<PAGE> PAGE 1
000 B000000 03/31/95
000 C000000 0000854856
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000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
001 A000000 FRANKLIN MULTI-INCOME TRUST
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002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
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008 B000001 A
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011 A000001 DEAN WITTER REYNOLDS INC.
011 B000001 8-00000000
011 C010001 NEW YORK
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012 A000001 SHAREHOLDER SERVICES GROUP, INC.
012 B000001 84-3111137
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
012 C040001 2873
<PAGE> PAGE 2
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
015 A000001 BANK OF AMERICA NT & SA
015 B000001 C
015 C010001 SAN FRANCISCO
015 C020001 CA
015 C030001 94104
015 C040001 1502
015 E010001 X
015 A000002 BARCLAYS BANK PLC
015 B000002 S
015 C010002 DHAKA
015 D010002 BANGLADESH
015 E040002 X
015 A000003 BANQUE BRUXELLES LAMBERT SA
015 B000003 S
015 C010003 BRUSSELS
015 D010003 BELGIUM
015 E040003 X
015 A000004 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
015 B000004 S
015 C010004 HAMILTON
015 D010004 BERMUDA
015 E040004 X
015 A000005 THE CANADA TRUST COMPANY
015 B000005 S
015 C010005 TORONTO
015 D010005 CANADA
015 E040005 X
015 A000006 HONG KONG & SHANGHAI BANK
015 B000006 S
015 C010006 SHANGHAI
015 D010006 CHINA
015 E040006 X
015 A000007 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000007 S
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015 D010007 COLOMBIA
015 E040007 X
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015 B000008 S
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015 D010008 DENMARK
015 E040008 X
015 A000009 KANSALLIS-OSAKE-PANKKI
015 B000009 S
015 C010009 HELSINKI
015 D010009 FINLAND
<PAGE> PAGE 3
015 E040009 X
015 A000010 SOCIETE GENERALE; SICOVAM (DEPOSITORY)
015 B000010 S
015 C010010 NANTES
015 D010010 FRANCE
015 E040010 X
015 A000011 NATIONAL BANK OF GREECE
015 B000011 S
015 C010011 ATHENS
015 D010011 GREECE
015 E040011 X
015 A000012 BARCLAYS BANK PLC
015 B000012 S
015 C010012 HONG KONG
015 D010012 HONG KONG
015 E040012 X
015 A000013 CREDITANSTALT-BANKVEREIN
015 B000013 S
015 C010013 VIENNA
015 D010013 AUSTRIA
015 E040013 X
015 A000014 NATIONAL AUSTRALIA BANK LTD.
015 B000014 S
015 C010014 MELBOURNE
015 D010014 AUSTRALIA
015 E040014 X
015 A000015 CITIBANK, N.A.
015 B000015 S
015 C010015 BUENOS AIRES
015 D010015 ARGENTINA
015 E040015 X
015 A000016 STANDARD CHARTERED BANK
015 B000016 S
015 C010016 FORT BOMBAY
015 D010016 INDIA
015 E040016 X
015 A000017 HONG KONG & SHANGHAI BANK
015 B000017 S
015 C010017 JAKARTA
015 D010017 INDONESIA
015 E040017 X
015 A000018 BANK OF IRELAND
015 B000018 S
015 C010018 DUBLIN
015 D010018 IRELAND
015 E040018 X
015 A000019 CITIBANK, N.A.
015 B000019 S
015 C010019 MILAN
015 D010019 ITALY
015 E040019 X
<PAGE> PAGE 4
015 A000020 BARCLAYS TRUST & BANKING COMPANY (JAPAN) LTD.
015 B000020 S
015 C010020 TOKYO
015 D010020 JAPAN
015 E040020 X
015 A000021 CEDEL S.A. (DEPOSITORY)
015 B000021 S
015 C010021 LUXEMBOURG
015 D010021 LUXEMBOURG
015 E040021 X
015 A000022 UNITED MALAYSIAN BANKING CORPORATION BERHARD
015 B000022 S
015 C010022 KUALA LUMPUR
015 D010022 MALAYSIA
015 E040022 X
015 A000023 BANCO NACIONAL DE MEXICO
015 B000023 S
015 C010023 MEXICO CITY
015 D010023 MEXICO
015 E040023 X
015 A000024 KAS-ASSOCIATIE N.V.
015 B000024 S
015 C010024 AMSTERDAM
015 D010024 NETHERLANDS
015 E040024 X
015 A000025 ANZ BANKING GROUP LIMITED
015 B000025 S
015 C010025 WELLINGTON
015 D010025 NEW ZEALAND
015 E040025 X
015 A000026 CHRISTIANA BANK OG KREDITKASSE
015 B000026 S
015 C010026 OSLO
015 D010026 NORWAY
015 E040026 X
015 A000027 STANDARD CHARTERED BANK
015 B000027 S
015 C010027 KARACHI
015 D010027 PAKISTAN
015 E040027 X
015 A000028 BANCO DE CREDITO DEL PERU
015 B000028 S
015 C010028 LIMA
015 D010028 PERU
015 E040028 X
015 A000029 HONG KONG & SHANGHAI BANK
015 B000029 S
015 C010029 MAKATI
015 D010029 PHILIPPINES
015 E040029 X
015 A000030 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
<PAGE> PAGE 5
015 B000030 S
015 C010030 LISBON
015 D010030 PORTUGAL
015 E040030 X
015 A000031 BARCLAYS BANK PLC
015 B000031 S
015 C010031 SINGAPORE
015 D010031 SINGAPORE
015 E040031 X
015 A000032 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000032 S
015 C010032 JOHANNESBURG
015 D010032 SOUTH AFRICA
015 E040032 X
015 A000033 BANCO DE SANTANDER
015 B000033 S
015 C010033 MADRID
015 D010033 SPAIN
015 E040033 X
015 A000034 HONG KONG & SHANGHAI BANK
015 B000034 S
015 C010034 COLOMBO
015 D010034 SRI LANKA
015 E040034 X
015 A000035 SKANDINAVISKA ENSKILDA BANKEN
015 B000035 S
015 C010035 STOCKHOLM
015 D010035 SWEDEN
015 E040035 X
015 A000036 SWISS BANK CORPORATION
015 B000036 S
015 C010036 ZURICH
015 D010036 SWITZERLAND
015 E040036 X
015 A000037 BANGKOK BANK LTD.
015 B000037 S
015 C010037 BANGKOK
015 D010037 THAILAND
015 E040037 X
015 A000038 YAPI VE KREDI BANKASI A.S.
015 B000038 S
015 C010038 ISTANBUL
015 D010038 TURKEY
015 E040038 X
015 A000039 BANK OF AMERICA NT & SA
015 B000039 S
015 C010039 LONDON
015 D010039 UNITED KINGDOM
015 E040039 X
015 A000040 BERLINER HANDELS - UND FRANKFURTER BANK
015 B000040 S
<PAGE> PAGE 6
015 C010040 FRANKFURT
015 D010040 GERMANY
015 E040040 X
015 A000041 HONG KONG AND SHANGHAI BANK
015 B000041 S
015 C010041 SEOUL
015 D010041 KOREA
015 E040041 X
015 A000042 HONG KONG & SHANGHAI BANK
015 B000042 S
015 C010042 SHENZHEN
015 D010042 CHINA
015 E040042 X
015 A000043 CITIBANK, N.A.
015 B000043 S
015 C010043 BRAZILIA
015 D010043 BRAZIL
015 E040043 X
015 A000044 CITIBANK, N.A.
015 B000044 S
015 C010044 BUDAPEST
015 D010044 HUNGARY
015 E040044 X
015 A000045 CITIBANK POLAND S.A.
015 B000045 S
015 C010045 WARSAW
015 D010045 POLAND
015 E040045 X
015 A000046 THE CHASE MANHATTAN BANK, N.A.
015 B000046 S
015 C010046 TAIPEI
015 D010046 TAIWAN
015 E040046 X
015 A000047 CITIBANK, N.A.
015 B000047 S
015 C010047 CARACAS
015 D010047 VENEZUELA
015 E040047 X
015 A000048 BANK LEUMI LE-ISRAEL, B.M.
015 B000048 S
015 C010048 TEL AVIV
015 D010048 ISRAEL
015 E040048 X
018 000000 Y
019 A000000 Y
019 B000000 184
019 C000000 FRNKTEMGRP
020 A000001 LEHMAN BROTHERS SECS.
020 B000001 13-2518466
020 C000001 7
020 A000002 CANTOR FITZGERALD & CO. INC.
<PAGE> PAGE 7
020 B000002 95-3976315
020 C000002 4
020 A000003 NATWEST SECURITIES CORP.
020 B000003 11-0773597
020 C000003 2
020 A000004 ADVEST INC.
020 B000004 06-0950348
020 C000004 2
020 A000005 DAIN BOSWORTH INC.
020 B000005 41-0212020
020 C000005 2
020 A000006 PAINEWEBBER INC.
020 B000006 13-2638166
020 C000006 1
020 A000007 MERRILL LYNCH PIERCE FENNER
020 B000007 13-5674085
020 C000007 1
020 A000008 BEAR, STEARNS & CO. INC.
020 B000008 13-3299429
020 C000008 1
020 C000009 0
020 C000010 0
021 000000 19
022 A000001 DAIWA SECURITIES AMERICA INC.
022 B000001 13-5680329
022 C000001 125526
022 D000001 0
022 A000002 LEHMAN BROTHERS SECS.
022 B000002 13-2518466
022 C000002 103210
022 D000002 3592
022 A000003 CITICORP/CITIBANK
022 B000003 13-3187336
022 C000003 38938
022 D000003 0
022 A000004 DONALDSON LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 31071
022 D000004 469
022 A000005 FUJI SECURITIES INC.
022 B000005 13-3038090
022 C000005 16164
022 D000005 0
022 A000006 SANWA-BGK SEC. CO. L.P.
022 B000006 13-3154528
022 C000006 10664
022 D000006 0
022 A000007 MORGAN STANLEY & CO. INC.
022 B000007 13-2655998
022 C000007 1837
022 D000007 1927
<PAGE> PAGE 8
022 A000008 GREENWICH SECS.
022 B000008 13-2697091
022 C000008 3753
022 D000008 0
022 A000009 MERRILL LYNCH PIERCE FENNER
022 B000009 13-5674085
022 C000009 2533
022 D000009 1003
022 A000010 GOLDMAN SACHS & CO.
022 B000010 13-5108880
022 C000010 1569
022 D000010 829
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<PAGE> PAGE 9
028 E030000 0
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<PAGE> PAGE 10
048 I010000 0
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<PAGE> PAGE 11
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<PAGE> PAGE 12
072 A000000 12
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073 C000000 0.0080
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<PAGE> PAGE 13
074 O000000 0
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077 M000000 N
077 N000000 N
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077 Q030000 N
078 000000 N
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080 B000000 NONE
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081 A000000 Y
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<PAGE> PAGE 14
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
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SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER & PAO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MULTI-INCOME TRUST MARCH 31, 1995 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 68,654,174
<INVESTMENTS-AT-VALUE> 71,066,784
<RECEIVABLES> 1,491,220
<ASSETS-OTHER> 185,407
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72,743,411
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 16,000,000
<OTHER-ITEMS-LIABILITIES> 512,932
<TOTAL-LIABILITIES> 16,512,932
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,790,780
<SHARES-COMMON-STOCK> 5,857,600
<SHARES-COMMON-PRIOR> 5,857,600
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (44,123)
<ACCUMULATED-NET-GAINS> 69,048
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,414,774
<NET-ASSETS> 56,230,479
<DIVIDEND-INCOME> 1,547,630
<INTEREST-INCOME> 5,155,645
<OTHER-INCOME> 0
<EXPENSES-NET> (2,144,141)
<NET-INVESTMENT-INCOME> 4,559,134
<REALIZED-GAINS-CURRENT> 658,632
<APPREC-INCREASE-CURRENT> (1,110,555)
<NET-CHANGE-FROM-OPS> 4,107,211
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,567,225)
<DISTRIBUTIONS-OF-GAINS> (1,651,843)
<DISTRIBUTIONS-OTHER> (48,564)
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2,160,421)
<ACCUMULATED-NII-PRIOR> 129,081
<ACCUMULATED-GAINS-PRIOR> 1,066,700
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (608,016)
<INTEREST-EXPENSE> (1,356,347)
<GROSS-EXPENSE> (2,144,141)
<AVERAGE-NET-ASSETS> 71,560,363
<PER-SHARE-NAV-BEGIN> 9.970
<PER-SHARE-NII> .780
<PER-SHARE-GAIN-APPREC> (.080)
<PER-SHARE-DIVIDEND> (.780)
<PER-SHARE-DISTRIBUTIONS> (.282)
<RETURNS-OF-CAPITAL> (.008)
<PER-SHARE-NAV-END> 9.600
<EXPENSE-RATIO> 3.000
<AVG-DEBT-OUTSTANDING> 16,000,000
<AVG-DEBT-PER-SHARE> 2.730
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors
of Franklin Multi-Income Trust:
In planning and performing our audit of the financial statements
and financial highlights of Franklin Multi-Income Trust for the
year ended March 31, 1995, we considered its internal control
structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Franklin Multi-Income Trust is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two
of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods
is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements and financial highlights being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of March 31, 1995.
This report is intended solely for the information and use of
management of Franklin Multi-Income Trust and the Securities and
Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
April 28, 1995
