8-K 1 msi03sd1_dec.txt DECEMBER 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): December 26, 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 54-2116918 Pooling and Servicing Agreement) (Commission 54-2116917 (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 December 26, 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 December 26, 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 as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/8/04 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 December 26, 2003 distribution. EX-99.1

Morgan Stanley ABS Capital I Inc Mortgage Pass-Through Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 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.~~62000~~61875% ~~100~~94,~~490~~368,~~489~~079.4149 ~~144~~131,~~706~~541.3089 23,~~986~~093,~~729~~047.7825 A-2 61746RCK5 SEN 1.~~87000~~86875% 3331,~~496~~455,~~205~~440.2500 5550,~~678~~618.14 ~~995~~1,~~558~~030,996.0353 M-1 61746RCF6 MEZ 2.~~62000~~61875% 10,465,000.00 2423,~~371~~598.8294 0.00 M-2 61746RCG4 MEZ 3.~~72000~~71875% 9,157,000.00 3029,~~279~~323.1507 0.00 B-1 61746RCH2 SUB 5.~~12000~~11875% 6,453,000.00 2928,~~368~~443.3261 0.00 B-2 61746RCJ8 SUB 5.~~12000~~11875% 2,267,000.00 109,~~317~~992.3751 0.00 X MSI003SDX OC 0.00000% 3,053,180.14 ~~850~~806,~~132~~989.2492 0.00 P MSI003SDP SEN 0.00000% 100.00 3152,~~547~~684.8731 0.00 R MSI03SDRU R 0.00000% 0.00 0.00 0.00 Totals ~~165~~157,~~381~~218,~~974~~799.8063 1,~~176~~133,~~401~~192.2139 34,~~982~~124,~~287~~043.8178

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 9791,~~503~~275,~~759~~032.6324 3,~~131~~224,~~436~~589.0814 0.00 A-2 0.00 3230,~~500~~424,~~647~~443.2247 1,~~051~~081,~~236~~614.1767 0.00 M-1 0.00 10,465,000.00 2423,~~371~~598.8294 0.00 M-2 0.00 9,157,000.00 3029,~~279~~323.1507 0.00 B-1 0.00 6,453,000.00 2928,~~368~~443.3261 0.00 B-2 0.00 2,267,000.00 109,~~317~~992.3751 0.00 X 0.00 3,053,180.14 ~~850~~806,~~132~~989.2492 0.00 P 0.00 100.00 3152,~~547~~684.8731 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~161~~153,~~399~~094,~~686~~755.9985 5,~~158~~257,~~689~~236.0217 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 ~~100~~94,~~490~~368,~~489~~079.4149 0.00 23,~~986~~093,~~729~~047.7825 0.00 0.00 A-2 35,755,000.00 3331,~~496~~455,~~205~~440.2500 0.00 ~~995~~1,~~558~~030,996.0353 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 3,053,180.14 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 ~~165~~157,~~381~~218,~~974~~799.8063 0.00 34,~~982~~124,~~287~~043.8178 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 23,~~986~~093,~~729~~047.7825 9791,~~503~~275,~~759~~032.6324 0.~~90898188~~85091437 23,~~986~~093,~~729~~047.7825 A-2 ~~995~~1,~~558~~030,996.0353 3230,~~500~~424,~~647~~443.2247 0.~~90898188~~85091437 ~~995~~1,~~558~~030,996.0353 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 34,~~982~~124,~~287~~043.8178 ~~161~~153,~~399~~094,~~686~~755.9985 0.~~92536470~~87774943 34,~~982~~124,~~287~~043.8178

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 ~~936~~879.~~82576571~~74940560 0.00000000 2728.~~84388283~~83503081 0.00000000 A-2 35,755,000.00 ~~936~~879.~~82576563~~74940568 0.00000000 2728.~~84388281~~83503090 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 3,053,280.00 999.96729419 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 2728.~~84388283~~83503081 ~~908~~850.~~98188287~~91437478 0.~~90898188~~85091437 2728.~~84388283~~83503081 A-2 0.00000000 2728.~~84388281~~83503090 ~~908~~850.~~98188281~~91437477 0.~~90898188~~85091437 2728.~~84388281~~83503090 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, 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 A-1 107,267,000.00 1.~~62000~~61875% ~~100~~94,~~490~~368,~~489~~079.4149 ~~144~~131,~~706~~541.3089 0.00 0.00 A-2 35,755,000.00 1.~~87000~~86875% 3331,~~496~~455,~~205~~440.2500 5550,~~678~~618.14 0.00 0.00 M-1 10,465,000.00 2.~~62000~~61875% 10,465,000.00 2423,~~371~~598.8294 0.00 0.00 M-2 9,157,000.00 3.~~72000~~71875% 9,157,000.00 3029,~~279~~323.1507 0.00 0.00 B-1 6,453,000.00 5.~~12000~~11875% 6,453,000.00 2928,~~368~~443.3261 0.00 0.00 B-2 2,267,000.00 5.~~12000~~11875% 2,267,000.00 109,~~317~~992.3751 0.00 0.00 X 3,053,280.00 0.00000% 3,053,180.14 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 ~~294~~273,~~721~~518.1016 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 ~~144~~131,~~706~~541.3089 0.00 9791,~~503~~275,~~759~~032.6324 A-2 0.00 0.00 5550,~~678~~618.14 0.00 3230,~~500~~424,~~647~~443.2247 M-1 0.00 0.00 2423,~~371~~598.8294 0.00 10,465,000.00 M-2 0.00 0.00 3029,~~279~~323.1507 0.00 9,157,000.00 B-1 0.00 0.00 2928,~~368~~443.3261 0.00 6,453,000.00 B-2 0.00 0.00 109,~~317~~992.3751 0.00 2,267,000.00 X 0.00 0.00 ~~850~~806,~~132~~989.2492 0.00 3,053,180.14 P 0.00 0.00 3152,~~547~~684.8731 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~176~~133,~~401~~192.2139 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 A-1 107,267,000.00 1.~~62000~~61875% ~~936~~879.~~82576571~~74940560 1.~~34902906~~22630343 0.00000000 0.00000000 A-2 35,755,000.00 1.~~87000~~86875% ~~936~~879.~~82576563~~74940568 1.~~55721270~~41569403 0.00000000 0.00000000 M-1 10,465,000.00 2.~~62000~~61875% 1000.00000000 2.~~32888868~~25503488 0.00000000 0.00000000 M-2 9,157,000.00 3.~~72000~~71875% 1000.00000000 3.~~30666703~~20225729 0.00000000 0.00000000 B-1 6,453,000.00 5.~~12000~~11875% 1000.00000000 4.~~55111111~~40781187 0.00000000 0.00000000 B-2 2,267,000.00 5.~~12000~~11875% 1000.00000000 4.~~55111160~~40781209 0.00000000 0.00000000 X 3,053,280.00 0.00000% 999.96729419 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.~~34902906~~22630343 0.00000000 ~~908~~850.~~98188287~~91437478 A-2 0.00000000 0.00000000 1.~~55721270~~41569403 0.00000000 ~~908~~850.~~98188281~~91437477 M-1 0.00000000 0.00000000 2.~~32888868~~25503488 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~30666703~~20225729 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 4.~~55111111~~40781187 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.~~55111160~~40781209 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~278~~264.~~43245297~~30262537 0.00000000 999.96729419 P 0.00000000 0.00000000 ~~315478~~526843.~~70000000~~10000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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,~~193~~244,~~391~~609.8465 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~369~~273,~~328~~673.5065 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 3152,~~547~~684.8731 Total Deposits 5,~~594~~570,~~268~~967.2161 Withdrawals Reimbursement for Servicer Advances ~~361~~243,~~846~~866.3807 Payment of Service Fee 7369,~~732~~865.8137 Payment of Interest and Principal 5,~~158~~257,~~689~~236.0217 Total Withdrawals (Pool Distribution Amount) 5,~~594~~570,~~268~~967.2161 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 6865,~~909~~279.1791 Custodian Fee ~~689~~655.1004 Master Reporting Agent Fee 21,~~067~~965.2721 Trustee Fee 21,~~067~~965.2721 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 7369,~~732~~865.8137

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Arrearage Reserve Account ~~187~~279,~~557~~907.3292 0.00 42,~~040~~197.3486 ~~229~~322,~~597~~105.6678 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 1116 10 0 1216 ~~734~~1,~~731~~251,699.0476 ~~94,257~~0.4700 0.00 ~~828~~1,~~988~~251,699.5176 30 Days ~~135~~63 63 20 0 ~~143~~66 156,~~290~~269,~~085~~706.5070 ~~510~~179,~~183~~044.8994 ~~144,588~~0.7600 0.00 156,~~944~~448,~~858~~751.1564 60 Days 5929 56 03 0 6438 53,~~538~~196,~~135~~780.2652 ~~406~~525,~~325~~548.3379 0351,594.0055 0.00 54,~~944~~073,~~460~~923.5986 90 Days 189 75 1410 0 3924 2917,~~862,491~~766.1798 ~~577~~399,~~832~~050.8774 21,~~196~~000,~~563~~473.0065 0.00 52,~~636~~317,~~887~~291.0437 120 Days 65 12 1513 0 2220 ~~423~~1,~~303~~493,257.3537 ~~146~~107,~~683~~037.1797 1,~~761~~403,~~905~~546.7459 0.00 23,~~331~~003,~~892~~841.2693 150 Days 15 84 10 01 1920 ~~125~~709,~~935~~431.2493 ~~480~~247,~~011~~308.6041 1999,~~306,141~~501.7563 047,812.0028 12,~~912~~004,~~088~~054.5925 180+ Days 2218 7464 2540 01 ~~121~~123 21,~~123~~661,~~444~~028.5201 6,~~267~~202,~~833~~120.5139 34,~~674~~014,~~153~~188.5742 0157,997.00 12,~~065~~035,~~431~~333.6082 Totals ~~241~~129 ~~112~~100 6776 02 ~~420~~307 2614,~~363~~247,~~395~~971.0451 98,~~123~~911,~~601~~811.4100 97,~~177~~769,~~610~~304.2984 0205,809.0028 4431,~~664~~134,~~606~~896.7463 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 01.~~762829~~167883% 0.~~069348~~000000% 0.000000% 01.~~832178~~167883% 0.~~454319~~815583% 0.~~058284~~000000% 0.000000% 0.~~512603~~815583% 30 Days 94.~~361997~~598540% 0.~~416089~~218978% 0.~~138696~~000000% 0.000000% 94.~~916782~~817518% 94.~~454585~~085217% 0.~~315471~~116662% 0.~~089406~~000000% 0.000000% 94.~~859462~~201879% 60 Days 42.~~091540~~116788% 0.~~346741~~437956% 0.~~000000~~218978% 0.000000% 42.~~438280~~773723% 32.~~424492~~082959% 0.~~251250~~342437% 0.~~000000~~229092% 0.000000% 32.~~675742~~654488% 90 Days 10.~~248266~~656934% 0.~~485437~~364964% 0.~~970874~~729927% 0.000000% 21.~~704577~~751825% 10.~~770014~~597999% 0.~~357301~~260014% 10.~~358239~~651889% 0.000000% 31.~~485555~~509901% 120 Days 0.~~416089~~364964% 0.~~069348~~145985% 10.~~040222~~948905% 0.000000% 1.~~525659~~459854% 0.~~261749~~972977% 0.~~090701~~069744% 10.~~089470~~914523% 0.000000% 1.~~441920~~957244% 150 Days 0.~~069348~~364964% 0.~~554785~~291971% 0.~~693481~~729927% 0.~~000000~~072993% 1.~~317614~~459854% 0.~~077872~~462252% 0.~~296814~~161141% 0.~~807649~~651255% 0.~~000000~~031154% 1.~~182335~~305802% 180+ Days 1.~~525659~~313869% 54.~~131761~~671533% 12.~~733703~~919708% 0.~~000000~~072993% 8.~~391123~~978102% 1.~~313026~~082293% 34.~~875699~~041179% 2.~~271903~~615566% 0.~~000000~~102948% 7.~~460628~~841985% Totals 169.~~712899~~416058% 7.~~766990~~299270% 45.~~646325~~547445% 0.~~000000~~145985% 2922.~~126214~~408759% 169.~~301737~~283696% 5.~~641555~~806759% 5.~~674952~~062325% 0.~~000000~~134101% 2720.~~618244~~286882%

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 49 0 0 49 ~~433~~877,~~154~~208.0514 0.00 0.00 ~~433~~877,~~154~~208.0514 30 Days 7543 5 1 0 810 944 4,~~891~~831,~~958~~215.5325 ~~458~~42,~~447~~159.9763 ~~104,116~~0.7300 0.00 104,~~454~~873,~~523~~374.2388 60 Days 4219 13 02 0 4324 42,~~451~~722,~~001~~031.3275 ~~100~~379,~~355~~989.3004 0128,960.0044 0.00 43,~~551~~230,~~356~~981.6223 90 Days 127 43 119 0 2719 1687,~~331,314~~049.5853 ~~442~~356,~~006~~547.4119 1961,~~967,467~~591.0957 0.00 32,~~740~~005,~~788~~188.0829 120 Days 32 12 1311 0 1715 ~~210~~252,~~754~~223.7072 ~~146~~107,~~683~~037.1797 1,~~591~~334,~~234~~590.8730 0.00 1,~~948~~693,~~672~~851.7499 150 Days 14 3 67 01 1015 ~~125~~639,~~935~~233.2498 ~~305~~174,~~821~~756.9641 ~~889~~750,~~227~~114.1713 047,812.0028 1,~~320~~611,~~984~~916.3780 180 Days 108 2522 1921 01 5452 1813,~~023~~061.37 3,~~998~~039,479.4878 2,~~726~~742,~~163~~563.81 3157,~~258,297~~997.~~41 0.~~00 76,~~008~~753,~~459~~101.7096 Totals ~~143~~83 43 50 02 ~~236~~178 179,~~034~~944,~~962~~815.8560 4,~~612~~977,~~632~~178.6716 75,~~810~~917,~~343~~820.2725 0205,809.0028 2921,~~457~~045,~~938~~623.7929 0-29 Days 01.~~576369~~357466% 0.000000% 0.000000% 01.~~576369~~357466% 0.~~437140~~931141% 0.000000% 0.000000% 0.~~437140~~931141% 30 Days 106.~~806916~~485671% 0.~~720461~~150830% 0.~~144092~~000000% 0.000000% 116.~~671470~~636501% 95.~~982991~~128249% 0.~~462667~~044752% 0.~~105075~~000000% 0.000000% 105.~~550733~~173001% 60 Days 62.~~051873~~865762% 0.~~144092~~452489% 0.~~000000~~301659% 0.000000% 63.~~195965~~619910% 42.~~491963~~889388% 0.~~101279~~403352% 0.~~000000~~136889% 0.000000% 43.~~593241~~429629% 90 Days 1.~~729107~~055807% 0.~~576369~~452489% 1.~~585014~~357466% 0.000000% 32.~~890490~~865762% 10.~~343566~~729291% 0.~~446074~~378469% 1.~~985573~~020712% 0.000000% 32.~~775213~~128472% 120 Days 0.~~432277~~301659% 0.~~144092~~301659% 1.~~873199~~659125% 0.000000% 2.~~449568~~262443% 0.~~212694~~267731% 0.~~148033~~113619% 1.~~605879~~416644% 0.000000% 1.~~966606~~797994% 150 Days 0.~~144092~~603318% 0.~~432277~~452489% 01.~~864553~~055807% 0.~~000000~~150830% 12.~~440922~~262443% 0.~~127094~~678536% 0.~~308636~~185501% 0.~~897410~~796233% 0.~~000000~~050752% 1.~~333141~~711021% 180 Days 1.~~440922~~206637% 3.~~602305~~318250% 23.~~737752~~167421% 0.~~000000~~150830% 7.~~780980~~843137% 10.~~033422~~863050% 23.~~751252~~226354% 32.~~288283~~911183% 0.~~000000~~167711% 7.~~072956~~168298% Totals 2012.~~605187~~518854% 6.~~195965~~485671% 7.~~204611~~541478% 0.~~000000~~301659% 3426.~~005764~~847662% 1710.~~191731~~556245% 45.~~655081~~283186% 76.~~882220~~281661% 0.~~000000~~218463% 2922.~~729031~~339556% 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 7 10 0 87 ~~301~~374,~~576~~491.9962 ~~94,257~~0.4700 0.00 ~~395~~374,~~834~~491.4662 30 Days 6020 12 10 0 6222 51,~~398~~438,~~126~~491.9745 51136,~~735~~885.9231 ~~40,472~~0.0300 0.00 51,~~490~~575,~~334~~376.9276 60 Days 1710 43 01 0 2114 1474,~~087,133~~748.9477 ~~305~~145,~~970~~559.0375 0222,634.0011 0.00 1842,~~393,103~~942.9763 90 Days 62 32 31 0 125 1230,~~531,176~~717.5945 ~~135~~42,~~826~~503.4655 ~~229~~38,~~095~~882.9108 0.00 1312,~~896,098~~103.9608 120 Days 3 0 2 0 5 ~~212~~1,~~548~~241,033.65 0.00 ~~170~~68,~~670~~956.8729 0.00 ~~383~~1,~~219~~309,989.5294 150 Days 01 51 43 0 95 070,197.0095 ~~174~~72,~~189~~552.6400 ~~416~~249,~~914~~387.5850 0.00 ~~591~~392,~~104~~137.2245 180 Days 1210 4942 619 0 6771 1847,~~099,446~~966.0464 3,~~541~~162,~~669~~640.7061 ~~415~~1,~~856~~271,624.1661 0.00 5,~~056~~282,~~971~~231.9086 Totals 9846 6957 1726 0 ~~184~~129 94,~~328~~303,~~432~~155.1991 43,~~510~~934,~~968~~632.7484 1,~~367~~851,~~267~~484.0259 0.00 1510,~~206~~089,~~667~~273.9534 0-29 Days 0.~~935829~~990099% 0.~~133690~~000000% 0.000000% 10.~~069519~~990099% 0.~~481497~~631892% 0.~~150491~~000000% 0.000000% 0.~~631988~~631892% 30 Days 82.~~021390~~828854% 0.~~133690~~282885% 0.~~133690~~000000% 0.000000% 83.~~288770~~111740% 82.~~618626~~427212% 0.~~082601~~230971% 0.~~064617~~000000% 0.000000% 82.~~765845~~658183% 60 Days 21.~~272727~~414427% 0.~~534759~~424328% 0.~~000000~~141443% 0.000000% 21.~~807487~~980198% 10.~~735713~~801059% 0.~~488510~~245608% 0.~~000000~~375658% 0.000000% 21.~~224224~~422324% 90 Days 0.~~802139~~282885% 0.~~401070~~282885% 0.~~401070~~141443% 0.000000% 10.~~604278~~707214% 20.~~444670~~389297% 0.~~216860~~071718% 0.~~365774~~065607% 0.000000% 30.~~027304~~526621% 120 Days 0.~~401070~~424328% 0.000000% 0.~~267380~~282885% 0.000000% 0.~~668449~~707214% 02.~~339354~~094036% 0.000000% 0.~~272492~~116352% 0.000000% 02.~~611847~~210388% 150 Days 0.~~000000~~141443% 0.~~668449~~141443% 0.~~534759~~424328% 0.000000% 10.~~203209~~707214% 0.~~000000~~118447% 0.~~278110~~122419% 0.~~665644~~420799% 0.000000% 0.~~943754~~661666% 180 Days 1.~~604278~~414427% 65.~~550802~~940594% 02.~~802139~~687412% 0.000000% 810.~~957219~~042433% 1.~~755371~~430801% 5.~~654615~~336424% 02.~~663954~~145653% 0.000000% 8.~~073940~~912878% Totals 136.~~101604~~506365% 98.~~224599~~062235% 23.~~272727~~677511% 0.000000% 2418.~~598930~~246110% 147.~~893735~~260852% 76.~~202193~~639031% 23.~~182973~~124069% 0.000000% 2417.~~278901~~023952%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~369~~273,~~328~~673.5065

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.~~841550~~780428% Weighted Average Net Coupon 8.~~341976~~282168% Weighted Average Pass-Through Rate 8.~~306976~~247168% Weighted Average Maturity(Stepdown Calculation ) ~~343~~341 Beginning Scheduled Collateral Loan Count 1,~~479~~406 Number Of Loans Paid In Full 3736 Ending Scheduled Collateral Loan Count 1,~~442~~370 Beginning Scheduled Collateral Balance ~~165~~157,~~381~~218,~~974~~799.8063 Ending Scheduled Collateral Balance ~~161~~153,~~399~~094,~~686~~755.9985 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~161~~153,~~721~~473,~~384~~051.0174 Monthly P &I Constant 1,~~408~~333,~~430~~148.2476 Special Servicing Fee 0.00 Prepayment Penalties 3152,~~547~~684.8731 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~161~~153,~~399~~094,~~686~~755.9985 Scheduled Principal ~~189~~182,~~888~~845.9064 Unscheduled Principal 3,~~792~~941,~~398~~198.9114 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 ~~881~~859,~~680~~674.1123

Miscellaneous Reporting Delinquency % 6.~~768646~~190017% Excess Cash ~~881~~859,~~680~~674.1123 Senior Enhancement % 1920.~~451822~~507025% In Step Down NO In Trigger NO 60+ Day Delinquent Loans 109,~~924~~476,~~573~~591.8322

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.~~627402~~588917 9.~~182563~~087133 8.~~841550~~780428 Weighted Average Net Rate 8.~~127402~~089593 8.~~682562~~590584 8.~~341976~~282168 Weighted Average Maturity ~~343~~341 ~~343~~341 ~~343~~341 Beginning Loan Count ~~712~~681 ~~767~~725 1,~~479~~406 Loans Paid In Full 18 1918 3736 Ending Loan Count ~~694~~663 ~~748~~707 1,~~442~~370 Beginning Scheduled Balance ~~101~~96,~~557~~954,~~525~~787.1502 6360,~~824~~264,~~449~~012.6561 ~~165~~157,~~381~~218,~~974~~799.8063 Ending scheduled Balance 9894,~~944~~033,~~774~~895.4477 6259,~~454~~060,~~912~~860.5508 ~~161~~153,~~399~~094,~~686~~755.9985 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant ~~805~~767,~~884~~592.1600 ~~602~~565,~~546~~556.0876 1,~~408~~333,~~430~~148.2476 Scheduled Principal 7573,~~736~~644.1680 ~~114~~109,~~152~~200.7484 ~~189~~182,~~888~~845.9064 Unscheduled Principal 2,~~537~~847,~~014~~246.5545 1,~~255~~093,~~384~~951.3669 3,~~792~~941,~~398~~198.9114 Scheduled Interest ~~730~~693,~~148~~947.0020 ~~488~~456,~~393~~355.3492 1,~~218~~150,~~541~~303.3412 Servicing Fees 4240,~~315~~343.6220 2624,~~593~~936.5571 6865,~~909~~279.1791 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,~~269~~211.4792 ~~797~~753.8029 21,~~067~~965.2721 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 1,~~692~~615.6388 1,~~063~~004.7437 2,~~756~~620.3725 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 ~~684~~650,~~870~~776.2820 ~~459~~429,~~938~~661.2555 1,~~144~~080,~~808~~437.5375 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.000000 0.000000 0.000000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 8.~~092402~~054593 8.~~647563~~555583 8.~~306976~~247168

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