<PAGE> PAGE 1
000 A000000 09/30/95
000 C000000 0000854856
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 FRANKLIN MULTI-INCOME TRUST
001 B000000 811-5873
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FRANKLIN ADVISERS, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94403
008 D040001 7777
011 A000001 DEAN WITTER REYNOLDS INC.
011 B000001 8-00000000
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10048
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 VIA STANDARD CHARTERED BANK
015 B000002 S
015 C010002 DHAKA
015 D010002 BANGLADESH
015 E040002 X
015 A000003 BANQUE BRUSSELS LAMBERT
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 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000006 S
015 C010006 SHANGHAI
015 D010006 CHINA
015 E040006 X
015 A000007 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000007 S
015 C010007 BOGOTA
015 D010007 COLOMBIA
015 E040007 X
015 A000008 UNIBANK
015 B000008 S
015 C010008 COPENHAGEN
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
015 B000010 S
015 C010010 PARIS
015 D010010 FRANCE
015 E040010 X
015 A000011 BARCLAYS BANK PLC
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 BOMBAY
015 D010016 INDIA
015 E040016 X
015 A000017 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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 CITY
015 D010021 LUXEMBOURG
015 E040021 X
015 A000022 UNITED MALAYAN BANKING CORPORATION BERHAD
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 CHRISTIANIA BANK OG KREDITKASSE
015 B000026 S
015 C010026 BERGEN
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 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000029 S
015 C010029 MANILA
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 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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
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 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000041 S
015 C010041 SEOUL
015 D010041 KOREA
015 E040041 X
015 A000042 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000042 S
015 C010042 SHENZEN
015 D010042 CHINA
015 E040042 X
015 A000043 CITIBANK, N.A.
015 B000043 S
015 C010043 SAO PAULO
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 N.A.
015 B000045 S
015 C010045 WARSAW
015 D010045 POLAND
015 E040045 X
015 A000046 HONGKONG AND SHANGHAI BANKING CORP., LTD.
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
015 A000049 BANK OF AMERICA FOREIGN DIVISION - FRANKFURT
015 B000049 S
015 C010049 FRANKFURT
015 D010049 GERMANY
015 E040049 X
018 000000 Y
019 A000000 Y
019 B000000 189
<PAGE> PAGE 7
019 C000000 FRNKTEMGRP
020 A000001 RAYMOND JAMES & ASSO INC.
020 B000001 59-1237041
020 C000001 3
020 A000002 FIRST BOSTON CORP. (THE)
020 B000002 13-5659485
020 C000002 2
020 A000003 SMITH BARNEY SHEARSON
020 B000003 13-1912900
020 C000003 2
020 A000004 JEFFERIES & CO INC.
020 B000004 95-2622900
020 C000004 2
020 A000005 JANNEY MONTGOMERY SCOTT INC.
020 B000005 23-0731260
020 C000005 2
020 A000006 LEHMAN BROTHERS SECS.
020 B000006 13-2518466
020 C000006 1
020 A000007 DAIN BOSWORTH INC.
020 B000007 41-0212020
020 C000007 1
020 A000008 EDWARDS (A G) & SONS INC.
020 B000008 43-0895447
020 C000008 1
020 A000009 DEAN WITTER REYNOLDS INC.
020 B000009 94-1671384
020 C000009 1
020 C000010 0
021 000000 17
022 A000001 LEHMAN BROTHERS SECS.
022 B000001 13-2518466
022 C000001 66432
022 D000001 0
022 A000002 DAIWA SECURITIES AMERICA INC.
022 B000002 13-5680329
022 C000002 53270
022 D000002 0
022 A000003 CITICORP
022 B000003 13-3187336
022 C000003 13160
022 D000003 0
022 A000004 CHASE MANHATTAN BANK NA
022 B000004 13-2633612
022 C000004 10269
022 D000004 0
022 A000005 BANKERS TRUST CO.
022 B000005 13-4941247
022 C000005 1750
022 D000005 2462
022 A000006 SBCI SWISS BANK CORP. INV. BANK
<PAGE> PAGE 8
022 B000006 13-2639550
022 C000006 4095
022 D000006 0
022 A000007 FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007 1000
022 D000007 3037
022 A000008 FUJI SECURITIES INC.
022 B000008 13-3038090
022 C000008 2808
022 D000008 0
022 A000009 SMITH BARNEY SHEARSON
022 B000009 13-1912900
022 C000009 1000
022 D000009 1228
022 A000010 DONALDSON LUFKIN & JENRETTE
022 B000010 13-2741729
022 C000010 500
022 D000010 1056
023 C000000 156347
023 D000000 11986
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
<PAGE> PAGE 9
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
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<PAGE> PAGE 10
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
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048 H010000 0
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<PAGE> PAGE 11
062 J000000 0.0
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062 Q000000 0.8
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070 C010000 Y
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070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 Y
070 Q010000 N
<PAGE> PAGE 12
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 14739
071 B000000 15016
071 C000000 73099
071 D000000 20
072 A000000 6
072 B000000 2480
072 C000000 832
072 D000000 0
072 E000000 0
072 F000000 318
072 G000000 0
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072 J000000 4
072 K000000 3
072 L000000 8
072 M000000 7
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072 O000000 0
072 P000000 576
072 Q000000 0
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072 S000000 3
072 T000000 0
072 U000000 15
072 V000000 0
072 W000000 16
072 X000000 978
072 Y000000 0
072 Z000000 2334
072AA000000 1572
072BB000000 339
072CC010000 3088
072CC020000 0
072DD010000 2249
072DD020000 0
072EE000000 0
073 A010000 0.3840
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 462
074 C000000 0
074 D000000 43698
074 E000000 877
074 F000000 30193
074 G000000 0
<PAGE> PAGE 13
074 H000000 0
074 I000000 548
074 J000000 0
074 K000000 0
074 L000000 1267
074 M000000 123
074 N000000 77168
074 O000000 0
074 P000000 54
074 Q000000 16000
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 479
074 S000000 0
074 T000000 60635
074 U010000 5858
074 U020000 0
074 V010000 10.35
074 V020000 0.00
074 W000000 0.0000
074 X000000 979
074 Y000000 2494
075 A000000 0
075 B000000 74696
076 000000 9.25
077 A000000 Y
077 D000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 NONE
080 C000000 130000
081 A000000 Y
081 B000000 188
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
<PAGE> PAGE 14
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 354021107
087 A030000 FMI US
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 N
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 SEPTEMBER 30, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 69,813,589
<INVESTMENTS-AT-VALUE> 75,316,005
<RECEIVABLES> 1,728,766
<ASSETS-OTHER> 123,092
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77,167,863
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 16,000,000
<OTHER-ITEMS-LIABILITIES> 532,600
<TOTAL-LIABILITIES> 16,532,600
<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> 42,213
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,299,786
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,502,484
<NET-ASSETS> 60,635,263
<DIVIDEND-INCOME> 831,715
<INTEREST-INCOME> 2,479,795
<OTHER-INCOME> 0
<EXPENSES-NET> (977,765)
<NET-INVESTMENT-INCOME> 2,333,745
<REALIZED-GAINS-CURRENT> 1,232,647
<APPREC-INCREASE-CURRENT> 3,087,710
<NET-CHANGE-FROM-OPS> 6,654,102
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,249,318)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,404,784
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 69,048
<OVERDISTRIB-NII-PRIOR> (44,123)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 317,663
<INTEREST-EXPENSE> 576,000
<GROSS-EXPENSE> 977,765
<AVERAGE-NET-ASSETS> 74,695,576
<PER-SHARE-NAV-BEGIN> 9.600
<PER-SHARE-NII> .400
<PER-SHARE-GAIN-APPREC> .734
<PER-SHARE-DIVIDEND> (.384)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.350
<EXPENSE-RATIO> 2.620
<AVG-DEBT-OUTSTANDING> 16,000,000
<AVG-DEBT-PER-SHARE> 2.730
</TABLE>
NAME OF REGISTRANT:
Franklin Multi-Income Trust
File No. 811-5873
EXHIBIT ITEM No. 77D:
Policies with respect to security investments
At a meeting of the Board of Trustees on June 20, 1995, the following
resolutions were approved:
RESOLVED, that the investment policies in the initial prospectus of
the Franklin Multi-Income Trust (the "Trust") under the heading of
"Other Investments, " section 2, be, and hereby are, modified to create
separate 5% limits for straight preferred stock and convertible preferred
stock; and
RESOLVED FURTHER, that the investment policies of the Trust described
under the heading "Fixed Income Debt Securities," section 3, be, and hereby
are, modified to combine overlapping 5% restrictions on foreign currency
denominated obligations and on foreign issuer obligations into a 10%
restriction on both foreign currency denominated obligations and U.S. dollar
denominated foreign issuer obligations; and
RESOLVED FURTHER, that other portions of the investment policies
containing language concerning preferred stock and/or foreign currency
denominated obligations of foreign corporate and governmental issuers
be amended as required.
