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~~August 25, 2003 MORGAN STANLEY CAPITAL I INC. (as Depositor, Homeq Servicing Corporation as Servicer, NC Capital Corporation, as Responsible Party and Deutsche Bank National Trust Company, as Trustee). MORGAN STANLEY ABS CAPITAL I MORT PS-THE CER SER 2003 NC5 (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-104046-02 13-3291626 (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) 761-4700 Item 5. Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 7. Financial Statement and Exhibits Exhibits: (as noted in Item 5 above) Monthly Remittance Statement to the Certificateholders dated as of ~~July~~August 25, 2003. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Deutsche Bank National Trust Company, not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement, dated as of May 1,2003. Date: Aug 0128, 2003 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of ~~July~~August 25, 2003.

	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	July 25, 2003 Distribution
	August 25, 2003 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				21
			12.	Realized Loss Detail Report				24
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
				Total Number of Pages				25
			CONTACTS
				Administrator: Jeremy Conyers
				Direct Phone Number: (714)247-6274
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Morgan Stanley					Cut-Off Date: May 1, 2003
	Certificate Insurer(s):							Closing Date: May 29, 2003
								First Payment Date: June 25, 2003
	Servicer(s):		HomeQ Servicing Corp. Master Servicer
								Distribution Date: July 25, 2003
								Distribution Date: August 25, 2003
	Underwriter(s):		Morgan Stanley & Co. Inc					Record Date: ~~July~~August 2422, 2003
								June 30, 2003
								July 31, 2003
						Page 1 of 25					© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC5
	Certificate Payment Report for July 25, 2003 Distribution
	Certificate Payment Report for August 25, 2003 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1	FLT, STEP	502,341,000.00			~~499~~492,~~134~~181,~~898~~158.4346	~~621~~661,~~838~~163.8936	69,~~953~~937,~~739~~269.9711	710,~~575~~598,~~578~~432.8647	-	-	~~492~~482,~~181~~243,~~158~~889.4635
A-2	FLT, STEP	100,000,000.00			9997,~~153~~943,~~030~~108.9154	~~108~~116,~~655~~389.2006	1,~~209~~676,~~922~~282.3768	1,~~318~~792,~~577~~671.5774	-	-	9796,~~943~~266,~~108~~825.5486
A-3	FLT, STEP	211,716,000.00			~~209~~207,~~922~~361,~~830~~231.9368	~~242~~258,~~285~~913.9354	23,~~561~~548,~~599~~958.2565	23,~~803~~807,~~885~~872.1819	-	-	~~207~~203,~~361~~812,~~231~~273.6803
M-1	MEZ, FLT,ST	63,818,000.00			63,818,000.00	~~100~~107,~~247~~161.4406	-	~~100~~107,~~247~~161.4406	-	-	63,818,000.00
M-2	MEZ, FLT,ST	55,276,000.00			55,276,000.00	~~139~~147,~~802~~556.2221	-	~~139~~147,~~802~~556.2221	-	-	55,276,000.00
M-3	MEZ, FLT,ST	17,588,000.00			17,588,000.00	4851,~~879~~493.9876	-	4851,~~879~~493.9876	-	-	17,588,000.00
B-1	SUB, FLT,ST	13,065,000.00			13,065,000.00	4749,~~197~~501.3183	-	4749,~~197~~501.3183	-	-	13,065,000.00
B-2	SUB, FLT,ST	11,055,000.00			11,055,000.00	4446,~~081~~169.8198	-	4446,~~081~~169.8198	-	-	11,055,000.00
B-3	SUB, FLT,ST	12,563,000.00			12,563,000.00	5052,~~094~~467.9697	-	5052,~~094~~467.9697	-	-	12,563,000.00
X	SUB	17,586,872.00			17,587,764.56	4,~~511~~361,~~005~~190.93	-	4,~~511~~361,~~005~~190.93	-	-	17,587,764.56
P	SUB,EXE	-			-	85213,~~673~~212.8441	-	85213,~~673~~212.8441	-	-	-
UT-R	R	-			-	-	-	-	-	-	-
Total		1,005,008,872.00			~~999~~988,~~163~~438,~~524~~263.8324	56,~~999~~065,~~763~~220.5111	1015,~~725~~162,~~261~~510.5944	1621,~~725~~227,~~025~~730.1055	-	-	~~988~~973,~~438~~275,~~263~~752.2480
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1	0607/25/03	0708/24/03		A-Act/360	61746RAS0	502,341,000.00	~~993~~979.~~617679~~775010	1.~~237882~~316164	1319.~~842669~~781919	1521.~~080551~~098084	~~979~~959.~~775010~~993091
A-2	0607/25/03	0708/24/03		A-Act/360	61746RBB6	100,000,000.00	~~991~~979.~~530309~~431085	1.~~086552~~163891	1216.~~099224~~762827	1317.~~185776~~926717	~~979~~962.~~431085~~668259
A-3	0607/25/03	0708/24/03		A-Act/360	61746RBJ9	211,716,000.00	~~991~~979.~~530309~~431085	1.~~144391~~222929	1216.~~099224~~762827	1317.~~243615~~985755	~~979~~962.~~431085~~668259
M-1	0607/25/03	0708/24/03		A-Act/360	61746RBC4	63,818,000.00	1,000.000000	1.~~570833~~679167	-	1.~~570833~~679167	1,000.000000
M-2	0607/25/03	0708/24/03		A-Act/360	61746RBD2	55,276,000.00	1,000.000000	2.~~529167~~669444	-	2.~~529167~~669444	1,000.000000
M-3	0607/25/03	0708/24/03		A-Act/360	61746RBE0	17,588,000.00	1,000.000000	2.~~779166~~927778	-	2.~~779166~~927778	1,000.000000
B-1	0607/25/03	0708/24/03		A-Act/360	61746RBF7	13,065,000.00	1,000.000000	3.~~612500~~788889	-	3.~~612500~~788889	1,000.000000
B-2	0607/25/03	0708/24/03		A-Act/360	61746RBG5	11,055,000.00	1,000.000000	34.~~987500~~176389	-	34.~~987500~~176389	1,000.000000
B-3	0607/25/03	0708/24/03		A-Act/360	61746RBH3	12,563,000.00	1,000.000000	34.~~987500~~176389	-	34.~~987500~~176389	1,000.000000
X	0607/25/03	0708/24/03		A-Act/360		17,586,872.00	1,000.050751	~~256~~247.~~498480~~979910	-	~~256~~247.~~498480~~979910	1,000.050751
P	0607/25/03	0708/24/03		-		-	-	-	-	-	-
UT-R	0607/25/03	0708/24/03		-		-	-	-	-	-	-
							Page 2 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC5
	Certificate Payment Report for July 25, 2003 Distribution
	Certificate Payment Report for August 25, 2003 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	502,341,000.00		1,~~292~~953,~~464~~627.1349		918,~~219~~645,~~388~~392.0802	~~940~~1,~~453~~451,718.4763	1020,~~159~~097,~~841~~110.5465	1122,~~452~~050,~~305~~738.6714	-	-	~~492~~482,~~181~~243,~~158~~889.4635
A-2	100,000,000.00		~~228~~345,~~655~~044.2026		13,~~854~~444,~~390~~429.6785	~~202~~288,~~500~~744.7829	23,~~056~~733,~~891~~174.4614	24,~~285~~078,~~546~~218.6640	-	-	9796,~~943~~266,~~108~~825.5486
A-3	211,716,000.00		~~507~~766,~~460~~373.2276		37,~~926~~292,~~041~~409.7610	~~428~~611,~~726~~317.5686	47,~~354~~903,~~768~~726.3297	48,~~862~~670,~~228~~100.5473	-	-	~~207~~203,~~361~~812,~~231~~273.6803
M-1	63,818,000.00		~~204~~311,~~111~~272.2430		-	-	-	~~204~~311,~~111~~272.2430	-	-	63,818,000.00
M-2	55,276,000.00		~~277~~424,~~439~~995.4667		-	-	-	~~277~~424,~~439~~995.4667	-	-	55,276,000.00
M-3	17,588,000.00		96148,~~631~~125.4016		-	-	-	96148,~~631~~125.4016	-	-	17,588,000.00
B-1	13,065,000.00		92141,~~467~~969.5437		-	-	-	92141,~~467~~969.5437	-	-	13,065,000.00
B-2	11,055,000.00		86132,~~118~~288.4543		-	-	-	86132,~~118~~288.4543	-	-	11,055,000.00
B-3	12,563,000.00		97150,~~865~~333.7774		-	-	-	97150,~~865~~333.7774	-	-	12,563,000.00
X	17,586,872.00		813,~~977~~338,~~690~~881.3629		4,633.62	719.62	5,353.24	813,~~983~~344,~~043~~234.6053	-	6,245.80	17,587,764.56
P	-		~~164~~378,~~940~~153.8728		-	-	-	~~164~~378,~~940~~153.8728	-	-	-
UT-R	-		-		-	-	-	-	-	-	-
Total	1,005,008,872.00		1218,~~025~~091,~~844~~064.6475		1529,~~004~~386,~~454~~864.1359	12,~~572~~352,~~400~~500.4341	1631,~~576~~739,~~854~~365.5600	2849,~~602~~830,~~699~~429.2075	-	6,245.80	~~988~~973,~~438~~275,~~263~~752.2480
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	1.~~49500~~56000%	~~499~~492,~~134~~181,~~898~~158.4346			~~621~~661,~~838~~163.8936	-	-	-	~~621~~661,~~838~~163.8936	~~621~~661,~~838~~163.8936	-
A-2	1.~~31500~~38000%	9997,~~153~~943,~~030~~108.9154			~~108~~116,~~655~~389.2006	-	-	-	~~108~~116,~~655~~389.2006	~~108~~116,~~655~~389.2006	-
A-3	1.~~38500~~45000%	~~209~~207,~~922~~361,~~830~~231.9368			~~242~~258,~~285~~913.9354	-	-	-	~~242~~258,~~285~~913.9354	~~242~~258,~~285~~913.9354	-
M-1	1.~~88500~~95000%	63,818,000.00			~~100~~107,~~247~~161.4406	-	-	-	~~100~~107,~~247~~161.4406	~~100~~107,~~247~~161.4406	-
M-2	3.~~03500~~10000%	55,276,000.00			~~139~~147,~~802~~556.2221	-	-	-	~~139~~147,~~802~~556.2221	~~139~~147,~~802~~556.2221	-
M-3	3.~~33500~~40000%	17,588,000.00			4851,~~879~~493.9876	-	-	-	4851,~~879~~493.9876	4851,~~879~~493.9876	-
B-1	4.~~33500~~40000%	13,065,000.00			4749,~~197~~501.3183	-	-	-	4749,~~197~~501.3183	4749,~~197~~501.3183	-
B-2	4.~~78500~~85000%	11,055,000.00			4446,~~081~~169.8198	-	-	-	4446,~~081~~169.8198	4446,~~081~~169.8198	-
B-3	4.~~78500~~85000%	12,563,000.00			5052,~~094~~467.9697	-	-	-	5052,~~094~~467.9697	5052,~~094~~467.9697	-
X		17,587,764.56			4,~~511~~361,~~005~~190.93	-	-	-	4,~~511~~361,~~005~~190.93	4,~~511~~361,~~005~~190.93	-
P		-			-	-	-	-	-	85213,~~673~~212.8441	-
UT-R		-			85213,~~673~~212.8441	-	-	-	85213,~~673~~212.8441	-	-
Total		~~999~~988,~~163~~438,~~524~~263.8324			56,~~999~~065,~~763~~220.5111	-	-	-	56,~~999~~065,~~763~~220.5111	56,~~999~~065,~~763~~220.5111	-
							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report for August 25, 2003 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					35,~~771~~225,~~521~~241.6233	69,~~953~~937,~~739~~269.9711	1015,~~725~~162,~~261~~510.5944
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					35,~~771~~225,~~521~~241.6233	69,~~953~~937,~~739~~269.9711	1015,~~725~~162,~~261~~510.5944
	Interest Collections					2,~~442~~418,~~550~~564.6168	3,~~867~~818,~~503~~049.0428	6,~~310~~236,~~053~~613.6596
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(~~160~~159,~~681~~095.1251)	(~~259~~256,~~383~~460.8842)	(~~420~~415,~~065~~555.0093)
	TOTAL NET INTEREST					2,~~292~~271,~~973~~476.5756	3,~~626~~586,~~900~~244.0349	5,~~919~~857,~~873~~721.6005
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					67,~~064~~496,~~495~~717.1989	1013,~~580~~523,~~640~~513.0060	1621,~~645~~020,~~135~~231.1949
	Prepayment Penalties Collected							85213,~~673~~212.8441
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							1621,~~725~~227,~~025~~730.1055
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received					~~307~~306,~~972~~829.5738	~~477~~473,~~813~~270.3960	~~785~~780,~~785~~099.9698
	Prepayments In Full					34,~~432~~893,~~986~~227.3237	69,~~432~~398,~~144~~437.8006	914,~~865~~291,~~131~~664.1243
	Curtailments					3025,~~562~~184.7358	4365,~~781~~561.7845	7490,~~344~~746.5103
	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					0.00	0.00	0.00
	Advanced Principal					0.00	0.00	0.00
	TOTAL PRINCIPAL COLLECTED					35,~~771~~225,~~521~~241.6233	69,~~953~~937,~~739~~269.9711	1015,~~725~~162,~~261~~510.5944
				Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report for August 25, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Interest					2,~~453~~430,~~654~~572.6907	3,~~886~~842,~~283~~704.91	6,~~339~~273,~~938~~276.6098
	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
	Net Prepayment Interest Shortfalls					(1112,~~104~~007.0839)	(1824,~~780~~655.8763)	(2936,~~884~~663.9502)
	Delinquent Interest					0.00	0.00	0.00
	Interest Advanced					0.00	0.00	0.00
	TOTAL INTEREST COLLECTED					2,~~442~~418,~~550~~564.6168	3,~~867~~818,~~503~~049.0428	6,~~310~~236,~~053~~613.6596
				Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report for August 25, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					~~159~~157,~~247~~676.8942	~~257~~254,~~070~~172.2586	~~416~~411,~~318~~849.1428
	Trustee Fees					1,~~433~~419.2309	2,~~313~~287.6356	3,~~746~~706.8665
	TOTAL INTEREST OTHER FEES					~~160~~159,~~681~~095.1251	~~259~~256,~~383~~460.8842	~~420~~415,~~065~~555.0093
				Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for July 25, 2003 Distribution
	Credit Enhancement Report for August 25, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Excess Reserve Fund Balance (Ending)							0.00
INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL
	Beginning Subordinated Amount							17,587,764.56
	Ending Subordinated Amount							17,587,764.56
	Specified Subordinated Amount							17,587,764.56
	Senior Enhancement Percentage							19.3262%
				Page 7 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Collateral Report for July 25, 2003 Distribution
	Collateral Report for August 25, 2003 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					2121	4056	6177
	Prior					2,~~110~~093	4,~~041~~007	6,~~151~~100
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(1724)	(3455)	(5179)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					2,~~093~~069	43,~~007~~952	6,~~100~~021
	Principal Balance:
	Original					384,837,481.08	620,177,636.72	1,005,015,117.80
	Prior					~~382~~378,~~194~~423,~~925~~403.4280	~~616~~610,~~968~~014,~~599~~859.4144	~~999~~988,~~163~~438,~~524~~263.8324
	Prefunding					-	-	-
	Scheduled Principal					(~~307~~306,~~972~~829.5738)	(~~477~~473,~~813~~270.3960)	(~~785~~780,~~785~~099.9698)
	Partial and Full Voluntary Prepayments					(34,~~463~~918,~~549~~411.0595)	(69,~~475~~463,~~926~~998.5851)	(914,~~939~~382,~~475~~410.6346)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					~~378~~373,~~423~~198,~~403~~162.8047	~~610~~600,~~014~~077,~~859~~590.4433	~~988~~973,~~438~~275,~~263~~752.2480
PREFUNDING						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Collateral Report for July 25, 2003 Distribution
	Collateral Report for August 25, 2003 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					7.704417%	7.554364%	7.611822%
	Weighted Average Coupon Prior					7.~~704417~~703885%	7.~~554364~~558797%	7.~~611822~~614295%
	Weighted Average Coupon Current					7.~~703885~~707469%	7.~~558797~~559235%	7.~~614295~~615986%
	Weighted Average Months to Maturity Original					348	354	352
	Weighted Average Months to Maturity Prior					~~348~~-	~~354~~-	~~352~~-
	Weighted Average Months to Maturity Current					-346	-352	-350
	Weighted Avg Remaining Amortization Term Original					347	354	351
	Weighted Avg Remaining Amortization Term Prior					~~347~~346	~~354~~353	~~351~~350
	Weighted Avg Remaining Amortization Term Current					~~346~~345	~~353~~352	~~350~~349
	Weighted Average Seasoning Original					3.41	3.31	3.35
	Weighted Average Seasoning Prior					34.41	34.31	34.35
	Weighted Average Seasoning Current					45.4142	45.31	45.35
Note: Original information refers to deal issue.
	Group 1
	Group 2
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Collateral Report for July 25, 2003 Distribution
	Collateral Report for August 25, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.397%	5.345%
	Weighted Average Margin Prior					3.~~397~~394%	5.~~345~~344%
	Weighted Average Margin Current					3.~~394~~397%	5.~~344~~341%
	Weighted Average Max Rate Original					7.893%	12.450%
	Weighted Average Max Rate Prior					7.~~893~~889%	12.~~450~~448%
	Weighted Average Max Rate Current					7.889%	12.~~448~~442%
	Weighted Average Min Rate Original					4.042%	6.502%
	Weighted Average Min Rate Prior					4.~~042~~040%	6.~~502~~501%
	Weighted Average Min Rate Current					4.~~040~~042%	6.~~501~~499%
	Weighted Average Cap Up Original					0.852%	1.285%
	Weighted Average Cap Up Prior					0.852%	1.285%
	Weighted Average Cap Up Current					0.~~852~~849%	1.~~285~~284%
	Weighted Average Cap Down Original					0.852%	1.285%
	Weighted Average Cap Down Prior					0.852%	1.285%
	Weighted Average Cap Down Current					0.~~852~~849%	1.~~285~~284%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					~~159~~157,~~247~~676.8942	~~257~~254,~~070~~172.2586	~~416~~411,~~318~~849.1428
	Delinquent Servicing Fees					0.00	0.00	0.00
	TOTAL SERVICING FEES					~~159~~157,~~247~~676.8942	~~257~~254,~~070~~172.2586	~~416~~411,~~318~~849.1428
	Prepayment Interest Shortfall					1112,~~104~~007.0839	1824,~~780~~655.8763	2936,~~884~~663.9502
	Compensating Interest					(1112,~~104~~007.0839)	(1824,~~780~~655.8763)	(2936,~~884~~663.9502)
	Delinquent Servicing Fees					0.00	0.00	0.00
	COLLECTED SERVICING FEES					~~159~~157,~~247~~676.8942	~~257~~254,~~070~~172.2586	~~416~~411,~~318~~849.1428
	Aggregate Advances with respect to this Distribution					0.00	0.00	0.00
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00
ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Net Prepayment Interest Shortfall					(1112,~~104~~007.0839)	(1824,~~780~~655.8763)	0.00
	Net Monthly Excess Cash Flow							4,~~511~~361,~~005~~190.93
	Ending Pool Stated Principal Balance					~~378~~373,~~423~~198,~~403~~162.8047	~~610~~600,~~014~~077,~~859~~590.4433	~~988~~973,~~438~~275,~~263~~752.2480
				Page 10 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report for August 25, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
FORECLOSURE		Balance		-979,501.08	-	-	-	-979,501.08
		% Balance		0.0010%	0.00%	0.00%	0.00%	0.0010%
		# Loans		-8	-	-	-	-8
		% # Loans		0.0013%	0.00%	0.00%	0.00%	0.0013%
BANKRUPTCY		Balance		-2,896,669.28	-	-	-	-2,896,669.28
		% Balance		0.0030%	0.00%	0.00%	0.00%	0.0030%
		# Loans		-23	-	-	-	-23
		% # Loans		0.0038%	0.00%	0.00%	0.00%	0.0038%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		-3,876,170.36	-	-	-	-3,876,170.36
		% Balance		0.0040%	0.00%	0.00%	0.00%	0.0040%
		# Loans		-31	-	-	-	-31
		% # Loans		0.0051%	0.00%	0.00%	0.00%	0.0051%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report for August 25, 2003 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
FORECLOSURE		Balance		-607,393.30	-	-	-	-607,393.30
		% Balance		0.0010%	0.00%	0.00%	0.00%	0.0010%
		# Loans		-5	-	-	-	-5
		% # Loans		0.0013%	0.00%	0.00%	0.00%	0.0013%
BANKRUPTCY		Balance		-2,279,772.97	-	-	-	-2,279,772.97
		% Balance		0.0038%	0.00%	0.00%	0.00%	0.0038%
		# Loans		-18	-	-	-	-18
		% # Loans		0.0046%	0.00%	0.00%	0.00%	0.0046%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		-2,887,166.27	-	-	-	-2,887,166.27
		% Balance		0.0048%	0.00%	0.00%	0.00%	0.0048%
		# Loans		-23	-	-	-	-23
		% # Loans		0.0058%	0.00%	0.00%	0.00%	0.0058%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report for August 25, 2003 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
FORECLOSURE		Balance		-372,107.78	-	-	-	-372,107.78
		% Balance		0.0010%	0.00%	0.00%	0.00%	0.0010%
		# Loans		-3	-	-	-	-3
		% # Loans		0.0014%	0.00%	0.00%	0.00%	0.0014%
BANKRUPTCY		Balance		-616,896.31	-	-	-	-616,896.31
		% Balance		0.0017%	0.00%	0.00%	0.00%	0.0017%
		# Loans		-5	-	-	-	-5
		% # Loans		0.0024%	0.00%	0.00%	0.00%	0.0024%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		-989,004.09	-	-	-	-989,004.09
		% Balance		0.0027%	0.00%	0.00%	0.00%	0.0027%
		# Loans		-8	-	-	-	-8
		% # Loans		0.0039%	0.00%	0.00%	0.00%	0.0039%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	REO Report for July 25, 2003 Distribution
	REO Report for August 25, 2003 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 Group; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 14 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Foreclosure Report for July 25, 2003 Distribution
	Foreclosure Report for August 25, 2003 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 Group
Total Loan Count = 8				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 Group
Total Original Principal Balance = 982,550.00				Loan Group 2 = Group 2 Group
Total Current Balance = 000.00
Total Current Balance = 979,501.08
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
320094964 1		87,200.00	86,671.57	Aug-01-03	5.990%	SC - 80.00%	360	Jan-10-03
320121247 1		52,200.00	52,034.65	Aug-01-03	8.350%	AR - 90.00%	360	Feb-05-03
320125693 1		293,250.00	292,180.49	Aug-01-03	7.650%	MD - 85.00%	360	Feb-28-03
320130883 1		97,750.00	97,510.80	Aug-01-03	9.600%	IN - 85.00%	360	Feb-11-03
320133895 1		79,200.00	78,995.79	Aug-01-03	9.350%	MI - 80.00%	360	Feb-19-03
320101199 2		55,200.00	55,015.25	Aug-01-03	8.990%	CO - 80.00%	360	Jan-31-03
320115686 2		55,250.00	55,140.64	Aug-01-03	10.600%	IN - 85.00%	360	Feb-07-03
320127608 2		262,500.00	261,951.89	Aug-01-03	10.350%	NY - 70.00%	360	Feb-25-03
				Page 15 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report for August 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans					1724	3455	5179
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					1724	3455	5179
	Paid in Full Balance					34,~~432~~893,~~986~~227.3237	69,~~432~~398,~~144~~437.8006	914,~~865~~291,~~131~~664.1243
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					3025,~~562~~184.7358	4365,~~781~~561.7845	7490,~~344~~746.5103
	Total Prepayment Amount					34,~~463~~918,~~549~~411.0595	69,~~475~~463,~~926~~998.5851	914,~~939~~382,~~475~~410.6346
	Cumulative
	Number of Paid in Full Loans					2852	49104	77156
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					2852	49104	77156
	Paid in Full Balance					510,~~587~~480,~~522~~749.1855	918,~~080~~478,~~517~~954.8591	1428,~~668~~959,~~040~~704.0346
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					~~211~~236,~~138~~323.4604	~~125~~190,~~275~~837.6409	~~336~~427,~~414~~160.1013
	Total Prepayment Amount					510,~~798~~717,~~660~~072.6459	918,~~205~~669,~~793~~792.4900	1529,~~004~~386,~~454~~864.1359
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report for August 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					01.9130%	1.0555%	1.0046%
	3 Months Avg SMM					0.94%	1.02%	0.99%
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.7694%	01.7502%	0.7599%
	CPR					1014.3654%	1117.9012%	1116.3114%
	3 Months Avg CPR					10.70%	11.53%	11.21%
	12 Months Avg CPR
	Avg CPR Since Cut-off					810.7270%	811.5953%	811.6421%
	PSA					~~1173~~1342.3639%	~~1380~~1612.3731%	~~1300~~1508.3749%
	3 Months Avg PSA Approximation					1212.15%	1337.20%	1288.70%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~1113~~1212.8315%	~~1127~~1337.2420%	~~1122~~1288.0470%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report for August 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1
	Group 2
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 18 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for July 25, 2003 Distribution
	Prepayment Detail Report for August 25, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 51						Loan Group 1 = Group 1 Group
Total Loan Count = 79						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 9,890,965.00						Loan Group 2 = Group 2 Group
Total Original Principal Balance = 14,341,358.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 9,865,131.12
Total Prepayment Amount = 14,291,664.43
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
320089501 1			285,000.00	284,451.05	Jun-30-03	8.250%	CA - 66.28%	Paid Off - 360	Feb-14-03
320089972 1			225,000.00	224,110.95	Jul-28-03	8.950%	NJ - 90.00%	Paid Off - 360	Nov-01-02
320090632 1			151,200.00	150,949.83	Jun-10-03	8.990%	CA - 80.00%	Paid Off - 360	Feb-27-03
320092703 1			183,750.00	183,089.35	Jul-02-03	9.250%	FL - 75.00%	Paid Off - 360	Dec-05-02
320093933 1			160,000.00	159,496.16	Jun-06-03	7.250%	MA - 61.54%	Paid Off - 360	Jan-24-03
320093651 1			314,000.00	312,099.18	Jul-09-03	5.990%	CA - 89.97%	Paid Off - 360	Jan-16-03
320101512 1			292,000.00	291,123.57	Jun-27-03	6.000%	NY - 68.71%	Paid Off - 360	Feb-06-03
320095839 1			35,000.00	34,853.78	Jul-02-03	7.900%	WV - 43.21%	Paid Off - 360	Jan-07-03
320102056 1			152,750.00	152,335.89	Jun-04-03	8.000%	NH - 65.00%	Paid Off - 360	Feb-03-03
320096001 1			104,000.00	103,568.74	Jul-01-03	7.000%	IL - 69.33%	Paid Off - 360	Jan-10-03
320102148 1			192,000.00	191,792.25	Jun-19-03	10.990%	CA - 80.00%	Paid Off - 360	Feb-14-03
320098403 1			273,000.00	271,765.19	Jul-30-03	7.500%	CA - 76.90%	Paid Off - 360	Jan-03-03
320102668 1			105,600.00	105,196.06	Jun-16-03	6.250%	ME - 80.00%	Paid Off - 360	Jan-03-03
320099955 1			183,750.00	183,290.87	Jul-25-03	9.500%	CA - 73.50%	Paid Off - 360	Feb-18-03
320102874 1			292,000.00	290,828.50	Jun-24-03	6.000%	KY - 85.88%	Paid Off - 360	Jan-29-03
320100688 1			238,000.00	236,911.80	Jul-02-03	7.400%	NY - 70.00%	Paid Off - 360	Feb-11-03
320104235 1			234,000.00	233,251.92	Jun-23-03	7.250%	NY - 90.00%	Paid Off - 360	Jan-31-03
320101330 1			115,000.00	113,240.02	Jul-01-03	7.490%	MD - 64.61%	Paid Off - 180	Jan-22-03
320105141 1			232,000.00	231,269.48	Jun-16-03	7.250%	CA - 80.00%	Paid Off - 360	Jan-10-03
320101934 1			162,000.00	161,376.02	Jul-31-03	7.375%	NJ - 90.00%	Paid Off - 360	Jan-23-03
320105802 1			180,500.00	180,006.85	Jun-23-03	6.490%	IL - 92.56%	Paid Off - 360	Feb-03-03
320102510 1			235,000.00	234,072.21	Jul-18-03	7.250%	MA - 79.66%	Paid Off - 360	Jan-02-03
320106057 1			295,000.00	293,975.42	Jun-13-03	6.750%	CA - 88.06%	Paid Off - 360	Feb-03-03
320103443 1			178,500.00	177,796.19	Jul-31-03	7.500%	CA - 85.00%	Paid Off - 360	Jan-14-03
320109663 1			41,083.00	41,001.39	Jun-02-03	8.100%	TN - 85.00%	Paid Off - 360	Feb-18-03
320107725 1			186,400.00	185,699.33	Jul-29-03	7.500%	NV - 80.00%	Paid Off - 360	Jan-30-03
320109853 1			230,500.00	230,008.75	Jun-27-03	7.750%	CA - 69.43%	Paid Off - 360	Feb-10-03
320109598 1			208,000.00	207,327.66	Jul-11-03	8.250%	CA - 77.90%	Paid Off - 360	Feb-10-03
320111271 1			181,000.00	180,529.84	Jun-12-03	6.750%	MA - 67.04%	Paid Off - 360	Feb-05-03
320111172 1			300,000.00	299,027.01	Jul-10-03	7.100%	IL - 75.00%	Paid Off - 360	Feb-04-03
320112535 1			102,450.00	102,148.29	Jun-16-03	6.100%	TX - 71.89%	Paid Off - 360	Feb-20-03
320111628 1			215,000.00	214,323.02	Jul-17-03	7.250%	CA - 83.33%	Paid Off - 360	Feb-12-03
320113418 1			308,700.00	308,039.91	Jun-19-03	7.740%	CA - 90.00%	Paid Off - 360	Feb-28-03
320113954 1			111,800.00	111,496.31	Jul-18-03	7.990%	CA - 52.00%	Paid Off - 360	Feb-26-03
320114101 1			265,200.00	264,405.31	Jun-11-03	7.500%	CA - 85.00%	Paid Off - 360	Feb-04-03
320115009 1			69,600.00	69,385.12	Jul-30-03	7.350%	IL - 80.00%	Paid Off - 360	Feb-13-03
320114440 1			123,250.00	122,868.94	Jun-26-03	7.350%	IL - 85.00%	Paid Off - 360	Feb-04-03
320115603 1			300,000.00	299,078.44	Jul-25-03	7.375%	NY - 75.00%	Paid Off - 360	Feb-10-03
320117468 1			76,500.00	76,292.19	Jun-03-03	7.990%	CA - 90.00%	Paid Off - 360	Feb-06-03
320116452 1			216,500.00	215,409.45	Jul-16-03	5.990%	IL - 63.86%	Paid Off - 360	Jan-31-03
320120504 1			135,200.00	134,885.19	Jun-06-03	8.750%	CO - 65.00%	Paid Off - 360	Feb-06-03
320118516 1			100,000.00	98,185.35	Jul-28-03	7.100%	CT - 68.97%	Paid Off - 180	Feb-18-03
320124134 1			100,000.00	99,670.12	Jun-30-03	5.500%	TN - 80.00%	Paid Off - 360	Feb-05-03
320120256 1			158,400.00	157,991.78	Jul-02-03	8.250%	CA - 80.00%	Paid Off - 360	Feb-24-03
320125479 1			314,000.00	313,344.16	Jun-16-03	7.850%	MD - 53.22%	Paid Off - 360	Feb-19-03
320120777 1			152,000.00	151,663.41	Jul-25-03	8.990%	CA - 80.00%	Paid Off - 360	Feb-11-03
320125966 1			200,000.00	199,370.21	Jun-17-03	7.250%	CA - 53.33%	Paid Off - 360	Feb-04-03
320123003 1			121,000.00	120,090.56	Jul-31-03	7.250%	CA - 67.22%	Paid Off - 240	Feb-25-03
320126980 1			212,250.00	211,396.80	Jun-19-03	5.990%	CA - 75.00%	Paid Off - 360	Jan-31-03
320123888 1			139,000.00	138,449.08	Jul-10-03	6.500%	CA - 51.10%	Paid Off - 360	Feb-10-03
320127715 1			170,000.00	169,648.49	Jun-26-03	7.900%	FL - 60.71%	Paid Off - 360	Feb-20-03
320124472 1			96,050.00	95,738.48	Jul-01-03	7.100%	FL - 85.00%	Paid Off - 360	Feb-25-03
320131931 1			217,600.00	217,276.36	Jun-13-03	9.500%	CA - 80.00%	Paid Off - 360	Feb-20-03
320126063 1			136,000.00	135,541.07	Jul-23-03	7.250%	NJ - 80.00%	Paid Off - 360	Feb-26-03
320139462 1			170,000.00	169,644.92	Jun-23-03	7.850%	KY - 68.00%	Paid Off - 360	Feb-27-03
320126402 1			199,750.00	198,920.06	Jul-16-03	6.990%	CA - 85.00%	Paid Off - 360	Feb-03-03
320140346 1			142,500.00	142,164.47	Jun-09-03	7.250%	CA - 95.00%	Paid Off - 360	Feb-13-03
320128382 1			187,500.00	187,228.28	Jul-02-03	10.990%	NY - 75.00%	Paid Off - 360	Feb-20-03
320143464 1			185,000.00	184,576.93	Jun-16-03	7.400%	CA - 33.04%	Paid Off - 360	Feb-24-03
320128754 1			187,000.00	186,439.61	Jul-08-03	7.500%	CA - 64.48%	Paid Off - 360	Feb-20-03
320144165 1			148,907.00	148,634.45	Jun-23-03	8.500%	CT - 79.21%	Paid Off - 360	Feb-20-03
320130024 1			128,000.00	127,700.13	Jul-30-03	8.750%	CA - 80.00%	Paid Off - 360	Feb-10-03
320145196 1			168,500.00	168,168.77	Jun-06-03	8.150%	WI - 93.61%	Paid Off - 360	Feb-28-03
320130941 1			160,000.00	159,755.75	Jul-21-03	10.750%	CA - 80.00%	Paid Off - 360	Feb-20-03
320146210 1			88,200.00	88,004.39	Jun-17-03	8.500%	IL - 90.00%	Paid Off - 360	Feb-20-03
320131600 1			37,825.00	37,729.47	Jul-16-03	8.350%	IL - 85.00%	Paid Off - 360	Feb-27-03
320151061 1			296,000.00	295,387.94	Jun-09-03	7.900%	CA - 80.00%	Paid Off - 360	Feb-20-03
320132202 1			155,000.00	154,407.11	Jul-21-03	6.250%	CA - 63.27%	Paid Off - 360	Feb-13-03
320094659 2			650,000.00	650,000.00	Jun-10-03	4.670%	CA - 60.47%	Paid Off - 300	Jan-21-03
320132566 1			150,000.00	149,457.54	Jul-02-03	6.600%	NJ - 60.98%	Paid Off - 360	Feb-26-03
320096084 2			175,000.00	172,324.11	Jun-12-03	7.500%	CA - 50.72%	Paid Off - 180	Jan-06-03
320133606 1			228,000.00	227,208.12	Jul-24-03	6.750%	CA - 73.55%	Paid Off - 360	Feb-13-03
320096159 2			108,000.00	107,606.29	Jun-24-03	6.500%	CA - 50.70%	Paid Off - 360	Feb-04-03
320134323 1			173,850.00	173,274.35	Jul-23-03	7.000%	CA - 95.00%	Paid Off - 360	Feb-12-03
320105265 2			140,250.00	139,972.88	Jun-19-03	8.125%	MN - 85.00%	Paid Off - 360	Feb-28-03
320134984 1			321,600.00	320,887.88	Jul-31-03	8.990%	VA - 79.80%	Paid Off - 360	Feb-10-03
320107238 2			391,000.00	390,060.20	Jun-10-03	8.600%	VA - 85.00%	Paid Off - 360	Feb-03-03
320135296 1			115,000.00	114,600.59	Jul-03-03	6.750%	CA - 69.70%	Paid Off - 360	Feb-14-03
320108855 2			119,250.00	119,000.91	Jun-13-03	7.850%	CT - 77.94%	Paid Off - 360	Feb-07-03
320136229 1			135,000.00	134,587.33	Jul-28-03	7.400%	CA - 90.00%	Paid Off - 360	Feb-14-03
320111313 2			54,000.00	53,777.85	Jun-13-03	9.750%	MA - 20.00%	Paid Off - 240	Feb-05-03
320137425 1			72,800.00	72,633.85	Jul-24-03	8.850%	WI - 70.00%	Paid Off - 360	Feb-07-03
320122658 2			265,000.00	264,343.23	Jun-16-03	6.990%	MA - 73.61%	Paid Off - 360	Feb-03-03
320137474 1			299,200.00	298,604.28	Jul-09-03	9.500%	IL - 79.94%	Paid Off - 360	Feb-12-03
320129026 2			500,000.00	498,763.26	Jun-18-03	7.000%	NJ - 67.11%	Paid Off - 360	Feb-12-03
320139496 1			112,000.00	111,587.26	Jul-18-03	7.500%	CA - 53.33%	Paid Off - 360	Feb-25-03
320136625 2			51,000.00	50,838.26	Jun-03-03	11.740%	CA - 20.00%	Paid Off - 240	Feb-26-03
320140130 1			117,000.00	116,695.37	Jul-02-03	8.200%	RI - 76.97%	Paid Off - 360	Feb-11-03
					Page 19 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for July 25, 2003 Distribution
	Prepayment Detail Report for August 25, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
320138464 2			344,000.00	343,383.13	Jun-10-03	8.600%	CA - 80.00%	Paid Off - 360	Feb-06-03
320140593 1			264,000.00	262,899.18	Jul-31-03	6.200%	CA - 80.00%	Paid Off - 360	Feb-19-03
320141476 2			79,950.00	79,803.65	Jun-13-03	8.500%	FL - 65.00%	Paid Off - 360	Feb-21-03
320141781 1			242,250.00	241,591.95	Jul-23-03	7.990%	CA - 85.00%	Paid Off - 360	Feb-25-03
320143738 2			363,375.00	362,431.10	Jun-30-03	6.750%	CA - 95.00%	Paid Off - 360	Feb-20-03
320143324 1			116,025.00	115,677.31	Jul-31-03	7.500%	MO - 85.00%	Paid Off - 360	Feb-19-03
320146640 2			54,000.00	53,828.75	Jun-23-03	11.740%	CT - 20.00%	Paid Off - 240	Feb-24-03
320143399 1			232,000.00	231,193.82	Jul-29-03	6.750%	CA - 84.98%	Paid Off - 360	Feb-20-03
320149859 2			35,000.00	34,928.91	Jun-18-03	7.990%	FL - 27.13%	Paid Off - 360	Feb-19-03
320146020 1			146,200.00	145,803.64	Jul-24-03	8.000%	ID - 85.00%	Paid Off - 360	Feb-28-03
320150717 2			38,250.00	38,150.77	Jun-26-03	8.250%	IA - 90.00%	Paid Off - 360	Feb-19-03
320146061 1			61,600.00	61,437.98	Jul-10-03	8.150%	TN - 70.00%	Paid Off - 360	Feb-19-03
320151087 2			74,000.00	73,773.02	Jun-09-03	11.990%	CA - 20.00%	Paid Off - 240	Feb-20-03
320148018 1			95,400.00	95,099.60	Jul-08-03	7.250%	MO - 90.00%	Paid Off - 360	Feb-19-03
320148588 1			207,000.00	206,289.41	Jul-29-03	6.810%	CA - 78.11%	Paid Off - 360	Feb-18-03
320148745 1			123,250.00	122,915.19	Jul-18-03	7.990%	MD - 85.00%	Paid Off - 360	Feb-27-03
320151921 1			190,000.00	189,236.25	Jul-30-03	5.990%	CA - 66.67%	Paid Off - 360	Feb-24-03
320152143 1			220,000.00	218,995.35	Jul-23-03	7.500%	CA - 80.00%	Paid Off - 360	Feb-28-03
320091739 2			315,000.00	313,950.37	Jul-22-03	8.100%	MN - 90.00%	Paid Off - 360	Jan-14-03
320092166 2			180,000.00	179,486.85	Jul-16-03	7.750%	MA - 90.00%	Paid Off - 360	Feb-12-03
320093180 2			340,000.00	338,841.69	Jul-23-03	7.990%	SC - 85.00%	Paid Off - 360	Jan-31-03
320093776 2			265,500.00	264,574.34	Jul-14-03	7.875%	NY - 90.00%	Paid Off - 360	Jan-15-03
320098031 2			88,000.00	87,685.37	Jul-02-03	7.750%	MD - 56.77%	Paid Off - 360	Jan-21-03
320102163 2			650,000.00	650,008.13	Jul-15-03	4.875%	IL - 76.92%	Paid Off - 300	Feb-13-03
320108152 2			221,000.00	220,441.89	Jul-15-03	8.350%	RI - 82.46%	Paid Off - 360	Feb-12-03
320109325 2			470,000.00	468,319.40	Jul-30-03	6.600%	NY - 58.75%	Paid Off - 360	Feb-11-03
320112576 2			189,500.00	188,959.77	Jul-16-03	7.750%	CA - 79.96%	Paid Off - 360	Feb-14-03
320115090 2			112,500.00	112,250.87	Jul-10-03	8.990%	VA - 74.50%	Paid Off - 360	Feb-28-03
320119837 2			36,000.00	35,564.77	Jul-14-03	7.600%	OH - 32.14%	Paid Off - 180	Feb-07-03
320121403 2			347,000.00	345,818.10	Jul-16-03	6.850%	IL - 58.52%	Paid Off - 360	Feb-18-03
320123821 2			463,500.00	462,111.11	Jul-30-03	7.500%	CA - 90.00%	Paid Off - 360	Feb-21-03
320124530 2			248,000.00	247,373.73	Jul-31-03	8.350%	NJ - 39.37%	Paid Off - 360	Feb-10-03
320125230 2			150,000.00	149,266.40	Jul-03-03	6.500%	CA - 60.00%	Paid Off - 360	Feb-04-03
320130453 2			167,875.00	167,433.49	Jul-21-03	8.150%	FL - 85.00%	Paid Off - 360	Feb-13-03
320130529 2			70,683.00	70,308.12	Jul-21-03	10.990%	CA - 20.00%	Paid Off - 240	Feb-20-03
320133598 2			120,000.00	119,660.63	Jul-01-03	7.790%	CA - 65.93%	Paid Off - 360	Feb-24-03
320135908 2			45,000.00	44,861.07	Jul-18-03	7.350%	MI - 25.71%	Paid Off - 360	Feb-20-03
320135924 2			88,900.00	88,651.59	Jul-10-03	7.850%	KS - 70.00%	Paid Off - 360	Feb-25-03
320138258 2			110,000.00	109,670.37	Jul-24-03	7.500%	CA - 78.57%	Paid Off - 360	Feb-12-03
320140155 2			60,900.00	60,777.42	Jul-29-03	9.450%	FL - 70.00%	Paid Off - 360	Feb-24-03
320144785 2			113,000.00	112,469.90	Jul-03-03	10.990%	DC - 20.00%	Paid Off - 240	Feb-28-03
320152150 2			55,000.00	54,742.00	Jul-23-03	10.990%	CA - 20.00%	Paid Off - 240	Feb-28-03
					Page 20 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report for August 25, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage							0.00%
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report for August 25, 2003 Distribution
	Realized Loss Report - Collateral
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
	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
	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
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
	Group 1
	Group 2
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 22 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report for August 25, 2003 Distribution
	Realized Loss Report - Collateral
	Group 1
	Group 2
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 23 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for July 25, 2003 Distribution
	Realized Loss Detail Report for August 25, 2003 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00						Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Original	Prior		Current	State &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
					Page 24 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Trust 2003-NC5
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for July 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for August 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL
	Has a Stepdown Date occurred?							No
	Does Trigger Event exist?							No
	1. Does (A) equal or exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							0.0003%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							0326,500.0036
	(y) Stated Principal Balance							~~988~~973,~~438~~275,~~263~~752.2480
	(B) 40% of Sr. Enhancement Percentage							7.6473%
	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.00%
	(x) Agg. Realized Losses to date							0.00
	(y) Cut-off Date Pool Principal Balance							1,005,015,117.80
	(B) Applicable Percentage							100.00%
	Senior Enhancement Percentage (Prior)							19.1132%
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Basis Risk Carry Forward Amount							0.00
	Class A-2 Certificate Deficiency Amount							0.00
	Reimbursement Amount							0.00
	Interest Rate Cap Payment							0.00
				Page 25 of 25				© COPYRIGHT 2003 Deutsche Bank

Filing Compare · MORGAN STANLEY ABS CAPITAL I MORT PS-THR CER SER 2003-NC5