Franklin Multi-Income Trust Reports Asset Allocation

    Business Editors

    SAN MATEO, Calif.--(BUSINESS WIRE)--Jan. 31, 2005--Franklin Multi-Income Trust (NYSE:FMI), a closed-end investment company managed by Franklin Advisers, Inc., today reported its portfolio composition, certain portfolio characteristics and NYSE closing price as of December 31, 2004.
    Franklin Advisers, Inc., is a wholly owned subsidiary of Franklin Resources, Inc. (NYSE:BEN), a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, CA-based company has more than 50 years of investment experience and over $402 billion in assets under management as of December 31, 2004. For more information, please call 1-800/DIAL BEN(R) or visit franklintempleton.com.

FRANKLIN MULTI-INCOME TRUST ASSET ALLOCATION at December 31, 2004 ===================================================================== MARKET PERCENTAGE SECURITY VALUE OF FUND(1) ------------------------------- ------------ ---------- Corporate Bonds $37,458,520 53.46%

Utilities Common Stocks $28,716,999 40.99%

Misc. Common & Preferred Stocks $2,398,158 3.42%

U.S. Denominated Foreign Gov't Bonds $0 0.00%

Foreign Currency Denominated Bonds $418,491 0.60%

Cash & Other Net Assets $1,069,944 1.53% - - Total Investments(1) $70,062,112 100.00% =============================== ============ ========== MARKET PERCENTAGE 10 LARGEST HOLDINGS BY ISSUER VALUE OF FUND(1) ------------------------------ ------------ ---------- Exelon Corp. $2,159,430 3.08% Entergy Corp. $1,622,160 2.31% Dominion Resources $1,585,116 2.26% Southern Co. $1,441,360 2.06% FPL Group $1,420,250 2.03% TXU Corp. $1,317,024 1.88% Nisource Inc. $1,298,460 1.85% Edison International $1,281,200 1.83% American Electric Power $1,160,692 1.66% Oneok Inc. $1,142,484 1.63% ------------ ---------- Total $14,428,176 20.59% =============================== ============ ========== % OF GROSS ASSETS IN DEFAULT: MARKET PERCENTAGE ISSUER VALUE OF FUND(1) ------------------------------- ----------- ---------- Adelphia Communications $597,000 0.85% Fibermark Inc $377,500 0.54% Key3Media $1,250 0.00% Pindo Deli $229,030 0.33% ------------------------------- ------------ ---------- Total $1,204,780 1.72% Note: The value of these defaulted securities is reflected in the Fund's net asset value. All percentages are rounded to two decimal places. =============================== ====================== Number of positions 122 NAV per share $9.23 (2) Market price per share $8.05 (2) Number of shares outstanding 5,857,600 Asset coverage (Investment Company Act) 437.89% Total net assets $54,062,112

(1 )Percentage of total investments of the Fund. Total investments of the Fund include long-term and short-term investments and other net asssets, excluding long-term debt issued by the Fund.

(2 )These figures are rounded to two decimal places.

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CONTACT: Franklin Advisers, Inc. Matt Walsh, 650/312-2245 franklintempleton.com

KEYWORD: CALIFORNIA INDUSTRY KEYWORD: BANKING SOURCE: Franklin Multi-Income Trust

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