                                    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
                     January 1, 2005, providing for the issuance of Morgan Stanley
          Home Equity Loan Trust, Mortgage Pass-Through Certificates Series 2005-1)
                      (Exact name of registrant as specified in charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-113543-24                        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 Home Equity Loan Trust, Mortgage Pass-Through Certificates Series 2005-1,
     which was made on January 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 Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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					22
										11. Realized Loss Detail Report					25
				Servicer(s)
										12. Triggers and Adj. Cert. Report					26
				Chase Securities, Inc
										13. Other Related Information					27
				HomeQ Servicing Corp.



				Underwriter(s)
				Morgan Stanley
				Utendahl Capital Partners, L.P.


										Total Number of Pages					27


				Dates						Contacts

				Cut-Off Date:			January 01, 2005			Marion Hogan
				Close Date:			January 28, 2005			Administrator
				First Distribution Date:			February 25, 2005			(714) 247-6282
										marion.c.hogan@db.com

										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
				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 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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/STP/WAC	$	293,823,000.00		277,126,662.49		759,788.93		7,991,311.46		8,751,100.39		0.00		0.00		269,135,351.03

A-1MZ	FLT/STP/WAC	$	73,456,000.00		69,281,901.41		191,102.58		1,997,834.67		2,188,937.25		0.00		0.00		67,284,066.74
A-2A	FLT/STP/WAC	$	161,866,000.00		132,498,758.95		346,705.09		10,106,166.00		10,452,871.09		0.00		0.00		122,392,592.95
A-2B	FLT/STP/WAC	$	180,000,000.00		180,000,000.00		484,500.00		0.00		484,500.00		0.00		0.00		180,000,000.00
A-2C	FLT/STP/WAC	$	35,000,000.00		35,000,000.00		98,291.66		0.00		98,291.66		0.00		0.00		35,000,000.00
M-1	SUB/FLT/WAC	$	30,569,000.00		30,569,000.00		88,395.36		0.00		88,395.36		0.00		0.00		30,569,000.00
M-2	SUB/FLT/WAC	$	27,831,000.00		27,831,000.00		80,941.83		0.00		80,941.83		0.00		0.00		27,831,000.00
M-3	SUB/FLT/WAC	$	17,794,000.00		17,794,000.00		52,492.30		0.00		52,492.30		0.00		0.00		17,794,000.00
M-4	SUB/FLT/WAC	$	15,512,000.00		15,512,000.00		48,087.20		0.00		48,087.20		0.00		0.00		15,512,000.00
M-5	SUB/FLT/WAC	$	14,600,000.00		14,600,000.00		45,868.33		0.00		45,868.33		0.00		0.00		14,600,000.00
M-6	SUB/FLT/WAC	$	13,232,000.00		13,232,000.00		42,673.20		0.00		42,673.20		0.00		0.00		13,232,000.00
B-1	SUB/FLT/WAC	$	11,862,000.00		11,862,000.00		42,703.20		0.00		42,703.20		0.00		0.00		11,862,000.00
B-2	SUB/FLT/WAC	$	7,756,000.00		7,756,000.00		28,697.20		0.00		28,697.20		0.00		0.00		7,756,000.00
B-3	SUB/FLT/WAC	$	9,126,000.00		9,126,000.00		40,458.60		0.00		40,458.60		0.00		0.00		9,126,000.00
X	SUB/FLT/WAC	$	20,075,053.00		20,075,045.17		2,528,670.41		0.00		2,528,670.41		0.00		0.00		20,075,045.17
UT-R	RES	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
P	EXE	$	0.00		0.00		521,291.93		0.00		521,291.93		0.00		0.00		0.00

Total			912,502,053.00		862,264,368.02		5,400,667.82		20,095,312.13		25,495,979.95		0.00		0.00		842,169,055.89





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		61744CKZ8		293,823,000.00		943.175526		2.585873		27.197706		29.783579	915.977820
A-1MZ	04/25/05		05/24/05		A-Act/360		61744CLA2		73,456,000.00		943.175526		2.601593		27.197706		29.799298	915.977820
A-2A	04/25/05		05/24/05		A-Act/360		61744CLB0		161,866,000.00		818.570663		2.141927		62.435385		64.577311	756.135278
A-2B	04/25/05		05/24/05		A-Act/360		61744CLC8		180,000,000.00		1,000.000000		2.691667		0.000000		2.691667	1,000.000000
A-2C	04/25/05		05/24/05		A-Act/360		61744CLD6		35,000,000.00		1,000.000000		2.808333		0.000000		2.808333	1,000.000000
M-1	04/25/05		05/24/05		A-Act/360		61744CLE4		30,569,000.00		1,000.000000		2.891667		0.000000		2.891667	1,000.000000
M-2	04/25/05		05/24/05		A-Act/360		61744CLF1		27,831,000.00		1,000.000000		2.908334		0.000000		2.908334	1,000.000000
M-3	04/25/05		05/24/05		A-Act/360		61744CLG9		17,794,000.00		1,000.000000		2.950000		0.000000		2.950000	1,000.000000
M-4	04/25/05		05/24/05		A-Act/360		61744CLH7		15,512,000.00		1,000.000000		3.100000		0.000000		3.100000	1,000.000000
M-5	04/25/05		05/24/05		A-Act/360		61744CLJ3		14,600,000.00		1,000.000000		3.141666		0.000000		3.141666	1,000.000000
M-6	04/25/05		05/24/05		A-Act/360		61744CLK0		13,232,000.00		1,000.000000		3.225000		0.000000		3.225000	1,000.000000
B-1	04/25/05		05/24/05		A-Act/360		61744CLL8		11,862,000.00		1,000.000000		3.600000		0.000000		3.600000	1,000.000000
B-2	04/25/05		05/24/05		A-Act/360		61744CLM6		7,756,000.00		1,000.000000		3.700000		0.000000		3.700000	1,000.000000
B-3	04/25/05		05/24/05		A-Act/360		61744CLN4		9,126,000.00		1,000.000000		4.433333		0.000000		4.433333	1,000.000000
X	04/25/05		05/24/05		A-Act/360		MS05X1101		20,075,053.00		999.999610		125.960834		0.000000		125.960834	999.999610
UT-R	04/25/05		05/24/05		A-30/360		MS05X1103		0.00		0.000000		0.000000		0.000000		0.000000	0.000000
P	04/25/05		05/24/05		A-30/360		MS05X1102		0.00		0.000000		0.000000		0.000000		0.000000	0.000000



Page 2 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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	293,823,000.00		2,828,984.05		23,969,824.30		717,824.67		24,687,648.97		27,516,633.02		0.00		0.00		269,135,351.03
A-1MZ	73,456,000.00		711,898.06		5,992,476.47		179,456.78		6,171,933.26		6,883,831.32		0.00		0.00		67,284,066.74
A-2A	161,866,000.00		1,387,898.77		38,313,797.26		1,159,609.79		39,473,407.05		40,861,305.82		0.00		0.00		122,392,592.95
A-2B	180,000,000.00		1,746,825.00		0.00		0.00		0.00		1,746,825.00		0.00		0.00		180,000,000.00
A-2C	35,000,000.00		355,585.40		0.00		0.00		0.00		355,585.40		0.00		0.00		35,000,000.00
M-1	30,569,000.00		320,503.24		0.00		0.00		0.00		320,503.24		0.00		0.00		30,569,000.00
M-2	27,831,000.00		293,605.46		0.00		0.00		0.00		293,605.46		0.00		0.00		27,831,000.00
M-3	17,794,000.00		190,610.82		0.00		0.00		0.00		190,610.82		0.00		0.00		17,794,000.00
M-4	15,512,000.00		175,240.36		0.00		0.00		0.00		175,240.36		0.00		0.00		15,512,000.00
M-5	14,600,000.00		167,309.91		0.00		0.00		0.00		167,309.91		0.00		0.00		14,600,000.00
M-6	13,232,000.00		155,933.60		0.00		0.00		0.00		155,933.60		0.00		0.00		13,232,000.00
B-1	11,862,000.00		157,136.91		0.00		0.00		0.00		157,136.91		0.00		0.00		11,862,000.00
B-2	7,756,000.00		105,769.22		0.00		0.00		0.00		105,769.22		0.00		0.00		7,756,000.00
B-3	9,126,000.00		150,552.39		0.00		0.00		0.00		150,552.39		0.00		0.00		9,126,000.00
X	20,075,053.00		11,391,376.85		7.53		0.31		7.83		11,391,384.68		0.00		0.00		20,075,045.17
UT-R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
P	0.00		1,468,451.22		0.00		0.00		0.00		1,468,451.22		0.00		0.00		0.00

Total	912,502,053.00		21,607,681.26		68,276,105.56		2,056,891.55		70,332,997.11		91,940,678.37		0.00		0.00		842,169,055.89


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	3.29000%		277,126,662.49		759,788.93		0.00		0.00		0.00		759,788.93		759,788.93		0.00
A-1MZ	3.31000%		69,281,901.41		191,102.58		0.00		0.00		0.00		191,102.58		191,102.58		0.00
A-2A	3.14000%		132,498,758.95		346,705.09		0.00		0.00		0.00		346,705.09		346,705.09		0.00
A-2B	3.23000%		180,000,000.00		484,500.00		0.00		0.00		0.00		484,500.00		484,500.00		0.00
A-2C	3.37000%		35,000,000.00		98,291.67		0.00		0.00		0.00		98,291.67		98,291.66		0.00
M-1	3.47000%		30,569,000.00		88,395.36		0.00		0.00		0.00		88,395.36		88,395.36		0.00
M-2	3.49000%		27,831,000.00		80,941.83		0.00		0.00		0.00		80,941.83		80,941.83		0.00
M-3	3.54000%		17,794,000.00		52,492.30		0.00		0.00		0.00		52,492.30		52,492.30		0.00
M-4	3.72000%		15,512,000.00		48,087.20		0.00		0.00		0.00		48,087.20		48,087.20		0.00
M-5	3.77000%		14,600,000.00		45,868.33		0.00		0.00		0.00		45,868.33		45,868.33		0.00
M-6	3.87000%		13,232,000.00		42,673.20		0.00		0.00		0.00		42,673.20		42,673.20		0.00
B-1	4.32000%		11,862,000.00		42,703.20		0.00		0.00		0.00		42,703.20		42,703.20		0.00
B-2	4.44000%		7,756,000.00		28,697.20		0.00		0.00		0.00		28,697.20		28,697.20		0.00
B-3	5.32000%		9,126,000.00		40,458.60		0.00		0.00		0.00		40,458.60		40,458.60		0.00
X	151.15306%		20,075,045.17		0.00		0.00		0.00		0.00		0.00		2,528,670.41		0.00
UT-R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
P	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		521,291.93		0.00

Total			862,264,368.02		2,350,705.49		0.00		0.00		0.00		2,350,705.49		5,400,667.82		0.00



Page 3 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution
Collection Account Report
SUMMARY

										Group 2		Group 1		Total
Principal Collections										10,106,166.00		9,989,146.13		20,095,312.13
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										10,106,166.00		9,989,146.13		20,095,312.13
Interest Collections										2,460,865.85		2,485,569.81		4,946,435.66
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Other Accounts										0.00		0.00		521,291.93
Interest Fees										-33,694.07		-33,365.70		-67,059.77
TOTAL NET INTEREST										2,427,171.77		2,452,204.12		5,400,667.82
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										12,533,337.77		12,441,350.25		25,495,979.95



PRINCIPAL - COLLECTIONS

											Group 2		Group 1		Total
Scheduled Principal Received											256,431.01		244,353.58		500,784.59
Prepayments In Full											9,403,677.61		9,702,412.05		19,106,089.66
Curtailments											446,057.38		42,380.50		488,437.88
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											-213,762.43		-206,518.37		-420,280.80
Advanced Principal											213,762.43		206,518.37		420,280.80
TOTAL PRINCIPAL COLLECTED											10,106,166.00		9,989,146.13		20,095,312.13


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 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution

INTEREST - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Interest										2,609,292.17		2,632,953.30		5,242,245.47
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										-12,779.32		-12,635.80		-25,415.12
Compensating Interest										12,779.32		12,635.80		25,415.12
Delinquent Interest										-2,154,181.26		-2,177,406.10		-4,331,587.36
Interest Advanced										2,005,754.93		2,030,022.60		4,035,777.53
TOTAL INTEREST COLLECTED										2,460,865.85		2,485,569.81		4,946,435.66


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														521,291.93
TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		521,291.93



INTEREST - FEES

										Group 2		Group 1		Total
Current Servicing Fees										31,890.90		31,576.10		63,467.00
Current Trustee Fees										1,803.17		1,789.60		3,592.77
TOTAL INTEREST OTHER FEES										33,694.07		33,365.70		67,059.77




Page 5 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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														20,075,045.17
Overcollateralization Target Amount														20,075,045.17
Overcollateralization Deficiency Amount														0.00
Overcollateralization Release Amount														0.00




Page 6 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										2,955		3,568		6,523
Prior										2,800		3,446		6,246
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-59		-58		-117
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										2,741		3,388		6,129
Principal Balance:


Original										461,996,371.69		449,845,887.51		911,842,259.20
Prior										432,761,351.18		429,503,016.84		862,264,368.02
Prefunding										0.00		0.00		0.00
Scheduled Principal										-256,431.01		-244,353.58		-500,784.59
Partial Prepayments										-446,057.38		-42,380.50		-488,437.88
Full Voluntary Prepayments										-9,403,677.61		-9,702,412.05		-19,106,089.66
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										422,655,185.18		419,513,870.71		842,169,055.89





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution

CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Coupon Original										7.23097%		7.35011%		7.28975%
Weighted Average Coupon Prior										7.24909%		7.36407%		7.30609%
Weighted Average Coupon Current										7.23528%		7.36488%		7.29983%
Weighted Average Months to Maturity Original										351		345		348
Weighted Average Months to Maturity Prior										349		343		346
Weighted Average Months to Maturity Current										348		342		345
Weighted Avg Remaining Amortization Term Original										351		345		348
Weighted Avg Remaining Amortization Term Prior										349		343		346
Weighted Avg Remaining Amortization Term Current										348		342		345
Weighted Average Seasoning Original										4.99		4.95		4.97
Weighted Average Seasoning Prior										6.98		6.94		6.96
Weighted Average Seasoning Current										7.98		7.94		7.96









Page 8 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution

ARM CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Margin Original										6.59175%		6.54028%		6.56751%
Weighted Average Margin Prior										6.58492%		6.53604%		6.56178%
Weighted Average Margin Current										6.56838%		6.53099%		6.55059%
Weighted Average Max Rate Original										13.92543%		13.84364%		13.88691%
Weighted Average Max Rate Prior										13.92410%		13.83898%		13.88380%
Weighted Average Max Rate Current										13.90757%		13.83640%		13.87372%
Weighted Average Min Rate Original										7.15325%		7.11240%		7.13401%
Weighted Average Min Rate Prior										7.15137%		7.10887%		7.13125%
Weighted Average Min Rate Current										7.13971%		7.10503%		7.12321%
Weighted Average Cap Up Original										1.06895%		1.05995%		1.06471%
Weighted Average Cap Up Prior										1.07080%		1.05974%		1.06557%
Weighted Average Cap Up Current										1.07265%		1.06008%		1.06667%
Weighted Average Cap Down Original										1.06895%		1.05995%		1.06471%
Weighted Average Cap Down Prior										1.07080%		1.05974%		1.06557%
Weighted Average Cap Down Current										1.07265%		1.06008%		1.06667%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										31,890.90		31,576.10		63,467.00
Delinquent Servicing Fees										148,426.33		147,383.49		295,809.82
TOTAL SERVICING FEES										180,317.23		178,959.60		359,276.83


Compensating Interest										-12,779.32		-12,635.80		-25,415.12
Delinquent Servicing Fees										-148,426.33		-147,383.49		-295,809.82
COLLECTED SERVICING FEES										134,092.60		18,940.31		38,051.89


Aggregate Advances with respect to this Distribution										1,945,758.60		1,734,818.80		3,680,577.41





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Net Prepayment Interest Shortfall										0.00		0.00		0.00
Libor For Current Period														3.0200%
Libor For Next Period														3.0900%
Libor For Class A-3b for current Period




Page 9 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				10,102,370.38		2,242,850.15		955,807.95		13,301,028.48
			% Balance				1.20%		0.27%		0.11%		1.58%
			# Loans				85		17		11		113
			% # Loans				1.39%		0.28%		0.18%		1.84%
	FORECLOSURE		Balance		127,575.94		0.00		1,697,229.43		5,175,266.79		7,000,072.16
			% Balance		0.02%		0.00%		0.20%		0.61%		0.83%
			# Loans		1		0		12		34		47
			% # Loans		0.02%		0.00%		0.20%		0.55%		0.77%
	BANKRUPTCY		Balance		3,652,516.62		208,505.14		79,284.83		269,592.00		4,209,898.59
			% Balance		0.43%		0.02%		0.01%		0.03%		0.50%
			# Loans		30		2		1		2		35
			% # Loans		0.49%		0.03%		0.02%		0.03%		0.57%
	REO		Balance		0.00		0.00		0.00		173,435.59		173,435.59
			% Balance		0.00%		0.00%		0.00%		0.02%		0.02%
			# Loans		0		0		0		1		1
			% # Loans		0.00%		0.00%		0.00%		0.02%		0.02%
	TOTAL		Balance		3,780,092.56		10,310,875.52		4,019,364.41		6,574,102.33		24,684,434.82
			% Balance		0.45%		1.22%		0.48%		0.78%		2.93%
			# Loans		31		87		30		48		196
			% # Loans		0.51%		1.42%		0.49%		0.78%		3.20%









Page 10 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				5,647,014.30		508,934.40		572,850.63		6,728,799.33
			% Balance				1.35%		0.12%		0.14%		1.60%
			# Loans				47		8		6		61
			% # Loans				1.39%		0.24%		0.18%		1.80%
	FORECLOSURE		Balance		0.00		0.00		994,718.46		1,634,673.15		2,629,391.61
			% Balance		0.00%		0.00%		0.24%		0.39%		0.63%
			# Loans		0		0		6		11		17
			% # Loans		0.00%		0.00%		0.18%		0.32%		0.50%
	BANKRUPTCY		Balance		1,696,702.13		104,879.55		79,284.83		269,592.00		2,150,458.51
			% Balance		0.40%		0.03%		0.02%		0.06%		0.51%
			# Loans		15		1		1		2		19
			% # Loans		0.44%		0.03%		0.03%		0.06%		0.56%
	REO		Balance		0.00		0.00		0.00		173,435.59		173,435.59
			% Balance		0.00%		0.00%		0.00%		0.04%		0.04%
			# Loans		0		0		0		1		1
			% # Loans		0.00%		0.00%		0.00%		0.03%		0.03%
	TOTAL		Balance		1,696,702.13		5,751,893.85		1,582,937.69		2,650,551.37		11,682,085.04
			% Balance		0.40%		1.37%		0.38%		0.63%		2.78%
			# Loans		15		48		15		20		98
			% # Loans		0.44%		1.42%		0.44%		0.59%		2.89%










Page 11 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				4,455,356.08		1,733,915.75		382,957.32		6,572,229.15
			% Balance				1.05%		0.41%		0.09%		1.55%
			# Loans				38		9		5		52
			% # Loans				1.39%		0.33%		0.18%		1.90%
	FORECLOSURE		Balance		127,575.94		0.00		702,510.97		3,540,593.64		4,370,680.55
			% Balance		0.03%		0.00%		0.17%		0.84%		1.03%
			# Loans		1		0		6		23		30
			% # Loans		0.04%		0.00%		0.22%		0.84%		1.09%
	BANKRUPTCY		Balance		1,955,814.49		103,625.59		0.00		0.00		2,059,440.08
			% Balance		0.46%		0.02%		0.00%		0.00%		0.49%
			# Loans		15		1		0		0		16
			% # Loans		0.55%		0.04%		0.00%		0.00%		0.58%
	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		2,083,390.43		4,558,981.67		2,436,426.72		3,923,550.96		13,002,349.78
			% Balance		0.49%		1.08%		0.58%		0.93%		3.08%
			# Loans		16		39		15		28		98
			% # Loans		0.58%		1.42%		0.55%		1.02%		3.58%









Page 12 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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
322555038 1
			174,250.00		173,435.59		01-Nov-2004		8.800%		MI - 85.00%		360		01-Oct-2004



TOTAL			174,250.00		173,435.59



Page 13 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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
19143072 1
			96,000.00		95,039.13		01-Jan-2005		5.750%		NC - 80.00%		360		01-Sep-2004

19144708 1			231,200.00		229,655.12		01-Nov-2004		7.625%		RI - 80.00%		360		01-Sep-2004
19147768 1			284,800.00		284,800.00		01-Dec-2004		7.000%		CA - 80.00%		360		01-Oct-2004
19150846 1			132,800.00		131,973.97		01-Nov-2004		7.375%		WA - 80.00%		360		01-Oct-2004
19152719 1			243,000.00		241,792.70		01-Jan-2005		8.500%		FL - 90.00%		360		01-Oct-2004
19154616 1			73,500.00		73,113.57		01-Jan-2005		8.625%		UT - 70.00%		360		01-Oct-2004
322555772 1			147,200.00		146,596.58		01-Nov-2004		9.200%		CO - 80.00%		360		01-Oct-2004
322558024 1			98,400.00		97,971.98		01-Jan-2005		9.150%		TX - 80.00%		360		01-Oct-2004
322559865 1			146,371.00		145,700.71		01-Nov-2004		8.900%		MO - 88.93%		360		01-Oct-2004
322561820 1			220,000.00		220,000.00		01-Dec-2004		6.450%		CO - 80.00%		360		01-Oct-2004
322563156 1			147,900.00		146,719.41		01-Jan-2005		5.600%		KY - 85.00%		360		01-Nov-2004
322576406 1			342,000.00		340,081.67		01-Jan-2005		8.500%		MN - 90.00%		360		01-Sep-2004
322587635 1			85,000.00		84,429.97		01-Nov-2004		6.990%		PA - 85.00%		360		01-Oct-2004
322594680 1			150,000.00		148,752.82		01-Dec-2004		6.500%		WA - 80.00%		360		01-Sep-2004
322595125 1			131,000.00		130,400.68		01-Dec-2004		9.500%		TN - 100.00%		360		01-Sep-2004
322596040 1			90,800.00		89,785.18		01-Nov-2004		5.499%		AZ - 80.00%		360		01-Aug-2004
322596065 1			22,700.00		22,578.12		01-Nov-2004		9.250%		AZ - 20.00%		180		01-Aug-2004
19145556 2			240,000.00		237,333.11		01-Oct-2004		7.750%		CA - 60.00%		360		01-Sep-2004
19146182 2			128,000.00		127,430.06		01-Jan-2005		9.625%		IL - 80.00%		360		01-Sep-2004
19148543 2			468,000.00		468,000.00		01-Dec-2004		6.375%		CO - 90.00%		360		01-Oct-2004
19148824 2			55,350.00		55,079.33		01-Oct-2004		9.125%		IL - 90.00%		360		01-Oct-2004
19150044 2			167,000.00		165,935.52		01-Dec-2004		7.250%		FL - 83.92%		360		01-Oct-2004
19151075 2			189,000.00		188,012.36		01-Nov-2004		8.250%		CO - 90.00%		360		01-Oct-2004
19151703 2			85,000.00		84,628.32		01-Dec-2004		9.125%		KY - 85.00%		360		01-Oct-2004
19158518 2			241,200.00		239,741.33		01-Dec-2004		7.125%		UT - 80.00%		360		01-Nov-2004
19160043 2			87,200.00		86,676.07		01-Dec-2004		6.875%		PA - 80.00%		360		01-Nov-2004
322120106 2			66,000.00		65,553.37		01-Dec-2004		8.600%		OR - 80.00%		360		01-Jul-2004
322120437 2			61,200.00		60,576.54		01-Nov-2004		7.000%		IN - 90.00%		360		01-Jun-2004
322120536 2			86,400.00		85,686.32		01-Jan-2005		7.600%		IA - 90.00%		360		01-Jul-2004
322553454 2			75,650.00		75,268.30		01-Jan-2005		9.550%		MI - 85.00%		360		01-Aug-2004
322553470 2			98,440.00		98,040.91		01-Dec-2004		9.490%		TX - 80.00%		360		01-Oct-2004
322554353 2			128,000.00		127,575.94		01-Mar-2005		10.450%		MI - 80.00%		360		01-Oct-2004
322555574 2			193,500.00		192,508.85		01-Jan-2005		8.450%		IL - 90.00%		360		01-Oct-2004
322555681 2			336,000.00		333,680.54		01-Nov-2004		7.150%		IL - 80.00%		360		01-Oct-2004
322555723 2			256,500.00		255,384.26		01-Dec-2004		9.150%		OH - 90.00%		360		01-Oct-2004
322556358 2			143,764.00		143,764.00		01-Dec-2004		7.700%		TX - 80.00%		360		01-Oct-2004
322556598 2			138,700.00		138,065.10		01-Dec-2004		9.100%		MI - 95.00%		360		01-Oct-2004
322557463 2			77,940.00		77,576.07		01-Jan-2005		9.400%		MI - 90.00%		360		01-Sep-2004
322558800 2			74,955.00		74,705.48		01-Dec-2004		11.000%		TX - 95.00%		360		01-Sep-2004
322560038 2			152,450.00		151,737.49		01-Nov-2004		8.800%		MI - 89.15%		360		01-Oct-2004
322561648 2			123,500.00		122,757.91		01-Nov-2004		7.550%		IL - 95.00%		360		01-Oct-2004
322565219 2			198,000.00		196,798.44		01-Nov-2004		7.500%		CO - 90.00%		360		01-Oct-2004
322589888 2			83,000.00		82,443.45		01-Nov-2004		6.990%		IN - 76.85%		360		01-Oct-2004
322591116 2			120,000.00		119,216.18		01-Dec-2004		7.125%		ME - 80.00%		360		01-Oct-2004
322596438 2			92,800.00		92,028.24		01-Dec-2004		6.499%		UT - 80.00%		360		01-Sep-2004
322860040 2			144,800.00		144,041.37		01-Jan-2005		6.750%		OH - 80.00%		360		01-Dec-2004
322863168 2			80,750.00		80,435.69		01-Dec-2004		8.250%		NE - 95.00%		360		01-Dec-2004


TOTAL			7,035,770.00		7,000,072.16



Page 14 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										59		58		117
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										59		58		117
Curtailments Amount										446,057.38		42,380.50		488,437.88
Paid in Full Balance										9,403,677.61		9,702,412.05		19,106,089.66
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										9,849,734.99		9,744,792.55		19,594,527.54

Cumulative


Number of Paid in Full Loans										214		180		394
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										214		180		394
Paid in Full Balance										37,784,048.59		29,001,666.28		66,785,714.87
Repurchased Loans Balance										0.00		0.00		0.00
Curtailments Amount										500,125.62		330,471.27		830,596.89
Total Prepayment Amount										38,284,174.21		29,332,137.55		67,616,311.76










Page 15 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES


											Group 2		Group 1		Total



SMM										2.28%		2.27%		2.27%
3 Months Avg SMM										2.27%		1.92%		2.10%
12 Months Avg SMM										2.14%		1.67%		1.91%
Avg SMM Since Cut-off										2.14%		1.67%		1.91%


CPR										24.15%		24.09%		24.12%
3 Months Avg CPR										24.11%		20.72%		22.45%
12 Months Avg CPR										22.89%		18.34%		20.67%
Avg CPR Since Cut-off										22.89%		18.34%		20.67%


PSA										1,512.61%		1,517.40%		1,514.99%
3 Months Avg PSA Approximation										1,726.77%		1,492.63%		1,612.15%
12 Months Avg PSA Approximation										1,765.04%		1,423.30%		1,598.70%
Avg PSA Since Cut-off Approximation										1,765.04%		1,423.30%		1,598.70%










Page 16 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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

19142546 1			160,000.00		157,472.43			07-Apr-2005		5.125%		FL - 80.00%		Paid Off - 360		01-Jul-2004


19142660 1			288,000.00		288,000.00			28-Apr-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Jul-2004

19142843 1			237,750.00		235,712.37			21-Apr-2005		6.375%		CA - 75.00%		Paid Off - 360		01-Aug-2004

19143049 1			90,000.00		89,480.20			19-Apr-2005		7.750%		IL - 90.00%		Paid Off - 360		01-Sep-2004

19143783 2			151,300.00		150,671.75			28-Apr-2005		9.375%		IL - 85.00%		Paid Off - 360		01-Sep-2004

19144518 2			95,400.00		94,791.87			19-Apr-2005		7.250%		MI - 90.00%		Paid Off - 360		01-Sep-2004

19145291 2			371,200.00		369,671.96			21-Apr-2005		8.750%		IL - 80.00%		Paid Off - 360		01-Oct-2004

19145655 2			177,750.00		176,580.29			21-Apr-2005		7.375%		CA - 90.00%		Paid Off - 360		01-Sep-2004

19145887 2			156,000.00		154,904.11			20-Apr-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Sep-2004

19146018 1			300,000.00		300,000.00			07-Apr-2005		8.000%		CA - 80.00%		Paid Off - 360		01-Sep-2004

19146026 2			75,000.00		74,779.10			07-Apr-2005		11.000%		CA - 20.00%		Paid Off - 360		01-Sep-2004

19146653 1			156,000.00		154,956.43			29-Apr-2005		8.000%		FL - 80.00%		Paid Off - 360		01-Oct-2004

19148048 2			163,200.00		163,200.00			18-Apr-2005		7.750%		NV - 80.00%		Paid Off - 360		01-Oct-2004

19148055 1			40,800.00		40,690.42			18-Apr-2005		10.750%		NV - 20.00%		Paid Off - 360		01-Oct-2004

19148527 2			369,000.00		367,593.64			18-Apr-2005		9.125%		CA - 83.86%		Paid Off - 360		01-Oct-2004

19148717 2			126,000.00		125,380.92			26-Apr-2005		7.875%		LA - 90.00%		Paid Off - 360		01-Oct-2004

19148964 1			148,800.00		148,135.06			14-Apr-2005		8.375%		FL - 80.00%		Paid Off - 360		01-Oct-2004

19149103 2			168,000.00		166,939.87			19-Apr-2005		8.500%		FL - 80.00%		Paid Off - 360		01-Oct-2004

19149210 2			58,500.00		58,287.13			26-Apr-2005		9.500%		MI - 90.00%		Paid Off - 360		01-Oct-2004

19149665 1			308,750.00		308,750.00			20-Apr-2005		7.125%		CA - 95.00%		Paid Off - 360		01-Oct-2004

19149939 1			141,600.00		140,812.62			21-Apr-2005		7.250%		FL - 80.00%		Paid Off - 360		01-Oct-2004

19149954 1			75,000.00		74,612.51			04-Apr-2005		7.625%		FL - 50.00%		Paid Off - 360		01-Oct-2004

19150788 2			436,050.00		436,050.00			07-Apr-2005		6.625%		CA - 85.00%		Paid Off - 360		01-Oct-2004

19152735 2			108,800.00		108,224.04			20-Apr-2005		7.500%		IL - 85.00%		Paid Off - 360		01-Oct-2004

19152867 2			144,000.00		143,005.16			29-Apr-2005		6.125%		CA - 78.69%		Paid Off - 360		01-Oct-2004

19152875 2			160,000.00		159,030.64			29-Apr-2005		6.875%		NV - 65.31%		Paid Off - 360		01-Oct-2004

19153386 1			132,000.00		131,367.48			29-Apr-2005		8.000%		FL - 74.16%		Paid Off - 360		01-Oct-2004

19154194 1			240,000.00		238,461.19			29-Apr-2005		6.875%		MD - 64.17%		Paid Off - 360		01-Oct-2004

19154434 2			128,000.00		127,259.98			27-Apr-2005		7.375%		IL - 80.00%		Paid Off - 360		01-Oct-2004

19155001 2			400,000.00		397,775.71			28-Apr-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Oct-2004

19155050 2			152,000.00		151,420.70			04-Apr-2005		9.125%		CA - 79.87%		Paid Off - 360		01-Oct-2004

19155704 1			92,000.00		91,475.91			13-Apr-2005		6.625%		FL - 80.00%		Paid Off - 360		01-Nov-2004

19155712 1			23,000.00		22,635.84			13-Apr-2005		9.625%		FL - 20.00%		Paid Off - 180		01-Nov-2004

19156686 1			344,000.00		344,000.00			21-Apr-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Nov-2004

19156694 2			86,000.00		85,831.10			21-Apr-2005		11.500%		CA - 20.00%		Paid Off - 360		01-Nov-2004

19157478 1			160,000.00		159,392.77			26-Apr-2005		7.625%		IL - 78.43%		Paid Off - 360		01-Nov-2004

19158377 2			108,000.00		107,843.45			19-Apr-2005		12.875%		CA - 20.00%		Paid Off - 360		01-Nov-2004




Page 18 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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

19159086 1			144,000.00		143,073.95			29-Apr-2005		7.250%		FL - 81.82%		Paid Off - 360		01-Nov-2004


19159540 2			167,250.00		166,415.35			26-Apr-2005		7.000%		IL - 75.00%		Paid Off - 360		01-Nov-2004

19159581 1			50,000.00		49,805.40			04-Apr-2005		8.250%		IA - 81.97%		Paid Off - 360		01-Nov-2004

19159953 1			79,450.00		79,216.98			20-Apr-2005		9.625%		WI - 84.97%		Paid Off - 360		01-Nov-2004

19160803 2			183,000.00		182,151.54			28-Apr-2005		7.375%		IL - 66.30%		Paid Off - 360		01-Nov-2004

19161009 1			200,000.00		199,160.49			04-Apr-2005		7.875%		CA - 57.31%		Paid Off - 360		01-Nov-2004

322243247 1			198,000.00		196,609.09			19-Apr-2005		6.750%		CA - 90.00%		Paid Off - 360		01-Sep-2004

322243379 1			312,300.00		310,106.11			02-May-2005		6.750%		CA - 90.00%		Paid Off - 360		01-Sep-2004

322244229 2			146,700.00		145,715.72			09-May-2005		7.750%		AZ - 90.00%		Paid Off - 360		01-Sep-2004

322244401 2			141,048.00		140,128.88			29-Apr-2005		7.900%		MO - 88.71%		Paid Off - 360		01-Sep-2004

322244450 1			71,200.00		70,866.33			21-Apr-2005		9.550%		OH - 80.00%		Paid Off - 360		01-Sep-2004

322244559 1			272,650.00		270,310.46			21-Apr-2005		6.900%		AZ - 95.00%		Paid Off - 360		01-Jul-2004

322245754 1			101,200.00		100,861.10			19-Apr-2005		10.400%		MI - 80.00%		Paid Off - 360		01-Sep-2004

322553710 1			234,400.00		233,004.38			05-May-2005		6.900%		IL - 80.00%		Paid Off - 360		01-Oct-2004

322554809 2			68,000.00		67,720.05			02-May-2005		8.750%		TX - 79.07%		Paid Off - 360		01-Oct-2004

322555194 1			201,150.00		199,812.87			26-Apr-2005		7.550%		CA - 90.00%		Paid Off - 360		01-Oct-2004

322555541 2			131,750.00		130,924.22			10-May-2005		7.500%		MN - 85.00%		Paid Off - 360		01-Oct-2004

322556085 1			150,400.00		150,400.00			25-Apr-2005		7.850%		AZ - 80.00%		Paid Off - 360		01-Sep-2004

322557430 2			175,000.00		173,885.18			04-May-2005		6.550%		WA - 80.65%		Paid Off - 360		01-Oct-2004

322557489 1			177,600.00		177,142.48			13-May-2005		7.100%		CA - 80.00%		Paid Off - 360		01-Sep-2004

322557653 1			100,000.00		99,999.33			28-Apr-2005		6.400%		IL - 80.00%		Paid Off - 360		01-Aug-2004

322557661 1			102,726.00		102,399.10			28-Apr-2005		9.990%		AZ - 80.00%		Paid Off - 360		01-Oct-2004

322557828 1			152,000.00		151,146.43			26-Apr-2005		7.200%		MO - 80.00%		Paid Off - 360		01-Oct-2004

322558222 2			47,920.00		47,784.57			10-May-2005		10.550%		IA - 80.00%		Paid Off - 360		01-Oct-2004

322560152 2			256,000.00		254,952.03			03-May-2005		8.000%		WI - 80.00%		Paid Off - 360		01-Nov-2004

322560244 1			53,600.00		53,401.69			05-May-2005		8.500%		MI - 80.00%		Paid Off - 360		01-Nov-2004

322560632 2			114,300.00		113,884.99			02-May-2005		8.650%		IA - 90.00%		Paid Off - 360		01-Nov-2004

322560764 2			204,000.00		202,982.55			03-May-2005		7.800%		CA - 85.00%		Paid Off - 360		01-Oct-2004

322561093 1			175,250.00		174,532.62			09-May-2005		8.000%		IL - 89.87%		Paid Off - 360		01-Nov-2004

322561366 1			97,200.00		96,884.77			13-May-2005		9.900%		MO - 80.00%		Paid Off - 360		01-Oct-2004

322561473 1			307,342.00		305,837.91			29-Apr-2005		7.100%		CA - 80.00%		Paid Off - 360		01-Nov-2004

322562331 1			316,800.00		315,107.87			27-Apr-2005		6.650%		IL - 80.00%		Paid Off - 360		01-Nov-2004

322563289 1			152,100.00		148,259.07			27-Apr-2005		6.400%		CA - 65.00%		Paid Off - 360		01-Oct-2004

322563685 1			246,905.00		245,648.88			27-Apr-2005		7.700%		IL - 95.00%		Paid Off - 360		01-Oct-2004

322564261 1			233,750.00		233,720.88			22-Apr-2005		7.500%		CA - 85.00%		Paid Off - 360		01-Oct-2004

322565151 1			319,200.00		319,172.10			02-May-2005		6.850%		CA - 80.00%		Paid Off - 360		01-Nov-2004

322569146 2			149,600.00		148,924.09			26-Apr-2005		7.500%		PA - 85.00%		Paid Off - 360		01-Nov-2004

322569328 1			233,750.00		230,701.07			02-May-2005		6.550%		NY - 85.00%		Paid Off - 360		01-Nov-2004




Page 19 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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

322569344 2			227,500.00		227,500.00			18-Apr-2005		7.350%		CA - 70.00%		Paid Off - 360		28-Sep-2004


322569393 1			116,000.00		115,520.34			21-Apr-2005		7.950%		MD - 80.00%		Paid Off - 360		01-Nov-2004

322571704 1			56,000.00		55,844.97			04-May-2005		9.900%		CA - 20.00%		Paid Off - 180		01-Nov-2004

322571738 1			234,866.00		234,866.00			06-May-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322572702 2			108,800.00		108,014.40			21-Apr-2005		7.650%		MI - 80.00%		Paid Off - 360		01-Oct-2004

322572710 2			27,200.00		27,122.13			21-Apr-2005		10.500%		MI - 20.00%		Paid Off - 180		01-Oct-2004

322573536 1			192,000.00		192,000.00			09-May-2005		6.990%		MN - 80.00%		Paid Off - 360		01-Nov-2004

322573890 2			48,000.00		47,905.53			09-May-2005		11.490%		MN - 20.00%		Paid Off - 180		01-Nov-2004

322574286 1			104,000.00		103,465.60			10-May-2005		6.850%		MD - 80.00%		Paid Off - 360		01-Nov-2004

322575267 2			211,500.00		210,280.15			29-Apr-2005		6.250%		MS - 90.00%		Paid Off - 360		01-Nov-2004

322577628 2			187,920.00		186,963.97			02-May-2005		7.700%		IL - 80.00%		Paid Off - 360		01-Oct-2004

322579442 2			133,264.00		132,879.31			20-Apr-2005		9.700%		CO - 80.00%		Paid Off - 360		01-Nov-2004

322580127 1			305,010.00		305,010.00			18-Apr-2005		6.350%		CA - 90.00%		Paid Off - 360		01-Nov-2004

322580804 1			218,400.00		217,099.67			02-May-2005		6.900%		MD - 80.00%		Paid Off - 360		01-Oct-2004

322580846 2			170,000.00		169,035.80			03-May-2005		7.150%		VA - 66.67%		Paid Off - 360		01-Oct-2004

322581240 1			161,500.00		160,500.50			26-Apr-2005		6.700%		CT - 85.00%		Paid Off - 360		01-Oct-2004

322585944 1			307,700.00		307,499.75			26-Apr-2005		5.990%		CA - 85.00%		Paid Off - 360		01-Oct-2004

322586272 1			69,300.00		68,977.10			13-May-2005		7.350%		WI - 90.00%		Paid Off - 360		01-Nov-2004

322586470 2			100,300.00		99,798.73			05-May-2005		7.790%		FL - 85.00%		Paid Off - 360		01-Oct-2004

322588393 2			178,500.00		177,424.75			19-Apr-2005		6.840%		VA - 85.00%		Paid Off - 360		01-Oct-2004

322588401 2			211,650.00		210,273.16			19-Apr-2005		7.150%		MD - 85.00%		Paid Off - 360		01-Sep-2004

322588476 2			107,100.00		106,253.71			09-May-2005		7.640%		FL - 90.00%		Paid Off - 360		01-Oct-2004

322588575 2			116,000.00		115,216.52			02-May-2005		6.970%		CA - 58.00%		Paid Off - 360		01-Sep-2004

322590241 2			280,000.00		278,033.04			25-Apr-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Sep-2004

322590985 1			75,000.00		74,521.91			20-Apr-2005		7.250%		ME - 53.76%		Paid Off - 360		01-Sep-2004

322591710 2			76,000.00		75,551.89			10-May-2005		6.950%		OH - 80.00%		Paid Off - 360		01-Oct-2004

322591728 2			19,000.00		18,944.46			10-May-2005		10.390%		OH - 20.00%		Paid Off - 180		01-Oct-2004

322593625 1			92,000.00		91,557.09			20-Apr-2005		7.990%		AZ - 81.42%		Paid Off - 360		01-Oct-2004

322594086 2			138,600.00		138,135.72			25-Apr-2005		10.875%		AZ - 90.00%		Paid Off - 360		01-Sep-2004

322594730 1			40,500.00		40,360.02			27-Apr-2005		10.250%		PA - 90.00%		Paid Off - 360		01-Sep-2004

322597147 2			261,750.00		261,749.95			28-Apr-2005		5.250%		CA - 80.00%		Paid Off - 360		01-Sep-2004

322858598 1			132,000.00		131,325.00			25-Apr-2005		6.875%		CA - 80.00%		Paid Off - 360		01-Nov-2004

322858606 2			33,000.00		32,905.74			25-Apr-2005		9.750%		CA - 20.00%		Paid Off - 180		01-Nov-2004

322859604 2			96,000.00		96,000.00			29-Apr-2005		7.249%		NM - 80.00%		Paid Off - 360		01-Dec-2004

322860271 2			336,000.00		335,600.00			27-Apr-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Dec-2004

322860578 2			42,000.00		41,473.02			26-Apr-2005		8.750%		CA - 10.00%		Paid Off - 180		01-Dec-2004

322860966 2			193,850.00		193,850.00			28-Apr-2005		6.625%		FL - 80.00%		Paid Off - 360		01-Dec-2004

322861097 2			320,000.00		320,000.00			26-Apr-2005		6.500%		MD - 80.00%		Paid Off - 360		01-Dec-2004




Page 20 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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

322862319 2			96,000.00		95,740.64			05-May-2005		9.125%		NM - 80.00%		Paid Off - 360		01-Dec-2004


322862467 2			219,580.00		219,513.27			22-Apr-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Dec-2004

322862806 2			83,200.00		82,801.13			03-May-2005		6.250%		FL - 80.00%		Paid Off - 360		01-Dec-2004

322863523 1			20,800.00		20,727.51			03-May-2005		7.875%		FL - 20.00%		Paid Off - 180		01-Dec-2004



TOTAL			19,187,231.00		19,106,089.66



Page 21 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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 22 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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 23 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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 24 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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 25 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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
						Three Month Rolling Average 60+ days Delinquent								7,636,494.54
						Ending Balance								842,169,055.89
						Prior Period Senior Enhancement Percentage								19.5250%



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														0.00
Excess Reserve Fund Account Balance														0.00




Page 26 of 27
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

May 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION

										Group 2		Group 1		Total
Current Scheduled Payments										2,865,723.19		2,877,306.88		5,743,030.07
Current Scheduled Payments 1 Month Prior										2,956,160.53		2,940,412.33		5,896,572.87
Current Scheduled Payments 2 Month Prior										3,006,355.10		2,981,915.28		5,988,270.38
Current Scheduled Payments 3 Month Prior										3,056,508.59		3,009,910.77		6,066,419.36
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										61,871.21		43,155.77		105,026.98
Sched. Pmts - 60+Day Delinquent Loans, 1 Month Prior										37,065.80		23,723.46		60,789.26
Sched. Pmts - 60+Day Delinquent Loans, 2 Month Prior										19,115.08		19,088.24		38,203.32
Sched. Pmts - 60+Day Delinquent Loans, 3 Month Prior										3,729.06		1,769.77		5,498.83
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 27 of 27

Filing Compare · Morgan Stanley Home Equity Loan Trust 2005-1