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|------------------------------------------------- | ------- | --------- | ------------- | ----- | -------------- |  | ----------------------- |  | --------------- |  | --------- |  |  |  | -------------- | 
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|Morgan Stanley ABS Capital I Inc. Series 2004-NC4
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|2004 Annual Statement                            
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                 |  |           |  | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                            |         | CLASS     |               | CUSIP |                |  | INTEREST                |  |                 |  | PRINCIPAL |  | 
|200406                                            | A-1     | 61744CCD6 | $446,122.79   |       | $4,463,374.52  |  | $362,296,625.48         | 
|200407                                            | A-1     | 61744CCD6 | $533,481.78   |       | $11,489,949.78 |  | $350,806,675.70         | 
|200408                                            | A-1     | 61744CCD6 | $543,750.35   |       | $10,973,819.66 |  | $339,832,856.04         | 
|200409                                            | A-1     | 61744CCD6 | $630,814.74   |       | $10,541,717.97 |  | $329,291,138.07         | 
|200410                                            | A-1     | 61744CCD6 | $576,259.49   |       | $19,973,203.16 |  | $309,317,934.91         | 
|200411                                            | A-1     | 61744CCD6 | $644,068.68   |       | $14,343,592.62 |  | $294,974,342.29         | 
|200412                                            | A-1     | 61744CCD6 | $658,034.74   |       | $17,406,735.08 |  | $277,567,607.21         | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $4,032,532.57           |  | $89,192,392.79  |  |           |  | 
|200406                                            | A-2     | 61744CCE4 | $128,808.33   |       | $5,646,589.25  |  | $124,353,410.75         | 
|200407                                            | A-2     | 61744CCE4 | $153,127.41   |       | $7,507,989.58  |  | $116,845,421.17         | 
|200408                                            | A-2     | 61744CCE4 | $153,846.47   |       | $7,794,651.61  |  | $109,050,769.56         | 
|200409                                            | A-2     | 61744CCE4 | $174,435.79   |       | $7,783,163.86  |  | $101,267,605.70         | 
|200410                                            | A-2     | 61744CCE4 | $155,164.48   |       | $7,071,754.11  |  | $94,195,851.59          | 
|200411                                            | A-2     | 61744CCE4 | $172,692.39   |       | $10,448,419.30 |  | $83,747,432.29          | 
|200412                                            | A-2     | 61744CCE4 | $166,633.03   |       | $9,389,431.55  |  | $74,358,000.74          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $1,104,707.90           |  | $55,641,999.26  |  |           |  | 
|200406                                            | A-3     | 61744CCF1 | $72,533.03    |       | $0.00          |  | $67,700,000.00          | 
|200407                                            | A-3     | 61744CCF1 | $89,194.75    |       | $0.00          |  | $67,700,000.00          | 
|200408                                            | A-3     | 61744CCF1 | $94,780.00    |       | $0.00          |  | $67,700,000.00          | 
|200409                                            | A-3     | 61744CCF1 | $114,497.63   |       | $0.00          |  | $67,700,000.00          | 
|200410                                            | A-3     | 61744CCF1 | $108,997.00   |       | $0.00          |  | $67,700,000.00          | 
|200411                                            | A-3     | 61744CCF1 | $130,134.44   |       | $0.00          |  | $67,700,000.00          | 
|200412                                            | A-3     | 61744CCF1 | $140,533.03   |       | $0.00          |  | $67,700,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $750,669.88             |  | $0.00           |  |           |  | 
|200406                                            | A-4     | 61744CCG9 | $70,010.41    |       | $0.00          |  | $55,006,000.00          | 
|200407                                            | A-4     | 61744CCG9 | $84,311.97    |       | $0.00          |  | $55,006,000.00          | 
|200408                                            | A-4     | 61744CCG9 | $88,467.98    |       | $0.00          |  | $55,006,000.00          | 
|200409                                            | A-4     | 61744CCG9 | $105,634.44   |       | $0.00          |  | $55,006,000.00          | 
|200410                                            | A-4     | 61744CCG9 | $99,255.27    |       | $0.00          |  | $55,006,000.00          | 
|200411                                            | A-4     | 61744CCG9 | $117,957.31   |       | $0.00          |  | $55,006,000.00          | 
|200412                                            | A-4     | 61744CCG9 | $126,024.14   |       | $0.00          |  | $55,006,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $691,661.52             |  | $0.00           |  |           |  | 
|200406                                            | B-1     | 61744CCL8 | $28,470.83    |       | $0.00          |  | $11,401,000.00          | 
|200407                                            | B-1     | 61744CCL8 | $32,397.84    |       | $0.00          |  | $11,401,000.00          | 
|200408                                            | B-1     | 61744CCL8 | $32,777.88    |       | $0.00          |  | $11,401,000.00          | 
|200409                                            | B-1     | 61744CCL8 | $37,780.06    |       | $0.00          |  | $11,401,000.00          | 
|200410                                            | B-1     | 61744CCL8 | $34,050.99    |       | $0.00          |  | $11,401,000.00          | 
|200411                                            | B-1     | 61744CCL8 | $39,852.83    |       | $0.00          |  | $11,401,000.00          | 
|200412                                            | B-1     | 61744CCL8 | $41,043.45    |       | $0.00          |  | $11,401,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $246,373.88             |  | $0.00           |  |           |  | 
|200406                                            | B-2     | 61744CCM6 | $22,884.42    |       | $0.00          |  | $8,741,000.00           | 
|200407                                            | B-2     | 61744CCM6 | $25,968.05    |       | $0.00          |  | $8,741,000.00           | 
|200408                                            | B-2     | 61744CCM6 | $26,223.00    |       | $0.00          |  | $8,741,000.00           | 
|200409                                            | B-2     | 61744CCM6 | $30,167.38    |       | $0.00          |  | $8,741,000.00           | 
|200410                                            | B-2     | 61744CCM6 | $27,126.24    |       | $0.00          |  | $8,741,000.00           | 
|200411                                            | B-2     | 61744CCM6 | $31,720.12    |       | $0.00          |  | $8,741,000.00           | 
|200412                                            | B-2     | 61744CCM6 | $32,596.53    |       | $0.00          |  | $8,741,000.00           | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $196,685.74             |  | $0.00           |  |           |  | 
|200406                                            | B-3     | 61744CCN4 | $28,609.67    |       | $0.00          |  | $7,981,000.00           | 
|200407                                            | B-3     | 61744CCN4 | $31,957.25    |       | $0.00          |  | $7,981,000.00           | 
|200408                                            | B-3     | 61744CCN4 | $31,924.00    |       | $0.00          |  | $7,981,000.00           | 
|200409                                            | B-3     | 61744CCN4 | $36,323.53    |       | $0.00          |  | $7,981,000.00           | 
|200410                                            | B-3     | 61744CCN4 | $32,216.64    |       | $0.00          |  | $7,981,000.00           | 
|200411                                            | B-3     | 61744CCN4 | $37,475.23    |       | $0.00          |  | $7,981,000.00           | 
|200412                                            | B-3     | 61744CCN4 | $38,009.41    |       | $0.00          |  | $7,981,000.00           | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $236,515.73             |  | $0.00           |  |           |  | 
|200406                                            | B-4     | 61744CCP9 | $26,757.82    |       | $0.00          |  | $7,221,000.00           | 
|200407                                            | B-4     | 61744CCP9 | $29,846.80    |       | $0.00          |  | $7,221,000.00           | 
|200408                                            | B-4     | 61744CCP9 | $29,786.63    |       | $0.00          |  | $7,221,000.00           | 
|200409                                            | B-4     | 61744CCP9 | $33,857.46    |       | $0.00          |  | $7,221,000.00           | 
|200410                                            | B-4     | 61744CCP9 | $29,991.22    |       | $0.00          |  | $7,221,000.00           | 
|200411                                            | B-4     | 61744CCP9 | $34,869.41    |       | $0.00          |  | $7,221,000.00           | 
|200412                                            | B-4     | 61744CCP9 | $35,322.63    |       | $0.00          |  | $7,221,000.00           | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $220,431.97             |  | $0.00           |  |           |  | 
|200406                                            | M-1     | 61744CCH7 | $60,249.27    |       | $0.00          |  | $45,605,000.00          | 
|200407                                            | M-1     | 61744CCH7 | $72,258.59    |       | $0.00          |  | $45,605,000.00          | 
|200408                                            | M-1     | 61744CCH7 | $75,628.29    |       | $0.00          |  | $45,605,000.00          | 
|200409                                            | M-1     | 61744CCH7 | $90,088.88    |       | $0.00          |  | $45,605,000.00          | 
|200410                                            | M-1     | 61744CCH7 | $84,419.92    |       | $0.00          |  | $45,605,000.00          | 
|200411                                            | M-1     | 61744CCH7 | $100,229.66   |       | $0.00          |  | $45,605,000.00          | 
|200412                                            | M-1     | 61744CCH7 | $106,841.79   |       | $0.00          |  | $45,605,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $589,716.40             |  | $0.00           |  |           |  | 
|200406                                            | M-2     | 61744CCJ3 | $68,576.11    |       | $0.00          |  | $38,004,000.00          | 
|200407                                            | M-2     | 61744CCJ3 | $79,850.63    |       | $0.00          |  | $38,004,000.00          | 
|200408                                            | M-2     | 61744CCJ3 | $82,025.30    |       | $0.00          |  | $38,004,000.00          | 
|200409                                            | M-2     | 61744CCJ3 | $95,975.94    |       | $0.00          |  | $38,004,000.00          | 
|200410                                            | M-2     | 61744CCJ3 | $88,084.83    |       | $0.00          |  | $38,004,000.00          | 
|200411                                            | M-2     | 61744CCJ3 | $103,793.15   |       | $0.00          |  | $38,004,000.00          | 
|200412                                            | M-2     | 61744CCJ3 | $108,669.83   |       | $0.00          |  | $38,004,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $626,975.79             |  | $0.00           |  |           |  | 
|200406                                            | M-3     | 61744CCK0 | $23,878.76    |       | $0.00          |  | $11,401,000.00          | 
|200407                                            | M-3     | 61744CCK0 | $27,489.08    |       | $0.00          |  | $11,401,000.00          | 
|200408                                            | M-3     | 61744CCK0 | $28,027.46    |       | $0.00          |  | $11,401,000.00          | 
|200409                                            | M-3     | 61744CCK0 | $32,554.61    |       | $0.00          |  | $11,401,000.00          | 
|200410                                            | M-3     | 61744CCK0 | $29,617.26    |       | $0.00          |  | $11,401,000.00          | 
|200411                                            | M-3     | 61744CCK0 | $34,785.72    |       | $0.00          |  | $11,401,000.00          | 
|200412                                            | M-3     | 61744CCK0 | $36,134.69    |       | $0.00          |  | $11,401,000.00          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $212,487.58             |  | $0.00           |  |           |  | 
|200406                                            | P       | MS04C4102 | $120,784.17   |       | $0.00          |  | $0.00                   | 
|200407                                            | P       | MS04C4102 | $352,546.06   |       | $0.00          |  | $0.00                   | 
|200408                                            | P       | MS04C4102 | $383,341.51   |       | $0.00          |  | $0.00                   | 
|200409                                            | P       | MS04C4102 | $397,300.20   |       | $0.00          |  | $0.00                   | 
|200410                                            | P       | MS04C4102 | $536,373.84   |       | $0.00          |  | $0.00                   | 
|200411                                            | P       | MS04C4102 | $562,126.99   |       | $0.00          |  | $0.00                   | 
|200412                                            | P       | MS04C4102 | $521,567.91   |       | $0.00          |  | $0.00                   | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $2,874,040.68           |  | $0.00           |  |           |  | 
|200406                                            | R       | MS04C4103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200407                                            | R       | MS04C4103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200408                                            | R       | MS04C4103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200409                                            | R       | MS04C4103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                            | R       | MS04C4103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                            | R       | MS04C4103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                            | R       | MS04C4103 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $0.00                   |  | $0.00           |  |           |  | 
|200406                                            | REMIC I | MS04C4LT1 | $4,126,540.28 |       | $10,110,070.24 |  | $749,971,132.47         | 
|200407                                            | REMIC I | MS04C4LT1 | $4,072,979.36 |       | $18,997,939.36 |  | $730,973,193.11         | 
|200408                                            | REMIC I | MS04C4LT1 | $3,967,932.32 |       | $18,768,471.27 |  | $712,204,721.84         | 
|200409                                            | REMIC I | MS04C4LT1 | $3,863,060.39 |       | $18,324,881.83 |  | $693,879,840.01         | 
|200410                                            | REMIC I | MS04C4LT1 | $3,757,745.12 |       | $27,044,957.27 |  | $666,834,882.74         | 
|200411                                            | REMIC I | MS04C4LT1 | $3,610,656.45 |       | $24,792,011.92 |  | $642,042,870.82         | 
|200412                                            | REMIC I | MS04C4LT1 | $3,474,994.67 |       | $26,796,166.63 |  | $615,246,704.19         | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $26,873,908.59          |  | $144,834,498.52 |  |           |  | 
|200406                                            | X       | MS04C4101 | $3,149,638.84 |       | $106.47        |  | $10,261,096.24          | 
|200407                                            | X       | MS04C4101 | $2,913,095.21 |       | $0.00          |  | $10,261,096.24          | 
|200408                                            | X       | MS04C4101 | $2,780,694.96 |       | $0.00          |  | $10,261,096.24          | 
|200409                                            | X       | MS04C4101 | $2,480,929.93 |       | $0.00          |  | $10,261,096.24          | 
|200410                                            | X       | MS04C4101 | $2,492,561.78 |       | $0.00          |  | $10,261,096.24          | 
|200411                                            | X       | MS04C4101 | $2,163,077.51 |       | $0.00          |  | $10,261,096.24          | 
|200412                                            | X       | MS04C4101 | $1,985,151.40 |       | $0.00          |  | $10,261,096.24          | 
|                                                  |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                  |         |           |               |       |                |  | $17,965,149.63          |  | $106.47         |  |           |  | 
|                                                  |         |           |               |       |                |  | $56,621,857.86          |  | $289,668,997.04 |  |           |  |