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|--------------------------------------------------- | --------- | --------- | ------------- | ----- | -------------- |  | ----------------------- |  | -------------- |  | --------- |  |  |  | -------------- | 
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|Morgan Stanley Home Equity Loan Trust Series 2005-4
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|2005 Annual Statement                              
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                |  |           |  | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                              |           | CLASS     |               | CUSIP |                |  | INTEREST                |  |                |  | PRINCIPAL |  | 
|200512                                              | A-1       | 61744CVE3 | $1,160,638.62 |       | $5,740,825.74  |  | $329,596,174.26         | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $1,160,638.62           |  | $5,740,825.74  |  |           |  | 
|200512                                              | A-2a      | 61744CVF0 | $860,740.04   |       | $10,615,864.09 |  | $246,151,135.91         | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $860,740.04             |  | $10,615,864.09 |  |           |  | 
|200512                                              | A-2b      | 61744CVG8 | $279,090.00   |       | $0.00          |  | $81,000,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $279,090.00             |  | $0.00          |  |           |  | 
|200512                                              | A-2c      | 61744CVH6 | $206,115.00   |       | $0.00          |  | $58,500,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $206,115.00             |  | $0.00          |  |           |  | 
|200512                                              | B-1       | 61744CVQ6 | $72,183.24    |       | $0.00          |  | $16,397,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $72,183.24              |  | $0.00          |  |           |  | 
|200512                                              | B-2       | 61744CVR4 | $55,457.11    |       | $0.00          |  | $11,575,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $55,457.11              |  | $0.00          |  |           |  | 
|200512                                              | B-3       | 61744CVS2 | $64,952.02    |       | $0.00          |  | $12,539,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $64,952.02              |  | $0.00          |  |           |  | 
|200512                                              | LT-R      | MS05X4R02 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                              | LT-REMIC  | MS05X4R01 | $5,430,514.55 |       | $16,354,948.65 |  | $948,184,083.44         | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $5,430,514.55           |  | $16,354,948.65 |  |           |  | 
|200512                                              | M-1       | 61744CVJ2 | $133,438.43   |       | $0.00          |  | $37,135,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $133,438.43             |  | $0.00          |  |           |  | 
|200512                                              | M-2       | 61744CVK9 | $122,091.43   |       | $0.00          |  | $33,758,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $122,091.43             |  | $0.00          |  |           |  | 
|200512                                              | M-3       | 61744CVL7 | $87,587.41    |       | $0.00          |  | $24,114,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $87,587.41              |  | $0.00          |  |           |  | 
|200512                                              | M-4       | 61744CVM5 | $66,617.60    |       | $0.00          |  | $17,844,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $66,617.60              |  | $0.00          |  |           |  | 
|200512                                              | M-5       | 61744CVN3 | $63,412.53    |       | $0.00          |  | $16,880,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $63,412.53              |  | $0.00          |  |           |  | 
|200512                                              | M-6       | 61744CVP8 | $56,976.11    |       | $0.00          |  | $14,950,000.00          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $56,976.11              |  | $0.00          |  |           |  | 
|200512                                              | P         | MS05X4102 | $370,459.88   |       | $0.00          |  | $0.00                   | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $370,459.88             |  | $0.00          |  |           |  | 
|200512                                              | PT1-R     | MS05X4R04 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                              | PT1-REMIC | MS05X4R03 | $0.00         |       | $0.00          |  | $964,540,874.00         | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                              | PT2-R     | MS05X4R06 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                              | PT2-REMIC | MS05X4R05 | $0.00         |       | $0.00          |  | $964,540,874.00         | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                              | R         | MS05X4103 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                              | UT-IO     | MS05X1IO1 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                              | X         | MS05X4101 | $1,536,378.43 |       | $100.74        |  | $47,744,773.26          | 
|                                                    |           |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                    |           |           |               |       |                |  | $1,536,378.43           |  | $100.74        |  |           |  | 
|                                                    |           |           |               |       |                |  | $10,566,652.40          |  | $32,711,739.22 |  |           |  |