

                                    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): July 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
     July 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:  Jul 27, 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 July 25, 2005.



Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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					16
										9. Prepayment Detail Report					19

										10. Realized Loss Report					26
										11. Realized Loss Detail Report					29
				Servicer(s)
										12. Triggers and Adj. Cert. Report					30
				HomeQ Servicing Corp.
										13. Other Related Information					31
				New Century Mortgage Corporation

				Chase Home Finance LLC


				Underwriter(s)
				Morgan Stanley


										Total Number of Pages					31


				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:			July 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			June 30, 2005
										Main Phone Number:			(714) 247-6000

							July 22, 2005


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






Page 1 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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		364,354,923.39		1,066,776.97		20,981,352.53		22,048,129.50		0.00		0.00		343,373,570.86

A-1MZ	FLT/STEP/WA	$	58,255,000.00		49,684,917.34		139,287.03		2,861,102.46		3,000,389.49		0.00		0.00		46,823,814.88
A-2A	FLT/STEP/WA	$	366,000,000.00		281,699,301.97		750,279.80		27,365,553.18		28,115,832.98		0.00		0.00		254,333,748.79
A-2B	FLT/STEP/WA	$	170,000,000.00		170,000,000.00		466,001.36		0.00		466,001.36		0.00		0.00		170,000,000.00
A-2C	FLT/STEP/WA	$	117,449,000.00		117,449,000.00		337,478.74		0.00		337,478.74		0.00		0.00		117,449,000.00
A-2MZ	FLT/STEP/WA	$	89,107,000.00		77,611,409.22		217,576.34		3,731,679.67		3,949,256.01		0.00		0.00		73,879,729.55
M-1	FLT/STEP/WA	$	46,596,000.00		46,596,000.00		136,063.74		0.00		136,063.74		0.00		0.00		46,596,000.00
M-2	FLT/STEP/WA	$	30,813,000.00		30,813,000.00		90,695.19		0.00		90,695.19		0.00		0.00		30,813,000.00
M-3	FLT/STEP/WA	$	21,794,000.00		21,794,000.00		64,826.64		0.00		64,826.64		0.00		0.00		21,794,000.00
M-4	FLT/STEP/WA	$	34,571,000.00		34,571,000.00		107,403.11		0.00		107,403.11		0.00		0.00		34,571,000.00
M-5	FLT/STEP/WA	$	22,546,000.00		22,546,000.00		70,921.35		0.00		70,921.35		0.00		0.00		22,546,000.00
M-6	FLT/STEP/WA	$	15,783,000.00		15,783,000.00		50,138.49		0.00		50,138.49		0.00		0.00		15,783,000.00
B-1	FLT/STEP/WA	$	23,297,000.00		23,297,000.00		82,706.06		0.00		82,706.06		0.00		0.00		23,297,000.00
B-2	FLT/STEP/WA	$	12,777,000.00		12,777,000.00		45,856.17		0.00		45,856.17		0.00		0.00		12,777,000.00
B-3	FLT/STEP/WA	$	19,540,000.00		19,540,000.00		80,766.77		0.00		80,766.77		0.00		0.00		19,540,000.00
X	EXE	$	47,346,958.00		47,346,924.53		3,708,696.91		0.00		3,708,696.91		0.00		0.00		47,346,924.53
P	EXE	$	0.00		0.00		987,134.14		0.00		987,134.14		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		1,335,863,476.45		8,402,608.81		54,939,687.84		63,342,296.65		0.00		0.00		1,280,923,788.61





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	06/27/05		07/24/05		A-Act/360		61744CMD5		427,202,000.00		852.886745		2.497125		49.113423		51.610548	803.773322
A-1MZ	06/27/05		07/24/05		A-Act/360		61744CME3		58,255,000.00		852.886745		2.390988		49.113423		51.504411	803.773322
A-2A	06/27/05		07/24/05		A-Act/360		61744CMF0		366,000,000.00		769.670224		2.049945		74.769271		76.819216	694.900953
A-2B	06/27/05		07/24/05		A-Act/360		61744CMG8		170,000,000.00		1,000.000000		2.741184		0.000000		2.741184	1,000.000000
A-2C	06/27/05		07/24/05		A-Act/360		61744CMH6		117,449,000.00		1,000.000000		2.873407		0.000000		2.873407	1,000.000000
A-2MZ	06/27/05		07/24/05		A-Act/360		61744CMJ2		89,107,000.00		870.991159		2.441742		41.878637		44.320379	829.112523
M-1	06/27/05		07/24/05		A-Act/360		61744CMK9		46,596,000.00		1,000.000000		2.920073		0.000000		2.920073	1,000.000000
M-2	06/27/05		07/24/05		A-Act/360		61744CML7		30,813,000.00		1,000.000000		2.943407		0.000000		2.943407	1,000.000000
M-3	06/27/05		07/24/05		A-Act/360		61744CMM5		21,794,000.00		1,000.000000		2.974518		0.000000		2.974518	1,000.000000
M-4	06/27/05		07/24/05		A-Act/360		61744CMN3		34,571,000.00		1,000.000000		3.106740		0.000000		3.106740	1,000.000000
M-5	06/27/05		07/24/05		A-Act/360		61744CMP8		22,546,000.00		1,000.000000		3.145629		0.000000		3.145629	1,000.000000
M-6	06/27/05		07/24/05		A-Act/360		61744CMQ6		15,783,000.00		1,000.000000		3.176740		0.000000		3.176740	1,000.000000
B-1	06/27/05		07/24/05		A-Act/360		61744CMR4		23,297,000.00		1,000.000000		3.550073		0.000000		3.550073	1,000.000000
B-2	06/27/05		07/24/05		A-Act/360		61744CMS2		12,777,000.00		1,000.000000		3.588962		0.000000		3.588962	1,000.000000
B-3	06/27/05		07/24/05		A-Act/360		61744CMT0		19,540,000.00		1,000.000000		4.133407		0.000000		4.133407	1,000.000000
X	06/27/05		07/24/05		A-Act/360		MS05C1101		47,346,958.00		999.999293		78.330205		0.000000		78.330205	999.999293
P	06/25/05		07/24/05		MS05C1102		0.00		0.000000		0.000000		0.000000		0.000000		0.000000
R	06/25/05		07/24/05		MS05C1103		0.00		0.000000		0.000000		0.000000		0.000000		0.000000



Page 2 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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		5,708,433.35		81,784,722.62		2,043,706.52		83,828,429.14		89,536,862.49		0.00		0.00		343,373,570.86
A-1MZ	58,255,000.00		742,053.92		11,152,496.99		278,688.12		11,431,185.12		12,173,239.04		0.00		0.00		46,823,814.88
A-2A	366,000,000.00		4,177,558.68		108,830,293.66		2,835,957.55		111,666,251.21		115,843,809.89		0.00		0.00		254,333,748.79
A-2B	170,000,000.00		2,263,940.25		0.00		0.00		0.00		2,263,940.25		0.00		0.00		170,000,000.00
A-2C	117,449,000.00		1,647,296.08		0.00		0.00		0.00		1,647,296.08		0.00		0.00		117,449,000.00
A-2MZ	89,107,000.00		1,138,074.00		14,840,547.58		386,722.87		15,227,270.45		16,365,344.45		0.00		0.00		73,879,729.55
M-1	46,596,000.00		665,187.21		0.00		0.00		0.00		665,187.21		0.00		0.00		46,596,000.00
M-2	30,813,000.00		443,726.58		0.00		0.00		0.00		443,726.58		0.00		0.00		30,813,000.00
M-3	21,794,000.00		317,479.64		0.00		0.00		0.00		317,479.64		0.00		0.00		21,794,000.00
M-4	34,571,000.00		528,093.77		0.00		0.00		0.00		528,093.77		0.00		0.00		34,571,000.00
M-5	22,546,000.00		349,101.42		0.00		0.00		0.00		349,101.42		0.00		0.00		22,546,000.00
M-6	15,783,000.00		247,013.89		0.00		0.00		0.00		247,013.89		0.00		0.00		15,783,000.00
B-1	23,297,000.00		411,206.70		0.00		0.00		0.00		411,206.70		0.00		0.00		23,297,000.00
B-2	12,777,000.00		228,183.96		0.00		0.00		0.00		228,183.96		0.00		0.00		12,777,000.00
B-3	19,540,000.00		405,955.79		0.00		0.00		0.00		405,955.79		0.00		0.00		19,540,000.00
X	47,346,958.00		20,431,645.64		31.90		1.57		33.47		20,431,679.12		0.00		0.00		47,346,924.53
P	0.00		3,238,816.46		0.00		0.00		0.00		3,238,816.46		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		42,943,767.34		216,608,092.75		5,545,076.63		222,153,169.39		265,096,936.74		0.00		0.00		1,280,923,788.61


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	3.76438%		364,354,923.39		1,066,776.97		0.00		0.00		0.00		1,066,776.97		1,066,776.97		0.00
A-1MZ	3.60438%		49,684,917.34		139,287.03		0.00		0.00		0.00		139,287.03		139,287.03		0.00
A-2A	3.42438%		281,699,301.97		750,279.80		0.00		0.00		0.00		750,279.80		750,279.80		0.00
A-2B	3.52438%		170,000,000.00		466,001.36		0.00		0.00		0.00		466,001.36		466,001.36		0.00
A-2C	3.69438%		117,449,000.00		337,478.74		0.00		0.00		0.00		337,478.74		337,478.74		0.00
A-2MZ	3.60438%		77,611,409.22		217,576.34		0.00		0.00		0.00		217,576.34		217,576.34		0.00
M-1	3.75438%		46,596,000.00		136,063.74		0.00		0.00		0.00		136,063.74		136,063.74		0.00
M-2	3.78438%		30,813,000.00		90,695.19		0.00		0.00		0.00		90,695.19		90,695.19		0.00
M-3	3.82438%		21,794,000.00		64,826.64		0.00		0.00		0.00		64,826.64		64,826.64		0.00
M-4	3.99438%		34,571,000.00		107,403.11		0.00		0.00		0.00		107,403.11		107,403.11		0.00
M-5	4.04438%		22,546,000.00		70,921.35		0.00		0.00		0.00		70,921.35		70,921.35		0.00
M-6	4.08438%		15,783,000.00		50,138.49		0.00		0.00		0.00		50,138.49		50,138.49		0.00
B-1	4.56438%		23,297,000.00		82,706.06		0.00		0.00		0.00		82,706.06		82,706.06		0.00
B-2	4.61438%		12,777,000.00		45,856.17		0.00		0.00		0.00		45,856.17		45,856.17		0.00
B-3	5.31438%		19,540,000.00		80,766.77		0.00		0.00		0.00		80,766.77		80,766.77		0.00
X	100.71033%		47,346,924.53		0.00		0.00		0.00		0.00		0.00		3,708,696.91		0.00
P	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		987,134.14		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			1,335,863,476.45		3,706,777.76		0.00		0.00		0.00		3,706,777.76		8,402,608.81		0.00



Page 3 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution
Collection Account Report
SUMMARY

										Group 2		Group 1		Total
Principal Collections										31,097,232.85		23,842,454.99		54,939,687.84
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										31,097,232.85		23,842,454.99		54,939,687.84
Interest Collections										4,528,629.29		2,958,286.42		7,486,915.72
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Other Accounts										0.00		0.00		987,134.14
Interest Fees										-42,238.03		-29,203.00		-71,441.04
TOTAL NET INTEREST										4,486,391.26		2,929,083.42		8,402,608.82
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										35,583,624.11		26,771,538.41		63,342,296.66



PRINCIPAL - COLLECTIONS

											Group 2		Group 1		Total
Scheduled Principal Received											624,356.50		429,236.92		1,053,593.42
Prepayments In Full											30,463,504.20		23,375,128.34		53,838,632.54
Curtailments											9,372.15		38,089.73		47,461.88
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											-570,150.98		-390,933.00		-961,083.98
Advanced Principal											570,150.98		390,933.00		961,083.98
TOTAL PRINCIPAL COLLECTED											31,097,232.85		23,842,454.99		54,939,687.84


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 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution

INTEREST - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Interest										4,827,209.52		3,148,214.61		7,975,424.13
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										-18,716.85		-17,716.27		-36,433.12
Compensating Interest										18,716.85		17,716.27		36,433.11
Delinquent Interest										-4,262,412.04		-2,750,885.82		-7,013,297.86
Interest Advanced										3,963,831.82		2,560,957.63		6,524,789.45
TOTAL INTEREST COLLECTED										4,528,629.29		2,958,286.42		7,486,915.72


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														987,134.14
TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		987,134.14



INTEREST - FEES

										Group 2		Group 1		Total
Current Servicing Fees										40,205.32		27,896.06		68,101.37
Current Trustee Fees										2,032.71		1,306.95		3,339.66
TOTAL INTEREST OTHER FEES										42,238.03		29,203.00		71,441.04




Page 5 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										4,605		3,475		8,080
Prior										4,232		3,143		7,375
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-134		-118		-252
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										4,098		3,025		7,123
Principal Balance:


Original										908,881,228.02		594,195,102.67		1,503,076,330.69
Prior										813,085,308.51		522,778,167.59		1,335,863,476.10
Prefunding										0.00		0.00		0.00
Scheduled Principal										-624,356.50		-429,236.92		-1,053,593.42
Partial Prepayments										-9,372.15		-38,089.73		-47,461.88
Full Voluntary Prepayments										-30,463,504.20		-23,375,128.34		-53,838,632.54
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										781,988,075.66		498,935,712.60		1,280,923,788.26





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution

CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Coupon Original										7.14706%		7.26679%		7.19439%
Weighted Average Coupon Prior										7.13155%		7.24050%		7.17461%
Weighted Average Coupon Current										7.12428%		7.22779%		7.16479%
Weighted Average Months to Maturity Original										350		348		349
Weighted Average Months to Maturity Prior										346		344		345
Weighted Average Months to Maturity Current										345		343		344
Weighted Avg Remaining Amortization Term Original										350		348		349
Weighted Avg Remaining Amortization Term Prior										346		344		345
Weighted Avg Remaining Amortization Term Current										345		343		344
Weighted Average Seasoning Original										4.12		4.16		4.14
Weighted Average Seasoning Prior										7.11		7.15		7.13
Weighted Average Seasoning Current										8.11		8.15		8.13









Page 8 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution

ARM CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Margin Original										5.50782%		5.57735%		5.53501%
Weighted Average Margin Prior										5.51255%		5.57514%		5.53699%
Weighted Average Margin Current										5.51120%		5.56746%		5.53297%
Weighted Average Max Rate Original										14.21385%		14.41241%		14.29151%
Weighted Average Max Rate Prior										14.19688%		14.38319%		14.26964%
Weighted Average Max Rate Current										14.18961%		14.37152%		14.25999%
Weighted Average Min Rate Original										7.22109%		7.41792%		7.29807%
Weighted Average Min Rate Prior										7.20314%		7.38851%		7.27553%
Weighted Average Min Rate Current										7.19621%		7.37652%		7.26597%
Weighted Average Cap Up Original										1.51524%		1.50331%		1.51057%
Weighted Average Cap Up Prior										1.51197%		1.50349%		1.50866%
Weighted Average Cap Up Current										1.51139%		1.50399%		1.50853%
Weighted Average Cap Down Original										1.51524%		1.50331%		1.51057%
Weighted Average Cap Down Prior										1.51197%		1.50349%		1.50866%
Weighted Average Cap Down Current										1.51139%		1.50399%		1.50853%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										40,205.32		27,896.06		68,101.37
Delinquent Servicing Fees										298,580.22		189,928.18		488,508.40
TOTAL SERVICING FEES										338,785.56		217,824.24		556,609.80


Compensating Interest										-18,716.85		-17,716.27		-36,433.11
Delinquent Servicing Fees										-298,580.22		-189,928.18		-488,508.40
COLLECTED SERVICING FEES										156,399.70		10,179.79		31,668.27


Aggregate Advances with respect to this Distribution										3,260,224.97		2,075,762.35		5,335,987.32





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Net Prepayment Interest Shortfall										0.00		0.00		0.00
Libor For Current Period														3.31438000%




Page 9 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				27,792,299.99		4,993,559.30		2,071,253.27		34,857,112.56
			% Balance				2.17%		0.39%		0.16%		2.72%
			# Loans				170		27		13		210
			% # Loans				2.39%		0.38%		0.18%		2.95%
	FORECLOSURE		Balance		362,097.22		249,559.00		5,834,940.65		10,209,434.05		16,656,030.92
			% Balance		0.03%		0.02%		0.46%		0.80%		1.30%
			# Loans		3		1		27		61		92
			% # Loans		0.04%		0.01%		0.38%		0.86%		1.29%
	BANKRUPTCY		Balance		4,720,557.63		425,459.24		321,320.97		216,985.09		5,684,322.93
			% Balance		0.37%		0.03%		0.03%		0.02%		0.44%
			# Loans		28		2		3		3		36
			% # Loans		0.39%		0.03%		0.04%		0.04%		0.51%
	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		5,082,654.85		28,467,318.23		11,149,820.92		12,497,672.41		57,197,466.41
			% Balance		0.40%		2.22%		0.87%		0.98%		4.47%
			# Loans		31		173		57		77		338
			% # Loans		0.44%		2.43%		0.80%		1.08%		4.75%









Page 10 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				11,289,553.68		773,839.02		638,211.18		12,701,603.88
			% Balance				2.26%		0.16%		0.13%		2.55%
			# Loans				71		6		5		82
			% # Loans				2.35%		0.20%		0.17%		2.71%
	FORECLOSURE		Balance		250,396.28		0.00		1,826,206.40		4,759,617.22		6,836,219.90
			% Balance		0.05%		0.00%		0.37%		0.95%		1.37%
			# Loans		2		0		11		28		41
			% # Loans		0.07%		0.00%		0.36%		0.93%		1.36%
	BANKRUPTCY		Balance		1,875,245.57		0.00		82,409.01		67,604.13		2,025,258.71
			% Balance		0.38%		0.00%		0.02%		0.01%		0.41%
			# Loans		12		0		1		1		14
			% # Loans		0.40%		0.00%		0.03%		0.03%		0.46%
	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		2,125,641.85		11,289,553.68		2,682,454.43		5,465,432.53		21,563,082.49
			% Balance		0.43%		2.26%		0.54%		1.10%		4.32%
			# Loans		14		71		18		34		137
			% # Loans		0.46%		2.35%		0.60%		1.12%		4.53%










Page 11 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				16,502,746.31		4,219,720.28		1,433,042.09		22,155,508.68
			% Balance				2.11%		0.54%		0.18%		2.83%
			# Loans				99		21		8		128
			% # Loans				2.42%		0.51%		0.20%		3.12%
	FORECLOSURE		Balance		111,700.94		249,559.00		4,008,734.25		5,449,816.83		9,819,811.02
			% Balance		0.01%		0.03%		0.51%		0.70%		1.26%
			# Loans		1		1		16		33		51
			% # Loans		0.02%		0.02%		0.39%		0.81%		1.24%
	BANKRUPTCY		Balance		2,845,312.06		425,459.24		238,911.96		149,380.96		3,659,064.22
			% Balance		0.36%		0.05%		0.03%		0.02%		0.47%
			# Loans		16		2		2		2		22
			% # Loans		0.39%		0.05%		0.05%		0.05%		0.54%
	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		2,957,013.00		17,177,764.55		8,467,366.49		7,032,239.88		35,634,383.92
			% Balance		0.38%		2.20%		1.08%		0.90%		4.56%
			# Loans		17		102		39		43		201
			% # Loans		0.41%		2.49%		0.95%		1.05%		4.90%









Page 12 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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
1674415 1
			158,000.00		157,226.81		01-Feb-2005		8.575%		WA - 83.16%		360		01-Dec-2004

1773944 1			111,094.00		110,446.62		01-Mar-2005		8.500%		MI - 87.34%		360		01-Nov-2004
1794720 1			85,500.00		85,058.98		01-Feb-2005		8.400%		KS - 89.06%		360		01-Dec-2004
1833854 1			65,600.00		65,268.98		01-Feb-2005		8.425%		NC - 80.00%		360		01-Dec-2004
1835247 1			323,000.00		321,785.31		01-Feb-2005		9.850%		NY - 85.00%		360		01-Dec-2004
1835253 1			254,150.00		252,821.83		01-Jan-2005		8.250%		OR - 85.00%		360		01-Dec-2004
1836595 1			165,750.00		165,079.38		01-Feb-2005		9.500%		IL - 85.00%		360		01-Dec-2004
1840028 1			123,200.00		122,664.02		01-Jan-2005		9.150%		AK - 80.00%		360		01-Dec-2004
1847221 1			79,600.00		79,235.42		01-Mar-2005		8.900%		MI - 80.00%		360		01-Dec-2004
1851659 1			187,500.00		186,653.84		01-Mar-2005		8.990%		VA - 75.00%		360		01-Dec-2004
1857044 1			195,000.00		193,851.13		01-Jun-2005		7.650%		NV - 65.00%		360		01-Dec-2004
1860471 1			122,550.00		121,971.25		01-Feb-2005		8.750%		NY - 95.00%		360		01-Dec-2004
1864801 1			73,875.00		73,370.79		01-Jan-2005		6.900%		OR - 75.00%		360		01-Dec-2004
1870704 1			64,000.00		63,751.56		01-Jan-2005		9.700%		ME - 59.26%		360		01-Dec-2004
1874934 1			157,000.00		155,768.86		01-Feb-2005		6.175%		CA - 52.33%		360		01-Dec-2004
1875816 1			301,750.00		299,559.72		01-Nov-2004		6.580%		CA - 85.00%		360		01-Dec-2004
1878555 1			99,450.00		99,007.14		01-Feb-2005		9.625%		CT - 65.00%		360		01-Nov-2004
1884122 1			56,800.00		56,545.15		01-Jun-2005		9.000%		MI - 80.00%		360		01-Dec-2004
1885766 1			174,250.00		173,300.91		01-Mar-2005		8.100%		MN - 85.00%		360		01-Dec-2004
1886820 1			328,000.00		326,215.59		01-Feb-2005		8.050%		CA - 80.00%		360		01-Dec-2004
1888782 1			81,000.00		80,682.33		01-Feb-2005		9.650%		LA - 90.00%		360		01-Dec-2004
1892722 1			171,000.00		170,167.42		01-Mar-2005		8.600%		CA - 60.00%		360		01-Dec-2004
1895342 1			292,000.00		289,628.85		01-Dec-2004		5.990%		CA - 80.00%		360		01-Dec-2004
1898891 1			272,000.00		269,332.06		01-Mar-2005		6.275%		TX - 80.00%		360		01-Dec-2004
1900207 1			97,720.00		97,006.54		01-Feb-2005		6.550%		MN - 80.00%		360		01-Dec-2004
1900375 1			65,700.00		65,411.19		01-Feb-2005		9.100%		MI - 90.00%		360		01-Dec-2004
1900610 1			55,300.00		54,999.10		01-Feb-2005		8.050%		MS - 70.00%		360		01-Dec-2004
1901992 1			181,300.00		180,380.76		01-Mar-2005		8.400%		MI - 70.00%		360		01-Dec-2004
1904424 1			156,000.00		154,955.83		01-Feb-2005		7.000%		RI - 80.00%		360		01-Dec-2004
1905635 1			322,000.00		319,447.96		01-Mar-2005		6.750%		CA - 69.10%		360		01-Nov-2004
1907894 1			103,000.00		102,309.29		01-Mar-2005		6.990%		NM - 91.15%		360		01-Dec-2004
1908973 1			63,900.00		63,569.41		01-Jan-2005		8.300%		IN - 90.00%		360		01-Dec-2004
1909538 1			209,600.00		208,377.06		01-Jan-2005		7.700%		MD - 80.00%		360		01-Dec-2004
1912138 1			83,200.00		82,807.11		01-Mar-2005		8.750%		TX - 80.00%		360		01-Dec-2004
1913384 1			135,200.00		135,200.00		01-Feb-2005		8.000%		MI - 80.00%		360		01-Dec-2004
1915274 1			200,000.00		200,000.00		01-Jan-2005		6.850%		NV - 80.00%		360		01-Dec-2004
1924176 1			212,500.00		211,442.06		01-Feb-2005		8.490%		NY - 85.00%		360		01-Dec-2004
1926647 1			153,000.00		152,125.01		01-Mar-2005		7.800%		CA - 90.00%		360		01-Dec-2004
1929649 1			227,000.00		225,450.86		01-Feb-2005		6.900%		CA - 89.02%		360		01-Dec-2004
1000054844 1			339,200.00		336,459.45		01-Jan-2005		6.650%		FL - 80.00%		360		01-Nov-2004
1000075091 1			328,500.00		326,884.32		01-Jan-2005		8.550%		FL - 90.00%		360		01-Dec-2004
1659937 2			294,500.00		291,890.63		01-Mar-2005		7.850%		CO - 95.00%		360		01-Aug-2004
1719694 2			108,000.00		107,879.90		01-Feb-2005		9.500%		IL - 80.00%		360		01-Nov-2004
1789987 2			512,000.00		508,566.46		01-Mar-2005		6.990%		MI - 80.00%		360		01-Dec-2004
1813035 2			194,400.00		194,400.00		01-Feb-2005		8.100%		CO - 90.00%		360		01-Oct-2004
1816179 2			540,000.00		536,722.90		01-Mar-2005		7.500%		NY - 75.52%		360		01-Dec-2004
1819190 2			135,440.00		134,313.79		01-Feb-2005		6.500%		TX - 80.00%		360		01-Nov-2004
1821993 2			118,400.00		117,965.27		01-Feb-2005		10.075%		IL - 80.00%		360		01-Dec-2004
1831988 2			380,000.00		378,430.32		01-Dec-2004		9.400%		OH - 80.00%		360		01-Dec-2004


Page 14 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution

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
1833696 2
			105,000.00		104,613.29		01-Jan-2005		9.950%		MO - 75.00%		360		01-Dec-2004

1836402 2			248,245.00		246,795.10		01-Dec-2004		8.300%		TX - 91.94%		360		01-Nov-2004
1836871 2			168,000.00		166,819.88		01-Mar-2005		7.050%		RI - 80.00%		360		01-Dec-2004
1839168 2			166,500.00		165,655.86		01-Dec-2004		8.400%		MI - 90.00%		360		01-Dec-2004
1850545 2			293,600.00		291,589.16		01-Feb-2005		7.500%		IL - 80.00%		360		01-Nov-2004
1853078 2			174,400.00		173,502.27		01-Feb-2005		8.325%		GA - 80.00%		360		01-Dec-2004
1856026 2			301,500.00		299,706.05		01-Jan-2005		7.600%		NY - 90.00%		360		01-Dec-2004
1862689 2			238,000.00		236,597.82		01-Jan-2005		7.650%		MI - 85.00%		360		01-Dec-2004
1866225 2			136,000.00		135,115.92		01-Feb-2005		7.150%		OH - 80.00%		360		01-Dec-2004
1866526 2			176,792.00		175,686.94		01-Mar-2005		7.350%		NV - 80.00%		360		01-Dec-2004
1871959 2			91,000.00		90,552.43		01-Mar-2005		8.550%		LA - 61.49%		360		01-Dec-2004
1873000 2			73,600.00		73,166.34		01-Feb-2005		7.650%		TX - 80.00%		360		01-Dec-2004
1875545 2			164,000.00		163,004.66		01-Feb-2005		7.500%		MN - 80.00%		360		01-Dec-2004
1884303 2			52,650.00		52,441.67		01-Feb-2005		10.450%		NE - 65.00%		360		01-Dec-2004
1884771 2			218,500.00		216,855.21		01-Feb-2005		6.390%		CA - 65.22%		360		01-Dec-2004
1886068 2			52,000.00		51,782.91		01-Jan-2005		9.350%		FL - 80.00%		360		01-Dec-2004
1888777 2			106,250.00		105,640.96		01-Mar-2005		7.788%		NV - 85.00%		360		01-Dec-2004
1889030 2			184,500.00		183,079.46		01-Feb-2005		6.900%		CO - 90.00%		360		01-Nov-2004
1894307 2			589,500.00		586,260.86		01-Mar-2005		8.000%		MA - 90.00%		360		01-Dec-2004
1900087 2			67,200.00		66,823.26		01-Feb-2005		7.900%		TX - 80.00%		360		01-Dec-2004
1901842 2			140,800.00		139,777.00		01-Feb-2005		6.575%		NH - 80.00%		360		01-Dec-2004
1902033 2			249,559.00		249,559.00		01-Apr-2005		6.825%		IL - 80.00%		360		01-Dec-2004
1904317 2			424,400.00		424,400.00		01-Mar-2005		5.700%		CA - 80.00%		360		01-Dec-2004
1907679 2			94,500.00		93,940.47		01-Jan-2005		7.625%		DC - 90.00%		360		01-Dec-2004
1907804 2			50,000.00		48,801.41		01-Mar-2005		7.850%		NC - 79.37%		180		01-Dec-2004
1907854 2			233,750.00		232,842.56		01-Jan-2005		9.700%		OK - 85.00%		360		01-Dec-2004
1909347 2			400,000.00		397,270.26		01-Dec-2004		6.900%		NY - 80.00%		360		01-Dec-2004
1909621 2			116,000.00		115,520.84		01-Mar-2005		9.400%		CO - 80.00%		360		01-Dec-2004
1912709 2			96,000.00		95,595.16		01-Dec-2004		9.300%		IN - 80.00%		360		01-Dec-2004
1918148 2			113,600.00		113,063.53		01-Jan-2005		8.750%		MI - 80.00%		360		01-Dec-2004
1928214 2			122,550.00		122,065.78		01-Dec-2004		8.950%		MN - 95.00%		360		01-Jan-2005
1929723 2			221,000.00		219,658.77		01-Mar-2005		7.500%		MI - 85.00%		360		01-Dec-2004
1936171 2			154,400.00		154,362.51		01-Feb-2005		5.800%		CO - 80.00%		360		01-Dec-2004
1941558 2			80,000.00		79,489.05		01-Feb-2005		7.240%		IL - 55.17%		360		01-Dec-2004
1942424 2			295,800.00		294,678.44		01-Jan-2005		9.150%		MA - 85.00%		360		01-Jan-2005
1942780 2			78,000.00		77,631.60		01-Mar-2005		8.750%		TN - 100.00%		360		01-Dec-2004
1948430 2			113,900.00		113,419.65		01-Jan-2005		9.300%		TX - 85.00%		360		01-Dec-2004
1000031147 2			112,300.00		111,700.94		01-May-2005		8.150%		AL - 89.13%		360		01-Dec-2004
1000072325 2			95,000.00		94,546.79		01-Mar-2005		8.700%		FL - 50.53%		360		01-Dec-2004
1000093936 2			117,325.00		116,837.07		01-Feb-2005		8.700%		IN - 95.00%		360		01-Jan-2005
1000096087 2			380,210.00		378,275.60		01-Mar-2005		7.700%		MI - 89.06%		360		01-Jan-2005
1000098101 2			103,500.00		102,757.09		01-Feb-2005		6.650%		OH - 90.00%		360		01-Dec-2004
1000099752 2			188,715.00		187,758.18		01-Mar-2005		8.400%		MN - 90.00%		360		01-Dec-2004


TOTAL			16,746,475.00		16,656,030.92


Page 15 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										134		118		252
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										134		118		252
Curtailments Amount										9,372.15		38,089.73		47,461.88
Paid in Full Balance										30,463,504.20		23,375,128.34		53,838,632.54
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										30,472,876.35		23,413,218.07		53,886,094.42

Cumulative


Number of Paid in Full Loans										506		445		951
Number of Repurchased Loans										1		5		6
Total Number of Loans Prepaid in Full										507		450		957
Paid in Full Balance										123,025,465.72		91,303,502.14		214,328,967.86
Repurchased Loans Balance										361,184.88		1,399,270.78		1,760,455.66
Curtailments Amount										240,589.80		277,452.48		518,042.28
Total Prepayment Amount										123,627,240.40		92,980,225.40		216,607,465.80










Page 16 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES


											Group 2		Group 1		Total



SMM										3.75%		4.48%		4.04%
3 Months Avg SMM										3.16%		4.03%		3.50%
12 Months Avg SMM										2.89%		3.36%		3.07%
Avg SMM Since Cut-off										2.89%		3.36%		3.07%


CPR										36.79%		42.32%		39.01%
3 Months Avg CPR										32.01%		38.94%		34.82%
12 Months Avg CPR										29.66%		33.61%		31.24%
Avg CPR Since Cut-off										29.66%		33.61%		31.24%


PSA										2,267.49%		2,597.01%		2,400.21%
3 Months Avg PSA Approximation										2,249.54%		2,723.30%		2,442.41%
12 Months Avg PSA Approximation										2,424.80%		2,732.03%		2,547.99%
Avg PSA Since Cut-off Approximation										2,424.80%		2,732.03%		2,547.99%










Page 17 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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 18 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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

1606532 2			198,000.00		196,364.54			30-Jun-2005		7.600%		FL - 90.00%		Paid Off - 360		01-Aug-2004


1655409 2			194,000.00		192,267.29			30-Jun-2005		7.200%		CA - 71.85%		Paid Off - 360		01-Aug-2004

1670535 1			140,000.00		139,231.06			30-Jun-2005		7.313%		NJ - 50.00%		Paid Off - 360		01-Dec-2004

1671929 2			439,800.00		439,800.00			22-Jun-2005		5.850%		CA - 79.99%		Paid Off - 360		01-Dec-2004

1736853 2			441,000.00		438,401.90			28-Jun-2005		7.650%		NJ - 90.00%		Paid Off - 360		01-Nov-2004

1756221 1			308,000.00		305,708.02			24-Jun-2005		6.450%		CA - 72.47%		Paid Off - 360		01-Nov-2004

1765143 1			188,000.00		186,653.61			22-Jun-2005		6.650%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1789609 1			314,499.00		312,703.95			24-Jun-2005		8.850%		CA - 85.00%		Paid Off - 360		01-Oct-2004

1808918 2			150,000.00		149,080.61			12-Jul-2005		7.450%		IL - 78.95%		Paid Off - 360		01-Nov-2004

1810088 1			282,088.00		280,202.88			29-Jun-2005		6.300%		CA - 79.74%		Paid Off - 360		01-Dec-2004

1815475 2			183,750.00		182,725.08			30-Jun-2005		7.925%		NJ - 75.00%		Paid Off - 360		01-Nov-2004

1818329 1			151,650.00		150,559.16			28-Jun-2005		7.250%		AZ - 81.97%		Paid Off - 360		01-Oct-2004

1820562 2			216,000.00		214,933.38			28-Jun-2005		7.850%		NJ - 90.00%		Paid Off - 360		01-Dec-2004

1821155 1			468,000.00		465,237.03			29-Jun-2005		6.950%		HI - 90.00%		Paid Off - 360		01-Dec-2004

1821208 1			165,750.00		164,703.78			16-Jun-2005		7.300%		NJ - 85.00%		Paid Off - 360		01-Nov-2004

1832017 1			351,200.00		351,199.80			30-Jun-2005		7.000%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1834930 2			181,300.00		180,637.00			28-Jun-2005		9.325%		NJ - 70.00%		Paid Off - 360		01-Dec-2004

1835879 1			235,000.00		233,587.19			27-Jun-2005		6.850%		CA - 73.44%		Paid Off - 360		01-Dec-2004

1837034 2			179,250.00		178,373.67			30-Jun-2005		7.900%		RI - 75.00%		Paid Off - 360		01-Dec-2004

1838068 2			199,600.00		198,408.13			30-Jun-2005		7.000%		NJ - 80.00%		Paid Off - 360		01-Dec-2004

1840134 1			164,000.00		162,791.19			13-Jul-2005		6.500%		CA - 84.10%		Paid Off - 360		01-Nov-2004

1842323 1			219,000.00		217,801.56			12-Jul-2005		8.025%		NJ - 75.00%		Paid Off - 360		01-Nov-2004

1844728 2			161,000.00		160,302.58			24-Jun-2005		8.500%		FL - 44.72%		Paid Off - 360		01-Dec-2004

1845955 2			220,000.00		218,855.14			07-Jul-2005		7.700%		NY - 80.00%		Paid Off - 360		01-Dec-2004

1846478 1			175,000.00		173,192.53			08-Jul-2005		6.000%		HI - 66.04%		Paid Off - 360		01-Dec-2004

1847580 2			303,200.00		301,363.99			16-Jun-2005		7.750%		OR - 80.00%		Paid Off - 360		01-Nov-2004

1849447 1			86,250.00		85,822.33			28-Jun-2005		8.800%		FL - 75.00%		Paid Off - 360		01-Dec-2004

1850525 1		FCL	86,400.00		86,181.87			01-Jul-2005		11.075%		WA - 60.00%		Paid Off - 360		01-Dec-2004

1850599 1			126,000.00		125,249.78			16-Jun-2005		6.900%		IL - 72.83%		Paid Off - 360		01-Dec-2004

1851939 1			261,000.00		260,998.60			29-Jun-2005		7.250%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1852302 2			70,400.00		70,060.27			14-Jul-2005		8.650%		MI - 80.00%		Paid Off - 360		01-Nov-2004

1853032 1			225,000.00		219,704.10			21-Jun-2005		6.450%		CA - 56.25%		Paid Off - 180		01-Dec-2004

1853717 2			488,000.00		484,420.25			13-Jul-2005		6.525%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1855239 1			140,250.00		138,980.27			23-Jun-2005		7.400%		KY - 85.00%		Paid Off - 360		01-Dec-2004

1856442 1			241,875.00		240,623.65			29-Jun-2005		8.300%		IL - 90.00%		Paid Off - 360		01-Nov-2004

1857585 2			136,000.00		135,340.89			30-Jun-2005		7.150%		FL - 80.00%		Paid Off - 360		01-Jan-2005

1858424 1			170,250.00		169,463.38			07-Jul-2005		8.625%		CA - 75.00%		Paid Off - 360		01-Dec-2004



Page 19 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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

1858490 2			268,000.00		266,015.16			13-Jul-2005		6.475%		VA - 87.87%		Paid Off - 360		01-Nov-2004


1859373 1			111,822.00		#######			01-Jun-2005		7.000%		TN - 80.00%		Paid Off - 360		01-Dec-2004

1859808 2			184,000.00		182,943.36			27-Jun-2005		7.200%		ME - 76.67%		Paid Off - 360		01-Dec-2004

1860578 2			500,000.00		500,000.00			28-Jun-2005		6.950%		MA - 89.29%		Paid Off - 360		01-Nov-2004

1860629 2			166,400.00		166,384.71			30-Jun-2005		7.300%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1861810 1			99,000.00		98,562.36			29-Jun-2005		8.400%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1864499 2			499,999.00		496,781.69			05-Jul-2005		6.600%		CA - 70.92%		Paid Off - 360		01-Dec-2004

1865232 1			221,000.00		219,815.02			14-Jul-2005		7.950%		NJ - 71.29%		Paid Off - 360		01-Dec-2004

1865598 1			143,000.00		141,884.00			07-Jul-2005		6.200%		NC - 75.66%		Paid Off - 360		01-Nov-2004

1866691 1			233,600.00		231,910.87			23-Jun-2005		6.600%		MN - 80.00%		Paid Off - 360		01-Nov-2004

1868106 1			137,500.00		136,631.40			07-Jul-2005		6.700%		GA - 94.83%		Paid Off - 360		01-Dec-2004

1868974 2			74,750.00		73,531.26			21-Jun-2005		8.650%		PA - 84.94%		Paid Off - 360		01-Nov-2004

1869479 2			436,000.00		432,644.41			12-Jul-2005		5.550%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1869756 1			238,500.00		237,339.81			05-Jul-2005		7.925%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1870082 1			332,500.00		331,059.65			13-Jul-2005		8.500%		MI - 95.00%		Paid Off - 360		01-Dec-2004

1870819 2			500,000.00		496,964.72			17-Jun-2005		6.800%		CA - 83.33%		Paid Off - 360		01-Dec-2004

1871702 2			380,950.00		380,950.00			16-Jun-2005		6.350%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1871841 1			54,000.00		53,733.55			24-Jun-2005		8.200%		NM - 90.00%		Paid Off - 360		01-Dec-2004

1872128 2			139,500.00		138,887.17			30-Jun-2005		8.350%		NJ - 90.00%		Paid Off - 360		01-Dec-2004

1872195 1			195,500.00		194,194.25			07-Jul-2005		6.975%		MD - 85.00%		Paid Off - 360		01-Dec-2004

1873665 2			200,000.00		199,942.59			16-Jun-2005		6.850%		CO - 80.00%		Paid Off - 360		01-Dec-2004

1873841 1			160,000.00		157,992.16			20-Jun-2005		7.500%		CA - 52.81%		Paid Off - 360		01-Dec-2004

1874301 2			131,975.00		131,282.58			06-Jul-2005		7.600%		IL - 69.46%		Paid Off - 360		01-Dec-2004

1874329 2			187,500.00		185,160.61			13-Jul-2005		7.800%		MD - 75.00%		Paid Off - 360		01-Dec-2004

1875206 1			94,000.00		93,404.03			05-Jul-2005		6.575%		FL - 75.20%		Paid Off - 360		01-Dec-2004

1876027 2			600,000.00		596,322.27			23-Jun-2005		6.750%		NV - 80.00%		Paid Off - 360		01-Dec-2004

1876068 1			185,000.00		183,447.37			08-Jul-2005		5.990%		HI - 84.09%		Paid Off - 360		01-Dec-2004

1876211 2			131,100.00		130,224.16			14-Jul-2005		6.650%		OR - 69.99%		Paid Off - 360		01-Dec-2004

1876237 2			119,000.00		118,691.32			23-Jun-2005		10.950%		WI - 70.00%		Paid Off - 360		01-Dec-2004

1876629 2			400,000.00		400,000.00			12-Jul-2005		6.650%		CA - 71.43%		Paid Off - 360		01-Dec-2004

1876824 2			133,750.00		133,102.58			21-Jun-2005		7.950%		GA - 86.29%		Paid Off - 360		01-Dec-2004

1876982 2			90,000.00		89,433.48			24-Jun-2005		6.900%		CA - 36.00%		Paid Off - 360		01-Dec-2004

1877171 2			58,650.00		58,200.86			07-Jul-2005		6.300%		NV - 85.00%		Paid Off - 360		01-Nov-2004

1877833 2			440,000.00		439,747.40			29-Jun-2005		6.850%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1878928 2		FCL	443,000.00		440,039.60			13-Jul-2005		6.300%		CA - 61.53%		Paid Off - 360		01-Dec-2004

1879210 1			169,600.00		168,929.84			30-Jun-2005		8.950%		CA - 64.00%		Paid Off - 360		01-Dec-2004

1880282 2			336,000.00		333,819.79			06-Jul-2005		7.250%		NJ - 80.00%		Paid Off - 360		01-Dec-2004

1880711 2			444,000.00		443,895.43			30-Jun-2005		6.500%		CA - 80.00%		Paid Off - 300		01-Dec-2004



Page 20 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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

1880891 2			180,000.00		180,000.00			12-Jul-2005		7.050%		AZ - 80.00%		Paid Off - 360		01-Nov-2004


1881370 2			276,000.00		275,974.83			21-Jun-2005		7.990%		CA - 78.86%		Paid Off - 360		01-Dec-2004

1882146 1			263,200.00		262,303.49			13-Jul-2005		9.800%		CA - 69.72%		Paid Off - 360		01-Dec-2004

1882584 1			70,400.00		70,087.14			23-Jun-2005		8.375%		VA - 80.00%		Paid Off - 360		01-Dec-2004

1882589 1			195,000.00		193,967.78			01-Jul-2005		7.500%		CA - 78.95%		Paid Off - 360		01-Dec-2004

1882784 2			148,500.00		147,459.34			24-Jun-2005		6.050%		NY - 84.86%		Paid Off - 360		01-Dec-2004

1883204 1			153,000.00		152,025.28			20-Jun-2005		6.550%		CA - 51.34%		Paid Off - 360		01-Dec-2004

1883205 1			326,000.00		325,999.70			15-Jul-2005		6.938%		MD - 89.32%		Paid Off - 360		01-Dec-2004

1883833 1			183,600.00		182,531.80			07-Jul-2005		7.450%		MD - 90.00%		Paid Off - 360		01-Dec-2004

1884154 1			171,000.00		168,905.81			20-Jun-2005		7.800%		FL - 79.17%		Paid Off - 360		01-Dec-2004

1884673 1			208,800.00		207,670.32			06-Jul-2005		7.650%		CA - 89.23%		Paid Off - 360		01-Dec-2004

1884765 2			157,250.00		156,502.45			22-Jun-2005		8.630%		AR - 85.00%		Paid Off - 360		01-Dec-2004

1884943 1			155,000.00		154,005.20			21-Jun-2005		6.600%		CA - 56.36%		Paid Off - 360		01-Dec-2004

1886074 1			217,000.00		215,707.94			27-Jun-2005		6.900%		CA - 59.78%		Paid Off - 360		01-Dec-2004

1886525 1			147,000.00		146,128.95			06-Jul-2005		6.925%		VA - 56.54%		Paid Off - 360		01-Dec-2004

1886711 2			378,250.00		375,656.43			30-Jun-2005		6.200%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1887087 1			142,800.00		142,112.28			30-Jun-2005		7.975%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1887289 2			110,500.00		109,919.10			24-Jun-2005		7.900%		PA - 85.00%		Paid Off - 360		01-Dec-2004

1888018 2			166,500.00		165,741.23			27-Jun-2005		8.250%		CA - 45.00%		Paid Off - 360		01-Dec-2004

1888033 1			70,200.00		69,925.43			06-Jul-2005		9.000%		PA - 90.00%		Paid Off - 360		01-Dec-2004

1888261 1			140,000.00		136,663.33			17-Jun-2005		6.300%		MA - 45.60%		Paid Off - 180		01-Dec-2004

1888563 1			178,000.00		176,950.42			07-Jul-2005		6.950%		FL - 89.00%		Paid Off - 360		01-Dec-2004

1889016 2			98,000.00		97,144.47			28-Jun-2005		7.600%		NY - 70.00%		Paid Off - 360		01-Dec-2004

1889069 2			168,000.00		167,457.23			16-Jun-2005		9.950%		MA - 75.00%		Paid Off - 360		01-Dec-2004

1889348 2			170,000.00		170,000.00			08-Jul-2005		6.700%		DC - 51.49%		Paid Off - 360		01-Dec-2004

1889723 2			318,750.00		316,660.19			24-Jun-2005		6.400%		CA - 84.77%		Paid Off - 360		01-Dec-2004

1890211 1			263,000.00		261,694.81			20-Jun-2005		7.825%		NY - 79.70%		Paid Off - 360		01-Dec-2004

1890224 1			216,000.00		214,833.75			01-Jul-2005		7.400%		AZ - 90.00%		Paid Off - 360		01-Dec-2004

1890647 2			135,000.00		134,326.67			12-Jul-2005		7.800%		PA - 79.41%		Paid Off - 360		01-Dec-2004

1890915 2			148,750.00		145,206.36			15-Jul-2005		6.350%		MD - 85.00%		Paid Off - 180		01-Dec-2004

1891297 2			75,100.00		74,777.69			24-Jun-2005		9.200%		CA - 17.11%		Paid Off - 360		01-Dec-2004

1892227 1			144,900.00		144,060.69			01-Jul-2005		7.100%		OR - 90.00%		Paid Off - 360		01-Dec-2004

1892582 1			252,000.00		250,499.55			20-Jun-2005		6.900%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1892805 1			235,000.00		233,444.44			24-Jun-2005		6.350%		CA - 75.81%		Paid Off - 360		01-Dec-2004

1892991 2			240,000.00		238,786.83			23-Jun-2005		7.990%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1892993 2			82,800.00		82,302.17			22-Jun-2005		6.850%		ME - 80.00%		Paid Off - 360		01-Dec-2004

1893985 1			202,500.00		201,666.39			24-Jun-2005		8.750%		NY - 90.00%		Paid Off - 360		01-Dec-2004

1894119 2			380,000.00		378,387.04			28-Jun-2005		8.600%		NY - 95.00%		Paid Off - 360		01-Dec-2004



Page 21 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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

1894424 2			140,000.00		139,950.00			30-Jun-2005		6.900%		CA - 70.00%		Paid Off - 360		01-Dec-2004


1894429 1			213,500.00		212,059.59			28-Jun-2005		6.250%		CA - 70.00%		Paid Off - 360		01-Dec-2004

1894437 2			285,000.00		283,405.38			11-Jul-2005		7.450%		NY - 95.00%		Paid Off - 360		01-Dec-2004

1894649 2			399,500.00		397,385.21			12-Jul-2005		7.500%		NY - 85.00%		Paid Off - 360		01-Dec-2004

1896039 2			60,000.00		59,635.74			11-Jul-2005		6.800%		PA - 80.00%		Paid Off - 360		01-Dec-2004

1896251 1			175,000.00		174,411.25			22-Jun-2005		9.750%		IL - 70.00%		Paid Off - 360		01-Dec-2004

1896347 2			160,000.00		160,000.00			30-Jun-2005		7.150%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1896580 2			107,000.00		106,536.49			17-Jun-2005		8.500%		MA - 84.92%		Paid Off - 360		01-Dec-2004

1898017 2			108,750.00		108,329.03			17-Jun-2005		9.050%		PA - 75.00%		Paid Off - 360		01-Dec-2004

1898415 2			113,750.00		113,318.65			23-Jun-2005		9.150%		AR - 65.00%		Paid Off - 360		01-Dec-2004

1899331 1			96,280.00		95,916.45			12-Jul-2005		9.250%		AZ - 64.19%		Paid Off - 360		01-Dec-2004

1900280 2			199,000.00		197,835.70			11-Jul-2005		6.990%		CA - 71.84%		Paid Off - 360		01-Dec-2004

1900798 2			106,250.00		104,851.34			05-Jul-2005		6.800%		MT - 85.00%		Paid Off - 360		01-Jan-2005

1901447 2			94,806.00		94,201.00			29-Jun-2005		6.550%		AZ - 80.00%		Paid Off - 360		01-Dec-2004

1901800 2			495,000.00		492,580.05			29-Jun-2005		7.900%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1902037 1			298,500.00		296,840.13			17-Jun-2005		7.250%		CA - 75.00%		Paid Off - 360		01-Dec-2004

1902350 1			276,250.00		275,083.42			15-Jun-2005		8.625%		NY - 85.00%		Paid Off - 360		01-Dec-2004

1902503 2			238,500.00		237,052.12			29-Jun-2005		6.800%		MD - 90.00%		Paid Off - 360		01-Dec-2004

1902769 2			370,000.00		368,145.39			28-Jun-2005		7.775%		NJ - 89.16%		Paid Off - 360		01-Dec-2004

1903211 1			308,900.00		308,900.00			23-Jun-2005		7.500%		CA - 79.99%		Paid Off - 360		01-Dec-2004

1903511 1			229,500.00		228,273.07			22-Jun-2005		7.450%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1903898 1			213,000.00		211,753.78			29-Jun-2005		6.990%		CA - 68.71%		Paid Off - 360		01-Dec-2004

1904069 1			161,500.00		160,562.82			28-Jun-2005		7.800%		AZ - 95.00%		Paid Off - 360		01-Dec-2004

1904218 2			164,800.00		163,918.97			01-Jul-2005		7.450%		OR - 80.00%		Paid Off - 360		01-Dec-2004

1904254 1			350,000.00		348,267.54			15-Jul-2005		7.838%		NM - 100.00%		Paid Off - 360		01-Dec-2004

1904770 1			141,300.00		140,522.07			30-Jun-2005		7.990%		CA - 90.00%		Paid Off - 360		01-Nov-2004

1904848 2			97,096.00		95,916.65			30-Jun-2005		6.750%		ME - 80.00%		Paid Off - 360		01-Dec-2004

1906285 1			160,500.00		159,287.51			24-Jun-2005		5.650%		CA - 57.32%		Paid Off - 360		01-Dec-2004

1906995 2			215,000.00		215,000.00			29-Jun-2005		6.250%		MA - 66.56%		Paid Off - 360		01-Dec-2004

1907217 2			247,600.00		245,801.37			11-Jul-2005		6.500%		NJ - 79.87%		Paid Off - 360		01-Dec-2004

1908090 1			95,200.00		94,881.37			28-Jun-2005		9.750%		MI - 85.00%		Paid Off - 360		01-Dec-2004

1908225 2			153,000.00		152,395.43			29-Jun-2005		8.950%		CA - 100.00%		Paid Off - 360		01-Dec-2004

1909168 2			367,200.00		367,035.88			30-Jun-2005		6.138%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1909242 1			344,000.00		341,566.53			05-Jul-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1909245 2			335,750.00		333,789.43			29-Jun-2005		7.000%		NJ - 85.00%		Paid Off - 360		01-Dec-2004

1909967 1			189,000.00		188,104.48			30-Jun-2005		8.150%		CA - 63.00%		Paid Off - 360		01-Dec-2004

1910055 1			308,000.00		306,338.89			01-Jul-2005		6.600%		CA - 94.77%		Paid Off - 360		01-Jan-2005

1910315 2			78,625.00		78,273.90			30-Jun-2005		8.350%		WI - 85.00%		Paid Off - 360		01-Dec-2004



Page 22 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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

1910886 2			284,000.00		284,000.00			28-Jun-2005		6.350%		CA - 80.00%		Paid Off - 360		01-Dec-2004


1911217 2			139,750.00		139,010.20			29-Jun-2005		7.500%		MD - 65.00%		Paid Off - 360		01-Dec-2004

1911760 2			191,000.00		189,873.73			21-Jun-2005		6.950%		NY - 84.89%		Paid Off - 360		01-Dec-2004

1911846 1			256,700.00		255,496.51			29-Jun-2005		8.550%		MN - 85.00%		Paid Off - 360		01-Dec-2004

1912255 2			520,000.00		516,933.90			13-Jul-2005		6.950%		CT - 76.47%		Paid Off - 360		01-Dec-2004

1912266 1			104,000.00		103,404.40			21-Jun-2005		7.100%		FL - 74.82%		Paid Off - 360		01-Dec-2004

1912606 2			125,000.00		124,430.37			15-Jun-2005		8.250%		NV - 36.76%		Paid Off - 360		01-Dec-2004

1914621 1			299,250.00		297,830.28			17-Jun-2005		8.050%		HI - 95.00%		Paid Off - 360		01-Dec-2004

1915062 2			172,000.00		171,239.59			15-Jul-2005		8.400%		FL - 80.00%		Paid Off - 360		01-Dec-2004

1915553 2			420,000.00		419,999.98			20-Jun-2005		6.150%		MD - 80.00%		Paid Off - 360		01-Dec-2004

1915928 2			410,183.00		407,692.96			14-Jul-2005		6.800%		VA - 80.00%		Paid Off - 360		01-Dec-2004

1916206 1			231,920.00		231,920.00			28-Jun-2005		6.950%		CO - 80.00%		Paid Off - 360		01-Dec-2004

1916234 1			112,800.00		112,014.72			05-Jul-2005		6.250%		VA - 80.00%		Paid Off - 360		01-Dec-2004

1916284 2			215,050.00		213,982.78			29-Jun-2005		7.825%		NJ - 85.00%		Paid Off - 360		01-Dec-2004

1916312 1			328,500.00		326,971.66			14-Jul-2005		8.400%		MA - 90.00%		Paid Off - 360		01-Dec-2004

1916485 1			290,000.00		288,806.14			30-Jun-2005		8.750%		NJ - 61.05%		Paid Off - 360		01-Dec-2004

1916678 1			250,000.00		248,880.86			30-Jun-2005		8.338%		VT - 76.22%		Paid Off - 360		01-Dec-2004

1916701 2			399,750.00		397,116.58			21-Jun-2005		6.375%		CA - 75.00%		Paid Off - 360		01-Dec-2004

1917977 1			213,600.00		212,446.72			01-Jul-2005		7.400%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1918583 2			146,000.00		145,014.99			01-Jul-2005		6.250%		CA - 72.28%		Paid Off - 360		01-Dec-2004

1919309 2			200,000.00		195,272.89			24-Jun-2005		6.400%		CA - 78.43%		Paid Off - 180		01-Dec-2004

1919380 1			64,890.00		64,597.28			27-Jun-2005		8.300%		PA - 90.00%		Paid Off - 360		01-Dec-2004

1919569 1			200,000.00		198,648.07			22-Jun-2005		6.240%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1919723 1			164,050.00		163,088.56			05-Jul-2005		7.050%		MD - 85.00%		Paid Off - 360		01-Dec-2004

1919766 2			181,600.00		180,590.18			24-Jun-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1921181 2			168,000.00		166,929.73			27-Jun-2005		6.550%		MA - 61.54%		Paid Off - 360		01-Dec-2004

1921227 2			232,000.00		230,645.24			21-Jun-2005		7.000%		NV - 80.00%		Paid Off - 360		01-Dec-2004

1921588 2			350,000.00		348,147.23			30-Jun-2005		7.500%		NJ - 74.00%		Paid Off - 360		01-Dec-2004

1921660 1			195,500.00		194,218.22			06-Jul-2005		6.400%		IN - 85.00%		Paid Off - 360		01-Dec-2004

1922014 2			344,000.00		344,000.00			08-Jul-2005		7.200%		IL - 80.00%		Paid Off - 360		01-Dec-2004

1922409 2			153,000.00		152,244.53			05-Jul-2005		8.250%		MN - 80.95%		Paid Off - 360		01-Dec-2004

1923294 2			270,400.00		268,774.29			11-Jul-2005		6.850%		CA - 63.62%		Paid Off - 360		01-Dec-2004

1923582 1			137,900.00		137,093.00			21-Jun-2005		8.450%		NH - 70.00%		Paid Off - 360		01-Dec-2004

1923980 1			52,000.00		51,760.58			27-Jun-2005		8.200%		FL - 80.00%		Paid Off - 360		01-Dec-2004

1924001 2			272,000.00		270,747.94			13-Jul-2005		8.200%		MD - 80.00%		Paid Off - 360		01-Dec-2004

1924374 2			122,400.00		121,812.27			07-Jul-2005		7.990%		MD - 85.00%		Paid Off - 360		01-Dec-2004

1924379 1			205,000.00		203,767.41			27-Jun-2005		6.850%		CA - 89.13%		Paid Off - 360		01-Dec-2004

1924675 2			275,000.00		273,679.56			29-Jun-2005		7.990%		NY - 60.44%		Paid Off - 360		01-Dec-2004



Page 23 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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

1925317 2			168,000.00		167,145.23			07-Jul-2005		7.700%		IL - 80.00%		Paid Off - 360		01-Dec-2004


1926494 1			119,000.00		118,479.22			24-Jun-2005		8.450%		LA - 85.00%		Paid Off - 360		01-Dec-2004

1928860 2			173,700.00		173,700.00			27-Jun-2005		9.800%		FL - 90.00%		Paid Off - 360		01-Dec-2004

1928973 1			105,160.00		104,713.61			07-Jul-2005		8.600%		IL - 88.00%		Paid Off - 360		01-Dec-2004

1929457 2			80,000.00		79,523.62			21-Jun-2005		6.900%		OH - 80.00%		Paid Off - 360		01-Dec-2004

1930894 1			322,500.00		320,416.85			21-Jun-2005		6.750%		CA - 64.89%		Paid Off - 360		01-Dec-2004

1931621 1			280,000.00		278,015.50			22-Jun-2005		5.990%		CA - 60.41%		Paid Off - 360		01-Dec-2004

1932440 2			101,700.00		101,120.08			21-Jun-2005		7.150%		MI - 90.00%		Paid Off - 360		01-Dec-2004

1932598 1			247,500.00		246,302.08			01-Jul-2005		7.950%		CA - 75.00%		Paid Off - 360		01-Dec-2004

1933248 1			207,000.00		205,749.42			16-Jun-2005		6.825%		CA - 79.62%		Paid Off - 360		01-Dec-2004

1933399 1			102,000.00		101,276.87			28-Jun-2005		5.990%		FL - 72.86%		Paid Off - 360		01-Dec-2004

1933803 1			279,000.00		277,370.88			07-Jul-2005		7.000%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1933831 1			238,000.00		236,476.31			13-Jul-2005		8.450%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1934172 2			116,900.00		116,416.63			28-Jun-2005		7.950%		FL - 89.99%		Paid Off - 360		01-Jan-2005

1934719 2			244,000.00		242,708.35			29-Jun-2005		7.500%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1935129 2			195,200.00		193,914.17			13-Jul-2005		6.700%		NV - 73.66%		Paid Off - 360		01-Dec-2004

1935134 2			262,500.00		261,115.62			14-Jul-2005		7.650%		CA - 75.00%		Paid Off - 360		01-Dec-2004

1935691 1			117,000.00		116,328.52			23-Jun-2005		7.400%		PA - 89.66%		Paid Off - 360		01-Dec-2004

1935831 2			121,600.00		120,703.74			01-Jul-2005		5.800%		NM - 80.00%		Paid Off - 360		01-Dec-2004

1936177 1			127,600.00		125,561.59			29-Jun-2005		5.990%		TX - 94.52%		Paid Off - 240		01-Dec-2004

1937033 2			180,000.00		178,804.37			29-Jun-2005		6.400%		CT - 80.00%		Paid Off - 360		01-Dec-2004

1937472 2			61,200.00		60,859.63			12-Jul-2005		7.250%		OH - 90.00%		Paid Off - 360		01-Dec-2004

1937703 1			270,000.00		268,547.82			15-Jul-2005		6.950%		CA - 88.82%		Paid Off - 360		01-Jan-2005

1937795 1			135,000.00		134,415.16			23-Jun-2005		8.500%		CA - 84.38%		Paid Off - 360		01-Dec-2004

1937912 1			127,000.00		126,251.10			23-Jun-2005		6.950%		CA - 59.91%		Paid Off - 360		01-Dec-2004

1938064 2			228,000.00		226,402.26			30-Jun-2005		6.050%		CA - 82.91%		Paid Off - 360		01-Dec-2004

1938395 1			261,000.00		259,519.89			21-Jun-2005		7.150%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1938406 2			188,000.00		187,158.00			07-Jul-2005		8.800%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1938686 2			64,000.00		63,210.94			01-Jul-2005		6.550%		TN - 62.14%		Paid Off - 240		01-Jan-2005

1938839 2			188,800.00		187,670.44			24-Jun-2005		6.875%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1939152 2			280,000.00		278,074.71			24-Jun-2005		6.150%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1939242 2			148,500.00		147,577.98			29-Jun-2005		7.300%		IL - 90.00%		Paid Off - 360		01-Dec-2004

1939460 1			201,450.00		198,967.24			05-Jul-2005		7.650%		FL - 85.00%		Paid Off - 360		01-Dec-2004

1940052 2			236,000.00		234,594.84			29-Jun-2005		6.900%		WA - 80.00%		Paid Off - 360		01-Dec-2004

1941025 2			224,000.00		222,464.58			27-Jun-2005		6.700%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1942047 2			147,000.00		146,019.60			24-Jun-2005		6.575%		CA - 84.97%		Paid Off - 360		01-Dec-2004

1942417 2			576,000.00		568,776.99			14-Jul-2005		6.900%		HI - 80.00%		Paid Off - 360		01-Dec-2004

1943278 2			280,000.00		278,155.42			08-Jul-2005		6.375%		CA - 60.87%		Paid Off - 360		01-Dec-2004



Page 24 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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

1943298 2			107,000.00		106,502.47			21-Jun-2005		8.150%		OH - 78.68%		Paid Off - 360		01-Dec-2004


1944471 2			164,000.00		162,893.54			01-Jul-2005		6.250%		CA - 84.97%		Paid Off - 360		01-Dec-2004

1947797 2			198,050.00		196,904.74			12-Jul-2005		7.050%		DC - 85.00%		Paid Off - 360		01-Dec-2004

1948612 2			212,400.00		211,264.50			24-Jun-2005		7.450%		MD - 84.99%		Paid Off - 360		01-Dec-2004

1950827 2			334,750.00		330,118.68			08-Jul-2005		6.000%		CA - 65.00%		Paid Off - 360		01-Dec-2004

1000018590 2			134,100.00		133,046.68			05-Jul-2005		6.800%		FL - 90.00%		Paid Off - 360		01-Oct-2004

1000027768 1			229,500.00		229,500.00			07-Jul-2005		6.990%		CA - 79.14%		Paid Off - 360		01-Nov-2004

1000039540 1			228,000.00		228,000.00			28-Jun-2005		6.200%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1000046658 1			90,000.00		89,637.01			13-Jul-2005		8.850%		FL - 72.58%		Paid Off - 360		01-Dec-2004

1000047531 1			50,000.00		49,830.86			08-Jul-2005		9.700%		MI - 56.18%		Paid Off - 360		01-Dec-2004

1000051080 2			132,000.00		131,563.68			06-Jul-2005		9.050%		FL - 80.00%		Paid Off - 360		01-Jan-2005

1000053426 1			355,000.00		352,311.25			13-Jul-2005		5.650%		CA - 75.05%		Paid Off - 360		01-Dec-2004

1000055718 2			154,800.00		154,182.06			29-Jun-2005		8.900%		FL - 90.00%		Paid Off - 360		01-Dec-2004

1000057128 1			115,000.00		114,545.56			27-Jun-2005		8.950%		CA - 100.00%		Paid Off - 360		01-Dec-2004

1000062087 1			350,000.00		348,005.49			13-Jul-2005		7.125%		CA - 58.33%		Paid Off - 360		01-Dec-2004

1000064290 1		FCL	207,000.00		206,107.51			05-Jul-2005		8.600%		FL - 100.00%		Paid Off - 360		01-Dec-2004

1000064637 2		FCL	433,600.00		430,415.06			01-Jul-2005		5.800%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1000065397 1			348,500.00		348,500.00			17-Jun-2005		5.990%		CA - 85.00%		Paid Off - 360		01-Dec-2004

1000066635 1			272,000.00		271,999.97			12-Jul-2005		6.950%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1000066804 2			369,000.00		369,000.00			08-Jul-2005		7.250%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1000066984 1			188,800.00		187,363.06			06-Jul-2005		5.650%		FL - 80.00%		Paid Off - 360		01-Dec-2004

1000067082 1			71,500.00		70,414.42			15-Jul-2005		8.850%		FL - 65.00%		Paid Off - 360		01-Dec-2004

1000071558 1			229,500.00		228,382.97			30-Jun-2005		7.925%		FL - 90.00%		Paid Off - 360		01-Dec-2004

1000074145 1			157,500.00		156,571.31			14-Jul-2005		6.950%		CA - 90.00%		Paid Off - 360		01-Dec-2004

1000106165 2			132,000.00		131,397.02			01-Jul-2005		7.450%		VA - 80.00%		Paid Off - 360		01-Jan-2005



TOTAL			54,130,518.00		53,838,632.54



Page 25 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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 26 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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 27 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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 28 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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 29 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 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								1.41335000
						Class A-2A Accelerated Event Occured (0 = No, 1=Yes)								0
						Ending Balance								1,280,923,788.26
						Prior period Senior Enhancement Percentage								20.5900%
						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 30 of 31
Morgan Stanley ABS Capital I Inc. 2005-NC1

Mortgage Pass-Through Certificates

2005-NC1

July 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION

										Group 2		Group 1		Total
Current Scheduled Payments										5,451,566.02		3,577,451.52		9,029,017.55
Current Scheduled Payments 1 Month Prior										5,629,600.11		3,746,782.66		9,376,382.77
Current Scheduled Payments 2 Month Prior										5,789,729.71		3,874,622.44		9,664,352.15
Current Scheduled Payments 3 Month Prior										5,984,006.82		4,008,845.30		9,992,852.13
Current Scheduled Payments 4 Month Prior										6,091,852.63		4,076,576.66		10,168,429.29
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										135,694.00		74,629.23		210,323.23
Sched. Pmts - 60+Day Delinquent Loans, 1 Month Prior										104,915.42		60,343.37		165,258.78
Sched. Pmts - 60+Day Delinquent Loans, 2 Month Prior										67,113.25		40,922.89		108,036.14
Sched. Pmts - 60+Day Delinquent Loans, 3 Month Prior										43,014.68		19,054.49		62,069.17
Sched. Pmts - 60+Day Delinquent Loans, 4 Month Prior										1,286.06		1,923.17		3,209.24
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 31 of 31

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