<PAGE> PAGE 1
000 A000000 09/30/98
000 C000000 0000854856
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN MULTI-INCOME TRUST
001 B000000 811-5873
001 C000000 6503122000
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 94404
008 D040001 1585
010 A000001 FRANKLIN TEMPLETON SERVICES, INC.
010 C010001 SAN MATEO
010 C020001 CA
010 C030001 94404
010 C040001 1585
011 A000001 DEAN WITTER REYNOLDS, INC.
011 B000001 8-00000000
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10048
012 A000001 THE FIRST DATA INVESTOR SERVICES GROUP
<PAGE> PAGE 2
012 B000001 84-1761
012 C010001 BOSTON
012 C020001 MA
012 C030001 02266
012 C040001 8030
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
015 A000001 DELETE
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 BANKBOSTON
015 B000003 S
015 C010003 BUENOS AIRES
015 D010003 ARGENTINA
015 E040003 X
015 A000004 NATIONAL AUSTRALIA BANK
015 B000004 S
015 C010004 MELBOURNE
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 BANK AUSTRIA AG
015 B000005 S
015 C010005 VIENNA
015 D010005 AUSTRIA
015 E040005 X
015 A000006 BANQUE BRUXELLES LAMBERT
015 B000006 S
015 C010006 BRUSSELS
015 D010006 BELGIUM
015 E040006 X
015 A000007 BANKBOSTON
015 B000007 S
015 C010007 SAO PAULO
015 D010007 BRAZIL
015 E040007 X
015 A000008 ROYAL BANK OF CANADA
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 E040008 X
015 A000009 STANDARD CHARTERED BANK (SHANGHAI)
015 B000009 S
015 C010009 SHANGHAI
015 D010009 CHINA
<PAGE> PAGE 3
015 E040009 X
015 A000010 STANDARD CHARTERED BANK (SHENZHEN)
015 B000010 S
015 C010010 SHENZHEN
015 D010010 CHINA
015 E040010 X
015 A000011 DEN DANSKE BANK
015 B000011 S
015 C010011 COPENHAGEN
015 D010011 DENMARK
015 E040011 X
015 A000012 FIRST CHICAGO
015 B000012 S
015 C010012 LONDON
015 D010012 UNITED KINGDOM
015 E040012 X
015 A000013 CEDEL BANK, S.A.
015 B000013 S
015 C010013 LUXEMBOURG CITY
015 D010013 LUXEMBOURG
015 E040013 X
015 A000014 EUROCLEAR
015 B000014 S
015 C010014 BRUSSELS
015 D010014 BELGIUM
015 E040014 X
015 A000015 MERITA BANK PLC
015 B000015 S
015 C010015 HELSINKI
015 D010015 FINLAND
015 E040015 X
015 A000016 BANQUE PARIBAS
015 B000016 S
015 C010016 PARIS
015 D010016 FRANCE
015 E040016 X
015 A000017 DRESDNER BANK AG
015 B000017 S
015 C010017 FRANKFURT
015 D010017 GERMANY
015 E040017 X
015 A000018 HONG KONG & SHANGHAI BANKING CORP.
015 B000018 S
015 C010018 HONG KONG
015 D010018 HONG KONG
015 E040018 X
015 A000019 HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B000019 S
015 C010019 JAKARTA
015 D010019 INDONESIA
015 E040019 X
<PAGE> PAGE 4
015 A000020 ALLIED IRISH BANKS, PLC
015 B000020 S
015 C010020 DUBLIN
015 D010020 IRELAND
015 E040020 X
015 A000021 BANK OF TOKYO - MITSUBISHI LIMITED
015 B000021 S
015 C010021 TOKYO
015 D010021 JAPAN
015 E040021 X
015 A000022 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000022 S
015 C010022 LUXEMBOURG CITY
015 D010022 LUXEMBOURG
015 E040022 X
015 A000023 HONGKONG BANK MALAYSIA BERHAD
015 B000023 S
015 C010023 KUALA LUMPUR
015 D010023 MALAYSIA
015 E040023 X
015 A000024 BANCO NACIONAL DE MEXICO, S.A. (BANAMEX)
015 B000024 S
015 C010024 MEXICO CITY
015 D010024 MEXICO
015 E040024 X
015 A000025 MEES PIERSON N.V. (NETHERLANDS)
015 B000025 S
015 C010025 AMSTERDAM
015 D010025 NETHERLANDS
015 E040025 X
015 A000026 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000026 S
015 C010026 WELLINGTON
015 D010026 NEW ZEALAND
015 E040026 X
015 A000027 STANDARD CHARTERED BANK
015 B000027 S
015 C010027 KARACHI
015 D010027 PAKISTAN
015 E040027 X
015 A000028 HONGKONG & SHANGHAI BANKING CORP.
015 B000028 S
015 C010028 MANILA
015 D010028 PHILIPPINES
015 E040028 X
015 A000029 BANCO COMERCIAL PORTUGUES
015 B000029 S
015 C010029 LISBON
015 D010029 PORTUGAL
015 E040029 X
015 A000030 UNITED OVERSEAS BANK LTD.
<PAGE> PAGE 5
015 B000030 S
015 C010030 SINGAPORE
015 D010030 SINGAPORE
015 E040030 X
015 A000031 STANDARD BANK OF SOUTH AFRICA LTD.
015 B000031 S
015 C010031 JOHANNESBURG
015 D010031 SOUTH AFRICA
015 E040031 X
015 A000032 BANCO BILBAO VIZCAYA
015 B000032 S
015 C010032 MADRID
015 D010032 SPAIN
015 E040032 X
015 A000033 STANDARD CHARTERED BANK
015 B000033 S
015 C010033 COLOMBO
015 D010033 SRI LANKA
015 E040033 X
015 A000034 SKANDINAVISKA ENSKILDA BANKEN
015 B000034 S
015 C010034 STOCKHOLM
015 D010034 SWEDEN
015 E040034 X
015 A000035 UNION BANK OF SWITZERLAND (UBS AG)
015 B000035 S
015 C010035 ZURICH
015 D010035 SWITZERLAND
015 E040035 X
015 A000036 STANDARD CHARTERED BANK
015 B000036 S
015 C010036 BANGKOK
015 D010036 THAILAND
015 E040036 X
015 A000037 OSMANLI BANKASI A.S. (OTTOMAN BANK)
015 B000037 S
015 C010037 ISTANBUL
015 D010037 TURKEY
015 E040037 X
015 A000038 BANK OF NEW YORK
015 B000038 S
015 C010038 LONDON
015 D010038 UNITED KINGDOM
015 E040038 X
015 A000039 STANBIC BANK ZIMBABWE LTD
015 B000039 S
015 C010039 HARARE
015 D010039 ZIMBABWE
015 E040039 X
015 A000040 CITIBANK, N.A.
015 B000040 S
<PAGE> PAGE 6
015 C010040 CARACAS
015 D010040 VENEZUELA
015 E040040 X
015 A000041 STANBIC BANK ZAMBIA LTD.
015 B000041 S
015 C010041 LUSAKA
015 D010041 ZAMBIA
015 E040041 X
015 A000042 DELETE
015 A000043 DELETE
015 A000044 DELETE
015 A000045 DELETE
015 A000046 DELETE
015 A000047 DELETE
015 A000048 DELETE
015 A000049 DELETE
015 A000050 DELETE
015 A000051 DELETE
015 A000052 DELETE
015 A000053 DELETE
015 A000054 DELETE
015 A000055 DELETE
015 A000056 DELETE
015 A000057 DELETE
015 A000058 DELETE
015 A000059 DELETE
015 A000060 DELETE
015 A000061 DELETE
015 A000062 DELETE
015 A000063 DELETE
015 A000064 DELETE
015 A000065 DELETE
015 A000066 DELETE
015 A000067 DELETE
015 A000068 DELETE
015 A000069 DELETE
015 A000070 DELETE
015 A000071 DELETE
015 A000072 DELETE
015 A000073 DELETE
015 A000074 DELETE
015 A000075 DELETE
018 000000 Y
019 A000000 Y
019 B000000 203
019 C000000 FRNKTEMGRP
020 A000001 CREDIT SUISSE FIRST BOSTON CORP
020 B000001 13-5659485
020 C000001 1
020 A000002 LEGG MASON WOOD WALKER INC
020 B000002 52-0902557
<PAGE> PAGE 7
020 C000002 1
020 A000003 FORUM CAPITAL
020 B000003 06-1351111
020 C000003 1
020 A000004 PAINEWEBBER INC.
020 B000004 13-2638166
020 C000004 1
020 A000005 SALOMON SMITH BARNEY
020 B000005 13-1912900
020 C000005 1
020 A000006 HSBC SECURITIES, INC.
020 B000006 13-2650272
020 C000006 1
020 A000007 MERRILL LYNCH PIERCE FENNER
020 B000007 13-5674085
020 C000007 0
020 A000008 JEFFERIES & CO INC
020 B000008 95-2622900
020 C000008 0
020 A000009 MORGAN (J.P.) SECURITIES INC
020 B000009 13-3224016
020 C000009 0
020 A000010 OPPENHEIMER & CO INC.
020 B000010 13-2798343
020 C000010 0
021 000000 6
022 A000001 BT ALEX BROWN
022 B000001 13-3311934
022 C000001 11478
022 D000001 0
022 A000002 DONALDSON LUFKIN & JENRETTE
022 B000002 13-2741729
022 C000002 11053
022 D000002 0
022 A000003 GREENWICH CAPITAL MARKETS, INC.
022 B000003 13-3122275
022 C000003 9999
022 D000003 0
022 A000004 BARCLAYS CAPITAL GROUP, INC.
022 B000004 13-3551367
022 C000004 9885
022 D000004 0
022 A000005 LEHMAN BROTHERS, INC.
022 B000005 13-2518466
022 C000005 9873
022 D000005 0
022 A000006 PARIBAS CORP.
022 B000006 13-3235334
022 C000006 9569
022 D000006 0
022 A000007 CIBC WOOD GUNDY SECURITIES CORP.
<PAGE> PAGE 8
022 B000007 13-3639028
022 C000007 9078
022 D000007 0
022 A000008 SBCI SWISS BANK CORP. INV. BANK
022 B000008 13-2639550
022 C000008 7976
022 D000008 0
022 A000009 DRESDNER U.S. FINANCE, INC.
022 B000009 04-2442748
022 C000009 7047
022 D000009 0
022 A000010 DEUTSCHE BANK CAPITAL CORP.
022 B000010 13-6124068
022 C000010 6699
022 D000010 0
023 C000000 113898
023 D000000 884
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
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
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
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
<PAGE> PAGE 10
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
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
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 0.9
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
<PAGE> PAGE 11
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 62.7
062 Q000000 0.4
062 R000000 59.9
063 A000000 0
063 B000000 4.1
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
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 N
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 5755
071 B000000 5478
071 C000000 81543
071 D000000 7
072 A000000 6
072 B000000 2269
072 C000000 980
072 D000000 0
072 E000000 0
072 F000000 351
072 G000000 0
072 H000000 0
072 I000000 14
072 J000000 1
072 K000000 2
072 L000000 5
072 M000000 5
072 N000000 0
072 O000000 0
072 P000000 576
072 Q000000 0
072 R000000 11
072 S000000 2
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 34
072 X000000 1001
072 Y000000 0
072 Z000000 2248
072AA000000 1664
072BB000000 199
072CC010000 0
072CC020000 7490
072DD010000 2249
072DD020000 0
072EE000000 0
073 A010000 0.3800
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 559
074 C000000 0
074 D000000 40552
074 E000000 4404
074 F000000 33984
074 G000000 0
<PAGE> PAGE 13
074 H000000 0
074 I000000 0
074 J000000 32
074 K000000 0
074 L000000 1238
074 M000000 28
074 N000000 80797
074 O000000 102
074 P000000 56
074 Q000000 16000
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 476
074 S000000 0
074 T000000 64163
074 U010000 5858
074 U020000 0
074 V010000 10.95
074 V020000 0.00
074 W000000 0.0000
074 X000000 718
074 Y000000 2859
075 A000000 0
075 B000000 82709
076 000000 9.88
077 A000000 Y
077 Q010000 Y
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
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
<PAGE> PAGE 14
088 C000000 N
088 D000000 N
SIGNATURE LAURA FERGERSON
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN MULTI INCOME TRUST SEPTEMBER 30, 1998 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-31-1999
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 71,186,443
<INVESTMENTS-AT-VALUE> 78,940,183
<RECEIVABLES> 1,828,900
<ASSETS-OTHER> 27,855
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,796,938
<PAYABLE-FOR-SECURITIES> 102,360
<SENIOR-LONG-TERM-DEBT> 16,000,000
<OTHER-ITEMS-LIABILITIES> 531,517
<TOTAL-LIABILITIES> 16,633,877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,790,114
<SHARES-COMMON-STOCK> 5,857,600
<SHARES-COMMON-PRIOR> 5,857,600
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (172,853)
<ACCUMULATED-NET-GAINS> 2,791,822
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,753,978
<NET-ASSETS> 64,163,061
<DIVIDEND-INCOME> 980,149
<INTEREST-INCOME> 2,268,607
<OTHER-INCOME> 0
<EXPENSES-NET> (1,000,568)
<NET-INVESTMENT-INCOME> 2,248,188
<REALIZED-GAINS-CURRENT> 1,464,723
<APPREC-INCREASE-CURRENT> (7,490,362)
<NET-CHANGE-FROM-OPS> (3,777,451)
<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> (6,026,769)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,327,099
<OVERDISTRIB-NII-PRIOR> (171,723)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (351,280)
<INTEREST-EXPENSE> (576,000)
<GROSS-EXPENSE> (1,000,568)
<AVERAGE-NET-ASSETS> 82,709,398
<PER-SHARE-NAV-BEGIN> 11.980
<PER-SHARE-NII> .380
<PER-SHARE-GAIN-APPREC> (1.030)
<PER-SHARE-DIVIDEND> (.380)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.950
<EXPENSE-RATIO> 3.000<F1>
<AVG-DEBT-OUTSTANDING> 16,000,000
<AVG-DEBT-PER-SHARE> 2.730
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
