<PAGE> PAGE 1
000 A000000 09/30/96
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
007 B000000 0
007 C010100 1
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 THE BANK OF NEW YORK
015 B000002 C
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10286
015 E010002 X
015 A000003 THE BANK OF BOSTON
015 B000003 S
015 C010003 BUENOS AIRES
015 D010003 ARGENTINA
015 E040003 X
015 A000004 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
015 B000004 S
015 C010004 MELBOURNE
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000005 S
015 C010005 VIENNA
015 D010005 AUSTRIA
015 E040005 X
015 A000006 STANDARD CHARTERED BANK PLC (SCB)
015 B000006 S
015 C010006 DHAKA
015 D010006 BANGLADESH
015 E040006 X
015 A000007 BANQUE BRUXELLESLAMBERT (BBL)
015 B000007 S
015 C010007 BRUSSELS
015 D010007 BELGIUM
015 E040007 X
015 A000008 THE BANK OF BOSTON
015 B000008 S
015 C010008 SAO PAULO
015 D010008 BRAZIL
015 E040008 X
015 A000009 THE ROYAL TRUST CORPORATION OF CANADA
015 B000009 S
015 C010009 MONTREAL
<PAGE> PAGE 3
015 D010009 CANADA
015 E040009 X
015 A000010 THE BANK OF BOSTON
015 B000010 S
015 C010010 SANTIAGO
015 D010010 CHILE
015 E040010 X
015 A000011 BANCO DE CHILE
015 B000011 S
015 C010011 SANTIAGO
015 D010011 CHILE
015 E040011 X
015 A000012 STANDARD CHARTERED BANK
015 B000012 S
015 C010012 SHANGHAI
015 D010012 CHINA
015 E040012 X
015 A000013 STANDARD CHARTERED BANK
015 B000013 S
015 C010013 SHENZHEN
015 D010013 CHINA
015 E040013 X
015 A000014 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A. SO
015 B000014 S
015 C010014 BOGOTA
015 D010014 COLOMBIA
015 E040014 X
015 A000015 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000015 S
015 C010015 PRAHA (PRAGUE)
015 D010015 CZECH REPUBLIC
015 E040015 X
015 A000016 DEN DANSKE BANK
015 B000016 S
015 C010016 COPENHAGEN
015 D010016 DENMARK
015 E040016 X
015 A000017 CEDEL
015 B000017 S
015 C010017 LUXEMBOURG CITY
015 D010017 LUXEMBOURG
015 E040017 X
015 A000018 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000018 S
015 C010018 LONDON
015 D010018 EUROMARKET
015 E040018 X
015 A000019 MERITA BANK (MB)
015 B000019 S
015 C010019 HELSINKI
015 D010019 FINLAND
<PAGE> PAGE 4
015 E040019 X
015 A000020 BANQUE PARIBAS
015 B000020 S
015 C010020 PARIS
015 D010020 FRANCE
015 E040020 X
015 A000021 DRESDNER BANK AG
015 B000021 S
015 C010021 FRANKFURT
015 D010021 GERMANY
015 E040021 X
015 A000022 ALPHA CREDIT BANK A.E.
015 B000022 S
015 C010022 ATHENS
015 D010022 GREECE
015 E040022 X
015 A000023 THE HONGKONG & SHANGHAI BANKING CORP LIMITED
015 B000023 S
015 C010023 HONG KONG
015 D010023 HONG KONG
015 E040023 X
015 A000024 CITIBANK, N.A.
015 B000024 S
015 C010024 BUDAPEST
015 D010024 HUNGARY
015 E040024 X
015 A000025 THE HONGKONG & SHANGHAI BANKING CORP LIMITED
015 B000025 S
015 C010025 BOMBAY
015 D010025 INDIA
015 E040025 X
015 A000026 THE HONGKONG & SHANGHAI BANKING CORP LIMITED
015 B000026 S
015 C010026 JAKARTA
015 D010026 INDONESIA
015 E040026 X
015 A000027 ALLIED IRISH BANK (AIB)
015 B000027 S
015 C010027 DUBLIN
015 D010027 IRELAND
015 E040027 X
015 A000028 ISRAEL DISCOUNT BANK
015 B000028 S
015 C010028 TEL AVIV
015 D010028 ISRAEL
015 E040028 X
015 A000029 BANCA COMMERCIALE ITALIANA (BCI)
015 B000029 S
015 C010029 MILAN
015 D010029 ITALY
015 E040029 X
<PAGE> PAGE 5
015 A000030 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000030 S
015 C010030 TOKYO
015 D010030 JAPAN
015 E040030 X
015 A000031 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000031 S
015 C010031 KUALA LUMPUR
015 D010031 MALAYSIA
015 E040031 X
015 A000032 BANCO NACIONAL DE MEXICO
015 B000032 S
015 C010032 MEXICO CITY
015 D010032 MEXICO
015 E040032 X
015 A000033 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000033 S
015 C010033 CASABLANCA
015 D010033 MOROCCO
015 E040033 X
015 A000034 MEESPIERSON
015 B000034 S
015 C010034 AMSTERDAM
015 D010034 NETHERLANDS
015 E040034 X
015 A000035 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000035 S
015 C010035 WELLINGTON
015 D010035 NEW ZEALAND
015 E040035 X
015 A000036 DEN NORSKE BANK A.S.
015 B000036 S
015 C010036 BERGEN/OSLO
015 D010036 NORWAY
015 E040036 X
015 A000037 STANDARD CHARTERED BANK (SCB)
015 B000037 S
015 C010037 KARACHI
015 D010037 PAKISTAN
015 E040037 X
015 A000038 CITIBANK, N.A. .
015 B000038 S
015 C010038 LIMA
015 D010038 PERU
015 E040038 X
015 A000039 THE HONGKONG & SHANGHAI BANKING CORP LIMITED
015 B000039 S
015 C010039 MANILA
015 D010039 PHILIPPINES
015 E040039 X
015 A000040 BANK HANDLOWY W WARSZAWIE S.A.
<PAGE> PAGE 6
015 B000040 S
015 C010040 WARSAW
015 D010040 POLAND
015 E040040 X
015 A000041 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000041 S
015 C010041 LISBON
015 D010041 PORTUGAL
015 E040041 X
015 A000042 UNITED OVERSEAS BANK (UOB)
015 B000042 S
015 C010042 SINGAPORE
015 D010042 SINGAPORE
015 E040042 X
015 A000043 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000043 S
015 C010043 JOHANNESBURG
015 D010043 SOUTH AFRICA
015 E040043 X
015 A000044 SEOULBANK (SB)
015 B000044 S
015 C010044 SEOUL
015 D010044 SOUTH KOREA
015 E040044 X
015 A000045 BANCO BILBAO VIZCAYA (BBV)
015 B000045 S
015 C010045 MADRID/BILBAO
015 D010045 SPAIN
015 E040045 X
015 A000046 STANDARD CHARTERED BANK (SCB)
015 B000046 S
015 C010046 COLOMBO
015 D010046 SRI LANKA
015 E040046 X
015 A000047 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000047 S
015 C010047 STOCKHOLM
015 D010047 SWEDEN
015 E040047 X
015 A000048 UNION BANK OF SWITZERLAND (UBS)
015 B000048 S
015 C010048 ZURICH
015 D010048 SWITZERLAND
015 E040048 X
015 A000049 THE HONGKONG & SHANGHAI BANKING CORP LIMITED
015 B000049 S
015 C010049 TAIPEI
015 D010049 TAIWAN
015 E040049 X
015 A000050 THE SIAM COMMERCIAL BANK PUBLIC CO LIMITED
015 B000050 S
<PAGE> PAGE 7
015 C010050 BANGKOK
015 D010050 THAILAND
015 E040050 X
015 A000051 CITIBANK, N.A.
015 B000051 S
015 C010051 ISTANBUL
015 D010051 TURKEY
015 E040051 X
015 A000052 THE BANK OF NEW YORK
015 B000052 S
015 C010052 LONDON
015 D010052 UNITED KINGDOM
015 E040052 X
015 A000053 THE BANK OF BOSTON
015 B000053 S
015 C010053 MONTEVIDEO
015 D010053 URUGUAY
015 E040053 X
015 A000054 CITIBANK, N.A.
015 B000054 S
015 C010054 CARACAS
015 D010054 VENEZUELA
015 E040054 X
018 000000 Y
019 A000000 Y
019 B000000 193
019 C000000 FRNKTEMGRP
020 A000001 MERRILL LYNCH PIERCE FENNER
020 B000001 13-5674085
020 C000001 4
020 A000002 SALOMON BROTHERS INC.
020 B000002 13-3082694
020 C000002 2
020 A000003 MORGAN (J P) SECURITIES INC.
020 B000003 13-3224016
020 C000003 2
020 A000004 PRUDENTIAL BACHE SECURITIES
020 B000004 22-2347336
020 C000004 1
020 A000005 NATWEST SECURITIES CORPORATION
020 B000005 11-0773597
020 C000005 1
020 A000006 COWEN & CO. INC. NYC
020 B000006 13-5616116
020 C000006 1
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 11
022 A000001 BANKERS TRUST CO.
<PAGE> PAGE 8
022 B000001 13-4941247
022 C000001 11482
022 D000001 4435
022 A000002 SBCI SWISS BANK CORP. INV. BANK
022 B000002 13-2639550
022 C000002 11834
022 D000002 0
022 A000003 FUJI SECURITIES INC.
022 B000003 13-3038090
022 C000003 10961
022 D000003 0
022 A000004 DAIWA SECURITIES AMERICA INC.
022 B000004 13-5680329
022 C000004 10288
022 D000004 0
022 A000005 DONALDSON, LUFKIN & JENRETTE
022 B000005 13-2741729
022 C000005 8018
022 D000005 1186
022 A000006 UBS SECURITIES, L.L.C.
022 B000006 13-2932996
022 C000006 7967
022 D000006 0
022 A000007 BANK OF AMERICA NT & SA
022 B000007 94-1687665
022 C000007 7944
022 D000007 0
022 A000008 BEAR, STEARNS & CO. INC.
022 B000008 13-3299429
022 C000008 6805
022 D000008 0
022 A000009 NIKKO SECURITIES CO. INTL INC.
022 B000009 94-1302123
022 C000009 4867
022 D000009 0
022 A000010 AUBREY, LANSTON & COMPANY
022 B000010 13-5552129
022 C000010 3986
022 D000010 0
023 C000000 103554
023 D000000 10670
024 000000 N
025 A000001 DELETE
025 D000001 0
025 A000002 DELETE
025 D000002 0
025 A000003 DELETE
025 D000003 0
025 A000004 DELETE
025 D000004 0
025 D000005 0
<PAGE> PAGE 9
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
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
<PAGE> PAGE 10
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.850
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
<PAGE> PAGE 11
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 64.6
062 Q000000 0.6
062 R000000 59.0
063 A000000 0
063 B000000 6.3
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 Y
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
<PAGE> PAGE 12
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
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
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 15161
071 B000000 14076
071 C000000 76243
071 D000000 18
072 A000000 6
072 B000000 2295
072 C000000 1032
072 D000000 0
072 E000000 0
072 F000000 329
072 G000000 0
072 H000000 0
072 I000000 18
072 J000000 1
072 K000000 3
072 L000000 0
072 M000000 5
072 N000000 0
072 O000000 0
072 P000000 576
072 Q000000 0
072 R000000 12
072 S000000 3
072 T000000 0
<PAGE> PAGE 13
072 U000000 0
072 V000000 0
072 W000000 28
072 X000000 975
072 Y000000 0
072 Z000000 2352
072AA000000 1213
072BB000000 27
072CC010000 0
072CC020000 1342
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 0
074 C000000 0
074 D000000 40510
074 E000000 2606
074 F000000 33935
074 G000000 0
074 H000000 0
074 I000000 79
074 J000000 320
074 K000000 0
074 L000000 1072
074 M000000 86
074 N000000 78608
074 O000000 0
074 P000000 55
074 Q000000 16000
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 453
074 S000000 0
074 T000000 62100
074 U010000 5858
074 U020000 0
074 V010000 10.60
074 V020000 0.00
074 W000000 0.0000
074 X000000 908
074 Y000000 1573
075 A000000 0
075 B000000 77500
076 000000 9.25
077 A000000 N
<PAGE> PAGE 14
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 NONE
080 C000000 130000
081 A000000 Y
081 B000000 190
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
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
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MULTI-INCOME TRUST SEPTEMBER 30, 1996 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-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 70,764,894
<INVESTMENTS-AT-VALUE> 77,130,114
<RECEIVABLES> 1,391,418
<ASSETS-OTHER> 86,531
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,608,063
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 16,000,000
<OTHER-ITEMS-LIABILITIES> 507,743
<TOTAL-LIABILITIES> 16,507,743
<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> 123,763
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,820,962
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,364,815
<NET-ASSETS> 62,100,320
<DIVIDEND-INCOME> 1,032,017
<INTEREST-INCOME> 2,295,170
<OTHER-INCOME> 0
<EXPENSES-NET> (974,892)
<NET-INVESTMENT-INCOME> 2,352,295
<REALIZED-GAINS-CURRENT> 1,186,096
<APPREC-INCREASE-CURRENT> (1,341,626)
<NET-CHANGE-FROM-OPS> 2,196,765
<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> (52,553)
<ACCUMULATED-NII-PRIOR> 20,786
<ACCUMULATED-GAINS-PRIOR> 634,866
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 329,376
<INTEREST-EXPENSE> 576,000
<GROSS-EXPENSE> 974,892
<AVERAGE-NET-ASSETS> 77,500,281
<PER-SHARE-NAV-BEGIN> 10.610
<PER-SHARE-NII> .400
<PER-SHARE-GAIN-APPREC> (.026)
<PER-SHARE-DIVIDEND> (.384)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.600
<EXPENSE-RATIO> 3.070
<AVG-DEBT-OUTSTANDING> 16,000,000
<AVG-DEBT-PER-SHARE> 2.730
</TABLE>
