<PAGE> PAGE 1
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<PAGE> PAGE 2
013 A000001 COOPERS & LYBRAND L.L.P.
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<PAGE> PAGE 3
015 E040009 X
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015 E040010 X
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE LAURA FERGERSON
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN
MULTI-INCOME TRUST MARCH 31, 1998 ANNUAL REPORT AND IS QUALIFIED
IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 68,932,914
<INVESTMENTS-AT-VALUE> 84,177,617
<RECEIVABLES> 4,472,043
<ASSETS-OTHER> 42,656
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88,692,316
<PAYABLE-FOR-SECURITIES> 1,880,597
<SENIOR-LONG-TERM-DEBT> 16,000,000
<OTHER-ITEMS-LIABILITIES> 621,889
<TOTAL-LIABILITIES> 18,502,486
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,790,114
<SHARES-COMMON-STOCK> 5,587,600
<SHARES-COMMON-PRIOR> 5,587,600
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (171,723)
<ACCUMULATED-NET-GAINS> 1,327,099
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,244,340
<NET-ASSETS> 70,189,830
<DIVIDEND-INCOME> 2,025,223
<INTEREST-INCOME> 4,189,259
<OTHER-INCOME> 0
<EXPENSES-NET> (1,969,588)
<NET-INVESTMENT-INCOME> 4,244,894
<REALIZED-GAINS-CURRENT> 3,138,584
<APPREC-INCREASE-CURRENT> 9,593,117
<NET-CHANGE-FROM-OPS> 16,976,595
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,498,637)
<DISTRIBUTIONS-OF-GAINS> (2,881,939)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,596,019
<ACCUMULATED-NII-PRIOR> 82,390
<ACCUMULATED-GAINS-PRIOR> 1,069,418
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (694,082)
<INTEREST-EXPENSE> (1,152,000)
<GROSS-EXPENSE> (1,969,588)
<AVERAGE-NET-ASSETS> 81,656,665
<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> .72
<PER-SHARE-GAIN-APPREC> 2.18
<PER-SHARE-DIVIDEND> (.77)
<PER-SHARE-DISTRIBUTIONS> (.49)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 3.00
<AVG-DEBT-OUTSTANDING> 16,000,000
<AVG-DEBT-PER-SHARE> 2.73
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of Franklin Multi
Income Trust
In planning and performing our audit of the financial
statements of Franklin Multi-Income Trust for the year ended
March 31, 1998, we considered its internal control,
including controls over safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of Franklin Multi-Income Trust is responsible
for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management
are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to
an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 any specific internal control component 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 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 internal control,
including controls over safeguarding securities that we
consider to be material weaknesses as defined above as of
March 31, 1998.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
San
Francisco,
California
May 5, 1998