PROSPECTUS Dated May 1, 1996 Amendment No. 1 to
PROSPECTUS SUPPLEMENT Pricing Supplement No. 31 to
Dated May 1, 1996 Registration Statement No. 333-01655
August 6, 1996
Rule 424(b)(3)
Morgan Stanley Group Inc.
MEDIUM-TERM NOTES, SERIES C
Senior Fixed Rate Notes
The Fixed Rate Notes, as further described below and in the Prospectus
Supplement under "Description of Notes -- 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 rate set forth below.
The Fixed Rate Notes will be redeemable in whole, but not in part, at the
option of Morgan Stanley Group Inc. upon 30 to 35 calendar days notice on any
February 22 or August 22, commencing August 22, 1998.
Principal Amount: $20,000,000
Maturity Date: August 22, 2011
Interest Rate: 7.50% per annum
Interest Accrual
Date: August 22, 1996
Interest Payment
Dates: The 22nd day of each month, commencing September 22, 1996
Redemption Dates: Redeemable in whole, but not in part, at the option of
Morgan Stanley Group Inc. upon 30 to 35 calendar days
notice on any February 22 or August 22, commencing
August 22, 1998
Minimum
Denomination: $1,000
Redemption 100%
Percentage:
Annual Redemption
Percentage
Reduction: N/A
Interest Payment
Period: Monthly
Specified Currency: U.S. Dollars
Issue Price: 100%
Settlement Date
(Original Issue
Date): August 22, 1996
Book Entry Note or
Certificated Note: Book Entry Note
Senior Note or
Subordinated Note: Senior Note
Total Amount of OID: N/A
Original Yield to
Maturity: N/A
Initial Accrual
Period OID: N/A
Trustee: The Chase Manhattan Bank
Capitalized terms not defined above have the meanings given to such terms in
the accompanying Prospectus Supplement.
MORGAN STANLEY & CO.
Incorporated
