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) May 28,
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 May 28,
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 May 28,
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 May 28, 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:
April 1996 Phone: (410)
884-2106
11000 Broken Land Parkway Distribution Date:
May 28, 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
0.9861664804
A2 Senior Shift Interest Fixed
30,194,000.00 7.00000000% 0.00 0.00
0.00 0.9861664808
A3 Senior Shift Interest Fixed
30,194,000.00 7.50000000% 0.00 0.00
0.00 0.9861664808
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 0.9979105795
A7 Senior Support Fixed
1,500,000.00 7.25000000% 0.00 0.00
0.00 0.9979105800
AP Senior Principal Only Principal Only
119,405.00 0.00000000% 0.00 0.00
0.00 0.9972194632
B1 Subordinate Prorata Fixed
3,925,000.00 7.25000000% 0.00 0.00
0.00 0.9979105732
B2 Subordinate Prorata Fixed
2,355,000.00 7.25000000% 0.00 0.00
0.00 0.9979105732
B3 Subordinate Prorata Fixed
1,805,000.00 7.25000000% 0.00 0.00
0.00 0.9979105706
B4 Subordinate Prorata Fixed
864,000.00 7.25000000% 0.00 0.00
0.00 0.9979105671
B5 Subordinate Prorata Fixed
314,000.00 7.25000000% 0.00 0.00
0.00 0.9979105732
B-6 Subordinate Prorata Fixed
549,862.35 7.25000000% 0.00 0.00
0.00 0.9979105862
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
0.9900316475
Report 1 05/22/96 -- 10:38am
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: April 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway
Distribution Date: May 28, 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 04/30/1996
7.25000000% 49,229,231.54 297,426.64
187,172.47 0.00 49,042,059.07 484,599.11
A2 04/30/1996 7.00000000% 29,889,954.11
174,358.07 113,643.39 0.00 29,776,310.72
288,001.46
A3 04/30/1996 7.50000000% 29,889,954.11
186,812.21 113,643.39 0.00 29,776,310.72
300,455.60
A4 04/30/1996 7.25000000% 11,912,000.00
71,968.33 0.00 0.00 11,912,000.00 71,968.33
A5 04/30/1996 7.25000000% 15,085,000.00
91,138.54 0.00 0.00 15,085,000.00 91,138.54
A6 04/30/1996 7.25000000%
8,443,274.14 51,011.45 5,940.19 0.00 8,437,333.95
56,951.64
A7 04/30/1996 7.25000000%
1,497,919.72 9,049.93 1,053.85 0.00 1,496,865.87
10,103.78
AP 04/30/1996 0.00000000%
119,191.57 0.00 118.58 0.00
119,072.99 118.58
B1 04/30/1996 7.25000000%
3,919,556.57 23,680.65 2,757.57 0.00 3,916,799.00
26,438.22
B2 04/30/1996 7.25000000%
2,351,733.94 14,208.39 1,654.54 0.00 2,350,079.40
15,862.93
B3 04/30/1996 7.25000000%
1,802,496.71 10,890.08 1,268.13 0.00 1,801,228.58
12,158.21
B4 04/30/1996 7.25000000%
862,801.75 5,212.76 607.02 0.00
862,194.73 5,819.78
B5 04/30/1996 7.25000000%
313,564.53 1,894.45 220.61 0.00
313,343.92 2,115.06
B-6 04/30/1996 7.25000000% 549,099.77
3,317.48 386.31 0.00 548,713.46
3,703.79
R 04/30/1996 0.00000000%
0.00 0.00 0.00 0.00 0.00
0.00
____________________________________________________________
____________________________________________________________
____________________________________ Totals
155,865,778.46 940,968.98 428,466.05 0.00
155,437,312.41 1,369,435.03
Report 2 05/22/96 -- 10:38am
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: April 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway Distribution
Date: May 28, 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 5.98082928 0.86893887
2.89483491 3.76377378 0.00000000 0.9861664804
A2 617445BZ3 30,194,000.00 5.77459330
0.86893886 2.89483507 3.76377393 0.00000000
0.9861664808
A3 617445CA7 30,194,000.00 6.18706399
0.86893886 2.89483507 3.76377393 0.00000000
0.9861664808
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 6.03328800
0.70256535 0.00000000 0.70256535 0.00000000
0.9979105795
A7 617445CE9 1,500,000.00 6.03328667
0.70256667 0.00000000 0.70256667 0.00000000
0.9979105800
AP 617445CF6 119,405.00
0.00000000 0.81428751 0.17880323 0.99309074
0.00000000 0.9972194632
B1 617445CG4 3,925,000.00 6.03328662
0.70256561 0.00000000 0.70256561 0.00000000
0.9979105732
B2 617445CH2 2,355,000.00 6.03328662
0.70256476 0.00000000 0.70256476 0.00000000
0.9979105732
B3 617445CJ8 1,805,000.00 6.03328532
0.70256510 0.00000000 0.70256510 0.00000000
0.9979105706
B4 617445CL3 864,000.00
6.03328704 0.70256944 0.00000000 0.70256944
0.00000000 0.9979105671
B5 617445CM1 314,000.00
6.03328025 0.70257962 0.00000000 0.70257962
0.00000000 0.9979105732
B-6 617445CN9 549,862.35 6.03329179
0.70255765 0.00000000 0.70255765 0.00000000
0.9979105862
R 617445CK5 100.00
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.0000000000
____________________________________________________________
____________________________________________________________
_____________________________ Totals
157,002,367.35
0.9900316475
Report 3 05/22/96 -- 10:38am
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: April 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway Distribution
Date: May 28, 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
49,229,231.54 43,212.33 143,960.14 0.00 0.00
187,172.47 0.00 49,042,059.07 0.00
A2 29,889,954.11 26,236.74 87,406.65 0.00
0.00 113,643.39 0.00 29,776,310.72
0.00
A3 29,889,954.11 26,236.74 87,406.65 0.00
0.00 113,643.39 0.00 29,776,310.72
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 8,443,274.14 5,940.19 0.00 0.00
0.00 5,940.19 0.00 8,437,333.95 0.00
A7 1,497,919.72 1,053.85 0.00 0.00
0.00 1,053.85 0.00 1,496,865.87 0.00
AP 119,191.57 97.23 21.35
0.00 0.00 118.58 0.00 119,072.99
0.00
B1 3,919,556.57 2,757.57 0.00 0.00
0.00 2,757.57 0.00 3,916,799.00 0.00
B2 2,351,733.94 1,654.54 0.00 0.00
0.00 1,654.54 0.00 2,350,079.40 0.00
B3 1,802,496.71 1,268.13 0.00 0.00
0.00 1,268.13 0.00 1,801,228.58 0.00
B4 862,801.75 607.02 0.00
0.00 0.00 607.02 0.00 862,194.73
0.00
B5 313,564.53 220.61 0.00
0.00 0.00 220.61 0.00 313,343.92
0.00
B-6 549,099.77 386.31 0.00 0.00
0.00 386.31 0.00 548,713.46 0.00
R 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________ Totals
155,865,778.46 109,671.26 318,794.79 0.00 0.00
428,466.05 0.00 155,437,312.41 0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Report 4 05/22/96 -- 10:38am
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: April 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway
Distribution Date: May 28, 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% 49,229,231.54 297,426.61 0.00 0.00
0.03 0.00 297,426.64 49,042,059.07
A2 7.00000000% 29,889,954.11 174,358.07
0.00 0.00 0.00 0.00 174,358.07 29,776,310.72
A3 7.50000000% 29,889,954.11 186,812.21
0.00 0.00 0.00 0.00 186,812.21 29,776,310.72
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% 8,443,274.14 51,011.45 0.00
0.00 0.00 0.00 51,011.45 8,437,333.95
A7 7.25000000% 1,497,919.72 9,049.93
0.00 0.00 0.00 0.00 9,049.93 1,496,865.87
AP 0.00000000% 119,191.57
0.00 0.00 0.00 0.00 0.00 0.00 119,072.99
B1 7.25000000% 3,919,556.57 23,680.65 0.00
0.00 0.00 0.00 23,680.65 3,916,799.00
B2 7.25000000% 2,351,733.94 14,208.39 0.00
0.00 0.00 0.00 14,208.39 2,350,079.40
B3 7.25000000% 1,802,496.71 10,890.08 0.00
0.00 0.00 0.00 10,890.08 1,801,228.58
B4 7.25000000% 862,801.75
5,212.76 0.00 0.00 0.00 0.00 5,212.76
862,194.73
B5 7.25000000% 313,564.53
1,894.45 0.00 0.00 0.00 0.00 1,894.45
313,343.92
B-6 7.25000000% 549,099.77 3,317.48
0.00 0.00 0.00 0.00 3,317.48 548,713.46
R 0.00000000% 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_____________________________________________ Totals
940,968.95 0.00 0.00 0.03 0.00 940,968.98
Report 5 05/22/96 -- 10:38am
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:
April 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway Distribution Date:
May 28, 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
940,968.98 Interest Payments
940,968.98
Scheduled Principal
109,671.26 Scheduled Principal Payment
109,671.26
Other Principal
318,794.79 Other Principal Payments
318,794.79
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 1,369,435.03 Total
Withdrawals
1,369,435.03
Ending Balance
0.00
____________________________________________________________
____________________________________________________________
______________________________________________________
Report 6
05/22/96 -- 10:38am
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:
April 1996 Phone: (410)
884-2106
11000 Broken Land Parkway Distribution Date: May
28, 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
0.06433462%
X Fraud Losses 3,140,047.35
3,140,047.35 2.02013744%
X Special Hazard Losses 2,008,628.00
2,008,628.00 1.29224314%
____________________________________________________________
____________________________________________________________
________________________________________ 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
2 510,724.73 3 897,034.36 0 0.00
0 0.00 0 0.00 5
1,407,759.09
____________________________________________________________
____________________________________________________________
________________________________________ Totals
2 510,724.73 3 897,034.36 0 0.00
0 0.00 0 0.00 5
1,407,759.09
Report 7 05/22/96 -- 10:39am
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:
April 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway Distribution Date:
May 28, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
____________________________________________________________
_____________________________________________
Monthly P&I Constant 1,155,623.53|
1,155,623.53
|
Positive Amortization 109,671.26|
109,671.26
Negative Amortization 0.00| 0.00
Regular Curtailments 87,105.18|
87,105.18
Regular Curtailment Interest 565.35|
565.35
Prepaid Curtailments 6,704.13|
6,704.13
Prepaid Curtailment Interest 0.00|
0.00
Liquidations 224,420.13| 224,420.13
Principal Adjustments 0.00| 0.00
Total Principal Trust Distribution
428,466.05| 428,466.05
|
Scheduled Interest 1,045,952.27|
1,045,952.27
Servicing Fee 104,983.29| 104,983.29
Master Servicing Fee 0.00| 0.00
Spread 0.00| 0.00
Total Pass-Through Interest
940,968.98| 940,968.98
|
Beginning Balance 155,865,778.46|
155,865,778.46
Ending Balance 155,437,312.41| 155,437,312.41
Gross P&I Distribution 1,369,435.03|
1,369,435.03
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 1,369,435.03|
1,369,435.03
|
Beginning Loan Count 552| 552
Number of Loan Payoffs 1| 1
Ending Loan Count 551| 551
|
Weighted Average Maturity 353.3615833800|
353.3615833800
Weighted Average Gross Rate 8.052715200%|
8.052715200%
Weighted Average Net Rate 7.244456010%|
7.244456010%
Weighted Average Pass-Through Rate 7.244456010%|
7.244456010%
Weighted Average Margin 0.000000000%|
0.000000000%
|
Advances on Delinquencies |
Current Period Principal 913.16|
913.16
Current Period Interest 8,496.33|
8,496.33
|
|
Report 8
05/22/96 -- 10:39am
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:
April 1996 Phone:
(410) 884-2106
11000 Broken Land Parkway Distribution Date:
May 28, 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
6.29987674% 9,792,359.09 155,437,312.41
Scheduled Unscheduled
Principal Principal Percentage Percentage
Pool #
____________________________________________________________
_______________________________________ X Senior
93.70820673% 100.00000000%
X Subordinate 6.29179327%
0.00000000%
Report 9 05/22/96 -- 10:39am
Page 1 of 1
_
