

                           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 DEAN WITTER CAPITAL I INC.
         (as Depositor, OCWEN Federal Bank as Servicer, NC Capital Corporation,
                     as Responsible Party and Deutsche Bank National
                              Trust Company, as Trustee).


                MORGAN STANLEY DEAN WITTER CAP I MRT PAS THR CRT SER 2003 NC1
                  (Exact name of Registrant as specified in its Charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-83986-14                        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) 761-4700



     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
     December 26, 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 January 1,2003..

          Date:  Jan 02, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President

                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of December 26, 2003.


	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates


	December 26, 2003 Distribution


	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				23
			12.	Realized Loss Detail Report				26
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				27




				Total Number of Pages				27



			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: January 1, 2003
	Certificate Insurer(s):		Financial Security Assurance Inc.					Closing Date: January 28, 2003
								First Payment Date: February 25, 2003
	Servicer(s):		Ocwen Federal Master Servicer


								Distribution Date: December 26, 2003
	Underwriter(s):		Morgan Stanley Dean Witter Lead Underwriter					Record Date: December 24, 2003
			Blaylock & Partners, L.P. Underwriter					November 28, 2003
			Utendahl Capital Partners, L.P. Underwriter





						Page 1 of 27					© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC1
	Certificate Payment Report for December 26, 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	544,733,000.00			380,443,718.62	507,377.18	25,693,968.03	26,201,345.21	-	-	354,749,750.58
A-2	FLT	140,000,000.00			96,850,438.17	128,330.19	5,714,899.29	5,843,229.48	-	-	91,135,538.88
A-3	FLT	112,007,000.00			77,485,193.06	106,006.74	4,572,205.18	4,678,211.92	-	-	72,912,987.88
M-1	MEZ	60,493,000.00			60,493,000.00	112,972.78	-	112,972.78	-	-	60,493,000.00
M-2	MEZ	51,641,000.00			51,641,000.00	140,910.00	-	140,910.00	-	-	51,641,000.00
M-3	MEZ	8,361,000.00			8,361,000.00	23,174.20	-	23,174.20	-	-	8,361,000.00
B-1	SUB	32,952,000.00			32,952,000.00	135,314.87	-	135,314.87	-	-	32,952,000.00
B-2	SUB	16,229,000.00			16,229,000.00	57,559.42	-	57,559.42	-	-	16,229,000.00
X	SUB	17,214,497.00			17,213,533.69	3,319,988.60	-	3,319,988.60	-	-	17,213,533.69
P	SUB	-			-	660,827.92	-	660,827.92	-	-	-
UT-R	R	-			-	-	-	-	-	-	-


Total		983,630,497.00			741,668,883.54	5,192,461.90	35,981,072.50	41,173,534.40	-	-	705,687,811.04


	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	11/25/03	12/25/03		A-Act/360	61746WZE3	544,733,000.00	698.404023	0.931424	47.168003	48.099427	651.236019
A-2	11/25/03	12/25/03		A-Act/360	61746WYS3	140,000,000.00	691.788844	0.916644	40.820709	41.737353	650.968135
A-3	11/25/03	12/25/03		A-Act/360	61746WYT1	112,007,000.00	691.788844	0.946430	40.820709	41.767139	650.968135
M-1	11/25/03	12/25/03		A-Act/360	61746WYU8	60,493,000.00	1,000.000000	1.867535	-	1.867535	1,000.000000
M-2	11/25/03	12/25/03		A-Act/360	61746WYV6	51,641,000.00	1,000.000000	2.728646	-	2.728646	1,000.000000
M-3	11/25/03	12/25/03		A-Act/360	61746WYW4	8,361,000.00	1,000.000000	2.771702	-	2.771702	1,000.000000
B-1	11/25/03	12/25/03		A-Act/360	61746WYX2	32,952,000.00	1,000.000000	4.106424	-	4.106424	1,000.000000
B-2	11/25/03	12/25/03		A-Act/360	61746WYY0	16,229,000.00	1,000.000000	3.546702	-	3.546702	1,000.000000
X				A-30/360		17,214,497.00	999.944041	192.860041	-	192.860041	999.944041
P				-		-	-	-	-	-	-
UT-R				-		-	-	-	-	-	-


							Page 2 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC1
	Certificate Payment Report for December 26, 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	544,733,000.00		7,339,272.25		185,193,220.46	4,790,028.96	189,983,249.42	197,322,521.67	-	-	354,749,750.58
A-2	140,000,000.00		1,859,831.07		47,563,354.47	1,301,106.65	48,864,461.12	50,724,292.19	-	-	91,135,538.88
A-3	112,007,000.00		1,533,601.49		38,053,061.74	1,040,950.37	39,094,012.12	40,627,613.61	-	-	72,912,987.88
M-1	60,493,000.00		1,255,761.17		0.00	-	-	1,255,761.17	-	-	60,493,000.00
M-2	51,641,000.00		1,548,249.16		-	-	-	1,548,249.16	-	-	51,641,000.00
M-3	8,361,000.00		254,526.56		-	-	-	254,526.56	-	-	8,361,000.00
B-1	32,952,000.00		1,474,159.20		-	-	-	1,474,159.20	-	-	32,952,000.00
B-2	16,229,000.00		628,745.85		-	-	-	628,745.85	-	-	16,229,000.00
X	17,214,497.00		45,935,626.15		878.67	84.64	963.31	45,936,589.46	-	-	17,213,533.69
P	-		5,443,055.33		-	-	-	5,443,055.33	-	-	-
UT-R	-		-		-	-	-	-	-	-	-


Total	983,630,497.00		67,272,828.23		270,810,515.34	7,132,170.62	277,942,685.96	345,215,514.19	-	-	705,687,811.04


	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	1.54875%	380,443,718.62			507,377.18	-	-	-	507,377.18	507,377.18	-
A-2	1.53875%	96,850,438.17			128,330.19	-	-	-	128,330.19	128,330.19	-
A-3	1.58875%	77,485,193.06			106,006.74	-	-	-	106,006.74	106,006.74	-
M-1	2.16875%	60,493,000.00			112,972.78	-	-	-	112,972.78	112,972.78	-
M-2	3.16875%	51,641,000.00			140,910.00	-	-	-	140,910.00	140,910.00	-
M-3	3.21875%	8,361,000.00			23,174.20	-	-	-	23,174.20	23,174.20	-
B-1	4.76875%	32,952,000.00			135,314.87	-	-	-	135,314.87	135,314.87	-
B-2	4.11875%	16,229,000.00			57,559.42	-	-	-	57,559.42	57,559.42	-
X	5.41739%	17,213,533.69			3,319,988.60	-	-	-	3,319,988.60	3,319,988.60	-
P		-			660,827.92	-	-	-	660,827.92	660,827.92	-
UT-R		-			-	-	-	-	-	-	-


Total		741,668,883.54			5,192,461.90	-	-	-	5,192,461.90	5,192,461.90	-


							Page 3 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 26, 2003 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					10,247,112.48	25,594,080.57	35,841,193.05
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					10,247,112.48	25,594,080.57	35,841,193.05

	Interest Collections					1,476,632.54	3,234,542.41	4,711,174.95
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(17,121.79)	(22,539.73)	(39,661.52)
	TOTAL NET INTEREST					1,459,510.75	3,212,002.68	4,671,513.43

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					11,706,623.23	28,806,083.25	40,512,706.48

	Prepayment Penalties Collected					114,884.33	545,943.59	660,827.92

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION					11,821,507.56	29,352,026.84	41,173,534.40


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					181,927.97	371,076.18	553,004.15
	Prepayments In Full					9,579,947.66	24,920,576.28	34,500,523.94
	Curtailments					10,176.74	41,816.69	51,993.43
	Liquidations					575,851.81	299,699.17	875,550.98
	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					(100,791.70)	(39,087.75)	(139,879.45)
	Delinquent Principal					(169,858.65)	(350,088.31)	(519,946.96)
	Advanced Principal					169,858.65	350,088.31	519,946.96

	TOTAL PRINCIPAL COLLECTED					10,247,112.48	25,594,080.57	35,841,193.05


				Page 4 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 26, 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					1,559,236.23	3,423,337.94	4,982,574.17
	Liquidation Interest					4,074.15	2,308.10	6,382.25
	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					(1,403,156.55)	(3,100,264.20)	(4,503,420.75)
	Interest Advanced					1,316,478.71	2,909,160.57	4,225,639.28
	Realized Losses of Interest					0.00	0.00	0.00
	TOTAL INTEREST COLLECTED					1,476,632.54	3,234,542.41	4,711,174.95


				Page 5 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 26, 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					10,596.71	20,633.94	31,230.65
	Class A-2 Certificate Insurance Premium					5,649.61	0.00	5,649.61
	Trustee Fees					875.47	1,905.79	2,781.26


	TOTAL INTEREST OTHER FEES					17,121.79	22,539.73	39,661.52


				Page 6 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for December 26, 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							17,073,654.24
	Ending Subordinated Amount							17,213,533.69
	Specified Subordinated Amount							17,213,533.69


	Senior Enhancement Percentage							26.50%


				Page 7 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Collateral Report for December 26, 2003 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					1653	4664	6317
	Prior					1,343	3,684	5,027
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(42)	(143)	(185)
	Repurchases					-	-	-
	Liquidations					(1)	(3)	(4)
	Current					1,300	3,538	4,838

	*Principal Balance:*
	Original					311,120,564.87	672,509,931.72	983,630,496.59
	Prior					233,458,908.68	508,209,974.86	741,668,883.54
	Prefunding					-	-	-
	Scheduled Principal					(181,927.97)	(371,076.18)	(553,004.15)
	Partial and Full Voluntary Prepayments					(9,590,124.40)	(24,962,392.97)	(34,552,517.37)
	Repurchases					-	-	-
	Liquidations					(575,851.81)	(299,699.17)	(875,550.98)
	Current					223,111,004.50	482,576,806.54	705,687,811.04

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 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Collateral Report for December 26, 2003 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					7.999302%	8.101822%	8.069395%
	Weighted Average Coupon Prior					8.039802%	8.084760%	8.070658%
	Weighted Average Coupon Current					8.035557%	8.088734%	8.071995%
	Weighted Average Months to Maturity Original					343	353	350
	Weighted Average Months to Maturity Prior					333	344	341
	Weighted Average Months to Maturity Current					332	343	340
	Weighted Avg Remaining Amortization Term Original					342	353	350
	Weighted Avg Remaining Amortization Term Prior					333	344	340
	Weighted Avg Remaining Amortization Term Current					332	343	339
	Weighted Average Seasoning Original					4.21	4.18	4.19
	Weighted Average Seasoning Prior					13.20	13.18	13.19
	Weighted Average Seasoning Current					14.20	14.18	14.19

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 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Collateral Report for December 26, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					3.515%	5.591%
	Weighted Average Margin Prior					3.476%	5.565%
	Weighted Average Margin Current					3.434%	5.544%
	Weighted Average Max Rate Original					8.680%	13.016%
	Weighted Average Max Rate Prior					8.408%	12.957%
	Weighted Average Max Rate Current					8.334%	12.921%
	Weighted Average Min Rate Original					4.281%	7.017%
	Weighted Average Min Rate Prior					4.194%	6.981%
	Weighted Average Min Rate Current					4.145%	6.965%
	Weighted Average Cap Up Original					0.976%	1.289%
	Weighted Average Cap Up Prior					0.929%	1.284%
	Weighted Average Cap Up Current					0.924%	1.279%
	Weighted Average Cap Down Original					0.976%	1.289%
	Weighted Average Cap Down Prior					0.929%	1.284%
	Weighted Average Cap Down Current					0.924%	1.279%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					10,596.71	20,633.94	31,230.65
	Delinquent Servicing Fees					86,677.84	191,103.63	277,781.47
	TOTAL SERVICING FEES					97,274.55	211,737.57	309,012.12

	Prepayment Interest Shortfall					27,620.56	72,413.93	100,034.49
	Compensating Interest					(27,620.56)	(72,413.93)	(100,034.49)
	Delinquent Servicing Fees					(86,677.84)	(191,103.63)	(277,781.47)
	COLLECTED SERVICING FEES					10,596.71	20,633.94	31,230.65

	Aggregate Advances with respect to this Distribution					1,486,337.36	3,259,248.88	4,745,586.24
	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							3,459,868.05


	Ending Pool Stated Principal Balance					223,111,004.50	482,576,806.54	705,687,811.04


				Page 10 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Delinquency Report for December 26, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			32,709,852.12	10,599,342.89	6,954,020.19	50,263,215.20
		% Balance			4.64%	1.50%	0.99%	7.12%
		# Loans			240	80	49	369
		% # Loans			4.96%	1.65%	1.01%	7.63%
FORECLOSURE		Balance		-	-	718,846.08	16,281,349.99	17,000,196.07
		% Balance		0.00%	0.00%	0.10%	2.31%	2.41%
		# Loans		-	-	4	134	138
		% # Loans		0.00%	0.00%	0.08%	2.77%	2.85%
BANKRUPTCY		Balance		3,747,096.04	571,755.58	338,685.35	7,083,302.92	11,740,839.89
		% Balance		0.53%	0.08%	0.05%	1.00%	1.66%
		# Loans		21	7	4	58	90
		% # Loans		0.43%	0.14%	0.08%	1.20%	1.86%
REO		Balance		-	-	-	3,485,340.56	3,485,340.56
		% Balance		0.00%	0.00%	0.00%	0.49%	0.49%
		# Loans		-	-	-	31	31
		% # Loans		0.00%	0.00%	0.00%	0.64%	0.64%

TOTAL		Balance		3,747,096.04	33,281,607.70	11,656,874.32	33,804,013.66	82,489,591.72
		% Balance		0.53%	4.72%	1.65%	4.79%	11.69%
		# Loans		21	247	88	272	628
		% # Loans		0.43%	5.11%	1.82%	5.62%	12.98%
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 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Delinquency Report for December 26, 2003 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			23,133,499.31	7,572,143.04	4,979,314.86	35,684,957.21
		% Balance			4.79%	1.57%	1.03%	7.39%
		# Loans			169	59	37	265
		% # Loans			4.78%	1.67%	1.05%	7.49%
FORECLOSURE		Balance		-	-	718,846.08	11,297,208.01	12,016,054.09
		% Balance		0.00%	0.00%	0.15%	2.34%	2.49%
		# Loans		-	-	4	94	98
		% # Loans		0.00%	0.00%	0.11%	2.66%	2.77%
BANKRUPTCY		Balance		1,891,052.33	383,942.74	338,685.35	4,719,988.13	7,333,668.55
		% Balance		0.39%	0.08%	0.07%	0.98%	1.52%
		# Loans		13	4	4	40	61
		% # Loans		0.37%	0.11%	0.11%	1.13%	1.72%
REO		Balance		-	-	-	1,768,641.61	1,768,641.61
		% Balance		0.00%	0.00%	0.00%	0.37%	0.37%
		# Loans		-	-	-	21	21
		% # Loans		0.00%	0.00%	0.00%	0.59%	0.59%

TOTAL		Balance		1,891,052.33	23,517,442.05	8,629,674.47	22,765,152.61	56,803,321.46
		% Balance		0.39%	4.87%	1.79%	4.72%	11.77%
		# Loans		13	173	67	192	445
		% # Loans		0.37%	4.89%	1.89%	5.43%	12.58%
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 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Delinquency Report for December 26, 2003 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			9,576,352.81	3,027,199.85	1,974,705.33	14,578,257.99
		% Balance			4.29%	1.36%	0.89%	6.53%
		# Loans			71	21	12	104
		% # Loans			5.46%	1.62%	0.92%	8.00%
FORECLOSURE		Balance		-	-	-	4,984,141.98	4,984,141.98
		% Balance		0.00%	0.00%	0.00%	2.23%	2.23%
		# Loans		-	-	-	40	40
		% # Loans		0.00%	0.00%	0.00%	3.08%	3.08%
BANKRUPTCY		Balance		1,856,043.71	187,812.84	-	2,363,314.79	4,407,171.34
		% Balance		0.83%	0.08%	0.00%	1.06%	1.98%
		# Loans		8	3	-	18	29
		% # Loans		0.62%	0.23%	0.00%	1.38%	2.23%
REO		Balance		-	-	-	1,716,698.95	1,716,698.95
		% Balance		0.00%	0.00%	0.00%	0.77%	0.77%
		# Loans		-	-	-	10	10
		% # Loans		0.00%	0.00%	0.00%	0.77%	0.77%

TOTAL		Balance		1,856,043.71	9,764,165.65	3,027,199.85	11,038,861.05	25,686,270.26
		% Balance		0.83%	4.38%	1.36%	4.95%	11.51%
		# Loans		8	74	21	80	183
		% # Loans		0.62%	5.69%	1.62%	6.15%	14.08%
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 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	REO Report for December 26, 2003 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 4				Loan Group 1 = Group 1 Group; REO Book Value = Not Available
Total Original Principal Balance = 813,800.00				Loan Group 2 = Group 2 Group; REO Book Value = Not Available
Total Current Balance = 807,216.81
REO Book Value = Not Available

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

639190 1		70,000.00	69,521.21	Jun-01-03	9.750%	MI - 58.33%	360
661246 2		420,000.00	417,038.21	Oct-01-02	9.990%	MI - 80.00%	360
680231 2		223,000.00	220,643.75	Jun-01-03	7.990%	NC - 78.25%	360
683605 2		100,800.00	100,013.64	Jan-01-03	9.500%	IA - 80.00%	360


				Page 14 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Foreclosure Report for December 26, 2003 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 11				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 1,632,840.00				Loan Group 2 = Group 2 Group
Total Current Balance = 1,619,515.80


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

677316 1		63,750.00	63,236.37	Jan-01-03	8.990%	IL - 85.00%	360
677506 1		121,550.00	120,779.41	Aug-01-03	10.150%	DC - 85.00%	360
688067 1		161,500.00	159,710.67	Aug-01-03	7.750%	MN - 85.00%	360
693134 1		90,000.00	89,496.90	Jul-01-03	10.750%	TX - 75.00%	360
699582 1		200,000.00	198,033.67	Jun-01-03	7.990%	NV - 80.00%	360
703150 1		287,400.00	284,759.16	Aug-01-03	8.990%	NV - 84.98%	360
704490 1		162,000.00	160,724.14	Jul-01-03	9.100%	CA - 87.57%	360
709496 1		154,615.00	153,596.84	Aug-01-03	9.990%	MN - 85.00%	360
694942 2		126,650.00	125,574.98	Jun-01-03	8.990%	FL - 85.00%	360
702945 2		45,375.00	45,202.47	Jul-01-03	12.600%	TX - 56.72%	360
708704 2		220,000.00	218,401.19	Dec-01-02	9.490%	NV - 80.00%	360


				Page 15 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					42	143	185
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					42	143	185

	Paid in Full Balance					9,579,947.66	24,920,576.28	34,500,523.94
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					10,176.74	41,816.69	51,993.43
	Total Prepayment Amount					9,590,124.40	24,962,392.97	34,552,517.37

	*Cumulative*
	Number of Paid in Full Loans					351	1,115	1,466
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					351	1,115	1,466

	Paid in Full Balance					84,306,994.36	183,336,588.46	267,643,582.82
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					666,237.21	677,638.73	1,343,875.94
	Total Prepayment Amount					84,973,231.57	184,014,227.19	268,987,458.76

SPACE INTENTIONALLY LEFT BLANK


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


				Page 16 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					4.11%	4.92%	4.66%
	3 Months Avg SMM					4.87%	5.24%	5.12%
	12 Months Avg SMM
	Avg SMM Since Cut-off					2.88%	2.88%	2.88%

	CPR					39.57%	45.38%	43.61%
	3 Months Avg CPR					45.10%	47.55%	46.79%
	12 Months Avg CPR
	Avg CPR Since Cut-off					29.55%	29.62%	29.60%

	PSA					1393.71%	1599.79%	1536.91%
	3 Months Avg PSA Approximation					1708.79%	1803.50%	1774.07%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1605.18%	1613.01%	1610.53%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 26, 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 27				© COPYRIGHT 2003 Deutsche Bank


	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 26, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 185						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 34,835,467.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 34,500,523.94


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

609467 1			236,100.00	233,730.10	Nov-25-03	7.490%	CA - 80.00%	Paid Off - 360
641180 1			179,100.00	177,627.90	Nov-05-03	8.500%	CA - 90.00%	Paid Off - 360
642195 1			102,200.00	101,271.96	Nov-10-03	8.000%	CT - 70.00%	Paid Off - 360
646769 1			161,000.00	159,212.65	Nov-04-03	7.740%	TX - 48.79%	Paid Off - 360
654409 1			228,200.00	225,987.24	Nov-29-03	7.750%	NJ - 70.00%	Paid Off - 360
655433 1			133,000.00	131,376.02	Nov-28-03	7.250%	NJ - 70.00%	Paid Off - 360
655607 1			172,500.00	171,180.91	Nov-10-03	9.990%	CA - 75.00%	Paid Off - 360
659429 1			140,250.00	138,913.79	Nov-07-03	8.400%	CO - 85.00%	Paid Off - 360
661882 1			205,000.00	203,314.23	Nov-21-03	8.500%	CA - 60.29%	Paid Off - 360
663116 1			180,000.00	175,396.03	Nov-13-03	7.750%	IL - 60.00%	Paid Off - 240
664781 1			170,000.00	168,599.08	Nov-19-03	8.490%	MA - 85.00%	Paid Off - 360
671893 1			80,000.00	79,314.87	Nov-10-03	8.500%	NY - 24.62%	Paid Off - 360
672803 1			136,000.00	135,168.85	Nov-25-03	9.950%	CA - 85.00%	Paid Off - 360
672871 1			288,000.00	285,749.08	Nov-11-03	8.750%	CO - 80.00%	Paid Off - 360
673304 1			160,200.00	159,114.42	Nov-18-03	9.450%	MA - 90.00%	Paid Off - 360
673949 1			288,750.00	286,493.88	Nov-24-03	8.750%	CA - 77.21%	Paid Off - 360
674519 1			204,250.00	201,922.38	Nov-17-03	7.250%	NV - 95.00%	Paid Off - 360
675580 1			207,200.00	206,127.69	Nov-26-03	10.750%	VA - 70.00%	Paid Off - 360
675936 1			144,500.00	141,521.06	Nov-29-03	9.500%	CA - 85.00%	Paid Off - 360
677266 1			255,750.00	253,933.92	Nov-19-03	9.250%	NJ - 55.00%	Paid Off - 360
679125 1			292,500.00	289,866.12	Nov-21-03	9.300%	CT - 75.00%	Paid Off - 360
680002 1			73,950.00	73,259.38	Nov-05-03	8.250%	CA - 85.00%	Paid Off - 360
680445 1			283,500.00	280,790.27	Nov-21-03	7.740%	NY - 90.00%	Paid Off - 360
680572 1			143,500.00	142,194.28	Nov-04-03	7.990%	MN - 70.00%	Paid Off - 360
681366 1			75,000.00	74,338.45	Nov-19-03	8.750%	OH - 75.00%	Paid Off - 360
681418 1			157,500.00	155,951.60	Nov-19-03	7.990%	CA - 63.00%	Paid Off - 360
682316 1			237,600.00	235,901.61	Nov-18-03	10.250%	CA - 80.00%	Paid Off - 360
682400 1			251,100.00	250,221.04	Nov-05-03	5.840%	CA - 90.00%	Paid Off - 300
682581 1			177,850.00	176,023.86	Nov-19-03	8.490%	AZ - 85.00%	Paid Off - 360
682587 1			128,000.00	126,543.81	Nov-11-03	7.250%	CA - 80.00%	Paid Off - 360
682698 1			77,900.00	77,228.40	Nov-25-03	8.500%	OH - 83.76%	Paid Off - 360
683877 1			262,800.00	262,677.74	Nov-10-03	4.838%	CA - 90.00%	Paid Off - 300
683897 1			310,250.00	305,766.17	Nov-14-03	5.990%	MA - 85.00%	Paid Off - 360
684008 1			285,000.00	281,482.96	Nov-18-03	6.500%	MA - 82.61%	Paid Off - 360
684403 1			80,750.00	80,067.69	Nov-06-03	8.750%	CO - 85.00%	Paid Off - 360
684437 1			114,750.00	114,124.95	Nov-14-03	10.500%	MI - 85.00%	Paid Off - 360
684616 1			187,500.00	185,621.56	Nov-19-03	7.500%	IL - 75.00%	Paid Off - 360
685314 1			225,000.00	222,904.71	Nov-11-03	7.900%	DC - 51.84%	Paid Off - 360
685744 1			216,750.00	214,515.92	Nov-29-03	7.750%	PA - 85.00%	Paid Off - 360
686349 1			63,200.00	62,701.11	Nov-04-03	8.750%	MI - 80.00%	Paid Off - 360
686659 1			86,400.00	85,612.89	Nov-05-03	7.990%	UT - 80.00%	Paid Off - 360
686729 1			295,000.00	292,758.77	Nov-21-03	8.890%	NY - 86.76%	Paid Off - 360
688106 1			139,000.00	137,122.36	Nov-06-03	6.750%	CA - 26.58%	Paid Off - 360
688215 1			63,000.00	62,388.54	Nov-14-03	9.500%	WI - 84.00%	Paid Off - 360

					Page 19 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 26, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



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

688273 1			100,700.00	99,912.93	Nov-11-03	8.750%	CA - 95.00%	Paid Off - 360
688308 1			148,750.00	147,157.34	Nov-19-03	7.990%	OH - 85.00%	Paid Off - 360
688528 1			225,000.00	223,294.03	Nov-19-03	8.900%	CA - 90.00%	Paid Off - 360
688747 1			148,000.00	146,516.58	Nov-18-03	7.500%	CA - 87.06%	Paid Off - 360
688764 1			78,300.00	77,546.82	Nov-14-03	7.990%	MI - 90.00%	Paid Off - 360
688940 1			80,500.00	80,060.56	Nov-28-03	10.490%	MO - 70.00%	Paid Off - 360
689232 1			120,000.00	119,106.57	Nov-19-03	8.990%	FL - 80.00%	Paid Off - 360
689376 1			136,500.00	135,401.45	Nov-24-03	8.990%	CA - 75.00%	Paid Off - 360
689687 1			53,550.00	52,977.80	Nov-28-03	7.500%	IA - 85.00%	Paid Off - 360
690402 1			171,000.00	169,761.38	Nov-21-03	9.125%	CA - 90.00%	Paid Off - 360
690464 1			255,000.00	252,679.82	Nov-26-03	7.990%	FL - 73.91%	Paid Off - 360
690656 1			90,000.00	89,468.57	Nov-26-03	10.490%	MI - 69.23%	Paid Off - 360
690914 1			89,100.00	88,520.48	Nov-24-03	9.650%	FL - 90.00%	Paid Off - 360
691307 1			272,950.00	270,079.21	Nov-25-03	7.250%	IL - 68.24%	Paid Off - 360
691655 1			250,200.00	246,919.37	Nov-28-03	6.500%	CA - 90.00%	Paid Off - 360
692123 1			69,600.00	68,847.74	Nov-05-03	9.500%	WI - 80.00%	Paid Off - 360
692831 1			126,400.00	125,121.62	Nov-28-03	7.640%	IL - 77.07%	Paid Off - 360
692887 1			140,000.00	138,949.18	Nov-19-03	8.950%	CT - 83.33%	Paid Off - 360
693249 1			281,250.00	277,890.67	Nov-30-03	6.990%	SC - 75.00%	Paid Off - 360
693798 1			40,800.00	40,505.23	Nov-05-03	9.800%	MO - 52.31%	Paid Off - 360
693810 1			193,000.00	191,243.89	Nov-21-03	7.990%	CA - 85.78%	Paid Off - 360
693968 1			215,000.00	212,546.72	Nov-25-03	6.990%	CA - 88.84%	Paid Off - 360
694916 1			145,600.00	144,141.30	Nov-28-03	7.500%	CA - 80.00%	Paid Off - 360
695026 1			76,500.00	75,896.28	Nov-24-03	8.990%	MO - 90.00%	Paid Off - 360
695645 1			80,000.00	79,308.68	Nov-19-03	8.250%	NV - 57.14%	Paid Off - 360
695788 1			180,000.00	178,513.25	Nov-14-03	8.750%	CA - 62.07%	Paid Off - 360
695899 1			360,000.00	356,286.58	Nov-06-03	7.350%	WA - 80.00%	Paid Off - 360
695922 1			118,000.00	117,208.53	Nov-20-03	9.500%	MD - 84.29%	Paid Off - 360
696010 1			97,500.00	96,638.90	Nov-24-03	8.140%	MO - 75.00%	Paid Off - 360
696388 1			232,000.00	230,093.04	Nov-28-03	8.500%	CA - 80.00%	Paid Off - 360
696394 1			256,722.00	254,095.23	Nov-04-03	7.500%	CA - 70.53%	Paid Off - 360
696677 1			104,000.00	102,958.33	Nov-04-03	7.500%	IL - 80.00%	Paid Off - 360
696695 1			85,000.00	84,526.89	Nov-18-03	11.000%	CO - 54.84%	Paid Off - 360
696859 1			251,200.00	248,913.87	Nov-04-03	7.990%	CA - 80.00%	Paid Off - 360
697080 1			225,000.00	223,241.46	Nov-26-03	8.750%	CA - 75.00%	Paid Off - 360
697726 1			122,000.00	120,740.49	Nov-18-03	7.990%	TX - 80.00%	Paid Off - 360
697899 1			47,000.00	46,543.61	Nov-04-03	7.660%	MI - 79.66%	Paid Off - 360
698093 1			245,000.00	243,515.15	Nov-28-03	9.990%	NJ - 70.00%	Paid Off - 360
698159 1			215,000.00	213,042.87	Nov-10-03	7.990%	CA - 79.63%	Paid Off - 360
698371 1			49,500.00	49,303.88	Nov-19-03	11.990%	AZ - 65.13%	Paid Off - 360
699206 1			233,750.00	231,532.31	Nov-04-03	7.990%	CA - 85.00%	Paid Off - 360
699243 1			171,900.00	170,420.50	Nov-04-03	8.500%	CA - 90.00%	Paid Off - 360
699252 1			228,750.00	226,672.84	Nov-18-03	8.000%	MD - 75.00%	Paid Off - 360
699284 1			168,000.00	166,131.68	Nov-18-03	6.990%	CA - 80.00%	Paid Off - 360
699418 1			135,800.00	134,322.39	Nov-18-03	7.240%	CO - 70.00%	Paid Off - 360
699464 1			150,000.00	148,497.17	Nov-24-03	7.500%	CA - 75.00%	Paid Off - 360
699534 1			250,000.00	247,240.70	Nov-04-03	7.000%	NJ - 71.43%	Paid Off - 360
699822 1			212,500.00	210,839.19	Nov-24-03	8.750%	CA - 85.00%	Paid Off - 360
699837 1			35,000.00	34,669.90	Nov-21-03	8.500%	WA - 58.33%	Paid Off - 360
700064 1			175,500.00	174,088.85	Nov-25-03	9.490%	WA - 90.00%	Paid Off - 360
700215 1			262,500.00	258,543.80	Nov-13-03	6.875%	CO - 71.92%	Paid Off - 360
700545 1			500,000.00	494,470.80	Nov-26-03	6.990%	CA - 85.47%	Paid Off - 360

					Page 20 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 26, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



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

701203 1			236,000.00	233,491.24	Nov-28-03	7.375%	CA - 84.89%	Paid Off - 360
701914 1			190,000.00	188,187.44	Nov-14-03	7.750%	MI - 77.24%	Paid Off - 360
701941 1			87,750.00	87,028.66	Nov-05-03	8.500%	WI - 65.00%	Paid Off - 360
701962 1			192,000.00	190,722.85	Nov-28-03	10.250%	DC - 60.00%	Paid Off - 360
701967 1			161,250.00	159,980.41	Nov-21-03	9.250%	CA - 75.00%	Paid Off - 360
701976 1			130,000.00	129,109.94	Nov-11-03	9.400%	RI - 83.87%	Paid Off - 360
702257 1			255,000.00	254,999.80	Nov-11-03	6.300%	CA - 85.00%	Paid Off - 300
702623 1			135,000.00	133,737.13	Nov-24-03	7.990%	CA - 90.00%	Paid Off - 360
702625 1			139,500.00	138,273.71	Nov-19-03	8.500%	CA - 79.71%	Paid Off - 360
702662 1			157,500.00	155,651.11	Nov-25-03	6.990%	CA - 90.00%	Paid Off - 360
702711 1			112,000.00	111,107.88	Nov-04-03	9.500%	IL - 71.79%	Paid Off - 360
702832 1			279,000.00	276,968.84	Nov-28-03	9.100%	CA - 90.00%	Paid Off - 360
703037 1			260,000.00	257,863.02	Nov-26-03	8.500%	CA - 66.67%	Paid Off - 360
703074 1			103,700.00	103,024.90	Nov-05-03	9.990%	MI - 85.00%	Paid Off - 360
703266 1			164,700.00	163,039.41	Nov-14-03	7.500%	WA - 90.00%	Paid Off - 360
703424 1			255,000.00	252,445.33	Nov-26-03	7.500%	NY - 73.91%	Paid Off - 360
703634 1			143,000.00	141,698.90	Nov-10-03	7.990%	CA - 65.00%	Paid Off - 360
703745 1			192,800.00	190,768.36	Nov-17-03	7.240%	IL - 80.00%	Paid Off - 360
703765 1			220,000.00	217,377.66	Nov-17-03	6.750%	CA - 46.81%	Paid Off - 360
703975 1			100,000.00	99,092.01	Nov-21-03	8.000%	TX - 79.37%	Paid Off - 360
704024 1			91,200.00	90,286.27	Nov-04-03	7.500%	CA - 95.00%	Paid Off - 360
704497 1			96,800.00	96,079.35	Nov-28-03	8.990%	NV - 80.00%	Paid Off - 360
704551 1			233,750.00	230,857.57	Nov-21-03	6.400%	CA - 85.00%	Paid Off - 360
704555 1			207,000.00	204,998.22	Nov-24-03	7.750%	CA - 83.47%	Paid Off - 360
705410 1			182,750.00	181,389.42	Nov-28-03	8.990%	CA - 85.00%	Paid Off - 360
705669 1			160,000.00	158,870.54	Nov-04-03	9.250%	WA - 80.00%	Paid Off - 360
705787 1			202,500.00	201,347.90	Nov-26-03	10.300%	CA - 90.00%	Paid Off - 360
705873 1			157,600.00	156,166.03	Nov-24-03	7.990%	CA - 80.00%	Paid Off - 360
705987 1			279,000.00	276,204.93	Nov-07-03	7.500%	CA - 84.55%	Paid Off - 360
706229 1			197,250.00	194,711.07	Nov-07-03	7.990%	CA - 75.00%	Paid Off - 360
706364 1			69,750.00	69,084.60	Nov-05-03	7.750%	CA - 90.00%	Paid Off - 360
706552 1			128,000.00	126,212.32	Nov-14-03	7.740%	MN - 80.00%	Paid Off - 360
706649 1			150,000.00	148,583.05	Nov-17-03	7.800%	CA - 66.96%	Paid Off - 360
707411 1			284,150.00	281,294.53	Nov-21-03	8.500%	CA - 89.99%	Paid Off - 360
707507 1			220,000.00	218,099.08	Nov-20-03	8.250%	CA - 59.95%	Paid Off - 360
707656 1			238,000.00	235,729.52	Nov-04-03	7.750%	CA - 85.00%	Paid Off - 360
708617 1			228,830.00	226,339.89	Nov-19-03	7.250%	CA - 69.34%	Paid Off - 360
708736 1			211,500.00	209,051.11	Nov-17-03	6.750%	CA - 90.00%	Paid Off - 360
708797 1			86,175.00	85,644.02	Nov-17-03	9.875%	FL - 75.00%	Paid Off - 360
708883 1			208,800.00	206,995.81	Nov-26-03	8.250%	MA - 90.00%	Paid Off - 360
709361 1			280,000.00	276,258.57	Nov-17-03	5.990%	CA - 80.00%	Paid Off - 360
709762 1			163,710.00	162,278.65	Nov-20-03	8.990%	MN - 90.00%	Paid Off - 360
710586 1			173,000.00	171,144.93	Nov-26-03	7.150%	CA - 77.58%	Paid Off - 360
711131 1			94,000.00	93,585.53	Nov-21-03	11.500%	CA - 69.63%	Paid Off - 360
711223 1			245,000.00	242,829.77	Nov-20-03	8.125%	DC - 69.01%	Paid Off - 360
712243 1			249,565.00	247,294.25	Nov-12-03	7.990%	VA - 95.00%	Paid Off - 360
712379 1			204,000.00	201,744.07	Nov-18-03	6.990%	CA - 80.00%	Paid Off - 360
645883 2			499,950.00	493,058.53	Nov-06-03	6.750%	CA - 75.75%	Paid Off - 360
657055 2			97,600.00	97,066.54	Nov-10-03	10.500%	WV - 80.00%	Paid Off - 360
666881 2			46,750.00	46,321.31	Nov-13-03	8.000%	FL - 85.00%	Paid Off - 360
668931 2			540,000.00	533,550.22	Nov-29-03	6.990%	MA - 80.00%	Paid Off - 360
676330 2			370,000.00	361,761.99	Nov-10-03	5.330%	CA - 83.15%	Paid Off - 300

					Page 21 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 26, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



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

679156 2			63,600.00	62,101.13	Nov-28-03	8.000%	MI - 80.00%	Paid Off - 360
679279 2			101,500.00	100,989.76	Nov-07-03	11.250%	OK - 70.00%	Paid Off - 360
679403 2			112,000.00	111,245.23	Nov-26-03	9.500%	CA - 77.24%	Paid Off - 360
683831 2			82,500.00	81,765.82	Nov-28-03	9.490%	FL - 75.00%	Paid Off - 360
685048 2			385,900.00	385,900.00	Nov-25-03	6.300%	AZ - 85.00%	Paid Off - 300
690370 2			44,500.00	43,677.80	Nov-11-03	9.500%	FL - 52.35%	Paid Off - 360
690961 2			202,800.00	200,942.52	Nov-18-03	7.990%	CA - 65.00%	Paid Off - 360
691879 2			93,100.00	89,750.74	Nov-06-03	8.990%	FL - 70.00%	Paid Off - 180
693458 2			111,600.00	106,392.56	Nov-07-03	8.750%	CA - 90.00%	Paid Off - 180
694686 2			450,000.00	444,789.60	Nov-14-03	6.750%	CA - 62.94%	Paid Off - 360
695302 2			63,500.00	63,275.02	Nov-19-03	12.500%	MI - 50.00%	Paid Off - 360
697217 2			57,500.00	56,934.61	Nov-14-03	8.000%	CA - 67.65%	Paid Off - 360
697340 2			62,400.00	61,935.41	Nov-05-03	8.990%	FL - 80.00%	Paid Off - 360
697367 2			97,500.00	96,469.99	Nov-28-03	7.990%	FL - 75.00%	Paid Off - 360
697390 2			141,000.00	139,952.52	Nov-25-03	8.990%	FL - 74.21%	Paid Off - 360
697676 2			46,400.00	44,868.19	Nov-18-03	9.990%	TX - 80.00%	Paid Off - 180
698056 2			453,000.00	448,670.12	Nov-19-03	7.740%	MA - 50.33%	Paid Off - 360
698869 2			56,700.00	54,412.25	Nov-26-03	9.990%	TX - 70.00%	Paid Off - 180
699162 2			440,000.00	435,134.30	Nov-12-03	6.990%	CO - 74.58%	Paid Off - 360
699196 2			480,000.00	480,000.00	Nov-24-03	5.300%	CA - 80.67%	Paid Off - 300
699318 2			312,000.00	308,387.48	Nov-28-03	6.750%	CA - 80.00%	Paid Off - 360
699358 2			161,500.00	160,030.56	Nov-10-03	7.990%	FL - 85.00%	Paid Off - 360
701301 2			318,000.00	315,383.82	Nov-04-03	8.500%	CA - 84.80%	Paid Off - 360
701749 2			307,800.00	305,270.15	Nov-11-03	8.500%	CA - 95.00%	Paid Off - 360
703351 2			329,600.00	325,955.10	Nov-04-03	6.990%	CA - 80.00%	Paid Off - 360
704007 2			116,000.00	115,434.01	Nov-26-03	11.500%	TX - 80.00%	Paid Off - 360
704959 2			171,700.00	170,137.78	Nov-19-03	7.990%	IL - 85.00%	Paid Off - 360
705860 2			280,000.00	277,635.18	Nov-17-03	9.700%	TX - 80.00%	Paid Off - 360
706298 2			319,150.00	317,215.80	Nov-26-03	9.990%	VA - 65.00%	Paid Off - 360
706607 2			310,500.00	307,234.38	Nov-18-03	7.250%	CA - 90.00%	Paid Off - 360
707052 2			303,255.00	298,841.89	Nov-20-03	6.990%	CA - 90.00%	Paid Off - 360
707140 2			35,000.00	34,695.71	Nov-26-03	8.490%	MI - 53.85%	Paid Off - 360
707348 2			127,710.00	126,547.87	Nov-28-03	7.990%	VA - 90.00%	Paid Off - 360
707774 2			99,000.00	98,301.03	Nov-28-03	9.250%	IL - 75.00%	Paid Off - 360
709395 2			424,800.00	424,800.00	Nov-04-03	5.820%	CA - 90.00%	Paid Off - 300
710764 2			400,000.00	396,089.45	Nov-14-03	7.625%	CA - 86.02%	Paid Off - 360
711362 2			564,000.00	557,021.29	Nov-25-03	6.400%	NJ - 80.00%	Paid Off - 360


					Page 22 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Loans Liquidated					1	3	4
	Collateral Realized Loss/(Gain) Amount					100,791.70	39,087.75	139,879.45
	Net Liquidation Proceeds					475,060.11	260,611.42	735,671.53

	*Cumulative*
	Number of Loans Liquidated					2	11	13
	Collateral Realized Loss/(Gain) Amount					118,301.87	112,341.82	230,643.69
	Net Liquidation Proceeds					609,108.57	983,304.32	1,592,412.89

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


	Cumulative Loss Percentage							0.02%


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 23 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL

	MDR					0.25%	0.06%	0.12%
	3 Months Avg MDR					0.10%	0.03%	0.05%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.03%	0.02%	0.02%

	CDR					2.92%	0.71%	1.41%
	3 Months Avg CDR					1.22%	0.30%	0.59%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.34%	0.21%	0.25%

	SDA					10.28%	2.49%	4.96%
	3 Months Avg SDA Approximation					4.64%	1.15%	2.25%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					1.82%	1.14%	1.36%

	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 24 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 26, 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 25 of 27				© COPYRIGHT 2003 Deutsche Bank


	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for December 26, 2003 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 4						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 883,500.00						Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 875,550.98
Total Realized Loss Amount = 139,879.45
Total Net Liquidation Proceeds = 735,671.53
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

686901 1			90,950.00	90,181.58	30,292.09	8.750%	GA - 85.00%	360
696530 1			83,500.00	82,879.64	6,485.38	9.000%	TN - 69.58%	360
699657 1			127,800.00	126,637.95	2,310.28	9.750%	AZ - 90.00%	360
706903 2			581,250.00	575,851.81	100,791.70	8.490%	TX - 75.24%	360


					Page 26 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 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

	1. Does (A) equal or exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							6.14%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							43,305,195.93
	(y) Stated Principal Balance							705,687,811.04
	(B) 40% of Sr. Enhancement Percentage							10.08%

	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.02%
	(x) Agg. Realized Losses to date							230,643.69
	(y) Cut-off Date Pool Principal Balance							983,630,496.59
	(B) Applicable Percentage							100.00%


	Senior Enhancement Percentage (Prior)							25.20%



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

	Class A-2 Certificate Deficiency Amount							0.00
	Preference Amount							0.00
	Reimbursement Amount							0.00


				Page 27 of 27				© COPYRIGHT 2003 Deutsche Bank

MORGAN STANLEY DEAN WITTER CAP I MRT PS THR CRT SER 2003 NC1 8-K