8-K 1 msh05001_10508.txt 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): August 25, 2005 MSDWCC HELOC TRUST Home Equity Loan Asset-Backed Certs., Series 2005-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-113543-23 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Rd. Columbia, Maryland 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (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 under the Exchange Act (17 CFR 240.14a-12) [ ] 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 On August 25, 2005 a distribution was made to holders of MSDWCC HELOC TRUST, Home Equity Loan Asset-Backed Certs., Series 2005-1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset-Backed Certs., Series 2005-1 Trust, relating to the August 25, 2005 distribution. 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. MSDWCC HELOC TRUST Home Equity Loan Asset-Backed Certs., Series 2005-1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Indenture Trustee By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 8/30/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset-Backed Certs., Series 2005-1 Trust, relating to the August 25, 2005 distribution. EX-99.1

Morgan Stanley Dean Witter Credit Corp HELOC Trust Home Equity Loan Asset-Backed Certs. Record Date: 57/3129/2005 Distribution Date: 68/2725/2005 Morgan Stanley Dean Witter Credit Corp HELOC Trust Home Equity Loan Asset-Backed Certs. Series 2005-1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution Note 55353WAC0 SEN 3.~~28000~~65000% ~~738~~704,~~848~~017,~~018~~316.1089 2,~~221~~212,~~469~~765.7154 L 55353WAD8 SUB 0.00000% 15,069,017.3734 0.00 O 55353WAE6 SUB 0.00000% 35,~~724~~766,~~834~~600.76 0.00 Totals ~~757~~724,~~641~~852,~~870~~934.2399 2,~~221~~212,~~469~~765.7154

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses Note 1219,~~258~~501,~~307~~712.1930 0.00 ~~726~~684,~~589~~515,~~710~~604.9159 1421,~~479~~714,~~776~~477.9084 0.00 L 0.00 0.00 15,069,017.34 0.00 0.00 O 0.00 0.00 46,~~550~~532,~~840~~835.6708 0.00 0.00 Totals 1219,~~258~~501,~~307~~712.1930 0.00 ~~746~~706,~~209~~117,~~568~~457.9201 1421,~~479~~714,~~776~~477.9084 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) Note 753,650,000.00 ~~738~~704,~~848~~017,~~018~~316.1089 0.00 1219,~~258~~501,~~307~~712.1930 0.00 0.00 L 0.00 15,069,017.3734 0.00 0.00 0.00 0.00 O 55.02 35,~~724~~766,~~834~~600.76 0.00 0.00 0.00 0.00 Totals 753,650,055.02 ~~757~~724,~~641~~852,~~870~~934.2399 0.00 1219,~~258~~501,~~307~~712.1930 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution Note 1219,~~258~~501,~~307~~712.1930 ~~726~~684,~~589~~515,~~710~~604.9159 0.~~96409436~~90826724 1219,~~258~~501,~~307~~712.1930 L 0.00 15,069,017.34 0.00000000 0.00 O 0.00 46,~~550~~532,~~840~~835.6708 82118,~~712~~735.~~48037077~~64303889 0.00 Totals 1219,~~258~~501,~~307~~712.1930 ~~746~~706,~~209~~117,~~568~~457.9201 0.~~99012740~~93693015 1219,~~258~~501,~~307~~712.1930

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion Note 753,650,000.00 ~~980~~934.~~35960738~~14359038 0.00000000 1625.~~26525203~~87635149 0.00000000 L 0.00 0.00000000 0.00000000 0.00000000 0.00000000 O 55.02 ~~67699650~~104809174.~~30897850~~11850200 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution Note 0.00000000 1625.~~26525203~~87635149 ~~964~~908.~~09435535~~26723889 0.~~96409436~~90826724 1625.~~26525203~~87635149 L 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 0.00000000 0.00000000 ~~82712480~~118,735,643.~~37077430~~03889500 ~~82712~~118735.~~48037077~~64303889 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall Note 753,650,000.00 3.~~28000~~65000% ~~738~~704,~~848~~017,~~018~~316.1089 2,~~221~~212,~~469~~765.7154 0.00 0.00 L 0.00 0.00000% 15,069,017.3734 0.00 0.00 0.00 O 55.02 0.00000% 35,~~724~~766,~~834~~600.76 0.00 0.00 0.00 Totals 753,650,055.02 2,~~221~~212,~~469~~765.7154 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance Note 0.00 0.00 2,~~221~~212,~~469~~765.7154 0.00 ~~726~~684,~~589~~515,~~710~~604.9159 L 0.00 0.00 0.00 0.00 15,069,017.34 O 0.00 0.00 0.00 0.00 46,~~550~~532,~~840~~835.6708 Totals 0.00 0.00 2,~~221~~212,~~469~~765.7154 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall Note 753,650,000.00 3.~~28000~~65000% ~~980~~934.~~35960738~~14359038 2.~~94761456~~93606520 0.00000000 0.00000000 L 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 O 55.02 0.00000% ~~67699650~~104809174.~~30897850~~11850200 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance Note 0.00000000 0.00000000 2.~~94761456~~93606520 0.00000000 ~~964~~908.~~09435535~~26723889 L 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 0.00000000 0.00000000 0.00000000 0.00000000 ~~82712480~~118735643.~~37077430~~03889500 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1422,~~846~~055,~~614~~621.6434 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1422,~~846~~055,~~614~~621.6434 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~366~~341,~~837~~143.7450 Payment of Interest and Principal 1421,~~479~~714,~~776~~477.9084 Total Withdrawals (Pool Distribution Amount) 1422,~~846~~055,~~614~~621.6434 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~299~~276,~~110~~608.0158 Credit Enhancer Premium 6764,~~727~~534.7392 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~366~~341,~~837~~143.7450

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 58 0 0 58 ~~455~~638,~~049~~579.4663 0.00 0.00 ~~455~~638,~~049~~579.4663 30 Days 71 0 0 0 71 ~~420~~50,~~091~~000.8000 0.00 0.00 0.00 ~~420~~50,~~091~~000.8000 60 Days 12 0 0 0 12 67149,~~871~~692.7692 0.00 0.00 0.00 67149,~~871~~692.7692 90 Days 0 0 1 0 1 0.00 0.00 9067,~~485~~871.3376 0.00 9067,~~485~~871.3376 120 Days 0 0 01 0 01 0.00 0.00 090,485.0033 0.00 090,485.0033 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3 8 52 1 0 1413 ~~487~~199,~~963~~692.5692 ~~455~~638,~~049~~579.4663 90158,~~485~~357.3309 0.00 1996,~~033,498~~629.3564 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~046391~~074225% 0.000000% 0.000000% 0.~~046391~~074225% 0.~~062238~~092407% 0.000000% 0.000000% 0.~~062238~~092407% 30 Days 0.~~064947~~009278% 0.000000% 0.000000% 0.000000% 0.~~064947~~009278% 0.~~057457~~007235% 0.000000% 0.000000% 0.000000% 0.~~057457~~007235% 60 Days 0.~~009278~~018556% 0.000000% 0.000000% 0.000000% 0.~~009278~~018556% 0.~~009283~~021662% 0.000000% 0.000000% 0.000000% 0.~~009283~~021662% 90 Days 0.000000% 0.000000% 0.009278% 0.000000% 0.009278% 0.000000% 0.000000% 0.~~012376~~009822% 0.000000% 0.~~012376~~009822% 120 Days 0.000000% 0.000000% 0.~~000000~~009278% 0.000000% 0.~~000000~~009278% 0.000000% 0.000000% 0.~~000000~~013094% 0.000000% 0.~~000000~~013094% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~074225~~027834% 0.~~046391~~074225% 0.~~009278~~018556% 0.000000% 0.~~129894~~120616% 0.~~066740~~028897% 0.~~062238~~092407% 0.~~012376~~022915% 0.000000% 0.~~141354~~144220%

COLLATERAL STATEMENT Collateral Description 6 Month LIBOR ARM Weighted Average Gross Coupon 5.~~407800~~496525% Weighted Average Net Coupon 45.~~934052~~038597% Weighted Average Pass-Through Rate 4.~~826780~~931759% Weighted Average Maturity(Stepdown Calculation) 0 Beginning Scheduled Collateral Loan Count 10,778 Number Of Loans Paid In Full 0 Ending Scheduled Collateral Loan Count 10,778 Beginning Scheduled Collateral Balance ~~742~~709,~~572~~783,~~852~~917.8665 Ending Scheduled Collateral Balance ~~731~~691,~~140~~048,~~551~~439.5867 Ending Actual Collateral Balance at 3129-~~May~~Jul-2005 ~~731~~691,~~140~~048,~~551~~439.5867 Monthly P&I Constant 0.00 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00

Miscellaneous Reporting Premium Amount 6764,~~727~~534.7392 Current Period Additional Balances 2520,~~922~~282,~~992~~830.4777 Specified Overcollateralization Amt 9,420,625.69 Principal Collections 1139,~~432~~018,~~301~~308.2876 Interest Collections 3,~~115~~320,~~203~~143.3536 Realized Loss Amount 0.00 Cumulative Realized Losses 0.00

Filing Compare · Morgan Stanley ABS Capital I Inc. MSDWCC HELOC Trust 2005-1