8-K 1 efc4-1064_5549469form8k.txt ----------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest Event Reported): January 30, 2004 Morgan Stanley Capital I Inc. Morgan Stanley Mortgage Loan Trust 2004-1 Mortgage-Backed Certificates, Series 2004-1 MORGAN STANLEY CAPITAL I INC. (Exact name of registrant as specified in its charter) Delaware 333-104283 13-3291626 ---------------------------- --------------- ---------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 1585 Broadway, 2nd Floor New York, New York 10036 ---------------------- ---------- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code (212) 296-7000 ----- --------- ----------------------------------------------------------------- Item 5. Other Events. ------------ On January 30, 2004, Morgan Stanley Capital I Inc. (the "Company") entered into a Pooling and Servicing Agreement dated as of January 1, 2004 (the "Pooling and Servicing Agreement"), by and among the Company, as depositor, Morgan Stanley Mortgage Capital I Inc., as seller (the "Seller"), Wells Fargo Bank Minnesota, National Association, as master servicer (the "Master Servicer"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"), providing for the issuance of the Company's Mortgage Pass-Through Certificates, Series 2004-1. The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1. 2 Item 7. Financial Statements, Pro Forma Financial ----------------------------------------- Information and Exhibits. ------------------------ (a) Not applicable. (b) Not applicable. (c) Exhibits: 99.1. The Pooling and Servicing Agreement, dated as of January 1, 2004, by and among the Company, Seller, Master Servicer and the Trustee. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MORGAN STANLEY CAPITAL I INC. By: /s/ Steven Shapiro ---------------------------------- Steven Shapiro Executive Director Dated: May 26, 2004 4 Exhibit Index ------------- Exhibit Page ------- ---- 99.1. Pooling and Servicing Agreement, dated as of January 1, 2004, by and among, the Company, Seller, Master Servicer and the Trustee. 6 5

Morgan Stanley Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 2/29/2004 Distribution Date: 3/25/2004 MSML Series: 2004-1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution 1-A-1 61745MWG4 SEN 5.00000% 46,056,900.55 191,903.75 549,048.70 1-A-2 61745MVV2 SEN 3.70000% 9,849,082.68 30,368.00 156,218.97 1-A-3 61745MVW0 SEN 5.00000% 8,000,000.00 33,333.33 0.00 1-A-4 61745MVX8 SEN 5.00000% 9,330,771.13 38,878.21 298,385.87 1-A-5 61745MVY6 SEN 5.00000% 33,490,602.25 139,544.18 494,990.70 1-A-6 61745MVZ3 ACCR 5.00000% 160,666.67 669.44 (669.44) 1-A-7 61745MWA7 SEN 5.00000% 2,058,912.87 8,578.80 24,544.50 1-A-8 61745MWB5 SEN 4.75000% 9,905,950.07 39,211.05 97,353.85 1-A-9 61745MWC3 SEN 4.50000% 49,562,558.48 185,859.59 452,808.61 1-A-10 61745MWD1 SEN 4.00000% 23,334,052.53 77,780.17 213,182.29 1-A-11 61745MWE9 SEN 5.00000% 0.00 52,829.69 0.00 1-A-X 61745MWF6 SEN 5.00000% 0.00 31,227.47 0.00 1-A-P 61745MWH2 PO 0.00000% 2,439,061.69 0.00 11,653.24 2-A-1 61745MWJ8 SEN 4.85000% 52,102,052.00 210,579.13 1,924,224.11 2-A-2 61745MWK5 SEN 5.50000% 0.00 33,982.45 0.00 2-A-3 61745MWL3 SEN 5.50000% 4,524,000.00 20,735.00 0.00 2-A-4 61745MWM1 RTL 5.50000% 6,300,000.00 28,875.00 0.00 2-A-5 61745MWN9 SEN 5.50000% 12,500,000.00 57,291.67 0.00 2-A-X 61745MWP4 SEN 5.50000% 0.00 20,938.19 0.00 2-A-P 61745MWQ2 PO 0.00000% 979,562.26 0.00 1,190.13 A-R 61745MWX7 SEN 5.60000% 0.00 0.00 0.00 B-1 61745MWR0 SUB 5.16982% 4,091,087.63 17,625.15 12,990.60 B-2 61745MWS8 SUB 5.16982% 1,128,438.40 4,861.52 3,583.18 B-3 61745MWT6 SUB 5.16982% 564,219.20 2,430.76 1,791.59 B-4 61745MWU3 SUB 5.16982% 564,219.20 2,430.76 1,791.59 B-5 61745MWV1 SUB 5.16982% 423,662.83 1,825.22 1,345.27 B-6 61745MWW9 SUB 5.16982% 282,461.62 1,216.90 896.91 Totals 277,648,262.06 1,232,975.43 4,245,330.67

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A-1 0.00 45,507,851.85 740,952.45 0.00 1-A-2 0.00 9,692,863.71 186,586.97 0.00 1-A-3 0.00 8,000,000.00 33,333.33 0.00 1-A-4 0.00 9,032,385.27 337,264.08 0.00 1-A-5 0.00 32,995,611.55 634,534.88 0.00 1-A-6 0.00 161,336.11 0.00 0.00 1-A-7 0.00 2,034,368.38 33,123.30 0.00 1-A-8 0.00 9,808,596.22 136,564.90 0.00 1-A-9 0.00 49,109,749.88 638,668.20 0.00 1-A-10 0.00 23,120,870.24 290,962.46 0.00 1-A-11 0.00 0.00 52,829.69 0.00 1-A-X 0.00 0.00 31,227.47 0.00 1-A-P 0.00 2,427,408.45 11,653.24 0.00 2-A-1 0.00 50,177,827.89 2,134,803.24 0.00 2-A-2 0.00 0.00 33,982.45 0.00 2-A-3 0.00 4,524,000.00 20,735.00 0.00 2-A-4 0.00 6,300,000.00 28,875.00 0.00 2-A-5 0.00 12,500,000.00 57,291.67 0.00 2-A-X 0.00 0.00 20,938.19 0.00 2-A-P 0.00 978,372.13 1,190.13 0.00 A-R 0.00 0.00 0.00 0.00 B-1 0.00 4,078,097.02 30,615.75 0.00 B-2 0.00 1,124,855.22 8,444.70 0.00 B-3 0.00 562,427.61 4,222.35 0.00 B-4 0.00 562,427.61 4,222.35 0.00 B-5 0.00 422,317.55 3,170.49 0.00 B-6 0.00 281,564.71 2,113.81 0.00 Totals 0.00 273,402,931.40 5,478,306.10 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1-A-1 46,976,000.00 46,056,900.55 185,355.54 363,693.16 0.00 0.00 1-A-2 10,000,000.00 9,849,082.68 52,738.59 103,480.38 0.00 0.00 1-A-3 8,000,000.00 8,000,000.00 0.00 0.00 0.00 0.00 1-A-4 10,000,000.00 9,330,771.13 100,733.28 197,652.59 0.00 0.00 1-A-5 34,800,000.00 33,490,602.25 167,105.89 327,884.82 0.00 0.00 1-A-6 160,000.00 160,666.67 0.00 0.00 (669.44) 0.00 1-A-7 2,100,000.00 2,058,912.87 8,286.07 16,258.42 0.00 0.00 1-A-8 10,000,000.00 9,905,950.07 32,866.07 64,487.78 0.00 0.00 1-A-9 50,000,000.00 49,562,558.48 152,865.46 299,943.14 0.00 0.00 1-A-10 23,540,000.00 23,334,052.53 71,969.06 141,213.23 0.00 0.00 1-A-11 0.00 0.00 0.00 0.00 0.00 0.00 1-A-X 0.00 0.00 0.00 0.00 0.00 0.00 1-A-P 2,450,783.00 2,439,061.69 10,183.65 1,469.59 0.00 0.00 2-A-1 53,630,000.00 52,102,052.00 77,259.84 1,846,964.27 0.00 0.00 2-A-2 0.00 0.00 0.00 0.00 0.00 0.00 2-A-3 4,524,000.00 4,524,000.00 0.00 0.00 0.00 0.00 2-A-4 6,300,000.00 6,300,000.00 0.00 0.00 0.00 0.00 2-A-5 12,500,000.00 12,500,000.00 0.00 0.00 0.00 0.00 2-A-X 0.00 0.00 0.00 0.00 0.00 0.00 2-A-P 980,735.00 979,562.26 1,133.28 56.86 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 B-1 4,104,000.00 4,091,087.63 12,990.60 0.00 0.00 0.00 B-2 1,132,000.00 1,128,438.40 3,583.18 0.00 0.00 0.00 B-3 566,000.00 564,219.20 1,791.59 0.00 0.00 0.00 B-4 566,000.00 564,219.20 1,791.59 0.00 0.00 0.00 B-5 425,000.00 423,662.83 1,345.27 0.00 0.00 0.00 B-6 283,353.00 282,461.62 896.91 0.00 0.00 0.00 Totals 283,037,971.00 277,648,262.06 882,895.87 3,363,104.24 (669.44) 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1-A-1 549,048.70 45,507,851.85 0.96874685 549,048.70 1-A-2 156,218.97 9,692,863.71 0.96928637 156,218.97 1-A-3 0.00 8,000,000.00 1.00000000 0.00 1-A-4 298,385.87 9,032,385.27 0.90323853 298,385.87 1-A-5 494,990.70 32,995,611.55 0.94814976 494,990.70 1-A-6 (669.44) 161,336.11 1.00835069 (669.44) 1-A-7 24,544.50 2,034,368.38 0.96874685 24,544.50 1-A-8 97,353.85 9,808,596.22 0.98085962 97,353.85 1-A-9 452,808.61 49,109,749.88 0.98219500 452,808.61 1-A-10 213,182.29 23,120,870.24 0.98219500 213,182.29 1-A-11 0.00 0.00 0.00000000 0.00 1-A-X 0.00 0.00 0.00000000 0.00 1-A-P 11,653.24 2,427,408.45 0.99046242 11,653.24 2-A-1 1,924,224.11 50,177,827.89 0.93562983 1,924,224.11 2-A-2 0.00 0.00 0.00000000 0.00 2-A-3 0.00 4,524,000.00 1.00000000 0.00 2-A-4 0.00 6,300,000.00 1.00000000 0.00 2-A-5 0.00 12,500,000.00 1.00000000 0.00 2-A-X 0.00 0.00 0.00000000 0.00 2-A-P 1,190.13 978,372.13 0.99759072 1,190.13 A-R 0.00 0.00 0.00000000 0.00 B-1 12,990.60 4,078,097.02 0.99368836 12,990.60 B-2 3,583.18 1,124,855.22 0.99368836 3,583.18 B-3 1,791.59 562,427.61 0.99368836 1,791.59 B-4 1,791.59 562,427.61 0.99368836 1,791.59 B-5 1,345.27 422,317.55 0.99368835 1,345.27 B-6 896.91 281,564.71 0.99368883 896.91 Totals 4,245,330.67 273,402,931.40 0.96595849 4,245,330.67

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A-1 46,976,000.00 980.43470176 3.94574974 7.74210576 0.00000000 1-A-2 10,000,000.00 984.90826800 5.27385900 10.34803800 0.00000000 1-A-3 8,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 1-A-4 10,000,000.00 933.07711300 10.07332800 19.76525900 0.00000000 1-A-5 34,800,000.00 962.37362787 4.80189339 9.42197759 0.00000000 1-A-6 160,000.00 1004.16668750 0.00000000 0.00000000 (4.18400000) 1-A-7 2,100,000.00 980.43470000 3.94574762 7.74210476 0.00000000 1-A-8 10,000,000.00 990.59500700 3.28660700 6.44877800 0.00000000 1-A-9 50,000,000.00 991.25116960 3.05730920 5.99886280 0.00000000 1-A-10 23,540,000.00 991.25116950 3.05730926 5.99886279 0.00000000 1-A-11 0.00 0.00000000 0.00000000 0.00000000 0.00000000 1-A-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 1-A-P 2,450,783.00 995.21732034 4.15526385 0.59964101 0.00000000 2-A-1 53,630,000.00 971.50945366 1.44060861 34.43901305 0.00000000 2-A-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 2-A-3 4,524,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 2-A-4 6,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 2-A-5 12,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 2-A-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 2-A-P 980,735.00 998.80422336 1.15554151 0.05797693 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 4,104,000.00 996.85371101 3.16535088 0.00000000 0.00000000 B-2 1,132,000.00 996.85371025 3.16535336 0.00000000 0.00000000 B-3 566,000.00 996.85371025 3.16535336 0.00000000 0.00000000 B-4 566,000.00 996.85371025 3.16535336 0.00000000 0.00000000 B-5 425,000.00 996.85371765 3.16534118 0.00000000 0.00000000 B-6 283,353.00 996.85417130 3.16534499 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1-A-1 0.00000000 11.68785550 968.74684626 0.96874685 11.68785550 1-A-2 0.00000000 15.62189700 969.28637100 0.96928637 15.62189700 1-A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 1-A-4 0.00000000 29.83858700 903.23852700 0.90323853 29.83858700 1-A-5 0.00000000 14.22387069 948.14975718 0.94814976 14.22387069 1-A-6 0.00000000 (4.18400000) 1,008.35068750 1.00835069 (4.18400000) 1-A-7 0.00000000 11.68785714 968.74684762 0.96874685 11.68785714 1-A-8 0.00000000 9.73538500 980.85962200 0.98085962 9.73538500 1-A-9 0.00000000 9.05617220 982.19499760 0.98219500 9.05617220 1-A-10 0.00000000 9.05617205 982.19499745 0.98219500 9.05617205 1-A-11 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1-A-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1-A-P 0.00000000 4.75490486 990.46241548 0.99046242 4.75490486 2-A-1 0.00000000 35.87962167 935.62983200 0.93562983 35.87962167 2-A-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 2-A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 2-A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 2-A-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A-P 0.00000000 1.21350824 997.59071513 0.99759072 1.21350824 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 3.16535088 993.68835770 0.99368836 3.16535088 B-2 0.00000000 3.16535336 993.68835689 0.99368836 3.16535336 B-3 0.00000000 3.16535336 993.68835689 0.99368836 3.16535336 B-4 0.00000000 3.16535336 993.68835689 0.99368836 3.16535336 B-5 0.00000000 3.16534118 993.68835294 0.99368835 3.16534118 B-6 0.00000000 3.16534499 993.68882630 0.99368883 3.16534499 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1-A-1 46,976,000.00 5.00000% 46,056,900.55 191,903.75 0.00 0.00 1-A-2 10,000,000.00 3.70000% 9,849,082.68 30,368.00 0.00 0.00 1-A-3 8,000,000.00 5.00000% 8,000,000.00 33,333.33 0.00 0.00 1-A-4 10,000,000.00 5.00000% 9,330,771.13 38,878.21 0.00 0.00 1-A-5 34,800,000.00 5.00000% 33,490,602.25 139,544.18 0.00 0.00 1-A-6 160,000.00 5.00000% 160,666.67 669.44 0.00 0.00 1-A-7 2,100,000.00 5.00000% 2,058,912.87 8,578.80 0.00 0.00 1-A-8 10,000,000.00 4.75000% 9,905,950.07 39,211.05 0.00 0.00 1-A-9 50,000,000.00 4.50000% 49,562,558.48 185,859.59 0.00 0.00 1-A-10 23,540,000.00 4.00000% 23,334,052.53 77,780.18 0.00 0.00 1-A-11 0.00 5.00000% 12,679,125.36 52,829.69 0.00 0.00 1-A-X 0.00 5.00000% 7,494,593.95 31,227.47 0.00 0.00 1-A-P 2,450,783.00 0.00000% 2,439,061.69 0.00 0.00 0.00 2-A-1 53,630,000.00 4.85000% 52,102,052.00 210,579.13 0.00 0.00 2-A-2 0.00 5.50000% 7,414,352.55 33,982.45 0.00 0.00 2-A-3 4,524,000.00 5.50000% 4,524,000.00 20,735.00 0.00 0.00 2-A-4 6,300,000.00 5.50000% 6,300,000.00 28,875.00 0.00 0.00 2-A-5 12,500,000.00 5.50000% 12,500,000.00 57,291.67 0.00 0.00 2-A-X 0.00 5.50000% 4,568,332.11 20,938.19 0.00 0.00 2-A-P 980,735.00 0.00000% 979,562.26 0.00 0.00 0.00 A-R 100.00 5.60000% 0.00 0.00 0.00 0.00 B-1 4,104,000.00 5.16982% 4,091,087.63 17,625.15 0.00 0.00 B-2 1,132,000.00 5.16982% 1,128,438.40 4,861.52 0.00 0.00 B-3 566,000.00 5.16982% 564,219.20 2,430.76 0.00 0.00 B-4 566,000.00 5.16982% 564,219.20 2,430.76 0.00 0.00 B-5 425,000.00 5.16982% 423,662.83 1,825.22 0.00 0.00 B-6 283,353.00 5.16982% 282,461.62 1,216.90 0.00 0.00 Totals 283,037,971.00 1,232,975.44 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1-A-1 0.00 0.00 191,903.75 0.00 45,507,851.85 1-A-2 0.00 0.00 30,368.00 0.00 9,692,863.71 1-A-3 0.00 0.00 33,333.33 0.00 8,000,000.00 1-A-4 0.00 0.00 38,878.21 0.00 9,032,385.27 1-A-5 0.00 0.00 139,544.18 0.00 32,995,611.55 1-A-6 0.00 0.00 669.44 0.00 161,336.11 1-A-7 0.00 0.00 8,578.80 0.00 2,034,368.38 1-A-8 0.00 0.00 39,211.05 0.00 9,808,596.22 1-A-9 0.00 0.00 185,859.59 0.00 49,109,749.88 1-A-10 0.00 0.00 77,780.17 0.00 23,120,870.24 1-A-11 0.00 0.00 52,829.69 0.00 12,545,723.41 1-A-X 0.00 0.00 31,227.47 0.00 7,398,074.91 1-A-P 0.00 0.00 0.00 0.00 2,427,408.45 2-A-1 0.00 0.00 210,579.13 0.00 50,177,827.89 2-A-2 0.00 0.00 33,982.45 0.00 7,151,958.35 2-A-3 0.00 0.00 20,735.00 0.00 4,524,000.00 2-A-4 0.00 0.00 28,875.00 0.00 6,300,000.00 2-A-5 0.00 0.00 57,291.67 0.00 12,500,000.00 2-A-X 0.00 0.00 20,938.19 0.00 4,251,109.08 2-A-P 0.00 0.00 0.00 0.00 978,372.13 A-R 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 17,625.15 0.00 4,078,097.02 B-2 0.00 0.00 4,861.52 0.00 1,124,855.22 B-3 0.00 0.00 2,430.76 0.00 562,427.61 B-4 0.00 0.00 2,430.76 0.00 562,427.61 B-5 0.00 0.00 1,825.22 0.00 422,317.55 B-6 0.00 0.00 1,216.90 0.00 281,564.71 Totals 0.00 0.00 1,232,975.43 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall 1-A-1 46,976,000.00 5.00000% 980.43470176 4.08514454 0.00000000 0.00000000 1-A-2 10,000,000.00 3.70000% 984.90826800 3.03680000 0.00000000 0.00000000 1-A-3 8,000,000.00 5.00000% 1000.00000000 4.16666625 0.00000000 0.00000000 1-A-4 10,000,000.00 5.00000% 933.07711300 3.88782100 0.00000000 0.00000000 1-A-5 34,800,000.00 5.00000% 962.37362787 4.00989023 0.00000000 0.00000000 1-A-6 160,000.00 5.00000% 1004.16668750 4.18400000 0.00000000 0.00000000 1-A-7 2,100,000.00 5.00000% 980.43470000 4.08514286 0.00000000 0.00000000 1-A-8 10,000,000.00 4.75000% 990.59500700 3.92110500 0.00000000 0.00000000 1-A-9 50,000,000.00 4.50000% 991.25116960 3.71719180 0.00000000 0.00000000 1-A-10 23,540,000.00 4.00000% 991.25116950 3.30417077 0.00000000 0.00000000 1-A-11 0.00 5.00000% 989.93795753 4.12474157 0.00000000 0.00000000 1-A-X 0.00 5.00000% 967.45927212 4.03107968 0.00000000 0.00000000 1-A-P 2,450,783.00 0.00000% 995.21732034 0.00000000 0.00000000 0.00000000 2-A-1 53,630,000.00 4.85000% 971.50945366 3.92651743 0.00000000 0.00000000 2-A-2 0.00 5.50000% 972.66633981 4.45805416 0.00000000 0.00000000 2-A-3 4,524,000.00 5.50000% 1000.00000000 4.58333333 0.00000000 0.00000000 2-A-4 6,300,000.00 5.50000% 1000.00000000 4.58333333 0.00000000 0.00000000 2-A-5 12,500,000.00 5.50000% 1000.00000000 4.58333360 0.00000000 0.00000000 2-A-X 0.00 5.50000% 936.76360070 4.29350007 0.00000000 0.00000000 2-A-P 980,735.00 0.00000% 998.80422336 0.00000000 0.00000000 0.00000000 A-R 100.00 5.60000% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 4,104,000.00 5.16982% 996.85371101 4.29462719 0.00000000 0.00000000 B-2 1,132,000.00 5.16982% 996.85371025 4.29462898 0.00000000 0.00000000 B-3 566,000.00 5.16982% 996.85371025 4.29462898 0.00000000 0.00000000 B-4 566,000.00 5.16982% 996.85371025 4.29462898 0.00000000 0.00000000 B-5 425,000.00 5.16982% 996.85371765 4.29463529 0.00000000 0.00000000 B-6 283,353.00 5.16982% 996.85417130 4.29464308 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1-A-1 0.00000000 0.00000000 4.08514454 0.00000000 968.74684626 1-A-2 0.00000000 0.00000000 3.03680000 0.00000000 969.28637100 1-A-3 0.00000000 0.00000000 4.16666625 0.00000000 1000.00000000 1-A-4 0.00000000 0.00000000 3.88782100 0.00000000 903.23852700 1-A-5 0.00000000 0.00000000 4.00989023 0.00000000 948.14975718 1-A-6 0.00000000 0.00000000 4.18400000 0.00000000 1008.35068750 1-A-7 0.00000000 0.00000000 4.08514286 0.00000000 968.74684762 1-A-8 0.00000000 0.00000000 3.92110500 0.00000000 980.85962200 1-A-9 0.00000000 0.00000000 3.71719180 0.00000000 982.19499760 1-A-10 0.00000000 0.00000000 3.30417035 0.00000000 982.19499745 1-A-11 0.00000000 0.00000000 4.12474157 0.00000000 979.52243988 1-A-X 0.00000000 0.00000000 4.03107968 0.00000000 954.99985927 1-A-P 0.00000000 0.00000000 0.00000000 0.00000000 990.46241548 2-A-1 0.00000000 0.00000000 3.92651743 0.00000000 935.62983200 2-A-2 0.00000000 0.00000000 4.45805416 0.00000000 938.24364351 2-A-3 0.00000000 0.00000000 4.58333333 0.00000000 1000.00000000 2-A-4 0.00000000 0.00000000 4.58333333 0.00000000 1000.00000000 2-A-5 0.00000000 0.00000000 4.58333360 0.00000000 1000.00000000 2-A-X 0.00000000 0.00000000 4.29350007 0.00000000 871.71513648 2-A-P 0.00000000 0.00000000 0.00000000 0.00000000 997.59071513 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 4.29462719 0.00000000 993.68835770 B-2 0.00000000 0.00000000 4.29462898 0.00000000 993.68835689 B-3 0.00000000 0.00000000 4.29462898 0.00000000 993.68835689 B-4 0.00000000 0.00000000 4.29462898 0.00000000 993.68835689 B-5 0.00000000 0.00000000 4.29463529 0.00000000 993.68835294 B-6 0.00000000 0.00000000 4.29464308 0.00000000 993.68882630 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 5,542,662.86 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 5,542,662.86 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 64,356.76 Payment of Interest and Principal 5,478,306.10 Total Withdrawals (Pool Distribution Amount) 5,542,662.86 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 64,356.76 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 64,356.76

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 10,000.00 0.00 0.00 10,000.00 Class 2-A-4 Rounding Account 999.99 0.00 0.00 999.99

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 4 0 0 0 4 1,615,562.85 0.00 0.00 0.00 1,615,562.85 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 4 0 0 0 4 1,615,562.85 0.00 0.00 0.00 1,615,562.85 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.626959% 0.000000% 0.000000% 0.000000% 0.626959% 0.589275% 0.000000% 0.000000% 0.000000% 0.589275% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.626959% 0.000000% 0.000000% 0.000000% 0.626959% 0.589275% 0.000000% 0.000000% 0.000000% 0.589275%

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 3 0 0 0 3 1,237,836.36 0.00 0.00 0.00 1,237,836.36 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3 0 0 0 3 1,237,836.36 0.00 0.00 0.00 1,237,836.36 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.639659% 0.000000% 0.000000% 0.000000% 0.639659% 0.626388% 0.000000% 0.000000% 0.000000% 0.626388% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.639659% 0.000000% 0.000000% 0.000000% 0.639659% 0.626388% 0.000000% 0.000000% 0.000000% 0.626388% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1 0 0 0 1 377,726.49 0.00 0.00 0.00 377,726.49 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1 0 0 0 1 377,726.49 0.00 0.00 0.00 377,726.49 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.591716% 0.000000% 0.000000% 0.000000% 0.591716% 0.493462% 0.000000% 0.000000% 0.000000% 0.493462% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.591716% 0.000000% 0.000000% 0.000000% 0.591716% 0.493462% 0.000000% 0.000000% 0.000000% 0.493462%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 12,221.79

CREDIT ENHANCEMENT Original $ Original % Current $ Current % Bankruptcy 150,000.00 0.05299642% 150,000.00 0.05486408% Fraud 7,075,950.00 2.50000025% 7,075,950.00 2.58810319% Special Hazard 2,859,670.00 1.01034853% 2,859,670.00 1.04595440% Limit of Subordinate's Exposure to Certain Types of Losses

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 5.654884% Weighted Average Pass-Through Rate 5.331208% Weighted Average Maturity(Stepdown Calculation ) 220 Beginning Scheduled Collateral Loan Count 645 Number Of Loans Paid In Full 7 Ending Scheduled Collateral Loan Count 638 Beginning Scheduled Collateral Balance 277,648,262.08 Ending Scheduled Collateral Balance 273,402,931.40 Ending Actual Collateral Balance at 29-Feb-2004 274,161,013.85 Monthly P &I Constant 2,191,060.53 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 5,413,198.28 Class AP Deferred Amount 0.00 Ending Scheduled Balance for Premium Loans 273,402,931.40 Scheduled Principal 882,669.88 Unscheduled Principal 3,362,660.80

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 15 Year Fixed 30 Year Mixed Fixed Weighted Average Coupon Rate 5.422787 6.244720 5.654884 Weighted Average Net Rate 5.133559 5.994721 5.376733 Weighted Average Maturity 178 356 220 Beginning Loan Count 472 173 645 Loans Paid In Full 3 4 7 Ending Loan Count 469 169 638 Beginning Scheduled Balance 199,246,113.37 78,402,148.71 277,648,262.08 Ending scheduled Balance 196,928,242.01 76,474,689.39 273,402,931.40 Record Date 02/29/2004 02/29/2004 02/29/2004 Principal And Interest Constant 1,702,622.76 488,437.77 2,191,060.53 Scheduled Principal 802,231.69 80,438.19 882,669.88 Unscheduled Principal 1,515,639.67 1,847,021.13 3,362,660.80 Scheduled Interest 900,391.07 407,999.58 1,308,390.65 Servicing Fees 48,022.99 16,333.77 64,356.76 Master Servicing Fees 996.24 392.02 1,388.26 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 114.96 9,030.18 9,145.14 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 851,256.88 382,243.61 1,233,500.49 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 5.126867 5.850507 5.331208

Miscellaneous Reporting Group Group 1 Senior Percentage 97.430197% Subordinate Percentage 2.569803% Senior Prepayment Percentage 100.000000% Subordinate Prepayment Percentage 0.000000% Group Group 2 Senior Percentage 97.421251% Subordinate Percentage 2.578749% Senior Prepayment Percentage 100.000000% Subordinate Prepayment Percentage 0.000000%

Filing Compare · MORGAN STANLEY DEAN WITTER MORT PAS THR CERTS SER 2004-1