

                                    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): May 25, 2005
                             (Date of earliest event reported)


                                MORGAN STANLEY ABS CAPITAL I INC.
              (as Depositor under the Pooling and Servicing Agreement, dated as
          February 1, 2005, providing for the issuance of Mortgage Pass-Through
                              Certificates, Series 2005-NC1)
                      (Exact name of registrant as specified in charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-113543-26                        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.
     Mortgage Pass-Through Certificates, Series 2005-NC1, which was
     made on February 1, 2005


     Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     May 25, 2005.

                                  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 AND SERVICING AGREEMENT ON
                                    BEHALF OF MORGAN STANLEY ABS CAPITAL
                                    I INC., REGISTRANT



          Date:  Jun 02, 2005               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of May 25, 2005.



Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller
										1. Certificate Payment Report					2
				Morgan Stanley
										2. Collection Account Report					4

										3. Credit Enhancement Report					6
										4. Collateral Report					7
				Certificate Insurer(s)						5. Delinquency Report					10

										6. REO Report					13

										7. Foreclosure Report					14
										8. Prepayment Report					15
										9. Prepayment Detail Report					18

										10. Realized Loss Report					23
										11. Realized Loss Detail Report					26
				Servicer(s)
										12. Triggers and Adj. Cert. Report					27
				HomeQ Servicing Corp.
										13. Other Related Information					28
				New Century Mortgage Corporation

				Chase Home Finance LLC


				Underwriter(s)
				Morgan Stanley


										Total Number of Pages					28


				Dates						Contacts

				Cut-Off Date:			February 01, 2005			Eiko Akiyama
				Close Date:			February 25, 2005			Administrator
				First Distribution Date:			March 25, 2005			(714) 247-6328

										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:			May 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			April 29, 2005
										Main Phone Number:			(714) 247-6000

							May 24, 2005


										https://www.tss.db.com/invr






Page 1 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution - REMIC II
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal

Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance


					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

A-1SS	FLT/STEP/WA	$	427,202,000.00		402,208,311.92		1,163,052.37		15,046,870.31		16,209,922.68		0.00		0.00		387,161,441.61

A-1MZ	FLT/STEP/WA	$	58,255,000.00		54,846,759.17		151,285.64		2,051,852.36		2,203,138.00		0.00		0.00		52,794,906.81
A-2A	FLT/STEP/WA	$	366,000,000.00		325,741,117.67		849,641.42		20,656,303.55		21,505,944.97		0.00		0.00		305,084,814.12
A-2B	FLT/STEP/WA	$	170,000,000.00		170,000,000.00		457,583.33		0.00		457,583.33		0.00		0.00		170,000,000.00
A-2C	FLT/STEP/WA	$	117,449,000.00		117,449,000.00		332,772.17		0.00		332,772.17		0.00		0.00		117,449,000.00
A-2MZ	FLT/STEP/WA	$	89,107,000.00		83,617,132.80		230,643.92		2,816,778.72		3,047,422.64		0.00		0.00		80,800,354.08
M-1	FLT/STEP/WA	$	46,596,000.00		46,596,000.00		134,351.80		0.00		134,351.80		0.00		0.00		46,596,000.00
M-2	FLT/STEP/WA	$	30,813,000.00		30,813,000.00		89,614.48		0.00		89,614.48		0.00		0.00		30,813,000.00
M-3	FLT/STEP/WA	$	21,794,000.00		21,794,000.00		64,110.68		0.00		64,110.68		0.00		0.00		21,794,000.00
M-4	FLT/STEP/WA	$	34,571,000.00		34,571,000.00		106,593.92		0.00		106,593.92		0.00		0.00		34,571,000.00
M-5	FLT/STEP/WA	$	22,546,000.00		22,546,000.00		70,456.25		0.00		70,456.25		0.00		0.00		22,546,000.00
M-6	FLT/STEP/WA	$	15,783,000.00		15,783,000.00		49,847.98		0.00		49,847.98		0.00		0.00		15,783,000.00
B-1	FLT/STEP/WA	$	23,297,000.00		23,297,000.00		82,898.49		0.00		82,898.49		0.00		0.00		23,297,000.00
B-2	FLT/STEP/WA	$	12,777,000.00		12,777,000.00		45,997.20		0.00		45,997.20		0.00		0.00		12,777,000.00
B-3	FLT/STEP/WA	$	19,540,000.00		19,540,000.00		81,742.33		0.00		81,742.33		0.00		0.00		19,540,000.00
X	EXE	$	47,346,958.00		47,346,924.53		4,040,106.64		0.00		4,040,106.64		0.00		0.00		47,346,924.53
P	EXE	$	0.00		0.00		875,729.78		0.00		875,729.78		0.00		0.00		0.00
R	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			1,503,076,958.00		1,428,926,246.09		8,826,428.40		40,571,804.94		49,398,233.34		0.00		0.00		1,388,354,441.15





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)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1SS	04/25/05		05/24/05		A-Act/360		61744CMD5		427,202,000.00		941.494450		2.722488		35.221910		37.944398	906.272540
A-1MZ	04/25/05		05/24/05		A-Act/360		61744CME3		58,255,000.00		941.494450		2.596955		35.221910		37.818865	906.272540
A-2A	04/25/05		05/24/05		A-Act/360		61744CMF0		366,000,000.00		890.003054		2.321425		56.437988		58.759412	833.565066
A-2B	04/25/05		05/24/05		A-Act/360		61744CMG8		170,000,000.00		1,000.000000		2.691667		0.000000		2.691667	1,000.000000
A-2C	04/25/05		05/24/05		A-Act/360		61744CMH6		117,449,000.00		1,000.000000		2.833333		0.000000		2.833333	1,000.000000
A-2MZ	04/25/05		05/24/05		A-Act/360		61744CMJ2		89,107,000.00		938.390169		2.588393		31.611195		34.199587	906.778974
M-1	04/25/05		05/24/05		A-Act/360		61744CMK9		46,596,000.00		1,000.000000		2.883333		0.000000		2.883333	1,000.000000
M-2	04/25/05		05/24/05		A-Act/360		61744CML7		30,813,000.00		1,000.000000		2.908333		0.000000		2.908333	1,000.000000
M-3	04/25/05		05/24/05		A-Act/360		61744CMM5		21,794,000.00		1,000.000000		2.941667		0.000000		2.941667	1,000.000000
M-4	04/25/05		05/24/05		A-Act/360		61744CMN3		34,571,000.00		1,000.000000		3.083333		0.000000		3.083333	1,000.000000
M-5	04/25/05		05/24/05		A-Act/360		61744CMP8		22,546,000.00		1,000.000000		3.125000		0.000000		3.125000	1,000.000000
M-6	04/25/05		05/24/05		A-Act/360		61744CMQ6		15,783,000.00		1,000.000000		3.158334		0.000000		3.158334	1,000.000000
B-1	04/25/05		05/24/05		A-Act/360		61744CMR4		23,297,000.00		1,000.000000		3.558333		0.000000		3.558333	1,000.000000
B-2	04/25/05		05/24/05		A-Act/360		61744CMS2		12,777,000.00		1,000.000000		3.600000		0.000000		3.600000	1,000.000000
B-3	04/25/05		05/24/05		A-Act/360		61744CMT0		19,540,000.00		1,000.000000		4.183333		0.000000		4.183333	1,000.000000
X	04/25/05		05/24/05		A-Act/360		MS05C1101		47,346,958.00		999.999293		85.329804		0.000000		85.329804	999.999293
P	04/25/05		05/24/05		MS05C1102		0.00		0.000000		0.000000		0.000000		0.000000		0.000000
R	04/25/05		05/24/05		MS05C1103		0.00		0.000000		0.000000		0.000000		0.000000		0.000000



Page 2 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

Distribution to Date - REMIC II
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1SS	427,202,000.00		3,385,317.50		38,870,963.80		1,169,594.59		40,040,558.39		43,425,875.89		0.00		0.00		387,161,441.61
A-1MZ	58,255,000.00		439,190.67		5,300,602.52		159,490.67		5,460,093.19		5,899,283.86		0.00		0.00		52,794,906.81
A-2A	366,000,000.00		2,532,363.43		59,087,748.17		1,827,437.71		60,915,185.88		63,447,549.31		0.00		0.00		305,084,814.12
A-2B	170,000,000.00		1,283,688.89		0.00		0.00		0.00		1,283,688.89		0.00		0.00		170,000,000.00
A-2C	117,449,000.00		936,231.65		0.00		0.00		0.00		936,231.65		0.00		0.00		117,449,000.00
A-2MZ	89,107,000.00		670,151.23		8,057,448.98		249,196.94		8,306,645.92		8,976,797.15		0.00		0.00		80,800,354.08
M-1	46,596,000.00		378,346.58		0.00		0.00		0.00		378,346.58		0.00		0.00		46,596,000.00
M-2	30,813,000.00		252,478.30		0.00		0.00		0.00		252,478.30		0.00		0.00		30,813,000.00
M-3	21,794,000.00		180,732.80		0.00		0.00		0.00		180,732.80		0.00		0.00		21,794,000.00
M-4	34,571,000.00		301,219.05		0.00		0.00		0.00		301,219.05		0.00		0.00		34,571,000.00
M-5	22,546,000.00		199,231.49		0.00		0.00		0.00		199,231.49		0.00		0.00		22,546,000.00
M-6	15,783,000.00		141,029.88		0.00		0.00		0.00		141,029.88		0.00		0.00		15,783,000.00
B-1	23,297,000.00		235,817.41		0.00		0.00		0.00		235,817.41		0.00		0.00		23,297,000.00
B-2	12,777,000.00		130,911.01		0.00		0.00		0.00		130,911.01		0.00		0.00		12,777,000.00
B-3	19,540,000.00		234,018.64		0.00		0.00		0.00		234,018.64		0.00		0.00		19,540,000.00
X	47,346,958.00		13,270,488.59		31.90		1.57		33.47		13,270,522.07		0.00		0.00		47,346,924.53
P	0.00		1,518,694.52		0.00		0.00		0.00		1,518,694.52		0.00		0.00		0.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total	1,503,076,958.00		26,089,911.64		111,316,795.37		3,405,721.48		114,722,516.85		140,812,428.50		0.00		0.00		1,388,354,441.15


Interest Detail - REMIC II
	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		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1SS	3.47000%		402,208,311.92		1,163,052.37		0.00		0.00		0.00		1,163,052.37		1,163,052.37		0.00
A-1MZ	3.31000%		54,846,759.17		151,285.64		0.00		0.00		0.00		151,285.64		151,285.64		0.00
A-2A	3.13000%		325,741,117.67		849,641.42		0.00		0.00		0.00		849,641.42		849,641.42		0.00
A-2B	3.23000%		170,000,000.00		457,583.33		0.00		0.00		0.00		457,583.33		457,583.33		0.00
A-2C	3.40000%		117,449,000.00		332,772.17		0.00		0.00		0.00		332,772.17		332,772.17		0.00
A-2MZ	3.31000%		83,617,132.80		230,643.92		0.00		0.00		0.00		230,643.92		230,643.92		0.00
M-1	3.46000%		46,596,000.00		134,351.80		0.00		0.00		0.00		134,351.80		134,351.80		0.00
M-2	3.49000%		30,813,000.00		89,614.48		0.00		0.00		0.00		89,614.48		89,614.48		0.00
M-3	3.53000%		21,794,000.00		64,110.68		0.00		0.00		0.00		64,110.68		64,110.68		0.00
M-4	3.70000%		34,571,000.00		106,593.92		0.00		0.00		0.00		106,593.92		106,593.92		0.00
M-5	3.75000%		22,546,000.00		70,456.25		0.00		0.00		0.00		70,456.25		70,456.25		0.00
M-6	3.79000%		15,783,000.00		49,847.98		0.00		0.00		0.00		49,847.98		49,847.98		0.00
B-1	4.27000%		23,297,000.00		82,898.49		0.00		0.00		0.00		82,898.49		82,898.49		0.00
B-2	4.32000%		12,777,000.00		45,997.20		0.00		0.00		0.00		45,997.20		45,997.20		0.00
B-3	5.02000%		19,540,000.00		81,742.33		0.00		0.00		0.00		81,742.33		81,742.33		0.00
X	102.39584%		47,346,924.53		0.00		0.00		0.00		0.00		0.00		4,040,106.64		0.00
P	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		875,729.78		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			1,428,926,246.09		3,910,591.98		0.00		0.00		0.00		3,910,591.98		8,826,428.40		0.00



Page 3 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Collection Account Report
SUMMARY

										Group 2		Group 1		Total
Principal Collections										23,473,082.27		17,098,722.67		40,571,804.94
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										23,473,082.27		17,098,722.67		40,571,804.94
Interest Collections										4,830,005.15		3,223,640.64		8,053,645.79
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Other Accounts										0.00		0.00		875,729.78
Interest Fees										-57,561.71		-45,385.48		-102,947.17
TOTAL NET INTEREST										4,772,443.45		3,178,255.16		8,826,428.40
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										28,245,525.72		20,276,977.83		49,398,233.34



PRINCIPAL - COLLECTIONS

											Group 2		Group 1		Total
Scheduled Principal Received											655,489.75		459,205.54		1,114,695.29
Prepayments In Full											22,758,215.27		16,593,926.48		39,352,141.75
Curtailments											59,377.25		45,590.65		104,967.90
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											-569,424.84		-383,183.31		-952,608.15
Advanced Principal											569,424.84		383,183.31		952,608.15
TOTAL PRINCIPAL COLLECTED											23,473,082.27		17,098,722.67		40,571,804.94


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS

										Group 2		Group 1		Total
Closing Deposit										0.00		0.00		0.00
TOTAL OTHER ACCOUNTS PRINCIPAL										0.00		0.00		0.00





Page 4 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

INTEREST - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Interest										5,134,239.96		3,415,416.89		8,549,656.85
Liquidation Interest										0.00		0.00		0.00
Repurchased Interest										0.00		0.00		0.00
Insurance Interest										0.00		0.00		0.00
Other Interest										0.00		0.00		0.00
Relief Act Interest Shortfalls										-0.00		-0.00		-0.00
Prepayment Interest Shortfalls										-23,146.40		-13,217.73		-36,364.13
Compensating Interest										23,146.39		13,217.74		36,364.13
Delinquent Interest										-4,354,991.75		-2,798,822.20		-7,153,813.95
Interest Advanced										4,050,756.94		2,607,045.94		6,657,802.88
TOTAL INTEREST COLLECTED										4,830,005.15		3,223,640.64		8,053,645.79


INTEREST - WITHDRAWALS

										Group 2		Group 1		Total
Nonrecoverable Advances										0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS										0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS

										Group 2		Group 1		Total
Prepayment Charges														875,729.78
TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		875,729.78



INTEREST - FEES

										Group 2		Group 1		Total
Current Servicing Fees										55,403.87		43,970.99		99,374.86
Current Trustee Fees										2,157.83		1,414.48		3,572.32
TOTAL INTEREST OTHER FEES										57,561.71		45,385.48		102,947.17




Page 5 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Credit Enhancement Report
ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES

										Group 2		Group 1		Total
Overcollateralization Amount														47,346,924.53
Overcollateralization Target Amount														47,346,924.53
Overcollateralization Deficiency Amount														0.00
Overcollateralization Release Amount														0.00




Page 6 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										4,605		3,475		8,080
Prior										4,439		3,347		7,786
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-88		-83		-171
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										4,351		3,264		7,615
Principal Balance:


Original										908,881,228.02		594,195,102.67		1,503,076,330.69
Prior										863,132,847.79		565,793,397.95		1,428,926,245.74
Prefunding										0.00		0.00		0.00
Scheduled Principal										-655,489.75		-459,205.54		-1,114,695.29
Partial Prepayments										-59,377.25		-45,590.65		-104,967.90
Full Voluntary Prepayments										-22,758,215.27		-16,593,926.48		-39,352,141.75
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										839,659,765.52		548,694,675.28		1,388,354,440.80





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Coupon Original										7.14706%		7.26679%		7.19439%
Weighted Average Coupon Prior										7.14739%		7.25800%		7.19120%
Weighted Average Coupon Current										7.13805%		7.24570%		7.18068%
Weighted Average Months to Maturity Original										350		348		349
Weighted Average Months to Maturity Prior										349		346		348
Weighted Average Months to Maturity Current										348		345		347
Weighted Avg Remaining Amortization Term Original										350		348		349
Weighted Avg Remaining Amortization Term Prior										349		346		348
Weighted Avg Remaining Amortization Term Current										348		345		347
Weighted Average Seasoning Original										4.12		4.16		4.14
Weighted Average Seasoning Prior										5.12		5.15		5.13
Weighted Average Seasoning Current										6.11		6.15		6.13









Page 8 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

ARM CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Margin Original										5.50782%		5.57735%		5.53501%
Weighted Average Margin Prior										5.50866%		5.57640%		5.53520%
Weighted Average Margin Current										5.51301%		5.57436%		5.53701%
Weighted Average Max Rate Original										14.21385%		14.41241%		14.29151%
Weighted Average Max Rate Prior										14.20706%		14.40270%		14.28371%
Weighted Average Max Rate Current										14.19765%		14.38977%		14.27279%
Weighted Average Min Rate Original										7.22109%		7.41792%		7.29807%
Weighted Average Min Rate Prior										7.21380%		7.40774%		7.28979%
Weighted Average Min Rate Current										7.20420%		7.39503%		7.27884%
Weighted Average Cap Up Original										1.51524%		1.50331%		1.51057%
Weighted Average Cap Up Prior										1.51435%		1.50365%		1.51016%
Weighted Average Cap Up Current										1.51252%		1.50382%		1.50911%
Weighted Average Cap Down Original										1.51524%		1.50331%		1.51057%
Weighted Average Cap Down Prior										1.51435%		1.50365%		1.51016%
Weighted Average Cap Down Current										1.51252%		1.50382%		1.50911%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										55,403.87		43,970.99		99,374.86
Delinquent Servicing Fees										304,234.81		191,776.25		496,011.06
TOTAL SERVICING FEES										359,638.70		235,747.26		595,385.96


Compensating Interest										-23,146.39		-13,217.74		-36,364.13
Delinquent Servicing Fees										-304,234.81		-191,776.25		-496,011.06
COLLECTED SERVICING FEES										175,869.58		30,753.26		63,010.75


Aggregate Advances with respect to this Distribution										3,371,652.14		2,169,572.91		5,541,225.05





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Net Prepayment Interest Shortfall										0.00		0.00		0.00
Libor For Current Period														3.0200%




Page 9 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				22,257,772.81		7,559,488.22		3,477,177.08		33,294,438.11
			% Balance				1.60%		0.54%		0.25%		2.40%
			# Loans				135		43		13		191
			% # Loans				1.77%		0.56%		0.17%		2.51%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		3,483,330.56		239,258.09		422,489.06		71,679.07		4,216,756.78
			% Balance		0.25%		0.02%		0.03%		0.01%		0.30%
			# Loans		21		2		2		1		26
			% # Loans		0.28%		0.03%		0.03%		0.01%		0.34%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		3,483,330.56		22,497,030.90		7,981,977.28		3,548,856.15		37,511,194.89
			% Balance		0.25%		1.62%		0.57%		0.26%		2.70%
			# Loans		21		137		45		14		217
			% # Loans		0.28%		1.80%		0.59%		0.18%		2.85%









Page 10 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				7,531,277.03		3,401,270.79		1,353,500.11		12,286,047.93
			% Balance				1.37%		0.62%		0.25%		2.24%
			# Loans				52		22		5		79
			% # Loans				1.59%		0.67%		0.15%		2.42%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		802,705.65		0.00		0.00		71,679.07		874,384.72
			% Balance		0.15%		0.00%		0.00%		0.01%		0.16%
			# Loans		6		0		0		1		7
			% # Loans		0.18%		0.00%		0.00%		0.03%		0.21%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		802,705.65		7,531,277.03		3,401,270.79		1,425,179.18		13,160,432.65
			% Balance		0.15%		1.37%		0.62%		0.26%		2.40%
			# Loans		6		52		22		6		86
			% # Loans		0.18%		1.59%		0.67%		0.18%		2.63%










Page 11 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				14,726,495.78		4,158,217.43		2,123,676.97		21,008,390.18
			% Balance				1.75%		0.50%		0.25%		2.50%
			# Loans				83		21		8		112
			% # Loans				1.91%		0.48%		0.18%		2.57%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		2,680,624.91		239,258.09		422,489.06		0.00		3,342,372.06
			% Balance		0.32%		0.03%		0.05%		0.00%		0.40%
			# Loans		15		2		2		0		19
			% # Loans		0.34%		0.05%		0.05%		0.00%		0.44%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		2,680,624.91		14,965,753.87		4,580,706.49		2,123,676.97		24,350,762.24
			% Balance		0.32%		1.78%		0.55%		0.25%		2.90%
			# Loans		15		85		23		8		131
			% # Loans		0.34%		1.95%		0.53%		0.18%		3.01%









Page 12 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
REO Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 13 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 14 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										88		83		171
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										88		83		171
Curtailments Amount										59,377.25		45,590.65		104,967.90
Paid in Full Balance										22,758,215.27		16,593,926.48		39,352,141.75
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										22,817,592.52		16,639,517.13		39,457,109.65

Cumulative


Number of Paid in Full Loans										254		211		465
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										254		211		465
Paid in Full Balance										67,030,615.68		43,925,115.65		110,955,731.33
Repurchased Loans Balance										0.00		0.00		0.00
Curtailments Amount										190,929.51		169,507.57		360,437.08
Total Prepayment Amount										67,221,545.19		44,094,623.22		111,316,168.41










Page 15 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES


											Group 2		Group 1		Total



SMM										2.65%		2.94%		2.76%
3 Months Avg SMM										2.53%		2.54%		2.54%
12 Months Avg SMM										2.53%		2.54%		2.54%
Avg SMM Since Cut-off										2.53%		2.54%		2.54%


CPR										27.51%		30.13%		28.56%
3 Months Avg CPR										26.50%		26.58%		26.53%
12 Months Avg CPR										26.50%		26.58%		26.53%
Avg CPR Since Cut-off										26.50%		26.58%		26.53%


PSA										2,249.72%		2,449.40%		2,329.93%
3 Months Avg PSA Approximation										2,589.12%		2,578.93%		2,585.07%
12 Months Avg PSA Approximation										2,589.12%		2,578.93%		2,585.07%
Avg PSA Since Cut-off Approximation										2,589.12%		2,578.93%		2,585.07%










Page 16 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution






PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) PSA Standard Prepayment Model: CPR/(0.002min(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) Conditional Prepayment Rate (CPR): 1-((1-SMM)^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) Dates correspond to distribution dates. Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.













Page 17 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1447160 2			158,935.00		158,070.19			05-Apr-2005		8.650%		MT - 95.00%		Paid Off - 360		01-Aug-2004


1539159 1			211,800.00		210,127.51			20-Apr-2005		7.000%		CA - 94.98%		Paid Off - 360		01-Aug-2004

1562186 2			275,000.00		273,344.71			26-Apr-2005		8.150%		CA - 68.75%		Paid Off - 360		01-Aug-2004

1612932 2			154,000.00		153,060.76			#######		8.625%		CA - 70.00%		Paid Off - 360		01-Jul-2004

1721272 1			220,500.00		219,779.91			21-Apr-2005		8.200%		MD - 70.00%		Paid Off - 360		01-Dec-2004

1726682 2			87,600.00		87,008.68			09-May-2005		6.500%		HI - 73.00%		Paid Off - 300		01-Dec-2004

1743065 1			250,000.00		246,628.38			09-May-2005		8.100%		CA - 93.81%		Paid Off - 240		01-Oct-2004

1785891 2			266,840.00		266,837.53			27-Apr-2005		7.400%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1800542 1			304,000.00		302,852.13			04-May-2005		8.400%		CA - 95.00%		Paid Off - 360		01-Nov-2004

1807907 2			151,830.00		151,308.34			03-May-2005		7.950%		MD - 90.00%		Paid Off - 360		01-Dec-2004

1818746 1			272,000.00		272,000.00			03-May-2005		6.725%		CA - 80.00%		Paid Off - 360		01-Oct-2004

1821096 1			126,650.00		126,154.88			28-Apr-2005		7.300%		AZ - 85.00%		Paid Off - 360		01-Dec-2004

1821559 2			384,507.00		383,604.89			06-May-2005		9.800%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1835058 2			108,000.00		107,612.48			19-Apr-2005		8.650%		PA - 89.26%		Paid Off - 360		01-Dec-2004

1838418 1			152,500.00		152,132.43			21-Apr-2005		9.725%		NV - 74.39%		Paid Off - 360		01-Dec-2004

1839215 2			250,200.00		249,101.59			15-Apr-2005		7.650%		NJ - 90.00%		Paid Off - 360		01-Nov-2004

1840072 2			402,150.00		400,272.78			04-May-2005		8.300%		CA - 89.99%		Paid Off - 360		01-Nov-2004

1843164 2			269,750.00		268,912.80			10-May-2005		8.450%		CA - 65.00%		Paid Off - 360		01-Dec-2004

1843732 2			210,000.00		209,285.89			15-Apr-2005		8.000%		MD - 50.00%		Paid Off - 360		01-Dec-2004

1846603 2			309,000.00		307,739.61			02-May-2005		7.150%		MD - 81.32%		Paid Off - 360		01-Dec-2004

1846863 1			245,000.00		244,299.38			19-Apr-2005		8.850%		NJ - 73.13%		Paid Off - 360		01-Dec-2004

1847888 2			458,500.00		456,580.14			18-Apr-2005		6.950%		CA - 80.44%		Paid Off - 360		01-Dec-2004

1848095 1			111,600.00		111,109.35			18-Apr-2005		6.700%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1849151 2			376,000.00		376,000.00			26-Apr-2005		5.950%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1849661 2			180,000.00		179,260.87			21-Apr-2005		7.050%		NY - 90.00%		Paid Off - 360		01-Dec-2004

1850324 1			95,950.00		95,596.57			26-Apr-2005		7.600%		GA - 95.00%		Paid Off - 360		01-Dec-2004

1854430 1			147,900.00		147,247.13			12-May-2005		7.500%		IL - 85.00%		Paid Off - 360		01-Dec-2004

1854512 1			91,250.00		90,909.92			27-Apr-2005		7.550%		NJ - 74.19%		Paid Off - 360		01-Dec-2004

1855431 2			182,750.00		182,028.50			18-Apr-2005		7.250%		WA - 85.00%		Paid Off - 360		01-Dec-2004

1855920 1			260,000.00		259,225.36			09-May-2005		8.650%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1856876 2			380,000.00		380,000.00			21-Apr-2005		6.625%		CA - 80.00%		Paid Off - 300		01-Dec-2004

1856952 2			205,997.00		205,317.49			11-May-2005		8.150%		NC - 41.06%		Paid Off - 360		01-Dec-2004

1857194 1			133,950.00		133,453.35			20-Apr-2005		8.490%		MA - 95.00%		Paid Off - 360		01-Nov-2004

1858855 2			296,000.00		294,772.61			02-May-2005		7.000%		NY - 80.00%		Paid Off - 360		01-Dec-2004

1861218 1			344,000.00		344,000.00			28-Apr-2005		6.650%		CA - 76.44%		Paid Off - 360		01-Nov-2004

1862550 2			396,000.00		394,341.80			25-Apr-2005		6.950%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1864830 1			313,200.00		311,606.21			29-Apr-2005		6.900%		CA - 90.00%		Paid Off - 360		01-Nov-2004




Page 18 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1865273 2			161,500.00		160,932.24			05-May-2005		8.750%		FL - 85.00%		Paid Off - 360		01-Nov-2004


1867188 1			270,241.00		269,199.71			15-Apr-2005		8.300%		CA - 90.00%		Paid Off - 360		01-Nov-2004

1867414 2			301,750.00		300,449.18			20-Apr-2005		8.150%		IL - 85.00%		Paid Off - 360		01-Dec-2004

1867634 2			132,000.00		132,000.00			27-Apr-2005		5.950%		VA - 80.00%		Paid Off - 360		01-Dec-2004

1867851 1			177,000.00		176,392.12			03-May-2005		7.950%		NJ - 70.80%		Paid Off - 360		01-Dec-2004

1869378 1			381,000.00		379,242.25			02-May-2005		6.450%		HI - 76.97%		Paid Off - 360		01-Dec-2004

1869565 1			240,000.00		239,262.63			21-Apr-2005		8.500%		RI - 80.00%		Paid Off - 360		01-Dec-2004

1870117 1			171,000.00		170,290.92			27-Apr-2005		7.000%		MD - 90.00%		Paid Off - 360		01-Dec-2004

1872208 2			215,515.00		214,835.82			04-May-2005		8.375%		IL - 85.00%		Paid Off - 360		01-Dec-2004

1872790 1			320,000.00		318,421.42			03-May-2005		6.100%		CA - 69.57%		Paid Off - 360		01-Dec-2004

1872962 2			187,000.00		186,125.32			03-May-2005		7.450%		MD - 85.00%		Paid Off - 360		01-Nov-2004

1873786 1			144,000.00		143,266.88			27-Apr-2005		6.900%		CA - 92.31%		Paid Off - 360		01-Nov-2004

1873940 2			357,500.00		353,704.97			22-Apr-2005		6.250%		CA - 65.00%		Paid Off - 240		01-Dec-2004

1874019 1			152,000.00		151,477.98			06-May-2005		7.950%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1874242 1			202,000.00		201,049.54			13-May-2005		7.300%		CA - 59.41%		Paid Off - 360		01-Nov-2004

1874712 2			395,000.00		394,900.22			10-May-2005		6.350%		CA - 78.22%		Paid Off - 360		01-Dec-2004

1875108 2			176,250.00		175,613.62			26-Apr-2005		7.700%		CA - 73.44%		Paid Off - 360		01-Dec-2004

1876787 1			296,100.00		295,645.77			28-Apr-2005		6.150%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1877748 2			186,200.00		185,404.82			11-May-2005		6.850%		MD - 95.00%		Paid Off - 360		01-Dec-2004

1878443 1			120,800.00		120,332.40			18-Apr-2005		7.350%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1878588 1			264,000.00		263,088.09			28-Apr-2005		7.925%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1882802 2			398,000.00		396,078.68			20-Apr-2005		7.500%		CA - 69.82%		Paid Off - 360		01-Dec-2004

1883636 2			750,000.00		746,229.34			27-Apr-2005		6.000%		AZ - 61.22%		Paid Off - 360		01-Dec-2004

1885789 1			75,200.00		75,014.06			27-Apr-2005		9.550%		MI - 80.00%		Paid Off - 360		01-Dec-2004

1885917 2			276,837.00		275,547.43			18-Apr-2005		6.400%		VA - 80.00%		Paid Off - 360		01-Dec-2004

1885966 2			405,600.00		405,600.00			06-May-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1886398 1			114,750.00		114,367.62			20-Apr-2005		8.100%		IN - 85.00%		Paid Off - 360		01-Dec-2004

1886771 1			240,000.00		240,000.00			27-Apr-2005		6.650%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1887763 1			300,200.00		298,982.95			28-Apr-2005		7.950%		CA - 93.23%		Paid Off - 360		01-Dec-2004

1888741 1			170,000.00		169,379.99			02-May-2005		7.650%		DC - 63.20%		Paid Off - 360		01-Dec-2004

1889314 2			256,500.00		256,500.00			29-Apr-2005		7.950%		NV - 90.00%		Paid Off - 360		01-Dec-2004

1889989 2			132,000.00		131,414.04			19-Apr-2005		6.650%		OH - 80.00%		Paid Off - 360		01-Dec-2004

1890173 1			148,750.00		148,108.67			27-Apr-2005		6.800%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1890380 1			114,100.00		113,728.97			03-May-2005		8.350%		FL - 70.00%		Paid Off - 360		01-Dec-2004

1890594 1			162,000.00		161,512.36			28-Apr-2005		8.600%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1891327 2			189,500.00		188,591.52			03-May-2005		6.250%		IL - 86.14%		Paid Off - 360		01-Dec-2004

1891537 1			100,000.00		99,653.89			28-Apr-2005		8.000%		CA - 40.00%		Paid Off - 360		01-Dec-2004

1891993 2			488,750.00		488,750.00			25-Apr-2005		6.125%		IL - 85.00%		Paid Off - 360		01-Dec-2004




Page 19 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1893240 1			250,000.00		248,993.40			15-Apr-2005		7.150%		CA - 75.76%		Paid Off - 360		01-Dec-2004


1893582 2			440,000.00		438,519.01			02-May-2005		8.050%		NJ - 58.67%		Paid Off - 360		01-Dec-2004

1893627 1			335,000.00		333,282.43			02-May-2005		7.450%		NJ - 89.33%		Paid Off - 360		01-Dec-2004

1893726 1			263,500.00		262,172.46			29-Apr-2005		5.990%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1894126 1			260,000.00		258,868.03			28-Apr-2005		6.750%		CA - 83.87%		Paid Off - 360		01-Dec-2004

1896821 2			144,000.00		143,474.79			29-Apr-2005		7.650%		NJ - 90.00%		Paid Off - 360		01-Dec-2004

1897943 1			192,500.00		191,794.42			29-Apr-2005		7.625%		CA - 70.00%		Paid Off - 360		01-Dec-2004

1899259 2			101,500.00		101,004.03			02-May-2005		6.150%		MI - 66.78%		Paid Off - 360		01-Dec-2004

1899732 1			140,000.00		137,698.14			26-Apr-2005		6.650%		AR - 82.35%		Paid Off - 180		01-Dec-2004

1899961 1			207,000.00		206,174.66			27-Apr-2005		7.200%		NV - 64.09%		Paid Off - 360		01-Dec-2004

1900291 1			165,750.00		165,105.22			10-May-2005		7.325%		PA - 75.00%		Paid Off - 360		01-Dec-2004

1900430 2			260,000.00		259,249.98			21-Apr-2005		7.900%		RI - 89.66%		Paid Off - 360		01-Jan-2005

1901055 2			211,500.00		210,784.52			05-May-2005		8.025%		NJ - 90.00%		Paid Off - 360		01-Dec-2004

1901171 2			482,400.00		480,299.80			12-May-2005		6.750%		IL - 90.00%		Paid Off - 360		01-Dec-2004

1901275 1			72,000.00		71,785.49			09-May-2005		8.650%		CT - 90.00%		Paid Off - 360		01-Dec-2004

1902474 1			178,000.00		177,186.68			25-Apr-2005		6.500%		CA - 89.00%		Paid Off - 360		01-Dec-2004

1903873 1			75,000.00		74,523.45			02-May-2005		7.630%		IN - 100.00%		Paid Off - 360		01-Dec-2004

1905084 1			171,000.00		169,378.81			19-Apr-2005		7.200%		FL - 90.00%		Paid Off - 240		01-Dec-2004

1905875 1			56,375.00		54,961.69			05-May-2005		6.850%		FL - 43.37%		Paid Off - 180		01-Dec-2004

1907979 2			430,000.00		428,319.03			19-Apr-2005		7.300%		WA - 61.43%		Paid Off - 360		01-Dec-2004

1908072 2			180,000.00		178,622.35			15-Apr-2005		7.100%		NV - 90.00%		Paid Off - 240		01-Jan-2005

1908204 2			295,000.00		295,000.00			11-May-2005		5.700%		CA - 81.94%		Paid Off - 360		01-Dec-2004

1908791 1			252,000.00		251,053.08			10-May-2005		7.500%		NJ - 90.00%		Paid Off - 360		01-Dec-2004

1908985 1			182,750.00		182,125.49			02-May-2005		7.975%		FL - 85.00%		Paid Off - 360		01-Dec-2004

1909082 2			131,750.00		131,353.40			03-May-2005		8.600%		NJ - 85.00%		Paid Off - 360		01-Dec-2004

1909124 2			405,000.00		404,910.25			18-Apr-2005		6.300%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1909536 2			116,000.00		115,454.47			13-May-2005		6.350%		MD - 74.84%		Paid Off - 360		01-Dec-2004

1909997 2			217,500.00		217,498.98			18-Apr-2005		7.125%		CA - 76.05%		Paid Off - 360		01-Dec-2004

1910062 2			173,600.00		172,829.38			26-Apr-2005		6.650%		NH - 80.00%		Paid Off - 360		01-Dec-2004

1910279 1			238,000.00		235,060.94			04-May-2005		6.550%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1910399 1			239,000.00		237,798.39			22-Apr-2005		6.000%		NJ - 74.69%		Paid Off - 360		01-Dec-2004

1910539 2			278,924.00		278,924.00			22-Apr-2005		5.950%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1910839 2			310,250.00		308,872.82			15-Apr-2005		6.650%		MN - 85.00%		Paid Off - 360		01-Dec-2004

1910948 1			279,000.00		277,951.67			06-May-2005		7.500%		CA - 89.14%		Paid Off - 360		01-Dec-2004

1911301 2			408,000.00		406,541.43			19-Apr-2005		7.750%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1911388 2			#######		461,886.54			26-Apr-2005		6.600%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1911973 1			108,500.00		107,873.51			02-May-2005		6.875%		NJ - 70.96%		Paid Off - 360		01-Dec-2004

1913234 2			315,000.00		313,525.61			02-May-2005		6.375%		NY - 82.89%		Paid Off - 360		01-Dec-2004




Page 20 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1915962 1			222,000.00		220,975.80			09-May-2005		6.450%		CA - 61.84%		Paid Off - 360		01-Dec-2004


1916382 2			248,000.00		247,068.13			20-Apr-2005		7.500%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1919890 2			436,000.00		436,000.00			03-May-2005		7.000%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1920720 1			352,500.00		351,416.79			20-Apr-2005		8.500%		OH - 82.94%		Paid Off - 360		01-Dec-2004

1922040 2			353,500.00		351,467.06			20-Apr-2005		5.990%		MA - 68.24%		Paid Off - 360		01-Dec-2004

1924127 1			323,000.00		321,593.75			05-May-2005		6.750%		CA - 95.00%		Paid Off - 360		01-Dec-2004

1927261 2			154,000.00		153,474.25			05-May-2005		7.990%		CA - 70.00%		Paid Off - 360		01-Dec-2004

1928170 2			292,050.00		291,115.47			15-Apr-2005		8.300%		TX - 90.00%		Paid Off - 360		01-Dec-2004

1930171 2			139,500.00		138,975.82			21-Apr-2005		7.500%		AZ - 90.00%		Paid Off - 360		01-Dec-2004

1930781 2			96,000.00		95,613.42			02-May-2005		7.150%		DC - 80.00%		Paid Off - 360		01-Dec-2004

1931215 2			153,000.00		152,525.09			28-Apr-2005		8.450%		MI - 90.00%		Paid Off - 360		01-Dec-2004

1931351 2			241,000.00		239,854.83			20-Apr-2005		7.250%		CA - 78.50%		Paid Off - 360		01-Nov-2004

1932617 2			139,500.00		138,956.06			02-May-2005		7.350%		OR - 90.00%		Paid Off - 360		01-Dec-2004

1933430 2			52,200.00		51,850.64			28-Apr-2005		8.200%		NC - 90.00%		Paid Off - 240		01-Jan-2005

1933732 1			165,750.00		165,203.28			26-Apr-2005		8.150%		FL - 85.00%		Paid Off - 360		01-Dec-2004

1933780 1			254,300.00		253,477.97			10-May-2005		8.250%		CA - 67.63%		Paid Off - 360		01-Dec-2004

1934403 2			245,400.00		244,468.73			10-May-2005		7.450%		AZ - 60.00%		Paid Off - 360		01-Dec-2004

1934431 2			560,000.00		560,000.00			05-May-2005		6.800%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1934896 2			467,500.00		465,907.34			27-Apr-2005		7.990%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1935433 1			123,000.00		122,454.01			29-Apr-2005		6.650%		UT - 94.62%		Paid Off - 360		01-Dec-2004

1936071 2			70,320.00		70,109.85			09-May-2005		8.675%		IL - 80.00%		Paid Off - 360		01-Dec-2004

1936362 2			183,200.00		183,198.66			15-Apr-2005		6.500%		WA - 80.00%		Paid Off - 360		01-Dec-2004

1936544 1			340,000.00		340,000.00			28-Apr-2005		6.975%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1936656 2			88,000.00		87,797.32			05-May-2005		8.800%		IN - 80.00%		Paid Off - 360		01-Jan-2005

1936759 1			247,500.00		246,659.04			02-May-2005		8.250%		NV - 90.00%		Paid Off - 360		01-Dec-2004

1937566 2			145,000.00		144,673.19			26-Apr-2005		9.990%		CA - 61.70%		Paid Off - 360		01-Dec-2004

1937786 2			280,000.00		278,703.20			20-Apr-2005		6.430%		CA - 59.57%		Paid Off - 360		01-Dec-2004

1938852 2			330,000.00		328,433.04			12-May-2005		6.300%		IL - 78.38%		Paid Off - 360		01-Dec-2004

1939501 2			60,000.00		59,791.42			20-Apr-2005		7.900%		MI - 80.00%		Paid Off - 360		01-Dec-2004

1940301 2			239,200.00		238,255.44			06-May-2005		7.250%		MA - 80.00%		Paid Off - 360		01-Dec-2004

1940579 2			397,500.00		396,214.32			05-May-2005		8.250%		CA - 75.00%		Paid Off - 360		01-Dec-2004

1941955 2			101,500.00		101,348.36			02-May-2005		10.850%		MI - 70.00%		Paid Off - 360		01-Jan-2005

1942098 2			252,000.00		249,012.78			03-May-2005		7.250%		AZ - 80.00%		Paid Off - 360		01-Dec-2004

1944556 1			120,760.00		120,732.63			28-Apr-2005		6.125%		WA - 80.00%		Paid Off - 300		01-Dec-2004

1000015227 1			242,250.00		241,202.47			02-May-2005		7.800%		CA - 85.00%		Paid Off - 360		01-Nov-2004

1000034144 1			300,000.00		298,443.41			19-Apr-2005		6.800%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1000038907 1			106,000.00		105,589.65			10-May-2005		7.350%		FL - 55.79%		Paid Off - 360		01-Dec-2004

1000043214 1			162,500.00		161,946.12			02-Mar-2005		8.725%		CA - 72.22%		Paid Off - 360		01-Nov-2004




Page 21 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1000046373 1			176,000.00		175,386.13			18-Apr-2005		8.350%		CA - 100.00%		Paid Off - 360		01-Dec-2004


1000048246 1			123,300.00		122,804.81			15-Apr-2005		8.600%		FL - 90.00%		Paid Off - 360		01-Nov-2004

1000048362 1			114,750.00		114,235.70			22-Apr-2005		6.600%		CA - 55.98%		Paid Off - 360		01-Nov-2004

1000049548 1			160,000.00		159,059.11			04-May-2005		6.450%		FL - 72.73%		Paid Off - 360		01-Dec-2004

1000053462 1			104,999.00		104,189.49			10-May-2005		5.990%		CA - 24.14%		Paid Off - 360		01-Dec-2004

1000054130 1			213,750.00		213,006.97			25-Apr-2005		7.890%		CA - 75.00%		Paid Off - 360		01-Dec-2004

1000055111 1			290,000.00		288,795.14			05-May-2005		6.990%		CA - 48.33%		Paid Off - 360		01-Dec-2004

1000056129 1			223,100.00		222,339.92			10-May-2005		7.990%		NV - 84.98%		Paid Off - 360		01-Dec-2004

1000057878 1			244,800.00		244,008.65			26-Apr-2005		8.250%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1000060061 1			207,400.00		206,456.76			02-May-2005		6.800%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1000062327 2			207,200.00		206,365.70			21-Apr-2005		7.150%		FL - 80.00%		Paid Off - 360		01-Dec-2004

1000064922 1			273,233.00		272,077.65			18-Apr-2005		6.900%		NV - 80.00%		Paid Off - 360		01-Dec-2004

1000069133 1			160,000.00		159,655.08			19-Apr-2005		10.200%		FL - 69.57%		Paid Off - 360		01-Dec-2004

1000071031 2			400,000.00		398,100.66			26-Apr-2005		6.300%		FL - 47.06%		Paid Off - 360		01-Dec-2004

1000072147 1			224,000.00		223,069.33			02-May-2005		6.990%		CA - 78.60%		Paid Off - 360		01-Dec-2004

1000076820 1			80,000.00		79,818.13			11-May-2005		9.950%		AZ - 80.00%		Paid Off - 360		01-Dec-2004

1000079364 2			215,000.00		214,063.95			29-Apr-2005		6.750%		CA - 73.93%		Paid Off - 360		01-Dec-2004

1000106110 2			142,000.00		141,412.26			22-Apr-2005		7.990%		FL - 61.74%		Paid Off - 360		01-Jan-2005

1000112586 2			143,991.00		143,649.03			04-May-2005		8.650%		FL - 89.99%		Paid Off - 360		01-Jan-2005

1000122307 2			125,600.00		125,600.00			09-May-2005		6.850%		GA - 80.00%		Paid Off - 360		01-Dec-2004



TOTAL			39,499,254.00		39,352,141.75



Page 22 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


Current




Number of Loans Liquidated										0		0		0
Collateral Principal Realized Loss/(Gain) Amount										0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00

Cumulative




Number of Loans Liquidated										0		0		0
Collateral Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00










Page 23 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution


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										0.00%		0.00%		0.00%
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										0.00%		0.00%		0.00%
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										0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation										0.00%		0.00%		0.00%


Loss Severity Approximation for Current Period										0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation										0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation										0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off										0.00%		0.00%		0.00%












Page 24 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution





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 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative

&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)





TOTAL



Page 26 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS

										Group 2		Group 1		Total
						Trigger Event in effect (0=No , 1=Yes)								0
						Stepdown Date has occurred (0 = No, 1=Yes)								0
						60+ Day Rolling Delinquency Percentage								0.44160700
						Class A-2A Accelerated Event Occured (0 = No, 1=Yes)								0
						Ending Balance								1,388,354,440.80
						Prior period Senior Enhancement Percentage								19.2500%
						Class A-2A Accelerated Amortization Amount
						Sequential Trigger Event in effect (0=No , 1=Yes)								0



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

										Group 2		Group 1		Total
Basis Risk CarryForward Amount paid														$0.00
Basis Risk CarryForward Amount unpaid														$0.000
Excess Reserve Fund Account Balance														0.00




Page 27 of 28
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

May 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION

										Group 2		Group 1		Total
Current Scheduled Payments										5,789,729.72		3,874,622.44		9,664,352.15
Current Scheduled Payments 1 Month Prior										5,984,006.82		4,008,845.30		9,992,852.13
Current Scheduled Payments 2 Month Prior										6,091,852.63		4,076,576.66		10,168,429.29
Current Scheduled Payments 3 Month Prior										0.00		0.00		0.00
Current Scheduled Payments 4 Month Prior										0.00		0.00		0.00
Current Scheduled Payments 5 Month Prior										0.00		0.00		0.00
Current Scheduled Payments 6 Month Prior										0.00		0.00		0.00
Current Scheduled Payments 7 Month Prior										0.00		0.00		0.00
Current Scheduled Payments 8 Month Prior										0.00		0.00		0.00
Current Scheduled Payments 9 Month Prior										0.00		0.00		0.00
Current Scheduled Payments 10 Month Prior										0.00		0.00		0.00
Current Scheduled Payments 11 Month Prior										0.00		0.00		0.00
Sched. Payments for 60+Day Delinquent Loans										67,113.25		40,922.89		108,036.14
Sched. Pmts - 60+Day Delinquent Loans, 1 Month Prior										43,014.68		19,054.49		62,069.17
Sched. Pmts - 60+Day Delinquent Loans, 2 Month Prior										1,286.06		1,923.17		3,209.24
Sched. Pmts - 60+Day Delinquent Loans, 3 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 4 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 5 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 6 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 7 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 8 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 9 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 10 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 11 Month Prior										0.00		0.00		0.00




Page 28 of 28

Morgan Stanley ABS Capital I Inc. Trust 2005-NC1 8-K