

                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K /A


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  July 25, 2003


                             MORGAN STANLEY CAPITAL I INC.
                (as Depositor, Chase Manhattan Mortgage Corporation
                 as Servicer, The Provident Bank as Servicer
               and Deutsche Bank National Trust Company, as Trustee).


                   MORTGAGE PASS_THROUGH CERTIFICATES SERIES 2003-HE 1
                  (Exact name of Registrant as specified in its Charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-104046-06                          13-3291626
          (Commission File Number)        (I.R.S. Employer Identification No.)


           1585 BROADWAY, 2ND FLOOR
           NEW YORK, NEW YORK                             10036
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (212) 761-4000



     Item 5.  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 7.  Financial Statement and Exhibits

     Exhibits:  (as noted in Item 5 above)

     Monthly Remittance Statement to the Certificateholders dated as of
     July 25, 2003.



                                     SIGNATURE


               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.


                                  Deutsche Bank National Trust Company,
                                  not in its individual capacity, but solely
                                  as a duly authorized agent of the Registrant
                                  pursuant to the Pooling and Servicing
                                  Agreement, dated as of June 1,2003.

          Date:  Nov 13, 2003               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President

                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of July 25, 2003.


	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates


	July 25, 2003 Distribution - Revised


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				20
			12.	Realized Loss Detail Report				23
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				24




				Total Number of Pages				24



			CONTACTS

				Administrator: Jeremy Conyers
				Direct Phone Number: (714)247-6274
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000



ISSUANCE INFORMATION

	Seller:		Morgan Stanley					Cut-Off Date: June 1, 2003
	Certificate Insurer(s):							Closing Date: June 27, 2003
								First Payment Date: July 25, 2003
	Servicer(s):		Chase Manhattan Mortgage Master Servicer
			Provident Bank Master Servicer

								Distribution Date: July 25, 2003
	Underwriter(s):		Morgan Stanley Dean Witter					Record Date: July 24, 2003
								June 30, 2003






						Page 1 of 24					© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-HE1
	Certificate Payment Report for July 25, 2003 Distribution


	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)

A-1	FLT	332,220,000.00			332,220,000.00	377,254.27	2,149,570.56	2,526,824.83	-	-	330,070,429.44
A-2	FLT	229,398,000.00			229,398,000.00	248,004.73	1,735,934.99	1,983,939.72	-	-	227,662,065.01
A-3	FLT	100,000,000.00			100,000,000.00	87,888.89	1,188,073.97	1,275,962.86	-	-	98,811,926.03
A-4	FLT	57,000,000.00			57,000,000.00	67,386.67	-	67,386.67	-	-	57,000,000.00
M-1	MEZ, FLT	58,388,000.00			58,388,000.00	82,651.46	-	82,651.46	-	-	58,388,000.00
M-2	MEZ, FLT	49,405,000.00			49,405,000.00	112,204.24	-	112,204.24	-	-	49,405,000.00
M-3	MEZ, FLT	14,372,000.00			14,372,000.00	36,552.79	-	36,552.79	-	-	14,372,000.00
B-1	SUB, FLT	13,923,000.00			13,923,000.00	45,156.93	-	45,156.93	-	-	13,923,000.00
B-2	SUB, FLT	11,679,000.00			11,679,000.00	43,329.09	-	43,329.09	-	-	11,679,000.00
B-3	SUB, FLT	12,576,000.00			12,576,000.00	46,656.96	-	46,656.96	-	-	12,576,000.00
X	EXE	19,419,980.02			19,419,980.02	4,372,252.97	104,788.95	4,477,041.92	-	-	19,315,191.07
UT-R	R	-			-	-	-	-	-	-	-
P	SUB	-			-	101,052.38	-	101,052.38	-	-	-


Total		898,380,980.02			898,380,980.02	5,620,391.38	5,178,368.47	10,798,759.85	-	-	893,202,611.55


	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)

A-1	06/27/03	07/24/03		A-Act/360	61746RCB5	332,220,000.00	1,000.000000	1.135556	6.470323	7.605878	993.529677
A-2	06/27/03	07/24/03		A-Act/360	61746RBU4	229,398,000.00	1,000.000000	1.081111	7.567350	8.648461	992.432650
A-3	06/27/03	07/24/03		A-Act/360	61746RCC3	100,000,000.00	1,000.000000	0.878889	11.880740	12.759629	988.119260
A-4	06/27/03	07/24/03		A-Act/360	61746RCD1	57,000,000.00	1,000.000000	1.182222	-	1.182222	1,000.000000
M-1	06/27/03	07/24/03		A-Act/360	61746RBV2	58,388,000.00	1,000.000000	1.415556	-	1.415556	1,000.000000
M-2	06/27/03	07/24/03		A-Act/360	61746RBW0	49,405,000.00	1,000.000000	2.271111	-	2.271111	1,000.000000
M-3	06/27/03	07/24/03		A-Act/360	61746RBX8	14,372,000.00	1,000.000000	2.543334	-	2.543334	1,000.000000
B-1	06/27/03	07/24/03		A-Act/360	61746RBY6	13,923,000.00	1,000.000000	3.243333	-	3.243333	1,000.000000
B-2	06/27/03	07/24/03		A-Act/360	61746RBZ3	11,679,000.00	1,000.000000	3.710000	-	3.710000	1,000.000000
B-3	06/27/03	07/24/03		A-Act/360	61746RCA7	12,576,000.00	1,000.000000	3.710000	-	3.710000	1,000.000000
X	06/27/03	07/24/03		-		19,419,980.02	1,000.000000	225.141991	5.395935	230.537926	994.604065
UT-R				-		-	-	-	-	-	-
P				-		-	-	-	-	-	-


							Page 2 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-HE1
	Certificate Payment Report for July 25, 2003 Distribution


	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)

A-1	332,220,000.00		377,254.27		1,849,896.53	299,674.03	2,149,570.56	2,526,824.83	-	-	330,070,429.44
A-2	229,398,000.00		248,004.73		1,493,926.35	242,008.63	1,735,934.99	1,983,939.72	-	-	227,662,065.01
A-3	100,000,000.00		87,888.89		1,022,443.25	165,630.72	1,188,073.97	1,275,962.86	-	-	98,811,926.03
A-4	57,000,000.00		67,386.67		-	-	-	67,386.67	-	-	57,000,000.00
M-1	58,388,000.00		82,651.46		-	-	-	82,651.46	-	-	58,388,000.00
M-2	49,405,000.00		112,204.24		-	-	-	112,204.24	-	-	49,405,000.00
M-3	14,372,000.00		36,552.79		-	-	-	36,552.79	-	-	14,372,000.00
B-1	13,923,000.00		45,156.93		-	-	-	45,156.93	-	-	13,923,000.00
B-2	11,679,000.00		43,329.09		-	-	-	43,329.09	-	-	11,679,000.00
B-3	12,576,000.00		46,656.96		-	-	-	46,656.96	-	-	12,576,000.00
X	19,419,980.02		4,372,252.97		90,180.21	14,608.74	104,788.95	4,477,041.92	-	-	19,315,191.07
UT-R	-		-		-	-	-	-	-	-	-
P	-		101,052.38		-	-	-	101,052.38	-	-	-


Total	898,380,980.02		5,620,391.38		4,456,446.34	721,922.13	5,178,368.47	10,798,759.85	-	-	893,202,611.55


	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

A-1	1.46000%	332,220,000.00			377,254.27	-	-	-	377,254.27	377,254.27	-
A-2	1.39000%	229,398,000.00			248,004.73	-	-	-	248,004.73	248,004.73	-
A-3	1.13000%	100,000,000.00			87,888.89	-	-	-	87,888.89	87,888.89	-
A-4	1.52000%	57,000,000.00			67,386.67	-	-	-	67,386.67	67,386.67	-
M-1	1.82000%	58,388,000.00			82,651.46	-	-	-	82,651.46	82,651.46	-
M-2	2.92000%	49,405,000.00			112,204.24	-	-	-	112,204.24	112,204.24	-
M-3	3.27000%	14,372,000.00			36,552.79	-	-	-	36,552.79	36,552.79	-
B-1	4.17000%	13,923,000.00			45,156.93	-	-	-	45,156.93	45,156.93	-
B-2	4.77000%	11,679,000.00			43,329.09	-	-	-	43,329.09	43,329.09	-
B-3	4.77000%	12,576,000.00			46,656.96	-	-	-	46,656.96	46,656.96	-
X	5.84018%	19,419,980.02			4,372,252.97	-	-	-	4,372,252.97	4,372,252.97	-
UT-R		-			-	-	-	-	-	-	-
P		-			101,052.38	-	-	-	101,052.38	101,052.38	-


Total		898,380,980.02			5,620,391.38	-	-	-	5,620,391.38	5,620,391.38	-


							Page 3 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for July 25, 2003 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					2,984,401.00	2,193,967.47	5,178,368.47
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					2,984,401.00	2,193,967.47	5,178,368.47

	Interest Collections					2,993,203.69	2,526,135.31	5,519,339.00
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(13,290.75)	(7,773.20)	(21,063.95)
	TOTAL NET INTEREST					2,979,912.94	2,518,362.11	5,498,275.05

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					5,964,313.94	4,712,329.58	10,676,643.52

	Prepayment Penalties Collected							101,052.38

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							10,798,759.85


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					399,899.17	322,022.96	721,922.13
	Prepayments In Full					2,543,643.72	1,857,356.53	4,401,000.25
	Curtailments					40,858.11	14,587.98	55,446.09
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Repurchased Principal Amounts					0.00	0.00	0.00
	Other Principal					0.00	0.00	0.00
	Total Realized Loss Of Principal					0.00	0.00	0.00
	Delinquent Principal					(379,247.36)	(312,352.30)	(691,599.66)
	Advanced Principal					379,247.36	312,352.30	691,599.66

	TOTAL PRINCIPAL COLLECTED					2,984,401.00	2,193,967.47	5,178,368.47


				Page 4 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for July 25, 2003 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Interest					3,196,494.05	2,700,913.60	5,897,407.65
	Liquidation Interest					0.00	0.00	0.00
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(3,024,165.63)	(2,609,863.58)	(5,634,029.21)
	Interest Advanced					2,834,166.02	2,442,858.49	5,277,024.51

	TOTAL INTEREST COLLECTED					2,993,203.69	2,526,135.31	5,519,339.00


				Page 5 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for July 25, 2003 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL

	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL


	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00


INTEREST - FEES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					11,277.98	6,042.72	17,320.70
	Trustee Fees					2,012.77	1,730.48	3,743.25



	TOTAL INTEREST OTHER FEES					13,290.75	7,773.20	21,063.95


				Page 6 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for July 25, 2003 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Excess Reserve Fund Balance (Ending)							0.00


INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL

	Beginning Subordinated Amount							19,419,980.02
	Ending Subordinated Amount							19,315,191.07
	Specified Subordinated Amount							19,315,191.07


	Senior Enhancement Percentage							20.13%


				Page 7 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for July 25, 2003 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					3121	2804	5925
	Prior					-	-	-
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(16)	(12)	(28)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					3,105	2,792	5,897

	*Principal Balance:*
	Original					483,066,231.46	415,314,748.56	898,380,980.02
	Prior					-	-	-
	Prefunding					-	-	-
	Scheduled Principal					(399,899.17)	(322,022.96)	(721,922.13)
	Partial and Full Voluntary Prepayments					(2,584,501.83)	(1,871,944.51)	(4,456,446.34)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					480,081,830.46	413,120,781.09	893,202,611.55

PREFUNDING						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for July 25, 2003 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					7.940511%	7.803952%	7.877381%
	Weighted Average Coupon Prior
	Weighted Average Coupon Current					7.940511%	7.803952%	7.877381%
	Weighted Average Months to Maturity Original					337	352	344
	Weighted Average Months to Maturity Prior					-	-	-
	Weighted Average Months to Maturity Current					337	352	344
	Weighted Avg Remaining Amortization Term Original					346	353	349
	Weighted Avg Remaining Amortization Term Prior					-	-	-
	Weighted Avg Remaining Amortization Term Current					346	353	349
	Weighted Average Seasoning Original					3.84	3.55	3.71
	Weighted Average Seasoning Prior					-	-	-
	Weighted Average Seasoning Current					3.84	3.55	3.71

Note: Original information refers to deal issue.


	Group 1
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for July 25, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					3.095%	5.315%
	Weighted Average Margin Prior
	Weighted Average Margin Current					3.095%	5.315%
	Weighted Average Max Rate Original					7.281%	12.278%
	Weighted Average Max Rate Prior
	Weighted Average Max Rate Current					7.281%	12.278%
	Weighted Average Min Rate Original					4.029%	6.767%
	Weighted Average Min Rate Prior
	Weighted Average Min Rate Current					4.029%	6.767%
	Weighted Average Cap Up Original					0.577%	0.994%
	Weighted Average Cap Up Prior
	Weighted Average Cap Up Current					0.577%	0.994%
	Weighted Average Cap Down Original					0.577%	0.994%
	Weighted Average Cap Down Prior
	Weighted Average Cap Down Current					0.577%	0.994%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					11,277.98	6,042.72	17,320.70
	Delinquent Servicing Fees					189,999.62	167,005.09	357,004.71
	TOTAL SERVICING FEES					201,277.60	173,047.81	374,325.41

	Prepayment Interest Shortfall					1,198.73	789.42	1,988.15
	Compensating Interest					(1,198.73)	(789.42)	(1,988.15)
	Delinquent Servicing Fees					(189,999.62)	(167,005.09)	(357,004.71)

	COLLECTED SERVICING FEES					11,277.98	6,042.72	17,320.70


	Aggregate Advances with respect to this Distribution					3,213,413.38	2,755,210.79	5,968,624.17
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00


ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Net Prepayment Interest Shortfall							0.00

	Net Monthly Excess Cash Flow							4,372,252.97


	Ending Pool Stated Principal Balance					480,081,830.46	413,120,781.09	893,202,611.55


				Page 10 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Delinquency Report for July 25, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Delinquency Report for July 25, 2003 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 12 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Delinquency Report for July 25, 2003 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 13 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	REO Report for July 25, 2003 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 Group; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00

REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.

Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


				Page 14 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Foreclosure Report for July 25, 2003 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 Group
Total Current Balance = 000.00


Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


				Page 15 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Prepayment Report for July 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					16	12	28
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					16	12	28

	Paid in Full Balance					2,543,643.72	1,857,356.53	4,401,000.25
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					40,858.11	14,587.98	55,446.09
	Total Prepayment Amount					2,584,501.83	1,871,944.51	4,456,446.34

	*Cumulative*
	Number of Paid in Full Loans					16	12	28
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					16	12	28

	Paid in Full Balance					2,543,643.72	1,857,356.53	4,401,000.25
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					40,858.11	14,587.98	55,446.09
	Total Prepayment Amount					2,584,501.83	1,871,944.51	4,456,446.34

SPACE INTENTIONALLY LEFT BLANK


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 16 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Prepayment Report for July 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					0.54%	0.45%	0.50%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.54%	0.45%	0.50%

	CPR					6.24%	5.28%	5.80%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off					6.24%	5.28%	5.80%

	PSA					811.69%	744.01%	781.90%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					811.69%	744.01%	781.90%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Prepayment Report for July 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1
	Group 2

CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off


PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off


PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.

				Page 18 of 24				© COPYRIGHT 2003 Deutsche Bank


	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for July 25, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 28						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 4,414,671.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 4,401,000.25


Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date

4082913 1			60,000.00	59,786.03	Jun-02-03	8.680%	TN - 75.00%	Paid Off - 360	Nov-12-02
4083382 1			70,000.00	69,507.90	Jun-24-03	8.250%	FL - 62.50%	Paid Off - 360	Oct-29-02
4084901 1			78,000.00	77,808.18	Jun-18-03	8.480%	NC - 78.00%	Paid Off - 360	Jan-30-03
4115546 1			230,850.00	229,795.18	Jun-30-03	6.500%	CA - 95.00%	Paid Off - 360	Dec-31-02
4121791 1			114,750.00	114,175.33	Jun-30-03	6.500%	FL - 90.00%	Paid Off - 360	Jan-15-03
4172035 1			112,000.00	111,591.69	Jun-30-03	6.500%	FL - 80.00%	Paid Off - 360	Jan-13-03
4219651 1			70,400.00	70,231.29	Jun-30-03	9.700%	KS - 80.00%	Paid Off - 360	Jan-10-03
4285352 1			300,700.00	299,219.62	Jun-30-03	6.125%	NY - 50.12%	Paid Off - 360	Dec-27-02
4336747 1			168,000.00	167,567.04	Jun-24-03	8.250%	CA - 67.20%	Paid Off - 360	Jan-21-03
4683099 1			262,350.00	261,624.30	Jun-21-03	7.900%	CA - 90.15%	Paid Off - 360	Jan-23-03
4684524 1			148,750.00	148,503.90	Jun-27-03	8.990%	FL - 85.00%	Paid Off - 360	Mar-07-03
4712781 1			248,000.00	247,546.07	Jun-10-03	8.500%	CA - 80.00%	Paid Off - 360	Feb-25-03
4086799 2			160,650.00	160,256.55	Jun-18-03	8.500%	NJ - 85.00%	Paid Off - 360	Feb-25-03
4089546 2			42,500.00	42,382.52	Jun-18-03	9.530%	WV - 67.46%	Paid Off - 180	Dec-23-02
4090734 2			168,300.00	167,810.55	Jun-18-03	7.650%	IL - 85.00%	Paid Off - 360	Jan-17-03
4110193 2			137,000.00	136,712.58	Jun-19-03	9.250%	MI - 58.30%	Paid Off - 180	Jan-14-03
4165764 2			103,200.00	102,949.83	Jun-30-03	8.550%	FL - 80.00%	Paid Off - 360	Jan-23-03
4299310 2			100,001.00	99,680.49	Jun-30-03	8.350%	WA - 100.00%	Paid Off - 360	Jan-09-03
4337077 2			168,000.00	167,595.78	Jun-24-03	9.680%	NJ - 80.00%	Paid Off - 360	Jan-03-03
4360206 2			190,000.00	189,468.50	Jun-24-03	9.000%	CA - 64.41%	Paid Off - 360	Jan-06-03
4389972 2			152,000.00	151,620.03	Jun-24-03	8.400%	NJ - 80.00%	Paid Off - 360	Jan-23-03
4403584 2			112,700.00	112,499.70	Jun-17-03	11.100%	CA - 70.00%	Paid Off - 360	Jan-06-03
4486943 2			418,200.00	417,149.30	Jun-09-03	8.375%	MA - 86.23%	Paid Off - 360	Feb-07-03
4539303 2			95,920.00	95,720.86	Jun-16-03	9.300%	FL - 80.00%	Paid Off - 360	Jan-14-03
210241326 4			362,400.00	360,719.81	Jul-01-03	7.375%	FL - 80.00%	Paid Off - 360	Nov-22-02
212113144 4			136,600.00	136,139.90	Jul-01-03	6.900%	WA - 65.05%	Paid Off - 360	Jan-29-03
301135462 4			95,400.00	95,128.03	Jul-01-03	7.750%	FL - 90.00%	Paid Off - 180	Jan-24-03
301241881 4			108,000.00	107,809.29	Jul-01-03	8.675%	FL - 90.00%	Paid Off - 360	Feb-18-03


					Page 19 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Report for July 25, 2003 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	*Cumulative*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.


	Applied Realized Loss Amount Current							0.00
	Applied Realized Loss Amount Aggregate							0.00
	Cumulative Loss Percentage							0.00%


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 20 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Report for July 25, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL

	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%

	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%

	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%

	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off

	Group 1
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 21 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Report for July 25, 2003 Distribution


	Realized Loss Report - Collateral

	Group 1
	Group 2

CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off


SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off


COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.

				Page 22 of 24				© COPYRIGHT 2003 Deutsche Bank


	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for July 25, 2003 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00						Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

Loan Number			Original	Prior		Current	State &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


					Page 23 of 24				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for July 25, 2003 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL

	Has a Stepdown Date occurred?							No

	Does Trigger Event exist?							No

	(i) Does (a) equal or exceed (b)?							No
	(a) the quotient of (x) over (y)							0.00%
	(x) 60+ DQ 3Mo Avg Bal							0.00
	(y) ending Stated Prin Bal							893,202,611.55
	(b) 37.5% of Senior Enhance Percentage							7.50%

	(ii) Does (x) divided by (y) exceed Loss Trigger Threshold Percentage?							No
	(x) Aggregate Realized Losses to date							0.00
	(y) Cut-off Balance							898,380,980.02

	Loss Trigger Threshold Percentage							100.00%


	Senior Enhancement Percentage (Prior)							20.00%



ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Basis Risk Carry Forward Amount							0.00


				Page 24 of 24				© COPYRIGHT 2003 Deutsche Bank

MORGAN STANLEY ABS CAPITAL I - MOR PAS THR CERT SER 2003-HE1 8-K/A