PROSPECTUS Dated February 9, 1994 Pricing Supplement No. 38 to
PROSPECTUS SUPPLEMENT Registration Statement No. 33-52007
Dated February 9, 1994 March 3, 1995
Rule 424(b)(3)
Morgan Stanley Group Inc.
MEDIUM-TERM NOTES, SERIES C
Senior Fixed Rate Notes
--------------------------
The Fixed Rate Notes will bear interest from the date of issuance until
the principal amount thereof is paid or made available for payment at the
rates set forth below.
The Fixed Rate Notes will be redeemable in whole, but not in part, at the
option of Morgan Stanley Group Inc. with 30 calendar days notice on any
Interest Payment Date on or after March 24, 1997.
Principal
Amount: $25,000,000 Redemption Redeemable in
Dates: whole, but not
Maturity in part, at the
Date: March 24, 2005 option of Morgan
Stanley Group
Interest Inc. with 30
Rate: as set forth beside calendar days
the applicable notice on any
Interest Payment Interest Payment
Dates below: Date on or
after March 24,
1997
Interest
Rate
Interest (per Redemption
Payment Date annum) Percentage: 100%
------------ --------
September 24, 1995 Annual Redemption
and March 24, 1996 8.00% Percentage
Reduction: N/A
September 24, 1996
and March 24, 1997 8.00% Interest Payment
Period: Semi-annual
September 24, 1997
and March 24, 1998 8.10% Specified
Currency: U.S. Dollars
September 24, 1998 Issue Price: 100%
and March 24, 1999 8.20%
Settlement
September 24, 1999 (Original
and March 24, 2000 8.30% Issue Date): March 24, 1995
September 24, 2000 Book Entry
and March 24, 2001 8.40% Note or
Certificated
Note: Book Entry Note
September 24, 2001 Senior Note or
and March 24, 2002 8.50% Subordinated
Note: Senior Note
September 24, 2002 Total Amount
and March 24, 2003 8.60% of OID: N/A
Original Yield
September 24, 2003 to Maturity: 8.40%
and March 24, 2004 9.00%
Initial Accrual
September 24, 2004 Period OID: N/A
and March 24, 2005 10.00%
Trustee: Chemical Bank
Interest
Accrual
Date: March 24, 1995 Additional Terms:
Minimum
Denominations: $1,000
Interest Payment
Dates: Each March 24
and September
24, commencing
September 24,
1995
Capitalized terms not defined above have the meanings given to such terms in
the accompanying Prospectus Supplement.
MORGAN STANLEY & CO.
Incorporated