PROSPECTUS Dated March 29, 1995 Pricing Supplement No. 48 to
PROSPECTUS SUPPLEMENT Registration Statement No. 33-57833
Dated March 29, 1995 February 20, 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. with 30 calendar days notice on any March
5 or September 5, commencing March 5, 1998.
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<S> <C> <C> <C>
Principal Amount: $20,000,000 Redemption
Percentage: 100%
Maturity Date: March 5, 2011
Annual Redemption
Interest Rate: 7% per annum Percentage
Reduction: N/A
Interest Accrual
Date: March 5, 1996 Interest Payment
Period: Monthly
Interest Payment
Dates: The fifth day of each Specified Currency: U.S. Dollars
month, commencing
April 5, 1996 Issue Price: 100%
Settlement Date
(Original Issue
Redemption Dates: Redeemable in whole, Date): March 5, 1996
but not in part, at the
option of Morgan Book Entry Note or
Stanley Group Inc. Certificated Note: Book Entry Note
with 30 calendar days
notice on any March 5 Senior Note or
or September 5, Subordinated Note: Senior Note
commencing March 5,
1998 Total Amount of OID: N/A
Minimum Original Yield to
Denomination: $1000 Maturity: N/A
Initial Accrual
Period OID: N/A
Trustee: Chemical Bank
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Capitalized terms not defined above have the meanings given to such terms in
the accompanying Prospectus Supplement.
MORGAN STANLEY & CO.
Incorporated