                                    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
                     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
     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 Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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					24
										11. Realized Loss Detail Report					27
				Servicer(s)
										12. Triggers and Adj. Cert. Report					28
				Chase Securities, Inc
										13. Other Related Information					29
				HomeQ Servicing Corp.



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


										Total Number of Pages					29


				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:			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 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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/STP/WAC	$	293,823,000.00		261,098,913.25		727,904.90		11,255,373.12		11,983,278.02		0.00		0.00		249,843,540.13

A-1MZ	FLT/STP/WAC	$	73,456,000.00		65,274,950.46		182,992.23		2,813,852.86		2,996,845.09		0.00		0.00		62,461,097.60
A-2A	FLT/STP/WAC	$	161,866,000.00		110,811,268.45		295,997.34		15,690,759.91		15,986,757.25		0.00		0.00		95,120,508.54
A-2B	FLT/STP/WAC	$	180,000,000.00		180,000,000.00		493,413.20		0.00		493,413.20		0.00		0.00		180,000,000.00
A-2C	FLT/STP/WAC	$	35,000,000.00		35,000,000.00		99,752.56		0.00		99,752.56		0.00		0.00		35,000,000.00
M-1	SUB/FLT/WAC	$	30,569,000.00		30,569,000.00		89,501.48		0.00		89,501.48		0.00		0.00		30,569,000.00
M-2	SUB/FLT/WAC	$	27,831,000.00		27,831,000.00		81,917.95		0.00		81,917.95		0.00		0.00		27,831,000.00
M-3	SUB/FLT/WAC	$	17,794,000.00		17,794,000.00		53,066.97		0.00		53,066.97		0.00		0.00		17,794,000.00
M-4	SUB/FLT/WAC	$	15,512,000.00		15,512,000.00		48,433.05		0.00		48,433.05		0.00		0.00		15,512,000.00
M-5	SUB/FLT/WAC	$	14,600,000.00		14,600,000.00		46,153.29		0.00		46,153.29		0.00		0.00		14,600,000.00
M-6	SUB/FLT/WAC	$	13,232,000.00		13,232,000.00		42,857.95		0.00		42,857.95		0.00		0.00		13,232,000.00
B-1	SUB/FLT/WAC	$	11,862,000.00		11,862,000.00		42,572.27		0.00		42,572.27		0.00		0.00		11,862,000.00
B-2	SUB/FLT/WAC	$	7,756,000.00		7,756,000.00		28,559.88		0.00		28,559.88		0.00		0.00		7,756,000.00
B-3	SUB/FLT/WAC	$	9,126,000.00		9,126,000.00		39,850.87		0.00		39,850.87		0.00		0.00		9,126,000.00
X	SUB/FLT/WAC	$	20,075,053.00		20,075,045.17		2,333,694.72		0.00		2,333,694.72		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		825,004.24		0.00		825,004.24		0.00		0.00		0.00

Total			912,502,053.00		820,542,177.33		5,431,672.90		29,759,985.89		35,191,658.79		0.00		0.00		790,782,191.44





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		61744CKZ8		293,823,000.00		888.626531		2.477358		38.306644		40.784003	850.319887
A-1MZ	06/27/05		07/24/05		A-Act/360		61744CLA2		73,456,000.00		888.626531		2.491182		38.306644		40.797826	850.319887
A-2A	06/27/05		07/24/05		A-Act/360		61744CLB0		161,866,000.00		684.586438		1.828657		96.936725		98.765382	587.649714
A-2B	06/27/05		07/24/05		A-Act/360		61744CLC8		180,000,000.00		1,000.000000		2.741184		0.000000		2.741184	1,000.000000
A-2C	06/27/05		07/24/05		A-Act/360		61744CLD6		35,000,000.00		1,000.000000		2.850073		0.000000		2.850073	1,000.000000
M-1	06/27/05		07/24/05		A-Act/360		61744CLE4		30,569,000.00		1,000.000000		2.927851		0.000000		2.927851	1,000.000000
M-2	06/27/05		07/24/05		A-Act/360		61744CLF1		27,831,000.00		1,000.000000		2.943407		0.000000		2.943407	1,000.000000
M-3	06/27/05		07/24/05		A-Act/360		61744CLG9		17,794,000.00		1,000.000000		2.982296		0.000000		2.982296	1,000.000000
M-4	06/27/05		07/24/05		A-Act/360		61744CLH7		15,512,000.00		1,000.000000		3.122296		0.000000		3.122296	1,000.000000
M-5	06/27/05		07/24/05		A-Act/360		61744CLJ3		14,600,000.00		1,000.000000		3.161184		0.000000		3.161184	1,000.000000
M-6	06/27/05		07/24/05		A-Act/360		61744CLK0		13,232,000.00		1,000.000000		3.238962		0.000000		3.238962	1,000.000000
B-1	06/27/05		07/24/05		A-Act/360		61744CLL8		11,862,000.00		1,000.000000		3.588962		0.000000		3.588962	1,000.000000
B-2	06/27/05		07/24/05		A-Act/360		61744CLM6		7,756,000.00		1,000.000000		3.682295		0.000000		3.682295	1,000.000000
B-3	06/27/05		07/24/05		A-Act/360		61744CLN4		9,126,000.00		1,000.000000		4.366740		0.000000		4.366740	1,000.000000
X	06/27/05		07/24/05		A-Act/360		MS05X1101		20,075,053.00		999.999610		116.248496		0.000000		116.248496	999.999610
UT-R	06/25/05		07/24/05		A-30/360		MS05X1103		0.00		0.000000		0.000000		0.000000		0.000000	0.000000
P	06/25/05		07/24/05		A-30/360		MS05X1102		0.00		0.000000		0.000000		0.000000		0.000000	0.000000



Page 2 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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	293,823,000.00		4,385,825.83		42,897,867.09		1,081,592.78		43,979,459.87		48,365,285.70		0.00		0.00		249,843,540.13
A-1MZ	73,456,000.00		1,103,358.76		10,724,503.27		270,399.12		10,994,902.40		12,098,261.16		0.00		0.00		62,461,097.60
A-2A	161,866,000.00		2,044,036.31		65,070,162.67		1,675,328.79		66,745,491.46		68,789,527.77		0.00		0.00		95,120,508.54
A-2B	180,000,000.00		2,784,738.20		0.00		0.00		0.00		2,784,738.20		0.00		0.00		180,000,000.00
A-2C	35,000,000.00		565,704.63		0.00		0.00		0.00		565,704.63		0.00		0.00		35,000,000.00
M-1	30,569,000.00		509,201.13		0.00		0.00		0.00		509,201.13		0.00		0.00		30,569,000.00
M-2	27,831,000.00		466,345.24		0.00		0.00		0.00		466,345.24		0.00		0.00		27,831,000.00
M-3	17,794,000.00		302,561.10		0.00		0.00		0.00		302,561.10		0.00		0.00		17,794,000.00
M-4	15,512,000.00		277,564.68		0.00		0.00		0.00		277,564.68		0.00		0.00		15,512,000.00
M-5	14,600,000.00		264,855.20		0.00		0.00		0.00		264,855.20		0.00		0.00		14,600,000.00
M-6	13,232,000.00		246,581.12		0.00		0.00		0.00		246,581.12		0.00		0.00		13,232,000.00
B-1	11,862,000.00		247,443.85		0.00		0.00		0.00		247,443.85		0.00		0.00		11,862,000.00
B-2	7,756,000.00		166,393.70		0.00		0.00		0.00		166,393.70		0.00		0.00		7,756,000.00
B-3	9,126,000.00		235,493.31		0.00		0.00		0.00		235,493.31		0.00		0.00		9,126,000.00
X	20,075,053.00		15,910,576.02		7.53		0.31		7.83		15,910,583.85		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		2,817,555.22		0.00		0.00		0.00		2,817,555.22		0.00		0.00		0.00

Total	912,502,053.00		32,328,234.30		118,692,540.56		3,027,321.00		121,719,861.56		154,048,095.86		0.00		0.00		790,782,191.44


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	3.58438%		261,098,913.25		727,904.90		0.00		0.00		0.00		727,904.90		727,904.90		0.00
A-1MZ	3.60438%		65,274,950.46		182,992.23		0.00		0.00		0.00		182,992.23		182,992.23		0.00
A-2A	3.43438%		110,811,268.45		295,997.34		0.00		0.00		0.00		295,997.34		295,997.34		0.00
A-2B	3.52438%		180,000,000.00		493,413.20		0.00		0.00		0.00		493,413.20		493,413.20		0.00
A-2C	3.66438%		35,000,000.00		99,752.57		0.00		0.00		0.00		99,752.57		99,752.56		0.00
M-1	3.76438%		30,569,000.00		89,501.48		0.00		0.00		0.00		89,501.48		89,501.48		0.00
M-2	3.78438%		27,831,000.00		81,917.95		0.00		0.00		0.00		81,917.95		81,917.95		0.00
M-3	3.83438%		17,794,000.00		53,066.97		0.00		0.00		0.00		53,066.97		53,066.97		0.00
M-4	4.01438%		15,512,000.00		48,433.05		0.00		0.00		0.00		48,433.05		48,433.05		0.00
M-5	4.06438%		14,600,000.00		46,153.29		0.00		0.00		0.00		46,153.29		46,153.29		0.00
M-6	4.16438%		13,232,000.00		42,857.95		0.00		0.00		0.00		42,857.95		42,857.95		0.00
B-1	4.61438%		11,862,000.00		42,572.27		0.00		0.00		0.00		42,572.27		42,572.27		0.00
B-2	4.73438%		7,756,000.00		28,559.88		0.00		0.00		0.00		28,559.88		28,559.88		0.00
B-3	5.61438%		9,126,000.00		39,850.87		0.00		0.00		0.00		39,850.87		39,850.87		0.00
X	149.46241%		20,075,045.17		0.00		0.00		0.00		0.00		0.00		2,333,694.72		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		825,004.24		0.00

Total			820,542,177.33		2,272,973.95		0.00		0.00		0.00		2,272,973.95		5,431,672.90		0.00



Page 3 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution
Collection Account Report
SUMMARY

										Group 2		Group 1		Total
Principal Collections										15,673,301.10		14,053,571.42		29,726,872.52
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										15,673,301.10		14,053,571.42		29,726,872.52
Interest Collections										2,329,902.68		2,364,042.26		4,693,944.94
Interest Withdrawals										-0.00		-651.65		-651.65
Interest Other Accounts										0.00		0.00		825,004.24
Interest Fees										-28,176.99		-25,334.26		-53,511.26
TOTAL NET INTEREST										2,301,725.69		2,338,056.36		5,464,786.27
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										17,975,026.79		16,391,627.78		35,191,658.79



PRINCIPAL - COLLECTIONS

											Group 2		Group 1		Total
Scheduled Principal Received											243,138.25		235,147.33		478,285.58
Prepayments In Full											15,417,481.23		13,803,351.18		29,220,832.41
Curtailments											12,681.62		15,072.91		27,754.53
Liquidations											0.00		33,113.37		33,113.37
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		-33,113.37		-33,113.37
Delinquent Principal											-211,995.46		-210,206.97		-422,202.43
Advanced Principal											211,995.46		210,206.97		422,202.43
TOTAL PRINCIPAL COLLECTED											15,673,301.10		14,053,571.42		29,726,872.52


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 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution

INTEREST - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Interest										2,474,719.27		2,510,691.34		4,985,410.61
Liquidation Interest										0.00		334.58		334.58
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										-14,702.37		-18,992.91		-33,695.28
Compensating Interest										14,702.38		18,992.91		33,695.28
Delinquent Interest										-2,100,305.53		-2,168,748.93		-4,269,054.46
Interest Advanced										1,955,488.94		2,021,765.27		3,977,254.21
TOTAL INTEREST COLLECTED										2,329,902.68		2,364,042.26		4,693,944.94


INTEREST - WITHDRAWALS

										Group 2		Group 1		Total
Nonrecoverable Advances										0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS										0.00		651.65		651.65



INTEREST - OTHER ACCOUNTS

										Group 2		Group 1		Total
Prepayment Charges														825,004.24
TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		825,004.24



INTEREST - FEES

										Group 2		Group 1		Total
Current Servicing Fees										26,464.19		23,628.14		50,092.32
Current Trustee Fees										1,712.81		1,706.12		3,418.93
TOTAL INTEREST OTHER FEES										28,176.99		25,334.26		53,511.26




Page 5 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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														20,041,931.80
Overcollateralization Target Amount														20,075,045.17
Overcollateralization Deficiency Amount														33,113.37
Overcollateralization Release Amount														0.00




Page 6 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										2,955		3,568		6,523
Prior										2,673		3,318		5,991
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-83		-94		-177
Repurchases										-0		-0		-0
Liquidations										-0		-1		-1
Current										2,590		3,223		5,813
Principal Balance:


Original										461,996,371.69		449,845,887.51		911,842,259.20
Prior										411,073,860.68		409,468,316.65		820,542,177.33
Prefunding										0.00		0.00		0.00
Scheduled Principal										-243,138.25		-235,147.33		-478,285.58
Partial Prepayments										-12,681.62		-15,072.91		-27,754.53
Full Voluntary Prepayments										-15,417,481.23		-13,803,351.18		-29,220,832.41
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-33,113.37		-33,113.37
Current										395,400,559.58		395,381,631.86		790,782,191.44





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution

CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Coupon Original										7.23097%		7.35011%		7.28975%
Weighted Average Coupon Prior										7.22755%		7.36858%		7.29780%
Weighted Average Coupon Current										7.22416%		7.36407%		7.29398%
Weighted Average Months to Maturity Original										351		345		348
Weighted Average Months to Maturity Prior										347		341		344
Weighted Average Months to Maturity Current										346		340		343
Weighted Avg Remaining Amortization Term Original										351		345		348
Weighted Avg Remaining Amortization Term Prior										347		341		344
Weighted Avg Remaining Amortization Term Current										346		340		343
Weighted Average Seasoning Original										4.99		4.95		4.97
Weighted Average Seasoning Prior										8.99		8.93		8.96
Weighted Average Seasoning Current										9.98		9.93		9.95









Page 8 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution

ARM CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Margin Original										6.59175%		6.54028%		6.56751%
Weighted Average Margin Prior										6.56554%		6.53004%		6.54866%
Weighted Average Margin Current										6.56443%		6.52721%		6.54672%
Weighted Average Max Rate Original										13.92543%		13.84364%		13.88691%
Weighted Average Max Rate Prior										13.90089%		13.83630%		13.87017%
Weighted Average Max Rate Current										13.89721%		13.83262%		13.86647%
Weighted Average Min Rate Original										7.15325%		7.11240%		7.13401%
Weighted Average Min Rate Prior										7.13483%		7.10636%		7.12129%
Weighted Average Min Rate Current										7.13245%		7.10273%		7.11830%
Weighted Average Cap Up Original										1.06895%		1.05995%		1.06471%
Weighted Average Cap Up Prior										1.07205%		1.06128%		1.06693%
Weighted Average Cap Up Current										1.07247%		1.06117%		1.06709%
Weighted Average Cap Down Original										1.06895%		1.05995%		1.06471%
Weighted Average Cap Down Prior										1.07205%		1.06128%		1.06693%
Weighted Average Cap Down Current										1.07247%		1.06117%		1.06709%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										26,464.19		23,628.14		50,092.32
Delinquent Servicing Fees										144,816.59		146,983.66		291,800.25
TOTAL SERVICING FEES										171,280.78		170,611.80		341,892.58


Compensating Interest										-14,702.38		-18,992.91		-33,695.28
Delinquent Servicing Fees										-144,816.59		-146,983.66		-291,800.25
COLLECTED SERVICING FEES										121,665.78		4,635.24		16,397.05


Aggregate Advances with respect to this Distribution										1,880,655.98		1,712,838.71		3,593,494.70





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Net Prepayment Interest Shortfall										0.00		0.00		0.00
Libor For Current Period														3.3144%
Libor For Next Period														0.0000%
Libor For Class A-3b for current Period




Page 9 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				14,614,298.23		1,524,814.07		745,223.83		16,884,336.13
			% Balance				1.85%		0.19%		0.09%		2.14%
			# Loans				115		15		10		140
			% # Loans				1.98%		0.26%		0.17%		2.41%
	FORECLOSURE		Balance		0.00		141,470.57		3,349,136.80		8,121,701.97		11,612,309.34
			% Balance		0.00%		0.02%		0.42%		1.03%		1.47%
			# Loans		0		2		26		59		87
			% # Loans		0.00%		0.03%		0.45%		1.01%		1.50%
	BANKRUPTCY		Balance		3,098,484.30		221,915.64		809,565.83		1,390,036.92		5,520,002.69
			% Balance		0.39%		0.03%		0.10%		0.18%		0.70%
			# Loans		27		2		8		13		50
			% # Loans		0.46%		0.03%		0.14%		0.22%		0.86%
	REO		Balance		0.00		0.00		0.00		756,283.11		756,283.11
			% Balance		0.00%		0.00%		0.00%		0.10%		0.10%
			# Loans		0		0		0		6		6
			% # Loans		0.00%		0.00%		0.00%		0.10%		0.10%
	TOTAL		Balance		3,098,484.30		14,977,684.44		5,683,516.70		11,013,245.83		34,772,931.27
			% Balance		0.39%		1.89%		0.72%		1.39%		4.40%
			# Loans		27		119		49		88		283
			% # Loans		0.46%		2.05%		0.84%		1.51%		4.87%









Page 10 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				6,539,037.38		983,635.71		605,458.04		8,128,131.13
			% Balance				1.65%		0.25%		0.15%		2.06%
			# Loans				61		10		7		78
			% # Loans				1.89%		0.31%		0.22%		2.42%
	FORECLOSURE		Balance		0.00		141,470.57		1,831,174.20		3,221,336.66		5,193,981.43
			% Balance		0.00%		0.04%		0.46%		0.81%		1.31%
			# Loans		0		2		13		24		39
			% # Loans		0.00%		0.06%		0.40%		0.74%		1.21%
	BANKRUPTCY		Balance		1,107,487.04		149,707.12		559,472.86		775,720.50		2,592,387.52
			% Balance		0.28%		0.04%		0.14%		0.20%		0.66%
			# Loans		12		1		6		8		27
			% # Loans		0.37%		0.03%		0.19%		0.25%		0.84%
	REO		Balance		0.00		0.00		0.00		173,224.44		173,224.44
			% 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		1,107,487.04		6,830,215.07		3,374,282.77		4,775,739.64		16,087,724.52
			% Balance		0.28%		1.73%		0.85%		1.21%		4.07%
			# Loans		12		64		29		40		145
			% # Loans		0.37%		1.99%		0.90%		1.24%		4.50%










Page 11 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				8,075,260.85		541,178.36		139,765.79		8,756,205.00
			% Balance				2.04%		0.14%		0.04%		2.21%
			# Loans				54		5		3		62
			% # Loans				2.08%		0.19%		0.12%		2.39%
	FORECLOSURE		Balance		0.00		0.00		1,517,962.60		4,900,365.31		6,418,327.91
			% Balance		0.00%		0.00%		0.38%		1.24%		1.62%
			# Loans		0		0		13		35		48
			% # Loans		0.00%		0.00%		0.50%		1.35%		1.85%
	BANKRUPTCY		Balance		1,990,997.26		72,208.52		250,092.97		614,316.42		2,927,615.17
			% Balance		0.50%		0.02%		0.06%		0.16%		0.74%
			# Loans		15		1		2		5		23
			% # Loans		0.58%		0.04%		0.08%		0.19%		0.89%
	REO		Balance		0.00		0.00		0.00		583,058.67		583,058.67
			% Balance		0.00%		0.00%		0.00%		0.15%		0.15%
			# Loans		0		0		0		5		5
			% # Loans		0.00%		0.00%		0.00%		0.19%		0.19%
	TOTAL		Balance		1,990,997.26		8,147,469.37		2,309,233.93		6,237,506.19		18,685,206.75
			% Balance		0.50%		2.06%		0.58%		1.58%		4.73%
			# Loans		15		55		20		48		138
			% # Loans		0.58%		2.12%		0.77%		1.85%		5.33%









Page 12 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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
322555038 1
			174,250.00		173,224.44		01-Nov-2004		8.800%		MI - 85.00%		360		01-Oct-2004

322553454 2			75,650.00		75,188.26		01-Jan-2005		9.550%		MI - 85.00%		360		01-Aug-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		137,906.46		01-Dec-2004		9.100%		MI - 95.00%		360		01-Oct-2004
322558800 2			74,955.00		74,647.19		01-Dec-2004		11.000%		TX - 95.00%		360		01-Sep-2004
322560038 2			152,450.00		151,552.76		01-Nov-2004		8.800%		MI - 89.15%		360		01-Oct-2004


TOTAL			759,769.00		756,283.11


Page 13 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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
19143072 1
			96,000.00		94,828.96		01-Apr-2005		5.750%		NC - 80.00%		360		01-Sep-2004

19145507 1			346,500.00		344,046.52		01-Feb-2005		8.375%		IL - 94.99%		360		01-Sep-2004
19146786 1			71,200.00		70,656.61		01-Feb-2005		8.000%		WI - 79.11%		360		01-Sep-2004
19146794 1			17,850.00		17,785.92		01-Mar-2005		11.625%		WI - 19.83%		180		01-Sep-2004
19147685 1			51,800.00		51,657.17		01-Feb-2005		12.375%		CA - 20.00%		360		01-Oct-2004
19147768 1			284,800.00		284,800.00		01-Dec-2004		7.000%		CA - 80.00%		360		01-Oct-2004
19150085 1			138,400.00		137,617.22		01-Mar-2005		9.000%		LA - 80.00%		360		01-Oct-2004
19150846 1			132,800.00		131,761.06		01-Nov-2004		7.375%		WA - 80.00%		360		01-Oct-2004
19151901 1			258,000.00		256,171.11		01-Mar-2005		7.875%		IL - 100.00%		360		01-Oct-2004
19152461 1			183,450.00		181,750.58		01-Mar-2005		6.500%		GA - 79.76%		360		01-Oct-2004
19152719 1			243,000.00		241,480.07		01-Mar-2005		8.500%		FL - 90.00%		360		01-Oct-2004
19154616 1			73,500.00		73,020.88		01-Jan-2005		8.625%		UT - 70.00%		360		01-Oct-2004
19155845 1			217,050.00		215,823.64		01-Nov-2004		9.000%		RI - 84.98%		360		01-Oct-2004
321797268 1			47,200.00		46,641.61		01-Apr-2005		7.500%		MO - 80.00%		360		01-May-2004
321802787 1			82,000.00		81,888.46		01-Feb-2005		4.350%		WA - 80.00%		360		01-May-2004
322119926 1			72,650.00		71,953.34		01-Mar-2005		8.250%		IN - 83.51%		360		01-Jun-2004
322245804 1			109,800.00		108,985.17		01-Mar-2005		7.650%		IL - 90.00%		360		01-Oct-2004
322555772 1			147,200.00		146,462.57		01-Nov-2004		10.200%		CO - 80.00%		360		01-Oct-2004
322556226 1			123,824.00		123,824.00		01-Feb-2005		7.000%		OH - 80.00%		360		01-Oct-2004
322558388 1			336,800.00		336,695.29		01-Mar-2005		6.650%		CA - 80.00%		360		01-Oct-2004
322559477 1			99,200.00		98,594.43		01-Jan-2005		9.950%		TX - 80.00%		360		01-Sep-2004
322560459 1			128,800.00		127,873.32		01-Feb-2005		7.800%		MI - 80.00%		360		01-Oct-2004
322560582 1			64,000.00		64,000.00		01-Mar-2005		8.400%		MI - 80.00%		360		01-Nov-2004
322561325 1			65,600.00		65,159.44		01-Jan-2005		7.600%		MO - 80.00%		360		01-Nov-2004
322561820 1			220,000.00		220,000.00		01-Dec-2004		6.450%		CO - 80.00%		360		01-Oct-2004
322563222 1			210,000.00		210,000.00		01-Feb-2005		5.450%		CA - 79.25%		360		01-Oct-2004
322564378 1			180,000.00		178,855.03		01-Feb-2005		8.550%		TX - 90.00%		360		01-Oct-2004
322564873 1			265,600.00		265,600.00		01-Mar-2005		7.200%		TX - 80.00%		360		01-Nov-2004
322572678 1			172,000.00		169,987.80		01-Dec-2004		5.250%		OH - 80.00%		360		01-Oct-2004
322583204 1			92,400.00		91,700.86		01-Mar-2005		6.990%		SC - 80.00%		360		01-Oct-2004
322585480 1			175,200.00		175,200.00		01-Dec-2004		6.190%		OH - 80.00%		360		01-Oct-2004
322587635 1			85,000.00		84,283.27		01-Nov-2004		6.990%		PA - 85.00%		360		01-Oct-2004
322594680 1			150,000.00		148,467.33		01-Dec-2004		6.500%		WA - 80.00%		360		01-Sep-2004
322594698 1			37,500.00		37,405.71		01-Dec-2004		13.250%		WA - 20.00%		180		01-Sep-2004
322595992 1			40,000.00		39,780.49		01-Jan-2005		9.625%		PA - 100.00%		360		01-Sep-2004
322596065 1			22,700.00		22,552.60		01-Nov-2004		9.250%		AZ - 20.00%		180		01-Aug-2004
322859117 1			119,760.00		119,236.33		01-Feb-2005		9.125%		MI - 80.00%		360		01-Dec-2004
322860495 1			16,580.00		16,477.38		01-Mar-2005		14.250%		IN - 20.00%		240		01-Dec-2004
322862186 1			41,220.00		40,957.26		01-Mar-2005		7.250%		IN - 84.99%		360		01-Dec-2004
19146182 2			128,000.00		127,297.75		01-Jan-2005		9.625%		IL - 80.00%		360		01-Sep-2004
19147677 2			207,200.00		205,837.19		01-Mar-2005		8.250%		CA - 80.00%		360		01-Oct-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		55,016.05		01-Dec-2004		9.125%		IL - 90.00%		360		01-Oct-2004
19149590 2			148,000.00		146,628.97		01-Feb-2005		6.500%		CA - 77.49%		360		01-Oct-2004
19149780 2			59,400.00		58,906.89		01-Dec-2004		7.625%		IL - 90.00%		360		01-Sep-2004
19151117 2			242,100.00		240,987.93		01-Jan-2005		10.000%		MN - 90.00%		360		01-Oct-2004
19151703 2			85,000.00		84,531.83		01-Dec-2004		9.125%		KY - 85.00%		360		01-Oct-2004
19154756 2			160,000.00		158,947.55		01-Jan-2005		8.250%		CA - 39.02%		360		01-Oct-2004
19158518 2			241,200.00		239,337.04		01-Dec-2004		7.125%		UT - 80.00%		360		01-Nov-2004


Page 14 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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
19160290 2
			84,000.00		83,625.99		01-Mar-2005		9.625%		MI - 80.00%		360		01-Nov-2004

322120106 2			66,000.00		65,468.33		01-Dec-2004		8.600%		OR - 80.00%		360		01-Jul-2004
322120403 2			80,000.00		79,280.77		01-Feb-2005		8.050%		IN - 88.89%		360		01-Jul-2004
322120437 2			61,200.00		60,468.61		01-Nov-2004		7.000%		IN - 90.00%		360		01-Jun-2004
322244666 2			103,200.00		102,348.17		01-Dec-2004		7.100%		MN - 80.00%		360		01-Oct-2004
322245317 2			74,472.00		73,936.71		01-Feb-2005		8.300%		MO - 80.00%		360		01-Sep-2004
322553405 2			128,800.00		128,018.42		01-Jan-2005		8.650%		MI - 80.00%		360		01-Oct-2004
322555285 2			200,000.00		200,000.00		01-Feb-2005		6.700%		KY - 80.00%		360		01-Oct-2004
322555566 2			48,000.00		47,698.80		01-Feb-2005		8.500%		MO - 80.00%		360		01-Oct-2004
322555574 2			193,500.00		192,257.13		01-Jan-2005		8.450%		IL - 90.00%		360		01-Oct-2004
322555681 2			336,000.00		333,116.48		01-Nov-2004		7.150%		IL - 80.00%		360		01-Oct-2004
322555723 2			256,500.00		255,094.56		01-Dec-2004		9.150%		OH - 90.00%		360		01-Oct-2004
322556663 2			60,400.00		59,947.46		01-Feb-2005		10.250%		KS - 80.00%		360		01-Oct-2004
322558560 2			47,500.00		47,238.78		01-Feb-2005		9.700%		KS - 95.00%		360		01-Oct-2004
322558693 2			79,200.00		78,667.97		01-Mar-2005		8.150%		MI - 80.00%		360		01-Oct-2004
322559295 2			157,424.00		156,374.74		01-Mar-2005		8.800%		OH - 80.00%		360		01-Oct-2004
322559998 2			95,920.00		95,165.89		01-Feb-2005		7.850%		MO - 80.00%		360		01-Sep-2004
322560418 2			61,600.00		61,295.60		01-Mar-2005		9.650%		IN - 80.00%		360		01-Oct-2004
322561044 2			127,655.00		126,699.50		01-Mar-2005		7.600%		IL - 88.10%		360		01-Oct-2004
322561465 2			52,000.00		52,000.00		01-Jan-2005		8.800%		IN - 80.00%		360		01-Oct-2004
322561648 2			123,500.00		122,566.49		01-Nov-2004		7.550%		IL - 95.00%		360		01-Oct-2004
322561994 2			78,800.00		78,266.22		01-Mar-2005		6.000%		KY - 80.00%		360		01-Oct-2004
322562372 2			232,000.00		232,000.00		01-Mar-2005		6.650%		TX - 80.00%		360		01-Nov-2004
322564337 2			140,250.00		139,416.08		01-Mar-2005		8.750%		MI - 85.00%		360		01-Oct-2004
322565219 2			198,000.00		196,488.57		01-Nov-2004		7.500%		CO - 90.00%		360		01-Oct-2004
322573064 2			123,750.00		122,980.93		01-Mar-2005		7.990%		WI - 90.00%		360		01-Nov-2004
322578238 2			95,116.00		94,598.51		01-Mar-2005		8.650%		IN - 80.00%		360		01-Nov-2004
322578261 2			96,050.00		95,601.89		01-Feb-2005		9.400%		OH - 85.00%		360		01-Nov-2004
322580267 2			364,000.00		364,000.00		01-Jan-2005		7.550%		TX - 80.00%		360		01-Nov-2004
322580861 2			168,000.00		166,715.02		01-Feb-2005		7.490%		MD - 73.04%		360		01-Oct-2004
322585555 2			80,000.00		79,425.85		01-Mar-2005		7.950%		OH - 100.00%		360		01-Oct-2004
322589888 2			83,000.00		82,300.22		01-Nov-2004		6.990%		IN - 76.85%		360		01-Oct-2004
322591116 2			120,000.00		119,014.36		01-Dec-2004		7.125%		ME - 80.00%		360		01-Oct-2004
322596438 2			92,800.00		91,851.58		01-Dec-2004		6.499%		UT - 80.00%		360		01-Sep-2004
322860040 2			144,800.00		143,782.77		01-Jan-2005		6.750%		OH - 80.00%		360		01-Dec-2004
322860222 2			66,320.00		66,022.27		01-Feb-2005		8.999%		IN - 80.00%		360		01-Dec-2004
322862210 2			59,200.00		58,774.02		01-Mar-2005		6.625%		WA - 80.00%		360		01-Dec-2004
322863168 2			80,750.00		80,328.02		01-Dec-2004		8.250%		NE - 95.00%		360		01-Dec-2004


TOTAL			11,673,341.00		11,612,309.34


Page 15 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										83		94		177
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										83		94		177
Curtailments Amount										12,681.62		15,072.91		27,754.53
Paid in Full Balance										15,417,481.23		13,803,351.18		29,220,832.41
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										15,430,162.85		13,818,424.09		29,248,586.94

Cumulative


Number of Paid in Full Loans										365		343		708
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										365		343		708
Paid in Full Balance										64,370,586.02		52,498,143.61		116,868,729.63
Repurchased Loans Balance										0.00		0.00		0.00
Curtailments Amount										673,174.04		367,944.55		1,041,118.59
Total Prepayment Amount										65,043,760.06		52,866,088.16		117,909,848.22










Page 16 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES


											Group 2		Group 1		Total



SMM										3.76%		3.38%		3.57%
3 Months Avg SMM										2.91%		2.67%		2.79%
12 Months Avg SMM										2.50%		2.07%		2.29%
Avg SMM Since Cut-off										2.50%		2.07%		2.29%


CPR										36.83%		33.85%		35.36%
3 Months Avg CPR										29.81%		27.69%		28.76%
12 Months Avg CPR										26.23%		22.22%		24.26%
Avg CPR Since Cut-off										26.23%		22.22%		24.26%


PSA										1,845.89%		1,704.55%		1,776.33%
3 Months Avg PSA Approximation										1,659.63%		1,550.12%		1,605.57%
12 Months Avg PSA Approximation										1,752.62%		1,493.44%		1,626.07%
Avg PSA Since Cut-off Approximation										1,752.62%		1,493.43%		1,626.07%










Page 17 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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

19142637 2			270,000.00		262,343.08			30-Jun-2005		5.750%		MD - 90.00%		Paid Off - 360		01-Jul-2004


19142736 2			139,500.00		138,302.77			27-Jun-2005		7.875%		OH - 90.00%		Paid Off - 360		01-Jul-2004

19142918 1			143,800.00		142,025.42			10-Jun-2005		5.625%		CA - 79.01%		Paid Off - 360		01-Aug-2004

19143221 2			133,600.00		132,506.81			28-Jun-2005		7.375%		VA - 80.00%		Paid Off - 360		01-Sep-2004

19144138 1			166,400.00		166,391.00			09-Jun-2005		6.125%		GA - 80.00%		Paid Off - 360		01-Sep-2004

19144468 1			199,750.00		198,294.57			10-Jun-2005		7.750%		CA - 85.00%		Paid Off - 360		01-Sep-2004

19144708 1		FCL	231,200.00		229,477.97			30-Jun-2005		7.625%		RI - 80.00%		Paid Off - 360		01-Sep-2004

19145556 2			240,000.00		237,146.50			30-Jun-2005		7.750%		CA - 60.00%		Paid Off - 360		01-Sep-2004

19145762 1			201,050.00		200,919.24			28-Jun-2005		7.750%		CA - 79.94%		Paid Off - 360		01-Sep-2004

19145770 1			50,250.00		50,012.02			29-Jun-2005		11.000%		CA - 19.98%		Paid Off - 360		01-Sep-2004

19145861 2			245,600.00		243,211.84			29-Jun-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Sep-2004

19146240 2			187,000.00		185,572.51			30-Jun-2005		7.500%		IL - 85.00%		Paid Off - 360		01-Sep-2004

19147610 2			131,000.00		130,010.69			28-Jun-2005		7.000%		CA - 79.39%		Paid Off - 360		01-Oct-2004

19147974 2			243,000.00		241,531.95			08-Jun-2005		8.250%		CA - 90.00%		Paid Off - 360		01-Oct-2004

19147990 2			300,000.00		291,596.57			03-Jun-2005		6.250%		CA - 64.31%		Paid Off - 360		01-Oct-2004

19148063 2			44,150.00		43,913.84			21-Jun-2005		8.875%		UT - 94.95%		Paid Off - 360		01-Oct-2004

19148097 2			91,000.00		90,712.89			30-Jun-2005		11.250%		CA - 20.00%		Paid Off - 360		01-Oct-2004

19148196 2			440,000.00		436,340.61			29-Jun-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Oct-2004

19148204 2			55,000.00		54,743.42			30-Jun-2005		10.875%		CA - 10.00%		Paid Off - 360		01-Oct-2004

19149962 2			90,000.00		89,520.14			30-Jun-2005		8.750%		FL - 90.00%		Paid Off - 360		01-Oct-2004

19150622 2			210,000.00		208,631.03			03-Jun-2005		7.750%		IL - 60.00%		Paid Off - 360		01-Oct-2004

19151042 1			310,500.00		308,560.73			10-Jun-2005		8.000%		CA - 90.00%		Paid Off - 360		01-Oct-2004

19152438 1			135,000.00		134,316.08			29-Jun-2005		9.000%		FL - 90.00%		Paid Off - 360		01-Oct-2004

19152578 1			51,000.00		50,706.59			20-Jun-2005		8.375%		FL - 85.00%		Paid Off - 360		01-Oct-2004

19152909 1			127,700.00		126,758.78			17-Jun-2005		7.125%		CA - 79.81%		Paid Off - 360		01-Oct-2004

19153543 2			151,100.00		1,418.38			09-Jun-2005		8.750%		FL - 89.99%		Paid Off - 360		01-Oct-2004

19153584 2			75,000.00		74,620.01			06-Jun-2005		9.000%		OK - 78.95%		Paid Off - 360		01-Oct-2004

19154269 1			188,000.00		186,647.75			15-Jun-2005		7.250%		MD - 80.00%		Paid Off - 360		01-Oct-2004

19154277 1			35,250.00		35,189.32			15-Jun-2005		13.990%		MD - 15.00%		Paid Off - 360		01-Oct-2004

19154582 2			172,000.00		170,822.01			30-Jun-2005		7.500%		CA - 80.00%		Paid Off - 360		01-Oct-2004

19155118 1			127,500.00		126,687.59			02-Jun-2005		7.875%		CA - 75.00%		Paid Off - 360		01-Oct-2004

19155639 1			132,000.00		131,158.61			02-Jun-2005		7.250%		FL - 80.00%		Paid Off - 360		01-Nov-2004

19156058 1			34,800.00		34,732.22			23-Jun-2005		14.375%		MD - 20.00%		Paid Off - 360		01-Nov-2004

19156561 1			176,000.00		176,000.00			30-Jun-2005		6.875%		NV - 80.00%		Paid Off - 360		01-Nov-2004

19156579 1			44,000.00		43,863.28			30-Jun-2005		10.750%		NV - 20.00%		Paid Off - 360		01-Nov-2004

19157080 1			193,600.00		193,600.00			06-Jun-2005		6.875%		AZ - 80.00%		Paid Off - 360		01-Nov-2004

19157098 1			48,400.00		48,282.05			06-Jun-2005		11.875%		AZ - 20.00%		Paid Off - 360		01-Nov-2004



Page 19 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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

19157122 1			248,000.00		248,000.00			01-Jun-2005		7.500%		CA - 80.00%		Paid Off - 360		01-Oct-2004


19157155 1			62,000.00		61,846.98			01-Jun-2005		12.375%		CA - 20.00%		Paid Off - 360		01-Oct-2004

19157593 2			240,000.00		238,647.90			28-Jun-2005		7.875%		FL - 78.69%		Paid Off - 360		01-Nov-2004

19158344 1			340,000.00		340,000.00			29-Jun-2005		8.125%		CA - 80.00%		Paid Off - 360		01-Nov-2004

19158351 2			63,750.00		63,610.83			29-Jun-2005		12.375%		CA - 15.00%		Paid Off - 360		01-Nov-2004

19158682 1			169,600.00		169,600.00			23-Jun-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Nov-2004

19158690 1			187,000.00		185,972.48			22-Jun-2005		8.000%		CA - 85.00%		Paid Off - 360		01-Nov-2004

19158724 1			320,000.00		317,987.03			29-Jun-2005		7.625%		CA - 80.00%		Paid Off - 360		01-Nov-2004

19158997 2			141,000.00		140,141.37			28-Jun-2005		7.875%		FL - 78.33%		Paid Off - 360		01-Nov-2004

19160563 2			343,000.00		340,471.88			07-Jun-2005		6.500%		CA - 74.57%		Paid Off - 360		01-Nov-2004

19160720 1			171,700.00		170,578.48			09-Jun-2005		7.125%		MN - 85.00%		Paid Off - 360		01-Nov-2004

19161041 2			135,000.00		134,458.33			28-Jun-2005		8.875%		NV - 65.85%		Paid Off - 360		01-Dec-2004

19161124 2			191,000.00		190,038.20			28-Jun-2005		7.750%		IL - 54.57%		Paid Off - 360		01-Dec-2004

19161363 2			165,000.00		163,868.58			15-Jun-2005		6.875%		FL - 80.49%		Paid Off - 360		01-Nov-2004

19161579 1			126,000.00		125,051.29			01-Jun-2005		6.875%		IL - 47.01%		Paid Off - 360		01-Nov-2004

321997751 1			158,059.00		155,881.58			08-Jul-2005		6.250%		WA - 80.00%		Paid Off - 360		01-Jun-2004

322119694 1			153,739.00		152,553.23			16-Jun-2005		8.400%		AZ - 80.00%		Paid Off - 360		01-Jul-2004

322119710 1			218,044.00		218,044.00			16-Jun-2005		6.050%		WI - 80.00%		Paid Off - 360		01-Jul-2004

322119876 2			139,523.00		138,172.65			15-Jul-2005		7.250%		CA - 71.55%		Paid Off - 360		01-Jul-2004

322121484 2			76,000.00		75,185.73			06-Jul-2005		6.250%		OH - 80.00%		Paid Off - 360		01-Aug-2004

322242843 2			261,000.00		258,819.64			21-Jun-2005		8.000%		IL - 90.00%		Paid Off - 360		01-Jul-2004

322243056 2			237,500.00		235,236.22			14-Jul-2005		6.350%		CA - 95.00%		Paid Off - 360		01-Sep-2004

322243114 2			374,000.00		371,821.06			28-Jun-2005		8.850%		IL - 89.05%		Paid Off - 360		01-Sep-2004

322243122 2			208,000.00		206,284.31			13-Jul-2005		7.150%		IL - 80.00%		Paid Off - 360		01-Sep-2004

322243338 2			340,000.00		337,193.66			10-Jun-2005		7.100%		CA - 69.25%		Paid Off - 360		01-Sep-2004

322243932 2			124,000.00		123,275.24			24-Jun-2005		9.450%		MI - 80.00%		Paid Off - 360		01-Sep-2004

322243981 1			327,750.00		324,434.41			12-Jul-2005		6.650%		CA - 95.00%		Paid Off - 360		01-Sep-2004

322553538 2			384,000.00		384,000.00			14-Jul-2005		5.900%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322554304 2			130,150.00		129,476.83			07-Jul-2005		8.900%		MI - 95.00%		Paid Off - 360		01-Oct-2004

322554569 1			104,844.00		104,844.00			20-Jun-2005		7.750%		OH - 80.00%		Paid Off - 360		01-Oct-2004

322554676 1			356,000.00		356,000.00			13-Jul-2005		7.350%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322554932 2			148,950.00		147,771.42			28-Jun-2005		6.800%		IA - 90.00%		Paid Off - 360		01-Oct-2004

322555582 1			152,000.00		151,999.99			01-Jul-2005		6.550%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322556028 2			239,000.00		236,956.77			01-Jul-2005		7.150%		CA - 46.41%		Paid Off - 360		01-Oct-2004

322556119 1			199,800.00		197,943.57			12-Jul-2005		7.100%		CO - 90.00%		Paid Off - 360		01-Sep-2004

322556333 2			182,700.00		181,745.57			07-Jul-2005		8.850%		IL - 89.12%		Paid Off - 360		01-Oct-2004

322556382 1			279,600.00		279,599.00			17-Jun-2005		7.000%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322557364 2			188,000.00		188,000.00			16-Jun-2005		8.150%		IL - 80.00%		Paid Off - 360		01-Oct-2004



Page 20 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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

322557372 2			82,650.00		81,356.56			30-Jun-2005		7.350%		AZ - 95.00%		Paid Off - 360		01-Aug-2004


322557513 1			109,520.00		109,520.00			29-Jun-2005		6.050%		AZ - 80.00%		Paid Off - 360		01-Oct-2004

322557679 2			491,000.00		491,000.00			01-Jul-2005		5.400%		CA - 89.27%		Paid Off - 360		01-Oct-2004

322557745 1			237,520.00		235,514.50			08-Jul-2005		6.600%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322558420 1			176,000.00		176,000.00			14-Jul-2005		7.500%		AZ - 80.00%		Paid Off - 360		01-Sep-2004

322558628 1			60,000.00		59,627.06			13-Jul-2005		8.800%		OH - 80.00%		Paid Off - 360		01-Oct-2004

322561176 2			150,000.00		149,098.66			17-Jun-2005		7.550%		NV - 66.37%		Paid Off - 360		01-Nov-2004

322561184 2			183,000.00		181,404.34			13-Jul-2005		6.250%		CA - 79.57%		Paid Off - 360		01-Oct-2004

322561952 1			252,800.00		252,800.00			06-Jul-2005		6.650%		IL - 80.00%		Paid Off - 360		01-Nov-2004

322562042 1			264,000.00		263,650.38			05-Jul-2005		6.050%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322562810 1			103,920.00		103,920.00			28-Jun-2005		7.000%		AZ - 80.00%		Paid Off - 360		01-Oct-2004

322563024 2			64,700.00		64,407.43			30-Jun-2005		9.550%		MI - 77.95%		Paid Off - 360		01-Oct-2004

322563065 2			185,500.00		184,337.96			30-Jun-2005		7.950%		CA - 48.82%		Paid Off - 360		01-Oct-2004

322563164 1			176,000.00		176,000.00			24-Jun-2005		7.450%		MI - 80.00%		Paid Off - 360		01-Oct-2004

322563438 2			110,400.00		109,876.06			07-Jul-2005		9.800%		AZ - 80.00%		Paid Off - 360		01-Oct-2004

322564113 1			172,000.00		172,000.00			22-Jun-2005		7.100%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322565466 1			151,920.00		150,942.05			15-Jul-2005		7.200%		CA - 80.00%		Paid Off - 360		01-Nov-2004

322569385 2			378,700.00		376,660.41			11-Jul-2005		8.100%		CA - 74.99%		Paid Off - 360		01-Nov-2004

322569591 2			30,104.00		30,015.11			20-Jun-2005		10.990%		NY - 20.00%		Paid Off - 180		01-Nov-2004

322569765 1			153,750.00		152,710.94			11-Jul-2005		6.950%		MD - 75.00%		Paid Off - 360		01-Nov-2004

322570672 1			151,000.00		150,000.05			27-Jun-2005		7.690%		VA - 100.00%		Paid Off - 360		01-Oct-2004

322571233 1			39,600.00		39,444.23			08-Jul-2005		9.650%		MD - 20.00%		Paid Off - 180		01-Nov-2004

322571308 2			131,440.00		130,624.84			21-Jun-2005		7.390%		TN - 80.00%		Paid Off - 360		01-Nov-2004

322571316 1			32,860.00		32,762.97			21-Jun-2005		10.990%		TN - 20.00%		Paid Off - 180		01-Nov-2004

322571506 1			56,400.00		56,224.73			20-Jun-2005		10.750%		CA - 20.00%		Paid Off - 180		01-Nov-2004

322571688 2			254,400.00		252,220.72			15-Jul-2005		7.750%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322571837 1			221,000.00		220,999.96			22-Jun-2005		6.990%		CA - 85.00%		Paid Off - 360		01-Oct-2004

322571951 1			232,000.00		230,633.23			17-Jun-2005		7.650%		CA - 72.50%		Paid Off - 360		01-Nov-2004

322573262 1			109,100.00		108,498.50			24-Jun-2005		7.990%		MO - 81.42%		Paid Off - 360		01-Nov-2004

322573288 1			208,000.00		208,000.00			29-Jun-2005		5.250%		IL - 80.00%		Paid Off - 360		01-Oct-2004

322574344 2			76,000.00		75,470.09			27-Jun-2005		6.850%		FL - 80.00%		Paid Off - 360		01-Nov-2004

322574666 2			247,500.00		247,500.00			01-Jul-2005		6.875%		CO - 90.00%		Paid Off - 360		01-Oct-2004

322575069 1			33,500.00		33,348.77			22-Jun-2005		10.250%		AZ - 20.00%		Paid Off - 180		01-Nov-2004

322575093 1			240,000.00		239,943.41			30-Jun-2005		7.250%		NV - 77.92%		Paid Off - 360		01-Nov-2004

322575218 2			89,600.00		88,970.60			07-Jul-2005		6.750%		PA - 80.00%		Paid Off - 360		01-Nov-2004

322575234 2			382,500.00		382,476.94			06-Jul-2005		6.500%		VA - 78.06%		Paid Off - 360		01-Oct-2004

322577388 2			168,000.00		166,432.89			17-Jun-2005		6.600%		WA - 80.00%		Paid Off - 360		01-Oct-2004

322577719 1			132,736.00		132,736.00			20-Jun-2005		6.950%		NV - 80.00%		Paid Off - 360		01-Nov-2004



Page 21 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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

322577966 2			167,600.00		166,963.06			30-Jun-2005		9.800%		AZ - 80.00%		Paid Off - 360		01-Nov-2004


322578907 2			267,500.00		265,778.09			08-Jul-2005		7.200%		IL - 72.30%		Paid Off - 360		01-Nov-2004

322579855 2			172,200.00		170,978.56			30-Jun-2005		6.700%		OH - 80.00%		Paid Off - 360		01-Nov-2004

322580903 1			252,000.00		249,641.82			30-Jun-2005		5.875%		NY - 80.00%		Paid Off - 360		01-Oct-2004

322580911 2			63,000.00		62,784.54			30-Jun-2005		10.875%		NY - 20.00%		Paid Off - 180		01-Oct-2004

322581166 1			240,000.00		238,004.51			07-Jul-2005		6.500%		NY - 53.33%		Paid Off - 360		01-Oct-2004

322581398 1			167,400.00		166,284.16			29-Jun-2005		7.640%		FL - 90.00%		Paid Off - 360		01-Oct-2004

322581414 1			131,750.00		130,689.67			28-Jun-2005		6.670%		CA - 85.00%		Paid Off - 360		01-Oct-2004

322581422 2			99,750.00		98,951.84			15-Jun-2005		6.700%		CT - 75.00%		Paid Off - 360		01-Oct-2004

322581588 2			175,000.00		173,675.94			14-Jul-2005		6.990%		VA - 89.74%		Paid Off - 360		01-Oct-2004

322581729 2			115,500.00		114,621.03			08-Jul-2005		6.960%		VA - 86.19%		Paid Off - 360		01-Oct-2004

322582172 2			210,000.00		208,594.45			13-Jul-2005		7.000%		NY - 72.41%		Paid Off - 360		01-Nov-2004

322582453 1			136,000.00		135,068.43			12-Jul-2005		7.500%		GA - 95.10%		Paid Off - 360		01-Oct-2004

322582784 1			111,350.00		110,494.87			22-Jun-2005		7.200%		NC - 85.00%		Paid Off - 360		01-Oct-2004

322583972 1			242,100.00		242,099.96			17-Jun-2005		7.500%		CA - 90.00%		Paid Off - 360		01-Oct-2004

322584319 2			156,500.00		156,458.43			05-Jul-2005		6.375%		CA - 62.60%		Paid Off - 360		01-Oct-2004

322584624 1			240,000.00		238,184.12			07-Jul-2005		6.990%		CA - 80.00%		Paid Off - 360		01-Oct-2004

322584632 1			60,000.00		59,789.25			07-Jul-2005		10.750%		CA - 20.00%		Paid Off - 180		01-Oct-2004

322584889 1			208,000.00		206,228.14			13-Jul-2005		6.375%		MA - 50.73%		Paid Off - 360		01-Oct-2004

322585977 1			76,000.00		75,409.13			17-Jun-2005		6.850%		MN - 33.78%		Paid Off - 360		01-Oct-2004

322586413 2			78,400.00		77,790.53			22-Jun-2005		6.850%		FL - 80.00%		Paid Off - 360		01-Oct-2004

322586967 1			185,500.00		185,500.00			17-Jun-2005		6.450%		NV - 70.00%		Paid Off - 360		01-Oct-2004

322588104 2			127,500.00		126,424.97			12-Jul-2005		6.990%		VA - 75.00%		Paid Off - 360		01-Sep-2004

322588179 2			155,200.00		150,593.91			30-Jun-2005		6.750%		MD - 80.00%		Paid Off - 180		15-Sep-2004

322588500 1			231,000.00		229,252.15			12-Jul-2005		6.990%		VA - 75.00%		Paid Off - 360		01-Oct-2004

322588518 2			146,200.00		145,031.56			08-Jul-2005		7.270%		MD - 85.00%		Paid Off - 360		01-Sep-2004

322588831 1			38,800.00		37,928.05			30-Jun-2005		9.990%		MD - 20.00%		Paid Off - 180		15-Sep-2004

322589425 1			126,650.00		124,420.81			06-Jul-2005		7.950%		SC - 85.00%		Paid Off - 240		01-Sep-2004

322590035 2			305,000.00		304,737.18			30-Jun-2005		6.250%		CA - 72.62%		Paid Off - 360		01-Sep-2004

322590597 2			280,000.00		280,000.00			27-Jun-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Sep-2004

322590647 2			370,000.00		367,010.68			05-Jul-2005		6.650%		CA - 49.33%		Paid Off - 360		01-Oct-2004

322590688 2			59,000.00		58,756.62			08-Jul-2005		9.990%		CA - 20.00%		Paid Off - 180		01-Oct-2004

322591231 2			128,000.00		126,869.59			08-Jul-2005		6.750%		NH - 80.00%		Paid Off - 360		01-Sep-2004

322591249 1			32,000.00		31,880.83			08-Jul-2005		10.990%		NH - 20.00%		Paid Off - 180		01-Sep-2004

322591348 1			100,800.00		100,028.98			#######		7.490%		MI - 80.00%		Paid Off - 360		01-Sep-2004

322591355 2			25,200.00		25,124.35			07-Jul-2005		11.990%		MI - 20.00%		Paid Off - 180		01-Sep-2004

322591843 2			85,000.00		84,341.35			11-Jul-2005		6.990%		OH - 73.91%		Paid Off - 360		01-Oct-2004

322591850 1			116,000.00		115,053.81			06-Jul-2005		6.600%		MI - 80.00%		Paid Off - 360		01-Oct-2004



Page 22 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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

322592759 1			189,000.00		188,999.97			17-Jun-2005		6.750%		FL - 90.00%		Paid Off - 360		01-Sep-2004


322592783 1			145,000.00		143,682.11			27-Jun-2005		6.600%		FL - 83.33%		Paid Off - 360		01-Sep-2004

322592841 1			165,500.00		163,885.50			01-Jul-2005		6.250%		FL - 84.87%		Paid Off - 360		01-Sep-2004

322593385 1			77,000.00		76,382.68			12-Jul-2005		7.250%		UT - 88.00%		Paid Off - 360		01-Sep-2004

322593781 1			200,000.00		198,280.75			27-Jun-2005		6.890%		PA - 83.33%		Paid Off - 360		01-Sep-2004

322594219 1			66,650.00		66,113.15			14-Jul-2005		7.249%		OK - 79.96%		Paid Off - 360		01-Sep-2004

322594599 2			304,000.00		304,000.00			01-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Sep-2004

322595497 1			48,000.00		47,742.39			28-Jun-2005		9.250%		OH - 80.00%		Paid Off - 360		01-Sep-2004

322595521 1			12,000.00		11,962.06			28-Jun-2005		11.750%		OH - 20.00%		Paid Off - 180		01-Sep-2004

322595687 1			193,400.00		192,439.32			14-Jul-2005		9.625%		UT - 90.00%		Paid Off - 360		01-Sep-2004

322596172 1			44,000.00		43,739.16			12-Jul-2005		9.250%		ID - 80.00%		Paid Off - 360		01-Aug-2004

322596453 2			639,000.00		633,345.59			16-Jun-2005		7.250%		NJ - 90.00%		Paid Off - 360		01-Aug-2004

322597154 2			82,400.00		81,689.62			15-Jul-2005		6.875%		MA - 80.00%		Paid Off - 360		01-Sep-2004

322597162 1			20,600.00		20,498.97			15-Jul-2005		10.000%		MA - 20.00%		Paid Off - 180		01-Sep-2004

322597238 2			331,200.00		331,200.00			22-Jun-2005		8.875%		CA - 90.00%		Paid Off - 360		01-Sep-2004

322859091 1			32,000.00		31,962.31			13-Jul-2005		14.500%		FL - 20.00%		Paid Off - 180		01-Dec-2004

322859844 1			130,000.00		130,000.00			22-Jun-2005		5.999%		CA - 80.00%		Paid Off - 360		01-Dec-2004

322860255 1			148,000.00		148,000.00			06-Jul-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Dec-2004

322860396 2			43,200.00		43,012.87			14-Jul-2005		8.500%		OH - 80.00%		Paid Off - 360		01-Dec-2004

322860453 2			288,000.00		286,720.39			06-Jul-2005		8.375%		GA - 90.00%		Paid Off - 360		01-Dec-2004

322860594 1			37,000.00		36,839.37			06-Jul-2005		8.490%		CA - 20.00%		Paid Off - 180		01-Dec-2004

322860974 1			137,600.00		137,600.00			05-Jul-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Dec-2004

322861006 1			10,800.00		10,712.65			14-Jul-2005		8.250%		OH - 20.00%		Paid Off - 180		01-Dec-2004

322861758 2			123,900.00		123,302.23			01-Jul-2005		8.500%		IA - 79.99%		Paid Off - 360		01-Dec-2004

322863432 2			118,750.00		118,750.00			06-Jul-2005		7.125%		AZ - 95.00%		Paid Off - 360		01-Dec-2004

322863465 1			29,400.00		29,316.06			17-Jun-2005		10.500%		AZ - 20.00%		Paid Off - 180		01-Dec-2004



TOTAL			29,537,279.00		29,220,832.41



Page 23 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


Current




Number of Loans Liquidated										0		1		1
Collateral Principal Realized Loss/(Gain) Amount										0.00		33,113.37		33,113.37
Collateral Interest Realized Loss/(Gain) Amount										0.00		651.65		651.65
Net Liquidation Proceeds										0.00		0.00		0.00

Cumulative




Number of Loans Liquidated										0		2		2
Collateral Realized Loss/(Gain) Amount										0.00		33,113.37		33,113.37
Net Liquidation Proceeds										0.00		89,785.18		89,785.18










Page 24 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



MDR										0.00%		0.01%		0.00%
3 Months Avg MDR										0.00%		0.01%		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%		0.10%		0.05%
3 Months Avg CDR										0.00%		0.12%		0.06%
12 Months Avg CDR										0.00%		0.06%		0.03%
Avg CDR Since Cut-off										0.00%		0.06%		0.03%


SDA										0.00%		0.49%		0.24%
3 Months Avg SDA Approximation										0.00%		0.66%		0.33%
12 Months Avg SDA Approximation										0.00%		0.40%		0.20%
Avg SDA Since Cut-off Approximation										0.00%		0.40%		0.20%


Loss Severity Approximation for Current Period										0.00%		100.00%		100.00%
3 Months Avg Loss Severity Approximation										0.00%		33.33%		33.33%
12 Months Avg Loss Severity Approximation										0.00%		16.67%		16.67%
Avg Loss Severity Approximation Since Cut-off										0.00%		16.67%		16.67%












Page 25 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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 26 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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)

19150853 1
			12.125%		WA - 20.00%		360		33,113.37				33,113.37		0.00



TOTAL									33,113.37			33,113.37		0.00



Page 27 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

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
						Three Month Rolling Average 60+ days Delinquent								13,679,144.44
						Ending Balance								790,782,191.44
						Prior Period Senior Enhancement Percentage								20.5178%



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 28 of 29
Morgan Stanley Home Equity Loan Trust 2005-1

Mortgage Pass-Through Certificates

2005-1

July 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION

										Group 2		Group 1		Total
Current Scheduled Payments										2,717,857.52		2,745,838.67		5,463,696.19
Current Scheduled Payments 1 Month Prior										2,797,537.02		2,813,388.59		5,610,925.60
Current Scheduled Payments 2 Month Prior										2,865,723.19		2,877,306.88		5,743,030.07
Current Scheduled Payments 3 Month Prior										2,956,160.53		2,940,412.33		5,896,572.87
Current Scheduled Payments 4 Month Prior										3,006,355.10		2,981,915.28		5,988,270.38
Current Scheduled Payments 5 Month Prior										3,056,508.59		3,009,910.77		6,066,419.36
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										76,852.50		67,296.69		144,149.20
Sched. Pmts - 60+Day Delinquent Loans, 1 Month Prior										68,693.70		57,029.49		125,723.19
Sched. Pmts - 60+Day Delinquent Loans, 2 Month Prior										61,871.21		43,155.77		105,026.98
Sched. Pmts - 60+Day Delinquent Loans, 3 Month Prior										37,065.80		23,723.46		60,789.26
Sched. Pmts - 60+Day Delinquent Loans, 4 Month Prior										19,115.08		19,088.24		38,203.32
Sched. Pmts - 60+Day Delinquent Loans, 5 Month Prior										3,729.06		1,769.77		5,498.83
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 29 of 29

Morgan Stanley Home Equity Loan Trust 2005-1 8-K