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) December
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
December 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 December
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 December 25, 1996.
Exhibit 21.1 Page 6
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: December 26, 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 0.9590990553
A2 Senior Shift Interest Fixed
30,194,000.00 7.00000000% 0.00
0.00 0.00 0.9590990554
A3 Senior Shift Interest Fixed
30,194,000.00 7.50000000% 0.00
0.00 0.00 0.9590990554
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 0.9927744908
A7 Senior Support Fixed
1,500,000.00 7.25000000% 0.00
0.00 0.00 0.9927744867
AP Senior Principal Only Principal Only
119,405.00 0.00000000% 0.00
0.00 0.00 0.9900656589
B1 Subordinate Prorata Fixed
3,925,000.00 7.25000000% 0.00
0.00 0.00 0.9927744841
B2 Subordinate Prorata Fixed
2,355,000.00 7.25000000% 0.00
0.00 0.00 0.9927744798
B3 Subordinate Prorata Fixed
1,805,000.00 7.25000000% 0.00
0.00 0.00 0.9927744875
B4 Subordinate Prorata Fixed
864,000.00 7.25000000% 0.00
0.00 0.00 0.9927744907
B5 Subordinate Prorata Fixed
314,000.00 7.25000000% 0.00
0.00 0.00 0.9927745223
B-6 Subordinate Prorata Fixed
549,862.35 7.25000000% 0.00
0.00 0.00 0.9927744826
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 0.9703950365
Exhibit 21.1 Page 7
Morgan
Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: November 1996 Phone:
(410) 884-2169
11000 Broken Land Parkway
Distribution Date: December 26, 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 11/29/1996 7.25000000%
48,063,687.11 290,384.83 367,691.09
0.00 47,695,996.02 658,075.92
A2 11/29/1996 7.00000000%
29,182,283.72 170,229.99 223,246.84
0.00 28,959,036.88 393,476.83
A3 11/29/1996 7.50000000%
29,182,283.72 182,389.27 223,246.84
0.00 28,959,036.88 405,636.11
A4 11/29/1996 7.25000000%
11,912,000.00 71,968.33 0.00
0.00 11,912,000.00 71,968.33
A5 11/29/1996 7.25000000%
15,085,000.00 91,138.54 0.00
0.00 15,085,000.00 91,138.54
A6 11/29/1996 7.25000000%
8,400,285.24 50,751.72 6,376.92
0.00 8,393,908.32 57,128.64
A7 11/29/1996 7.25000000%
1,490,293.06 9,003.85 1,131.33
0.00 1,489,161.73 10,135.18
AP 11/29/1996 0.00000000%
118,353.32 0.00 134.53
0.00 118,218.79 134.53
B1 11/29/1996 7.25000000%
3,899,600.16 23,560.08 2,960.31
0.00 3,896,639.85 26,520.39
B2 11/29/1996 7.25000000%
2,339,760.09 14,136.05 1,776.19
0.00 2,337,983.90 15,912.24
B3 11/29/1996 7.25000000%
1,793,319.31 10,834.64 1,361.36
0.00 1,791,957.95 12,196.00
B4 11/29/1996 7.25000000%
858,408.80 5,186.22 651.64
0.00 857,757.16 5,837.86
B5 11/29/1996 7.25000000%
311,968.02 1,884.81 236.82
0.00 311,731.20 2,121.63
B-6 11/29/1996 7.25000000%
546,304.03 3,300.59 414.72
0.00 545,889.31 3,715.31
R 11/29/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________
Totals
153,183,546.58 924,768.92 829,228.59
0.00 152,354,317.99 1,753,997.51
Exhibit 21.1 Page 8
Morgan
Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services Reporting
Month: November 1996 Phone:
(410) 884-2169
11000 Broken Land Parkway Distribution
Date: December 26, 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
5.83922843 0.91980676 6.47394128 7.39374804
0.00000000 0.9590990553
A2 617445BZ3 30,194,000.00
5.63787474 0.91980692 6.47394151 7.39374843
0.00000000 0.9590990554
A3 617445CA7 30,194,000.00
6.04057992 0.91980692 6.47394151 7.39374843
0.00000000 0.9590990554
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
6.00256889 0.75421881 0.00000000 0.75421881
0.00000000 0.9927744908
A7 617445CE9 1,500,000.00
6.00256667 0.75422000 0.00000000 0.75422000
0.00000000 0.9927744867
AP 617445CF6 119,405.00
0.00000000 0.85708304 0.26958670 1.12666974
0.00000000 0.9900656589
B1 617445CG4 3,925,000.00
6.00256815 0.75421911 0.00000000 0.75421911
0.00000000 0.9927744841
B2 617445CH2 2,355,000.00
6.00256900 0.75422081 0.00000000 0.75422081
0.00000000 0.9927744798
B3 617445CJ8 1,805,000.00
6.00257064 0.75421607 0.00000000 0.75421607
0.00000000 0.9927744875
B4 617445CL3 864,000.00
6.00256944 0.75421296 0.00000000 0.75421296
0.00000000 0.9927744907
B5 617445CM1 314,000.00
6.00257962 0.75420382 0.00000000 0.75420382
0.00000000 0.9927745223
B-6 617445CN9 549,862.35
6.00257501 0.75422513 0.00000000 0.75422513
0.00000000 0.9927744826
R 617445CK5 100.00
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.0000000000
Totals 157,002,367.35
0.9703950365
Exhibit 21.1 Page 9
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: December 26, 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 48,063,687.11 45,741.99
321,949.10 0.00 0.00
367,691.09 0.00 47,695,996.02
0.00
A2 29,182,283.72 27,772.65
195,474.19 0.00 0.00
223,246.84 0.00 28,959,036.88
0.00
A3 29,182,283.72 27,772.65
195,474.19 0.00 0.00
223,246.84 0.00 28,959,036.88
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 8,400,285.24 6,376.92
0.00 0.00 0.00 6,376.92
0.00 8,393,908.32 0.00
A7 1,490,293.06 1,131.33
0.00 0.00 0.00 1,131.33
0.00 1,489,161.73 0.00
AP 118,353.32 102.34
32.19 0.00 0.00 134.53
0.00 118,218.79 0.00
B1 3,899,600.16 2,960.31
0.00 0.00 0.00 2,960.31
0.00 3,896,639.85 0.00
B2 2,339,760.09 1,776.19
0.00 0.00 0.00 1,776.19
0.00 2,337,983.90 0.00
B3 1,793,319.31 1,361.36
0.00 0.00 0.00 1,361.36
0.00 1,791,957.95 0.00
B4 858,408.80 651.64
0.00 0.00 0.00 651.64
0.00 857,757.16 0.00
B5 311,968.02 236.82
0.00 0.00 0.00 236.82
0.00 311,731.20 0.00
B-6 546,304.03 414.72
0.00 0.00 0.00 414.72
0.00 545,889.31 0.00
R 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
Totals 153,183,546.58 116,298.92
712,929.67 0.00 0.00
829,228.59 0.00 152,354,317.99
0.00
Exhibit 21.1 Page 10
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: December 26, 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% 48,063,687.11
290,384.78 0.00 0.00
0.05 0.00 290,384.83 47,695,996.02
A2 7.00000000% 29,182,283.72
170,229.99 0.00 0.00
0.00 0.00 170,229.99 28,959,036.88
A3 7.50000000% 29,182,283.72
182,389.27 0.00 0.00
0.00 0.00 182,389.27 28,959,036.88
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% 8,400,285.24
50,751.72 0.00 0.00 0.00
0.00 50,751.72 8,393,908.32
A7 7.25000000% 1,490,293.06
9,003.85 0.00 0.00 0.00
0.00 9,003.85 1,489,161.73
AP 0.00000000% 118,353.32
0.00 0.00 0.00 0.00
0.00 0.00 118,218.79
B1 7.25000000% 3,899,600.16
23,560.08 0.00 0.00 0.00
0.00 23,560.08 3,896,639.85
B2 7.25000000% 2,339,760.09
14,136.05 0.00 0.00 0.00
0.00 14,136.05 2,337,983.90
B3 7.25000000% 1,793,319.31
10,834.64 0.00 0.00 0.00
0.00 10,834.64 1,791,957.95
B4 7.25000000% 858,408.80
5,186.22 0.00 0.00 0.00
0.00 5,186.22 857,757.16
B5 7.25000000% 311,968.02
1,884.81 0.00 0.00 0.00
0.00 1,884.81 311,731.20
B-6 7.25000000% 546,304.03
3,300.59 0.00 0.00 0.00
0.00 3,300.59 545,889.31
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
924,768.87 0.00 0.00
0.05 0.00 924,768.92
Exhibit 21.1 Page 11
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: December 26, 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 924,768.92
Interest Payments 924,768.92
Scheduled Principal 116,298.92
Scheduled Principal Payment 116,298.92
Other Principal 712,929.67
Other Principal Payments 712,929.67
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
1,753,997.51 Total Withdrawals
1,753,997.51
Ending Balance
0.00
Exhibit 21.1 Page 12
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: December 26, 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 0.06563647%
X Fraud Losses
3,140,047.35 3,140,047.35 2.06101631%
X Special Hazard Losses
2,008,628.00 2,008,628.00 1.31839256%
____________________________________________________________
____________________________________________________________
________________________________________
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 5 1,256,468.94 2 524,755.61
0 0.00 2 674,687.85 0
0.00 9 2,455,912.40
____________________________________________________________
____________________________________________________________
________________________________________
Totals 5 1,256,468.94 2 524,755.61
0 0.00 2 674,687.85 0
0.00 9 2,455,912.40
Exhibit 21.1 Page 13
Morgan
Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services Reporting
Month: November 1996 Phone:
(410) 884-2169
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
Monthly P&I Constant
1,144,249.86| 1,144,249.86
|
Positive Amortization
116,298.92| 116,298.92
Negative Amortization
0.00| 0.00
Regular Curtailments
17,594.83| 17,594.83
Regular Curtailment Interest
117.78| 117.78
Prepaid Curtailments
12,256.69| 12,256.69
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
682,924.46| 682,924.46
Principal Adjustments
35.91| 35.91
Total Principal Trust Distribution
829,228.59| 829,228.59
|
Scheduled Interest
1,027,950.94| 1,027,950.94
Servicing Fee
103,182.02| 103,182.02
Master Servicing Fee
0.00| 0.00
Spread
0.00| 0.00
Total Pass-Through Interest
924,768.92| 924,768.92
|
Beginning Balance
153,183,546.58| 153,183,546.58
Ending Balance
152,354,317.99| 152,354,317.99
Gross P&I Distribution
1,753,997.51| 1,753,997.51
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
1,753,997.51| 1,753,997.51
|
Beginning Loan Count
546| 546
Number of Loan Payoffs
2| 2
Ending Loan Count
544| 544
|
Weighted Average Maturity
346.3435844700| 346.3435844700
Weighted Average Gross Rate
8.052699880%| 8.052699880%
Weighted Average Net Rate
7.244398810%| 7.244398810%
Weighted Average Pass-Through Rate
7.244398810%| 7.244398810%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
1,679.60| 1,679.60
Current Period Interest
14,809.91| 14,809.91
Exhibit 21.1 Page 14
Morgan Stanley Capital, Series 1996-1
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: December 26, 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
6.39427848% 9,741,959.37 152,354,317.99
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
____________________________________________________________
_______________________________________
X Senior
93.63058302% 100.00000000%
X Subordinate
6.36941698% 0.00000000%
