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) March 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 March
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 March 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
Name: Sanjeev Khanna
Title: Vice President
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-14
as of March 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: February 1996
Phone: (410) 884-2106
11000 Broken Land Parkway
Distribution Date: March 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 0.9950441166
A2 Senior Shift Interest Fixed
30,194,000.00 7.00000000% 0.00
0.00 0.00 0.9950441170
A3 Senior Shift Interest Fixed
30,194,000.00 7.50000000% 0.00
0.00 0.00 0.9950441170
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 0.9993100710
A7 Senior Support Fixed
1,500,000.00 7.25000000% 0.00
0.00 0.00 0.9993100733
AP Senior Principal Only Principal Only
119,405.00 0.00000000% 0.00
0.00 0.00 0.9990935053
B1 Subordinate Prorata Fixed
3,925,000.00 7.25000000% 0.00
0.00 0.00 0.9993100637
B2 Subordinate Prorata Fixed
2,355,000.00 7.25000000% 0.00
0.00 0.00 0.9993100637
B3 Subordinate Prorata Fixed
1,805,000.00 7.25000000% 0.00
0.00 0.00 0.9993100609
B4 Subordinate Prorata Fixed
864,000.00 7.25000000% 0.00
0.00 0.00 0.9993100579
B5 Subordinate Prorata Fixed
314,000.00 7.25000000% 0.00
0.00 0.00 0.9993100637
B-6 Subordinate Prorata Fixed
549,862.35 7.25000000% 0.00
0.00 0.00 0.9993100637
R Residual Residual Residual
100.00 7.25000000% 0.00
0.00 0.00 0.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
157,002,367.35 0.00
0.00 0.00 0.9964358583
Report 1
03/21/96 -- 3:54pm
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: February 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway
Distribution Date: March 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 02/29/1996 7.25000000%
49,730,000.00 300,451.93 246,456.08
0.00 49,483,543.92 546,908.01
A2 02/29/1996 7.00000000%
30,194,000.00 176,131.67 149,637.93
0.00 30,044,362.07 325,769.60
A3 02/29/1996 7.50000000%
30,194,000.00 188,712.50 149,637.93
0.00 30,044,362.07 338,350.43
A4 02/29/1996 7.25000000%
11,912,000.00 71,968.33 0.00
0.00 11,912,000.00 71,968.33
A5 02/29/1996 7.25000000%
15,085,000.00 91,138.54 0.00
0.00 15,085,000.00 91,138.54
A6 02/29/1996 7.25000000%
8,455,000.00 51,082.29 5,833.35
0.00 8,449,166.65 56,915.64
A7 02/29/1996 7.25000000%
1,500,000.00 9,062.50 1,034.89
0.00 1,498,965.11 10,097.39
AP 02/29/1996 0.00000000%
119,405.00 0.00 108.24
0.00 119,296.76 108.24
B1 02/29/1996 7.25000000%
3,925,000.00 23,713.54 2,708.00
0.00 3,922,292.00 26,421.54
B2 02/29/1996 7.25000000%
2,355,000.00 14,228.13 1,624.80
0.00 2,353,375.20 15,852.93
B3 02/29/1996 7.25000000%
1,805,000.00 10,905.21 1,245.34
0.00 1,803,754.66 12,150.55
B4 02/29/1996 7.25000000%
864,000.00 5,220.00 596.11
0.00 863,403.89 5,816.11
B5 02/29/1996 7.25000000%
314,000.00 1,897.08 216.64
0.00 313,783.36 2,113.72
B-6 02/29/1996 7.25000000%
549,862.35 3,322.09 379.37
0.00 549,482.98 3,701.46
R 02/29/1996 7.25000000%
100.00 0.60 100.00
0.00 0.00 100.60
____________________________________________________________
____________________________________________________________
____________________________________
Totals
157,002,367.35 947,834.41 559,578.68
0.00 156,442,788.67 1,507,413.09
Report 2
03/21/96 -- 3:54pm
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: February 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway Distribution
Date: March 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 N/A 49,730,000.00
6.04166358 0.85816831 4.09771506 4.95588337
0.00000000 0.9950441166
A2 N/A 30,194,000.00
5.83333344 0.85816818 4.09771478 4.95588296
0.00000000 0.9950441170
A3 N/A 30,194,000.00
6.25000000 0.85816818 4.09771478 4.95588296
0.00000000 0.9950441170
A4 N/A 11,912,000.00
6.04166639 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A5 N/A 15,085,000.00
6.04166656 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A6 N/A 8,455,000.00
6.04166647 0.68992904 0.00000000 0.68992904
0.00000000 0.9993100710
A7 N/A 1,500,000.00
6.04166667 0.68992667 0.00000000 0.68992667
0.00000000 0.9993100733
AP N/A 119,405.00
0.00000000 0.80331644 0.10317826 0.90649470
0.00000000 0.9990935053
B1 N/A 3,925,000.00
6.04166624 0.68993631 0.00000000 0.68993631
0.00000000 0.9993100637
B2 N/A 2,355,000.00
6.04166879 0.68993631 0.00000000 0.68993631
0.00000000 0.9993100637
B3 N/A 1,805,000.00
6.04166759 0.68993906 0.00000000 0.68993906
0.00000000 0.9993100609
B4 N/A 864,000.00
6.04166667 0.68994213 0.00000000 0.68994213
0.00000000 0.9993100579
B5 N/A 314,000.00
6.04165605 0.68993631 0.00000000 0.68993631
0.00000000 0.9993100637
B-6 N/A 549,862.35
6.04167570 0.68993631 0.00000000 0.68993631
0.00000000 0.9993100637
R N/A 100.00
6.00000000 1000.00000000 0.00000000 1000.00000000
0.00000000 0.0000000000
____________________________________________________________
____________________________________________________________
_____________________________
Totals 157,002,367.35
0.9964358583
Report 3
03/21/96 -- 3:54pm
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: February 1996
Phone: (410) 884-2106
11000 Broken Land Parkway
Distribution Date: March 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 49,730,000.00 42,676.71
203,779.37 0.00 0.00
246,456.08 0.00 49,483,543.92
0.00
A2 30,194,000.00 25,911.53
123,726.40 0.00 0.00
149,637.93 0.00 30,044,362.07
0.00
A3 30,194,000.00 25,911.53
123,726.40 0.00 0.00
149,637.93 0.00 30,044,362.07
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 8,455,000.00 5,833.35
0.00 0.00 0.00 5,833.35
0.00 8,449,166.65 0.00
A7 1,500,000.00 1,034.89
0.00 0.00 0.00 1,034.89
0.00 1,498,965.11 0.00
AP 119,405.00 95.92
12.32 0.00 0.00 108.24
0.00 119,296.76 0.00
B1 3,925,000.00 2,708.00
0.00 0.00 0.00 2,708.00
0.00 3,922,292.00 0.00
B2 2,355,000.00 1,624.80
0.00 0.00 0.00 1,624.80
0.00 2,353,375.20 0.00
B3 1,805,000.00 1,245.34
0.00 0.00 0.00 1,245.34
0.00 1,803,754.66 0.00
B4 864,000.00 596.11
0.00 0.00 0.00 596.11
0.00 863,403.89 0.00
B5 314,000.00 216.64
0.00 0.00 0.00 216.64
0.00 313,783.36 0.00
B-6 549,862.35 379.37
0.00 0.00 0.00 379.37
0.00 549,482.98 0.00
R 100.00 100.00
0.00 0.00 0.00 100.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 157,002,367.35 108,334.19
451,244.49 0.00 0.00
559,578.68 0.00 156,442,788.67
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Report 4
03/21/96 -- 3:55pm
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: February 1996
Phone: (410) 884-2106
11000 Broken Land Parkway
Distribution Date: March 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% 49,730,000.00
300,452.08 0.00 0.00
(0.15) 0.00 300,451.93 49,483,543.92
A2 7.00000000% 30,194,000.00
176,131.67 0.00 0.00
0.00 0.00 176,131.67 30,044,362.07
A3 7.50000000% 30,194,000.00
188,712.50 0.00 0.00
0.00 0.00 188,712.50 30,044,362.07
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% 8,455,000.00
51,082.29 0.00 0.00 0.00
0.00 51,082.29 8,449,166.65
A7 7.25000000% 1,500,000.00
9,062.50 0.00 0.00 0.00
0.00 9,062.50 1,498,965.11
AP 0.00000000% 119,405.00
0.00 0.00 0.00 0.00
0.00 0.00 119,296.76
B1 7.25000000% 3,925,000.00
23,713.54 0.00 0.00 0.00
0.00 23,713.54 3,922,292.00
B2 7.25000000% 2,355,000.00
14,228.13 0.00 0.00 0.00
0.00 14,228.13 2,353,375.20
B3 7.25000000% 1,805,000.00
10,905.21 0.00 0.00 0.00
0.00 10,905.21 1,803,754.66
B4 7.25000000% 864,000.00
5,220.00 0.00 0.00 0.00
0.00 5,220.00 863,403.89
B5 7.25000000% 314,000.00
1,897.08 0.00 0.00 0.00
0.00 1,897.08 313,783.36
B-6 7.25000000% 549,862.35
3,322.09 0.00 0.00 0.00
0.00 3,322.09 549,482.98
R 7.25000000% 100.00
0.60 0.00 0.00 0.00
0.00 0.60 0.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
947,834.56 0.00 0.00
(0.15) 0.00 947,834.41
Report 5
03/21/96 -- 3:55pm
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: February 1996
Phone: (410) 884-2106
11000 Broken Land Parkway
Distribution Date: March 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 947,834.41
Interest Payments 947,834.41
Scheduled Principal 108,334.19
Scheduled Principal Payment 108,334.19
Other Principal 451,244.49
Other Principal Payments 451,244.49
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
1,507,413.09 Total Withdrawals
1,507,413.09
Ending Balance
0.00
____________________________________________________________
____________________________________________________________
______________________________________________________
Report 6
03/21/96 -- 3:54pm
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: February 1996
Phone: (410) 884-2106
11000 Broken Land Parkway
Distribution Date: March 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 0.06392113%
X Fraud Losses
3,140,047.35 3,140,047.35 2.00715378%
X Special Hazard Losses
2,008,628.00 2,008,628.00 1.28393774%
____________________________________________________________
____________________________________________________________
________________________________________
Totals
Report 7
03/21/96 -- 3:55pm
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: February 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
____________________________________________________________
_____________________________________________
Monthly P&I Constant
1,162,043.93| 1,162,043.93
|
Positive Amortization
108,334.19| 108,334.19
Negative Amortization
0.00| 0.00
Regular Curtailments
8,927.53| 8,927.53
Regular Curtailment Interest
59.79| 59.79
Prepaid Curtailments
43,085.01| 43,085.01
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
398,887.99| 398,887.99
Principal Adjustments
284.48| 284.48
Total Principal Trust Distribution
559,578.99| 559,578.99
|
Scheduled Interest
1,053,709.74| 1,053,709.74
Servicing Fee
105,875.33| 105,875.33
Master Servicing Fee
0.00| 0.00
Spread
0.00| 0.00
Total Pass-Through Interest
947,834.41| 947,834.41
|
Beginning Balance
157,002,367.66| 157,002,367.66
Ending Balance
156,442,788.67| 156,442,788.67
Gross P&I Distribution
1,507,413.40| 1,507,413.40
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
1,507,413.40| 1,507,413.40
|
Beginning Loan Count
555| 555
Number of Loan Payoffs
1| 1
Ending Loan Count
554| 554
|
Weighted Average Maturity
355.3652785200| 355.3652785200
Weighted Average Gross Rate
8.053710950%| 8.053710950%
Weighted Average Net Rate
7.244484960%| 7.244484960%
Weighted Average Pass-Through Rate
7.244484960%| 7.244484960%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
0.00| 0.00
|
|
Report 8
03/21/96 -- 3:55pm
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: February 1996
Phone: (410) 884-2106
11000 Broken Land Parkway
Distribution Date: March 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
6.26816498% 9,806,092.09 156,442,788.67
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
____________________________________________________________
_______________________________________
X Senior
0.00000000% 0.00000000%
X Senior
0.00000000% 0.00000000%
X Subordinate
6.25495751% 0.00000000%
Report 9
03/21/96 -- 3:55pm
Page 1 of 1
