8-K 1 msi03sd1.txt AUGUST 8K UNITED STATES 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): August 25, 2003 MORGAN STANLEY ABS CAPITAL I, INC. Mortgage Pass-Through Certificates, Series 2003-SD1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-104046-07 54-2116917 Pooling and Servicing Agreement) (Commission 54-2116918 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On August 25, 2003 a distribution was made to holders of MORGAN STANLEY ABS CAPITAL I, INC., Mortgage Pass-Through Certificates, Series 2003-SD1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-SD1 Trust, relating to the August 25, 2003 distribution. 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 ABS CAPITAL I, INC. Mortgage Pass-Through Certificates, Series 2003-SD1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/5/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-SD1 Trust, relating to the August 25, 2003 distribution.

Morgan Stanley ABS Capital I Inc Mortgage Pass-Through Certificates Record Date: 67/3031/03 Distribution Date: 78/25/03 MSI Series: 2003-SD1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, 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 A-1 61746RCE9 SEN 1.~~61375~~60000% ~~107~~105,~~267~~268,~~000~~531.0024 ~~120~~145,~~209~~036.8164 1,~~998~~865,~~468~~634.7640 A-2 61746RCK5 SEN 1.~~86375~~85000% 35,~~755~~088,~~000~~856.0017 4655,~~276~~898.6550 ~~666~~621,~~143~~866.8354 M-1 61746RCF6 MEZ 2.~~61375~~60000% 10,465,000.00 1823,~~995~~429.0797 0.00 M-2 61746RCG4 MEZ 3.~~71375~~70000% 9,157,000.00 2329,~~615~~175.8422 0.00 B-1 61746RCH2 SUB 5.~~11375~~10000% 6,453,000.00 2228,~~915~~339.9942 0.00 B-2 61746RCJ8 SUB 5.~~11375~~10000% 2,267,000.00 89,~~050~~955.6191 0.00 X MSI003SDX OC 0.00000% 3,053,~~280~~180.0014 ~~970~~903,~~613~~754.7539 0.00 P MSI003SDP SEN 0.00000% 100.00 433,~~344~~315.6800 0.00 R MSI03SDRU R 0.00000% 0.00 0.00 0.00 Totals ~~174~~171,~~417~~752,~~380~~667.0055 1,~~254~~198,~~022~~905.4005 2,~~664~~487,~~612~~500.5994

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~105~~103,~~268~~402,~~531~~896.2484 2,~~118~~010,~~678~~671.5704 0.00 A-2 0.00 3534,~~088~~466,~~856~~989.1763 ~~712~~677,~~420~~765.4804 0.00 M-1 0.00 10,465,000.00 1823,~~995~~429.0797 0.00 M-2 0.00 9,157,000.00 2329,~~615~~175.8422 0.00 B-1 0.00 6,453,000.00 2228,~~915~~339.9942 0.00 B-2 0.00 2,267,000.00 89,~~050~~955.6191 0.00 X 0.00 3,053,180.14 ~~970~~903,~~613~~754.7539 0.00 P 0.00 100.00 433,~~344~~315.6800 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~171~~169,~~752~~265,~~667~~166.5561 3,~~918~~686,~~634~~405.99 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) A-1 107,267,000.00 ~~107~~105,~~267~~268,~~000~~531.0024 0.00 1,~~998~~865,~~468~~634.7640 0.00 0.00 A-2 35,755,000.00 35,~~755~~088,~~000~~856.0017 0.00 ~~666~~621,~~143~~866.8354 0.00 0.00 M-1 10,465,000.00 10,465,000.00 0.00 0.00 0.00 0.00 M-2 9,157,000.00 9,157,000.00 0.00 0.00 0.00 0.00 B-1 6,453,000.00 6,453,000.00 0.00 0.00 0.00 0.00 B-2 2,267,000.00 2,267,000.00 0.00 0.00 0.00 0.00 X 3,053,280.00 3,053,~~280~~180.0014 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 174,417,380.00 ~~174~~171,~~417~~752,~~380~~667.0055 0.00 2,~~664~~487,~~612~~500.5994 0.00 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 A-1 1,~~998~~865,~~468~~634.7640 ~~105~~103,~~268~~402,~~531~~896.2484 0.~~98136921~~96397678 1,~~998~~865,~~468~~634.7640 A-2 ~~666~~621,~~143~~866.8354 3534,~~088~~466,~~856~~989.1763 0.~~98136921~~96397678 ~~666~~621,~~143~~866.8354 M-1 0.00 10,465,000.00 1.00000000 0.00 M-2 0.00 9,157,000.00 1.00000000 0.00 B-1 0.00 6,453,000.00 1.00000000 0.00 B-2 0.00 2,267,000.00 1.00000000 0.00 X 0.00 3,053,180.14 0.99996729 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 2,~~664~~487,~~612~~500.5994 ~~171~~169,~~752~~265,~~667~~166.5561 0.~~98472221~~97046044 2,~~664~~487,~~612~~500.5994

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 107,267,000.00 ~~1000~~981.~~00000000~~36921178 0.00000000 1817.~~63078822~~39243570 0.00000000 A-2 35,755,000.00 ~~1000~~981.~~00000000~~36921186 0.00000000 1817.~~63078814~~39243574 0.00000000 M-1 10,465,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 9,157,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 6,453,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 2,267,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 3,053,280.00 ~~1000~~999.~~00000000~~96729419 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 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 A-1 0.00000000 1817.~~63078822~~39243570 ~~981~~963.~~36921178~~97677608 0.~~98136921~~96397678 1817.~~63078822~~39243570 A-2 0.00000000 1817.~~63078814~~39243574 ~~981~~963.~~36921186~~97677612 0.~~98136921~~96397678 1817.~~63078814~~39243574 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.96729419 0.99996729 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, 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 A-1 107,267,000.00 1.~~61375~~60000% ~~107~~105,~~267~~268,~~000~~531.0024 ~~120~~145,~~209~~036.8164 0.00 0.00 A-2 35,755,000.00 1.~~86375~~85000% 35,~~755~~088,~~000~~856.0017 4655,~~276~~898.6550 0.00 0.00 M-1 10,465,000.00 2.~~61375~~60000% 10,465,000.00 1823,~~995~~429.0797 0.00 0.00 M-2 9,157,000.00 3.~~71375~~70000% 9,157,000.00 2329,~~615~~175.8422 0.00 0.00 B-1 6,453,000.00 5.~~11375~~10000% 6,453,000.00 2228,~~915~~339.9942 0.00 0.00 B-2 2,267,000.00 5.~~11375~~10000% 2,267,000.00 89,~~050~~955.6191 0.00 0.00 X 3,053,280.00 0.00000% 3,053,~~280~~180.0014 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 174,417,380.00 ~~240~~291,~~063~~835.9766 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 A-1 0.00 0.00 ~~120~~145,~~209~~036.8164 0.00 ~~105~~103,~~268~~402,~~531~~896.2484 A-2 0.00 0.00 4655,~~276~~898.6550 0.00 3534,~~088~~466,~~856~~989.1763 M-1 0.00 0.00 1823,~~995~~429.0797 0.00 10,465,000.00 M-2 0.00 0.00 2329,~~615~~175.8422 0.00 9,157,000.00 B-1 0.00 0.00 2228,~~915~~339.9942 0.00 6,453,000.00 B-2 0.00 0.00 89,~~050~~955.6191 0.00 2,267,000.00 X 0.00 0.00 ~~970~~903,~~613~~754.7539 0.00 3,053,180.14 P 0.00 0.00 433,~~344~~315.6800 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~254~~198,~~022~~905.4005 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, 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 A-1 107,267,000.00 1.~~61375~~60000% ~~1000~~981.~~00000000~~36921178 1.~~12065976~~35210866 0.00000000 0.00000000 A-2 35,755,000.00 1.~~86375~~85000% ~~1000~~981.~~00000000~~36921186 1.~~29427073~~56337575 0.00000000 0.00000000 M-1 10,465,000.00 2.~~61375~~60000% 1000.00000000 12.~~81510463~~23888868 0.00000000 0.00000000 M-2 9,157,000.00 3.~~71375~~70000% 1000.00000000 23.~~57899312~~18611117 0.00000000 0.00000000 B-1 6,453,000.00 5.~~11375~~10000% 1000.00000000 34.~~55121494~~39166589 0.00000000 0.00000000 B-2 2,267,000.00 5.~~11375~~10000% 1000.00000000 34.~~55121747~~39166740 0.00000000 0.00000000 X 3,053,280.00 0.00000% ~~1000~~999.~~00000000~~96729419 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 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 A-1 0.00000000 0.00000000 1.~~12065976~~35210866 0.00000000 ~~981~~963.~~36921178~~97677608 A-2 0.00000000 0.00000000 1.~~29427073~~56337575 0.00000000 ~~981~~963.~~36921186~~97677612 M-1 0.00000000 0.00000000 12.~~81510463~~23888868 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 23.~~57899312~~18611117 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 34.~~55121494~~39166589 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 34.~~55121747~~39166740 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~317~~295.~~89215205~~99459925 0.00000000 999.96729419 P 0.00000000 0.00000000 ~~433446~~33150.~~80000000~~00000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,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 3,~~606~~732,~~878~~491.0537 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~346~~373,~~173~~346.3812 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 433,~~344~~315.6800 Total Deposits 34,~~996~~109,~~396~~152.1149 Withdrawals Reimbursement for Servicer Advances 0346,173.0038 Payment of Service Fee 7776,~~761~~573.12 Payment of Interest and Principal 3,~~918~~686,~~634~~405.99 Total Withdrawals (Pool Distribution Amount) 34,~~996~~109,~~396~~152.1149 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 7271,~~673~~563.8862 Custodian Fee ~~726~~715.7464 Master Reporting Agent Fee 2,~~180~~146.2593 Trustee Fee 2,~~180~~146.2593 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 7776,~~761~~573.12

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Arrearage Reserve Account 0277,214.00 0.00 ~~277~~52,~~214~~566.0007 ~~277~~329,~~214~~780.0007 Excess Reserve Fund 0.00 0.00 0.00 0.00

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 10 20 0 1210 ~~652~~568,~~647~~316.1382 ~~144,984~~0.8400 0.00 ~~797~~568,~~631~~316.9782 30 Days ~~161~~154 1011 01 0 ~~171~~166 1618,~~178~~648,~~460~~954.2316 ~~790~~826,~~583~~748.0223 040,784.0019 0.00 1619,~~969~~516,~~043~~486.2558 60 Days 64 95 01 0 7370 76,~~611~~282,~~769~~424.7554 ~~742~~452,~~538~~495.2632 030,781.0040 0.00 86,~~354~~765,~~308~~701.0126 90 Days 4119 23 29 0 4531 51,~~868~~872,~~586~~533.4294 ~~205~~226,~~892~~923.7941 ~~122~~1,~~300~~152,151.5746 0.00 63,~~196~~251,~~779~~608.7881 120 Days 119 35 28 0 632 ~~414~~2,~~285~~715,911.4886 92578,~~040~~071.9218 ~~349~~763,~~938~~627.8359 0.00 ~~856~~4,~~265~~057,610.2363 150 Days 24 6 3 0 013 ~~5 253~~997,~~816~~108.4090 ~~257~~312,~~460~~180.0776 0764,224.0031 0.00 ~~511~~2,~~276~~073,513.4797 180+ Days 19 7773 3 0 9995 1,~~799~~857,~~096~~313.8490 6,~~557~~191,~~377~~867.2930 ~~308~~259,~~757~~356.8617 0.00 8,~~665~~308,~~231~~537.9937 Totals ~~288~~279 ~~114~~113 925 0 ~~411~~417 32,~~126~~374,~~015~~247.1230 9,~~298~~156,~~539~~603.4802 ~~925~~3,~~982~~010,925.1012 0.00 4244,~~350~~541,~~536~~775.7044 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.~~650195~~662691% 0.~~130039~~000000% 0.000000% 0.~~780234~~662691% 0.~~379327~~335140% 0.~~084267~~000000% 0.000000% 0.~~463594~~335140% 30 Days 10.~~468140~~205434% 0.~~650195~~728960% 0.~~000000~~066269% 0.000000% 11.~~118336~~000663% 910.~~403139~~997409% 0.~~459497~~487539% 0.~~000000~~024051% 0.000000% 911.~~862636~~508999% 60 Days 4.~~161248~~241219% 0.~~585176~~331345% 0.~~000000~~066269% 0.000000% 4.~~746424~~638834% 43.~~424063~~704787% 0.~~431573~~266839% 0.~~000000~~018152% 0.000000% 43.~~855636~~989778% 90 Days 21.~~665800~~259112% 0.~~130039~~198807% 0.~~130039~~596421% 0.000000% 2.~~925878~~054341% 31.~~410901~~104245% 0.~~119668~~133818% 0.~~071083~~679431% 0.000000% 31.~~601652~~917495% 120 Days 01.~~065020~~259112% 0.~~195059~~331345% 0.~~130039~~530152% 0.000000% 02.~~390117~~120610% 01.~~240788~~601591% 0.~~053495~~340892% 0.~~203389~~450316% 0.000000% 02.~~497673~~392799% 150 Days 0.~~130039~~265076% 0.~~195059~~397614% 0.~~000000~~198807% 0.000000% 0.~~325098~~861498% 0.~~147522~~588002% 0.~~149639~~184095% 0.~~000000~~450668% 0.000000% 01.~~297161~~222765% 180+ Days 1.~~235371~~259112% 54.~~006502~~837641% 0.~~195059~~198807% 0.000000% 6.~~436931~~295560% 1.~~045659~~095270% 3.~~811236~~651384% 0.~~179454~~152944% 0.000000% 54.~~036350~~899598% Totals 18.~~725618~~489066% 7.~~412224~~488403% 01.~~585176~~656726% 0.000000% 2627.~~723017~~634195% 1819.~~672073~~091304% 5.~~404436~~399708% 01.~~538193~~775562% 0.000000% 2426.~~614702~~266574%

Delinquency Status By Groups

~~Delinquency Status By Groups~~ DELINQUENT BANKRUPTCY FORECLOSURE REO Total Mixed ARM 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 32 10 0 42 ~~355~~217,~~935~~649.2102 ~~104,200~~0.6500 0.00 ~~460~~217,~~135~~649.8602 30 Days 9693 810 0 0 ~~104~~103 1112,~~249~~230,~~650~~612.2145 ~~684~~774,~~187~~915.3206 0.00 0.00 1113,~~933~~005,~~837~~527.5351 60 Days 4243 62 0 0 4845 54,~~989~~826,~~952~~582.3486 ~~549~~260,~~916~~379.6510 0.00 0.00 65,~~539~~086,~~868~~961.9996 90 Days 3411 12 18 0 3621 51,~~433~~415,~~082~~473.7682 78198,~~830~~052.3791 70987,~~710~~777.4964 0.00 52,~~582~~601,~~623~~304.6237 120 Days 117 03 26 0 326 ~~414~~2,~~285~~527,102.4863 0394,363.0075 ~~349~~678,~~938~~311.8353 0.00 ~~764~~3,~~224~~599,777.3191 150 Days 03 1 03 0 17 0880,444.0046 ~~169~~122,~~183~~794.8118 0764,224.0031 0.00 ~~169~~1,~~183~~767,462.8195 180 Days 10 2724 21 0 3935 ~~966~~1,~~154~~026,328.0348 2,~~871~~547,~~884~~384.9170 ~~274~~86,~~783~~562.7928 0.00 43,~~112~~660,~~822~~275.7346 Totals ~~183~~177 4644 618 0 ~~235~~239 2422,~~053~~906,~~124~~544.8270 4,~~709~~515,~~938~~538.2772 ~~799~~2,~~633~~516,875.76 0.00 29,~~562~~938,~~696~~959.8518 0-29 Days 0.~~407609~~275482% 0.~~135870~~000000% 0.000000% 0.~~543478~~275482% 0.~~337564~~208646% 0.~~098822~~000000% 0.000000% 0.~~436386~~208646% 30 Days 1312.~~043478~~809917% 1.~~086957~~377410% 0.000000% 0.000000% 14.~~130435~~187328% 1011.~~668999~~724721% 0.~~648873~~742862% 0.000000% 0.000000% 1112.~~317872~~467584% 60 Days 5.~~706522~~922865% 0.~~815217~~275482% 0.000000% 0.000000% 6.~~521739~~198347% 54.~~680781~~626942% 0.~~521533~~249609% 0.000000% 0.000000% 64.~~202314~~876551% 90 Days 41.~~619565~~515152% 0.~~135870~~275482% 01.~~135870~~101928% 0.000000% 42.~~891304~~892562% 51.~~152654~~356926% 0.~~074762~~189861% 0.~~067061~~946920% 0.000000% 52.~~294476~~493707% 120 Days 02.~~135870~~341598% 0.~~000000~~413223% 0.~~271739~~826446% 0.000000% 03.~~407609~~581267% 02.~~392902~~422575% 0.~~000000~~378052% 0.~~331877~~650255% 0.000000% 03.~~724779~~450881% 150 Days 0.~~000000~~413223% 0.~~135870~~137741% 0.~~000000~~413223% 0.000000% 0.~~135870~~964187% 0.~~000000~~844027% 0.~~160451~~117715% 0.~~000000~~732614% 0.000000% 01.~~160451~~694356% 180 Days 1.~~358696~~377410% 3.~~668478~~305785% 0.~~271739~~137741% 0.000000% 54.~~298913~~820937% 0.~~916286~~983877% 2.~~723653~~442018% 0.~~260601~~082982% 0.000000% 3.~~900539~~508877% Totals 24.~~864130~~380165% 6.~~250000~~060606% 02.~~815217~~479339% 0.000000% 3132.~~929348~~920110% 2221.~~811622~~959068% 4.~~466835~~328764% 02.~~758361~~412771% 0.000000% 28.~~036818~~700603% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Mixed Fixed 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 78 10 0 8 ~~296~~350,~~711~~667.9280 ~~40,784~~0.1900 0.00 ~~337~~350,~~496~~667.1180 30 Days 6561 21 01 0 6763 46,~~928~~418,~~810~~341.0271 ~~106~~51,~~395~~833.7017 040,784.0019 0.00 56,~~035~~510,~~205~~959.7207 60 Days 2221 3 01 0 25 1,~~621~~455,~~817~~841.4168 192,~~621~~116.6122 030,781.0040 0.00 1,~~814~~678,~~439~~739.0230 90 Days 78 1 1 0 910 ~~435~~457,~~503~~060.6612 ~~127~~28,~~062~~870.4250 51164,~~590~~373.0882 0.00 ~~614~~650,~~156~~304.1644 120 Days 02 32 02 0 36 0188,809.0023 92183,~~040~~707.9243 085,316.0006 0.00 92457,~~040~~832.9272 150 Days 21 25 0 0 46 ~~253~~116,~~816~~664.4044 88189,~~276~~386.2658 0.00 0.00 ~~342~~306,~~092~~051.6602 180 Days 9 5049 12 0 60 ~~832~~830,~~942~~985.8142 3,~~685~~644,~~492~~482.3860 33172,~~974~~793.0789 0.00 4,~~552~~648,~~409~~261.2691 Totals ~~105~~102 6869 37 0 ~~176~~178 89,~~072~~467,~~890~~702.3060 4,~~588~~641,~~601~~064.2130 ~~126~~494,~~348~~049.3436 0.00 1214,~~787~~602,~~839~~816.8526 0-29 Days 01.~~872818~~021711% 0.~~124688~~000000% 0.000000% 01.~~997506~~021711% 0.~~445437~~537330% 0.~~061227~~000000% 0.000000% 0.~~506664~~537330% 30 Days 87.~~104738~~790549% 0.~~249377~~127714% 0.~~000000~~127714% 0.000000% 8.~~354115~~045977% 79.~~399348~~834859% 0.~~159726~~079424% 0.~~000000~~062494% 0.000000% 79.~~559074~~976778% 60 Days 2.~~743142~~681992% 0.~~374065~~383142% 0.~~000000~~127714% 0.000000% 3.~~117207~~192848% 2.~~434744~~230794% 0.~~289172~~294381% 0.~~000000~~047167% 0.000000% 2.~~723916~~572341% 90 Days 01.~~872818~~021711% 0.~~124688~~127714% 0.~~124688~~127714% 0.000000% 1.~~122195~~277139% 0.~~653797~~700356% 0.~~190752~~044238% 0.~~077449~~251871% 0.000000% 0.~~921998~~996465% 120 Days 0.~~000000~~255428% 0.~~374065~~255428% 0.~~000000~~255428% 0.000000% 0.~~374065~~766284% 0.~~000000~~289313% 0.~~138176~~281496% 0.~~000000~~130730% 0.000000% 0.~~138176~~701540% 150 Days 0.~~249377~~127714% 0.~~249377~~638570% 0.000000% 0.000000% 0.~~498753~~766284% 0.~~381040~~178766% 0.~~132524~~290198% 0.000000% 0.000000% 0.~~513565~~468964% 180 Days 1.~~122195~~149425% 6.~~234414~~257982% 0.~~124688~~255428% 0.000000% 7.~~481297~~662835% 1.~~250451~~273323% 5.~~532824~~584460% 0.~~051003~~264773% 0.000000% 67.~~834278~~122557% Totals 13.~~092269~~026820% 8.~~478803~~812261% 0.~~374065~~893997% 0.000000% 2122.~~945137~~733078% 1214.~~119380~~507412% 67.~~888611~~111528% 0.~~189680~~757034% 0.000000% 1922.~~197671~~375974%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~346~~373,~~173~~346.3812

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.~~864526~~888338% Weighted Average Net Coupon 8.~~364526~~388338% Weighted Average Pass-Through Rate 8.~~329526~~353338% Weighted Average Maturity(Stepdown Calculation ) ~~346~~345 Beginning Scheduled Collateral Loan Count 1,~~562~~538 Number Of Loans Paid In Full 2429 Ending Scheduled Collateral Loan Count 1,~~538~~509 Beginning Scheduled Collateral Balance ~~174~~171,~~417~~752,~~280~~667.0055 Ending Scheduled Collateral Balance ~~171~~169,~~752~~265,~~667~~166.5561 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2003 ~~172~~169,~~053~~575,~~825~~882.2634 Monthly P &I Constant 1,~~484~~467,~~661~~119.9623 Special Servicing Fee 0.00 Prepayment Penalties 433,~~344~~315.6800 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~171~~169,~~752~~265,~~667~~166.5561 Scheduled Principal ~~196~~194,~~140~~912.0788 Unscheduled Principal 2,~~468~~292,~~472~~588.5206 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,052,302.40 Overcollateralized Amount 3,053,180.14 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~970~~907,~~613~~069.7438

Group Level Collateral Statement Group Mixed ARM Mixed Fixed Total Collateral Description Mixed ARM and Balloon Mixed Fixed Fixed & Mixed ARM Weighted Average Coupon Rate 8.~~669627~~649964 9.~~177604~~266913 8.~~864526~~888338 Weighted Average Net Rate 8.~~169627~~149964 8.~~677604~~766913 8.~~364526~~388338 Weighted Average Maturity ~~346~~345 ~~346~~345 ~~346~~345 Beginning Loan Count ~~748~~736 ~~814~~802 1,~~562~~538 Loans Paid In Full 1210 1219 2429 Ending Loan Count ~~736~~726 ~~802~~783 1,~~538~~509 Beginning Scheduled Balance ~~107~~105,~~300~~307,~~978~~637.0081 6766,~~116~~445,~~302~~029.0074 ~~174~~171,~~417~~752,~~280~~667.0055 Ending scheduled Balance ~~105~~104,~~307~~176,~~637~~697.8124 6665,~~445~~088,~~029~~469.7437 ~~171~~169,~~752~~265,~~667~~166.5561 Record Date 0607/3031/2003 0607/3031/2003 0607/3031/2003 Principal And Interest Constant ~~852~~836,~~854~~195.2030 ~~631~~630,~~807~~923.7693 1,~~484~~467,~~661~~119.9623 Scheduled Principal 77,~~638~~105.0188 ~~118~~117,~~502~~807.0600 ~~196~~194,~~140~~912.0788 Unscheduled Principal 1,~~915~~053,~~702~~834.1869 ~~552~~1,~~770~~238,753.3437 2,~~468~~292,~~472~~588.5206 Scheduled Interest ~~775~~759,~~216~~089.1942 513,~~305~~116.7093 1,~~288~~272,~~521~~206.8935 Servicing Fees 4443,~~708~~878.7420 27,~~965~~685.1442 7271,~~673~~563.8862 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,~~341~~316.2933 ~~838~~830.9660 2,~~180~~146.2593 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 1,~~788~~755.3710 1,~~118~~107.6247 2,~~906~~862.9957 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 ~~727~~712,~~377~~139.79 483,~~382~~493.9844 1,~~210~~195,~~760~~633.7723 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 8.~~134627~~114964 8.~~642604~~731913 8.~~329526~~353338

Filing Compare · MORGAN STANLEY ABS CAPITAL 1 INC TRUST SERIES 2003-SD1