

                           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 CAPITAL I INC.
                (as Depositor, Homeq Servicing Corporation as Servicer,
                    NC Capital Corporation, as Responsible Party
              and Deutsche Bank National Trust Company, as Trustee).


              MORGAN STANLEY ABS CAPITAL I MORT PS-THE CER SER 2003 NC5
                  (Exact name of Registrant as specified in its Charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-104046-02                        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 May 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 ABS Capital I Inc. 2003-NC5
	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: May 1, 2003
	Certificate Insurer(s):							Closing Date: May 29, 2003
								First Payment Date: June 25, 2003
	Servicer(s):		HomeQ Servicing Corp. Master Servicer


								Distribution Date: December 26, 2003
	Underwriter(s):		Morgan Stanley & Co. Inc					Record Date: December 24, 2003
								November 28, 2003






						Page 1 of 27					© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC5
	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, STEP	502,341,000.00			439,377,245.63	597,324.21	20,031,690.99	20,629,015.20	-	-	419,345,554.64
A-2	FLT, STEP	100,000,000.00			87,691,919.56	105,623.09	3,110,988.33	3,216,611.42	-	-	84,580,931.23
A-3	FLT, STEP	211,716,000.00			185,657,824.41	234,812.02	6,586,460.05	6,821,272.07	-	-	179,071,364.36
M-1	MEZ, FLT,ST	63,818,000.00			63,818,000.00	108,191.45	-	108,191.45	-	-	63,818,000.00
M-2	MEZ, FLT,ST	55,276,000.00			55,276,000.00	148,448.69	-	148,448.69	-	-	55,276,000.00
M-3	MEZ, FLT,ST	17,588,000.00			17,588,000.00	51,777.73	-	51,777.73	-	-	17,588,000.00
B-1	SUB, FLT,ST	13,065,000.00			13,065,000.00	49,712.78	-	49,712.78	-	-	13,065,000.00
B-2	SUB, FLT,ST	11,055,000.00			11,055,000.00	46,348.47	-	46,348.47	-	-	11,055,000.00
B-3	SUB, FLT,ST	12,563,000.00			12,563,000.00	52,670.81	-	52,670.81	-	-	12,563,000.00
X	SUB	17,586,872.00			17,587,764.55	3,956,237.79	-	3,956,237.79	-	-	17,587,764.55
P	SUB,EXE	-			-	505,247.34	-	505,247.34	-	-	-
UT-R	R	-			-	-	-	-	-	-	-


Total		1,005,008,872.00			903,679,754.15	5,856,394.38	29,729,139.37	35,585,533.75	-	-	873,950,614.78


	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	61746RAS0	502,341,000.00	874.659336	1.189081	39.876679	41.065761	834.782657
A-2	11/25/03	12/25/03		A-Act/360	61746RBB6	100,000,000.00	876.919196	1.056231	31.109883	32.166114	845.809312
A-3	11/25/03	12/25/03		A-Act/360	61746RBJ9	211,716,000.00	876.919196	1.109090	31.109883	32.218973	845.809312
M-1	11/25/03	12/25/03		A-Act/360	61746RBC4	63,818,000.00	1,000.000000	1.695312	-	1.695312	1,000.000000
M-2	11/25/03	12/25/03		A-Act/360	61746RBD2	55,276,000.00	1,000.000000	2.685590	-	2.685590	1,000.000000
M-3	11/25/03	12/25/03		A-Act/360	61746RBE0	17,588,000.00	1,000.000000	2.943924	-	2.943924	1,000.000000
B-1	11/25/03	12/25/03		A-Act/360	61746RBF7	13,065,000.00	1,000.000000	3.805035	-	3.805035	1,000.000000
B-2	11/25/03	12/25/03		A-Act/360	61746RBG5	11,055,000.00	1,000.000000	4.192535	-	4.192535	1,000.000000
B-3	11/25/03	12/25/03		A-Act/360	61746RBH3	12,563,000.00	1,000.000000	4.192534	-	4.192534	1,000.000000
X	11/25/03	12/25/03		A-Act/360		17,586,872.00	1,000.050751	224.954033	-	224.954033	1,000.050751
P	11/25/03	12/25/03		-		-	-	-	-	-	-
UT-R	11/25/03	12/25/03		-		-	-	-	-	-	-


							Page 2 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC5
	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	502,341,000.00		4,450,139.38		79,653,752.43	3,341,692.93	82,995,445.36	87,445,584.74	-	-	419,345,554.64
A-2	100,000,000.00		786,253.43		14,773,107.56	645,961.21	15,419,068.77	16,205,322.20	-	-	84,580,931.23
A-3	211,716,000.00		1,747,287.43		31,277,032.41	1,367,603.23	32,644,635.64	34,391,923.07	-	-	179,071,364.36
M-1	63,818,000.00		740,202.38		0.00	-	-	740,202.38	-	-	63,818,000.00
M-2	55,276,000.00		1,013,702.34		-	-	-	1,013,702.34	-	-	55,276,000.00
M-3	17,588,000.00		353,470.56		-	-	-	353,470.56	-	-	17,588,000.00
B-1	13,065,000.00		339,146.08		-	-	-	339,146.08	-	-	13,065,000.00
B-2	11,055,000.00		316,127.33		-	-	-	316,127.33	-	-	11,055,000.00
B-3	12,563,000.00		359,249.89		-	-	-	359,249.89	-	-	12,563,000.00
X	17,586,872.00		29,923,384.40		4,633.63	719.62	5,353.25	29,928,737.65	-	6,245.80	17,587,764.55
P	-		2,115,141.88		-	-	-	2,115,141.88	-	-	-
UT-R	-		-		-	-	-	-	-	-	-


Total	1,005,008,872.00		42,144,105.10		125,708,526.03	5,355,976.99	131,064,503.02	173,208,608.12	-	6,245.80	873,950,614.78


	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	1.57875%	439,377,245.63			597,324.21	-	-	-	597,324.21	597,324.21	-
A-2	1.39875%	87,691,919.56			105,623.09	-	-	-	105,623.09	105,623.09	-
A-3	1.46875%	185,657,824.41			234,812.02	-	-	-	234,812.02	234,812.02	-
M-1	1.96875%	63,818,000.00			108,191.45	-	-	-	108,191.45	108,191.45	-
M-2	3.11875%	55,276,000.00			148,448.69	-	-	-	148,448.69	148,448.69	-
M-3	3.41875%	17,588,000.00			51,777.73	-	-	-	51,777.73	51,777.73	-
B-1	4.41875%	13,065,000.00			49,712.78	-	-	-	49,712.78	49,712.78	-
B-2	4.86875%	11,055,000.00			46,348.47	-	-	-	46,348.47	46,348.47	-
B-3	4.86875%	12,563,000.00			52,670.81	-	-	-	52,670.81	52,670.81	-
X		17,587,764.55			3,956,237.79	-	-	-	3,956,237.79	3,956,237.79	-
P		-			-	-	-	-	-	505,247.34	-
UT-R		-			505,247.34	-	-	-	505,247.34	-	-


Total		903,679,754.15			5,856,394.38	-	-	-	5,856,394.38	5,856,394.38	-


							Page 3 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	Mortgage Pass-Through Certificates

	Collection Account Report for December 26, 2003 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					9,697,448.38	20,031,690.99	29,729,139.37
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					9,697,448.38	20,031,690.99	29,729,139.37

	Interest Collections					2,125,304.44	3,349,832.31	5,475,136.75
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(80,187.69)	(132,478.61)	(212,666.30)
	TOTAL NET INTEREST					2,080,850.01	3,275,412.39	5,356,262.40

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					11,778,298.39	23,307,103.38	35,085,401.77

	Prepayment Penalties Collected							505,247.34

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							35,585,533.75


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					286,653.04	439,131.83	725,784.87
	Prepayments In Full					9,400,020.07	19,406,322.43	28,806,342.50
	Curtailments					10,775.27	186,236.73	197,012.00
	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					(129,883.91)	(188,856.22)	(318,740.13)
	Advanced Principal					129,883.91	188,856.22	318,740.13

	TOTAL PRINCIPAL COLLECTED					9,697,448.38	20,031,690.99	29,729,139.37


				Page 4 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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					2,226,477.97	3,507,380.33	5,733,858.30
	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	2,292.83	2,292.83
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					(35,733.26)	(58,058.69)	(93,791.95)
	Delinquent Interest					(1,024,651.23)	(1,578,152.60)	(2,602,803.83)
	Interest Advanced					959,210.96	1,476,370.44	2,435,581.40

	TOTAL INTEREST COLLECTED					2,125,304.44	3,349,832.31	5,475,136.75


				Page 5 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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					78,888.43	130,389.07	209,277.50
	Trustee Fees					1,299.26	2,089.54	3,388.80



	TOTAL INTEREST OTHER FEES					80,187.69	132,478.61	212,666.30


				Page 6 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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							17,587,764.57
	Ending Subordinated Amount							17,587,764.57
	Specified Subordinated Amount							17,587,764.56


	Senior Enhancement Percentage							21.85%


				Page 7 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	Mortgage Pass-Through Certificates

	Collateral Report for December 26, 2003 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					2121	4056	6177
	Prior					1,952	3,723	5,675
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(49)	(114)	(163)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,903	3,609	5,512

	*Principal Balance:*
	Original					384,837,481.08	620,177,636.72	1,005,015,117.80
	Prior					346,468,807.55	557,210,946.62	903,679,754.17
	Prefunding					-	-	-
	Scheduled Principal					(286,653.04)	(439,131.83)	(725,784.87)
	Partial and Full Voluntary Prepayments					(9,410,795.34)	(19,592,559.16)	(29,003,354.50)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					336,771,359.17	537,179,255.63	873,950,614.80

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 ABS Capital I Inc. 2003-NC5
	Mortgage Pass-Through Certificates

	Collateral Report for December 26, 2003 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					7.704417%	7.554364%	7.611822%
	Weighted Average Coupon Prior					7.711445%	7.556645%	7.616000%
	Weighted Average Coupon Current					7.711440%	7.553435%	7.614014%
	Weighted Average Months to Maturity Original					348	354	352
	Weighted Average Months to Maturity Prior					342	349	346
	Weighted Average Months to Maturity Current					341	348	345
	Weighted Avg Remaining Amortization Term Original					347	354	351
	Weighted Avg Remaining Amortization Term Prior					342	349	346
	Weighted Avg Remaining Amortization Term Current					341	348	345
	Weighted Average Seasoning Original					3.41	3.31	3.35
	Weighted Average Seasoning Prior					8.40	8.31	8.35
	Weighted Average Seasoning Current					9.41	9.31	9.35

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 ABS Capital I Inc. 2003-NC5
	Mortgage Pass-Through Certificates

	Collateral Report for December 26, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					3.397%	5.345%
	Weighted Average Margin Prior					3.411%	5.339%
	Weighted Average Margin Current					3.384%	5.332%
	Weighted Average Max Rate Original					7.893%	12.450%
	Weighted Average Max Rate Prior					7.912%	12.438%
	Weighted Average Max Rate Current					7.847%	12.415%
	Weighted Average Min Rate Original					4.042%	6.502%
	Weighted Average Min Rate Prior					4.058%	6.496%
	Weighted Average Min Rate Current					4.023%	6.483%
	Weighted Average Cap Up Original					0.852%	1.285%
	Weighted Average Cap Up Prior					0.848%	1.284%
	Weighted Average Cap Up Current					0.842%	1.282%
	Weighted Average Cap Down Original					0.852%	1.285%
	Weighted Average Cap Down Prior					0.848%	1.284%
	Weighted Average Cap Down Current					0.842%	1.282%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					78,888.43	130,389.07	209,277.50
	Delinquent Servicing Fees					65,440.27	101,782.16	167,222.43
	TOTAL SERVICING FEES					144,328.70	232,171.23	376,499.93

	Prepayment Interest Shortfall					35,733.26	58,058.69	93,791.95
	Compensating Interest					(35,733.26)	(58,058.69)	(93,791.95)
	Delinquent Servicing Fees					(65,440.27)	(101,782.16)	(167,222.43)

	COLLECTED SERVICING FEES					78,888.43	130,389.07	209,277.50


	Aggregate Advances with respect to this Distribution					1,089,094.87	1,665,226.66	2,754,321.53
	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					(35,733.26)	(58,058.69)	0.00

	Net Monthly Excess Cash Flow							3,956,237.79


	Ending Pool Stated Principal Balance					336,771,359.17	537,179,255.63	873,950,614.80


				Page 10 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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			12,523,024.46	1,673,664.54	2,046,483.41	16,243,172.41
		% Balance			1.43%	0.19%	0.23%	1.86%
		# Loans			75	9	16	100
		% # Loans			1.36%	0.16%	0.29%	1.81%
FORECLOSURE		Balance		270,868.94	1,490,490.07	3,017,459.44	8,995,051.26	13,773,869.71
		% Balance		0.03%	0.17%	0.35%	1.03%	1.58%
		# Loans		2	8	19	61	90
		% # Loans		0.04%	0.15%	0.34%	1.11%	1.63%
BANKRUPTCY		Balance		3,439,563.51	533,789.29	397,723.68	1,345,438.78	5,716,515.26
		% Balance		0.39%	0.06%	0.05%	0.15%	0.65%
		# Loans		25	4	4	11	44
		% # Loans		0.45%	0.07%	0.07%	0.20%	0.80%
REO		Balance		-	-	-	559,516.29	559,516.29
		% Balance		0.00%	0.00%	0.00%	0.06%	0.06%
		# Loans		-	-	-	5	5
		% # Loans		0.00%	0.00%	0.00%	0.09%	0.09%

TOTAL		Balance		3,710,432.45	14,547,303.82	5,088,847.66	12,946,489.74	36,293,073.67
		% Balance		0.42%	1.66%	0.58%	1.48%	4.15%
		# Loans		27	87	32	93	239
		% # Loans		0.49%	1.58%	0.58%	1.69%	4.34%
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 ABS Capital I Inc. 2003-NC5
	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			7,366,124.98	1,673,664.54	856,334.63	9,896,124.15
		% Balance			1.37%	0.31%	0.16%	1.84%
		# Loans			50	9	8	67
		% # Loans			1.39%	0.25%	0.22%	1.86%
FORECLOSURE		Balance		270,868.94	976,701.86	1,859,251.30	6,034,019.12	9,140,841.22
		% Balance		0.05%	0.18%	0.35%	1.12%	1.70%
		# Loans		2	6	14	46	68
		% # Loans		0.06%	0.17%	0.39%	1.27%	1.88%
BANKRUPTCY		Balance		2,225,654.46	435,049.17	364,670.07	690,773.22	3,716,146.92
		% Balance		0.41%	0.08%	0.07%	0.13%	0.69%
		# Loans		18	2	3	8	31
		% # Loans		0.50%	0.06%	0.08%	0.22%	0.86%
REO		Balance		-	-	-	504,628.88	504,628.88
		% Balance		0.00%	0.00%	0.00%	0.09%	0.09%
		# Loans		-	-	-	4	4
		% # Loans		0.00%	0.00%	0.00%	0.11%	0.11%

TOTAL		Balance		2,496,523.40	8,777,876.01	3,897,585.91	8,085,755.85	23,257,741.17
		% Balance		0.46%	1.63%	0.73%	1.51%	4.33%
		# Loans		20	58	26	66	170
		% # Loans		0.55%	1.61%	0.72%	1.83%	4.71%
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 ABS Capital I Inc. 2003-NC5
	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			5,156,899.48	-	1,190,148.78	6,347,048.26
		% Balance			1.53%	0.00%	0.35%	1.88%
		# Loans			25	-	8	33
		% # Loans			1.31%	0.00%	0.42%	1.73%
FORECLOSURE		Balance		-	513,788.21	1,158,208.14	2,961,032.14	4,633,028.49
		% Balance		0.00%	0.15%	0.34%	0.88%	1.38%
		# Loans		-	2	5	15	22
		% # Loans		0.00%	0.11%	0.26%	0.79%	1.16%
BANKRUPTCY		Balance		1,213,909.05	98,740.12	33,053.61	654,665.56	2,000,368.34
		% Balance		0.36%	0.03%	0.01%	0.19%	0.59%
		# Loans		7	2	1	3	13
		% # Loans		0.37%	0.11%	0.05%	0.16%	0.68%
REO		Balance		-	-	-	54,887.41	54,887.41
		% Balance		0.00%	0.00%	0.00%	0.02%	0.02%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.05%	0.05%

TOTAL		Balance		1,213,909.05	5,769,427.81	1,191,261.75	4,860,733.89	13,035,332.50
		% Balance		0.36%	1.71%	0.35%	1.44%	3.87%
		# Loans		7	29	6	27	69
		% # Loans		0.37%	1.52%	0.32%	1.42%	3.63%
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 ABS Capital I Inc. 2003-NC5
	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 = 3				Loan Group 1 = Group 1 Group; REO Book Value = Not Available
Total Original Principal Balance = 456,700.00				Loan Group 2 = Group 2 Group; REO Book Value = Not Available
Total Current Balance = 452,730.72
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

320107428 1		91,200.00	90,600.06	Jun-01-03	8.250%	TX - 80.00%	360	Feb-04-03
320109499 1		292,000.00	289,082.10	May-01-03	6.100%	NC - 80.00%	360	Jan-31-03
320146475 1		73,500.00	73,048.56	May-01-03	8.050%	NC - 86.47%	360	Feb-25-03


				Page 14 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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 = 32				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 5,183,705.00				Loan Group 2 = Group 2 Group
Total Current Balance = 5,151,933.10


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

320089733 1		259,250.00	257,792.76	Aug-01-03	8.490%	MI - 85.00%	360	Feb-05-03
320090624 1		129,500.00	128,673.36	Sep-01-03	9.250%	WA - 70.00%	360	Dec-23-02
320104094 1		58,410.00	58,009.88	Aug-01-03	7.500%	UT - 90.00%	360	Feb-07-03
320111453 1		225,000.00	223,198.51	Sep-01-03	7.100%	IL - 90.00%	360	Feb-20-03
320113780 1		35,000.00	34,848.18	Jul-01-03	9.750%	IL - 77.78%	360	Feb-18-03
320113822 1		108,000.00	107,223.07	Jun-01-03	7.250%	TX - 80.00%	360	Feb-14-03
320117385 1		141,600.00	140,990.84	Sep-01-03	9.800%	CA - 80.00%	360	Feb-21-03
320120751 1		63,000.00	62,616.18	Aug-01-03	8.100%	RI - 42.28%	360	Feb-03-03
320121833 1		304,500.00	302,515.01	Sep-01-03	7.750%	CA - 70.00%	360	Feb-11-03
320122260 1		124,000.00	123,090.44	Sep-01-03	7.150%	CA - 80.00%	360	Feb-27-03
320123375 1		204,000.00	202,458.53	Dec-01-03	7.650%	HI - 80.00%	360	Feb-13-03
320123409 1		178,100.00	177,242.88	Aug-01-03	9.250%	CO - 79.16%	360	Feb-04-03
320129133 1		92,225.00	91,790.20	Aug-01-03	9.350%	MI - 85.00%	360	Feb-06-03
320130545 1		195,000.00	194,032.12	Aug-01-03	9.100%	MI - 75.00%	360	Feb-13-03
320135072 1		113,750.00	113,017.49	Aug-01-03	8.100%	FL - 65.00%	360	Feb-26-03
320135452 1		168,000.00	167,147.12	Jul-01-03	8.990%	CO - 80.00%	360	Feb-26-03
320135551 1		136,800.00	135,992.90	Aug-01-03	8.250%	CO - 90.00%	360	Feb-24-03
320139314 1		77,200.00	76,956.38	Aug-01-03	11.250%	TX - 80.00%	360	Feb-13-03
320142193 1		58,500.00	58,233.70	Sep-01-03	9.600%	MO - 73.13%	360	Feb-21-03
320144256 1		142,800.00	142,007.08	Jul-01-03	8.550%	CO - 85.00%	360	Feb-27-03
320146814 1		180,000.00	178,958.81	Aug-01-03	8.350%	MI - 80.00%	360	Feb-25-03
320150394 1		120,000.00	119,330.45	Jul-01-03	8.550%	CA - 60.00%	360	Feb-28-03
320151145 1		61,200.00	60,827.89	Jul-01-03	8.100%	OH - 85.00%	360	Feb-28-03
320151673 1		160,000.00	159,146.85	Aug-01-03	8.750%	NV - 82.69%	360	Feb-27-03
320090772 2		110,520.00	109,872.82	Aug-01-03	9.750%	IL - 90.00%	360	Nov-26-02
320095896 2		424,800.00	422,011.28	Aug-01-03	8.750%	NE - 90.00%	360	Dec-26-02
320113343 2		80,800.00	80,389.77	Aug-01-03	8.990%	OK - 80.00%	360	Feb-11-03
320130701 2		364,500.00	361,878.09	Sep-01-03	7.250%	IL - 90.00%	360	Feb-10-03
320136104 2		165,000.00	163,836.10	Jul-01-03	7.350%	MN - 78.57%	360	Feb-10-03
320145238 2		153,000.00	151,910.12	Sep-01-03	7.300%	CO - 85.00%	360	Feb-19-03
320146921 2		493,000.00	489,936.04	Aug-01-03	7.990%	CA - 85.00%	360	Feb-25-03
320146970 2		56,250.00	55,998.23	Aug-01-03	9.600%	IN - 74.75%	360	Feb-13-03


				Page 15 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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					49	114	163
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					49	114	163

	Paid in Full Balance					9,400,020.07	19,406,322.43	28,806,342.50
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					10,775.27	186,236.73	197,012.00
	Total Prepayment Amount					9,410,795.34	19,592,559.16	29,003,354.50

	*Cumulative*
	Number of Paid in Full Loans					218	447	665
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					218	447	665

	Paid in Full Balance					45,644,591.04	79,118,580.02	124,763,171.06
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					318,110.40	627,244.57	945,354.97
	Total Prepayment Amount					45,962,701.44	79,745,824.59	125,708,526.03

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 ABS Capital I Inc. 2003-NC5
	Mortgage Pass-Through Certificates

	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					2.72%	3.52%	3.21%
	3 Months Avg SMM					2.67%	2.98%	2.86%
	12 Months Avg SMM
	Avg SMM Since Cut-off					1.81%	1.96%	1.90%

	CPR					28.16%	34.94%	32.41%
	3 Months Avg CPR					27.70%	30.48%	29.42%
	12 Months Avg CPR
	Avg CPR Since Cut-off					19.66%	21.10%	20.55%

	PSA					1496.41%	1877.13%	1734.03%
	3 Months Avg PSA Approximation					1646.90%	1834.11%	1762.42%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1533.44%	1671.81%	1618.38%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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 ABS Capital I Inc. 2003-NC5
	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 = 162						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 28,998,106.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 28,806,342.50


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

320090061 1			42,400.00	41,239.90	Nov-29-03	8.990%	TN - 80.00%	Paid Off - 180	Jan-06-03
320090343 1			216,000.00	214,503.39	Nov-07-03	7.990%	NY - 80.00%	Paid Off - 360	Dec-23-02
320091150 1			150,000.00	149,435.83	Nov-03-03	9.850%	NY - 53.57%	Paid Off - 360	Feb-05-03
320091952 1			175,000.00	173,770.62	Nov-26-03	6.750%	CT - 79.55%	Paid Off - 360	Feb-14-03
320092034 1			242,100.00	240,248.62	Nov-19-03	7.990%	IL - 90.00%	Paid Off - 360	Nov-27-02
320092216 1			47,866.00	47,620.80	Nov-18-03	8.350%	FL - 54.39%	Paid Off - 360	Feb-27-03
320092562 1			67,000.00	66,518.06	Nov-04-03	7.250%	IA - 72.83%	Paid Off - 360	Jan-28-03
320094089 1			237,500.00	235,702.97	Nov-06-03	6.990%	NY - 95.00%	Paid Off - 360	Jan-08-03
320094824 1			125,000.00	123,986.28	Nov-03-03	6.750%	NY - 69.44%	Paid Off - 360	Jan-22-03
320097819 1			244,800.00	243,451.71	Nov-26-03	7.990%	CA - 90.00%	Paid Off - 360	Feb-26-03
320098056 1			312,000.00	308,723.23	Nov-20-03	5.990%	CA - 80.00%	Paid Off - 360	Dec-24-02
320098106 1			227,300.00	225,452.68	Nov-10-03	6.750%	RI - 79.75%	Paid Off - 360	Jan-02-03
320098387 1			120,000.00	119,254.14	Nov-21-03	7.990%	NH - 69.77%	Paid Off - 360	Jan-23-03
320098999 1			126,000.00	125,135.35	Nov-20-03	7.490%	SC - 70.00%	Paid Off - 360	Jan-08-03
320100357 1			107,000.00	105,162.79	Nov-03-03	7.250%	MA - 34.74%	Paid Off - 240	Jan-06-03
320100522 1			147,000.00	146,094.18	Nov-17-03	9.350%	IL - 74.62%	Paid Off - 360	Feb-03-03
320100597 1			168,000.00	166,411.15	Nov-18-03	7.150%	NJ - 74.67%	Paid Off - 360	Feb-05-03
320100977 1			81,900.00	81,513.26	Nov-06-03	8.750%	FL - 65.00%	Paid Off - 360	Feb-20-03
320101058 1			280,000.00	277,639.06	Nov-28-03	6.990%	NJ - 84.85%	Paid Off - 360	Jan-07-03
320101470 1			148,750.00	147,751.71	Nov-28-03	8.250%	CA - 85.00%	Paid Off - 360	Jan-14-03
320101991 1			117,800.00	117,184.34	Nov-26-03	8.250%	MA - 56.36%	Paid Off - 360	Feb-12-03
320102767 1			154,800.00	153,601.18	Nov-24-03	6.870%	MD - 90.00%	Paid Off - 360	Jan-03-03
320103096 1			234,000.00	231,918.34	Nov-20-03	6.150%	NY - 90.00%	Paid Off - 360	Feb-11-03
320103708 1			35,000.00	34,827.81	Nov-10-03	8.990%	ID - 51.47%	Paid Off - 360	Feb-04-03
320104979 1			251,200.00	249,999.20	Nov-07-03	8.990%	CA - 79.24%	Paid Off - 360	Feb-28-03
320105307 1			144,500.00	143,519.22	Nov-12-03	7.150%	VA - 85.00%	Paid Off - 360	Feb-10-03
320105703 1			165,750.00	164,901.08	Nov-04-03	8.350%	NJ - 65.00%	Paid Off - 360	Feb-04-03
320106404 1			78,000.00	77,483.38	Nov-18-03	7.670%	CA - 78.00%	Paid Off - 360	Jan-28-03
320106701 1			282,150.00	280,217.66	Nov-14-03	7.500%	CO - 95.00%	Paid Off - 360	Feb-25-03
320108764 1			150,000.00	149,454.79	Nov-03-03	10.590%	AR - 75.00%	Paid Off - 360	Jan-31-03
320108822 1			285,000.00	283,418.22	Nov-21-03	7.950%	CA - 95.00%	Paid Off - 360	Feb-11-03
320109465 1			56,790.00	56,210.91	Nov-14-03	8.350%	IL - 90.00%	Paid Off - 360	Feb-20-03
320109804 1			140,000.00	138,890.39	Nov-28-03	6.750%	CO - 80.00%	Paid Off - 360	Feb-28-03
320110281 1			150,300.00	149,322.99	Nov-03-03	7.150%	IL - 90.00%	Paid Off - 360	Feb-10-03
320110406 1			200,000.00	198,594.97	Nov-04-03	6.750%	CT - 74.07%	Paid Off - 360	Feb-28-03
320110588 1			144,700.00	143,928.46	Nov-17-03	8.750%	MD - 79.94%	Paid Off - 360	Feb-06-03
320110711 1			138,000.00	137,007.32	Nov-18-03	7.250%	CA - 32.09%	Paid Off - 360	Feb-06-03
320111214 1			208,000.00	206,658.44	Nov-03-03	7.500%	MD - 80.00%	Paid Off - 360	Feb-05-03
320111305 1			324,000.00	321,356.02	Nov-03-03	6.990%	MA - 80.00%	Paid Off - 360	Feb-05-03
320112758 1			204,000.00	202,732.17	Nov-25-03	7.990%	CA - 85.00%	Paid Off - 360	Feb-04-03
320113459 1			136,000.00	135,089.67	Nov-21-03	7.000%	IL - 85.00%	Paid Off - 360	Feb-03-03
320114143 1			225,000.00	223,824.21	Nov-25-03	8.250%	NJ - 77.59%	Paid Off - 360	Feb-11-03
320115199 1			164,000.00	162,900.22	Nov-25-03	6.990%	CA - 54.67%	Paid Off - 360	Feb-21-03
320115900 1			279,000.00	276,903.82	Nov-18-03	6.400%	CT - 79.71%	Paid Off - 360	Feb-28-03

					Page 19 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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

320116056 1			207,000.00	205,433.74	Nov-26-03	6.990%	CA - 90.00%	Paid Off - 360	Feb-18-03
320116635 1			96,000.00	95,403.42	Nov-24-03	7.990%	WA - 80.00%	Paid Off - 360	Feb-06-03
320117732 1			130,000.00	128,919.10	Nov-25-03	6.500%	WA - 57.91%	Paid Off - 360	Feb-04-03
320117757 1			84,000.00	83,524.33	Nov-26-03	7.850%	FL - 80.00%	Paid Off - 360	Feb-12-03
320118631 1			114,000.00	113,273.25	Nov-14-03	7.250%	CA - 73.55%	Paid Off - 360	Feb-28-03
320119084 1			265,500.00	264,038.18	Nov-13-03	7.990%	CA - 90.00%	Paid Off - 360	Feb-06-03
320120025 1			175,500.00	174,230.96	Nov-07-03	6.600%	IL - 90.00%	Paid Off - 360	Feb-25-03
320121205 1			170,500.00	169,750.66	Nov-14-03	9.100%	IL - 65.08%	Paid Off - 360	Feb-12-03
320121551 1			158,400.00	157,402.97	Nov-13-03	7.620%	CA - 80.00%	Paid Off - 360	Feb-11-03
320121684 1			63,750.00	63,506.21	Nov-07-03	10.350%	IN - 85.00%	Paid Off - 360	Feb-05-03
320121700 1			218,000.00	216,645.15	Nov-28-03	7.990%	NM - 79.85%	Paid Off - 360	Jan-29-03
320122013 1			104,000.00	103,472.04	Nov-25-03	8.990%	CA - 59.43%	Paid Off - 360	Feb-05-03
320122138 1			126,000.00	125,272.28	Nov-03-03	7.750%	IL - 70.00%	Paid Off - 360	Feb-11-03
320123714 1			122,400.00	121,540.09	Nov-05-03	6.750%	CA - 72.00%	Paid Off - 360	Feb-28-03
320124308 1			255,000.00	253,156.17	Nov-03-03	6.600%	MA - 53.68%	Paid Off - 360	Feb-18-03
320126097 1			112,500.00	112,005.56	Nov-12-03	9.100%	IL - 74.50%	Paid Off - 360	Feb-12-03
320126683 1			125,000.00	123,154.00	Nov-13-03	7.500%	MA - 54.35%	Paid Off - 240	Feb-18-03
320126915 1			212,000.00	210,504.56	Nov-13-03	7.350%	MA - 80.00%	Paid Off - 360	Feb-05-03
320126998 1			136,400.00	135,441.79	Nov-19-03	6.750%	CA - 43.72%	Paid Off - 360	Feb-26-03
320127467 1			200,000.00	198,393.29	Nov-25-03	6.750%	NJ - 72.73%	Paid Off - 360	Feb-20-03
320128036 1			161,000.00	159,920.31	Nov-06-03	6.990%	CA - 70.00%	Paid Off - 360	Feb-05-03
320128572 1			306,000.00	304,036.36	Nov-13-03	7.250%	CA - 91.34%	Paid Off - 360	Feb-12-03
320128689 1			116,000.00	114,899.00	Nov-25-03	6.000%	CA - 85.93%	Paid Off - 360	Feb-26-03
320128994 1			110,000.00	109,425.11	Nov-03-03	8.250%	MA - 73.33%	Paid Off - 360	Feb-28-03
320131071 1			230,000.00	228,384.23	Nov-26-03	6.750%	CA - 63.89%	Paid Off - 360	Feb-24-03
320131691 1			122,000.00	120,565.52	Nov-04-03	6.850%	MI - 65.95%	Paid Off - 360	Feb-27-03
320132434 1			240,000.00	238,654.21	Nov-17-03	7.990%	CA - 80.00%	Paid Off - 360	Feb-19-03
320132517 1			242,250.00	240,916.20	Nov-24-03	7.990%	CA - 85.00%	Paid Off - 360	Feb-27-03
320132772 1			144,075.00	143,427.26	Nov-10-03	8.990%	MD - 85.00%	Paid Off - 360	Feb-27-03
320133317 1			120,600.00	119,936.00	Nov-18-03	7.990%	MI - 90.00%	Paid Off - 360	Feb-12-03
320136179 1			204,000.00	202,917.36	Nov-24-03	8.350%	CA - 80.00%	Paid Off - 360	Feb-26-03
320136575 1			92,800.00	92,341.35	Nov-12-03	8.700%	DC - 80.00%	Paid Off - 360	Feb-24-03
320137318 1			259,200.00	257,579.82	Nov-12-03	7.350%	MN - 80.00%	Paid Off - 360	Feb-18-03
320137508 1			89,250.00	88,308.28	Nov-06-03	7.350%	OH - 85.00%	Paid Off - 360	Feb-21-03
320137979 1			250,000.00	248,167.78	Nov-28-03	6.750%	CA - 83.33%	Paid Off - 360	Feb-11-03
320138423 1			204,000.00	202,821.20	Nov-28-03	7.750%	CA - 80.00%	Paid Off - 360	Feb-11-03
320138738 1			179,600.00	178,485.67	Nov-14-03	7.390%	CA - 81.64%	Paid Off - 360	Feb-18-03
320139157 1			102,000.00	101,297.12	Nov-03-03	6.850%	NY - 40.80%	Paid Off - 360	Feb-20-03
320139884 1			153,000.00	151,872.23	Nov-26-03	6.500%	CA - 85.00%	Paid Off - 360	Feb-25-03
320142441 1			400,000.00	397,450.23	Nov-10-03	7.250%	NY - 80.00%	Paid Off - 360	Feb-19-03
320143142 1			142,000.00	141,519.36	Nov-20-03	10.350%	IL - 46.71%	Paid Off - 360	Feb-19-03
320143191 1			76,500.00	76,164.77	Nov-05-03	9.120%	MO - 85.00%	Paid Off - 360	Feb-12-03
320143357 1			225,000.00	223,565.75	Nov-28-03	7.250%	CA - 90.00%	Paid Off - 360	Feb-18-03
320143696 1			60,000.00	59,586.53	Nov-25-03	6.850%	CA - 54.55%	Paid Off - 360	Feb-28-03
320143720 1			175,000.00	173,825.97	Nov-24-03	6.990%	CA - 66.29%	Paid Off - 360	Feb-14-03
320144223 1			242,250.00	241,151.99	Nov-26-03	8.950%	CA - 85.00%	Paid Off - 360	Feb-26-03
320144546 1			315,000.00	313,265.63	Nov-05-03	7.990%	NY - 90.00%	Paid Off - 360	Feb-21-03
320144637 1			334,050.00	331,524.25	Nov-19-03	6.500%	NY - 85.00%	Paid Off - 360	Feb-28-03
320144728 1			107,000.00	106,477.96	Nov-03-03	8.590%	IL - 62.57%	Paid Off - 360	Feb-18-03
320145295 1			64,400.00	64,146.51	Nov-19-03	9.850%	MI - 70.00%	Paid Off - 360	Feb-18-03
320145667 1			480,250.00	478,091.00	Nov-29-03	8.990%	NY - 85.00%	Paid Off - 360	Feb-13-03
320145709 1			162,000.00	161,170.33	Nov-21-03	8.350%	CA - 60.00%	Paid Off - 360	Feb-25-03

					Page 20 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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

320145725 1			107,000.00	106,462.94	Nov-03-03	8.490%	VA - 73.29%	Paid Off - 360	Feb-28-03
320146384 1			193,500.00	192,325.63	Nov-25-03	7.500%	FL - 90.00%	Paid Off - 360	Feb-20-03
320146392 1			488,750.00	486,579.77	Nov-29-03	9.050%	NY - 85.00%	Paid Off - 360	Feb-13-03
320146509 1			61,500.00	61,224.04	Nov-24-03	9.000%	IN - 75.00%	Paid Off - 360	Feb-27-03
320147648 1			262,500.00	260,921.76	Nov-17-03	7.900%	CA - 70.00%	Paid Off - 360	Feb-28-03
320147671 1			125,600.00	124,742.40	Nov-28-03	7.100%	FL - 80.00%	Paid Off - 360	Feb-25-03
320149214 1			93,600.00	93,152.41	Nov-18-03	8.700%	FL - 90.00%	Paid Off - 360	Feb-24-03
320149461 1			243,750.00	243,016.37	Nov-28-03	10.900%	CA - 71.69%	Paid Off - 360	Feb-20-03
320149743 1			164,250.00	163,282.32	Nov-24-03	7.650%	CA - 75.00%	Paid Off - 360	Feb-28-03
320149909 1			84,150.00	83,568.09	Nov-20-03	8.900%	FL - 85.00%	Paid Off - 360	Feb-28-03
320150469 1			108,500.00	108,095.54	Nov-10-03	10.550%	CA - 70.00%	Paid Off - 360	Feb-21-03
320150592 1			187,200.00	185,528.96	Nov-03-03	6.600%	MA - 80.00%	Paid Off - 360	Feb-14-03
320150899 1			51,425.00	51,108.92	Nov-25-03	7.750%	MI - 85.00%	Paid Off - 360	Feb-25-03
320151244 1			208,000.00	206,786.09	Nov-26-03	7.950%	CA - 86.67%	Paid Off - 360	Feb-25-03
320151251 1			132,800.00	131,908.76	Nov-07-03	6.990%	NV - 80.00%	Paid Off - 360	Feb-27-03
320152655 1			166,000.00	165,085.01	Nov-28-03	7.990%	IL - 79.05%	Paid Off - 360	Feb-28-03
320152689 1			136,800.00	136,009.84	Nov-03-03	7.750%	CA - 90.00%	Paid Off - 360	Feb-28-03
320090376 2			114,000.00	113,129.89	Nov-03-03	8.000%	MA - 69.09%	Paid Off - 360	Dec-03-02
320091598 2			193,500.00	192,293.19	Nov-07-03	7.990%	IL - 90.00%	Paid Off - 360	Jan-22-03
320093404 2			76,500.00	74,122.60	Nov-25-03	7.500%	MI - 62.70%	Paid Off - 180	Jan-07-03
320094766 2			73,600.00	73,134.10	Nov-25-03	8.500%	FL - 80.00%	Paid Off - 360	Dec-18-02
320095961 2			392,000.00	389,621.00	Nov-03-03	7.500%	IL - 63.23%	Paid Off - 360	Feb-21-03
320096399 2			130,500.00	128,793.45	Nov-28-03	7.990%	CA - 75.00%	Paid Off - 360	Jan-17-03
320097660 2			342,000.00	340,212.72	Nov-12-03	8.250%	IL - 90.00%	Paid Off - 360	Feb-10-03
320098650 2			225,600.00	222,111.40	Nov-14-03	7.750%	CA - 80.00%	Paid Off - 360	Jan-02-03
320098981 2			38,250.00	38,041.65	Nov-06-03	8.850%	NC - 85.00%	Paid Off - 360	Feb-07-03
320103476 2			428,400.00	426,205.92	Nov-26-03	8.350%	NY - 90.00%	Paid Off - 360	Feb-05-03
320107667 2			64,500.00	64,201.57	Nov-14-03	8.850%	RI - 33.95%	Paid Off - 360	Feb-03-03
320108194 2			116,000.00	115,530.69	Nov-06-03	9.500%	FL - 80.00%	Paid Off - 360	Feb-26-03
320109507 2			67,000.00	66,703.25	Nov-12-03	9.100%	AR - 79.76%	Paid Off - 360	Feb-04-03
320110570 2			96,050.00	95,618.19	Nov-28-03	8.990%	CA - 85.00%	Paid Off - 360	Feb-18-03
320110877 2			350,000.00	347,768.93	Nov-25-03	7.250%	NY - 89.74%	Paid Off - 360	Feb-03-03
320112287 2			76,500.00	76,020.04	Nov-28-03	8.350%	IN - 85.00%	Paid Off - 360	Feb-04-03
320113319 2			405,000.00	402,987.84	Nov-07-03	8.500%	CA - 90.00%	Paid Off - 360	Feb-20-03
320115470 2			99,000.00	98,398.40	Nov-05-03	7.500%	CA - 79.84%	Paid Off - 360	Feb-26-03
320116049 2			168,750.00	167,841.08	Nov-19-03	8.100%	CA - 75.00%	Paid Off - 360	Feb-14-03
320118003 2			170,000.00	168,164.82	Nov-04-03	7.990%	CA - 79.07%	Paid Off - 360	Feb-04-03
320118979 2			188,000.00	186,859.13	Nov-13-03	7.500%	CA - 80.00%	Paid Off - 360	Feb-28-03
320119043 2			191,000.00	189,833.00	Nov-14-03	8.150%	CA - 61.61%	Paid Off - 360	Feb-12-03
320120330 2			345,000.00	342,507.28	Nov-19-03	6.750%	MA - 75.00%	Paid Off - 360	Feb-28-03
320121668 2			335,750.00	333,559.12	Nov-05-03	7.745%	NM - 85.00%	Paid Off - 360	Jan-31-03
320121908 2			58,000.00	57,791.86	Nov-19-03	11.250%	NM - 64.44%	Paid Off - 360	Feb-26-03
320123458 2			98,700.00	98,252.59	Nov-06-03	8.950%	CA - 70.00%	Paid Off - 360	Feb-13-03
320124456 2			81,000.00	80,541.33	Nov-05-03	7.850%	FL - 75.00%	Paid Off - 360	Feb-10-03
320125156 2			105,700.00	105,302.49	Nov-19-03	9.850%	DC - 70.00%	Paid Off - 360	Feb-14-03
320127012 2			395,000.00	392,935.76	Nov-06-03	8.250%	CA - 67.52%	Paid Off - 360	Feb-25-03
320128549 2			450,000.00	447,522.32	Nov-28-03	7.990%	CA - 75.00%	Paid Off - 360	Feb-21-03
320128671 2			80,000.00	79,763.77	Nov-20-03	10.990%	CA - 64.00%	Paid Off - 360	Feb-07-03
320132921 2			337,500.00	335,241.41	Nov-14-03	8.500%	CA - 75.00%	Paid Off - 360	Feb-06-03
320134935 2			256,500.00	255,159.57	Nov-14-03	8.250%	IL - 90.00%	Paid Off - 360	Feb-20-03
320136369 2			73,950.00	73,571.27	Nov-06-03	8.350%	NC - 85.00%	Paid Off - 360	Feb-20-03
320136955 2			85,500.00	85,039.51	Nov-29-03	8.100%	NJ - 90.00%	Paid Off - 360	Feb-13-03

					Page 21 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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

320137235 2			94,000.00	92,861.48	Nov-20-03	6.850%	MI - 57.67%	Paid Off - 360	Feb-13-03
320139207 2			283,500.00	282,161.31	Nov-03-03	8.750%	MD - 90.00%	Paid Off - 360	Feb-05-03
320142755 2			451,200.00	447,846.82	Nov-06-03	6.500%	CA - 80.00%	Paid Off - 360	Feb-14-03
320146574 2			225,000.00	223,449.57	Nov-19-03	6.850%	CA - 79.79%	Paid Off - 360	Feb-19-03
320148174 2			382,500.00	380,377.12	Nov-12-03	7.950%	CA - 90.00%	Paid Off - 360	Feb-27-03
320149107 2			93,600.00	91,937.40	Nov-04-03	11.250%	CA - 20.00%	Paid Off - 180	Feb-26-03
320149578 2			112,200.00	111,776.28	Nov-04-03	9.830%	CA - 85.00%	Paid Off - 360	Feb-28-03
320150451 2			67,000.00	65,836.49	Nov-19-03	11.900%	CA - 20.00%	Paid Off - 180	Feb-28-03
320151012 2			467,500.00	464,799.88	Nov-29-03	7.750%	NY - 85.00%	Paid Off - 360	Feb-28-03
320151137 2			400,000.00	397,317.56	Nov-13-03	6.990%	CA - 80.00%	Paid Off - 360	Feb-25-03
320151269 2			33,200.00	32,872.28	Nov-07-03	10.740%	NV - 20.00%	Paid Off - 240	Feb-27-03
320151392 2			46,800.00	46,308.71	Nov-03-03	10.500%	MA - 20.00%	Paid Off - 240	Feb-14-03
320151780 2			35,000.00	34,533.86	Nov-19-03	8.490%	MI - 43.75%	Paid Off - 360	Feb-21-03
320152374 2			63,750.00	63,160.17	Nov-04-03	11.240%	CA - 15.00%	Paid Off - 240	Feb-28-03


					Page 22 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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					-	-	-
	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.


	Cumulative Loss Percentage							0.00%


	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 ABS Capital I Inc. 2003-NC5
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL

	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.00%	0.00%	0.00%
	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					0.00%	0.00%	0.00%
	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					0.00%	0.00%	0.00%
	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 24 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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 ABS Capital I Inc. 2003-NC5
	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 = 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 26 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-NC5
	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))							1.94%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							16,919,512.30
	(y) Stated Principal Balance							873,950,614.80
	(B) 40% of Sr. Enhancement Percentage							8.45%

	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.00%
	(x) Agg. Realized Losses to date							0.00
	(y) Cut-off Date Pool Principal Balance							1,005,015,117.80
	(B) Applicable Percentage							100.00%


	Senior Enhancement Percentage (Prior)							21.13%



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
	Reimbursement Amount							0.00
	Interest Rate Cap Payment							0.00


				Page 27 of 27				© COPYRIGHT 2003 Deutsche Bank

MORGAN STANLEY ABS CAPITAL I MORT PS-THR CER SER 2003-NC5 8-K