

                                    UNITED STATES
                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549

                                      FORM 8-K

                                   CURRENT REPORT
        Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

             Date of Report (Date of earliest event reported): September 27, 2004
                             (Date of earliest event reported)


                                MORGAN STANLEY ABS CAPITAL I INC.
          (as Depositor under the Pooling Agreement, dated as January 1, 2004, providing
          for the issuance of Morgan Stanley ABS Capital I Inc. Trust, Series 2004-SD1)
                      (Exact name of registrant as specified in charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-104046-18                        13-3939229
          (Commission File Number)        (I.R.S. Employer Identification No.)


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


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


             (Former name or former address, if changed since last report.)


     Check the appropriate box below if the Form 8-K filing is intended to
     simultaneously satisfy the filing obligation of the registrant under any
     of the following provisions (see General Instruction A.2. below):

     [  ] Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

     [  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
     (17 CFR 240.14a-12(b))

     [  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

     [  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01 Other Events.

     This current report on Form 8-K relates to the monthly distribution reported to the holders of
     Morgan Stanley ABS Capital I Inc. Trust, Series 2004-SD1, which was made on January 1, 2004


     Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     September 27, 2004.


                                  SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
    caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly
    authorized.



     DEUTSCHE BANK NATIONAL TRUST COMPANY, IN ITS CAPACITY AS TRUSTEE UNDER THE
     POOLING AGREEMENT ON BEHALF OF MORGAN STANLEY ABS CAPITAL I INC., REGISTRANT



          Date:  Sep 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

         DOCUMENT

         99.1 Monthly Remittance Statement to the Certificateholders dated as of
              September 27, 2004.


	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates


	September 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				6
			4.	Credit Enhancement Report				9
			5.	Collateral Report				10
			6.	Delinquency Report				13
			7.	REO Report				17
			8.	Foreclosure Report				18
			9.	Prepayment Report				19
			10.	Prepayment Detail Report				22
			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: Kumar Khambhaita
				Direct Phone Number: (714)247-6327
				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, 2004
	Certificate Insurer(s):							Closing Date: January 30, 2004
								First Payment Date: February 25, 2004
	Servicer(s):		Bank of America NT&SA Master Servicer
			Washington Mutual Bank Master Servicer
			Wilshire Credit Corp Master Servicer
								Distribution Date: September 27, 2004
	Underwriter(s):		Morgan Stanley Dean Witter					Record Date: September 24, 2004
			Utendahl Capital Partners, L.P.
			Blaylock & Partners, L.P.





						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-SD1
	Certificate Payment Report for September 27, 2004 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		230,065,000.00			168,131,689.46	310,553.24	8,074,497.99	8,385,051.23	-	-	160,057,191.47
M-1		10,517,000.00			10,517,000.00	22,317.95	-	22,317.95	-	-	10,517,000.00
M-2		8,545,000.00			8,545,000.00	25,182.83	-	25,182.83	-	-	8,545,000.00
B		8,545,000.00			8,545,000.00	30,274.22	-	30,274.22	-	-	8,545,000.00
X		5,261,431.79			5,258,670.64	651,144.44	-	651,144.44	-	-	5,258,670.64
UT-R		-			-	-	-	-	-	-	-
P		100.00			100.00	38,466.69	-	38,466.69	-	-	100.00


Total		262,933,531.79			200,997,460.10	1,077,939.37	8,074,497.99	9,152,437.36	-	-	192,922,962.11


	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	08/25/04	09/26/04		A-Act/360	61744CBD7	230,065,000.00	730.800815	1.349850	35.096594	36.446444	695.704220
M-1	08/25/04	09/26/04		A-Act/360	61744CBE5	10,517,000.00	1,000.000000	2.122083	-	2.122083	1,000.000000
M-2	08/25/04	09/26/04		A-Act/360	61744CBF2	8,545,000.00	1,000.000000	2.947084	-	2.947084	1,000.000000
B	08/25/04	09/26/04		A-Act/360	61744CBG0	8,545,000.00	1,000.000000	3.542916	-	3.542916	1,000.000000
X	08/25/04	09/26/04		A-Act/360	MS04S1101	5,261,431.79	39,201.521368	123.758031	-	123.758031	37,666.863443
UT-R	08/25/04	09/26/04		A-Act/360	MS04S1103	-	-	-	-	-	-
P	08/25/04	09/26/04		A-Act/360	MS04S1102	100.00	1,000.000000	384,666.900000	-	384,666.900000	1,000.000000


							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-SD1
	Certificate Payment Report for September 27, 2004 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	230,065,000.00		2,158,656.82		67,452,745.24	2,555,063.29	70,007,808.53	72,166,465.35	-	-	160,057,191.47
M-1	10,517,000.00		136,395.27		-	-	-	136,395.27	-	-	10,517,000.00
M-2	8,545,000.00		162,303.97		-	-	-	162,303.97	-	-	8,545,000.00
B	8,545,000.00		199,486.58		-	-	-	199,486.58	-	-	8,545,000.00
X	5,261,431.79		7,034,568.93		2,612.21	148.94	2,761.15	7,037,330.08	-	-	5,258,670.64
UT-R	-		-		-	-	-	-	-	-	-
P	100.00		322,617.17		-	-	-	322,617.17	-	-	100.00


Total	262,933,531.79		10,014,028.74		67,455,357.45	2,555,212.23	70,010,569.68	80,024,598.42	-	-	192,922,962.11


	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	2.01500%	168,131,689.46			310,553.24	-	-	-	310,553.24	310,553.24	-
M-1	2.31500%	10,517,000.00			22,317.95	-	-	-	22,317.95	22,317.95	-
M-2	3.21500%	8,545,000.00			25,182.83	-	-	-	25,182.83	25,182.83	-
B	3.86500%	8,545,000.00			30,274.22	-	-	-	30,274.22	30,274.22	-
X	3.93175%	206,256,130.74			651,144.44	-	-	-	651,144.44	651,144.44	-
UT-R		-			-	-	-	-	-	-	-
P		100.00			38,466.69	-	-	-	38,466.69	38,466.69	-


Total		401,994,920.20			1,077,939.37	-	-	-	1,077,939.37	1,077,939.37	-


							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates
	REMIC I Series 2004-SD1
	Certificate Payment Report for September 27, 2004 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)

REMIC I		262,933,531.79			200,997,460.10	1,077,939.37	8,074,497.99	9,152,437.36	-	-	192,922,962.11


Total		262,933,531.79			200,997,460.10	1,077,939.37	8,074,497.99	9,152,437.36	-	-	192,922,962.11


	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)

REMIC I	08/25/04	09/26/04		A-Act/360		262,933,531.79	764.442096	4.099665	30.709274	34.808939	733.732821


							Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates
	REMIC I Series 2004-SD1
	Certificate Payment Report for September 27, 2004 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)

REMIC I	262,933,531.79		10,014,028.74		67,416,583.26	2,593,986.42	70,010,569.68	80,024,598.42	-	-	192,922,962.11


Total	262,933,531.79		10,014,028.74		67,416,583.26	2,593,986.42	70,010,569.68	80,024,598.42	-	-	192,922,962.11


	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)

REMIC I	6.25016%	200,997,460.10			1,077,939.37	-	-	-	1,077,939.37	1,077,939.37	-


Total		200,997,460.10			1,077,939.37	-	-	-	1,077,939.37	1,077,939.37	-


							Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


SUMMARY					B OF A	WAMU	WILSHIRE	TOTAL

	Principal Collections				2,833,189.56	667,620.22	4,565,590.60	8,066,400.38
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL NET PRINCIPAL				2,833,189.56	667,620.22	4,565,590.60	8,066,400.38

	Interest Collections				338,654.59	192,223.38	526,423.36	1,057,301.33
	Interest Withdrawals				0.00	0.00	0.00	0.00

	Interest Fees				(2,574.90)	(1,996.09)	(5,160.05)	(9,731.04)
	TOTAL NET INTEREST				336,079.69	190,227.29	521,263.31	1,047,570.29

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE				3,169,269.25	857,847.51	5,086,853.91	9,113,970.67

	Prepayment Penalties Collected				0.00	0.00	38,466.69	38,466.69

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION				3,169,269.25	857,847.51	5,125,320.60	9,152,437.36


	NOTE: Grp1 = Wilshire, Grp2 = WAMU, Grp3 = B of A



PRINCIPAL - COLLECTIONS					B OF A	WAMU	WILSHIRE	TOTAL

	Scheduled Principal Received				153,735.19	58,447.16	77,714.16	289,896.51
	Prepayments In Full				2,616,917.81	593,795.01	4,344,469.09	7,555,181.91
	Curtailments				62,536.56	15,378.05	4,890.65	82,805.26
	Liquidations				0.00	0.00	146,614.31	146,614.31
	Insurance Principal				0.00	0.00	0.00	0.00
	Repurchased Principal Amounts				0.00	0.00	0.00	0.00
	Other Principal				0.00	0.00	0.00	0.00
	Total Realized Loss Of Principal				0.00	0.00	(8,097.61)	(8,097.61)
	Delinquent Principal				(143,163.04)	(47,111.41)	(70,029.23)	(260,303.68)
	Advanced Principal				143,163.04	47,111.41	70,029.23	260,303.68

	TOTAL PRINCIPAL COLLECTED				2,833,189.56	667,620.22	4,565,590.60	8,066,400.38


	NOTE: Grp1 = Wilshire, Grp2 = WAMU, Grp3 = B of A


				Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS					B OF A	WAMU	WILSHIRE	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS					B OF A	WAMU	WILSHIRE	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS					B OF A	WAMU	WILSHIRE	TOTAL

	Scheduled Interest				352,624.36	200,717.29	551,944.66	1,105,286.31
	Liquidation Interest				0.00	0.00	940.78	940.78
	Repurchased Interest				0.00	0.00	0.00	0.00
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Interest				0.00	0.00	0.00	0.00
	Relief Act Interest Shortfalls				0.00	0.00	0.00	0.00
	Net Prepayment Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(317,038.84)	(172,421.20)	(483,381.03)	(972,841.07)
	Interest Advanced				303,069.07	163,927.29	457,185.46	924,181.82

	TOTAL INTEREST COLLECTED				336,079.69	190,227.29	521,263.31	1,047,570.29



	NOTE: Grp1 = Wilshire, Grp2 = WAMU, Grp3 = B of A


				Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS					B OF A	WAMU	WILSHIRE	TOTAL

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

	TOTAL INTEREST WITHDRAWALS				0.00	0.00	0.00	0.00


INTEREST - OTHER ACCOUNTS					B OF A	WAMU	WILSHIRE	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - FEES					B OF A	WAMU	WILSHIRE	TOTAL

	Current Servicing Fees				1,550.56	1,388.05	4,028.71	6,967.32
	Trustee Fees				1,024.34	608.04	1,131.34	2,763.72



	TOTAL INTEREST OTHER FEES				2,574.90	1,996.09	5,160.05	9,731.04



	NOTE: Grp1 = Wilshire, Grp2 = WAMU, Grp3 = B of A


				Page 8 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for September 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS					B OF A	WAMU	WILSHIRE	TOTAL

	Beginning Excess Reserve Fund Balance							0.00
	Total Deposits to Excess Reserve Fund:							0.00
	(1) Basis Risk Payment to Reserve Fund							0.00
	(2) Interest Cap Payments							0.00
	Amt Withdrawn							0.00
	Ending Excess Reserve Fund Balance							0.00


INSURANCE					B OF A	WAMU	WILSHIRE	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES					B OF A	WAMU	WILSHIRE	TOTAL

	Target OC Amount							5,258,670.64
	OC Amount (For Calculating Deficiency/Release)							5,250,573.03
	OC Release Amount							0.00
	OC Deficiency							8,097.61

	OC Amount After Distributions							5,258,670.64

	Senior Enhancement Percentage							17.04%


				Page 9 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


COLLATERAL					B OF A	WAMU	WILSHIRE	TOTAL
	Loan Count:
	*Original*				383	246	785	1414
	Prior				335	207	615	1,157
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(10)	(3)	(28)	(41)
	Repurchases				-	-	-	-
	Liquidations				-	-	(1)	(1)
	Current				325	204	586	1,115

	*Principal Balance:*
	Original				91,263,756.30	58,851,338.26	112,818,437.23	262,933,531.79
	Prior				74,497,589.18	44,220,882.77	82,278,988.15	200,997,460.10
	Prefunding				-	-	-	-
	Scheduled Principal				(153,735.19)	(58,447.16)	(77,714.16)	(289,896.51)
	Partial and Full Voluntary Prepayments				(2,679,454.37)	(609,173.06)	(4,349,359.74)	(7,637,987.17)
	Repurchases				-	-	-	-
	Liquidations				-	-	(146,614.31)	(146,614.31)
	Current				71,664,399.62	43,553,262.55	77,705,299.94	192,922,962.11

PREFUNDING					B OF A	WAMU	WILSHIRE	TOTAL
SPACE INTENTIONALLY LEFT BLANK


	Wilshire		B of A
	WAMU
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS					B OF A	WAMU	WILSHIRE	TOTAL

	Weighted Average Coupon Original				5.722184%	5.492453%	8.002143%	6.649040%
	Weighted Average Coupon Prior				5.662238%	5.443675%	8.077006%	6.610727%
	Weighted Average Coupon Current				5.680039%	5.446765%	8.062934%	6.604163%
	Weighted Average Months to Maturity Original				302	320	328	317
	Weighted Average Months to Maturity Prior				293	309	320	308
	Weighted Average Months to Maturity Current				292	307	319	306
	Weighted Avg Remaining Amortization Term Original				302	319	331	318
	Weighted Avg Remaining Amortization Term Prior				293	308	322	308
	Weighted Avg Remaining Amortization Term Current				292	307	321	307
	Weighted Average Seasoning Original				14.78	29.32	15.23	18.20
	Weighted Average Seasoning Prior				20.49	37.88	21.53	24.74
	Weighted Average Seasoning Current				20.99	38.97	22.50	25.66

Note: Original information refers to deal issue.


	Wilshire		B of A
	WAMU
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 11 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS					B OF A	WAMU	WILSHIRE	TOTAL

	Weighted Average Margin Original				0.793%	1.883%	3.968%
	Weighted Average Margin Prior				0.755%	1.832%	3.848%
	Weighted Average Margin Current				0.729%	1.824%	3.827%
	Weighted Average Max Rate Original				3.476%	7.536%	9.720%
	Weighted Average Max Rate Prior				3.285%	7.389%	9.464%
	Weighted Average Max Rate Current				3.168%	7.346%	9.414%
	Weighted Average Min Rate Original				0.827%	2.060%	5.155%
	Weighted Average Min Rate Prior				0.775%	2.026%	5.058%
	Weighted Average Min Rate Current				0.749%	2.013%	5.026%
	Weighted Average Cap Up Original				0.699%	1.397%	0.932%
	Weighted Average Cap Up Prior				0.665%	1.364%	0.900%
	Weighted Average Cap Up Current				0.642%	1.357%	0.896%
	Weighted Average Cap Down Original				0.699%	1.397%	0.932%
	Weighted Average Cap Down Prior				0.665%	1.364%	0.900%
	Weighted Average Cap Down Current				0.642%	1.357%	0.896%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES					B OF A	WAMU	WILSHIRE	TOTAL

	Current Servicing Fees				1,550.56	1,388.05	4,028.71	6,967.32
	Delinquent Servicing Fees				13,969.77	8,493.91	26,195.57	48,659.25
	TOTAL SERVICING FEES				15,520.33	9,881.96	30,224.28	55,626.57

	Prepayment Interest Shortfall				4,039.30	0.00	14,843.40	18,882.70
	Compensating Interest				(4,039.30)	0.00	(14,843.40)	(18,882.70)
	Delinquent Servicing Fees				(13,969.77)	(8,493.91)	(26,195.57)	(48,659.25)

	COLLECTED SERVICING FEES				1,550.56	1,388.05	4,028.71	6,967.32


	Aggregate Advances with respect to this Distribution				446,232.11	211,038.70	527,214.69	1,184,485.50
	Current Nonrecoverable Advances				0.00	0.00	0.00	0.00


	NOTE: Grp1 = Wilshire, Grp2 = WAMU, Grp3 = B of A


ADDITIONAL COLLATERAL INFORMATION					B OF A	WAMU	WILSHIRE	TOTAL

	Net Prepayment Interest Shortfall							0.00

	Monthly Excess Cash Flow							659,242.05


	Ending Pool Stated Principal Balance				71,664,399.62	43,553,262.55	77,705,299.94	192,922,962.11


				Page 12 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			5,863,115.06	3,115,605.40	1,909,421.23	10,888,141.69
		% Balance			3.04%	1.61%	0.99%	5.64%
		# Loans			38	19	16	73
		% # Loans			3.41%	1.70%	1.43%	6.55%
FORECLOSURE		Balance		254,867.26	-	-	6,344,693.17	6,599,560.43
		% Balance		0.13%	0.00%	0.00%	3.29%	3.42%
		# Loans		1	-	-	48	49
		% # Loans		0.09%	0.00%	0.00%	4.30%	4.39%
BANKRUPTCY		Balance		1,162,432.19	320,007.74	-	2,577,132.85	4,059,572.78
		% Balance		0.60%	0.17%	0.00%	1.34%	2.10%
		# Loans		8	2	-	33	43
		% # Loans		0.72%	0.18%	0.00%	2.96%	3.86%
REO		Balance		-	-	-	756,960.48	756,960.48
		% Balance		0.00%	0.00%	0.00%	0.39%	0.39%
		# Loans		-	-	-	5	5
		% # Loans		0.00%	0.00%	0.00%	0.45%	0.45%

TOTAL		Balance		1,417,299.45	6,183,122.80	3,115,605.40	11,588,207.73	22,304,235.38
		% Balance		0.73%	3.20%	1.61%	6.01%	11.56%
		# Loans		9	40	19	102	170
		% # Loans		0.81%	3.59%	1.70%	9.15%	15.25%
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 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Wilshire Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			4,977,083.56	2,398,609.36	1,756,668.18	9,132,361.10
		% Balance			6.41%	3.09%	2.26%	11.75%
		# Loans			34	16	15	65
		% # Loans			5.80%	2.73%	2.56%	11.09%
FORECLOSURE		Balance		254,867.26	-	-	5,607,701.98	5,862,569.24
		% Balance		0.33%	0.00%	0.00%	7.22%	7.54%
		# Loans		1	-	-	45	46
		% # Loans		0.17%	0.00%	0.00%	7.68%	7.85%
BANKRUPTCY		Balance		440,266.32	320,007.74	-	2,577,132.85	3,337,406.91
		% Balance		0.57%	0.41%	0.00%	3.32%	4.29%
		# Loans		6	2	-	33	41
		% # Loans		1.02%	0.34%	0.00%	5.63%	7.00%
REO		Balance		-	-	-	756,960.48	756,960.48
		% Balance		0.00%	0.00%	0.00%	0.97%	0.97%
		# Loans		-	-	-	5	5
		% # Loans		0.00%	0.00%	0.00%	0.85%	0.85%

TOTAL		Balance		695,133.58	5,297,091.30	2,398,609.36	10,698,463.49	19,089,297.73
		% Balance		0.89%	6.82%	3.09%	13.77%	24.57%
		# Loans		7	36	16	98	157
		% # Loans		1.19%	6.14%	2.73%	16.72%	26.79%
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 14 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - WAMU Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			493,677.02	282,687.22	152,753.05	929,117.29
		% Balance			1.13%	0.65%	0.35%	2.13%
		# Loans			3	2	1	6
		% # Loans			1.47%	0.98%	0.49%	2.94%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	493,677.02	282,687.22	152,753.05	929,117.29
		% Balance		0.00%	1.13%	0.65%	0.35%	2.13%
		# Loans		-	3	2	1	6
		% # Loans		0.00%	1.47%	0.98%	0.49%	2.94%
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 15 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - B of A Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			392,354.48	434,308.82	-	826,663.30
		% Balance			0.55%	0.61%	0.00%	1.15%
		# Loans			1	1	-	2
		% # Loans			0.31%	0.31%	0.00%	0.62%
FORECLOSURE		Balance		-	-	-	736,991.19	736,991.19
		% Balance		0.00%	0.00%	0.00%	1.03%	1.03%
		# Loans		-	-	-	3	3
		% # Loans		0.00%	0.00%	0.00%	0.92%	0.92%
BANKRUPTCY		Balance		722,165.87	-	-	-	722,165.87
		% Balance		1.01%	0.00%	0.00%	0.00%	1.01%
		# Loans		2	-	-	-	2
		% # Loans		0.62%	0.00%	0.00%	0.00%	0.62%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		722,165.87	392,354.48	434,308.82	736,991.19	2,285,820.36
		% Balance		1.01%	0.55%	0.61%	1.03%	3.19%
		# Loans		2	1	1	3	7
		% # Loans		0.62%	0.31%	0.31%	0.92%	2.15%
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 16 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	REO Report for September 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 4				Loan Group 1 = Wilshire; REO Book Value = Not Available
Total Original Principal Balance = 732,789.00				Loan Group 2 = WAMU; REO Book Value = Not Available
Total Current Balance = 713,567.40				Loan Group 3 = B of A; REO Book Value = Not Available
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

177505 1		157,039.00	151,988.23	Jan-01-04	6.750%	CO - 95.18%	360	Oct-26-01
312027 1		337,250.00	329,468.42	Oct-01-03	6.640%	CT - 95.00%	360	Dec-31-02
767237 1		153,000.00	149,029.26	Feb-25-01	12.650%	IL - 87.43%	180	Sep-10-98
767849 1		85,500.00	83,081.49	Aug-01-01	10.875%	NC - 75.00%	364	Jun-17-99


				Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Foreclosure Report for September 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 22				Loan Group 1 = Wilshire
Total Original Principal Balance = 3,301,394.92				Loan Group 2 = WAMU
Total Current Balance = 3,190,150.73				Loan Group 3 = B of A


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

174448 1		33,750.00	33,059.93	Mar-01-04	10.950%	PA - 75.00%	360	Jan-30-02
177048 1		76,940.00	76,410.12	Jan-01-04	10.745%	TN - 94.99%	360	Mar-26-03
177255 1		85,500.00	84,335.18	Nov-01-03	8.250%	TX - 90.00%	360	Dec-30-02
177317 1		268,000.00	262,925.84	Apr-01-04	6.240%	CA - 80.00%	360	Jan-30-03
179286 1		84,750.00	82,980.41	Oct-01-03	7.500%	TX - 94.96%	360	Jun-21-02
210273 1		48,000.00	45,899.50	Jan-01-04	10.750%	TN - 80.00%	180	Feb-10-03
309279 1		49,500.00	49,093.51	Apr-01-04	8.510%	IN - 90.00%	360	Jul-14-03
309296 1		96,000.00	93,791.79	Mar-01-04	7.990%	MI - 80.00%	240	Jul-24-03
309976 1		188,100.00	185,791.09	Mar-01-04	7.900%	MN - 90.00%	360	Mar-31-03
311614 1		416,500.00	413,154.95	Apr-01-04	9.000%	MN - 85.00%	360	May-29-03
311926 1		51,000.00	50,487.60	May-01-03	11.500%	MI - 85.00%	360	Jun-03-02
311954 1		414,704.92	407,100.02	Aug-01-03	9.750%	NC - 82.94%	360	Oct-22-01
312131 1		85,500.00	84,018.92	Jan-01-04	7.375%	MO - 90.00%	360	Dec-06-02
766877 1		210,600.00	175,861.22	May-01-02	5.000%	PA - 67.94%	360	Jul-18-93
767530 1		52,000.00	49,686.79	Mar-01-03	8.770%	MO - 80.00%	364	Nov-17-98
767832 1		67,680.00	66,010.59	Jun-01-01	11.610%	LA - 90.00%	360	Jun-17-99
768124 1		93,000.00	90,703.93	Mar-10-01	10.650%	FL - 78.00%	360	Apr-26-00
768732 1		137,520.00	135,120.81	Dec-01-01	13.550%	GA - 80.00%	120	Oct-18-99
769326 1		68,700.00	66,727.34	Dec-01-01	10.250%	SC - 79.98%	360	Mar-10-00
28136786 3		231,900.00	208,167.41	Feb-01-04	7.000%	MO - 74.81%	300	May-27-99
6201328330 3		289,750.00	281,358.75	Feb-01-04	5.250%	CA - 95.00%	360	Aug-21-02
7064247161 3		252,000.00	247,465.03	Feb-01-04	3.875%	FL - 80.00%	360	Aug-01-03


				Page 18 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS					B OF A	WAMU	WILSHIRE	TOTAL

	*Current*
	Number of Paid in Full Loans				10	3	28	41
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				10	3	28	41

	Paid in Full Balance				2,616,917.81	593,795.01	4,344,469.09	7,555,181.91
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				62,536.56	15,378.05	4,890.65	82,805.26
	Total Prepayment Amount				2,679,454.37	609,173.06	4,349,359.74	7,637,987.17

	*Cumulative*
	Number of Paid in Full Loans				58	42	194	294
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				58	42	194	294

	Paid in Full Balance				17,911,277.47	14,382,031.36	33,522,416.74	65,815,725.57
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				357,547.55	417,566.63	650,325.16	1,425,439.34
	Total Prepayment Amount				18,268,825.02	14,799,597.99	34,172,741.90	67,241,164.91

SPACE INTENTIONALLY LEFT BLANK


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


				Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES					B OF A	WAMU	WILSHIRE	TOTAL

	SMM				3.60%	1.38%	5.29%	3.81%
	3 Months Avg SMM				2.93%	3.28%	5.09%	3.90%
	12 Months Avg SMM
	Avg SMM Since Cut-off				2.78%	3.58%	4.43%	3.65%

	CPR				35.63%	15.35%	47.92%	37.22%
	3 Months Avg CPR				30.05%	32.98%	46.59%	37.98%
	12 Months Avg CPR
	Avg CPR Since Cut-off				28.73%	35.41%	41.96%	36.00%

	PSA				848.78%	255.88%	1064.93%	725.41%
	3 Months Avg PSA Approximation				740.06%	549.73%	1083.86%	769.02%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				797.33%	591.77%	1115.80%	819.98%



	Wilshire		B of A
	WAMU


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 20 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Wilshire		B of A
	WAMU

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/(0.002*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 21 of 27				© COPYRIGHT 2004 Deutsche Bank


	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 41						Loan Group 1 = Wilshire
Total Original Principal Balance = 7,947,861.00						Loan Group 2 = WAMU
Total Prepayment Amount = 7,555,181.91						Loan Group 3 = B of A


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

177264 1			331,500.00	320,751.09	Aug-09-04	8.250%	VA - 85.00%	Paid Off - 360	Dec-10-02
177269 1			347,000.00	342,525.20	Aug-30-04	8.250%	CA - 82.62%	Paid Off - 360	Dec-19-02
177330 1			76,000.00	74,518.28	Aug-26-04	7.750%	CA - 84.92%	Paid Off - 360	Jan-28-03
178132 1			99,000.00	98,643.11	Aug-04-04	12.990%	AZ - 20.00%	Paid Off - 180	May-05-03
179668 1			135,660.00	134,679.80	Aug-11-04	8.750%	NJ - 85.00%	Paid Off - 360	Jul-24-03
309278 1			125,800.00	124,588.75	Aug-06-04	7.750%	AR - 85.00%	Paid Off - 360	Jul-11-03
309996 1			141,000.00	139,360.49	Aug-19-04	7.850%	NY - 66.51%	Paid Off - 360	Apr-08-03
311499 1		FCL	108,800.00	107,613.70	Aug-03-04	8.500%	IL - 85.00%	Paid Off - 360	Feb-24-03
311598 1			254,700.00	252,246.25	Aug-06-04	7.700%	NJ - 90.00%	Paid Off - 360	Jun-25-03
311647 1			192,000.00	190,399.26	Aug-23-04	8.850%	TN - 80.00%	Paid Off - 360	Jun-20-03
311674 1			300,000.00	297,138.14	Aug-26-04	7.750%	TX - 75.00%	Paid Off - 360	Jun-20-03
311734 1			31,300.00	30,802.47	Aug-05-04	10.990%	IL - 20.00%	Paid Off - 240	Jun-26-03
311745 1			384,000.00	378,174.40	Aug-05-04	5.300%	CA - 80.00%	Paid Off - 360	Jun-14-03
311746 1			96,000.00	94,421.05	Aug-05-04	10.990%	CA - 20.00%	Paid Off - 240	Jun-14-03
311759 1			319,500.00	316,545.64	Aug-16-04	8.000%	IL - 90.00%	Paid Off - 360	Jun-13-03
311769 1			58,000.00	57,078.17	Aug-16-04	10.990%	CA - 20.00%	Paid Off - 240	Jun-24-03
311963 1			36,750.00	36,285.78	Aug-12-04	9.150%	FL - 75.00%	Paid Off - 360	Sep-19-02
311964 1			39,000.00	38,527.09	Aug-09-04	9.730%	FL - 62.90%	Paid Off - 360	Sep-18-02
311987 1			211,000.00	208,768.33	Aug-20-04	9.375%	MD - 89.86%	Paid Off - 360	Dec-16-02
312055 1			297,500.00	293,335.96	Aug-12-04	7.500%	CA - 85.00%	Paid Off - 360	Jan-23-03
312068 1			162,450.00	160,472.21	Aug-24-04	8.250%	VA - 90.00%	Paid Off - 360	Jan-24-03
312081 1		FCL	49,875.00	47,275.10	Aug-24-04	12.250%	GA - 100.00%	Paid Off - 180	Jan-16-95
312093 1			155,200.00	151,607.49	Aug-10-04	5.750%	CA - 97.00%	Paid Off - 360	Oct-09-02
312119 1			191,200.00	176,400.19	Aug-10-04	5.750%	AZ - 74.98%	Paid Off - 180	Oct-25-02
312132 1			30,550.00	30,005.69	Aug-24-04	7.625%	AZ - 15.01%	Paid Off - 180	Oct-24-02
312185 1			25,000.00	24,731.02	Aug-16-04	8.875%	CA - 11.90%	Paid Off - 180	Jan-23-03
767003 1		FCL	101,000.00	82,929.54	Aug-18-04	8.250%	NJ - 80.00%	Paid Off - 360	Dec-18-86
767991 1			136,425.00	134,644.89	Aug-31-04	12.000%	CO - 85.00%	Paid Off - 120	Aug-01-99
48399620 2			135,200.00	132,512.59	Aug-31-04	5.750%	RI - 64.38%	Paid Off - 360	Jan-28-03
54537766 2			398,000.00	385,465.38	Aug-31-04	6.500%	IL - 72.36%	Paid Off - 360	Nov-05-01
73428112 2			77,503.00	75,817.04	Aug-31-04	7.500%	FL - 97.00%	Paid Off - 360	May-02-02
29290640 3			300,000.00	290,636.63	Aug-31-04	8.750%	CA - 75.00%	Paid Off - 360	Dec-05-00
29375581 3			399,000.00	386,035.47	Aug-23-04	8.500%	CA - 77.48%	Paid Off - 360	Nov-17-00
63916304 3			375,000.00	262,255.81	Aug-31-04	7.000%	CA - 50.20%	Paid Off - 180	Feb-27-98
2004886798 3			143,900.00	41,848.78	Aug-16-04	6.750%	MD - 89.94%	Paid Off - 360	Jan-15-99
6299579943 3			244,000.00	240,646.58	Aug-25-04	6.250%	CA - 74.92%	Paid Off - 360	May-19-03
6489602091 3			246,500.00	237,513.73	Aug-18-04	6.500%	CA - 82.17%	Paid Off - 360	Jul-10-01
6518787079 3			315,000.00	305,105.63	Aug-16-04	8.500%	CA - 74.12%	Paid Off - 360	Dec-21-00
6888339360 3			322,700.00	317,608.29	Aug-24-04	4.625%	CA - 64.54%	Paid Off - 360	Jul-25-03
7063156777 3			233,432.00	219,635.07	Aug-30-04	5.375%	VA - 76.54%	Paid Off - 180	Apr-03-03
7064045276 3			321,416.00	315,631.82	Aug-02-04	3.875%	VA - 79.95%	Paid Off - 360	Jul-25-03


					Page 22 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES					B OF A	WAMU	WILSHIRE	TOTAL

	*Current*
	Number of Loans Liquidated				-	-	1	1
	Collateral Realized Loss/(Gain) Amount				-	-	8,097.61	8,097.61
	Net Liquidation Proceeds				-	-	138,516.70	138,516.70

	*Cumulative*
	Number of Loans Liquidated				-	-	3	3
	Collateral Realized Loss/(Gain) Amount				-	-	38,774.19	38,774.19
	Net Liquidation Proceeds				-	-	175,418.35	175,418.35

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



	Applied Realized Loss Amount							0.00
	Cumulative Loss Percentage							0.01%


	Wilshire		B of A				3 Months Moving Average
	WAMU

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 23 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS					B OF A	WAMU	WILSHIRE	TOTAL

	MDR				0.00%	0.00%	0.18%	0.07%
	3 Months Avg MDR				0.00%	0.00%	0.09%	0.04%
	12 Months Avg MDR
	Avg MDR Since Cut-off				0.00%	0.00%	0.03%	0.01%

	CDR				0.00%	0.00%	2.12%	0.87%
	3 Months Avg CDR				0.00%	0.00%	1.03%	0.42%
	12 Months Avg CDR
	Avg CDR Since Cut-off				0.00%	0.00%	0.39%	0.16%

	SDA				0.00%	0.00%	4.71%	1.70%
	3 Months Avg SDA Approximation				0.00%	0.00%	2.39%	0.85%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation				0.00%	0.00%	1.03%	0.36%

	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

	Wilshire		B of A
	WAMU
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 24 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral

	Wilshire		B of A
	WAMU

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 2004 Deutsche Bank


	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for September 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 1
Total Loan Count Revisions = 2						Loan Group 1 = Wilshire
Total Prior Principal Balance = 146,614.31						Loan Group 2 = WAMU
Total Current Realized Loss Amount = 7,916.11						Loan Group 3 = B of A
Total Revisions Amount = 181.50
Total Realized Loss Amount = 8,097.61
Total Net Liquidation Proceeds = 138,516.70
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)

322854 1		REO	7.700%	FL - 85.00%	360	146,614.31		7,916.11	7,916.11
178135 1				MO - 80.00%	180		Revision	177.00	177.00
311623 1				IL - 20.00%	240		Revision	4.50	4.50


					Page 26 of 27				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-SD1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS					B OF A	WAMU	WILSHIRE	TOTAL

	Has a Stepdown Date occurred?							No

	Does Trigger Event exist?							No

	(i) Does (a) equal or exceed (b)?							No
	(a) the quotient of (x) over (y)							6.99%
	(x) 60+ DQ 3Mo Avg Bal (ex Reperf)							13,476,759.99
	(y) ending Stated Prin Bal							192,922,962.11
	(b) 50% of Senior Enhancement Percentage							8.52%

	(ii) Does (x) divided by (y) exceed Loss Trigger Threshold Pctg?							No
	(x) Aggregate Realized Losses to date							38,774.19
	(y) Cut-off Balance							262,933,531.79

	Loss Trigger Threshold Percentage							100.00%


	Reperforming 60+ Balance				0.00	324,019.36	2,501,014.11	2,825,033.47



ADJUSTABLE RATE CERTIFICATE INFORMATION					B OF A	WAMU	WILSHIRE	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION					B OF A	WAMU	WILSHIRE	TOTAL

	Total Basis Risk Carry Forward Amount							0.00

	Class A Basis Risk Paid							0.00
	Class M-1 Basis Risk Paid							0.00
	Class M-2 Basis Risk Paid							0.00
	Class B Basis Risk Paid							0.00

	Class A Basis Risk Carry Forward							0.00
	Class M-1 Basis Risk Carry Forward							0.00
	Class M-2 Basis Risk Carry Forward							0.00
	Class B Basis Risk Carry Forward							0.00


				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank

MORGAN STANLEY ABS CAPITAL I INC TRUST SERIES 2004-SD1 8-K