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|------------------------------------------------- | ------- | --------- | ------------- | ----- | -------------- |  | ----------------------- |  | --------------- |  | --------- |  |  |  | -------------- | 
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|Morgan Stanley ABS Capital I Inc. Series 2003-NC5
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|2003 Annual Statement                            
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                 |  |           |  | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                            |         | CLASS     |               | CUSIP |                |  | INTEREST                |  |                 |  | PRINCIPAL |  | 
|200306                                            | A-1     | 61746RAS0 | $670,625.24   |       | $3,206,101.57  |  | $499,134,898.43         | 
|200307                                            | A-1     | 61746RAS0 | $621,838.89   |       | $6,953,739.97  |  | $492,181,158.46         | 
|200308                                            | A-1     | 61746RAS0 | $661,163.36   |       | $9,937,269.11  |  | $482,243,889.35         | 
|200309                                            | A-1     | 61746RAS0 | $651,966.95   |       | $10,407,412.92 |  | $471,836,476.43         | 
|200310                                            | A-1     | 61746RAS0 | $662,668.12   |       | $12,563,363.35 |  | $459,273,113.07         | 
|200311                                            | A-1     | 61746RAS0 | $584,552.61   |       | $19,895,867.44 |  | $439,377,245.63         | 
|200312                                            | A-1     | 61746RAS0 | $597,324.21   |       | $20,031,690.99 |  | $419,345,554.64         | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $4,450,139.38           |  | $82,995,445.36  |  |           |  | 
|200306                                            | A-2     | 61746RBB6 | $120,000.00   |       | $846,969.09    |  | $99,153,030.91          | 
|200307                                            | A-2     | 61746RBB6 | $108,655.20   |       | $1,209,922.37  |  | $97,943,108.54          | 
|200308                                            | A-2     | 61746RBB6 | $116,389.06   |       | $1,676,282.68  |  | $96,266,825.86          | 
|200309                                            | A-2     | 61746RBB6 | $115,226.04   |       | $2,271,591.91  |  | $93,995,233.95          | 
|200310                                            | A-2     | 61746RBB6 | $116,971.85   |       | $2,320,974.96  |  | $91,674,258.99          | 
|200311                                            | A-2     | 61746RBB6 | $103,388.19   |       | $3,982,339.43  |  | $87,691,919.56          | 
|200312                                            | A-2     | 61746RBB6 | $105,623.09   |       | $3,110,988.33  |  | $84,580,931.23          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $786,253.43             |  | $15,419,068.77  |  |           |  | 
|200306                                            | A-3     | 61746RBJ9 | $265,174.29   |       | $1,793,169.07  |  | $209,922,830.93         | 
|200307                                            | A-3     | 61746RBJ9 | $242,285.93   |       | $2,561,599.25  |  | $207,361,231.68         | 
|200308                                            | A-3     | 61746RBJ9 | $258,913.54   |       | $3,548,958.65  |  | $203,812,273.03         | 
|200309                                            | A-3     | 61746RBJ9 | $256,237.32   |       | $4,809,323.52  |  | $199,002,949.51         | 
|200310                                            | A-3     | 61746RBJ9 | $260,030.52   |       | $4,913,875.35  |  | $194,089,074.16         | 
|200311                                            | A-3     | 61746RBJ9 | $229,833.81   |       | $8,431,249.76  |  | $185,657,824.41         | 
|200312                                            | A-3     | 61746RBJ9 | $234,812.02   |       | $6,586,460.05  |  | $179,071,364.36         | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $1,747,287.43           |  | $32,644,635.64  |  |           |  | 
|200306                                            | B-1     | 61746RBF7 | $45,270.23    |       | $0.00          |  | $13,065,000.00          | 
|200307                                            | B-1     | 61746RBF7 | $47,197.31    |       | $0.00          |  | $13,065,000.00          | 
|200308                                            | B-1     | 61746RBF7 | $49,501.83    |       | $0.00          |  | $13,065,000.00          | 
|200309                                            | B-1     | 61746RBF7 | $49,614.34    |       | $0.00          |  | $13,065,000.00          | 
|200310                                            | B-1     | 61746RBF7 | $51,330.93    |       | $0.00          |  | $13,065,000.00          | 
|200311                                            | B-1     | 61746RBF7 | $46,518.66    |       | $0.00          |  | $13,065,000.00          | 
|200312                                            | B-1     | 61746RBF7 | $49,712.78    |       | $0.00          |  | $13,065,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $339,146.08             |  | $0.00           |  |           |  | 
|200306                                            | B-2     | 61746RBG5 | $42,036.64    |       | $0.00          |  | $11,055,000.00          | 
|200307                                            | B-2     | 61746RBG5 | $44,081.81    |       | $0.00          |  | $11,055,000.00          | 
|200308                                            | B-2     | 61746RBG5 | $46,169.98    |       | $0.00          |  | $11,055,000.00          | 
|200309                                            | B-2     | 61746RBG5 | $46,265.18    |       | $0.00          |  | $11,055,000.00          | 
|200310                                            | B-2     | 61746RBG5 | $47,855.87    |       | $0.00          |  | $11,055,000.00          | 
|200311                                            | B-2     | 61746RBG5 | $43,369.38    |       | $0.00          |  | $11,055,000.00          | 
|200312                                            | B-2     | 61746RBG5 | $46,348.47    |       | $0.00          |  | $11,055,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $316,127.33             |  | $0.00           |  |           |  | 
|200306                                            | B-3     | 61746RBH3 | $47,770.81    |       | $0.00          |  | $12,563,000.00          | 
|200307                                            | B-3     | 61746RBH3 | $50,094.96    |       | $0.00          |  | $12,563,000.00          | 
|200308                                            | B-3     | 61746RBH3 | $52,467.97    |       | $0.00          |  | $12,563,000.00          | 
|200309                                            | B-3     | 61746RBH3 | $52,576.16    |       | $0.00          |  | $12,563,000.00          | 
|200310                                            | B-3     | 61746RBH3 | $54,383.83    |       | $0.00          |  | $12,563,000.00          | 
|200311                                            | B-3     | 61746RBH3 | $49,285.35    |       | $0.00          |  | $12,563,000.00          | 
|200312                                            | B-3     | 61746RBH3 | $52,670.81    |       | $0.00          |  | $12,563,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $359,249.89             |  | $0.00           |  |           |  | 
|200306                                            | M-1     | 61746RBC4 | $103,863.80   |       | $0.00          |  | $63,818,000.00          | 
|200307                                            | M-1     | 61746RBC4 | $100,247.44   |       | $0.00          |  | $63,818,000.00          | 
|200308                                            | M-1     | 61746RBC4 | $107,161.06   |       | $0.00          |  | $63,818,000.00          | 
|200309                                            | M-1     | 61746RBC4 | $107,710.60   |       | $0.00          |  | $63,818,000.00          | 
|200310                                            | M-1     | 61746RBC4 | $111,752.41   |       | $0.00          |  | $63,818,000.00          | 
|200311                                            | M-1     | 61746RBC4 | $101,275.62   |       | $0.00          |  | $63,818,000.00          | 
|200312                                            | M-1     | 61746RBC4 | $108,191.45   |       | $0.00          |  | $63,818,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $740,202.38             |  | $0.00           |  |           |  | 
|200306                                            | M-2     | 61746RBD2 | $137,637.24   |       | $0.00          |  | $55,276,000.00          | 
|200307                                            | M-2     | 61746RBD2 | $139,802.22   |       | $0.00          |  | $55,276,000.00          | 
|200308                                            | M-2     | 61746RBD2 | $147,556.21   |       | $0.00          |  | $55,276,000.00          | 
|200309                                            | M-2     | 61746RBD2 | $148,032.20   |       | $0.00          |  | $55,276,000.00          | 
|200310                                            | M-2     | 61746RBD2 | $153,298.77   |       | $0.00          |  | $55,276,000.00          | 
|200311                                            | M-2     | 61746RBD2 | $138,927.01   |       | $0.00          |  | $55,276,000.00          | 
|200312                                            | M-2     | 61746RBD2 | $148,448.69   |       | $0.00          |  | $55,276,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $1,013,702.34           |  | $0.00           |  |           |  | 
|200306                                            | M-3     | 61746RBE0 | $47,751.42    |       | $0.00          |  | $17,588,000.00          | 
|200307                                            | M-3     | 61746RBE0 | $48,879.98    |       | $0.00          |  | $17,588,000.00          | 
|200308                                            | M-3     | 61746RBE0 | $51,493.76    |       | $0.00          |  | $17,588,000.00          | 
|200309                                            | M-3     | 61746RBE0 | $51,645.21    |       | $0.00          |  | $17,588,000.00          | 
|200310                                            | M-3     | 61746RBE0 | $53,467.52    |       | $0.00          |  | $17,588,000.00          | 
|200311                                            | M-3     | 61746RBE0 | $48,454.94    |       | $0.00          |  | $17,588,000.00          | 
|200312                                            | M-3     | 61746RBE0 | $51,777.73    |       | $0.00          |  | $17,588,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $353,470.56             |  | $0.00           |  |           |  | 
|200306                                            | P       | MS03C5102 | $79,267.03    |       | $0.00          |  | $0.00                   | 
|200307                                            | P       | MS03C5102 | $85,673.84    |       | $0.00          |  | $0.00                   | 
|200308                                            | P       | MS03C5102 | $213,212.41   |       | $0.00          |  | $0.00                   | 
|200309                                            | P       | MS03C5102 | $236,672.21   |       | $0.00          |  | $0.00                   | 
|200310                                            | P       | MS03C5102 | $360,050.01   |       | $0.00          |  | $0.00                   | 
|200311                                            | P       | MS03C5102 | $635,019.04   |       | $0.00          |  | $0.00                   | 
|200312                                            | P       | MS03C5102 | $505,247.34   |       | $0.00          |  | $0.00                   | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $2,115,141.88           |  | $0.00           |  |           |  | 
|200306                                            | REMIC I | MS03C5201 | $6,026,081.13 |       | $5,851,592.97  |  | $999,163,524.83         | 
|200307                                            | REMIC I | MS03C5201 | $5,999,763.51 |       | $10,725,261.59 |  | $988,438,263.24         | 
|200308                                            | REMIC I | MS03C5201 | $6,065,220.11 |       | $15,162,510.44 |  | $973,275,752.80         | 
|200309                                            | REMIC I | MS03C5201 | $5,998,991.19 |       | $17,488,328.35 |  | $955,787,424.45         | 
|200310                                            | REMIC I | MS03C5201 | $6,021,057.15 |       | $19,798,213.67 |  | $935,989,210.78         | 
|200311                                            | REMIC I | MS03C5201 | $6,176,597.63 |       | $32,309,456.63 |  | $903,679,754.15         | 
|200312                                            | REMIC I | MS03C5201 | $5,856,394.38 |       | $29,729,139.37 |  | $873,950,614.78         | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $42,144,105.10          |  | $131,064,503.02 |  |           |  | 
|200306                                            | UT-R    | MS03C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200307                                            | UT-R    | MS03C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200308                                            | UT-R    | MS03C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200309                                            | UT-R    | MS03C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200310                                            | UT-R    | MS03C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200311                                            | UT-R    | MS03C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200312                                            | UT-R    | MS03C5103 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $0.00                   |  | $0.00           |  |           |  | 
|200306                                            | X       | MS03C5101 | $4,466,684.43 |       | $5,353.24      |  | $17,587,764.56          | 
|200307                                            | X       | MS03C5101 | $4,511,005.93 |       | $0.00          |  | $17,587,764.56          | 
|200308                                            | X       | MS03C5101 | $4,361,190.93 |       | $0.00          |  | $17,587,764.56          | 
|200309                                            | X       | MS03C5101 | $4,283,044.98 |       | $0.00          |  | $17,587,764.56          | 
|200310                                            | X       | MS03C5101 | $4,149,247.32 |       | $0.01          |  | $17,587,764.55          | 
|200311                                            | X       | MS03C5101 | $4,195,973.02 |       | $0.00          |  | $17,587,764.55          | 
|200312                                            | X       | MS03C5101 | $3,956,237.79 |       | $0.00          |  | $17,587,764.55          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $29,923,384.40          |  | $5,353.25       |  |           |  | 
|                                                  |         |           |               |       |                |  | $84,288,210.21          |  | $262,129,006.04 |  |           |  |