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) June
25, 1996
Morgan Stanley Capital I Inc.
(Exact name of registrant as specified in its
charter)
Delaware 33-46723
13-3291626
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization)
Number)
1585 Broadway
New York, New York
_______10036_____
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code
(212) 703-4000
Morgan Stanley Capital I Inc.
Form 8-K
INDEX
Page
Number
Item 5. Other Events
3
Item 7. Financial Statements and Exhibits
3
SIGNATURES 4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Morgan Stanley Capital I Inc. makes monthly
remittances to security holders. The latest remittance
was made June 25, 1996. We have furnished a monthly
remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance
Statement.................................................
.. ......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of June 25,
1996.
SIGNATURES
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
thereunto duly authorized.
Morgan Stanley Capital I Inc.
(Registrant)
By: Morgan Stanley
By:
(Date)
Name: Sanjeev Khanna
Title: Vice President
INDEX OF EXHIBITS
Page of
Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-
14
as of June 25, 1996.
EXHIBIT 21.1 PAGE 6
Morgan
Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave
Navarre
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2106
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave Navarre
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2106
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary
Aggregate Realized
Aggregate
Ending
Class
Original Principal Losses
Principal
Aggregate Interest Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
__________________________________________________________
__
__________________________________________________________
__ _______________________________________________
A1 Senior Shift Interest Fixed
49,730,000.00 7.25000000% 0.00
0.00 0.00 0.9826093111
A2 Senior Shift Interest Fixed
30,194,000.00 7.00000000%
0.00
0.00 0.00 0.9826093115
A3 Senior Shift Interest Fixed
30,194,000.00 7.50000000%
0.00
0.00 0.00 0.9826093115
A4 Senior Shift Interest Fixed
11,912,000.00 7.25000000%
0.00
0.00 0.00 1.0000000000
A5 Senior Shift Interest Fixed
15,085,000.00 7.25000000%
0.00
0.00 0.00 1.0000000000
A6 Senior Shift Interest Fixed
8,455,000.00 7.25000000%
0.00
0.00 0.00 0.9971988527
A7 Senior Support Fixed
1,500,000.00 7.25000000%
0.00
0.00 0.00 0.9971988533
AP Senior Principal Only Principal
Only
119,405.00 0.00000000% 0.00
0.00 0.00 0.9961927892
B1 Subordinate Prorata Fixed
3,925,000.00 7.25000000%
0.00
0.00 0.00 0.9971988459
B2 Subordinate Prorata Fixed
2,355,000.00 7.25000000%
0.00
0.00 0.00 0.9971988450
B3 Subordinate Prorata Fixed
1,805,000.00 7.25000000%
0.00
0.00 0.00 0.9971988421
B4 Subordinate Prorata
Fixed
864,000.00 7.25000000%
0.00
0.00 0.00 0.9971988426
B5 Subordinate Prorata
Fixed
314,000.00 7.25000000%
0.00
0.00 0.00 0.9971988535
B-6 Subordinate Prorata
Fixed
549,862.35 7.25000000%
0.00
0.00 0.00 0.9971988626
R Residual Residual
Residual
100.00 0.00000000% 0.00
0.00 0.00 0.0000000000
__________________________________________________________
__
__________________________________________________________
__ _______________________________________________
Totals
157,002,367.35 0.00
0.00 0.00 0.9874463344
Report 1
06/19/96 -- 5:25pm
Page 1 of 1
EXHIBIT 21.1 PAGE 7
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave Navarre
Securities Administration Services
Reporting Month: May 1996
Phone:
(410) 884-2106
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Class Distribution Summary
Beginning
Principal Ending
Pass Through
Principal Total Interest Total
Principal
Balance Principal Total
Class Record Date Rate
Balance Distribution Distribution
Reduction Balance
Distribution
__________________________________________________________
__
__________________________________________________________
__ ____________________________________
A1 05/31/1996 7.25000000%
49,042,059.07 296,295.77
176,898.03
0.00 48,865,161.04 473,193.80
A2 05/31/1996 7.00000000%
29,776,310.72 173,695.15
107,405.17
0.00 29,668,905.55 281,100.32
A3 05/31/1996 7.50000000%
29,776,310.72 186,101.94
107,405.17
0.00 29,668,905.55 293,507.11
A4 05/31/1996 7.25000000%
11,912,000.00 71,968.33
0.00
0.00 11,912,000.00 71,968.33
A5 05/31/1996 7.25000000%
15,085,000.00 91,138.54
0.00
0.00 15,085,000.00 91,138.54
A6 05/31/1996 7.25000000%
8,437,333.95 50,975.56
6,017.65
0.00 8,431,316.30 56,993.21
A7 05/31/1996 7.25000000%
1,496,865.87 9,043.56
1,067.59
0.00 1,495,798.28
10,111.15
AP 05/31/1996
0.00000000%
119,072.99 0.00
122.59
0.00 118,950.40 122.59
B1 05/31/1996 7.25000000%
3,916,799.00 23,663.99
2,793.53
0.00 3,914,005.47 26,457.52
B2 05/31/1996 7.25000000%
2,350,079.40 14,198.40
1,676.12
0.00 2,348,403.28 15,874.52
B3 05/31/1996 7.25000000%
1,801,228.58 10,882.42
1,284.67
0.00 1,799,943.91 12,167.09
B4 05/31/1996 7.25000000%
862,194.73 5,209.09
614.93
0.00 861,579.80 5,824.02
B5 05/31/1996 7.25000000%
313,343.92 1,893.12
223.48
0.00 313,120.44 2,116.60
B-6 05/31/1996 7.25000000%
548,713.46 3,315.14
391.35
0.00 548,322.11 3,706.49
R 05/31/1996
0.00000000%
0.00 0.00
0.00
0.00 0.00
0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________
Totals
155,437,312.41 938,381.01 405,900.28
0.00 155,031,412.13 1,344,281.29
Report 2
06/19/96 -- 5:25pm
Page 1 of 1
EXHIBIT 21.1 PAGE 8
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave Navarre
Securities Administration Services
Reporting
Month: May 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway
Distribution
Date: June 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class
Distribution Per 1,000 of Original Balance
Total Other
Total Interest Scheduled Principal Total Principal
Principal Ending
Distribution Principal Distribution
Distribution
Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor
Reduction Factor
__________________________________________________________
__
__________________________________________________________
__ _____________________________
A1 617445BY6 49,730,000.00
5.95808908 0.87820531 2.67896401 3.55716931
0.00000000 0.9826093111
A2 617445BZ3 30,194,000.00
5.75263794 0.87820560 2.67896370 3.55716931
0.00000000 0.9826093115
A3 617445CA7 30,194,000.00
6.16354044 0.87820560 2.67896370 3.55716931
0.00000000 0.9826093115
A4 617445CB5 11,912,000.00
6.04166639 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A5 617445CC3 15,085,000.00
6.04166656 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A6 617445CD1 8,455,000.00
6.02904317 0.71172679 0.00000000 0.71172679
0.00000000 0.9971988527
A7 617445CE9 1,500,000.00
6.02904000 0.71172667 0.00000000 0.71172667
0.00000000 0.9971988533
AP 617445CF6 119,405.00
0.00000000 0.82031741 0.20635652 1.02667392
0.00000000 0.9961927892
B1 617445CG4 3,925,000.00
6.02904204 0.71172739 0.00000000 0.71172739
0.00000000 0.9971988459
B2 617445CH2 2,355,000.00
6.02904459 0.71172824 0.00000000 0.71172824
0.00000000 0.9971988450
B3 617445CJ8 1,805,000.00
6.02904155 0.71172853 0.00000000 0.71172853
0.00000000 0.9971988421
B4 617445CL3 864,000.00
6.02903935 0.71172454 0.00000000 0.71172454
0.00000000 0.9971988426
B5 617445CM1 314,000.00
6.02904459 0.71171975 0.00000000 0.71171975
0.00000000 0.9971988535
B-6 617445CN9 549,862.35
6.02903618 0.71172358 0.00000000 0.71172358
0.00000000 0.9971988626
R 617445CK5 100.00
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.0000000000
__________________________________________________________
__
__________________________________________________________
__ _____________________________
Totals 157,002,367.35
0.9874463344
Report 3
06/19/96 -- 5:25pm
Page 1 of 1
EXHIBIT 21.1 PAGE 9
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave Navarre
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2106
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Principal Distribution
Beginning
Principal Ending Current
Principal Scheduled
Unscheduled Other
Total
Principal Balance Principal
Undistributed
Class Balance Principal
Principal Accretion Principal
Distribution Reduction* Balance Principal
__________________________________________________________
__
__________________________________________________________
__
___________________________________________
_ A1 49,042,059.07
43,673.15
133,224.88 0.00
0.00
176,898.03 0.00
48,865,161.04
0.00
A2 29,776,310.72
26,516.54
80,888.63 0.00 0.00
107,405.17
0.00 29,668,905.55 0.00
A3 29,776,310.72 26,516.54
80,888.63 0.00 0.00
107,405.17
0.00 29,668,905.55 0.00
A4 11,912,000.00 0.00
0.00 0.00 0.00 0.00
0.00 11,912,000.00 0.00
A5 15,085,000.00 0.00
0.00 0.00 0.00 0.00
0.00 15,085,000.00 0.00
A6 8,437,333.95 6,017.65
0.00 0.00 0.00 6,017.65
0.00 8,431,316.30 0.00
A7 1,496,865.87 1,067.59
0.00 0.00 0.00 1,067.59
0.00 1,495,798.28 0.00
AP 119,072.99 97.95
24.64 0.00 0.00 122.59
0.00 118,950.40 0.00
B1 3,916,799.00 2,793.53
0.00 0.00 0.00 2,793.53
0.00 3,914,005.47 0.00
B2 2,350,079.40 1,676.12
0.00 0.00 0.00 1,676.12
0.00 2,348,403.28 0.00
B3 1,801,228.58 1,284.67
0.00 0.00 0.00 1,284.67
0.00 1,799,943.91 0.00
B4 862,194.73 614.93
0.00 0.00 0.00 614.93
0.00 861,579.80 0.00
B5 313,343.92 223.48
0.00 0.00 0.00 223.48
0.00 313,120.44 0.00
B-6 548,713.46 391.35
0.00 0.00 0.00 391.35
0.00 548,322.11 0.00
R 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________________
Totals 155,437,312.41 110,873.50
295,026.78 0.00
0.00
405,900.28 0.00
155,031,412.13
0.00
*Principal Balance Reduction
Realized Losses Principal Balance
Reduction 0.00
Negative Amortization Principal Balance
Reduction 0.00
Other
0.00
Report 4
06/19/96 -- 5:25pm
Page 1 of 1
EXHIBIT 21.1 PAGE 10
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave Navarre
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2106
11000 Broken Land Parkway
Distribution Date: June 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Interest Distribution
Beginning Negative
Ending
Principal/
Interest
Amortization
Principal/
Notional
Interest Shortfall/
Other
Interest Total Interest Notional
Class Pass-Through Rate Balance
Accrual (Recovery) Accretion Interest
Reduction Distribution Balance
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________
A1 7.25000000% 49,042,059.07
296,295.77 0.00 0.00
0.00 0.00 296,295.77
48,865,161.04 A2 7.00000000%
29,776,310.72
173,695.15 0.00 0.00
0.00 0.00 173,695.15
29,668,905.55 A3 7.50000000%
29,776,310.72
186,101.94 0.00 0.00
0.00 0.00 186,101.94 29,668,905.55
A4 7.25000000% 11,912,000.00
71,968.33 0.00 0.00
0.00
0.00 71,968.33 11,912,000.00
A5 7.25000000% 15,085,000.00
91,138.54 0.00 0.00
0.00
0.00 91,138.54 15,085,000.00
A6 7.25000000% 8,437,333.95
50,975.56 0.00 0.00
0.00
0.00 50,975.56 8,431,316.30
A7 7.25000000% 1,496,865.87
9,043.56 0.00 0.00
0.00
0.00 9,043.56 1,495,798.28
AP 0.00000000% 119,072.99
0.00 0.00 0.00 0.00
0.00 0.00 118,950.40
B1 7.25000000% 3,916,799.00
23,663.99 0.00 0.00
0.00
0.00 23,663.99 3,914,005.47
B2 7.25000000% 2,350,079.40
14,198.40 0.00 0.00
0.00
0.00 14,198.40 2,348,403.28
B3 7.25000000% 1,801,228.58
10,882.42 0.00 0.00
0.00
0.00 10,882.42 1,799,943.91
B4 7.25000000% 862,194.73
5,209.09 0.00 0.00
0.00
0.00 5,209.09 861,579.80
B5 7.25000000% 313,343.92
1,893.12 0.00 0.00
0.00
0.00 1,893.12 313,120.44
B-6 7.25000000% 548,713.46
3,315.14 0.00 0.00
0.00
0.00 3,315.14 548,322.11
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________
Totals
938,381.01 0.00 0.00
0.00 0.00 938,381.01
Report 5
06/19/96 -- 5:25pm
Page 1 of 1
EXHIBIT 21.1 PAGE 11
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave
Navarre Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2106 11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167 Columbia, MD 21044-7800
Fund Account Summary
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee
938,381.01 Interest Payments
938,381.01
Scheduled Principal
110,873.50
Scheduled Principal Payment
110,873.50 Other Principal
295,026.78
Other Principal Payments
295,026.78 Negative Amortization
0.00
Reserve Fund 1
0.00
Deposits from Reserve Fund
0.00
Fees and Expenses
0.00
Gain/Loss Adjustment
0.00
Other Withdrawals
0.00
Other Deposits
0.00
Total Deposit
1,344,281.29 Total Withdrawals
1,344,281.29
Ending Balance
0.00
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Report 6
06/19/96 -- 5:25pm
Page 1 of 1
EXHIBIT 21.1 PAGE 12
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave
Navarre
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2106
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Loss/Delinquency Detail
Current Current Current
Current Total Aggregate Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard
Credit Current Fraud Bankruptcy
Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
__________________________________________________________
__
__________________________________________________________
__ _________________________________________________
X 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
__________________________________________________________
__
__________________________________________________________
__ _________________________________________________
Totals 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
Pool
Initial Loss Current Loss Current Loss
# Loss Type
Limit Amount Limit Amount Limit Percent
__________________________________________________________
__ ______________________________________________________
X Bankruptcy Losses
100,000.00 100,000.00 0.06450306%
X Fraud Losses
3,140,047.35 3,140,047.35 2.02542653%
X Special Hazard Losses
2,008,628.00 2,008,628.00 1.29562646%
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
30 Days Delinquent 60 Days Delinquent
90 Days Delinquent Foreclosures
REO's Totals
Number Balance Number
Balance
Number Balance Number Balance Number
Balance Number Balance
X 6 1,458,187.28 1
211,229.34
0 0.00 2 675,518.20 0
0.00 9 2,344,934.82
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
Totals 6 1,458,187.28 1
211,229.34
0 0.00 2 675,518.20 0
0.00 9 2,344,934.82
Report 7
06/19/96 -- 5:25pm
Page 1 of 1
EXHIBIT 21.1 PAGE 13
Morgan
Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave Navarre
Securities Administration Services
Reporting
Month: May 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway
Distribution Date: June 25, 1996 InvestorDirect:
(800) 605-4167 Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
__________________________________________________________
__ _____________________________________________
Monthly P&I Constant
1,153,933.17| 1,153,933.17
|
Positive Amortization
110,873.50| 110,873.50
Negative Amortization
0.00| 0.00
Regular Curtailments
12,848.65| 12,848.65
Regular Curtailment Interest
85.84| 85.84
Prepaid Curtailments
8,636.36| 8,636.36
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
273,457.29| 273,457.29
Principal Adjustments
(1.36)| (1.36)
Total Principal Trust Distribution
405,900.28| 405,900.28
|
Scheduled Interest
1,043,059.67| 1,043,059.67
Servicing Fee
104,678.66| 104,678.66
Master Servicing Fee
0.00| 0.00
Spread
0.00| 0.00
Total Pass-Through Interest
938,381.01| 938,381.01
|
Beginning Balance
155,437,312.41| 155,437,312.41
Ending Balance
155,031,412.13| 155,031,412.13
Gross P&I Distribution
1,344,281.29| 1,344,281.29
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
1,344,281.29| 1,344,281.29
|
Beginning Loan Count
551| 551
Number of Loan Payoffs
1| 1
Ending Loan Count
550| 550
|
Weighted Average Maturity
352.3573876000| 352.3573876000
Weighted Average Gross Rate
8.052581350%| 8.052581350%
Weighted Average Net Rate
7.244445970%| 7.244445970%
Weighted Average Pass-Through Rate
7.244445970%| 7.244445970%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
1,666.60| 1,666.60
Current Period Interest
15,805.61| 15,805.61
|
|
Report 8
06/19/96 -- 5:25pm
Page 1 of 1
EXHIBIT 21.1 PAGE 14
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Dave
Navarre Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2106 11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167 Columbia, MD 21044-7800
Credit Enhancement Summary
Initial Current Current
Current Current Current
Coverage Period Period Cumulative
Coverage Coverage Pool
Type/Purpose
Amount Losses Additions Losses
Percentage Amount Balance
__________________________________________________________
__
__________________________________________________________
__ ___________________________________________
Subordination
9,812,862.35 0.00 0.00
0.00 6.31186601% 9,785,375.01 155,031,412.13
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
__________________________________________________________
__ _______________________________________
X Senior
93.69529353% 100.00000000%
X Subordinate
6.30470647% 0.00000000%
Report 9
06/19/96 -- 5:25pm
Page 1 of 1
