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|Morgan Stanley ABS Capital I Inc. Series 2004-NC7
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|2004 Annual Statement                            
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                |  |           |  | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                            |      | CLASS     |               | CUSIP |                |  | INTEREST                |  |                |  | PRINCIPAL |  | 
|200409                                            | A-1  | 61744CFK7 | $1,117,568.32 |       | $7,280,787.20  |  | $627,701,212.80         | 
|200410                                            | A-1  | 61744CFK7 | $1,047,214.86 |       | $9,773,006.31  |  | $617,928,206.49         | 
|200411                                            | A-1  | 61744CFK7 | $1,228,990.54 |       | $14,540,521.22 |  | $603,387,685.27         | 
|200412                                            | A-1  | 61744CFK7 | $1,291,493.18 |       | $19,838,813.03 |  | $583,548,872.24         | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $4,685,266.90           |  | $51,433,127.76 |  |           |  | 
|200409                                            | A-2  | 61744CFL5 | $296,562.75   |       | $5,383,592.51  |  | $180,016,407.49         | 
|200410                                            | A-2  | 61744CFL5 | $275,825.14   |       | $6,779,630.20  |  | $173,236,777.29         | 
|200411                                            | A-2  | 61744CFL5 | $317,600.76   |       | $6,566,099.33  |  | $166,670,677.96         | 
|200412                                            | A-2  | 61744CFL5 | $331,626.18   |       | $13,114,864.74 |  | $153,555,813.22         | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $1,221,614.83           |  | $31,844,186.78 |  |           |  | 
|200409                                            | A-3  | 61744CFM3 | $116,735.21   |       | $0.00          |  | $66,500,000.00          | 
|200410                                            | A-3  | 61744CFM3 | $110,685.56   |       | $0.00          |  | $66,500,000.00          | 
|200411                                            | A-3  | 61744CFM3 | $131,965.56   |       | $0.00          |  | $66,500,000.00          | 
|200412                                            | A-3  | 61744CFM3 | $142,050.52   |       | $0.00          |  | $66,500,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $501,436.85             |  | $0.00          |  |           |  | 
|200409                                            | A-4  | 61744CFN1 | $142,498.13   |       | $0.00          |  | $73,500,000.00          | 
|200410                                            | A-4  | 61744CFN1 | $133,770.00   |       | $0.00          |  | $73,500,000.00          | 
|200411                                            | A-4  | 61744CFN1 | $158,923.33   |       | $0.00          |  | $73,500,000.00          | 
|200412                                            | A-4  | 61744CFN1 | $169,661.54   |       | $0.00          |  | $73,500,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $604,853.00             |  | $0.00          |  |           |  | 
|200409                                            | B-1  | 61744CFU5 | $48,075.47    |       | $0.00          |  | $15,006,000.00          | 
|200410                                            | B-1  | 61744CFU5 | $43,417.36    |       | $0.00          |  | $15,006,000.00          | 
|200411                                            | B-1  | 61744CFU5 | $50,853.67    |       | $0.00          |  | $15,006,000.00          | 
|200412                                            | B-1  | 61744CFU5 | $52,470.78    |       | $0.00          |  | $15,006,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $194,817.28             |  | $0.00          |  |           |  | 
|200409                                            | B-2  | 61744CFV3 | $59,340.57    |       | $0.00          |  | $18,007,000.00          | 
|200410                                            | B-2  | 61744CFV3 | $53,500.80    |       | $0.00          |  | $18,007,000.00          | 
|200411                                            | B-2  | 61744CFV3 | $62,624.34    |       | $0.00          |  | $18,007,000.00          | 
|200412                                            | B-2  | 61744CFV3 | $64,514.84    |       | $0.00          |  | $18,007,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $239,980.55             |  | $0.00          |  |           |  | 
|200409                                            | B-3  | 61744CFW1 | $67,546.13    |       | $0.00          |  | $14,406,000.00          | 
|200410                                            | B-3  | 61744CFW1 | $59,832.92    |       | $0.00          |  | $14,406,000.00          | 
|200411                                            | B-3  | 61744CFW1 | $69,564.97    |       | $0.00          |  | $14,406,000.00          | 
|200412                                            | B-3  | 61744CFW1 | $70,469.16    |       | $0.00          |  | $14,406,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $267,413.18             |  | $0.00          |  |           |  | 
|200409                                            | M-1  | 61744CFP6 | $81,749.04    |       | $0.00          |  | $40,815,000.00          | 
|200410                                            | M-1  | 61744CFP6 | $76,505.45    |       | $0.00          |  | $40,815,000.00          | 
|200411                                            | M-1  | 61744CFP6 | $90,790.70    |       | $0.00          |  | $40,815,000.00          | 
|200412                                            | M-1  | 61744CFP6 | $96,674.33    |       | $0.00          |  | $40,815,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $345,719.52             |  | $0.00          |  |           |  | 
|200409                                            | M-2  | 61744CFQ4 | $79,934.03    |       | $0.00          |  | $39,016,000.00          | 
|200410                                            | M-2  | 61744CFQ4 | $74,650.61    |       | $0.00          |  | $39,016,000.00          | 
|200411                                            | M-2  | 61744CFQ4 | $88,522.97    |       | $0.00          |  | $39,016,000.00          | 
|200412                                            | M-2  | 61744CFQ4 | $94,093.08    |       | $0.00          |  | $39,016,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $337,200.69             |  | $0.00          |  |           |  | 
|200409                                            | M-3  | 61744CFR2 | $49,850.76    |       | $0.00          |  | $24,010,000.00          | 
|200410                                            | M-3  | 61744CFR2 | $46,499.37    |       | $0.00          |  | $24,010,000.00          | 
|200411                                            | M-3  | 61744CFR2 | $55,116.29    |       | $0.00          |  | $24,010,000.00          | 
|200412                                            | M-3  | 61744CFR2 | $58,524.06    |       | $0.00          |  | $24,010,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $209,990.48             |  | $0.00          |  |           |  | 
|200409                                            | M-4  | 61744CFS0 | $98,889.30    |       | $0.00          |  | $39,016,000.00          | 
|200410                                            | M-4  | 61744CFS0 | $90,733.88    |       | $0.00          |  | $39,016,000.00          | 
|200411                                            | M-4  | 61744CFS0 | $106,903.84   |       | $0.00          |  | $39,016,000.00          | 
|200412                                            | M-4  | 61744CFS0 | $111,899.55   |       | $0.00          |  | $39,016,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $408,426.57             |  | $0.00          |  |           |  | 
|200409                                            | M-5  | 61744CFT8 | $57,097.99    |       | $0.00          |  | $21,008,000.00          | 
|200410                                            | M-5  | 61744CFT8 | $52,123.18    |       | $0.00          |  | $21,008,000.00          | 
|200411                                            | M-5  | 61744CFT8 | $61,296.68    |       | $0.00          |  | $21,008,000.00          | 
|200412                                            | M-5  | 61744CFT8 | $63,869.88    |       | $0.00          |  | $21,008,000.00          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $234,387.73             |  | $0.00          |  |           |  | 
|200409                                            | P    | MS04C7102 | $130,758.32   |       | $0.00          |  | $0.00                   | 
|200410                                            | P    | MS04C7102 | $237,342.50   |       | $0.00          |  | $0.00                   | 
|200411                                            | P    | MS04C7102 | $286,118.58   |       | $0.00          |  | $0.00                   | 
|200412                                            | P    | MS04C7102 | $526,332.17   |       | $0.00          |  | $0.00                   | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $1,180,551.57           |  | $0.00          |  |           |  | 
|200409                                            | UT-R | MS04C7103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                            | UT-R | MS04C7103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                            | UT-R | MS04C7103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                            | UT-R | MS04C7103 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200409                                            | X    | MS04C7101 | $4,216,060.11 |       | $251.79        |  | $28,811,465.21          | 
|200410                                            | X    | MS04C7101 | $4,298,420.58 |       | $0.00          |  | $28,811,465.22          | 
|200411                                            | X    | MS04C7101 | $3,847,601.75 |       | $0.00          |  | $28,811,465.23          | 
|200412                                            | X    | MS04C7101 | $3,605,718.49 |       | $0.00          |  | $28,811,465.24          | 
|                                                  |      |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                  |      |           |               |       |                |  | $15,967,800.93          |  | $251.79        |  |           |  | 
|                                                  |      |           |               |       |                |  | $26,399,460.08          |  | $83,277,566.33 |  |           |  |