2    | 61744CLM6 | $28,697.20    |       | $0.00          |  | $7,756,000.00           | 
|200506                                              | B-2    | 61744CLM6 | $32,064.60    |       | $0.00          |  | $7,756,000.00           | 
|200507                                              | B-2    | 61744CLM6 | $28,559.88    |       | $0.00          |  | $7,756,000.00           | 
|200508                                              | B-2    | 61744CLM6 | $32,592.44    |       | $0.00          |  | $7,756,000.00           | 
|200509                                              | B-2    | 61744CLM6 | $34,893.38    |       | $0.00          |  | $7,756,000.00           | 
|200510                                              | B-2    | 61744CLM6 | $32,801.42    |       | $0.00          |  | $7,756,000.00           | 
|200511                                              | B-2    | 61744CLM6 | $36,449.43    |       | $0.00          |  | $7,756,000.00           | 
|200512                                              | B-2    | 61744CLM6 | $38,685.20    |       | $0.00          |  | $7,756,000.00           | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $341,815.57             |  | $0.00           |  |           |  | 
|200502                                              | B-3    | 61744CLN4 | $34,487.41    |       | $0.00          |  | $9,126,000.00           | 
|200503                                              | B-3    | 61744CLN4 | $35,135.10    |       | $0.00          |  | $9,126,000.00           | 
|200504                                              | B-3    | 61744CLN4 | $40,471.28    |       | $0.00          |  | $9,126,000.00           | 
|200505                                              | B-3    | 61744CLN4 | $40,458.60    |       | $0.00          |  | $9,126,000.00           | 
|200506                                              | B-3    | 61744CLN4 | $45,090.05    |       | $0.00          |  | $9,126,000.00           | 
|200507                                              | B-3    | 61744CLN4 | $39,850.87    |       | $0.00          |  | $9,126,000.00           | 
|200508                                              | B-3    | 61744CLN4 | $45,264.96    |       | $0.00          |  | $9,126,000.00           | 
|200509                                              | B-3    | 61744CLN4 | $48,195.42    |       | $0.00          |  | $9,126,000.00           | 
|200510                                              | B-3    | 61744CLN4 | $45,064.70    |       | $0.00          |  | $9,126,000.00           | 
|200511                                              | B-3    | 61744CLN4 | $49,803.24    |       | $0.00          |  | $9,126,000.00           | 
|200512                                              | B-3    | 61744CLN4 | $52,657.02    |       | $0.00          |  | $9,126,000.00           | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $476,478.65             |  | $0.00           |  |           |  | 
|200502                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200503                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200504                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200505                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200506                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200507                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200508                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200509                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200510                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200511                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|200512                                              | LT-R   | MS05X1203 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $0.00                   |  | $0.00           |  |           |  | 
|200502                                              | M-1    | 61744CLE4 | $71,535.71    |       | $0.00          |  | $30,569,000.00          | 
|200503                                              | M-1    | 61744CLE4 | $73,705.26    |       | $0.00          |  | $30,569,000.00          | 
|200504                                              | M-1    | 61744CLE4 | $86,866.91    |       | $0.00          |  | $30,569,000.00          | 
|200505                                              | M-1    | 61744CLE4 | $88,395.36    |       | $0.00          |  | $30,569,000.00          | 
|200506                                              | M-1    | 61744CLE4 | $99,196.41    |       | $0.00          |  | $30,569,000.00          | 
|200507                                              | M-1    | 61744CLE4 | $89,501.48    |       | $0.00          |  | $30,569,000.00          | 
|200508                                              | M-1    | 61744CLE4 | $102,924.12   |       | $0.00          |  | $30,569,000.00          | 
|200509                                              | M-1    | 61744CLE4 | $111,169.26   |       | $0.00          |  | $30,569,000.00          | 
|200510                                              | M-1    | 61744CLE4 | $105,395.12   |       | $0.01          |  | $30,568,999.99          | 
|200511                                              | M-1    | 61744CLE4 | $118,125.83   |       | $0.00          |  | $30,568,999.99          | 
|200512                                              | M-1    | 61744CLE4 | $126,114.11   |       | $0.00          |  | $30,568,999.99          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $1,072,929.57           |  | $0.01           |  |           |  | 
|200502                                              | M-2    | 61744CLF1 | $65,561.33    |       | $0.00          |  | $27,831,000.00          | 
|200503                                              | M-2    | 61744CLF1 | $67,536.56    |       | $0.00          |  | $27,831,000.00          | 
|200504                                              | M-2    | 61744CLF1 | $79,565.74    |       | $0.00          |  | $27,831,000.00          | 
|200505                                              | M-2    | 61744CLF1 | $80,941.83    |       | $0.00          |  | $27,831,000.00          | 
|200506                                              | M-2    | 61744CLF1 | $90,821.83    |       | $0.00          |  | $27,831,000.00          | 
|200507                                              | M-2    | 61744CLF1 | $81,917.95    |       | $0.00          |  | $27,831,000.00          | 
|200508                                              | M-2    | 61744CLF1 | $94,184.74    |       | $0.00          |  | $27,831,000.00          | 
|200509                                              | M-2    | 61744CLF1 | $101,706.84   |       | $0.00          |  | $27,831,000.00          | 
|200510                                              | M-2    | 61744CLF1 | $96,403.49    |       | $0.00          |  | $27,831,000.00          | 
|200511                                              | M-2    | 61744CLF1 | $108,024.87   |       | $0.00          |  | $27,831,000.00          | 
|200512                                              | M-2    | 61744CLF1 | $115,313.11   |       | $0.00          |  | $27,831,000.00          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $981,978.29             |  | $0.00           |  |           |  | 
|200502                                              | M-3    | 61744CLG9 | $42,609.22    |       | $0.00          |  | $17,794,000.00          | 
|200503                                              | M-3    | 61744CLG9 | $43,872.10    |       | $0.00          |  | $17,794,000.00          | 
|200504                                              | M-3    | 61744CLG9 | $51,637.20    |       | $0.00          |  | $17,794,000.00          | 
|200505                                              | M-3    | 61744CLG9 | $52,492.30    |       | $0.00          |  | $17,794,000.00          | 
|200506                                              | M-3    | 61744CLG9 | $58,883.31    |       | $0.00          |  | $17,794,000.00          | 
|200507                                              | M-3    | 61744CLG9 | $53,066.97    |       | $0.00          |  | $17,794,000.00          | 
|200508                                              | M-3    | 61744CLG9 | $60,983.99    |       | $0.00          |  | $17,794,000.00          | 
|200509                                              | M-3    | 61744CLG9 | $65,818.03    |       | $0.00          |  | $17,794,000.00          | 
|200510                                              | M-3    | 61744CLG9 | $62,353.14    |       | $0.00          |  | $17,794,000.00          | 
|200511                                              | M-3    | 61744CLG9 | $69,832.80    |       | $0.00          |  | $17,794,000.00          | 
|200512                                              | M-3    | 61744CLG9 | $74,517.32    |       | $0.00          |  | $17,794,000.00          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $636,066.38             |  | $0.00           |  |           |  | 
|200502                                              | M-4    | 61744CLH7 | $39,316.46    |       | $0.00          |  | $15,512,000.00          | 
|200503                                              | M-4    | 61744CLH7 | $40,417.38    |       | $0.00          |  | $15,512,000.00          | 
|200504                                              | M-4    | 61744CLH7 | $47,419.32    |       | $0.00          |  | $15,512,000.00          | 
|200505                                              | M-4    | 61744CLH7 | $48,087.20    |       | $0.00          |  | $15,512,000.00          | 
|200506                                              | M-4    | 61744CLH7 | $53,891.27    |       | $0.00          |  | $15,512,000.00          | 
|200507                                              | M-4    | 61744CLH7 | $48,433.05    |       | $0.00          |  | $15,512,000.00          | 
|200508                                              | M-4    | 61744CLH7 | $55,567.43    |       | $0.00          |  | $15,512,000.00          | 
|200509                                              | M-4    | 61744CLH7 | $59,859.08    |       | $0.00          |  | $15,512,000.00          | 
|200510                                              | M-4    | 61744CLH7 | $56,605.87    |       | $0.00          |  | $15,512,000.00          | 
|200511                                              | M-4    | 61744CLH7 | $63,281.42    |       | $0.00          |  | $15,512,000.00          | 
|200512                                              | M-4    | 61744CLH7 | $67,442.73    |       | $0.00          |  | $15,512,000.00          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $580,321.21             |  | $0.00           |  |           |  | 
|200502                                              | M-5    | 61744CLJ3 | $37,572.69    |       | $0.00          |  | $14,600,000.00          | 
|200503                                              | M-5    | 61744CLJ3 | $38,608.89    |       | $0.00          |  | $14,600,000.00          | 
|200504                                              | M-5    | 61744CLJ3 | $45,260.00    |       | $0.00          |  | $14,600,000.00          | 
|200505                                              | M-5    | 61744CLJ3 | $45,868.33    |       | $0.00          |  | $14,600,000.00          | 
|200506                                              | M-5    | 61744CLJ3 | $51,392.00    |       | $0.00          |  | $14,600,000.00          | 
|200507                                              | M-5    | 61744CLJ3 | $46,153.29    |       | $0.00          |  | $14,600,000.00          | 
|200508                                              | M-5    | 61744CLJ3 | $52,929.06    |       | $0.00          |  | $14,600,000.00          | 
|200509                                              | M-5    | 61744CLJ3 | $56,988.67    |       | $0.00          |  | $14,600,000.00          | 
|200510                                              | M-5    | 61744CLJ3 | $53,865.89    |       | $0.00          |  | $14,600,000.00          | 
|200511                                              | M-5    | 61744CLJ3 | $60,189.51    |       | $0.00          |  | $14,600,000.00          | 
|200512                                              | M-5    | 61744CLJ3 | $64,126.44    |       | $0.00          |  | $14,600,000.00          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $552,954.77             |  | $0.00           |  |           |  | 
|200502                                              | M-6    | 61744CLK0 | $35,081.34    |       | $0.00          |  | $13,232,000.00          | 
|200503                                              | M-6    | 61744CLK0 | $36,020.44    |       | $0.00          |  | $13,232,000.00          | 
|200504                                              | M-6    | 61744CLK0 | $42,158.62    |       | $0.00          |  | $13,232,000.00          | 
|200505                                              | M-6    | 61744CLK0 | $42,673.20    |       | $0.00          |  | $13,232,000.00          | 
|200506                                              | M-6    | 61744CLK0 | $47,789.57    |       | $0.00          |  | $13,232,000.00          | 
|200507                                              | M-6    | 61744CLK0 | $42,857.95    |       | $0.00          |  | $13,232,000.00          | 
|200508                                              | M-6    | 61744CLK0 | $49,109.10    |       | $0.00          |  | $13,232,000.00          | 
|200509                                              | M-6    | 61744CLK0 | $52,825.08    |       | $0.00          |  | $13,232,000.00          | 
|200510                                              | M-6    | 61744CLK0 | $49,884.64    |       | $0.00          |  | $13,232,000.00          | 
|200511                                              | M-6    | 61744CLK0 | $55,689.26    |       | $0.00          |  | $13,232,000.00          | 
|200512                                              | M-6    | 61744CLK0 | $59,294.06    |       | $0.00          |  | $13,232,000.00          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $513,383.26             |  | $0.00           |  |           |  | 
|200502                                              | P      | MS05X1102 | $143,947.30   |       | $0.00          |  | $0.00                   | 
|200503                                              | P      | MS05X1102 | $340,786.78   |       | $0.00          |  | $0.00                   | 
|200504                                              | P      | MS05X1102 | $462,425.21   |       | $0.00          |  | $0.00                   | 
|200505                                              | P      | MS05X1102 | $521,291.93   |       | $0.00          |  | $0.00                   | 
|200506                                              | P      | MS05X1102 | $524,099.76   |       | $0.00          |  | $0.00                   | 
|200507                                              | P      | MS05X1102 | $825,004.24   |       | $0.00          |  | $0.00                   | 
|200508                                              | P      | MS05X1102 | $617,007.34   |       | $0.00          |  | $0.00                   | 
|200509                                              | P      | MS05X1102 | $887,323.50   |       | $0.00          |  | $0.00                   | 
|200510                                              | P      | MS05X1102 | $699,445.78   |       | $0.00          |  | $0.00                   | 
|200511                                              | P      | MS05X1102 | $799,879.46   |       | $0.00          |  | $0.00                   | 
|200512                                              | P      | MS05X1102 | $528,287.81   |       | $0.00          |  | $0.00                   | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $6,349,499.11           |  | $0.00           |  |           |  | 
|200502                                              | REMIC1 | MS05X1201 | $5,155,515.77 |       | $13,516,454.61 |  | $898,985,598.39         | 
|200503                                              | REMIC1 | MS05X1201 | $5,089,393.66 |       | $13,858,255.17 |  | $885,127,343.22         | 
|200504                                              | REMIC1 | MS05X1201 | $5,015,698.42 |       | $22,862,975.33 |  | $862,264,367.89         | 
|200505                                              | REMIC1 | MS05X1201 | $4,879,375.89 |       | $20,095,312.13 |  | $842,169,055.76         | 
|200506                                              | REMIC1 | MS05X1201 | $4,764,780.37 |       | $21,626,878.56 |  | $820,542,177.20         | 
|200507                                              | REMIC1 | MS05X1201 | $4,639,782.04 |       | $29,726,872.52 |  | $790,782,191.44         | 
|200508                                              | REMIC1 | MS05X1201 | $4,471,187.05 |       | $27,343,712.18 |  | $763,328,721.50         | 
|200509                                              | REMIC1 | MS05X1201 | $4,320,521.43 |       | $37,669,496.83 |  | $725,658,132.51         | 
|200510                                              | REMIC1 | MS05X1201 | $4,103,228.94 |       | $29,488,442.06 |  | $696,130,866.27         | 
|200511                                              | REMIC1 | MS05X1201 | $3,938,169.98 |       | $34,654,087.29 |  | $661,378,200.11         | 
|200512                                              | REMIC1 | MS05X1201 | $3,739,541.16 |       | $24,187,689.62 |  | $637,106,702.97         | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $50,117,194.71          |  | $275,030,176.30 |  |           |  | 
|200502                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200503                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200504                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200505                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200506                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200507                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200508                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200509                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200510                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200511                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200512                                              | UT-R   | MS05X1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $0.00                   |  | $0.00           |  |           |  | 
|200502                                              | X      | MS05X1101 | $3,155,737.09 |       | $7.83          |  | $20,075,045.17          | 
|200503                                              | X      | MS05X1101 | $3,056,754.11 |       | $0.00          |  | $20,075,045.17          | 
|200504                                              | X      | MS05X1101 | $2,650,215.24 |       | $0.00          |  | $20,075,045.17          | 
|200505                                              | X      | MS05X1101 | $2,528,670.41 |       | $0.00          |  | $20,075,045.17          | 
|200506                                              | X      | MS05X1101 | $2,185,504.45 |       | $0.00          |  | $20,075,045.17          | 
|200507                                              | X      | MS05X1101 | $2,333,694.72 |       | $0.00          |  | $20,075,045.17          | 
|200508                                              | X      | MS05X1101 | $1,838,157.02 |       | $0.00          |  | $20,075,045.17          | 
|200509                                              | X      | MS05X1101 | $1,684,452.67 |       | $0.00          |  | $20,075,045.17          | 
|200510                                              | X      | MS05X1101 | $1,685,818.47 |       | $0.00          |  | $20,075,045.17          | 
|200511                                              | X      | MS05X1101 | $1,278,542.45 |       | $0.00          |  | $20,075,045.17          | 
|200512                                              | X      | MS05X1101 | $1,054,947.73 |       | $0.00          |  | $20,075,045.16          | 
|                                                    |        |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                    |        |           |               |       |                |  | $23,452,494.36          |  | $7.83           |  |           |  | 
|                                                    |        |           |               |       |                |  | $106,217,960.97         |  | $550,425,526.32 |  |           |  |