Edgar Filing: FRANKLIN MULTI INCOME TRUST

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05873

Franklin Multi-Income Trust
(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)

Murray L. Simpson, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)

Registrant's telephone number, including area code: 650 312-2000

Date of fiscal year end: 3/31

Date of reporting period: 12/31/04

Item 1. Schedule of Investments.

FRANKLIN MULTI-INCOME TRUST

QUARTERLY STATEMENT OF INVESTMENTS
DECEMBER 31, 2004

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CONTENTS

Statement of Investments .............................. 3
Notes to Statement of Investments ..................... 9

[LOGO](R)
FRANKLIN(R) TEMPLETON(R)
INVESTMENTS

FRANKLIN o Templeton o Mutual Series

Quarterly Statement of Investments | 1

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FRANKLIN MULTI-INCOME TRUST
STATEMENT OF INVESTMENTS, DECEMBER 31, 2004 (UNAUDITED)

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SHARES/
COUNTRY WARRANTS VALUE
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COMMON STOCKS AND WARRANTS 54.1%
COMMUNICATIONS .9%
(a) Telewest Global Inc. ................................................ United Kingdom 17,056 $ 299,844
(a) USA Mobility Inc. ................................................... United States 5,054 178,454
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478,298
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CONSUMER SERVICES .1%
Marriott International Inc., A ...................................... United States 1,052 66,255
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ELECTRONIC TECHNOLOGY
(a) Loral Space & Communications Ltd., wts., 12/27/06 ................... United States 4,188 84
(a) Loral Space & Communications Ltd., wts., 1/15/07 .................... United States 1,000 --
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84
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TRANSPORTATION
(a) Continental Airlines Inc., B ........................................ United States 357 4,834
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UTILITIES 53.1%
Alliant Energy Corp. ................................................ United States 15,000 429,000
Ameren Corp. ........................................................ United States 20,000 1,002,800
American Electric Power Co. Inc. .................................... United States 33,800 1,160,692
Atmos Energy Corp. .................................................. United States 35,000 957,250
Cinergy Corp. ....................................................... United States 24,500 1,019,935
Dominion Resources Inc. ............................................. United States 23,400 1,585,116
DTE Energy Co. ...................................................... United States 20,000 862,600
Edison International ................................................ United States 40,000 1,281,200
Energy East Corp. ................................................... United States 30,000 800,400
Entergy Corp. ....................................................... United States 24,000 1,622,160
Exelon Corp. ........................................................ United States 49,000 2,159,430
FirstEnergy Corp. ................................................... United States 27,500 1,086,525
FPL Group Inc. ...................................................... United States 19,000 1,420,250
Nicor Inc. .......................................................... United States 29,000 1,071,260
NiSource Inc. ....................................................... United States 57,000 1,298,460
NSTAR ............................................................... United States 15,500 841,340
ONEOK Inc. .......................................................... United States 40,200 1,142,484
Pepco Holdings Inc. ................................................. United States 20,500 437,060
Pinnacle West Capital Corp. ......................................... United States 24,000 1,065,840
PPL Corp. ........................................................... United States 11,700 623,376
Progress Energy Inc. ................................................ United States 21,000 950,040
Public Service Enterprise Group Inc. ................................ United States 15,000 776,550
Puget Energy Inc. ................................................... United States 37,000 913,900
SCANA Corp. ......................................................... United States 12,621 497,267
Sempra Energy ....................................................... United States 26,000 953,680
Southern Co. ........................................................ United States 43,000 1,441,360
TXU Corp. ........................................................... United States 20,400 1,317,024
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28,716,999
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TOTAL COMMON STOCKS AND WARRANTS (COST $19,131,767) 29,266,470
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Quarterly Statement of Investments | 3

FRANKLIN MULTI-INCOME TRUST

STATEMENT OF INVESTMENTS, DECEMBER 31, 2004 (UNAUDITED) (CONTINUED)

PREFERRED STOCK (COST $625,000) 1.2%
UTILITIES
Heco Capital Trust III, 6.50%, pfd. ................................. United States 25,000 $ 655,000
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CONVERTIBLE PREFERRED STOCKS 2.2%
CONSUMER DURABLES 1.5%
Ford Motor Co. Capital Trust II, 6.50%, cvt. pfd. ................... United States 15,300 807,687
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UTILITIES .7%
CMS Energy Trust I, 7.75%, cvt. pfd. ................................ United States 8,000 386,000
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TOTAL CONVERTIBLE PREFERRED STOCKS (COST $1,023,846) 1,193,687
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PRINCIPAL
AMOUNT(g)

BONDS 70.1%
COMMERCIAL SERVICES 1.5%
(b) Adelphia Communications Corp., senior note, 10.875%, 10/01/10 ....... United States $ 600,000 597,000
JohnsonDiversey Inc., senior sub. note, B, 9.625%, 5/15/12 .......... United States 200,000 224,500
(b) Key3Media Group Inc., senior sub. note, 11.25%, 6/15/11 ............. United States 1,000,000 1,250
------------
822,750
------------
COMMUNICATIONS 8.7%
Dobson Cellular Systems Inc., secured note, 144A, 9.875%, 11/01/12 .. United States 400,000 396,000
Inmarsat Finance PLC, senior note, 7.625%, 6/30/12 United Kingdom 600,000 627,000
Millicom International Cellular SA, senior note, 144A, 10.00%,
12/01/13 ........................................................... Luxembourg 500,000 525,625
Nextel Communications Inc., senior note, 7.375%, 8/01/15 ............ United States 600,000 663,000
NTL Cable PLC, senior note, 144A, 8.75%, 4/15/14 .................... United Kingdom 200,000 226,500
PanAmSat Corp., senior note, 144A, 9.00%, 8/15/14 ................... United States 400,000 448,500
Qwest Communications International Inc., senior note, 144A, 7.50%,
2/15/14 ............................................................ United States 500,000 507,500
Rogers Wireless Communications Inc., senior secured note, 144A,
7.25%, 12/15/12 .................................................... Canada 500,000 532,500
Time Warner Telecom Inc., senior note, 10.125%, 2/01/11 ............. United States 300,000 296,250
Time Warner Telecom Holdings Inc., senior note, 9.25%, 2/15/14 ...... United States 300,000 307,500
Triton PCS Inc., senior note, 8.50%, 6/01/13 ........................ United States 200,000 194,000
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4,724,375
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CONSUMER DURABLES 2.8%
D.R. Horton Inc., senior note, 8.50%, 4/15/12 ....................... United States 500,000 560,000
Jostens IH Corp., senior sub. note, 144A, 7.625%, 10/01/12 .......... United States 300,000 313,500
Simmons Co., senior sub. note, 7.875%, 1/15/14 ...................... United States 400,000 416,000
William Lyon Homes Inc., senior note, 144A, 7.625%, 12/15/12 ........ United States 200,000 196,250
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1,485,750
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CONSUMER NON-DURABLES 2.3%
Church & Dwight Co. Inc., senior sub note, 144A, 6.00%, 12/15/12 .... United States 300,000 306,750
Smithfield Foods Inc., senior note, 7.00%, 8/01/11 .................. United States 400,000 429,000
Smithfield Foods Inc., senior note, 7.75%, 5/15/13 .................. United States 200,000 223,500
William Carter, senior sub. note, 10.875%, 8/15/11 .................. United States 242,000 272,250
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1,231,500
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CONSUMER SERVICES 14.0%
Cablevision Systems Corp., senior note, 144A, 8.00%, 4/15/12 ........ United States 600,000 643,500
Charter Communications Holdings II, senior note, 10.25%, 9/15/10 .... United States 600,000 639,000

4| Quarterly Statement of Investments

FRANKLIN MULTI-INCOME TRUST

STATEMENT OF INVESTMENTS, DECEMBER 31, 2004 (UNAUDITED) (CONTINUED)

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PRINCIPAL
COUNTRY AMOUNT(g) VALUE
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BONDS (CONT.)
CONSUMER SERVICES (CONT.)
Corrections Corp. of America, senior note, 7.50%, 5/01/11 ........... United States $ 600,000 $ 644,250
Dex Media West LLC, senior sub. note, 9.875%, 8/15/13 ............... United States 490,000 567,175
DIRECTV Holdings LLC, senior note, 8.375%, 3/15/13 .................. United States 500,000 563,125
Emmis Operating Co., senior sub. note, 6.875%, 5/15/12 .............. United States 500,000 525,625
Marquee Inc., senior note, 144A, 8.625%, 8/15/12 .................... United States 400,000 444,000
Nexstar Finance Inc., senior sub. note, 7.00%, 1/15/14 .............. United States 600,000 597,000
Park Place Entertainment Corp., senior sub. note, 7.875%, 3/15/10 ... United States 500,000 565,625
Pinnacle Entertainment Inc., senior sub. note, 8.75%, 10/01/13 ...... United States 100,000 108,750
Pinnacle Entertainment Inc., senior sub. note, B, 9.25%, 2/15/07 .... United States 35,000 35,787
Royal Caribbean Cruises Ltd., senior note, 8.00%, 5/15/10 ........... United States 200,000 227,000
Royal Caribbean Cruises Ltd., senior note, 6.875%, 12/01/13 ......... United States 400,000 434,000
Six Flags Inc., senior note, 9.50%, 2/01/09 ......................... United States 600,000 627,000
Station Casinos Inc., senior sub. note, 6.875%, 3/01/16 ............. United States 600,000 627,750
Young Broadcasting Inc., senior sub. note, 8.75%, 1/15/14 ........... United States 300,000 303,750
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7,553,337
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ELECTRONIC TECHNOLOGY 3.2%
Communications & Power Industries, senior sub. note, 8.00%, 2/01/12 . United States 500,000 532,500
Flextronics International Ltd., senior sub. note, 6.50%, 5/15/13 .... Singapore 300,000 309,000
Solectron Corp., senior note, 9.625%, 2/15/09 ....................... United States 300,000 331,500
Xerox Corp., senior note, 7.125%, 6/15/10 ........................... United States 500,000 542,500
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1,715,500
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ENERGY MINERALS 3.5%
Chesapeake Energy Corp., senior note, 144A, 6.375%, 6/15/15 ......... United States 200,000 206,500
Foundation PA Coal Co., senior note, 144A, 7.25%, 8/01/14 ........... United States 300,000 321,000
Markwest Energy Partners LP, senior note, 144A, 6.875%, 11/01/14 .... United States 300,000 306,000
Peabody Energy Corp., senior note, B, 6.875%, 3/15/13 ............... United States 300,000 326,250
Plains Exploration & Production Co., senior note, 7.125%, 6/15/14 ... United States 200,000 219,000
Vintage Petroleum, senior sub. note, 7.875%, 5/15/11 ................ United States 500,000 535,000
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1,913,750
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GOVERNMENT BONDS .8%
Eskom, E168, 11.00%, 6/01/08 ........................................ South Africa 2,175,000 ZAR 418,491
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HEALTH SERVICES 3.5%
HCA Inc., senior note, 8.75%, 9/01/10 ............................... United States 600,000 686,629
Tenet Healthcare Corp., senior note, 7.375%, 2/01/13 ................ United States 600,000 585,000
Vanguard Health Holding Co. II LLC, senior sub. note, 144A, 9.00%,
10/01/14 ........................................................... United States 600,000 645,000
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1,916,629
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HEALTH TECHNOLOGY 1.1%
Bio-Rad Laboratories Inc., senior sub. note, 144A, 6.125%, 12/15/14 . United States 600,000 607,500
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INDUSTRIAL SERVICES 2.6%
Allied Waste North America Inc., senior note, 7.875%, 4/15/13 ....... United States 500,000 515,000
Grant Prideco Escrow, senior note, 9.00%, 12/15/09 .................. United States 200,000 222,500
Hanover Equipment Trust 01, senior secured note, B, 8.75%, 9/01/11 .. United States 600,000 654,000
URS Corp., senior sub. note, 12.25%, 5/01/09 ........................ United States 32,000 34,240
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1,425,740
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Quarterly Statement of Investments | 5

FRANKLIN MULTI-INCOME TRUST

STATEMENT OF INVESTMENTS, DECEMBER 31, 2004 (UNAUDITED) (CONTINUED)

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PRINCIPAL
COUNTRY AMOUNT(G) VALUE
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BONDS (CONT.)
NON-ENERGY MINERALS .9%
Ispat Inland ULC, senior secured note, 9.75%, 4/01/14 ............... United States $ 402,000 $ 498,279
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PROCESS INDUSTRIES 9.5%
BCP Caylux Holding, senior sub. note, 144A, 9.625%, 6/15/14 ......... United States 600,000 679,500
Boise Cascade LLC, senior sub. note, 144A, 7.125%, 10/15/14 ......... United States 400,000 425,000
(b) FiberMark Inc., senior note, 10.75%, 4/15/11 ........................ United States 500,000 377,500
Georgia-Pacific Corp., senior note, 8.00%, 1/15/24 .................. United States 600,000 699,000
Huntsman ICI Holdings LLC, senior disc. note, zero cpn., 12/31/09 ... United States 1,500,000 847,500
MDP Acquisitions PLC, senior note, 9.625%, 10/01/12 ................. Irish Republic 300,000 336,000
Nalco Co., senior sub. note, 8.875%, 11/15/13 ....................... United States 400,000 441,000
Owens-Brockway Glass Container Inc., senior note, 144A, 6.75%,
12/01/14 ........................................................... United States 400,000 406,000
(b),(c),(d),(e)Pindo Deli Finance Mauritius Ltd., senior note, 10.25%, 10/01/04 .... Indonesia 1,000,000 229,030
Rhodia SA, senior note, 10.25%, 6/01/10 ............................. France 600,000 678,000
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5,118,530
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PRODUCER MANUFACTURING 5.9%
Case New Holland Inc., senior note, 144A, 9.25%, 8/01/11 ............ United States 600,000 670,500
Fimep SA, senior note, 10.50%, 2/15/13 .............................. France 500,000 595,000
Invensys PLC, senior note, 144A, 9.875%, 3/15/11 .................... United Kingdom 400,000 432,000
Milacron Escrow Corp., senior secured note, 11.50%, 5/15/11 ......... United States 500,000 532,500
THL Buildco Inc., senior sub. note, 144A, 8.50%, 9/01/14 ............ United States 200,000 210,000
TRW Automotive Inc., senior note, 9.375%, 2/15/13 ................... United States 272,000 316,880
Westinghouse Air Brake Technologies Corp., senior note, 6.875%,
7/31/13 ............................................................ United States 400,000 422,000
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3,178,880
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REAL ESTATE INVESTMENT TRUSTS 1.0%
Host Marriott LP, senior note, 9.25%, 10/01/07 ...................... United States 500,000 560,000
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RETAIL TRADE .9%
Rite Aid Corp., senior note, 144A, 6.125%, 12/15/08 ................. United States 500,000 472,500
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TECHNOLOGY SERVICES 1.3%
UGS Corp., senior sub. note, 144A, 10.00%, 6/01/12 .................. United States 600,000 685,500
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TRANSPORTATION 2.0%
Great Lakes Dredge & Dock Corp., senior sub. note, 7.75%, 12/15/13 .. United States 400,000 366,000
Laidlaw International Inc., senior note, 10.75%, 6/15/11 ............ United States 600,000 703,500
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1,069,500
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UTILITIES 4.6%
Aquila Inc., senior note, 14.875%, 7/01/12 .......................... United States 400,000 562,500
Calpine Corp., senior secured note, 144A, 8.75%, 7/15/13 ............ United States 600,000 498,000
Dynegy Holdings Inc., senior note, 8.75%, 2/15/12 ................... United States 500,000 526,250
Midwest Generation LLC, senior secured note, 8.75%, 5/01/34 ......... United States 600,000 684,000
Texas Genco LLC, senior note, 144A, 6.875%, 12/15/14 ................ United States 200,000 207,750
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2,478,500
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TOTAL BONDS (COST $36,982,115) 37,877,011
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TOTAL LONG TERM INVESTMENTS (COST $57,762,728) 68,992,168
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6 | Quarterly Statement of Investments

FRANKLIN MULTI-INCOME TRUST

STATEMENT OF INVESTMENTS, DECEMBER 31, 2004 (UNAUDITED) (CONTINUED)

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COUNTRY SHARES VALUE
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SHORT TERM INVESTMENT (COST $663,711) 1.2%
MONEY FUND
(f) Franklin Institutional Fiduciary Trust Money Market Portfolio ....... United States 663,711 $ 663,711
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TOTAL INVESTMENTS (COST $58,426,439) 128.8% ......................... 69,655,879
OTHER ASSETS, LESS LIABILITIES (28.8)% .............................. (15,593,807)
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NET ASSETS 100.0% ................................................... $ 54,062,072
============

CURRENCY ABBREVIATION | ZAR - South African Rand

(a) Non-income producing.

(b) Defaulted securities.

(d) Subject to certain terms and conditions, the Fund has agreed to sell its
holdings in Pindo Deli Finance Mauritius Ltd. in November 2006.

(e) See Note 3 regarding other considerations.

(f) The Franklin Institutional Fiduciary Trust Money Market Portfolio is
managed by the Fund's investment manager.

(g) The principal amount is stated in U.S. dollars unless otherwise indicated.

Quarterly Statement of Investments | See Notes to Statement of Investments. | 7

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8 | Quarterly Statement of Investments

FRANKLIN MULTI-INCOME TRUST

NOTES TO STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Multi-Income Trust (the Fund) is registered under the Investment
Company Act of 1940 as a closed-end investment company.

1. INCOME TAXES

At December 31, 2004, the net unrealized appreciation (depreciation) based on
the cost of investments for income tax purposes were as follows:

Cost of investments .............................. $ 59,007,586
============
Unrealized appreciation .......................... $ 13,294,529
Unrealized depreciation .......................... (2,646,236)
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Net unrealized appreciation (depreciation) ....... $ 10,648,293
============

2. RESTRICTED SECURITIES

At December 31, 2004, the Fund held investments in restricted and illiquid
securities that were valued under approved methods by the Trustees, as follows:

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ACQUISITION
PRINCIPAL AMOUNT ISSUER DATE COST VALUE
------------------------------------------------------------------------------------------------------------

$1,000,000 Pindo Deli Finance Mauritus Ltd., senior note,
10.25%, 10/01/04 (Indonesia)
(.42% OF NET ASSETS) ............................. 10/28/98 $699,704 $229,030

3. OTHER CONSIDERATIONS

Franklin Advisers, Inc., as the Fund's Manager, may serve as a member of various
bondholders' steering committees, on credit committees, or may represent the
Funds in certain corporate restructuring negotiations. At December 31, 2004, the
Manager serves in one or more of these capacities for Pindo Deli Finance
Mauritus Ltd. As a result of this involvement, Franklin Advisers, Inc. may be in
possession of certain material non-public information. If the Fund's Manager,
while in possession of such information, seeks to sell any of its holdings in
these securities it will comply with all applicable federal securities laws.

For information on the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund's most recent
semiannual or annual shareholder report.

Quarterly Statement of Investments | 9

Item 2. Controls and Procedures.

(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains
disclosure controls and procedures that are designed to ensure that information
required to be disclosed in the Registrant's filings under the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 is recorded,
processed, summarized and reported within the periods specified in the rules and
forms of the Securities and Exchange Commission. Such information is accumulated
and communicated to the Registrant's management, including its principal
executive officer and principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure. The Registrant's management,
including the principal executive officer and the principal financial officer,
recognizes that any set of controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the desired
control objectives.

Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio
Holdings on Form N-Q, the Registrant had carried out an evaluation, under the
supervision and with the participation of the Registrant's management, including
the Registrant's principal executive officer and the Registrant's principal
financial officer, of the effectiveness of the design and operation of the
Registrant's disclosure controls and procedures. Based on such evaluation, the
Registrant's principal executive officer and principal financial officer
concluded that the Registrant's disclosure controls and procedures are
effective.

(b) CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the
Registrant's internal controls or in other factors that could significantly
affect the internal controls subsequent to the date of their evaluation in
connection with the preparation of this Quarterly Schedule of

Portfolio Holdings on Form N-Q.

Item 3. Exhibits.

(A) Certification pursuant to Section 30a-2 under the Investment Company Act of
1940 of Jimmy D. Gambill, Chief Executive Officer - Finance and Administration,
and Galen G. Vetter, Chief Financial Officer.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) FRANKLIN MULTI-INCOME TRUST

By /s/Jimmy D. Gambill
-------------------
Chief Executive Officer - Finance and Administration
Date February 18, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By /s/Jimmy D. Gambill
-------------------
Chief Executive Officer - Finance and Administration
Date February 18, 2005

By /s/Galen G. Vetter
------------------
Chief Financial Officer
Date February 18, 2005

EXHIBIT A

I, Jimmy D. Gambill, certify that:

1. I have reviewed this report on Form N-Q of Franklin Multi-Income Trust;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this
report fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting;
and

5. The registrant's other certifying officer(s) and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.

February 18, 2005

/S/JIMMY D. GAMBILL
Chief Executive Officer - Finance and Administration

I, Galen G. Vetter, certify that:

1. I have reviewed this report on Form N-Q of Franklin Multi-Income Trust;

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.

February 18, 2005

/S/GALEN G. VETTER
Chief Financial Officer